Document:

Asset Purchase Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 Confidential 
  
  
 ASSET PURCHASE AGREEMENT 
 by and among 
 CORE EDUCATION AND CONSULTING SOLUTIONS, INC., 
 and 
 THE PRINCETON REVIEW, INC. 
 Dated as
of December 27, 2008 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I - DEFINITIONS
	  	1
	 1.1
	  	Definitions	  	1
		
	 ARTICLE II - PURCHASE AND SALE
	  	7
	 2.1
	  	Purchase and Sale of Purchased Assets	  	7
	 2.2
	  	Excluded Assets	  	8
	 2.3
	  	Assumed Liabilities	  	8
	 2.4
	  	Excluded Liabilities	  	8
	 2.5
	  	Purchase Price	  	8
	 2.6
	  	Allocation of Purchase Price	  	10
	 2.7
	  	Closing Matters	  	11
	 2.8
	  	Local Transfer Documents	  	11
	 2.9
	  	Assignment of Contracts and Rights	  	12
		
	 ARTICLE III - REPRESENTATIONS AND WARRANTIES OF BUYER
	  	12
	 3.1
	  	Corporate Organization	  	12
	 3.2
	  	Authority	  	12
	 3.3
	  	Consents and Approvals	  	13
	 3.4
	  	Broker’s Fees	  	13
	 3.5
	  	Legal Proceedings	  	13
	 3.6
	  	Ownership of Seller Common Stock	  	13
	 3.7
	  	Definition of Buyer’s Knowledge	  	13
	 3.8
	  	Solvency	  	13
	 3.9
	  	Financing	  	14
	 3.10
	  	No Other Representations or Warranties	  	14
		
	 ARTICLE IV - REPRESENTATIONS AND WARRANTIES OF SELLER
	  	14
	 4.1
	  	Corporate Organization	  	14
	 4.2
	  	Authority	  	14
	 4.3
	  	No Violation; Required Filings and Consents	  	14
	 4.4
	  	Business Financial Statements	  	15
	 4.5
	  	Broker’s Fees	  	15
	 4.6
	  	Absence of Certain Changes or Events	  	15
	 4.7
	  	Legal Proceedings	  	15
	 4.8
	  	Reports	  	16
	 4.9
	  	Absence of Undisclosed Liabilities	  	16
	 4.10
	  	Compliance with Applicable Laws and Reporting Requirements	  	16
	 4.11
	  	Title and Condition of Purchased Assets; Sufficiency	  	16
	 4.12
	  	Taxes and Tax Returns	  	17
	 4.13
	  	Employee Benefit Programs	  	17
	 4.14
	  	Labor and Employment Matters	  	18
	 4.15
	  	Material Contracts	  	19
	 4.16
	  	Properties	  	20
	 4.17
	  	Environmental Liability	  	20
	 4.18
	  	State Takeover Laws	  	20
	 4.19
	  	Intellectual Property	  	20
	 4.20
	  	Disclosure	  	23

  

 i 

					
	 4.21
	  	Definition of Seller’s Knowledge	  	23
	 4.22
	  	Specified Customers	  	23
	 4.23
	  	Notes and Accounts Receivable	  	23
	 4.24
	  	Powers of Attorney	  	23
	 4.25
	  	Insurance	  	23
	 4.26
	  	Product Warranty	  	23
	 4.27
	  	Product Liability	  	23
	 4.28
	  	Ethical Practices	  	24
	 4.29
	  	Solvency	  	24
	 4.30
	  	Transactions with Affiliates	  	24
		
	 ARTICLE V - ADDITIONAL AGREEMENTS
	  	24
	 5.1
	  	Conduct of Business Pending the Closing	  	24
	 5.2
	  	Advice of Changes	  	25
	 5.3
	  	Third Party Consents and Regulatory Approvals	  	26
	 5.4
	  	Access to Information	  	27
	 5.5
	  	Employment and Benefit Matters	  	27
	 5.6
	  	Taxes	  	28
	 5.7
	  	Additional Agreements	  	29
	 5.8
	  	Publicity	  	29
	 5.9
	  	Employee Assignments	  	29
	 5.10
	  	Injunction	  	29
		
	 ARTICLE VI - CONDITIONS PRECEDENT
	  	29
	 6.1
	  	Conditions to Each Party’s Obligations	  	29
	 6.2
	  	Conditions to the Obligations of Buyer	  	30
	 6.3
	  	Conditions to the Obligations of Seller	  	31
	 6.4
	  	Frustration of Closing Conditions	  	31
		
	 ARTICLE VII - INDEMNIFICATION
	  	31
	 7.1
	  	Survival of Representations and Warranties	  	31
	 7.2
	  	Indemnification by Seller	  	32
	 7.3
	  	Limits on Indemnification	  	33
	 7.4
	  	Indemnification by Buyer	  	33
	 7.5
	  	Defense Against Claims by Third Parties	  	34
	 7.6
	  	Right of Offset	  	34
	 7.7
	  	Remedies	  	34
	 7.8
	  	Attorney Fees	  	35
		
	 ARTICLE VIII - TERMINATION, AMENDMENT AND WAIVER
	  	35
	 8.1
	  	Termination	  	35
	 8.2
	  	Effects of Termination	  	35
	 8.3
	  	Amendment	  	36
	 8.4
	  	Extension; Waiver	  	36
		
	 ARTICLE IX - MISCELLANEOUS
	  	36
	 9.1
	  	Expenses	  	36
	 9.2
	  	Notices	  	36
	 9.3
	  	Interpretation	  	37
	 9.4
	  	Counterparts	  	37
	 9.5
	  	Entire Agreement	  	38

  

 ii 

					
	 9.6
	  	Governing Law; Jurisdiction and Venue	  	38
	 9.7
	  	Severability	  	38
	 9.8
	  	Assignment; Reliance of Other Parties	  	38
	 9.9
	  	Specific Performance	  	38
	 9.10
	  	Consents and Approvals	  	38
	 9.11
	  	Waiver of Jury Trial	  	39

  

 iii 

 ASSET PURCHASE AGREEMENT 
 ASSET PURCHASE AGREEMENT (the “Agreement”), dated as of December 27, 2008, by and among Core Education and Consulting
Solutions, Inc., a Tennessee corporation (“Buyer”) and The Princeton Review, Inc., a Delaware corporation (“Seller”). 
 WHEREAS, Seller conducts the Business (as defined below); 
 WHEREAS, Buyer desires to purchase
all of the assets of the Business set forth on Schedule 2.1 and assume the liabilities of Seller arising from or otherwise related to the Business set forth on Schedule 2.3, and Seller desires to sell such assets of the Business to
Buyer, upon the terms and subject to the conditions hereinafter set forth; 
 WHEREAS, the parties desire to make certain
representations, warranties and agreements in connection with the transactions contemplated hereby and to prescribe certain conditions to the transactions contemplated hereby. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants, representations, warranties and agreements contained herein, and
intending to be legally bound hereby, the parties agree as follows: 
 ARTICLE I - DEFINITIONS 
 1.1 Definitions. Except as otherwise provided herein or as otherwise clearly required by the context, the following terms shall have the
respective meanings indicated when used in this Agreement: 
 “Affiliate” shall mean, with respect to any Person, any other
Person controlling, controlled by or under common control with such Person. As used in this definition, “control” (including, with its correlative meanings, “controlled by” and “under common control
with”) means the possession, directly or indirectly, of power to direct or cause the direction of the management and policies of a Person whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” shall have the meaning ascribed thereto in the recitals. 
 “Allocation” shall have the meaning ascribed thereto in Section 2.6 hereof. 
 “Arbiter” shall have the meaning ascribed thereto in Section 2.5(b)(iii) hereof. 
 “Assumed Liabilities” shall have the meaning ascribed thereto in Section 2.3 hereof. 
 “Basis” means any past or present fact, situation, circumstance, status, condition, activity, practice, plan, occurrence, event,
incident, action, failure to act, or transaction that forms or could form the basis for any specified consequence. 
 “Business” shall mean Seller’s “K-12 division” through which Seller provides formative assessment and intervention products and services to K-12 schools in the United States. 
 “Business Benefit Plans” shall have the meaning ascribed thereto in Section 4.13(a) hereof. 
 “Business Copyrights” shall have the meaning ascribed thereto in Section 4.19(a) hereof. 
  

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 “Business Day” shall mean any day other than (a) a Saturday or Sunday, or (b) a day on which banking and savings and loan
institutions are authorized or required by law to be closed in the Commonwealth of Massachusetts. 
 “Business Domain Names”
shall have the meaning ascribed thereto in Section 4.19(a) hereof. 
 “Business Employees” shall have the
meaning ascribed thereto in Section 5.5(a) hereof. 
 “Business Financial Statements” shall have the meaning
ascribed thereto in Section 4.4 hereof. 
 “Business Intellectual Property Assets” shall have the meaning
ascribed thereto in Section 4.19(c)(ii) hereof. 
 “Business IP Agreements” means written (a) licenses of
Business Intellectual Property Assets by Seller to any third party, (b) licenses of Business Intellectual Property Assets by any third party to Seller, (c) agreements between Seller and any third party relating to the development of
material Business Intellectual Property Assets, the development or transmission of data, or the use, modification, framing, linking, advertisement, or other practices with respect to Seller’s Internet web sites and (d) consents,
settlements, decrees, orders, injunctions, judgments or rulings governing the use, validity or enforceability of Business Intellectual Property Assets. 
 “Business IT Assets” mean the IT Assets owned by Seller, or in which Seller has an exclusive license that are used in the Business. 
 “Business Marks” shall have the meaning ascribed thereto in Section 4.19(a) hereof. 
 “Business Material Adverse Effect” shall mean, with respect to the Business, a change, event or effect (an “Effect”)
that, individually or in the aggregate, has a material adverse effect on the business, operations, assets, results of operations, or financial condition of the Business taken as a whole, other than (a) any Effect resulting from (i) general
changes in the economy or financial markets of the United States or any other region outside of the United States, (ii) changes in general legal, regulatory, political, economic or business conditions (including the commencement, continuation
or escalation of a war or material armed hostilities, acts of terrorism, or the occurrence of natural disasters) that generally affect industries in which Seller conducts the Business; provided, that such changes do not affect the
Business in a materially disproportionate manner, (iii) changes in GAAP that generally affect industries in which Seller conducts the Business; provided, that such changes do not affect the Business in a materially
disproportionate manner, (iv) the announcement of this Agreement or pendency or consummation of the transactions contemplated hereby, (v) the identity of Buyer or any of its Affiliates as the acquiror of the Business, (vi) compliance
with the terms of, or the taking of any action required by this Agreement or consented to by Buyer, or (vii) the termination by employees of their employment with Seller, or (b) any decline in the market price, or change in trading volume,
of the capital stock of Seller. 
 “Business Patents” shall have the meaning ascribed thereto in Section 4.19(a)
hereof. 
 “Business Permits” shall have the meaning ascribed thereto in Section 4.10 hereof. 
 “Business Software” shall have the meaning ascribed thereto in Section 4.19(a) hereof. 
 “Business Trade Secrets” shall have the meaning ascribed thereto in Section 4.19(b)(vii) hereof. 
  

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 “Business Websites” means the websites which reside at the URL addresses
(i) www.theprincetonreviewk12.com, (ii) www.asc.princetonreview.com, and (iii) www.ftp.homeroom.com. 
 “Buyer” shall have the meaning ascribed thereto in the recitals. 
 “Buyer Disclosure Schedule”
shall have the meaning ascribed thereto in Article III hereof. 
 “Buyer Indemnitees” shall have the meaning ascribed
thereto in Section 7.2 hereof. 
 “Buyer Material Adverse Effect” means, with respect to Buyer, an effect, event
or change that has a material adverse effect on Buyer’s ability to consummate the transactions contemplated by this Agreement or perform its obligations hereunder or would reasonably be expected to prevent or materially delay the consummation
of the transactions contemplated by this Agreement or prevent or materially impair or delay the ability of Buyer to perform its obligations under this Agreement. 
 “Buyer’s Advisors” shall have the meaning ascribed thereto in Section 3.4 hereof. 
 “CERCLA” shall have the meaning ascribed thereto in Section 4.17 hereof. 
 “Closing”
shall have the meaning ascribed thereto in Section 2.7(a) hereof. 
 “Closing Date” shall have the meaning
ascribed thereto in Section 2.7(a) hereof. 
 “Closing Date Balance Sheet” shall have the meaning ascribed
thereto in Section 2.5(b)(ii) hereof. 
 “Closing Date Net Working Capital” shall have the meaning ascribed
thereto in Section 2.5(b)(i) hereof. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended.

 “Confidentiality Agreement” shall mean that certain Confidentiality Agreement by and between Buyer and Seller dated as of
July 1, 2008. 
 “Contract Adjustment” shall have the meaning ascribed thereto in Section 2.5(c) hereof.

 “Copyrights” shall mean mask works, rights of publicity, and copyrights in works of authorship of any type, in any medium
and whether or not completed, published, or used, including without limitation compilations, databases, drafts, plans, sketches, layouts, copy, designs, artwork, printed or graphic matter, promotions, video, films, photographs, illustrations,
slides, musical compositions, mechanicals, audio and video recordings and other audiovisual works, transcriptions, and Software, and derivative works, translations, adaptations, or combinations of any of the foregoing, registrations and applications
for registration thereof throughout the world, and all material unregistered copyrights and all rights therein provided by international treaties and conventions, all moral and common law rights thereto, and all other rights associated therewith.

 “Domain Names” shall mean all URL registrations for Internet websites. 
 “Effect” shall have the meaning ascribed thereto in the definition of Business Material Adverse Effect. 
  

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 “Encumbrances” shall mean and include any and all mortgages, deeds of trust, liens,
security interests, pledges, encumbrances, charges, restrictions on transfers or conditional sales agreements. 
 “Environmental
Laws” shall mean any applicable federal, state, or local statute, regulation, ordinance, permit, judgment, order, or rule of common law now in effect relating to the (a) generation, storage, transportation, disposal, emissions,
discharges, Release or threatened Release of Hazardous Substances, or (b) otherwise relating to the protection of the environment and/or public health. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Excluded Assets”
shall have the meaning ascribed thereto in Section 2.2 hereof. 
 “Excluded Liabilities” shall have the meaning
ascribed thereto in Section 2.4 hereof. 
 “GAAP” shall mean generally accepted accounting principles and
practices in effect from time to time within the United States applied consistently. 
 “Governmental Authority” shall mean
any United States or foreign, federal, state or local governmental commission, board, body, bureau, or other regulatory authority, agency, including courts and other judicial bodies, or any self-regulatory body or authority, including any
instrumentality or entity designed to act for or on behalf of the foregoing. 
 “Hazardous Substances” shall mean all
(a) petroleum and petroleum products, including crude oil and any fractions thereof, the storage, Release, or disposal of which are regulated under any Environmental Laws; (b) solid, hazardous, dangerous or toxic chemicals, materials,
wastes or substances, within the meaning of and regulated by any Environmental Laws; (c) radioactive materials; (d) asbestos-containing materials that represent a health hazard; and (e) polychlorinated biphenyl. 
 “Hired Employees” has the meaning ascribed thereto in Section 5.5(a) hereof. 
 “Indemnification Cap” shall have the meaning ascribed thereto in Section 7.3(b) hereof. 
 “Indemnitees” shall have the meaning ascribed thereto in Section 7.4 hereof. 
 “Indemnitor” shall have the meaning ascribed thereto in Section 7.5 hereof. 
 “Identified Employees” shall have the meaning ascribed thereto in Section 4.7 hereof. 
 “Initial Purchase Price” shall have the meaning ascribed thereto in Section 2.5(a) hereof. 
 “Intellectual Property Assets” shall have the meaning ascribed thereto in Section 4.19(c)(i) hereof. 
 “IRS” shall mean the Internal Revenue Service. 
 “IT Assets” shall mean all computers, firmware, middleware, servers, workstations, routers, hubs, switches, data communications lines, and all other information technology equipment (including any
such assets as may be used to support any electronic information and ordering web-based or virtual platform) and all associated documentation. 
  

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 “Key Employee” shall mean, as of the date hereof, each of the Business’
(i) Chief Financial Officer, (ii) General Manager and (iii) Vice President of Content Development. 
 “Legitimate
Business Purpose” shall mean in connection with (in each case for the period prior to the Closing Date) (i) the preparation of financial statements, (ii) any filing with or investigation, inquiry or request for information by a
Governmental Authority (including, without limitation, relating to an audit or any proceeding), or (iii) a party’s compliance with applicable laws and regulations. 
 “Liability” and “Liabilities” shall mean any liability, debt, obligation, deficiency, Tax, penalty, assessment, fine,
claim, cause of action or other loss, fee, cost or expense of any kind or nature whatsoever, whether asserted or unasserted, absolute or contingent, known or unknown, accrued or unaccrued, liquidated or unliquidated, and whether due or to become due
and regardless of when asserted. 
 “Local Transfer Documents” shall have the meaning ascribed thereto in
Section 2.8(a) hereof. 
 “Losses” shall have the meaning ascribed thereto in Section 7.2 hereof.

 “Marks” shall mean trademarks, service marks, trade dress, logos, trade names, corporate names and symbols, slogans and
other indicia of source or origin, including the goodwill of the business symbolized thereby or associated therewith, common law rights thereto, registrations and applications for registration thereof throughout the world, all rights therein
provided by international treaties and conventions, and all other rights associated therewith. 
 “Material Contracts” shall
have the meaning ascribed thereto in Section 4.15(a) hereof. 
 “Measurement Date” shall have the meaning
ascribed thereto in Section 2.5(c) hereof. 
 “Minimum Basket” shall have the meaning ascribed thereto in
Section 7.3(a) hereof. 
 “Net Working Capital” shall have the meaning ascribed thereto in
Section 2.5(b)(v) hereof. 
 “Net Working Capital Purchase Price Adjustment” shall have the meaning ascribed
thereto in Section 2.5(b)(iv) hereof. 
 “New York Courts” shall have the meaning ascribed thereto in
Section 9.6 hereof. 
 “Noncompetition Agreement” shall mean the Non-Competition, Non-Solicitation and
Confidentiality Agreement attached hereto as Exhibit F. 
 “Ordinary Course of Business” means the ordinary course of
business of the Business consistent with past practices (including with respect to quantity and frequency). 
 “Patents”
shall mean all patents and patent applications (including utility patents, utility models, design patents, certificates of invention and applications for certificates of invention and related priority rights) and registered design and registered
design applications and all rights in connection therewith in any country, and including all provisional applications, substitutions, continuations, continuations-in-part, divisions, renewals, reissues, re-examinations and extensions thereof.

 “Permitted Encumbrances” shall mean (i) Encumbrances for current Taxes not yet due and payable,
(ii) Encumbrances on a landlord’s interest in the subject premises and (iii) a lessor’s interest in a subject property. 
  

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 “Person” shall mean any individual, corporation, partnership, joint venture,
association, trust, unincorporated organization or other legal entity or any Governmental Authority. 
 “Post-Closing Tax
Period” shall have the meaning ascribed thereto in Section 5.6(b) hereof. 
 “Potential Non-Assigned
Contract(s)” shall have the meaning ascribed thereto in Section 2.5(c) hereof. 
 “Pre-Closing Tax
Period” shall have the meaning ascribed thereto in Section 5.6(b) hereof. 
 “Prospective Buyer
Employees” shall have the meaning ascribed thereto in Section 5.5(a) hereof. 
 “Purchased Assets”
shall have the meaning ascribed thereto in Section 2.1 hereof. 
 “Purchased Contracts” shall mean all rights
existing under all contracts, agreements or arrangements that relate to the Business to which Seller is a party, all as set forth on Schedule 2.1 hereof. 
 “Release” shall have the meaning set forth in CERCLA. 
 “Representatives”
shall mean the directors, officers, employees, Affiliates, agents, investment bankers, financial advisors, attorneys, accountants, brokers, finders, consultants or representatives of Seller and Buyer. 
 “Restricted Customer Contract” shall have the meaning ascribed thereto in Section 2.5(c) hereof. 
 “SEC” shall mean the Securities and Exchange Commission. 
 “Section 1060 Forms” shall have the meaning ascribed thereto in Section 2.6 hereof. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Seller” shall have the
meaning ascribed thereto in the recitals. 
 “Seller Common Stock” shall mean Seller’s Common Stock, $0.01 par value
per share. 
 “Seller Disclosure Schedule” shall have the meaning ascribed thereto in Article IV hereof. 

“Seller Indemnitee” shall have the meaning ascribed thereto in Section 7.4 hereof. 
 “Seller SEC Reports” shall have the meaning ascribed thereto in Section 4.8 hereof. 
 “Seller Specified Account” shall mean the bank account specified by Seller in writing at least one (1) day prior to the anticipated
Closing Date. 
 “Seller’s Advisor” shall have the meaning ascribed thereto in Section 4.5 hereof.

 “Significant Customer” shall have the meaning ascribed thereto in Section 4.22 hereof. 
 “Software” shall mean computer software, programs and databases in any form, including Internet web sites, web content and links, source
code, object code, operating systems and specifications, data, databases, database management code, utilities, graphical user interfaces, menus, images, icons, forms, methods of processing, software engines, platforms and data formats, all versions,
updates, corrections, enhancements and modifications thereof, and all related documentation, developer notes, comments and annotations. 
  

