<SEC-DOCUMENT>0001193125-16-802234.txt : 20161222
<SEC-HEADER>0001193125-16-802234.hdr.sgml : 20161222
<ACCEPTANCE-DATETIME>20161222165003
ACCESSION NUMBER:		0001193125-16-802234
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20161216
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161222
DATE AS OF CHANGE:		20161222

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VIRTUS INVESTMENT PARTNERS, INC.
		CENTRAL INDEX KEY:			0000883237
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				954191764
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10994
		FILM NUMBER:		162067110

	BUSINESS ADDRESS:	
		STREET 1:		100 PEARL STREET
		STREET 2:		9TH FLOOR
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06103
		BUSINESS PHONE:		860-403-5000

	MAIL ADDRESS:	
		STREET 1:		100 PEARL STREET
		STREET 2:		9TH FLOOR
		CITY:			HARTFORD
		STATE:			CT
		ZIP:			06103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHOENIX INVESTMENT PARTNERS LTD/CT
		DATE OF NAME CHANGE:	19990312

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHOENIX DUFF & PHELPS CORP
		DATE OF NAME CHANGE:	19951117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DUFF & PHELPS CORP
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d289948d8k.htm
<DESCRIPTION>FORM 8-K
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<TITLE>Form 8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (date of earliest event reported): December&nbsp;16, 2016 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Virtus Investment Partners, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>1-10994</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>95-4191764</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>100 Pearl Street, 9<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor, Hartford, CT</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>06103</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (800)&nbsp;248-7971 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions (<I>see</I> General Instruction A.2. below): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Merger Agreement </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;16, 2016, Virtus Investment Partners, Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), and 100 Pearl Street 2,
LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (&#147;<U>Merger Sub</U>&#148;), entered into an Agreement and Plan of Merger (the &#147;<U>Merger Agreement</U>&#148;) with RidgeWorth Holdings LLC, a Delaware
limited liability company (&#147;<U>RidgeWorth</U>&#148;), and Lightyear Fund III AIV-2, L.P., a Delaware limited partnership, solely in its capacity as Seller Representative, pursuant to which Merger Sub will (on the terms and subject to the
satisfaction or waiver of the closing conditions in the Merger Agreement) merge with and into RidgeWorth with RidgeWorth continuing as the surviving company and a wholly owned subsidiary of the Company (the &#147;<U>Merger</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The purchase price (the &#147;<U>Purchase Price</U>&#148;) for the Company&#146;s acquisition of RidgeWorth equals (x)&nbsp;$472,000,000, plus
(y)&nbsp;the fair market value of certain of RidgeWorth&#146;s investments at the effective time of the Merger (the &#147;<U>Closing</U>&#148;), with the final Purchase Price subject to the adjustments described below. The Merger is expected to be
financed using a combination of the Company&#146;s existing balance sheet resources, debt and equity and/or equity-linked securities. In connection with the transaction, the Company has received $475 million of committed debt financing from Barclays
Bank PLC and Morgan Stanley Senior Funding, Inc. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Merger Agreement provides that the Purchase Price will be reduced if RidgeWorth does
not obtain client consents (&#147;<U>Consents</U>&#148;) relating to (i)&nbsp;the assignment of advisory contracts pursuant to which it and its subsidiaries provide investment management services to their clients (other than mutual funds) and
(ii)&nbsp;the merger of the RidgeWorth mutual funds into the Company&#146;s fund complex, representing revenues at least equal to 92.5% of a baseline revenue amount (the &#147;<U>Base Revenue Run Rate</U>&#148;). The Purchase Price is subject to
working capital and net debt adjustments as well as reductions for unpaid transaction expenses, accrued bonuses and commissions and other specified liabilities of RidgeWorth, in each case as of immediately prior to Closing. The Purchase Price is
also subject to a customary post-Closing adjustment as well as a true-up payment in respect of Consents obtained in the six months following Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the Merger, certain key employees holding outstanding equity interests in RidgeWorth (the &#147;<U>RidgeWorth Equity
Interests</U>&#148;) have entered into rollover agreements with the Company, pursuant to which, immediately prior to the Merger, each such holder will exchange a portion of his or her RidgeWorth Equity Interests (the &#147;<U>Rollover Equity
Interests</U>&#148;) for a combination of Company common stock and either deferred cash consideration or investments in the Company&#146;s mutual funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Closing of the Merger is subject to (1)&nbsp;the receipt of Consents representing revenues that are not less than 77.5% of the Base