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 “Statement of Net Working Capital Adjustment” shall have the meaning ascribed
thereto in Section 2.5(b)(iii) hereof. 
 “Subsidiaries” shall mean, when used with reference to a party, any
corporation or other organization, whether incorporated or unincorporated, of which such party or any other subsidiary of such party is a general partner (excluding partnerships the general partnership interests of which held by such party or any
subsidiary of such party do not have a majority of the voting interests in such partnership) or serves in a similar capacity, or, with respect to such corporation or other organization, at least 50% of the securities or other interests having by
their terms ordinary voting power to elect a majority of the board of directors or others performing similar functions is directly or indirectly owned or controlled by such party or by any one or more of its subsidiaries, or by such party and one or
more of its subsidiaries. 
 “Tax” shall mean any and all taxes, customs, duties, tariffs, deficiencies, assessments, levies
or other like governmental charges, including, without limitation, income, gross receipts, excise, real or personal property, ad valorem, value added, estimated, alternative minimum, stamp, sales, withholding, social security, occupation, use,
service, service use, license, net worth, payroll, franchise, transfer and recording taxes and charges, imposed by the IRS or any other taxing authority (whether domestic or foreign including, without limitation, any state, county, local or foreign
government or any subdivision or taxing agency thereof (including a United States possession)), whether computed on a separate, consolidated, unitary, combined or any other basis; and such term shall include any interest, fines, penalties or
additions attributable to, or imposed upon, or with respect to, any such amounts, whether disputed or not and including any obligation to indemnify or otherwise assume or succeed to the Tax liability of any other Person. 
 “Tax Return” shall mean any report, return, document, declaration, election or other information or filing required to be supplied to
any taxing authority or jurisdiction (foreign or domestic) with respect to Taxes, including, without limitation, information returns and any documents with respect to or accompanying payments of estimated Taxes or requests for the extension of time
in which to file any such report, return, document, declaration or other information. 
 “Trade Secrets” shall mean trade
secrets, know how and other confidential or proprietary technical, business and other information, including manufacturing and production processes and techniques, research and development information, technology, drawings, specifications, designs,
plans, proposals, technical data, financial, marketing and business data, pricing and cost information, business and marketing plans, customer and supplier lists and information, and all rights in any jurisdiction to limit the use or disclosure
thereof. 
 “Transaction Related Document” shall mean the License Agreements, the Noncompetition Agreement and Transition
Services Agreement attached hereto as exhibits, the Seller Disclosure Schedule, the Buyer Disclosure Schedule, the Non-Competition, Non-Solicitation and Confidentiality Agreement and all other certificates and agreements delivered pursuant to the
terms hereof. 
 “U.S.” shall mean the United States of America. 
 ARTICLE II - PURCHASE AND SALE 
 2.1 Purchase and Sale of Purchased
Assets. On the terms and subject to the conditions contained in this Agreement, at the Closing, Buyer shall purchase, and Seller shall sell, convey, assign, 

  

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transfer and deliver, to Buyer, free and clear of any Encumbrances (except for any Permitted Encumbrances) by appropriate instruments of conveyance
reasonably satisfactory to Buyer, all of the rights, titles and interests of Seller in, to and under all of the assets, properties and rights (of every kind and description) other than Excluded Assets that (i) are owned or licensed by Seller as
of the Closing Date and (ii) relate to or are used in connection with the Business, all as set forth on Schedule 2.1 (the “Purchased Assets”). 
 2.2 Excluded Assets. Notwithstanding Section 2.1 above, the assets set forth on Schedule 2.2 are expressly excluded from
the purchase and sale contemplated hereby (the “Excluded Assets”) and, as such, are not included in the assets conveyed hereby. 
 2.3 Assumed Liabilities. Upon the terms and subject to the conditions of this Agreement, Buyer shall assume, effective as of the Closing, and from and after the Closing Buyer shall pay, discharge and perform when due, as
appropriate, Liabilities relating to or otherwise in connection with the Purchased Assets all as set forth on Schedule 2.3 (individually and collectively, the “Assumed Liabilities”). 
 2.4 Excluded Liabilities. Notwithstanding Section 2.3 above, Seller shall retain, and shall be responsible for paying,
performing and discharging when due, and Buyer shall not assume or have any responsibility for, the following Liabilities other than the Assumed Liabilities (individually and collectively, the “Excluded Liabilities”): 
 (a) all Liabilities relating to or arising out of the Excluded Assets; 
 (b) all Liabilities under the Business Benefit Plans; 
 (c) any and all Liabilities which are not an Assumed Liability; 
 (d) Seller’s obligation to provide vacation time, vacation pay to Hired Employees prior to Closing, bonuses for Hired Employees for
periods prior to Closing (including Kevin Howell’s bonus in connection with the Closing), and all other Liabilities relating to Hired Employees prior to Closing; 
 (e) all Liabilities and the cost of all remedial action, if any, relating to or arising out of the Townsend litigation described on
Section 4.7 of the Seller Disclosure Schedule or any other litigation brought against Seller and/or Buyer, if any, arising from the same or similar facts and occurring prior to Closing; 
 (f) all Liabilities related to the items set forth on Section 4.9 of the Seller Disclosure Schedule; and 
 (g) the Liabilities associated with the employment arrangements described in Section 4.13(f) of the Seller Disclosure
Schedules. 
 2.5 Purchase Price. 
 (a) Subject to the post-Closing adjustment pursuant to Section 2.5(b) hereof and other terms and conditions set forth in this
Agreement, on the Closing Date, (i) Buyer shall deposit in the Seller Specified Account by wire transfer $9,500,000 in immediately available funds (the “Initial Purchase Price”), (ii) Buyer shall deposit in the Seller
Specified Account by wire transfer $7,500,000 in immediately available funds, and (iii) Buyer shall assume the Assumed Liabilities. Immediately thereafter, Seller shall deposit $7,500,000 in Buyer’s bank account (designated in writing by
Buyer to Seller), which amount will be used by Buyer to operate the Business. 
  

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 (b) Net Working Capital Purchase Price Adjustment. The Initial Purchase Price
shall be subject to increase or decrease after the Closing based on the Closing Date Net Working Capital of the Company, as follows: 
 (i) The Initial Purchase Price shall be increased by the dollar amount, if any, by which the Net Working Capital of the Business as of the end of the Closing Date (the “Closing Date Net Working Capital”) exceeds zero or
decreased by the dollar amount, if any, by which the Closing Date Net Working Capital is less than zero. 
 (ii) Within one
hundred eighty (180) days after the Closing Date, the Buyer shall prepare, or cause to be prepared, and deliver to the Seller a balance sheet of the Business as of the Closing Date (the “Closing Date Balance Sheet”). The
Closing Date Balance Sheet shall be prepared in accordance with GAAP and in a manner consistent with the form of Balance Sheet attached hereto as Exhibit E (including all adjustments reflected thereon which the parties acknowledge are not in
accordance with GAAP). 
 (iii) Concurrently with the delivery to the Seller of the Closing Date Balance Sheet, the Buyer
shall also deliver to the Seller a written statement (the “Statement of Net Working Capital Adjustment”) setting forth the Closing Date Net Working Capital based on the Closing Date Balance Sheet and showing the calculation thereof.
If the Seller has any objections to the Closing Date Balance Sheet or the Statement of Net Working Capital Adjustment, the Seller shall give written notice to the Buyer, in reasonable detail, of such objections within thirty (30) days after
Seller receives the Closing Date Balance Sheet and the Statement of Net Working Capital Adjustment. If the Seller does not give written notice to the Buyer of any such objections by the end of such thirty-day period, then the Statement of Net
Working Capital Adjustment shall be considered final. If the Seller does give written notice to the Buyer of any such objections by the end of such thirty-day period, then the Buyer and the Seller shall work in good faith for a period of forty-five
(45) days to resolve their differences, which shall include allowing each party access and review of their respective work papers and related documents. If the Buyer and the Seller are unable to resolve their differences within such
forty-five-day period, then any disputed items shall be submitted for resolution to an independent nationally recognized certified public accounting firm selected by the mutual agreement of the Seller and the Buyer (the “Arbiter”),
with the costs thereof to be paid fifty percent (50%) by the Seller and fifty percent (50%) by the Buyer, and the Arbiter shall be instructed to deliver a final Statement of Net Working Capital Adjustment to the Seller and the Buyer as
soon as possible, which Statement of Net Working Capital Adjustment shall be conclusive and binding on Buyer and Seller. 
 (iv) If (A) the Closing Date Net Working Capital (as shown by the final Statement of Net Working Capital Adjustment) exceeds zero, then the Initial Purchase Price shall be increased dollar-for-dollar by the amount of such excess, or
(B) the Closing Date Net Working Capital (as shown by the final statement of Net Working Capital Adjustment) is less than zero, the Initial Purchase Price shall be decreased dollar for dollar by the amount by which the Closing Date Net Working
Capital is less than zero, in either the case of (A) or (B) (the “Net Working Capital Purchase Price Adjustment”). Not later than ten (10) days after the date on which the Statement of Net Working Capital Adjustment
becomes final, the Buyer or Seller, as applicable, shall pay the amount of 

  

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such Net Working Capital Purchase Price Adjustment to the Buyer or Seller, as applicable. If Buyer pays a Net Working Capital Adjustment to the Seller and
thereafter is legally obligated to reimburse a third party for any amounts that were included as accounts receivable in the Closing Date Net Working Capital (and collected by the Buyer prior to the payment of the Net Working Capital Purchase Price
Adjustment), then Seller shall reimburse Buyer for such amounts. 
 (v) “Net Working Capital” shall mean,
with respect to the Purchased Assets and Liabilities of the Business and as of any date, (a) the sum of all assets described on the form of Balance Sheet attached hereto as Exhibit E less (b) the sum of all liabilities described on
the form of Balance Sheet attached hereto as Exhibit E (except that accounts receivable shall only be included in such calculation to the extent collected within one hundred seventy eight (178) days and such amount shall not be subject
to an indemnification claim under Section 4.23), in each case calculated in accordance with GAAP and in a manner consistent with the Balance Sheet attached hereto as Exhibit E (including all adjustments reflected thereon which the
parties acknowledge are not in accordance with GAAP). 
 (c) Contract Adjustment. The parties acknowledge and agree
that Schedule 2.5(c) sets forth (i) a list of all Restricted Customer Contracts (as defined below) for which consent or approval by any required third party has not been obtained by Seller on or before the Closing Date (each a
“Potential Non-Assigned Contract” and collectively, the “Potential Non-Assigned Contracts”), and (ii) an amount equal to the projected annualized revenue for each such Potential Non-Assigned Contract (each, a
“Potential Contract Revenue Amount”). For purposes of this Agreement, “Restricted Customer Contract” means a contract, agreement or arrangement with a customer of the Company which, as a result of the transactions
contemplated by this Agreement, requires the consent or approval of a third party to transfer or assign such Restricted Customer Contract to Buyer under the express terms of such contract, agreement or arrangement. Within five (5) Business Days
after the date that is sixty (60) days from the Closing Date (the “Measurement Date”), Buyer shall notify Seller in writing whether any of the Potential Non-Assigned Contracts have been terminated by a customer as a result of
the consummation of the transactions contemplated by this Agreement (other than as a result of any action or inaction on the part of Buyer) (the “Adjustment Notice”); provided that if Buyer does not deliver such Adjustment Notice
within the period described above then there shall be no Contract Adjustment (as defined below). The Seller shall be deemed to accept the Adjustment Notice unless the Seller delivers a notice of objection to Buyer within ten (10) Business Days
following receipt of the Adjustment Notice. If the Seller provides a notice of objection to Buyer, the Seller and Buyer shall first use commercially reasonable efforts to resolve such dispute. If the parties are able to resolve such dispute, the
Adjustment Notice shall be revised to the extent necessary to reflect such resolution and shall be conclusive and binding upon all parties and shall not be subject to dispute or review. If the parties are unable to resolve the dispute within ten
(10) Business Days after delivery of a notice of objection by the Seller, either party may submit the dispute to the Arbiter for resolution, which shall be subject to the procedures and limitations described in Section 2.5(b). The
decision of the Arbiter shall be conclusive and binding upon all parties and shall not be subject to dispute or review. Upon acceptance by the Seller of the Adjustment Notice or resolution by the parties of any disagreement with respect thereto as
provided above, Seller shall pay Buyer within five (5) Business Days one-half of the Potential Contract Revenue Amount with respect to each Potential Non-Assigned Contract listed in the agreed upon Adjustment Notice (the “Contract
Adjustment”). 
 2.6 Allocation of Purchase Price. Within ninety (90) days following the Closing Date, Buyer
shall prepare and present to Seller a written allocation of the sum of the amounts described in clauses (i) and (iii) of Section 2.5(a) (including amounts described in clause (iii) to the extent they are 

  

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liabilities taken into account in determining Buyer’s Tax basis in the Purchased Assets), pursuant to Section 1060 of the Code and any other
applicable Tax laws, among the Purchased Assets and the Noncompetition Agreement for all Tax purposes in accordance with this Section 2.6 (the “Allocation”). Within thirty (30) days following receipt of the
Allocation from Buyer, Seller may notify Buyer in writing that it does not consent to the use of the Allocation prepared by Buyer, such consent not to be unreasonably withheld or conditioned, identifying with specificity those items in the
Allocation with which it disagrees. If Seller fails to provide such notice within the thirty (30) day period, it shall be treated as having agreed to the Allocation prepared by Buyer. If Seller timely provides such notice, any disputed items
shall be submitted to the Arbiter for resolution (the cost of which shall be equally borne by Buyer and Seller). Buyer and the Seller shall use their reasonable best efforts to cause the Arbiter to complete its resolution of such disputed items
within fifteen (15) days of its appointment. If there is an adjustment to the Initial Purchase Price pursuant to Section 2.5, Buyer shall prepare and present to Seller an adjusted allocation of the purchase price (such adjusted allocation
solely reflecting the adjustment to the Initial Purchase Price pursuant to Section 2.5) within fifteen (15) days of that adjustment becoming final, and the foregoing procedures shall be repeated except that the thirty (30) day time
period shall be fifteen (15) days, and the adjusted allocation thereafter shall be treated as the Allocation for purposes of this Agreement. Except as otherwise required by Law, Buyer and Seller shall timely file in the manner required by
applicable law all Tax Returns (such as IRS Form 8594 or any other forms or reports required to be filed pursuant to Section 1060 of the Code or any comparable provisions of applicable law (“Section 1060 Forms”)) in a manner
that is consistent with the Allocation (whether mutually agreed to or resolved by the Arbiter) and shall refrain from taking any action inconsistent therewith. 
 2.7 Closing Matters. 
 (a) Subject to the terms and conditions of this
Agreement, the closing of the transactions contemplated by this Agreement (the “Closing”) shall take place at the offices of Goodwin Procter LLP, Exchange Place, Boston, MA 02109, at 10:00 a.m. (Eastern time) on the fifth Business
Day following the satisfaction or waiver of the conditions set forth in this Section 2.7 or at such other place or at such other time or on such other date as may be mutually agreeable to Buyer and Seller. The date of the Closing is herein
referred to as the “Closing Date.” 
 (b) Subject to the conditions set forth in this Agreement, the Parties
shall consummate the following on the Closing Date: 
 (i) Seller shall deliver to Buyer the Purchased Assets; 
 (ii) Buyer shall deposit or cause to be deposited the Initial Purchase Price in the Seller Specified Account (in accordance with the
provisions of Section 2.5); 
 (iii) Buyer shall assume the Assumed Liabilities; and 
 (iv) the parties shall deliver or cause to be delivered the Local Transfer Documents (as per Section 2.8) and certificates and
other documents and instruments required to be delivered by or on behalf of a party under this Section 2.7. 
 2.8 Local Transfer
Documents. 
 (a) Seller and Buyer shall, pursuant to and in accordance with the terms and conditions of this
Agreement, enter into, or cause their respective Affiliates to enter into, on the Closing Date, separate bills of sale and assignment and assumption agreements (collectively, the “Local Transfer Documents”) documenting the purchase
and sale of each portion of the Purchased Assets and the Assumed Liabilities to be conveyed separately to Buyer. 
  

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 (b) The Local Transfer Documents shall be in substantially the form attached hereto
as Exhibit A, with such modifications as are necessary and appropriate as a result of differences in local laws or customs, in order to maintain substantially the same legal meaning and effect as provided for in this Agreement. 
 (c) In the event of any conflict or inconsistency between the terms and conditions of this Agreement and any Local Transfer Document, the
terms and conditions of this Agreement shall prevail. 
 2.9 Assignment of Contracts and Rights. Anything in this Agreement to
the contrary notwithstanding, this Agreement shall not constitute an agreement to assign any Purchased Contract if an attempted assignment thereof, without consent of a third party thereto, would constitute a breach or other contravention thereof or
in any way adversely affect the rights of Buyer or Seller thereunder. Seller and Buyer will use their commercially reasonable efforts to obtain the consent of the other parties to any such Purchased Contract (including all Restricted Customer
Contracts described in Section 2.5(c) hereof) for the assignment thereof to Buyer as Buyer may reasonably request. Unless and until such consent is obtained, or if an attempted assignment thereof would be ineffective or would materially
adversely affect the rights of Seller thereunder so that Buyer would not in fact receive all rights under such Purchased Contract, Seller and Buyer will cooperate in an arrangement under which Buyer would obtain the benefits and assume the
obligations thereunder in accordance with this Agreement, including subcontracting, sub-licensing, or subleasing to Buyer, or under which Seller would enforce, at Seller’s expense, for the benefit of Buyer, with Buyer assuming at Seller’s
expense Seller’s obligations, any and all rights of Seller against a third party thereto. Seller will promptly pay to Buyer, when received, all monies received by Seller under any Purchased Contract, and Buyer shall pay, defend, discharge and
perform all Assumed Liabilities under such Purchased Contracts. 
 ARTICLE III - REPRESENTATIONS AND WARRANTIES OF BUYER 
 Except as set forth in the disclosure schedules delivered concurrently with the execution of this Agreement to Seller (the “Buyer Disclosure
Schedule”), which shall identify any exceptions to the representations, warranties and covenants contained in this Agreement (with specific reference to the particular Section or subsection to which such information relates), Buyer hereby
represents and warrants to Seller as follows: 
 3.1 Corporate Organization. Buyer is a Tennessee corporation validly existing
and in good corporate standing under the laws of Tennessee. Buyer has all requisite corporate power and authority and all necessary governmental approvals to own, lease and operate all of its properties and assets and to carry on its business as it
is now being conducted. The certificate of incorporation and bylaws of Buyer, copies of which have previously been made available to Seller, are true, correct, and complete copies of such documents as currently in effect. 
 3.2 Authority. Buyer has all requisite corporate power and authority to execute and deliver this Agreement and to consummate the
transactions contemplated hereby and perform its obligations hereunder. The execution, delivery and performance of this Agreement and the approval of the consummation of the transactions contemplated hereby have, as of the date hereof, been, and
are, duly and validly authorized by all necessary action of Buyer. No corporate or similar proceedings (including shareholder action or limited partner consent) on the part of Buyer is necessary to authorize the execution, 

  

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delivery and performance of this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and
delivered by Buyer, and (assuming due authorization, execution and delivery by Seller), constitutes the valid and binding obligations of Buyer, enforceable against Buyer in accordance with its terms, subject to applicable bankruptcy, insolvency,
moratorium or other similar laws relating to creditors’ rights and general principles of equity. 
 3.3 Consents and
Approvals. Except (a) for filings, permits, authorizations, consents and approvals as may be required under, and other applicable requirements of, the Exchange Act and (b) as otherwise set forth in Section 3.3 of the Buyer
Disclosure Schedule, none of the execution, delivery or performance of this Agreement by Buyer, the consummation by Buyer of the transactions contemplated hereby and compliance by Buyer with any of the provisions hereof will (i) conflict
with or result in any breach of any provision of the organizational documents of Buyer, (ii) require any filing with, notice by, or permit, authorization, consent or approval of, any Governmental Authority, (iii) result in a violation or
breach of, or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation or acceleration) under, any of the terms, conditions or provisions of any note, bond, mortgage,
indenture, lease, license, contract, agreement or other instrument or obligation to which Buyer is a party or by which it or any of its properties or assets may be bound, or (iv) violate any order, writ, injunction, decree, statute, rule or
regulation applicable to Buyer or any of its properties or assets, excluding from the foregoing clauses (ii), (iii) and (iv) such filings, notices, permits, authorizations, consents, approvals, violations, breaches,
defaults, rights or losses that would not, individually or in the aggregate, (A) prevent or materially delay consummation of the transactions contemplated hereby, (B) otherwise prevent or materially delay performance by Buyer of its
material obligations under this Agreement, or (C) have a Buyer Material Adverse Effect. 
 3.4 Broker’s Fees. Neither
Buyer nor any of its officers, directors, employees or agents has employed any broker, finder or financial advisor or incurred any Liability for any fees or commissions in connection with any of the transactions contemplated by this Agreement.

 3.5 Legal Proceedings. There are no civil, criminal or administrative actions, suits, claims, hearings, investigations or
proceedings pending or, to the knowledge of Buyer, threatened in writing against Buyer that seek to enjoin, or would reasonably be expected to have the effect of preventing, making illegal, or otherwise interfering with, any of the transactions
contemplated by this Agreement, except as would not, individually or in the aggregate, reasonably be expected to prevent or materially delay the ability of Buyer to consummate the transactions contemplated by this Agreement. 
 3.6 Ownership of Seller Common Stock. Buyer does not beneficially own (within the meaning of Section 13 of the Exchange Act and the
rules and regulations promulgated thereunder), and shall not prior to the Closing Date beneficially own, any shares of Seller Common Stock, and is not a party, and shall not prior to the Closing Date become a party, to any contract, arrangement or
understanding (other than this Agreement) for the purpose of acquiring, holding, voting or disposing of any shares of Seller Common Stock. 
 3.7 Definition of Buyer’s Knowledge. As used in this Agreement, the phrase “to the knowledge of Buyer” or any similar phrases mean the actual and the constructive or imputed knowledge of the persons set
forth on Section 3.7 of the Buyer Disclosure Schedule. 
 3.8 Solvency. Buyer is solvent and will not be rendered
insolvent by the transactions contemplated by this Agreement. Immediately after giving effect to the consummation of the transactions contemplated by this Agreement: (i) Buyer will be able to pay its liabilities as they become due in the usual
course of its business; (ii) Buyer will not have unreasonably small capital with which to conduct its business; (iii) Buyer will have assets (calculated at fair market value) that exceed its liabilities; and (iv)

  

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taking into account all pending and threatened litigation, final judgments against Buyer in actions for money damages are not reasonably anticipated to be
rendered at a time when, or in amounts such that, Buyer will be unable to satisfy any such judgments promptly in accordance with their terms as well as other obligations of Buyer. Following the Closing, the cash available to Buyer, after taking into
account all other anticipated uses of the cash, will be sufficient to pay all such debts and judgments promptly in accordance with their terms. 
 3.9 Financing. Based on ongoing discussions between Buyer and its lender, the Buyer has not been informed by its lender that it will not receive sufficient financing to consummate the transactions contemplated by this
Agreement; provided however, that Buyer makes no guarantee to Seller with respect to the ultimate receipt of such financing. 
 3.10 No
Other Representations or Warranties. Except for the representations and warranties contained in this Article III, Seller acknowledges that none of Buyer, and any other Person on behalf of Buyer makes any other express or implied
representation or warranty with respect to Buyer or with respect to any other information provided or made available to Seller in connection with the transactions contemplated hereby. Notwithstanding the foregoing or any other provision of this
Agreement or otherwise, nothing herein shall relieve Buyer or any other Person from Liability for fraud. 
 ARTICLE IV - REPRESENTATIONS
AND WARRANTIES OF SELLER 
 Except as set forth in the disclosure schedules delivered concurrently with the execution of this Agreement
to Buyer (the “Seller Disclosure Schedule”), which shall identify any exceptions to the representations, warranties and covenants contained in this Agreement (with specific reference to the particular Section or
subsection to which such information relates), Seller hereby represents and warrants to Buyer as follows: 
 4.1 Corporate
Organization. Seller is a corporation, validly existing and in good corporate standing under the laws of the State of Delaware. Seller is duly authorized to conduct the Business and is in good corporate standing under the laws of each
jurisdiction where such qualification is required for the conduct of the Business. Seller has all requisite corporate power and authority to own, lease or operate all of its properties and assets and to carry on its business as it is now being
conducted. The certificate of incorporation and bylaws of Seller, copies of which have previously been made available to Buyer, are true, correct, and complete copies of such documents as currently in effect. 
 4.2 Authority. Seller has all requisite corporate power and authority to execute and deliver this Agreement and to consummate the
transactions contemplated hereby and perform its obligations hereunder. The execution, delivery and performance of this Agreement and the approval of the consummation of the transactions contemplated hereby have, as of the date hereof, been duly and
validly adopted and approved by a vote of the board of directors of Seller. The board of directors of Seller has deemed the terms and conditions of this Agreement expedient and in the best interests of Seller and, other than the consents listed on
Section 4.3 of the Seller Disclosure Schedule, no other corporate proceedings on the part of Seller are necessary to authorize the execution, delivery and performance of this Agreement or to consummate the transactions contemplated
hereby. This Agreement has been duly and validly executed and delivered by Seller and (assuming due authorization, execution and delivery by Buyer) constitutes the valid and binding obligation of Seller, enforceable against Seller in accordance with
its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar laws relating to creditors’ rights and general principles of equity. 
 4.3 No Violation; Required Filings and Consents. Except (a) for filings, permits, authorizations, consents and approvals as may be required under, and other applicable requirements of, 

  

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the Exchange Act and (b) as otherwise set forth in Section 4.3 of the Seller Disclosure Schedule, none of the execution, delivery or
performance of this Agreement by Seller, the consummation by Seller of the transactions contemplated hereby and compliance by Seller with any of the provisions hereof will (i) conflict with or result in any breach of any provision of the
organizational documents of Seller, (ii) require any filing with, notice by, or permit, authorization, consent or approval of, any Governmental Authority, (iii) result in a violation or breach of, or constitute (with or without due notice
or lapse of time or both) a default (or give rise to any right of termination, cancellation or acceleration) under, any of the terms, conditions or provisions of any Material Contract to which Seller is a party and which is applicable to the
Business in any manner, or (iv) violate any order, writ, injunction, decree, statute, rule or regulation applicable to the Business or any of its properties or assets in any manner. 
 4.4 Business Financial Statements. True and complete copies of the unaudited consolidated balance sheets of the Business for the seven most
recently completed fiscal quarters beginning on March 31, 2007 and ending on September 30, 2008 and the related unaudited consolidated statements of income for such quarterly periods (the “Business Financial Statements”)
have been provided to Buyer. The Business Financial Statements have been prepared consistent with GAAP and present fairly in all material respects the consolidated financial condition of the Business and consolidated results of the Business’s
operations at and for the periods presented except for the absence of footnotes and year-end adjustments that did not and would not, individually or in the aggregate, reasonably be expected to have a material effect. The Business Financial
Statements are consistent with the books and records of the Seller and do not materially overstate income from operations before income taxes for the periods included therein. 
 4.5 Broker’s Fees. Neither Seller nor any of its officers, directors, employees, or agents has employed any broker, finder or
financial advisor or incurred any Liability for any fees or commissions in connection with any of the transactions contemplated by this Agreement, except for fees and commissions incurred in connection with the engagement of ThinkPanmure LLC (the
“Seller’s Advisor”) and for legal, accounting and other professional fees payable in connection with the transactions contemplated hereby, all of which will be payable by Seller. 
 4.6 Absence of Certain Changes or Events. Except as disclosed in Section 4.6 of the Seller Disclosure Schedule, since
November 30, 2008, (a) Seller has conducted the Business in all material respects in the Ordinary Course of Business, (b) there has not been any change, circumstance or event that has had, or would reasonably be expected to have, a
material effect on the Business or any of its assets (except in the Ordinary Course of Business), Liabilities (except in the Ordinary Course of Business) or prospects, (c) Seller has not made any increase in the compensation of any employees of
the Business nor has the Seller changed employment terms or deferred any wage or salary increase for any employee of the Business, (d) there has not been any change in accounting or internal control methods, practices, policies or procedures
followed by Seller (other than as required by GAAP) or any increase in the bad debt reserves for the Business or any revaluation of any of the Purchased Assets, (e) Seller has not entered into any employment contract with an employee of the
Business, (f) Seller has not made or pledged to make any charitable or other capital contribution from the Business, and (g) Seller has not committed to any of the foregoing. 
 4.7 Legal Proceedings. Section 4.7 of the Seller Disclosure Schedule sets forth each instance in which Seller (a) is
subject to any outstanding injunction, judgment, order, decree, ruling or charge relating to or affecting the Business in any manner, or (b) is a party or, to the knowledge of Seller, is threatened to be made a party to any action, suit,
proceeding, hearing, or investigation of, in, or before any court or quasi-judicial or administrative agency of any federal, state, local or foreign jurisdiction or before any arbitrator which in any manner relates to or affects the Business. Except
as set forth in Section 4.7 of the Seller Disclosure Schedule, (i) there is no suit, claim, action, proceeding or investigation pending or, to the knowledge of Seller, threatened against Seller, and (ii) Seller is not subject
to any 

  

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outstanding order, writ, judgment, injunction or decree of any Governmental Authority, which would, individually or in the aggregate, (A) prevent or
delay the consummation of the transactions contemplated hereby, (B) otherwise prevent or delay performance by Seller of any of its obligations under this Agreement, or (C) have a Business Material Adverse Effect. To the Seller’s
knowledge, (i) none of the employees of Seller listed in Section 4.7 of the Seller Disclosure Schedule (the “Identified Employees”) is a party to any action, suit, proceeding, hearing, or other investigation of, in,
or before any arbitrator that would in any way adversely effect his or her ability to perform his or her employment duties and (ii) no such action, suit, proceeding, hearing, or investigation is threatened against any Identified Employee.

 4.8 Reports. Since September 30, 2008, Seller has filed all reports, registrations and statements, together with any
amendments required to be made with respect thereto, that were and are required to be filed with the SEC, including, but not limited to, Forms 10-K, Forms 10-Q and Forms 8-K (collectively, the “Seller SEC Reports”). Seller has made
available to Buyer true, correct, and complete copies of all amendments and modifications that have not been filed by Seller with the SEC to all agreements, documents and other instruments that previously had been filed by Seller with the SEC and
are currently in effect. 
 4.9 Absence of Undisclosed Liabilities. Except for those Liabilities relating to or incurred in
connection with the Business that are fully reflected or reserved against on the Business Financial Statements, those Liabilities that have been fully satisfied, those Liabilities incurred in the Ordinary Course of the Business or as disclosed in
Section 4.9 of the Seller Disclosure Schedule, since September 30, 2008, Seller has not incurred any Liability related to or incurred in connection with the Business. To Seller’s knowledge, there is no Basis for any present or
future action, suit, proceeding, hearing, investigation, charge, complaint, claim or demand against the Business or the Purchased Assets giving rise to any Liability. 
 4.10 Compliance with Applicable Laws and Reporting Requirements. Seller holds all material permits, licenses, orders, franchises, variances, authorizations, exemptions, orders, registrations and
approvals of all Governmental Authorities that are required for the operation of the Business (the “Business Permits”), and Seller is in compliance with the terms of the Business Permits and no suspension or cancellation of any
Business Permit is pending or, to the knowledge of Seller, threatened. Except as set forth in Section 4.10 of the Seller Disclosure Schedule, Seller has complied with all applicable laws and regulations relating to the Business
(including rules, regulations, codes, plans, injunctions, judgments, orders, decrees, rulings and charges thereunder) and federal, state, local, and all foreign governments (and all agencies of each of the foregoing), and no action, suit,
proceeding, hearing, investigation, charge, complaint, claim, demand, or notice has been filed or commenced against, except for immaterial violations, and no notice, correspondence, inquiry or other communication has been received by Seller relating
to the Business alleging any failure so to comply, except for possible de minimis violations. Except as set forth in Section 4.10 of the Seller Disclosure Schedule, no investigation by any Governmental Authority with respect to the
Business is pending or to Seller’s knowledge, threatened. 
 4.11 Title and Condition of Purchased Assets; Sufficiency.

 (a) Except as set forth in Section 4.11(a) of the Seller Disclosure Schedule, Seller owns good title, free and
clear of all Encumbrances (other than Permitted Encumbrances) to all Purchased Assets. 
 (b) The tangible Purchased Assets
are in good operating condition, working order and repair, subject to ordinary wear and tear, free from material defects, are usable in the ordinary course of the Business and are suitable for the purposes for which they are currently being used.

  

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 (c) Other than the Excluded Assets set forth in Schedule 2.2, the Purchased
Assets and consents listed on Schedule 6.2(g) constitute all of the assets and properties of Seller and consents that are necessary to permit Buyer to carry on the Business immediately following the Closing in the same manner as presently
conducted. 
 (d) The customer contracts set forth on Schedule 6.2(g) and all other current customer contracts of the
Business that do not require consent of the customers in connection with the transactions contemplated hereby represent at least 90% of the revenue contracted to be received by the Business in calendar year 2009 from customer
contracts in effect on the date hereof. 
 4.12 Taxes and Tax Returns. 
 (a) If a failure of any of the following representations to be true, accurate or complete would have an adverse consequence for the Buyer
(as a result of Buyer’s purchase of the Purchased Assets), (i) Seller has (A) timely filed (or caused to be timely filed) (after taking into account any extension of time within which to file) all Tax Returns required to be filed by
it, and each such Tax Return was correct and complete in all respects; and (B) timely paid (or has caused to be timely paid on its behalf) all Taxes (whether or not shown or required to be shown on any Tax Return); (ii) Seller has withheld
and paid all Taxes required to have been withheld and paid in connection with any amount paid or owing to any employee, independent contractor, creditor, stockholder or other third party, and all Forms W-2 and 1099 required with respect thereto have
been properly completed and timely filed; (iii) no deficiencies for any material amount of Taxes have been proposed, asserted or assessed against Seller as of the date hereof; and (iv) there are no Encumbrances on any of the Purchased
Assets that arose in connection with any failure (or alleged failure) to pay any Tax. None of the Assumed Liabilities is an obligation to make a payment that is not deductible under Section 280G of the Code. 
 (b) Except as set forth in Section 4.12(b) of the Seller Disclosure Schedule, if a failure of any of the following
representations to be true, accurate or complete would have an adverse consequence for the Buyer (as a result of Buyer’s purchase of the Purchased Assets), no examination or audit of any material Tax Return of Seller or any administrative or
judicial proceeding in respect of any material amount of Tax is currently pending, or, to the knowledge of Seller, threatened, and no claim has ever been made in writing by a taxing authority in a jurisdiction where Seller does not file Tax Returns
that Seller is or may be subject to taxation by that jurisdiction, and Seller has not received any request in writing from any taxing authority to waive or extend the statute of limitations applicable to any Tax. 
 (c) Seller and Buyer agree to utilize, or cause their respective Affiliates to utilize, the standard procedure set forth in Revenue
Procedure 2004-53 with respect to wage reporting. 
 4.13 Employee Benefit Programs. 
 (a) Section 4.13(a) of the Seller Disclosure Schedule sets forth a list of each material “employee benefit plan”
(within the meaning of Section 3(3) of ERISA), and all severance, change in control or employment plan, program or agreement, and vacation, incentive, bonus, stock option, stock purchase, and restricted stock plan, program or policy that is or
was at any time sponsored or maintained by Seller or any Affiliate of Seller in which the current or former Business Employees participate or have a benefit (collectively, the “Business Benefit Plans”). 
 (b) Seller has made available to Buyer complete and accurate copies of each of the following with respect to each of the Business Benefit
Plans: (i) plan document and any amendment 

  

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thereto; (ii) trust agreement or insurance contract (including any fiduciary liability policy or fidelity bond), if any; (iii) most recent IRS
determination or opinion letter, if any; (iv) most recent annual report on Form 5500 required to be filed with the IRS (if any such report was required); and (v) summary plan description. 
 (c) Except as set forth in Section 4.13(c) of the Seller Disclosure Schedule, each of the Business Benefit Plans, which are
maintained or contributed to by Seller, is administered in compliance with its terms in all material respects and is in compliance in all material respects with the applicable provisions of ERISA, the Code and all other applicable laws. 

(d) Each of the Business Benefit Plans that is intended to be a qualified plan within the meaning of Code Section 401(a) has
received a favorable determination or opinion letter from the IRS regarding its qualification thereunder. 
 (e) Except as set
forth in Section 4.13(e) of the Seller Disclosure Schedule, Seller does not provide and has not agreed to provide healthcare or any other non-pension benefits to any Business Employees after their employment is terminated (other than as
required by Part 6 of Subtitle B of Title I of ERISA or state health continuation laws). 
 (f) Except with respect to the
agreements disclosed in Section 4.13(f) of the Seller Disclosure Schedule, Seller is not a party to any written (i) agreement with any Key Employee of Seller with respect to the Business (A) the benefits of which are
contingent, or the terms of which are materially altered, upon the occurrence of a transaction involving Seller of the nature of any of the transactions contemplated by this Agreement, (B) providing any term of employment or compensation
guarantee, or (C) providing severance benefits or other benefits after the termination of employment of such Key Employee; or (ii) any agreement, plan or other arrangement with any Key Employee of Seller that could reasonably be expected
to give rise directly or indirectly to the payment of any amount that would not be deductible by Seller or Buyer under Section 280G of the Code. 
 4.14 Labor and Employment Matters. 
 (a) With respect to the Business, Seller
is in material compliance with all federal, state, and foreign laws respecting employment and employment practices, terms and conditions of employment, and wages and hours, including but not limited to Title VII of the Civil Rights Act of 1964, as
amended, the Equal Pay Act of 1967, as amended, the Age Discrimination in Employment Act of 1967, as amended, the Americans with Disabilities Act, as amended, and the related rules and regulations adopted by those federal agencies responsible for
the administration of such laws and other than normal accruals of wages during regular payroll cycles, there are no arrearages in the payment of wages. There are not currently any material audits or investigations pending or, to Seller’s
knowledge, scheduled by any Governmental Authority pertaining to the employment practices of the Business and no complaints relating to employment practices of the Business have been submitted in writing to Seller or, to Seller’s knowledge made
to any Governmental Authority or court. 
 (b) Seller is not a party to, or otherwise bound by, any collective bargaining
agreement, contract or other agreement or understanding with a labor union or labor organization. Seller is not subject to any charge, demand, petition or representation proceeding seeking to compel, require or demand it to bargain with any labor
union or labor organization nor, is there pending or, to the knowledge of Seller, threatened, any labor strike or lockout involving Seller. Other than as set forth on Section 4.14(b) of the Seller Disclosure Schedule, Seller is not a
party to, or otherwise bound by, any employment agreements with an employee of the Business. 
  

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 (c) During the ninety (90) day period immediately preceding the date of this
Agreement, Seller has terminated involuntarily the employment of no more than five (5) individuals from employment in positions in which they were primarily engaged in the Business, excluding individuals who were “part-time employees”
of the Seller within the meaning of the Worker Adjustment and Retraining Notification Act, 29 U.S.C. § 2101(a)(8) and applicable regulations at 20 C.F.R. § 639.3(h). Seller shall be responsible for any failure to provide any notice
required by the Worker Adjustment and Retraining Notification Act, 29 U.S.C. § 2101 et seq. and/or the New York Worker Adjustment and Retraining Notification Act, N.Y. Lab. Law Art. 25-A (together, the “WARN Acts”) if
Seller triggers the obligation to provide such notice by taking employment actions before the Closing Date. Buyer shall be responsible for any failure to provide any notice required by either or both of the WARN Acts if Buyer triggers the obligation
to provide such notice by taking employment actions on or after the Closing Date. For these purposes, employment actions by Buyer include without limitation any failure to offer employment to Business Employees (as defined in Section 5.5(a)) on
or after the Closing Date. 
 4.15 Material Contracts. 
 (a) Except as set forth on Section 4.15 of the Seller Disclosure Schedule of this Agreement, as of the date of this Agreement,
with respect to the Business, Seller is not a party to or bound by any contract: 
 (i) that would be required to be filed by
Seller as a “material contract” pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act; 
 (ii)
containing covenants binding upon Seller that restrict the ability of Seller to cause the Business to compete in any business or geographic area that, following the Closing, would apply to Buyer and its Subsidiaries; 
 (iii) involving the payment or receipt of more than $75,000 in fees or other amounts per year in the aggregate, in each case calculated
based upon the revenues or income of the Business or income or revenues related to any product of the Business; 
 (iv) with
any Affiliate; 
 (v) containing any standstill or similar agreement pursuant to which Seller has agreed not to acquire assets
or securities of another Person that, following the Closing, would apply to Buyer and its Subsidiaries; 
 (vi) providing for
indemnification by Seller of any Person, except for contracts entered into in the ordinary course of the Business that, following the Closing, would apply to Buyer and its Subsidiaries; or 
 (vii) forming part of the Purchased Assets (except as described on Schedule 2.1) or Assumed Liabilities (except as described on
Schedule 2.3), in each case involving the payment or receipt of more than $75,000 in fees or other amounts per year. 
 Each such
contract described in clauses (i) through (vii) and those set forth in Schedules 2.1 and 2.3 including exhibits thereto are collectively referred to herein as “Material Contracts.” 
 (b) Seller has made available or delivered to Buyer a correct and complete copy of each Material Contract, as amended to date. Each of the
Material Contracts is valid and binding on 

  

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Seller and, to Seller’s knowledge, each other party thereto, and is in full force and effect. Each Material Contract is enforceable against the Seller
in accordance with its terms and will continue to be legal, valid, binding, enforceable and in full force and effect following the consummation of transactions contemplated by this Agreement, except as set forth in Section 4.3 or 4.15 of the
Seller Disclosure Schedule. To Seller’s knowledge, no party to a Material Contract is in breach or default under the terms of any Material Contract, and no event has occurred that with the lapse of time or the giving of notice will
constitute a breach or default, or permit termination, modification, or acceleration under any Material Contract. To the Seller’s knowledge, no party has repudiated in writing any provision of any Material Contract. 
 4.16 Properties. 
 (a) Seller does not own any real property. Section 4.16(a) of the Seller Disclosure Schedule lists all real property leased or subleased to or by Seller in connection with the Business. 
 (b) Seller, as lessee, has the right under valid and subsisting leases to use, possess and control all personal property (other than the
Excluded Assets) leased by Seller as now used, possessed and controlled by Seller, as applicable, in connection with the Business. All such personal property is free from defects (patent and latent), has been maintained in accordance with normal
industry practice, is in good operating condition and repair (subject to normal wear and tear), and is suitable for the purpose for which it is currently used. 
 4.17 Environmental Liability. With respect to the Business, there are no legal, administrative, arbitral or other proceedings, claims, actions, causes of action, private environmental investigations or
remediation activities or governmental investigations of any nature seeking to impose, or that are reasonably likely to result in the imposition, on the Business of any Liability arising under any Environmental Law, including without limitation,
common law or under any foreign, local, state or federal environmental statute, regulation or ordinance, including the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (“CERCLA”), pending or,
to the knowledge of Seller, threatened against the Business. To the knowledge of Seller, there is no reasonable basis for any such proceeding, claim, action or governmental investigation that would impose any material Liability. Seller is not
subject to any agreement, order, judgment, decree, letter or memorandum by or with any Governmental Authority or third party imposing any material Liability with respect to the foregoing. Seller has complied with all applicable Environmental Laws.

 4.18 State Takeover Laws. The board of directors of Seller has approved this Agreement and taken all other requisite action
such that the restrictions of any antitakeover laws and regulations of any Governmental Authority will not apply to this Agreement or any of the transactions contemplated hereby, subject to the accuracy of the representations and warranties set
forth in Section 3.7 hereof. 
 4.19 Intellectual Property. 
 (a) Section 4.19(a) of the Seller Disclosure Schedule contains a complete and accurate list of all (i) Patents owned by,
or to which Seller has an exclusive license and which are used in the Business (“Business Patents”); (ii) registered or material unregistered Marks owned by, or to which Seller has an exclusive license and used in the Business
(“Business Marks”); (iii) registered Copyrights owned by, or to which Seller has an exclusive license and which are used in the Business (“Business Copyrights”); (iv) Software, owned by, or in which Seller
has an exclusive license and used in the Business (“Business Software”); (v) Business IT Assets; and (vi) Domain Names owned by, or to which Seller has an exclusive license and which are used in the Business
(“Business Domain Names”). 
  