Revenue Run Rate, (2)&nbsp;the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (3)&nbsp;the absence of any material adverse effect (as defined in the Merger
Agreement) on the business of RidgeWorth and its subsidiaries and (4)&nbsp;other customary closing conditions. The Merger is expected to close in mid-2017, subject to the satisfaction or waiver of such conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Merger Agreement contains customary termination rights for the Company and RidgeWorth, including in the event the Merger is not
consummated on or before July&nbsp;16, 2017 (subject to extension to September&nbsp;16, 2017 in certain specified circumstances). The Merger Agreement also contains customary representations, warranties, covenants and indemnification and escrow
provisions. RidgeWorth is required, among other things, to conduct its business in the ordinary course consistent with past practice during the interim period between the execution of the Merger Agreement and the consummation of the Merger, subject
to certain exceptions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the Merger Agreement does not purport to be complete and is qualified in its entirety
by reference to the full text of the Merger Agreement, a copy of which is attached hereto as Exhibit&nbsp;2.1 and is incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Merger Agreement and the above description of the Merger Agreement have been included to provide investors with information regarding the
terms of the Merger Agreement and are not intended to provide any other </P>
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factual information about the Company, RidgeWorth or their respective subsidiaries or affiliates. The representations, warranties and covenants contained in the Merger Agreement were made only
for purposes of the Merger Agreement and as of specific dates, were solely for the benefit of the parties to the Merger Agreement and may be subject to limitations agreed upon by the parties in connection with negotiating the terms of the Merger
Agreement, including being qualified by confidential disclosures made by each party to the other for the purposes of allocating contractual risk between them that differ from those applicable to investors. In addition, certain representations and
warranties may be subject to a contractual standard of materiality different from those generally applicable to investors and may have been used for the purpose of allocating risk between the parties rather than establishing matters as facts.
Information concerning the subject matter of the representations, warranties and covenants may change after the date of the Merger Agreement, which subsequent information may or may not be fully reflected in public disclosures by the Company.
Investors should not rely on the representations, warranties and covenants or any description thereof as characterizations of the actual state of facts or condition of the Company, RidgeWorth or any of their respective subsidiaries, affiliates or
businesses. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Debt Commitment Letter </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with entering into the Merger Agreement, on December&nbsp;16, 2016, the Company entered into a debt financing commitment letter
(the &#147;<U>Debt Commitment Letter</U>&#148;) with Barclays Bank PLC and Morgan Stanley Senior Funding, Inc. (together, the &#147;<U>Initial Commitment Parties</U>&#148;). Pursuant to the Debt Commitment Letter, the Initial Commitment Parties have
committed to arrange and provide the Company with a senior secured credit facility composed of (i)&nbsp;a term loan facility of up to $475 million, provided that, if the Company issues equity securities or equity-linked securities on or prior to the
Closing Date, the principal amount of the term loan may be reduced by the lesser of the net cash proceeds received by the Company from such issuance and $275 million, and (ii)&nbsp;a revolving credit facility of up to $100 million (together, the
&#147;<U>Facilities</U>&#148;). The proceeds of the Facilities may be used to fund the Company&#146;s acquisition of RidgeWorth pursuant to the Merger Agreement, to repay of amounts borrowed under an existing revolving credit facility, and to pay
transaction fees and expenses related to the foregoing. The availability of borrowings under the Facilities is subject to satisfaction of certain customary conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the Debt Commitment Letter is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of
the Debt Commitment Letter is qualified in its entirety by reference to the full text of the Debt Commitment Letter. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Cautionary Statements
Regarding Forward-Looking Statements </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This document contains statements that are, or may be considered to be, forward-looking
statements. All statements that are not historical facts, including statements about the Company&#146;s beliefs or expectations, are &#147;forward-looking statements&#148; within the meaning of The Private Securities Litigation Reform Act of 1995.