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 (b) Except as set forth in Section 4.19(b) of the Seller Disclosure
Schedule: 
 (i) Seller owns the Business Intellectual Property Assets listed on Section 4.19(a) of the Seller
Disclosure Schedule, free and clear of all Encumbrances other than Permitted Encumbrances; 
 (ii) Seller has the valid
right to use the Business Intellectual Property Assets in the ordinary course of the Business as currently conducted, and there are no other Intellectual Property Assets that are material to the conduct of the Business; 
 (iii) all Business Patents, Business Marks and Business Copyrights that are issued by, registered or the subject of an application filed
with, as applicable, the U.S. Patent and Trademark Office, the U.S. Copyright Office or in any similar office or agency anywhere in the world, have been duly maintained (including the payment of maintenance fees) and are not expired, cancelled or
abandoned, except for such issuances, registrations or applications that Seller has permitted to expire or has cancelled or abandoned in its reasonable business judgment; 
 (iv) as of the date hereof, there are no pending, or, to the knowledge of Seller, threatened material claims against Seller alleging that
the operation of the Business or any of the Intellectual Property Assets infringes the rights of any third party in any Intellectual Property Assets (including any written claim that the Seller must license or refrain from using any Intellectual
Property Assets rights of any third party) and, to the knowledge of the Seller, the conduct of the Business as currently conducted and the use of the Business Intellectual Property Assets as currently used do not infringe or misappropriate the
Intellectual Property Assets of any third party; 
 (v) to the knowledge of Seller, each of the Business Intellectual Property
Assets is valid and enforceable and Seller does not have knowledge of any written allegations that any of the Business Intellectual Property Assets is invalid or unenforceable; 
 (vi) no current or former Business Employee owns any rights in or to any of the Business Intellectual Property Assets; 
 (vii) to the knowledge of Seller, there is no infringement by a third party of any of the Business Intellectual Property Assets and the
consummation of the transactions contemplated by this Agreement will not result in the termination or impairment of any of the Business Intellectual Property Assets; and Seller has taken reasonable security measures to protect the confidentiality of
all Trade Secrets owned by Seller and used by Seller in the operation of the Business (the “Business Trade Secrets”), and each Seller employee who has access to any Business Trade Secret is bound by a non-disclosure or comparable
agreement that adequately protects Seller’s proprietary interests in and to any such Business Trade Secret. 
 (c) For
purposes of this Agreement, 
 (i) “Intellectual Property Assets” means all Patents, Marks, Copyrights, Trade
Secrets, Software and Domain Names. 
  

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 (ii) For purposes of this Agreement, “Business Intellectual Property
Assets” means all Intellectual Property Assets owned by or to which Seller has an exclusive license and which are used by Seller in the Business. For purposes of this Agreement, the term “Business Intellectual Property
Assets” includes, without limitation, Business Patents, Business Marks, Business Copyrights, Business Trade Secrets, Business Software, and Business Domain Names. 
 (d) Section 4.19(d) of the Seller Disclosure Schedule identifies all Business IP Agreements other than (i) customer
agreements entered into in the ordinary course of business and (ii) commercially available off the shelf computer software licensed pursuant to shrink wrap or click wrap licenses that are not material to the Business. Seller is not and, to the
knowledge of Seller, no other party to any Business IP Agreement is in breach or default thereof (including with respect to any exclusivity provisions thereof) and no event has occurred that with or without notice or lapse of time would constitute a
breach or default thereof (including with respect to any exclusivity provisions thereof) or permit termination, modification or acceleration thereunder. Except as set forth on Section 4.19(d) of the Seller Disclosure Schedule, Seller has
no obligation to compensate any Person for the use of any Business Intellectual Property Assets nor has Seller granted to any Person any license, option or other rights to use in any manner any of the Business Intellectual Property Assets, whether
requiring the payment of royalties or not. 
 (e) The Business Software does not contain any viruses, worms, trojan horses and
other material known contaminants that are designed to disrupt its operation or have an adverse impact on the operation of other software programs or operating systems, nor does the Seller have knowledge of any specific material bugs, errors or
problems contained in the Business Software which would cause it to operate other than in accordance with its documented specifications. The Seller does not warrant that operation of the Business Software will be uninterrupted and/or error free.
Except as set forth on Section 4.19(e) of the Seller Disclosure Schedule, the Business Software does not incorporate any GNU or “open” source code or object code used pursuant to a license which requires disclosure of any
source code of the Business Software. No rights in the Business Software have been transferred to any third party except to the customers of the Business to whom Seller has licensed such Business Software in the ordinary course of business.

 (f) Except as set forth in Section 4.19(f) of the Seller Disclosure Schedule, Seller does not have any
obligation owing to any third party to maintain, modify, improve or upgrade any of the Business Software. Except as set forth in Section 4.19(f) of the Seller Disclosure Schedule, Seller has not disclosed the source code for any Business
Software to any Person nor has Seller granted to any Person the right to use such source code. 
 (g) The Business IT Assets
operate and perform in all material respects in accordance with their operation and performance prior to the date of this Agreement. Seller has implemented reasonable controls to prevent the introduction and use of any devices that enable or assist
any Person to access without authorization the Business IT Assets or otherwise significantly adversely affect such Business IT Assets’ functionality. Except as set forth in Section 4.19(g) of the Seller Disclosure Schedule, to the
knowledge of Seller, no Person has gained unauthorized access to the Business IT Assets. 
 (h) Seller owns, or has a valid
right or license to use, all of the content incorporated into or included as part of the Business Website(s). 
 (i) Seller
has posted a privacy policy governing Seller’s use of data, and disclaimers of liability on the Business Website(s), and Seller has complied with such privacy policies in all 

  

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material respects. Seller has taken reasonable steps in accordance with normal industry practice to secure the Business Website(s) and data, and any portion
thereof, from unauthorized access or use by any Person. 
 4.20 Disclosure. Seller has provided Buyer with all of the
information that Buyer has requested for deciding whether to purchase the Purchased Assets and to assume the Assumed Liabilities and all material information that Seller believes is necessary to enable Buyer to make such a decision on whether or not
to buy the Purchased Assets and assume the Assumed Liabilities. No representation or warranty or other statement made by Seller in this Agreement, the schedules and exhibits hereto, the other transaction documents and any written certificates
furnished to Buyer at Closing, contains any untrue statement of material fact or omits to state the material fact necessary in order to make any of them, in light of the circumstances in which it was made, not misleading. 
 4.21 Definition of Seller’s Knowledge. As used in this Agreement, the phrase “to the knowledge of Seller,” “to
Seller’s knowledge” or any similar phrases mean the actual and the constructive or imputed knowledge of the Key Employees. 
 4.22 Specified Customers. Section 4.22 of the Seller Disclosure Schedule sets forth the names and addresses of the eleven (11) most significant customers (by revenue) of the Business for calendar year 2008
(each a “Significant Customer”) and the amount for which each such Customer was invoiced during such period. To Seller’s knowledge, no Significant Customer has ceased, or intends to cease, to use the services and products of
the Business, or has substantially reduced, or intends to substantially reduce, the use of such services or products at any time. 
 4.23
Notes and Accounts Receivable. All notes and accounts receivable of the Business are reflected properly on the books and records of the Business, are valid receivables and subject to no set offs or counterclaims, are current and
collectible and represent valid obligations arising from sales actually made or services actually performed in the Ordinary Course of Business. Such notes and accounts receivable are and will be collected in full. Seller has not factored, sold,
transferred or assigned, any right under, any of these notes and accounts receivable. Section 4.23 of the Seller Disclosure Schedule sets forth the terms of any cash discount or customer rebate programs applicable to such notes and
accounts receivable. 
 4.24 Powers of Attorney. There are no outstanding powers of attorney executed by or on behalf of Seller
which in any manner affect the Business. 
 4.25 Insurance. Section 4.25 of the Seller Disclosure Schedule
identifies each insurance policy (including policies providing errors and omissions, property, casualty, liability, and workman’s compensation coverage and bond and surety arrangements) to which Seller is a party, and named insured, or
otherwise beneficiary of coverage which in any manner is related to the Business. Section 4.25 of the Seller Disclosure Schedule sets forth, with respect to each policy: (a) the name of the insurer and the name of the policy holder;
(b) the scope and amount of coverage; (c) whether the policy was provided on a primary, excess umbrella or other basis; and (d) any indication whether such policy is on a “claims made” or “occurrence” basis.

 4.26 Product Warranty. To the extent related to the Business, no product sold, licensed or delivered by the Seller is
subject to any guaranty, warranty, or other indemnity beyond the applicable standard terms and conditions of sale or license contained in the agreement relating to any such product. 
 4.27 Product Liability. Solely related to the Business, Seller does not have any product liability, and to the knowledge of Seller, there
is no Basis for any present or future action, suit, 

  

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proceeding, hearing, investigation, charge, complaint, claim or demand against Seller and related to the Business giving rights to any product liability
arising out of ownership, possession or use of any product sold or licensed or delivered by Seller; provided, however, that nothing contained in this Section 4.27 shall be deemed to expand or otherwise modify the representations contained in
Section 4.19. 
 4.28 Ethical Practices. Except as permitted by law, and applicable rules and regulations, neither Seller
nor any employee of Seller has offered or given, offered to give, directly or indirectly, on Seller’s behalf, anything of value to: (i) any school district, customer or client of the Business, any official of a governmental entity, any
political party or official thereof, or any candidate for political office; (ii) any member of the government; or (iii) any other Person, in any such case while knowing or having reason to know that all or a portion of such money or thing
of value may be offered, given or promised, directly or indirectly, to any member of the government or candidate for political office for the purpose of the following: (x) influencing any action or decision of such Person, in such Person’s
official capacity, including a decision to fail to perform such Person’s official function, for the benefit of the Business; (y) inducing such Person to use such Person’s influence with any school district, customer or client of the
Business, government or instrumentality thereof to affect or influence any act or decision of such government or instrumentality to assist Seller in obtaining or retaining business for, or with, or directing business to, any Person for the benefit
of the Business; or (z) where such payment would constitute a bribe, kickback or illegal or improper payment to assist a Seller in obtaining or retaining business for, or with, or directing business to, any Person for the benefit of the
Business. 
 4.29 Solvency. 
 (a) Seller is not insolvent and will not be rendered insolvent by the transactions contemplated by this Agreement. 
 (b) Immediately after giving effect to the consummation of the transactions contemplated by this Agreement: (i) Seller will be able to pay its Liabilities as they become due in the usual course of its business;
(ii) Seller will not have unreasonably small capital with which to conduct its business. (iii) Seller will have assets (calculated at fair market value) that exceed its Liabilities; and (iv) taking into account all pending and
threatened litigation, final judgments against Seller in actions for money damages are not reasonably anticipated to be rendered at a time when, or in amounts such that, Seller will be unable to satisfy any such judgments promptly in accordance with
their terms as well as other obligations of Seller. Following the Closing, the cash available to Seller, after taking into account all other anticipated uses of the cash, will be sufficient to pay all such debts and judgments promptly in accordance
with their terms. 
 4.30 Transactions with Affiliates. Except as set forth in Section 4.30 of the Seller Disclosure
Schedule and arrangements among employees of the Company, there are no agreements between the Company and its Affiliates that relate to the Business. 
 ARTICLE V - ADDITIONAL AGREEMENTS 
 5.1 Conduct of Business Pending the Closing. At all
times from the execution of this Agreement until the Closing or the date, if any, on which this Agreement is terminated pursuant to Section 8.1, except as may be required by law or as contemplated elsewhere in this Agreement, Seller
shall use its commercially reasonable efforts to operate the Business in all material respects in the Ordinary Course of Business and in compliance in all material respects with all applicable laws and regulations and to use commercially reasonable
efforts to preserve substantially intact the Business and the goodwill of the Business. Furthermore, with respect to the Business, Seller agrees not to take any of the following actions (except as expressly permitted by this Agreement or as
contemplated by the transactions contemplated hereby or to the extent Buyer shall consent in writing, which consent shall not be unreasonably withheld, delayed or conditioned): 
 (a) (i) sell, lease, license or otherwise dispose of any of the Purchased Assets or (ii) mortgage or pledge any of the Purchased
Assets or subject any of the Purchased Assets to any Encumbrance (other than a Permitted Encumbrance), other than, in the case of clause (i), in the Ordinary Course of Business; 
  

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 (b) enter into or amend any Purchased Contract other than in the Ordinary Course of
Business; 
 (c) except as required pursuant to new contracts entered into in the Ordinary Course of Business, make or commit
to make capital expenditures or incur long term indebtedness, in each case, relating to the Business and in excess of $50,000; 
 (d) settle or compromise any litigation or other disputes relating to the Business (whether or not commenced prior to the date of this Agreement) other than settlements or compromises for litigation or other disputes where the amount paid
in settlement or compromise does not exceed $200,000, excluding any amounts that may be paid under existing insurance policies; 
 (e) except as otherwise permitted or contemplated by this Agreement, authorize, recommend, propose or announce an intention to adopt a plan of complete or partial liquidation or dissolution of Seller; 
 (f) enter into or amend any contract relating to or affecting the Business that obligates the Business or Buyer to provide services or
products with a price in excess of $50,000 or purchase products or services with a price in excess of $25,000 individually or $50,000 in the aggregate, in all cases other than in the Ordinary Course of Business; 
 (g) directly or indirectly, increase the compensation payable or to become payable by Seller to any of its independent contractors,
employees, officers or directors in any way related to the Business; 
 (h) alter in any respect the manner of keeping its
books of account or records or the accounting practices reflected therein in connection with the conduct of the Business (including the establishment or maintenance of reserves), make or change any accounting election, change any annual accounting
period, or adopt or change any accounting method, in all cases except as required by GAAP; 
 (i) cause or allow to occur any
material change in the manner in which Seller conducts the Business; 
 (j) take any action not consistent in all material
respects with the past practices of the Seller or the Business in the ordinary course consistent with past practice (other than settlement of pending litigations); or 
 (k) agree in writing or otherwise to take any action inconsistent with any of the foregoing. 
 5.2 Advice of Changes. Seller and Buyer shall promptly give written notice to the other party upon becoming aware of any event,
development, change, or occurrence having a Business Material 

  

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Adverse Effect or Buyer Material Adverse Effect, respectively, or which it believes would reasonably be likely to cause or constitute a material breach of
any of its representations, warranties, or covenants contained herein; provided, however, that the delivery of any notice pursuant to this Section 5.2 shall not limit or otherwise affect the remedies available hereunder to
the party receiving such notice. 
 5.3 Third Party Consents and Regulatory Approvals. 
 (a) Subject to the terms and conditions hereof, Seller and Buyer shall use their reasonable best efforts to: 
 (i) take, or cause to be taken, all actions, and do, or cause to be done, and to assist and cooperate with the other parties in doing, all
things necessary, proper or advisable to consummate and make effective the transactions contemplated hereby as promptly as practicable; 
 (ii) as promptly as practicable, obtain from any Governmental Authority or any other third party any consents, licenses, permits, waivers, approvals, authorizations, or orders required to be obtained or made by Seller
or Buyer in connection with the authorization, execution and delivery of this Agreement and the consummation of the transactions contemplated hereby; 
 (iii) as promptly as practicable, make all necessary filings, and thereafter make any other submissions, in each case as required of such party by applicable law, with respect to this Agreement under (A) the
Exchange Act and any other applicable federal or state securities laws, and (B) any other applicable law; and 
 (iv)
execute or deliver any additional instruments necessary to consummate the transactions contemplated by, and to fully carry out the purposes of, this Agreement. 
 Seller and Buyer shall cooperate with each other in connection with the making of all such filings, including, without limitation, if requested by the other party, providing copies of all such documents to the non-filing party and its
advisors prior to filing and, if requested, considering in good faith reasonable additions, deletions or changes suggested in connection therewith. Seller and Buyer shall use their respective reasonable best efforts to furnish to each other, upon
reasonable request, all information reasonably necessary or advisable in connection with any application or other filing to be made pursuant to the rules and regulations of any applicable law in connection with the transactions contemplated by this
Agreement. For the avoidance of doubt, Buyer and Seller agree that nothing contained in this Section 5.3(a) shall modify or affect their respective rights and responsibilities under Section 5.3(b). 
 (b) Each of Seller and Buyer shall give any notices to third parties, and use their reasonable best efforts to obtain any third party
consents required in connection with the transactions contemplated by this Agreement that are (i) necessary to consummate the transactions contemplated hereby, (ii) disclosed or required to be disclosed in the Seller Disclosure Schedule or
the Buyer Disclosure Schedule, as the case may be, or (iii) required to prevent the occurrence of an event that is reasonably likely to have a Business Material Adverse Effect or a Buyer Material Adverse Effect prior to or after the Closing, it
being understood that neither Seller nor Buyer shall be required to make any payments in connection with the fulfillment of its obligations under this Section 5.3. 
 (c) Subject to applicable law and as required by any Governmental Authority, Seller and Buyer each shall keep the other apprised of the
status of matters relating to completion of the transactions contemplated by this Section 5.3, including promptly furnishing the other with copies of 

  

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notices or other material communications received by Buyer or Seller, as the case may be from any third party and/or Governmental Authority with respect to
the transactions contemplated hereby. Neither Seller nor Buyer shall permit any Representative to participate in any meeting with any Governmental Authority in respect of any filings, investigation or other inquiry unless it consults with the other
party in advance and, to the extent permitted by such Governmental Authority, gives the other party the opportunity to attend and participate thereat. 
 5.4 Access to Information. Seller and Buyer shall preserve until the sixth anniversary of the Closing Date all records possessed or to be possessed by such party relating to any of the assets,
Liabilities or the Business prior to the Closing. After the Closing Date, where there is a Legitimate Business Purpose, such party shall provide the other party with access, upon prior reasonable written request specifying the need therefore, during
regular business hours, to (i) the officers and employees of such party and (ii) the books of account and records of such party, but, in each case, only to the extent relating to the assets, Liabilities or the Business prior to the
Closing, and the other party and its Representatives shall have the right to make copies of such books and records at their sole cost; provided, however, that the foregoing right of access shall not be exercisable in such a manner as
to interfere unreasonably with the normal operations and business of such party and all confidential information of the other party shall be treated as confidential and shall not be disclosed to any other Person except as may be reasonably required
for Legitimate Business Purposes. Such records may nevertheless be destroyed by a party if such party sends to the other party written notice of its intent to destroy records, specifying with particularity the contents of the records to be
destroyed. Such records may then be destroyed after the 30th day after such notice is given unless the other party objects to the destruction in which case the party seeking to destroy the records shall deliver such records to the objecting party at
the objecting party’s cost. 
 5.5 Employment and Benefit Matters. 
 (a) Schedule 5.5(a) sets forth, as of the date of this Agreement, a list of individuals employed by Seller that are primarily
engaged in the Business (the individuals set forth on such schedule are each a “Business Employee” and are collectively referred to as the “Business Employees”). Seller shall use its commercially reasonable efforts
to assist Buyer in Buyer’s process of interviewing and offering employment to the Business Employees as new employees of Buyer, as to those Business Employees that Buyer desires to hire (collectively, the “Prospective Buyer
Employees”), each as set forth on Schedule 5.5(a). Buyer may but is not obligated to hire Business Employees. Any Prospective Buyer Employee who is offered employment by Buyer and who accepts Buyer’s offer of employment and
commences employment with Buyer shall be referred to, individually, as a “Hired Employee” and, collectively, as the “Hired Employees.” Upon the Closing and effective as of the Closing Date, Seller shall, at
Seller’s cost, terminate the employment of all Hired Employees with Seller that are commencing employment with Buyer. Buyer shall offer employment to all Prospective Buyer Employees to commence immediately upon the termination of such
employees’ employment with Seller. All Prospective Buyer Employees shall be offered employment on an “at-will” basis, unless otherwise provided by Buyer. All such offers shall also be subject to Buyer’s standard policies and
procedures applicable to new hires. Seller shall not take any action to impede, hinder, interfere, or otherwise compete with Buyer’s efforts to hire any such employee. Except to the extent in violation of applicable law, Seller shall furnish to
Buyer before the Closing Date the following information concerning all then-currently employed Business Employees: initial employment date, job title, I-9s, base salary and total bonuses and commissions paid in the twelve (12) months preceding
the Closing Date. Seller shall also provide Buyer prior to Closing with access to speak with employee supervisors. 
  

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 (b) Buyer shall provide each Hired Employee with employee benefits on the same terms,
including without limitation eligibility, as it provides employee benefits to other similarly situated employees of Buyer. 
 (c) Seller shall be liable for the administration and payment of any and all claims including but not limited to all workers’ compensation and health and welfare liabilities and benefits (including liabilities arising out of the
termination of employment of any Business Employee) with respect to any Hired Employees to the extent resulting from claims arising and accruing prior the Closing Date. Buyer shall be liable for the administration and payment of all workers’
compensation and health and welfare liabilities and benefits (including liabilities arising out of the termination of employment of any Business Employee) with respect to Hired Employees to the extent resulting from claims accruing and arising on or
after the Closing Date. 
 (d) It is understood and agreed that (A) Buyer’s expressed intention to extend offers of
employment as set forth in this section shall not constitute any commitment, contract or understanding (expressed or implied) of any obligation on the part of Buyer to undertake a post-Closing employment relationship of any fixed term or duration or
upon any terms or conditions other than those that the Buyer may establish pursuant to individual offers of employment, and (B) employment offered by Buyer is “at will” and therefore may be terminated by Buyer or by an employee at any
time for any reason (subject to any written commitments to the contrary made by Buyer or an employee and legal requirements). Nothing in this Agreement shall be deemed to prevent or restrict in any way the right of Buyer to terminate, reassign,
promote or demote any of the Hired Employees after the Closing or to change adversely or favorably the title, powers, duties, responsibilities, functions, locations, salaries, other compensation or terms or conditions of employment of any such
employees. 
 5.6 Taxes. 
 (a) Buyer and Seller shall each pay half of all federal, state and local sales, stamp, documentary, recording, value added, registration, conveyance and real estate and other transfer Taxes, if any, due as a result of
the purchase, sale or transfer of the Purchased Assets in accordance herewith whether imposed by law on Seller or Buyer. In each case, the party required under applicable law to make any filing with respect to any such Taxes shall file the necessary
documentation and Tax Returns. Upon the request of the other party, the party making any such filing shall furnish to the other party proof of such filing (and payment). 
 (b) All real property Taxes, personal property Taxes and similar ad valorem obligations levied with respect to the Purchased Assets
for a taxable period that includes (but does not end on) the Closing Date shall be apportioned between Seller and Buyer as of the Closing Date based on the number of days of such taxable period included in the period ending with and including the
Closing Date (with respect to any such taxable period, the “Pre-Closing Tax Period”), and the number of days of such taxable period beginning after the Closing Date (with respect to any such taxable period, the “Post-Closing
Tax Period”). Seller shall be liable for the proportionate amount of such Taxes that is attributable to the Pre-Closing Tax Period, and Buyer shall be liable for the proportionate amount of such Taxes that is attributable to the
Post-Closing Period. If bills for such Taxes have not been issued as of the Closing Date, and, if the amount of such Taxes for the period including the Closing Date is not then known, the apportionment of such Taxes shall be made at Closing on the
basis of the prior period’s Taxes. After Closing, upon receipt of bills for the period including the Closing Date, adjustments to the apportionment shall be made by the parties, so that if either party paid more than its proper share at the
Closing, the other party shall promptly reimburse such party for the excess amount paid by them, and any additional amount owing to any taxing authority shall be paid by the party owing that amount pursuant to the terms of this provision.

  

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 (c) Seller and Buyer agree to furnish or cause to be furnished to each other, upon
request, as promptly as practicable, such information and assistance relating to the Business, the Purchased Assets and Assumed Liabilities (including access to books and records) as is reasonably necessary for the filing of all Tax Returns, the
making of any election relating to Taxes, the preparation for any audit by any Taxing Authority, and the prosecution or defense of any action, suit or proceeding, claim, arbitration, litigation or investigation relating to any Tax. Any expenses
incurred in furnishing such information or assistance shall be borne by the party requesting it. 
 5.7 Additional Agreements.
Each party hereto shall execute such documents and other instruments and take such further actions as may reasonably be required or desirable to carry out the provisions hereof and consummate the transactions contemplated by this Agreement. Each
party hereto shall execute such documents and other instruments and take such further actions as may reasonably be required or desirable to carry out the provisions hereof and consummate the transactions contemplated by this Agreement, including,
with respect to Seller, executing confirmations of assignment, copyright applications, or other written instruments as Buyer may reasonably request in order for Buyer to obtain, record and maintain registrations for the Business Intellectual
Property Assets, including the Assignment of Copyrights and Trademark Assignment attached hereto as Exhibit I-1 and I-2, respectively. 
 5.8 Publicity. Buyer and Seller shall consult with each other before issuing, and give each other the opportunity to review and comment upon, any press release or other public statements with respect to
the transactions contemplated by this Agreement, and shall not issue any such press release or make any such public statement prior to such consultation, except as may be required by applicable law, court process or the rules and regulations of any
national securities exchange or national securities quotation system. The parties agree that the initial press release to be issued with respect to the transactions contemplated by this Agreement shall be in the form heretofore agreed to by the
parties. 
 5.9 Employee Assignments. To the extent assignable with no further action on the part of Seller or any third party,
Seller hereby assigns to Buyer, effective as of the Closing Date, all of Seller’s rights in and under any agreements between the Seller on the one hand and the Business Employees, former employees, independent contractors or former independent
contractors on the other hand to the extent (and only to the extent) that such rights relate to the Business. 
 5.10
Injunction. Seller hereby covenants and agrees that it will not consent to an injunction which relates to the Townsend litigation described on Section 4.7 of the Seller Disclosure Schedule or any other litigation that may be
brought against Seller or Buyer, if any, arising from the same or similar facts occurring prior to Closing without the prior written consent of the Buyer. 
 ARTICLE VI - CONDITIONS PRECEDENT 
 6.1 Conditions to Each Party’s Obligations.
The respective obligation of each party to effect the transactions contemplated hereby shall be subject to the fulfillment (or waiver in writing if permissible under applicable law) at or prior to the Closing of the following conditions: 

(a) No order, injunction or decree issued by any court or agency of competent jurisdiction or other legal restraint or prohibition
preventing the consummation of the transactions contemplated hereby shall be in effect. 
  

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 (b) No statute, rule, regulation, order, injunction or decree shall have been
enacted, entered, promulgated or enforced by any Governmental Authority that prohibits, or makes illegal consummation of the transactions contemplated hereby. 
 6.2 Conditions to the Obligations of Buyer. The obligation of Buyer to effect the transactions contemplated hereby is also subject to the satisfaction (or waiver in writing if permissible under
applicable law), at or prior to the Closing, of the following conditions: 
 (a) Representations and Warranties. Each
of the representations and warranties of Seller contained in this Agreement that are qualified as to “materiality” or “Business Material Adverse Effect” or similar terms set forth therein shall be true and correct in all
respects, and all other representations and warranties of Seller contained in this Agreement shall be true and correct in all material respects, in each case as of the date of this Agreement and as of the Closing Date (except to the extent such
representations and warranties expressly relate to a specific date or as of the date hereof, in which case such representations and warranties shall be true and correct as of such date). Buyer shall have received a certificate signed by the Chief
Executive Officer or President and the Chief Financial Officer of Seller to such effect. 
 (b) Performance of Obligations
of Seller. Seller shall have performed in all material respects all obligations required to be performed by it under this Agreement at or prior to the Closing Date, and Buyer shall have received a certificate signed by the Chief Executive
Officer or President and the Chief Financial Officer of Seller to such effect. 
 (c) No Business Material Adverse
Effect. Between the date of this Agreement and the Closing Date, there shall not have been a Business Material Adverse Effect. 
 (d) Release of Encumbrances. Seller shall have caused all Encumbrances on the Purchased Assets, except for Permitted Encumbrances, to be released and terminated as of the Closing. 
 (e) License Agreements. Seller shall have entered into the License Agreements, the form of which are attached hereto as Exhibit
B-1 and Exhibit B-2. 
 (f) Transitional Services Agreement. Buyer shall have entered into a Transitional Services
Agreement in form and substance reasonably satisfactory to such party in accordance with the terms of Exhibit C attached hereto. 
 (g) Consents. The consents set forth on Schedule 6.2(g) shall have been obtained. 
 (h) Good Standing. Seller shall deliver to Buyer a long form good standing certificate certified by the Secretary of State of the State of Delaware. 
 (i) Opinion. Buyer shall have received the legal opinion of Goodwin Procter LLP the form of which is attached hereto as Exhibit
D. 
 (j) Lender Consent. Buyer shall have obtained sufficient financing from its lender to consummate the
transactions contemplated by this Agreement. 
 (k) Noncompete. Seller shall have entered into the Non-Competition,
Non-Solicitation and Confidentiality Agreement, the form of which is attached hereto as Exhibit F (the “Noncompetition Agreement”). 
  

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 (l) Employee Offers. The employees set forth on Exhibit G shall have
executed offer letters for employment with the Buyer in the form and substance reasonably acceptable to Buyer. 
 (m) Bank
Amendment. Seller shall have entered into Amendment No. 1 to Credit Agreement, substantially in the form attached hereto as Exhibit H, which gives the Buyer the benefit of Section 6.2(b) of such Amendment No. 1 to Credit
Agreement. 
 (n) IP Assignments. Seller shall have entered into the Assignment of Copyrights and Trademark Assignment,
attached hereto as Exhibit I-1 and I-2, respectively. 
 6.3 Conditions to the Obligations of Seller. The
obligation of Seller to effect the transactions contemplated hereby is also subject to the satisfaction (or waiver in writing if permissible under applicable law), at or prior to the Closing, of the following conditions: 
 (a) Representations and Warranties. Each of the representations and warranties of Buyer contained in this Agreement that are
qualified as to “materiality” or “Material Adverse Effect” or similar terms set forth therein shall be true and correct in all respects, and all other representations and warranties of Buyer contained in this Agreement shall be
true and correct in all material respects, in each case as of the date of this Agreement and as of the Closing Date (except to the extent such representations and warranties expressly relate to a specific date or as of the date hereof, in which case
such representations and warranties shall be true and correct as of such date). Seller shall have received a certificate signed by the Chief Executive Officer or President and the Chief Financial Officer of Buyer to such effect. 
 (b) Performance of Obligations of Buyer. Buyer shall have performed in all material respects all obligations required to be
performed by it under this Agreement at or prior to the Closing Date, and Seller shall have received a certificate signed by the Chief Executive Officer or President and the Chief Financial Officer of Buyer to such effect. 
 (c) License Agreements. Buyer shall have entered into the License Agreements. 
 (d) Transition Services Agreement. Seller shall have entered into a Transitional Services Agreement in form and substance
reasonably satisfactory to such party in accordance with the terms of Exhibit C attached hereto. 
 6.4 Frustration of Closing
Conditions. Neither Seller nor Buyer may rely on the failure of any condition set forth in this Article VI to be satisfied if such failure was caused by such party’s failure to perform any of its obligations under this Agreement, to act
in good faith or to use its reasonable best efforts to consummate the transactions contemplated by this Agreement. 
 ARTICLE VII -
INDEMNIFICATION 
 7.1 Survival of Representations and Warranties. The representations and warranties made by Seller and
Buyer in this Agreement shall survive the Closing and shall continue in effect until the eighteen (18) month anniversary of the Closing Date, except (i) that the representations and warranties set forth in Sections 4.1, 4.2, 4.3, 4.11
and 4.19 shall survive until the third anniversary of the Closing Date, (ii) the representations and warranties set forth in Section 4.4 shall survive until the second anniversary of the Closing Date, (iii) the
representations and warranties set forth in Sections 4.12, 4.13, 4.17 and 4.28 shall survive until the expiration of the applicable statute of limitations with respect to such matters (and any extensions thereof) and (iv) as to the
breach of any representation or warranty with respect to which a claim is submitted in writing by a Buyer Indemnitee (as defined herein) or a Seller Indemnitee (as defined 

  

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herein) within such period and identified as a claim for indemnification pursuant to this Agreement or any other Transaction Related Document, in which case
such representation and warranty shall survive until the claim is resolved. Notwithstanding anything to the contrary contained in this Agreement, (A) the obligation of Seller to indemnify any Buyer Indemnitee for (I) Excluded Liabilities
under Section 7.2(c) or (II) Losses arising out of or resulting from any fraud or intentional misrepresentation and (B) the obligation of Buyer to indemnify any Seller Indemnitee for (I) Assumed Liabilities under
Section 7.4(c) or (II) for Losses arising out of or resulting from any fraud or intentional misrepresentation, shall survive indefinitely and shall not be limited by any applicable statute of limitations. Notwithstanding the right of
Buyer to investigate the Business, assets and financial condition of Seller, and notwithstanding any knowledge obtained or obtainable by Buyer as a result of such investigation, Buyer has the unqualified right to rely upon, and has relied upon, each
of the representations and warranties made by Seller in this Agreement. Seller and Buyer acknowledge and agree that the representations and warranties made hereunder by Seller are bargained for assurances. 
 7.2 Indemnification by Seller. Seller shall indemnify Buyer, and its officers, directors, agents, Affiliates, representatives, successors
and assigns (“Buyer Indemnitees”) for, any and all direct or indirect claims, suits, Actions, proceedings, liabilities, obligations, judgments, fines, penalties, claims, losses, lost profits, diminution in value, damages, costs and
expenses of any kind (including, without limitation, the reasonable and documented fees and disbursements of counsel, accountants and other experts whether incurred in connection with any of the foregoing or in connection with any investigative,
administrative or adjudicative proceeding, whether or not such Buyer Indemnitee shall be designated a party thereto), together with any and all reasonable and documented costs and expenses associated with the investigation of the same (provided
that, with respect to costs of investigation in the case of a third party claim, Buyer shall have provided Seller with written notice of such claim in accordance with Section 7.5 and Seller has elected not to defend the same) and/or the
enforcement of the provisions hereof and thereof (collectively, “Losses”), which may be incurred by such Buyer Indemnitee relating to, based upon, resulting from or arising out of: 
 (a) the breach of any representation or warranty made by Seller in this Agreement or in any Transaction Related Document as of the date
hereof and as of the Closing Date during the survival periods set forth in Section 7.1; 
 (b) the breach of any
agreement, covenant or obligation of Seller contained in this Agreement or in any Transaction Related Document; 
 (c) any
Excluded Liabilities; 
 (d) any fraud or intentional misrepresentation; 
 (e) any Liability incurred by Buyer or its respective Affiliates to pay any fee or commission to any broker, findor, investment banker or
other intermediary acting on behalf of Seller in connection with the transactions contemplated by this Agreement; and 
 (f)
any misrepresentation made by Seller in this Agreement or in any Transaction Related Document; 
 in the case of each of (a) through
(f) whether or not the Loss arises from a third party claim. 
  

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 7.3 Limits on Indemnification. 
 (a) Other than with respect to any indemnification claim made with respect to Losses arising from a claim, action or proceeding related to
breaches of the representations and warranties contained in Sections 4.1, 4.2, 4.3, 4.4 and 4.11, or any claim for fraud or intentional misrepresentation, or any claim for payment obligations under Section 2.5, for all of which the
limitations set forth in this Section 7.3 do not apply, no claim for indemnification shall be brought under Section 7.2 unless the aggregate amount of all Losses under Section 7.2 are greater than $100,000 (the
“Minimum Basket”) at which time Seller shall be liable for all indemnity claims made by Buyer Indemnities for the full amount of all Losses in excess of such Minimum Basket. No claim for indemnification shall be brought under
Section 7.4 unless the aggregate amount of all Losses for which indemnification may be sought under Section 7.4 exceeds the Minimum Basket and Buyer shall be liable for all such indemnity claims made by a Seller Indemnitee
for the full amount of all Losses in excess of the Minimum Basket. 
 (b) Notwithstanding any provision of this Agreement to
the contrary and except for fraud or intentional misrepresentation and Losses arising out of the Excluded Liabilities, the Buyer Indemnitees shall not be entitled to seek indemnification pursuant to this Article VII for any Losses in excess of
$7,125,000 in the aggregate (the “Indemnification Cap”). 
 (c) In the event that an insurance or other
recovery is made by any Indemnitee (as defined herein) with respect to any Loss for which any such Indemnitee has already been indemnified and paid hereunder or paid pursuant to a suit, action or proceeding pursuant to Section 7.7
hereof, then a payment equal to the aggregate amount of the recovery (net of all direct collection expenses, the Minimum Basket and related insurance premiums) shall be made promptly to the Indemnitor; provided, however, that the parties acknowledge
that neither party has any obligation to obtain insurance (or assign any insurance policy that is already in existence). 
 (d) Except for Losses recovered by a third party under this Article VII, no party shall be liable to any other party for any punitive or exemplary damages, unless such Losses result from a claim based on fraud or intentional
misrepresentation. 
 (e) Any Loss for which any Buyer Indemnified Party or Seller Indemnified Party is entitled to
indemnification under this Article VI shall be determined without duplication of recovery by reason of the state of facts giving rise to such Loss constituting a breach of more than one representation, warranty, covenant or agreement. 
 7.4 Indemnification by Buyer. Buyer shall indemnify, after the Closing Date but prior to the expiration of the applicable survival period
set forth in Section 7.1, Seller and its officers, directors, agents, Affiliates, representatives, successors and assigns (each, a “Seller Indemnitee” and together with the Buyer Indemnitees, the
“Indemnitees”) for any and all Losses which may be incurred by such Seller Indemnitee relating to, based upon, resulting from or arising out of: 
 (a) the breach of any representation or warranty made by Buyer in this Agreement or in any Transaction Related Document as of the date
hereof and as of the Closing Date during the survival period set forth in Section 7.1. 
 (b) the breach of any
agreement, covenant or obligation of Buyer contained in this Agreement or in any Transaction Related Document; 
 (c) any
Assumed Liability; 
 (d) any fraud or intentional misrepresentation; 
  

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 (e) any Liability incurred by Seller or its respective Affiliates to pay any fee or
commission to any broker, findor, investment banker or other intermediary acting on behalf of Buyer in connection with the transactions contemplated by this Agreement; and 
 (f) any misrepresentation made by Buyer in this Agreement or in any Transaction Related Document; 
 in the case of each of (a) through (f) whether or not the Loss arises from a third party claim. 
 7.5 Defense Against Claims by Third Parties. If any Indemnitee shall receive notice of any third party claim, suit, arbitration or other
legal proceeding giving rise to indemnity under this Agreement, the Indemnitee shall give the party from whom indemnification is sought (the “Indemnitor”) prompt written notice of the same; provided, however, that failure to provide
such written notice shall not release the Indemnitor from any of its obligations under this Article VII, except to the extent (and only to the extent) the Indemnitor is materially prejudiced by such failure. The Indemnitor may, but shall not be
obligated to, upon prompt written notice furnished to the Indemnitee, assume the defense of any such claim, suit, arbitration or other proceeding, with counsel reasonably satisfactory to the Indemnitee, if the Indemnitor acknowledges to the
Indemnitee in writing its obligations to indemnify the Indemnitee. If the Indemnitor furnishes such written acknowledgment and assumes the defense of any such claim, the Indemnitee shall be entitled to participate in (but not control) the defense of
any such action, with its own counsel and at its own expense. Neither Seller, nor the Indemnitee shall settle or compromise any claim by a third party without the prior written consent of the other party (which shall not be unreasonably withheld)
provided, that, notwithstanding the foregoing, the Indemnitee shall be entitled to withhold its written consent to any settlement or compromise offers that would either impose a restriction or burden on the operation of the Business after the date
of such settlement or compromise or not release the Indemnitee from all liability upon the execution of any such settlement or compromise. If the Indemnitor does not assume the defense of any such claim, suit, arbitration or other proceeding as
provided above, (i) the Indemnitee may defend against the same with counsel reasonably satisfactory to the Indemnitor, in such manner as the Indemnitee may deem appropriate including, without limitation, settling such matter provided that such
settlement shall be subject to the Indemnitor’s prior written consent, and (ii) the Indemnitor shall be entitled to participate in (but not control) the defense of such action, with its own counsel and at its own expense. 
 7.6 Right of Offset. If any Buyer Indemnitee has any judgment against Seller hereunder or under any Transaction Related Document, whether
for indemnification, breach of agreement or otherwise, or if Seller and Buyer mutually agree in writing that Seller owes Buyer any amounts hereunder, then Buyer may offset such amount against any amounts owed to Seller. 
 7.7 Remedies. If any party brings any suit or action against any other party relating to this Agreement or the transactions
contemplated hereby based on a cause of action other than indemnification, including, without limitation, breach of contract, the relief available to such party shall (a) be subject to the Minimum Basket, except for Losses arising from a
claim, suit, action or proceeding related to breaches of representations and warranties contained in Section 4.1, 4.2, 4.3, 4.4 and 4.11, or any claim for fraud or intentional misrepresentation; (b) except for claims arising from
fraud or intentional misrepresentation and Losses arising out of Excluded Liabilities, be limited to a maximum of the Indemnification Cap; (c) except for Losses recovered by a third party under this Article VII, not include any
punitive or exemplary damages, unless such Losses result from a claim based on fraud or intentional misrepresentation; and (d) be determined without duplication of recovery by reason of the state of facts, giving rise to such Loss,
constituting the breach of more than one representation, warranty, covenant or agreement. 
  

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 7.8 Attorney Fees. In the event any litigation arises out of or in connection with this
Agreement, the prevailing party in such litigation will be entitled to recover from the other party to such litigation all reasonable attorneys’ fees, expenses and litigation costs, including those associated with any appellate or post-judgment
collection proceeding. 
 ARTICLE VIII - TERMINATION, AMENDMENT AND WAIVER 
 8.1 Termination. This Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time prior to the
Closing: 
 (a) by mutual written consent of Seller and Buyer; 
 (b) by either Buyer or Seller if any Governmental Authority of competent jurisdiction shall have issued a final nonappealable order,
decree, judgment, injunction or ruling or taken any other action enjoining, restraining or otherwise prohibiting the consummation of the transactions contemplated hereby; provided that the party seeking to terminate this Agreement shall have
used its reasonable best efforts to have such order, decree, judgment, injunction or ruling lifted; 
 (c) by either Buyer or
Seller if the Closing shall not have occurred on or before March 31, 2009 (the “Termination Date”); provided, however, that the right to terminate this Agreement under this Section 8.1(c) shall not be
available to any party if the failure of such party to perform any of its obligations under this Agreement, the failure to act in good faith or the failure to use its reasonable best efforts to consummate the transactions contemplated hereby has
been a principal cause of or resulted in the failure of the transactions contemplated hereby to be consummated on or before such date. 
 (d) by Buyer, in the event of a material breach by Seller of any representation, warranty, covenant or other agreement contained herein, or if a representation or warranty of Seller shall have become untrue, which
situation in either case, (i) would result in a failure of a condition set forth in Section 6.2(a) or (b), and (ii) cannot be cured by the Termination Date; provided, however, that Buyer shall have given at
least seven (7) days prior written notice and Seller shall have failed to remedy such breach and Buyer is not in willful and material breach of any representation, warranty or covenant contained in this Agreement; or 
 (e) by Seller, in the event of a material breach by Buyer of any representation, warranty, covenant or other agreement contained herein,
or if a representation or warranty of Buyer shall have become untrue, which situation in either case, (i) would result in a failure of a condition set forth in Section 6.3(a) or (b), and (ii) cannot be cured by the
Termination Date; provided, however, that Seller shall have given at least seven (7) days prior written notice and Buyer shall have failed to remedy such breach and Seller is not in willful and material breach of any
representation, warranty or covenant in this Agreement. 
 8.2 Effects of Termination. In the event of a termination of this
Agreement by either Buyer or Seller as provided in Section 8.1, this Agreement shall immediately become null and void and have no effect, and none of Buyer, Seller or any of the officers or directors of any of them shall have any
Liability of any nature whatsoever hereunder, or in connection with the transactions contemplated hereby, except that Sections 5.4 (Access to Information), 5.8 (Publicity), 8.2 (Effects of Termination), 9.1 (Expenses) and 9.6 (Governing Law;
Jurisdiction and Venue) and all other obligations of the parties specifically intended to be performed after the termination of this Agreement shall survive any termination of this Agreement; provided, however, that notwithstanding the foregoing,
neither Buyer nor Seller shall be relieved or released from any Liabilities (which the parties acknowledge and agree shall not be limited to 

  

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reimbursement of expenses or out-of-pocket costs, and may include to the extent proven the benefit of the bargain lost by a party’s stockholders (taking
into consideration relevant matters, including other combination opportunities and the time value of money), which shall be deemed to be damages of such party) arising out of fraud or willful breach of any provision of this Agreement or any other
agreement delivered in connection herewith. For the avoidance of doubt, the parties acknowledge and agree that nothing in this Section 8.2 shall be deemed to affect their right to specific performance pursuant to Section 9.9.

 8.3 Amendment. Subject to compliance with applicable law, this Agreement may be amended by the parties hereto by an
instrument in writing signed on behalf of each of the parties hereto. 
 8.4 Extension; Waiver. At any time prior to the
Closing, the parties hereto may, to the extent legally allowed, (a) extend the time for the performance of any of the obligations or other acts of the other parties hereto, (b) waive any inaccuracies in the representations and warranties
contained herein or in any document delivered pursuant hereto, and (c) waive compliance with any of the agreements or conditions contained herein. Any agreement on the part of a party hereto to any such extension or waiver shall be valid only
if set forth in a written instrument signed on behalf of such party, but such extension or waiver or failure to insist on strict compliance with an obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with
respect to, any subsequent or other failure. No provision of this Agreement requiring any party to use reasonable best efforts or to act in good faith in any context shall be interpreted to require a party, as part of such party’s duty to use
reasonable best efforts or to act in good faith in the context in question, to waive any condition to the obligations of such party hereunder or to refrain from exercising any right or power such party may have hereunder. 
 ARTICLE IX - MISCELLANEOUS 
 9.1
Expenses. Except as may otherwise be agreed to hereunder or in other writing by the parties, all legal and other costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the
party incurring such costs and expenses. 
 9.2 Notices. All notices or other communications hereunder shall be in writing and
shall be deemed given if delivered personally, sent by internationally recognized overnight courier (providing proof of delivery), mailed by prepaid registered or certified mail, airmail if the party is outside the U.S. (return receipt requested) or
sent by facsimile transmission (providing confirmation of transmission) or by electronic mail (providing confirmation of receipt) addressed as follows: 
  

	 	(a)	If to Buyer, to: 

 Core Education and Consulting
Solutions, Inc. 
 3 Ravinia Drive, 
 Suite 1900, 
 Atlanta, GA 30346 
 Facsimile No.: (770) 234-5327 
 Email Address: siyer@coreecs.com 
 Attention: Mr. Shekhar Iyer, President 
  

	 	(b)	with required copies to (which shall not constitute notice hereunder): 

 Greenberg Traurig LLP 
 200 Park Avenue 
 New York, NY 10166 
 Facsimile No.:
(212) 801-6400 
 Email Address: khannar@gtlaw.com 
 Attention: Rajiv Khanna, Esq. 
  

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	 	(c)	If to Seller, to: 

 The Princeton Review, Inc.

 111 Speen Street 
 Framingham, MA 01701 
 Facsimile No.: (508) 663-5115 
 Email Address: nwinneg@review.com 
 Attn:
General Counsel 
  

	 	(d)	with required copies to (which shall not constitute notice hereunder): 

 Goodwin Procter LLP 
 Exchange Place 
 Boston, Massachusetts 02109 
 Facsimile No.:
(617) 523-1231 
 Email Address: jmutkoski@goodwinprocter.com 
 and lperez-deisboeck@goodwinprocter.com 
 Attention: John M. Mutkoski, Esq. 
                  Lizette M. Perez-Deisboeck, Esq. 
 or such
other address as shall be furnished in writing by any party, and any such notice or communication shall be deemed to have been given as of the date so mailed or otherwise sent as provided above; provided that any notice received by facsimile
transmission, electronic mail or otherwise at the addressee’s location on any Business Day after 5:00 p.m. (addressee’s local time) shall be deemed to have been received at 9:00 a.m. (addressee’s local time) on the next Business Day.

 9.3 Interpretation. 
 (a) The table of contents and headings herein are for convenience of reference only, do not constitute part of this Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof.

 (b) The parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a
question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of
this Agreement. 
 (c) Each party hereto has or may have set forth information in its respective Disclosure Schedule in a
section thereof that corresponds to the section of this Agreement to which it relates. The fact that any item of information is disclosed in a Disclosure Schedule to this Agreement shall not be construed to mean that such information is required to
be disclosed by this Agreement. 
 9.4 Counterparts. This Agreement may be executed in counterparts, all of which shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. 
  

 Confidential 

 Asset Purchase Agreement – Page 38 
  

 9.5 Entire Agreement. This Agreement, together with the Exhibits and Schedules hereto,
the Confidentiality Agreement, and any documents delivered by the parties in connection herewith constitutes the entire agreement and supersede all prior agreements and understandings, both written and oral, among the parties hereto, or any of them,
with respect to the subject matter hereof, it being understood that the Confidentiality Agreement shall survive the execution and delivery of this Agreement. 
 9.6 Governing Law; Jurisdiction and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to its rules of conflict of laws. Each of
Buyer and Seller hereby irrevocably and unconditionally consents to submit to the exclusive jurisdiction of the courts of the State of New York and of the United States of America located in the State of New York (the “New York
Courts”) for any litigation arising out of or relating to this Agreement and the transactions contemplated hereby (and agrees not to commence any litigation relating thereto except in such courts), waives any objection to the laying of
venue of any such litigation in the New York Courts and agrees not to plead or claim in any New York Court that such litigation brought therein has been brought in any inconvenient forum. Each of the parties hereto agrees that service of process may
also be made on such party by prepaid certified mail (or airmail if the party is outside of the United States) with a proof of mailing receipt validated by United States Postal Service constituting evidence of valid service. Service made pursuant to
the process above shall have the same legal force and effect as if served upon such party personally with the State of New York. 
 9.7
Severability. In the event that any one or more provisions of this Agreement shall for any reason be held invalid, illegal or unenforceable in any respect, by any court of competent jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Agreement and the parties shall use their reasonable best efforts to substitute a valid, legal and enforceable provision which, insofar as practicable, implements the original purposes
and intents of this Agreement. 
 9.8 Assignment; Reliance of Other Parties. Neither this Agreement nor any of the rights,
interests or obligations hereunder shall be assigned by any of the parties hereto in whole or in part (whether by operation of law or otherwise) without the prior written consent of the other parties and any attempt to make any such assignment
without such consent shall be null and void; provided, however, that either Seller or Buyer can assign a security interest in this Agreement to its respective lender; provided, further, Buyer may assign this Agreement or any part thereof to one or
more Affiliates as long as it guarantees the payment Net Working Capital Price Adjustment, if any, due from Buyer to Seller. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the
parties and their respective successors and assigns. This Agreement (including the documents and instruments referred to herein) is not intended to confer upon any Person other than the parties hereto any rights or remedies under or by reason of
this Agreement. 
 9.9 Specific Performance. The parties agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, (a) Buyer shall be entitled to seek an injunction or injunctions, without the posting of any bond, to prevent
breaches of this Agreement by Seller and to enforce specifically the terms and provisions of this Agreement or any agreement referenced herein, in addition to any other remedy to which such party is entitled at law or in equity and (b) Seller
shall be entitled to seek an injunction or injunctions, without the posting of any bond, to enforce specifically the terms and provisions of this Agreement or any agreement referenced herein, to prevent breaches of this Agreement, in addition to any
other remedy to which such party is entitled at law or in equity. 
 9.10 Consents and Approvals. For any matter under this
Agreement requiring the consent or approval of any party to be valid and binding on the parties hereto, such consent or approval must be in writing. 
  

 Confidential 

 Asset Purchase Agreement – Page 39 
  

 9.11 Waiver of Jury Trial. 
 (a) EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE, TO THE MAXIMUM EXTENT PERMITTED BY LAW, IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, OR
RELATING TO, THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 (b) Each party certifies and acknowledges that
(i) it understands and has considered the implications of waivers in Section 9.11(a) hereof, (ii) it makes such waivers voluntarily, and (iii) it has been induced to enter into this Agreement by, among other things, the mutual
waivers in Section 9.11 hereof. 
 [Remainder of Page has Been Intentionally Left Blank] 
  

 Confidential 

 Signature Page to Asset Purchase Agreement 
 IN WITNESS WHEREOF, Buyer and Seller have caused this Agreement to be executed as a sealed instrument by their duly authorized officers as of the
day and year first above written. 
  

			
	CORE EDUCATION AND CONSULTING SOLUTIONS, INC.
		
	By:	 	 /s/ Prakash Gupta

	Name:	 	Prakash Gupta
	Title:	 	CEO
	
	THE PRINCETON REVIEW, INC.
		
	By:	 	 /s/ Michael J. Perik

	Name:	 	Michael J. Perik
	Title:	 	President and Chief Executive OfficerExhibit 10.1

 Exhibit 10.1 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this
“Agreement”) is entered into as of this 23rd day of December, 2008, (the “Signing Date”), by and between Perini Corporation, a Massachusetts corporation (herein referred to as “Employer”),
and Ronald N. Tutor, an individual (“Executive”). 
 WHEREAS, Employer entered into that certain Agreement and Plan
of Merger, dated April 2, 2008 (the “Merger Agreement”) by and among the Employer, Trifecta Acquisition LLC, a California limited liability company and a wholly-owned subsidiary of Employer (“Merger Sub”),
Tutor-Saliba Corporation, a California corporation (the “Company”), Executive and shareholders of the Company; 
 WHEREAS,
Executive and Employer are a party to an Employment Agreement dated April 2, 2008 (the “Original Agreement”) which became effective on the Closing Date (as defined in the Merger Agreement); 
 WHEREAS, the parties now desire to amend and restate the Original Agreement to provide additional provisions addressing Code Section 409A;

 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration,
the receipt and sufficiency of which hereby are acknowledged, the parties hereto agree as follows: 
 Section 1. Effectiveness. This
Agreement become effective on the Closing Date (as defined in the Merger Agreement) (the “Effective Date”) and continues, as modified herein, on the Signing Date. 
 Section 2. Employment Agreement. On the terms and conditions set forth in this Agreement, the Employer agrees to continue to employ Executive and
Executive agrees to continue to be employed by the Employer for the Employment Period set forth in Section 3 and in the positions and with the duties set forth in Section 4. Terms used herein with initial capitalization not
otherwise defined are defined in Section 27. 
 Section 3. Term. The initial term of employment under this Agreement shall
be for a five-year period commencing on the Effective Date (the “Initial Term”). The term of employment shall be automatically extended for an additional consecutive 12-month period (the “Extended Term”) on the
fifth anniversary of the Effective Date and each subsequent anniversary, unless and until the Employer or Executive provides written notice to the other party in accordance with Section 14 hereof not less than 90 days before such
anniversary date that such party is electing not to extend the term of employment under this Agreement (“Non-Renewal”), in which case the term of employment hereunder shall end as of the end of such Initial Term or Extended Term, as
the case may be, unless sooner terminated as hereinafter set forth. Such Initial Term and all such Extended Terms are collectively referred to herein as the “Employment Period.” 
 Section 4. Position and Duties. During the Employment Period, Executive shall serve as the Chief Executive Officer of the Employer, as a member of
the Employer’s Board of Directors 

 
(the “Board”) and as Chairman of the Board. In such capacities, Executive shall report exclusively to the Board and shall be the most senior
executive officer of the Employer and shall have the duties, responsibilities and authorities customarily associated with the positions of chairman of the board of directors and chief executive officer of a company the size and nature of the
Employer, including, without limitation, oversight of the Employer’s day-to-day operations. Executive shall use his good faith efforts to assist the Employer in developing a long-term succession plan and assisting in its implementation.
Executive shall devote Executive’s reasonable best efforts and full business time to the performance of Executive’s duties hereunder and the advancement of the business and affairs of the Employer; provided that Executive shall be entitled
(i) with the consent of the Board (which shall not be unreasonably withheld), to serve as a member of the board of directors of a reasonable number of other companies, (ii) to serve on civic, charitable, educational, religious, public
interest or public service boards (including, without limitation, the USC Board of Trustees), and (iii) to manage Executive’s personal and family investments, in each case, to the extent such activities, individually or in the aggregate,
do not materially interfere with the performance of Executive’s duties and responsibilities hereunder. 
 Section 5. Place of
Performance. During the Employment Period, Executive shall be based primarily at the offices of the Employer as of the Effective Time near Los Angeles, California, or from the principal executive offices of the Employer in Las Vegas, Nevada, at
such time as the primary office of Employer is established in Las Vegas, except for reasonable travel on the Employer’s business consistent with Executive’s positions. 
 Section 6. Compensation and Benefits. 
 (a) Base Salary. During the Employment Period, the Employer shall pay to Executive a base salary (the “Base Salary”) at the rate of no less than $1,500,000 per calendar year, less applicable deductions, and prorated
for any partial year. The Base Salary shall be reviewed for increase by the Employer no less frequently than annually and shall be increased in the discretion of the Employer and any such adjusted Base Salary shall constitute the “Base
Salary” for purposes of this Agreement. The Base Salary shall be paid in substantially equal installments in accordance with the Employer’s regular payroll procedures. Executive’s Base Salary may not be decreased during the Employment
Period. 
 (b) Annual Bonus. Executive shall be paid an annual cash performance bonus (an “Annual Bonus”) in respect
of each calendar year that ends during the Employment Period, to the extent earned based on performance against objective performance criteria. The performance criteria for any particular calendar year shall be established by the Compensation
Committee of the Board (the “Compensation Committee”) no later than 90 days after the commencement of such calendar year. Executive’s Annual Bonus for a calendar year shall equal 175% of his Base Salary for that year if target
levels of performance for that year (as established by the Compensation Committee when the performance criteria for that year are established) are achieved, with greater or lesser amounts (including zero) paid for performance above and below target
(such greater and lesser amounts to be determined by a formula established by the Compensation Committee for that year when it established the targets and performance criteria for that year). Executive’s Annual Bonus for a calendar year shall
be determined by the Compensation Committee after the end of the calendar year and shall be paid to Executive when annual bonuses for that year are paid to other senior executives of the Employer 

  

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generally, but in no event later than March 15 of the following calendar year. In carrying out its functions under this Section 6(b), the
Compensation Committee shall at all times act reasonably and in good faith, and shall consult with Executive to the extent appropriate. 
 (c) Equity Compensation. Executive will be considered at a level appropriate for his positions with the Employer for participation in the Employer’s company-wide equity incentive plan to be adopted after the Effective Date,
including the potential grant of restricted stock units of the Employer (the “Restricted Stock Units”). Subject to the terms of this Agreement, any Restricted Stock Units that are granted shall be governed by a restricted stock unit
agreement in substantially the form used by the Employer for awards of restricted stock units to other senior executives. 
 (d) Other
Incentives. Executive shall be eligible for other or additional long-term incentives in the sole and absolute discretion of the Compensation Committee and/or the Board. Such incentive awards (if any) shall be at a level, and on terms and
conditions, that are commensurate with Executive’s positions and responsibilities at the Employer and appropriate in light of corresponding awards to other senior executives of the Employer (but without regard to any special or one-time grants
to other senior executives, including any sign-on or special retention grants). Except as otherwise provided herein, Executive shall not be entitled to participate in any other compensation, bonus, retention or incentive program, except as may be
explicitly determined by the Board or the Compensation Committee in its sole and absolute discretion. 
 (e) Perquisites. During the
Employment Period, Executive shall be entitled to 150 hours of flying time per calendar year of personal use of the Business Boeing Jet 737-700 Reg. No. N315TS, S/N 30772 (“BBJ”) with any unused balance being carried forward to
subsequent calendar years in the Employment Period. Executive shall also be provided with use of an automobile and driver, and use of an apartment in Las Vegas, Nevada, in each case on terms and conditions to be determined by the Board. During the
Employment Period, Executive shall, in addition to the foregoing, also be entitled to (i) to participate in all fringe benefits and perquisites made available generally to senior executives of the Employer, such participation to be at levels,
and on terms and conditions, that are commensurate with his positions and responsibilities at the Employer, and (ii) to receive such additional fringe benefits and perquisites as the Employer may, in its sole and absolute discretion, from time
to time provide. 
 (f) Vacation; Benefits. Executive shall be entitled to 30 vacation days during each calendar year in the
Employment Period, such vacation to be accrued, taken and carried over in accordance with the policies of the Employer. During the Employment Period, Executive will be entitled to participate in all pension, retirement, profit sharing, savings,
401(k), income deferral, life insurance, disability insurance, accidental death and dismemberment protection, travel accident insurance, hospitalization, medical, dental, vision and other employee benefit plans, programs and arrangements that may
from time to time be made available generally to other senior executives of the Employer, all to the extent Executive is eligible under the terms of such plans, programs and arrangements. Executive’s participation in all such plans, programs
and arrangements shall be at a level, and on terms and conditions, that are commensurate with his positions and responsibilities at the Employer. In addition, the Employer shall, as promptly as reasonably practicable after the Effective Date and
with Executive’s full cooperation, obtain on behalf of Executive life insurance coverage under term or ordinary life insurance polici(es) (at Executive’s choice) with an aggregate annual premium cost not to exceed $175,000. Except for the
immediately preceding sentence, nothing in this Section 6 shall 

  

 3 

 
be construed to require the Employer to establish or maintain any particular employee benefit plan, program or arrangement. 
 Section 7. Expenses. Executive is expected and is authorized to incur reasonable expenses in the performance of his duties hereunder. The Employer
shall reimburse Executive for all such expenses reasonably and actually incurred in accordance with policies which may be adopted from time to time by the Employer promptly upon periodic presentation by Executive of an itemized account, including
reasonable substantiation, of such expenses. Unless the Employer’s financial condition materially declines from that existing at the Effective Date, the Employer shall maintain for Executive’s business use an aircraft similar to the
aircraft historically used by the Company prior to the Effective Date. 
 Section 8. Confidentiality, Non-Disclosure and Non-Competition
Agreement. The Employer and Executive acknowledge and agree that during Executive’s employment with the Employer, Executive will have access to and may assist in developing Confidential Information and will occupy a position of trust and
confidence with respect to the Employer’s affairs and business and the affairs and business of its Affiliates. Executive agrees that the following obligations are necessary to preserve the confidential and proprietary nature of Confidential
Information and to protect the Employer and its Affiliates against harmful solicitation of employees and customers, harmful competition and other actions by Executive that would result in serious adverse consequences for the Employer and any of its
Affiliates: 
 (a) Non-Disclosure. During and after Executive’s employment with the Employer, Executive will not knowingly use,
disclose or transfer any Confidential Information other than as authorized in writing by the Employer or within the scope of Executive’s duties with the Employer as determined reasonably and in good faith by Executive. Anything herein to the
contrary notwithstanding, the provisions of this Section 8(a) shall not apply (i) when disclosure is required by law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with
actual or apparent jurisdiction to order Executive to disclose or make accessible any information; (ii) to the extent necessary in connection with any other litigation, arbitration or mediation involving this Agreement, including, but not
limited to, the enforcement of this Agreement; (iii) as to information that becomes generally known to the public or within the relevant trade or industry other than due to Executive’s violation of this Section 8(a); or
(iv) as to information that is or becomes available to Executive on a non-confidential basis from a source that is entitled to disclose it to Executive. 
 (b) Materials. Executive will not remove any Confidential Information or any other property of the Employer or any of its Affiliates from the Employer’s premises or make copies of such materials except for
normal and customary use in the Employer’s business as determined reasonably and in good faith by Executive. The Employer acknowledges that Executive, in the ordinary course of his duties, routinely uses and stores Confidential Information at
home and other locations. Executive will return to the Employer all Confidential Information and copies thereof and all other property of the Employer or any of its Affiliates at any time upon the request of the Employer and in any event promptly
after termination of Executive’s employment. Executive agrees to identify and return to the Employer any copies of any Confidential Information within Executive’s control after Executive ceases to be employed by the Employer. Anything to
the contrary notwithstanding, nothing in this Section 8 shall 

  

 4 

 
prevent Executive from retaining a home computer, papers and other materials of a personal nature, including diaries, calendars and Rolodexes, information
relating to his compensation or relating to reimbursement of expenses, information that he reasonably believes may be needed for tax purposes, and copies of plans, programs and agreements relating to his employment. 
 (c) Developments. Executive shall, promptly upon reasonable request, disclose to the Employer all inventions (whether patentable or not), trade
secrets, trademark concepts, and advertising and marketing concepts (collectively, hereinafter referred to as “Developments”), that he makes, alone or with others, during his employment with Employer or any of its Affiliates
relating to any of their businesses. Employer will exclusively own all Developments. Executive hereby assigns to the Employer all rights that he has or acquires in any Developments, and he will execute any documents and take any actions as
reasonably requested by the Employer necessary to effect that assignment. Executive need not incur any cost related to that assignment or the creation of any related intellectual property rights. The parties agree that Developments are Confidential
Information. Both during the Employment Period and thereafter, Executive shall fully cooperate with the Employer’s reasonable requests in the protection and enforcement of any intellectual property rights that relate to services performed by
Executive for the Employer or any of its Affiliates, whether under the terms of this Agreement or otherwise. This shall include, upon reasonable request by the Employer, executing, acknowledging, and delivering to Employer all documents or papers
that may be necessary to enable Employer to publish or protect such intellectual property rights. The Employer shall bear all costs in connection with Executive’s compliance with the terms of this provision. 
 (d) Cooperation. During the Employment Period and thereafter Executive will, upon reasonable request and subject to such reasonable condition as
Executive may reasonably establish: (a) cooperate with the Employer in connection with any matter that arose during Executive’s employment and that relates to the business or operations of the Employer or any of its Affiliates, or of which
Executive may have any knowledge or involvement; and (b) consult with and provide information to the Employer and its representatives concerning such matters. Such cooperation shall be rendered at reasonable times and places and in a manner
that does not unreasonably interfere with any other employment in which Executive may then be engaged. Nothing in this Agreement shall be construed or interpreted as requiring Executive to provide any testimony or affidavit that is not truthful.

 (e) No Solicitation or Hiring of Employees. During the Non-Compete Period, Executive shall not solicit, entice, persuade or induce
any individual who is employed by the Employer or any of its Affiliates (or who was so employed within 180 days prior to Executive’s action) to terminate or refrain from continuing such employment or to become employed by or enter into
contractual relations with any other individual or entity other than the Employer or any of its Affiliates, and Executive shall not hire, directly or indirectly, as an employee, consultant or otherwise, any such person. Anything to the contrary
notwithstanding, the Employer agrees that (i) Executive’s responding to an unsolicited request from any former employee of the Employer for advice on employment matters; and (ii) Executive’s responding to an unsolicited request
for an employment reference regarding any former employee of the Employer from such former employee, or from a third party, by providing a reference setting forth his personal views about such former employee, shall not be deemed a violation of this
Section 8(e). 
  

 5 

 (f) Non-Competition. 
 (i) During the Non-Compete Period, Executive shall not, directly or indirectly, (A) solicit or encourage any client or customer of the Employer or
any of its Affiliates, or any person or entity who was such a client or customer within 180 days prior to Executive’s action to terminate, reduce or alter in a manner adverse to the Employer or any of its Affiliates, any existing business
arrangements with the Employer or any of its Affiliates or to transfer existing business from the Employer or any of its Affiliates to any other person or entity, (B) provide services in any capacity to any entity if (i) the entity
competes with the Employer or any of its Affiliates by engaging in any business engaged in by the Employer or any of its Affiliates in any country in which the Employer or its Affiliates engages in such business, or (ii) the services to be
provided by Executive are competitive with the Employer and substantially similar to those previously provided by Executive to the Employer or any of its Affiliates; or (C) own an interest in any entity described in subsection (B)(i)
immediately above; provided, however, that Executive may own, as a passive investor, securities of any such entity that has outstanding publicly traded securities so long as his direct holdings in any such entity shall not in the aggregate
constitute more than 5% of the voting power of such entity. Executive agrees that, before providing services, whether as an employee or consultant, to any entity during the Non-Compete Period, he will provide a copy of this Agreement to such entity,
and such entity shall acknowledge to the Employer in writing that it has read this Agreement. Executive acknowledges that this covenant has a unique, very substantial and immeasurable value to the Employer, that Executive has sufficient assets and
skills to provide a livelihood for Executive while such covenant remains in force and that, as a result of the foregoing, in the event that Executive breaches such covenant, monetary damages would be an insufficient remedy for the Employer and
equitable enforcement of the covenant would be proper. 
 (ii) If the restrictions contained in Section 8(f)(i) shall be
determined by any court of competent jurisdiction to be unenforceable by reason of their extending for too great a period of time or over too great a geographical area or by reason of their being too extensive in any other respect,
Section 8(f)(i) shall be modified to be effective for the maximum period of time for which it may be enforceable and over the maximum geographical area as to which it may be enforceable and to the maximum extent in all other respects as
to which it may be enforceable. 
 (g) Publicity. During the Employment Period, Executive hereby grants to the Employer the right to
use, in a reasonable and appropriate manner, Executive’s name and likeness, without additional consideration, on, in and in connection with technical, marketing or disclosure materials, or any combination thereof, published by or for the
Employer or any of its Affiliates. 
 (h) Conflicting Obligations and Rights. Executive agrees to inform the Employer of any apparent
conflicts between Executive’s work for the Employer and any obligations Executive may have to preserve the confidentiality of another’s proprietary information or related materials before using the same on the Employer’s behalf. The
Employer shall receive such disclosures in confidence and consistent with the objectives of avoiding any conflict of obligations and rights or the appearance of any conflict of interest. 
  

 6 

 (i) Enforcement. Executive acknowledges that in the event of any breach of this
Section 8, the business interests of the Employer and its Affiliates will be irreparably injured, the full extent of the damages to the Employer and its Affiliates will be impossible to ascertain, monetary damages will not be an adequate
remedy for the Employer and its Affiliates, and the Employer will be entitled to enforce this Agreement by a temporary, preliminary and/or permanent injunction or other equitable relief, without the necessity of posting bond or security, which
Executive expressly waives. Executive understands that the Employer may waive some of the requirements expressed in this Agreement, but that such a waiver to be effective must be made in writing and should not in any way be deemed a waiver of the
Employer’s right to enforce any other requirements or provisions of this Agreement. Executive agrees that each of Executive’s obligations specified in this Agreement is a separate and independent covenant and that the unenforceability of
any of them shall not preclude the enforcement of any other covenants in this Agreement. Executive further agrees that any breach of this Agreement by the Employer prior to the Date of Termination shall not release Executive from compliance with his
obligations under this Section 8, so along as the Employer fully complies with Section 10, Section 11, Section 12, and Section 13. 
 Section 9. Termination of Employment. 
 (a) Permitted Terminations. Executive’s employment hereunder may be terminated during the Employment Period under the following circumstances: 
 (i) Death. The Employment Period and Executive’s employment hereunder shall terminate upon Executive’s death; 
 (ii) By the Employer. The Employer may terminate the Employment Period and Executive’s employment: 
 (A) Disability. If Executive has been substantially unable to perform Executive’s material duties hereunder by reason of illness, physical or mental disability or other similar incapacity, which inability shall continue for
180 consecutive days or 270 days in any 24-month period (a “Disability”) (provided, that until such termination, Executive shall continue to receive his compensation and benefits hereunder, reduced by any benefits payable
to him under any disability insurance policy or plan applicable to him or her); or 
 (B) Cause. For Cause or without Cause;

 (iii) By Executive. Executive may terminate the Employment Period and his employment for any reason (including Good Reason) or for
no reason. 
 (b) Termination. Any termination of Executive’s employment by the Employer or Executive (other than because of
Executive’s death) shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 14 hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a notice
which shall indicate the specific termination provision in this Agreement relied upon, if any, and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the
provision so indicated. Termination of Executive’s employment shall take effect on the Date of Termination. Executive agrees, in the event of any dispute under 

  

 7 

 
Section 9(a)(ii)(A) as to whether a Disability exists, and if requested by the Employer, to submit to a physical examination by a licensed
physician selected by mutual consent of the Employer and Executive (which shall not unreasonably be withheld), the cost of such examination to be paid by the Employer. The written medical opinion of such physician shall be conclusive and binding
upon each of the parties hereto as to whether a Disability exists and the date when such Disability arose. This Section shall be interpreted and applied so as to comply with the provisions of the Americans with Disabilities Act and any applicable
state or local laws. 
 Section 10. Compensation Upon Termination. 
 (a) Death. If Executive’s employment is terminated during the Employment Period as a result of Executive’s death, this Agreement and the
Employment Period shall terminate without further notice or any action required by the Employer or Executive’s legal representatives. Upon Executive’s death during the Employment Period, the Employer shall pay or provide the following:
(i) Executive’s Base Salary due through the Date of Termination, (ii) all Accrued Benefits, if any, to which Executive is entitled as of the Date of Termination at the time such payments are due, and (iii) all outstanding equity
awards held by Executive immediately prior to his termination shall immediately vest (with outstanding options remaining exercisable for the length of their remaining term). Except as set forth herein, the Employer shall have no further obligation
to Executive under this Agreement. 
 (b) Disability. If the Employer terminates Executive’s employment during the Employment
Period because of Executive’s Disability, the Employer shall pay or provide the following: (i) Executive’s Base Salary due through the Date of Termination, (ii) all Accrued Benefits, if any, to which Executive is entitled as of
the Date of Termination at the time such payments are due, and (iii) all outstanding equity awards held by Executive immediately prior to his termination shall immediately vest (with outstanding options remaining exercisable for the length of
their remaining term). Except as set forth herein, the Employer shall have no further obligations to Executive under this Agreement. 
 (c)
Termination by the Employer for Cause or by Executive without Good Reason. If, during the Employment Period, the Employer terminates Executive’s employment for Cause pursuant to Section 9(a)(ii)(B) or Executive terminates his
employment without Good Reason, the Employer shall pay to Executive Executive’s Base Salary due through the Date of Termination and all Accrued Benefits, if any, to which Executive is entitled as of the Date of Termination, at the time such
payments are due, and Executive’s rights with respect to equity or equity-related awards shall be governed by the applicable terms of the related plan or award agreement. 
 (d) Termination by the Employer without Cause or by Executive with Good Reason. Subject to Section 10(e), if the Employer terminates
Executive’s employment during the Employment Period other than for Cause or Disability pursuant to Section 9(a) or if Executive terminates his employment hereunder with Good Reason: (i) the Employer shall pay Executive
(A) Executive’s Base Salary due through the Date of Termination, (B) a Pro Rata Bonus at the time other executives of the Employer receive annual bonuses for the calendar year in which the Date of Termination occurs, (C) all
Accrued Benefits, if any, to which Executive is entitled as of the Date of Termination, in each case at the time such payments are due and (D) a 

  

 8 

 
cash lump sum in an amount equal to two times the sum of Executive’s Base Salary and Target Bonus for the year of termination, (ii) all outstanding
equity awards held by Executive immediately prior to his termination shall immediately vest (with outstanding options remaining exercisable for the length of their remaining term), and (iii) Executive and his covered dependents shall be
entitled to continued participation in benefit plans on the same terms and conditions as applicable immediately prior to Executive’s Date of Termination for 24 months; provided that if such continued coverage is not permitted under the
terms of such benefit plans, the Employer shall pay Executive an additional amount that, on an after-tax basis, is equal to the cost of comparable coverage obtained by Executive. 
 (e) Change in Control. This Section 10(e) shall apply if there is (i) a termination of Executive’s employment by the
Employer other than for Cause or Disability pursuant to Section 9(a) or by Executive for Good Reason during the two-year period after a Change in Control or (ii) a termination of Executive’s employment by the Employer prior to
a Change in Control, if the termination was at the request of a third party or otherwise arose in anticipation of a Change in Control. If any such termination occurs, Executive shall receive benefits set forth in Section 10(d), except
that (i) in lieu of the lump-sum payment under Section 10(d)(i)(D), Executive shall receive in a lump sum after the termination of his employment an amount equal to three multiplied by the sum of (A) Executive’s Base
Salary and (B) Executive’s Target Bonus and (ii) the benefits described in Section 10(d)(iii) shall be continued for the greater of 36 months or the balance of the Employment Period. Notwithstanding anything to the
contrary herein, this Section 10(e) shall not apply upon Executive’s death. 
 (f) Liquidated Damages. The parties
acknowledge and agree that damages which will result to Executive for termination by the Employer of Executive’s employment without Cause or by Executive for Good Reason shall be extremely difficult or impossible to establish or prove, and
agree that the amounts payable to Executive under Section 10(d)(i)(D) or Section 10(e)(i) (the “Severance Payments”) shall constitute liquidated damages for any such termination. Executive agrees that, except
for such other payments and benefits to which Executive may be entitled as expressly provided by the terms of this Agreement or any other applicable benefit plan, such liquidated damages shall be in lieu of all other claims that Executive may make
by reason of any such termination of his employment and that, as a condition to receiving the Severance Payments, Executive will execute and not revoke a release of claims substantially in the form attached hereto as Exhibit A and the
revocation period with respect to such release shall have expired in each case within 60 days of the Date of Termination. Within five business days of the Date of Termination, the Employer shall deliver to Executive the appropriate form of release
of claims for Executive to execute. The Severance Payments, other than the continuing rights described in Sections 10(d)(1)(D)(iii) and 10(e)(i)(B)(ii), shall be made upon the date that is 60 days following the Date of Termination, provided that if
any portion of the Severance Payment does not constitute deferred compensation for purposes of Code Section 409A, such portion shall be paid within three business days of the expiration of the revocation period without the release being
revoked. The Executive shall be entitled to receive the benefits described in Section 10(d)(1)(D)(iii) and 10(e)(i)(B)(ii) commencing upon the Date of Termination, but such benefits shall cease immediately if the release of claims
is not executed and no longer subject to revocation within the time period described in this Section. 
  

 9 

 (g) No Offset. In the event of termination of his employment, Executive shall be under no
obligation to seek other employment and there shall be no offset against amounts due to him on account of any remuneration or benefits provided by any subsequent employment he may obtain. The Employer’s obligation to make any payment pursuant
to, and otherwise to perform its obligations under, this Agreement shall not be affected by any offset, counterclaim or other right that the Employer or its affiliates may have against him for any reason. 
 (h) Section 409A. 
 (i)
Notwithstanding the timing of the payments pursuant to Section 10 of this Agreement, to the extent Executive would otherwise be entitled to a payment during the six months beginning on the Date of Termination that would be subject to the
additional tax imposed under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), (i) the payment will not be made to Executive and instead will be made to an account established to fund such
payments (provided that such funds shall be at all times subject to the creditors of the Employer) and (ii) the payment, together with interest thereon at the rate of “prime” plus 1%, will be paid to Executive on the six-month
anniversary of Date of Termination. Similarly, to the extent Executive would otherwise be entitled to any benefit (other than a cash payment) during the six months beginning on the Date of Termination that would be subject to the additional tax
under Section 409A of the Code, the benefit will be delayed and will begin being provided (together, if applicable, with an adjustment to compensate Executive for the delay, with such adjustment to be determined in the Employer’s
reasonable good faith discretion) on the six-month anniversary of the Date of Termination. The Employer will establish the account, as applicable, no later than ten days after Executive’s Date of Termination. 
 (ii) It is the intention of the parties that the payments and benefits to which Executive could become entitled in connection with termination of
employment under this Agreement comply with Section 409A of the Code. In the event that the parties determine that any such benefit or right does not so comply, they will negotiate reasonably and in good faith to amend the terms of this
Agreement such that it complies (in a manner that attempts to minimize the economic impact of such amendment on Executive and the Employer and its affiliates). 
 (iii) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment
unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of
employment” or like terms shall mean “separation from service.” 
 (iv) For purposes of compliance with Code
Section 409A, (i) All expenses or other reimbursements under this Agreement shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (ii) any right
to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect
the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. 
  

 10 

 (v) For purposes of Code Section 409A, the Executive’s right to receive any installment
payment pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. 
 (vi) Whenever a
payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the date of termination”), the actual date of payment within the
specified period shall be within the sole discretion of the Employer. 
 (i) In the event of a Termination of Executive’s employment by
Employer without Cause, notwithstanding the limitation on Transfer set forth in Section 5(a) of the Shareholders Agreement, dated April 2, 2008, by and among Employer, Executive, and certain other shareholders of Employer (the
“Shareholders Agreement”), Executive shall be entitled to rely on the proviso set forth in clause (y)(ii) thereof from and after such termination (without regard to requirement the Executive wait until the 5 year anniversary of the
Effective Time as set forth therein). 
 Section 11. Certain Additional Payments by the Employer. 
 (a) If it shall be determined that any benefit provided to Executive or payment or distribution by or for the account of the Employer to or for the
benefit of Executive, whether provided, paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Code,
or any interest or penalties are incurred by Executive with respect to such excise tax resulting from any action or inaction by the Employer (such excise tax, together with any such interest and penalties, collectively, the “Excise
Tax”), then Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of the Excise Tax and all other income, employment, excise and other taxes
that are imposed on the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to the sum of (A) the Excise Tax imposed upon the Payments and (B) the product of any deductions disallowed because of the inclusion of the
Gross-up Payment in Executive’s adjusted gross income and the highest applicable marginal rate of federal income taxation for the calendar year in which the Gross-Up Payment is to be made. Such Gross-Up Payment shall in any event be made by the
end of the calendar year following the calendar year in which the Executive remits the related Excise Tax. 
 (b) Subject to the provisions
of Section 11(c), all determinations required to be made under this Section 11, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving
at such determination, shall be made by the Employer’s independent, certified public accounting firm or such other certified public accounting firm as may be designated by Executive and shall be reasonably acceptable to the Employer (the
“Accounting Firm”) which shall provide detailed supporting calculations both to the Employer and Executive within 15 business days of the receipt of notice from Executive that there has been a Payment, or such earlier time as
is requested by the Employer. If the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting a change in the ownership or effective control (as defined for purposes of Section 280G of the Code) of the
Employer, Executive shall appoint another 

  

 11 

 
nationally recognized accounting firm which is reasonably acceptable to the Employer to make the determinations required hereunder (which accounting firm
shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Employer. Any Gross-Up Payment, as determined pursuant to this Section 11, shall be paid by the
Employer to Executive within five days of the receipt of the Accounting Firm’s determination. Any determination by the Accounting Firm shall be binding upon the Employer and Executive. As a result of the uncertainty in the application of
Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that additional Gross-Up Payments shall be required to be made to compensate Executive for amounts of Excise Tax later determined
to be due, consistent with the calculations required to be made hereunder (an “Underpayment”). If the Employer exhausts its remedies pursuant to Section 11(c) and Executive is required to make a payment of any Excise
Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Employer to or for the benefit of Executive. 
 (c) Executive shall notify the Employer in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the
Employer of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than 10 business days after Executive is informed in writing of such claim and shall apprise the Employer of the nature of such claim and the
date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which it gives such notice to the Employer (or such shorter period ending on the date that any
payment of taxes with respect to such claim is due). If the Employer notifies Executive in writing prior to the expiration of such period that they desire to contest such claim, Executive shall: 
 (i) give the Employer any information reasonably requested by the Employer relating to such claim; 
 (ii) take such action in connection with contesting such claim as the Employer shall reasonably request in writing from time to time, including, without
limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Employer; 
 (iii) cooperate
with the Employer in good faith effectively to contest such claim; and 
 (iv) permit the Employer to participate in any proceedings relating
to such claim; provided, however, that the Employer shall bear and pay directly all costs and expenses (including additional interest and penalties incurred in connection with such contest) and shall indemnify and hold Executive harmless, on an
after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. 
 Section 12. Indemnification. During the Employment Period and thereafter, the Employer agrees to indemnify and hold Executive and Executive’s
heirs and representatives harmless, to the maximum extent permitted by law, against any and all damages, costs, liabilities, losses and expenses (including reasonable attorneys’ fees) as a result of any claim or proceeding (whether 

  

 12 

 
civil, criminal, administrative or investigative), or any threatened claim or proceeding (whether civil, criminal, administrative or investigative), against
Executive that arises out of or relates to Executive’s service as an officer, director or employee, as the case may be, of the Employer, or Executive’s service in any such capacity or similar capacity with an affiliate of the Employer or
other entity at the request of the Employer, both prior to and after the Effective Date, and to promptly advance to Executive or Executive’s heirs or representatives such expenses upon written request with appropriate documentation of such
expense upon receipt of an undertaking by Executive or on Executive’s behalf to repay such amount if it shall ultimately be determined that Executive is not entitled to be indemnified by the Employer. During the Employment Period and
thereafter, the Employer also shall provide Executive with coverage under its current directors’ and officers’ liability policy to the same extent that it provides such coverage to its other executive officers. If Executive has any
knowledge of any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, as to which Executive may request indemnity under this provision, Executive will give the Employer prompt written notice
thereof; provided that the failure to give such notice shall not affect Executive’s right to indemnification. The Employer shall be entitled to assume the defense of any such proceeding and Executive will use reasonable efforts to cooperate
with such defense. To the extent that Executive in good faith determines that there is an actual or potential conflict of interest between the Employer and Executive in connection with the defense of a proceeding, Executive shall so notify the
Employer and shall be entitled to separate representation at the Employer’s expense by counsel selected by Executive (provided that the Employer may reasonably object to the selection of counsel within ten (10) business days after
notification thereof) which counsel shall cooperate, and coordinate the defense, with the Employer’s counsel and minimize the expense of such separate representation to the extent consistent with Executive’s separate defense. This
Section 12 shall continue in effect after the termination of Executive’s employment or the termination of this Agreement. 
 Section 13. Attorney’s Fees. The Employer shall advance Executive (and his beneficiaries) any and all costs and expenses (including without limitation attorneys’ fees and other charges of counsel) incurred by Executive (or
any of his beneficiaries) in resolving any controversy, dispute or claim arising out of or relating to this Agreement, any other agreement or arrangement between Executive and the Employer, Executive’s employment with the Employer, or the
termination thereof; provided that Executive shall reimburse the Employer any advances on a net after-tax basis to cover expenses incurred by Executive for claims (a) brought by the Employer on account of Executive’s alleged breach of
Section 8 of this Agreement, breach of Executive’s fiduciary duty of loyalty, or fraud or material misconduct, if it is judicially determined that the Employer is the prevailing party, or (b) brought by Executive that are
judicially determined to be frivolous or advanced in bad faith. 
 Section 14. Notices. All notices, demands, requests, or other
communications which may be or are required to be given or made by any party to any other party pursuant to this Agreement shall be in writing and shall be hand delivered, mailed by first-class registered or certified mail, return receipt requested,
postage prepaid, delivered by overnight air courier, or transmitted by facsimile transmission addressed as follows: 
 (i) If to the
Employer: 
  

 13 

 Perini Corporation 
 73 Mt. Wayte Avenue 
 Framingham, Massachusetts 01701 
 Attention: Corporate Secretary 
 Facsimile:
(508) 628-2010 
 (ii) If to Executive: 
 Ronald N. Tutor 
 Address last shown on the Employer’s Records 
 Each party may designate by notice in writing a new address to which any notice, demand, request or communication may thereafter be so given, served or
sent. Each notice, demand, request, or communication that shall be given or made in the manner described above shall be deemed sufficiently given or made for all purposes at such time as it is delivered to the addressee (with the return receipt, the
delivery receipt, confirmation of facsimile transmission or the affidavit of messenger being deemed conclusive but not exclusive evidence of such delivery) or at such time as delivery is refused by the addressee upon presentation. 
 Section 15. Severability. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or
enforceability of the other provisions of this Agreement, which shall remain in full force and effect. 
 Section 16. Effect on Other
Agreements. The provisions of this Agreement shall supersede the terms of any plan, policy, agreement, award or other arrangement of the Employer (whether entered into before or after the Effective Date) to the extent application of the terms of
this Agreement are more favorable to Executive. 
 Section 17. Survival. It is the express intention and agreement of the parties
hereto that the provisions of Section 8, Section 10, Section 11, Section 12, Section 13, Section 14, Section 16, Section 18, Section 19,
Section 20, Section 22, Section 22 and Section 26 hereof and this Section 17 shall survive the termination of employment of Executive. In addition, all obligations of the Employer to make
payments hereunder shall survive any termination of this Agreement on the terms and conditions set forth herein. 
 Section 18.
Assignment. The rights and obligations of the parties to this Agreement shall not be assignable or delegable, except that (i) in the event of Executive’s death, the personal representative or legatees or distributees of
Executive’s estate, as the case may be, shall have the right to receive any amount owing and unpaid to Executive hereunder and (ii) the rights and obligations of the Employer hereunder shall be assignable and delegable in connection with
any subsequent merger, consolidation, sale of all or substantially all of the assets or equity interests of the Employer or similar transaction involving the Employer or a successor corporation. The Employer shall require any successor to the
Employer to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Employer would be required to perform it if no such succession had taken place. 
  

 14 

 Section 19. Binding Effect. Subject to any provisions hereof restricting assignment, this
Agreement shall be binding upon the parties hereto and shall inure to the benefit of the parties and their respective heirs, devisees, executors, administrators, legal representatives, successors and assigns. 
 Section 20. Amendment; Waiver. This Agreement shall not be amended, altered or modified except by an instrument in writing duly executed by the
party against whom enforcement is sought. Neither the waiver by either of the parties hereto of a breach of or a default under any of the provisions of this Agreement, nor the failure of either of the parties, on one or more occasions, to enforce
any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any such provisions, rights or privileges
hereunder. 
 Section 21. Headings. Section and subsection headings contained in this Agreement are inserted for convenience of
reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. 
 Section 22. Governing Law; Venue. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto,
shall be governed by and construed in accordance with the laws of the State of California (but not including any choice of law rule thereof that would cause the laws of another jurisdiction to apply). Except as otherwise provided in
Section 8(i), each of the parties agrees that any dispute between the parties shall be resolved only in the courts of the State of California sitting in Los Angeles, California or the United States District Court for the Central District
of California and the appellate courts having jurisdiction of appeals in such courts. In that context, and without limiting the generality of the foregoing (but subject to Section 8(i)), each of the parties hereto irrevocably and
unconditionally (a) submits for himself or itself in any proceeding relating to this Agreement or Executive’s employment by the Employer or any of its Affiliates, or for the recognition and enforcement of any judgment in respect thereof (a
“Proceeding”), to the exclusive jurisdiction of the courts of the State of California sitting in Los Angeles, California, the court of the United States District Court for the Central District of California and appellate courts
having jurisdiction of appeals from any of the foregoing, and agrees that all claims in respect of any such Proceeding shall be heard and determined in such California State court or, to the extent permitted by law, in such federal court;
(b) consents that any such Proceeding may and shall be brought in such courts and waives any objection that he or it may now or thereafter have to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was
brought in an inconvenient court and agrees not to plead or claim the same; (c) waives all right to trial by jury in any Proceeding (whether based on contract, tort or otherwise) arising out of or relating to this Agreement or Executive’s
employment by the Employer or any of its Affiliates, or his or its performance under or the enforcement of this Agreement; (d) agrees that service of process in any such Proceeding may be effected by mailing a copy of such process by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to such party at his or its address as provided in Section 14; and (e) agrees that nothing in this Agreement shall affect the right to effect service of
process in any other manner permitted by the laws of the State of California. 
  

 15 

 Section 23. Representations. Executive represents, warrants and covenants to the Employer that:
(i) on or prior to the date of the Original Agreement, Executive has informed the Employer of any judgment, order, agreement or arrangement of which he is currently aware and which may affect his right to enter into this Agreement and to fully
perform his duties hereunder; (ii) Executive is knowledgeable and sophisticated as to business matters, and that prior to assenting to the terms of this Agreement, or giving the representations and warranties herein, he has been given a
reasonable time to review it and has consulted with counsel of his choice; (iii) in entering into this Agreement, Executive is not knowingly breaching or violating any provision of any law or regulation; and (iv) Executive has not
knowingly provided to the Employer, nor been requested by the Employer to provide, any confidential or non-public document or information of a former employer that constitutes or contains any protected trade secret, and will not knowingly use any
protected trade secrets of any former employer in the course of his employment hereunder. 
 Section 24. Entire Agreement. This
Agreement constitutes the entire agreement between the parties respecting the employment of Executive, there being no representations, warranties or commitments except as set forth herein. 
 Section 25. Counterparts. This Agreement may be executed in two counterparts, each of which shall be an original and all of which shall be deemed
to constitute one and the same instrument. 
 Section 26. Withholding. The Employer may withhold from any benefit payment under this
Agreement all federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling; provided that any withholding obligation arising in connection with the exercise of a stock option or the transfer of
stock or other property shall be satisfied through withholding an appropriate number of shares of stock or appropriate amount of such other property. 
 Section 27. Definitions. 
 “Accrued Benefits” means (i) any compensation
deferred by Executive prior to the Date of Termination and not paid by the Employer or otherwise specifically addressed by this Agreement; (ii) any amounts or benefits owing to Executive or to Executive’s beneficiaries under the then
applicable benefit plans of the Employer; (iii) any amounts owing to Executive for reimbursement of expenses properly incurred by Executive prior to the Date of Termination and which are reimbursable in accordance with Section 7;
and (iv) any other benefits or amounts due and owing to Executive under the terms of any plan, program or arrangement of the Employer. 
 “Affiliate” means any entity controlled by, in control of, or under common control with, the Employer. 
 “Cause” shall be limited to the following events (i) Executive’s conviction of, or plea of nolo contendere to, a felony (other than in connection with a traffic violation) under any state or federal law;
(ii) Executive’s willful and continued failure to substantially perform his essential job functions hereunder after receipt of written notice from the Employer that 

  

 16 

 
specifically identifies the manner in which Executive has substantially failed to perform his essential job functions and specifying the manner in which
Executive may substantially perform his essential job functions in the future; (iii) a material act of fraud or willful and material misconduct with respect, in each case, to the Employer, by Executive; (iv) a willful and material breach
this Agreement; (v) a material breach by Executive of any material written policy of the Employer; or (vi) a failure by Executive to cooperate in any investigation or audit regarding the accounting practices, financial statements, or
business practices of the Employer or any of its Affiliates. For purposes of this provision, no act or failure to act, on the part of Executive, shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad
faith or without reasonable belief that Executive’s action or omission was in the best interests of the Employer. Anything herein to the contrary notwithstanding, Executive shall not be terminated for “Cause” hereunder unless
(A) written notice stating the basis for the termination is provided to Executive, (B) as to clauses (ii), (iii), (iv), (v) or (vi) of this paragraph, he is given 10 days to cure the neglect or conduct that is the basis
of such claim (it being understood that any errors in expense reimbursement may be cured by repayment), (C) if he fails to cure such neglect or conduct, Executive has an opportunity to be heard before the full Board prior to any vote regarding
the existence of Cause and (D) there is a vote of a majority of the members of the Board to terminate him for Cause. 
 “Change
in Control” means the occurrence of one or more of the following events: (i) any “person” (as such terms is used in Sections 3(a)(9) and 13(d) of the Securities Exchange Act of 1934 as amended (the
“Act”)) or “group” (as such term is used in Section 14(d)(d) of the Act) (other than Executive or a group consisting of Executive) becomes a “beneficial owner” (as such term is used in Rule 13d-3
promulgated under the Act) of more than 30% of the Voting Stock of the Employer; (ii) the majority of the Board consists of individuals other than Incumbent Directors, which term means the members of the Board on the Effective Date; provided
that any person becoming a director subsequent to such date whose election or nomination for election was supported by two-thirds of the directors who then comprised the Incumbent Directors shall be considered to be an Incumbent Director;
(iii) the Employer adopts any plan of liquidation providing for the distribution of all or substantially all of its assets; (iv) the Employer transfers all or substantially all of its assets or business (unless the shareholders of the
Employer immediately prior to such transaction beneficially own, directly or indirectly, in substantially the same proportion as they owned the Voting Stock of the Employer, all of the Voting Stock or other ownership interests of the entity or
entities, if any, that succeed to the business of the Employer); or (v) any merger, reorganization, consolidation or similar transaction unless, immediately after consummation of such transaction, the shareholders of the Employer immediately
prior to the transaction hold, directly or indirectly, more than 50% of the Voting Stock of the Employer or the Employer’s ultimate parent company if the Employer is a subsidiary of another corporation (there being excluded from the number of
shares held by such shareholders, but not from the Voting Stock of the combined company, any shares received by Affiliates of such other company in exchange for stock of such other company). For purposes of this Change in Control definition, the
“Employer” shall include any entity that succeeds to all or substantially all of the business of the Employer and “Voting Stock” shall mean securities of any class or classes having general voting power under
ordinary circumstances, in the absence of contingencies, to elect the directors of a corporation. 
  

 17 

 “Confidential Information” means information constituting trade secrets or proprietary
information belonging to or regarding the Employer or any of its Affiliates or other confidential financial information, operating budgets, strategic plans or research methods, personnel data, projects or plans, or non-public information regarding
the Employer or any of its Affiliates. Without limiting the foregoing, “Confidential Information” shall include, but shall not be limited to, any of the following information relating to the Employer: (i) information regarding the
Employer’s business proposals, (ii) manner of the Employer’s operations, and methods of selling or pricing any products or services; (iii) the identity of persons or entities actually conducting or considering conducting business
with the Employer, and any information in any form relating to such persons or entities and their relationship or dealings with the Employer; (iv) any trade secret or confidential information of or concerning any business operation or business
relationship; (v) computer databases, software programs and information relating to the nature of the hardware or software and how said hardware or software are used in combination or alone; (vi) information concerning personnel,
confidential financial information, customer or customer prospect information, information concerning subscribers, subscriber and customer lists and data, methods and formulas for estimating costs and setting prices, engineering design standards,
testing procedures, research results (such as marketing surveys, programming trials or product trials), cost data (such as billing, equipment and programming cost projection models), compensation information and models, business or marketing plans
or strategies, deal or business terms, budgets, vendor names, programming operations, product names, information on proposed acquisitions or dispositions, actual performance compared to budgeted performance, long-range plans, internal financial
information (including but not limited to financial and operating results for certain offices, divisions, departments, and key market areas that are not disclosed to the public in such form), results of internal analyses, computer programs and
programming information, techniques and designs, and trade secrets; (vii) information concerning the Employer’s employees, officers, directors and shareholders; and (viii) any other trade secret or information of a confidential or
proprietary nature. For purposes hereof, “Employer” shall include the Employer and any and all of its Affiliates. 
 “Date of Termination” means (i) if Executive’s employment is terminated by Executive’s death, the date of Executive’s death; (ii) if Executive’s employment is terminated because of
Executive’s Disability pursuant to Section 9(a)(ii)(A), 30 days after Notice of Termination, provided that Executive shall not have returned to the performance of Executive’s duties on a full-time basis during such 30-day
period; (iii) if Executive’s employment is terminated by the Employer pursuant to Section 9(a)(ii)(B) or by Executive pursuant to Section 9(a)(ii)(B), the date specified in the Notice of Termination; or (iv) if
Executive’s employment is terminated during the Employment Period other than pursuant to Section 9(a), the date on which Notice of Termination is given. 
 “Extended Term” shall have the meaning set forth in Section 3. 
 “Good
Reason” means, unless otherwise agreed to in writing by Executive, (i) any adverse change in Executive’s titles; (ii) any reduction in Executive’s Base Salary; (iii) a material diminution in Executive’s
authority, responsibilities or duties; (v) the assignment of duties materially inconsistent with Executive’s position or status with the Employer as of the date hereof; (vi) a relocation of Executive’s primary place of employment
to a location more than 50 miles further from the offices of the Employer as of the Effective Time near Los 

  

 18 

 
Angeles, California; (vii) any other material breach of the terms of this Agreement or (viii) the failure of the Employer to obtain the assumption
in writing of its obligations under this Agreement by any successor to all or substantially all of the assets of the Employer within 15 days after a merger, consolidation, sale or similar transaction. In order to invoke a termination for Good
Reason, Executive must notify the Employer of the existence of an event of Good Reason within 90 days of the occurrence of such event, the Employer must fail to cure such event within 30 days of such notice and Executive must terminate his
employment within 10 days of the expiration of such period. 
 “Non-Compete Period” means the period commencing on the
Effective Date and ending twenty-four months after the expiration of the Employment Period; provided that except for purposes of Section 8(e), in the event Executive’s employment is terminated by Employer without Cause or
terminated by the Executive for Good Reason the Non-Competition Period shall end on the Date of Termination. 
 “Pro Rata
Bonus” means an amount equal to the product of (i) the Annual Bonus that would have been earned by Executive for the calendar year that includes the Date of Termination if his employment had not terminated and (ii) a fraction the
numerator of which is the number of days that have elapsed as of the Date of Termination during the calendar year that includes the Date of Termination and the denominator of which is 365. 
 “Target Bonus” means an amount equal to 175% of Executive’s Base Salary. 
 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Agreement, or have caused this Agreement to be duly executed and delivered on
their behalf. 
  

			
	PERINI CORPORATION
		
	By:	 	/s/ Robert Band
	 Name: Robert Band
 Title:
  President and Chief Operating Officer

			
	
	EXECUTIVE
	
	/s/ Ronald N. Tutor
		 	Ronald N. Tutor

  

 19 

 EXHIBIT A 
 Form of Release 
 THIS RELEASE (this
“Release”) is made as of this __ day of __________, by and between Perini Corporation, a Massachusetts corporation (herein referred to as “Company”), and Ronald N. Tutor, an individual
(“Executive”). 
 PRELIMINARY RECITALS 
 A. Executive’s employment with the Company has terminated. 
 B. Executive and the Company are parties
to an Amended and Restated Employment Agreement, dated as of the 23rd day of December, 2008 (the “Agreement”). 
 AGREEMENT 
 In consideration of the payments due Executive under the Agreement, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Executive, intending to be legally
bound, does hereby, on behalf of himself and his agents, representatives, attorneys, assigns, heirs, executors and administrators (collectively, the “Executive Parties”) REMISE, RELEASE AND FOREVER DISCHARGE the Company, its
affiliates, subsidiaries, parents, joint ventures, and its and their officers, directors, shareholders, members, and managers, and its and their respective successors and assigns, heirs, executors, and administrators (collectively, the
“Company Parties”) from all causes of action, suits, debts, claims and demands whatsoever in law or in equity, which Executive or any of the Executive Parties ever had, now has, or hereafter may have, by reason of any matter, cause
or thing whatsoever, from the beginning of Executive’s initial dealings with the Company to the date of this Release, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to
Executive’s employment relationship with Company, the terms and conditions of that employment relationship, and the termination of that employment relationship, including, but not limited to, any claims arising under the Age Discrimination in
Employment Act, as amended, 29 U.S.C. § 621 et seq. (“ADEA”), Title VII of The Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq., the Civil Rights Act of 1966, 42 U.S.C. §1981, the Civil Rights Act of 1991,
Pub. L. No. 102-166, the Americans with Disabilities Act, 42 U.S.C. §12101 et seq., the Age Discrimination in Employment Act, as amended, 29 U.S.C. §621 et seq., the Fair Labor Standards Act, 29 U.S.C. §201 et seq., the National
Labor Relations Act, 29 U.S.C. §151 et seq., and any other claims under any federal, state or local common law, statutory, or regulatory provision, now or hereafter recognized, but not including such claims to payments and other rights provided
Executive under the Agreement. This Release is effective without regard to the legal nature of the claims raised and without regard to whether any such claims are based upon tort, equity, implied or express contract or discrimination of any sort.
Except as specifically provided herein, it is expressly understood and agreed that this Release shall operate as a clear and unequivocal waiver by Executive of any claim for accrued or unpaid wages, benefits or any other type of payment. 

 2. Executive expressly waives all rights afforded by any statute which limits the effect of a release
with respect to unknown claims. Executive understands the significance of his release of unknown claims and his waiver of statutory protection against a release of unknown claims. 
 3. Executive agrees that he will not be entitled to or accept any benefit from any claim or proceeding within the scope of this Release that is filed or
instigated by him or on his behalf with any agency, court or other government entity. 
 4. The parties agree and acknowledge that the
Agreement, and the settlement and termination of any asserted or unasserted claims against the Company and the Company Parties pursuant to this Release, are not and shall not be construed to be an admission of any violation of any federal, state or
local statute or regulation, or of any duty owed by the Company or any of the Company Parties to Executive. 
 5. Executive certifies and
acknowledges as follows: 
 (a) That he has read the terms of this Release, and that he understands its terms and effects,
including the fact that he has agreed to RELEASE AND FOREVER DISCHARGE the Company and all Company Parties from any legal action or other liability of any type related in any way to the matters released pursuant to this Release other than as
provided in the Agreement and in this Release. 
 (b) That he understands the significance of his release of unknown claims
and his waiver of statutory protection against a release of unknown claims. Accordingly, Executive expressly waives any and all rights and benefits under Section 1542 of the California Civil Code, which states: 
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH
IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR. 
 (c) That he is waiving all rights to sue or
obtain equitable, remedial or punitive relief from any or all Company Parties of any kind whatsoever, including, without limitation, reinstatement, back pay, front pay, attorneys’ fees and any form of injunctive relief. Notwithstanding the
above, he further acknowledges that he is not waiving and is not being required to waive (i) any right that cannot be waived under law, including the right to file an administrative charge or to participate in an administrative investigation or
proceeding; provided, however, that he disclaims and waives any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding, (ii) any claim for indemnity pursuant to the
Company’s by-laws, articles of incorporation or Section 12 of the Agreement or (iii) any claim for Accrued Benefits (as defined in the Agreement, [or (iv) claim for benefits pursuant to Sections 10(c), 10(d) or 11] 

  

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[NTD: Clause iv to be conformed to delete reference to Section 10(d) or 11 if a Change in Control has not occurred prior to termination date]

 (d) That he has signed this Release voluntarily and knowingly in exchange for the consideration described herein, which he
acknowledges is adequate and satisfactory to him and which he acknowledges is in addition to any other benefits to which he is otherwise entitled. 
 (e) That he has been and is hereby advised in writing to consult with an attorney prior to signing this Release. 
 (f) That he does not waive rights or claims that may arise after the date this Release is executed or those claims arising under the Agreement with respect to payments and other rights due Executive on the date of, or
during the period following, the termination of his Employment. 
 (g) That the Company has provided him with adequate
opportunity, including a period of twenty-one (21) days from the initial receipt of this Release and all other time periods required by applicable law, within which to consider this Release (it being understood by Executive that Executive may
execute this Release less than 21 days from its receipt from the Company, but agrees that such execution will represent his knowing waiver of such 21-day consideration period), and he has been advised by the Company to consult with counsel in
respect thereof. 
 (h) That he has seven (7) calendar days after signing this Release within which to rescind, in a
writing delivered to the Company, the portion of this Release related to claims arising under ADEA or any other claim arising under any other federal, state or local law that requires extension of this revocation right as a condition to the valid
release and waiver of such claim. 
 (i) That at no time prior to or contemporaneous with his execution of this Release has
he filed or caused or knowingly permitted the filing or maintenance, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency or other tribunal, any charge, claim or action of any kind, nature and
character whatsoever (“Claim”), known or unknown, suspected or unsuspected, which he may now have or has ever had against the Company Parties which is based in whole or in part on any matter referred to in Section 1 above; and,
subject to the Company’s performance under this Release, to the maximum extent permitted by law, Executive is prohibited from filing or maintaining, or causing or knowingly permitting the filing or maintaining, of any such Claim in any such
forum. Executive hereby grants the Company his perpetual and irrevocable power of attorney with full right, power and authority to take all actions necessary to dismiss or discharge any such Claim. Executive further covenants and agrees that he will
not encourage any person or entity, including but not limited to any current or former employee, officer, director or stockholder of the Company, to institute any Claim against the Company Parties or any of them, and that except as expressly
permitted by law or administrative policy or as required by legally enforceable order he will not aid or assist any such person or entity in prosecuting such Claim. 
  

 3 

 6. Miscellaneous 
 (a) This Release and the Agreement, and any other documents expressly referenced therein, constitute the complete and entire agreement and
understanding of Executive and the Company with respect to the subject matter hereof, and supersedes in its entirety any and all prior understandings, commitments, obligations and/or agreements, whether written or oral, with respect thereto; it
being understood and agreed that this Release and including the mutual covenants, agreements, acknowledgments and affirmations contained herein, is intended to constitute a complete settlement and resolution of all matters set forth in
Section 1 hereof. 
 (b) The Company Parties are intended third-party beneficiaries of this Release, and this Release
may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Company Parties hereunder. Except and to the extent set forth in the preceding two sentences, this Release is not intended for the benefit
of any Person other than the parties hereto, and no such other person or entity shall be deemed to be a third party beneficiary hereof. Without limiting the generality of the foregoing, it is not the intention of the Company to establish any policy,
procedure, course of dealing or plan of general application for the benefit of or otherwise in respect of any other employee, officer, director or stockholder, irrespective of any similarity between any contract, agreement, commitment or
understanding between the Company and such other employee, officer, director or stockholder, on the one hand, and any contract, agreement, commitment or understanding between the Company and Executive, on the other hand, and irrespective of any
similarity in facts or circumstances involving such other employee, officer, director or stockholder, on the one hand, and Executive, on the other hand. 
 (c) The invalidity or unenforceability of any provision of this Release shall not affect the validity or enforceability of any other provision of this Release, which shall otherwise remain in full force and effect.

 (d) This Release may be executed in separate counterparts, each of which shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement. 
 (e) The obligations of each of the Company and Executive
hereunder shall be binding upon their respective successors and assigns. The rights of each of the Company and Executive and the rights of the Company Parties shall inure to the benefit of, and be enforceable by, any of the Company’s,
Executive’s and the Company Parties’ respective successors and assigns. The Company may assign all rights and obligations of this Release to any successor in interest to the assets of the Company. 
 (f) No amendment to or waiver of this Release or any of its terms shall be binding upon any party hereto unless consented to in writing
by such party. 
 (g) ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN 

  

 4 

 
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE
OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE. 
 *        *        *        *        * 
  

 5 

 Intending to be legally bound hereby, Executive and the Company have executed this Release as of the date
first written above. 
  

			
	RONALD N. TUTOR
		
	By:	 	 
		 	Ronald N. Tutor
	
	PERINI CORPORATION
		
	By:	 	 
		 	 Name: Robert Band
 Title:   President and
Chief Operating Officer

 READ CAREFULLY BEFORE SIGNING 
 I have read this Release and have been given adequate opportunity, including 21 days from my initial receipt of this Release, to review this Release and to consult legal
counsel prior to my signing of this Release. I understand that by executing this Release I will relinquish certain rights or demands I may have against the Company Parties or any of them. 
  

	
	
	  
	[Name]

 Witness: 
  

	
	
	  
	

  

 6

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