These statements may be identified by such forward-looking terminology as &#147;expect,&#148; &#147;estimate,&#148; &#147;plan,&#148; &#147;intend,&#148; &#147;believe,&#148; &#147;anticipate,&#148; &#147;may,&#148; &#147;will,&#148;
&#147;should,&#148; &#147;could,&#148; &#147;continue,&#148; &#147;project,&#148; or similar statements or variations of such terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Company&#146;s forward-looking statements are based on a series of expectations, assumptions and projections about the Company, are not guarantees of future results or performance, and involve substantial risks and uncertainty, including assumptions
and projections concerning the Company&#146;s assets under management, cash inflows and outflows, operating cash flows, its ability to expand distribution and product offerings, and future credit facilities, for all forward periods. The Company can
give no assurance that such expectations or forward-looking statements will prove to be correct. Actual results may differ materially. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s business and its forward-looking statements involve substantial known and unknown risks and uncertainties, including those
discussed under &#147;Risk Factors,&#148; and &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; in its 2015 Annual Report on Form 10-K, as well as the following risks and uncertainties:
(a)&nbsp;any reduction in its assets under management; (b)&nbsp;the withdrawal, renegotiation or termination of investment advisory agreements; (c)&nbsp;damage to its reputation; (d)&nbsp;failure to comply with investment guidelines or other
contractual requirements; (e)&nbsp;the inability to attract and retain key personnel; (f)&nbsp;the competition the Company faces in its business; (g)&nbsp;adverse regulatory and legal developments; (h)&nbsp;unfavorable changes in tax laws or
limitations; (i)&nbsp;adverse developments, or changes in its relationships with unaffiliated subadvisers; (j)&nbsp;changes in </P>
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key distribution relationships; (k)&nbsp;interruptions in service or failure to provide service by third-party service providers; (l)&nbsp;volatility associated with its common stock;
(m)&nbsp;civil litigation and government investigations or proceedings; (n)&nbsp;the risk of capital loss associated with its investments; (o)&nbsp;the inability to make quarterly distributions; (p)&nbsp;the lack of availability of required and
necessary capital on satisfactory terms; (q)&nbsp;liabilities and losses not covered by insurance; (r)&nbsp;the inability to satisfy financial covenants under its existing debt agreement and committed debt financing; (s)&nbsp;the inability to secure
required consents, including the approval of shareholders of the RidgeWorth funds and other clients; (t)&nbsp;the inability to successfully close the acquisition and integrate the acquired business, and other risks and uncertainties described in the
Company&#146;s 2015 Annual Report on Form 10-K or in any of its filings with the Securities and Exchange Commission (&#147;<U>SEC</U>&#148;) and (u)&nbsp;the ability to achieve expected financial benefits and synergies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain other factors which may impact the Company&#146;s continuing operations, prospects, financial results and liquidity or which may cause
actual results to differ from such forward-looking statements are discussed or included in the Company&#146;s periodic reports filed with the SEC and are available on the Company&#146;s website at www.virtus.com under &#147;Investor Relations.&#148;
Statements in this document should be carefully considered in light of all such factors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company does not undertake or plan to update
or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date hereof, even if such results, changes or circumstances make it clear
that any forward-looking information will not be realized. If there are any future public statements or disclosures by the Company which modify or impact any of the forward-looking statements contained in or accompanying this document, such
statements or disclosures will be deemed to modify or supersede such statements herein. </P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD></TD>
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<TD WIDTH="89%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:9pt">
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">&nbsp;&nbsp;2.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Agreement and Plan of Merger, dated as of December 16, 2016, among Virtus Investment Partners, Inc., 100 Pearl Street 2, LLC, Lightyear Fund III AIV-2, L.P. and RidgeWorth Holdings&nbsp;LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Commitment Letter, dated as of December 16, 2016, among Barclays Bank PLC, Morgan Stanley Senior Funding, Inc. and Virtus Investment Partners, Inc.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">VIRTUS INVESTMENT PARTNERS, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Date: December 22, 2016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><B></B>/s/ Michael A. Angerthal<B></B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B></B>Michael A. Angerthal<B></B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="91%"></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">&nbsp;&nbsp;2.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Agreement and Plan of Merger, dated as of December 16, 2016, among Virtus Investment Partners, Inc., 100 Pearl Street 2, LLC, Lightyear Fund III AIV-2, L.P. and RidgeWorth Holdings LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Commitment Letter, dated as of December 16, 2016, among Barclays Bank PLC, Morgan Stanley Senior Funding, Inc. and Virtus Investment Partners, Inc.</TD></TR>
</TABLE>
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<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>d289948dex21.htm
<DESCRIPTION>EX-2.1
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<TITLE>EX-2.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 2.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXECUTION VERSION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT AND PLAN OF MERGER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>dated as of </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>December&nbsp;16, 2016 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>among </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VIRTUS
INVESTMENT PARTNERS, INC., </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>100 PEARL STREET 2, LLC, </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LIGHTYEAR FUND III <FONT STYLE="white-space:nowrap">AIV-2,</FONT> L.P., </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RIDGEWORTH
HOLDINGS LLC </B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TABLE OF CONTENTS </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="86%"></TD>
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<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>P<SMALL>AGE</SMALL></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 1</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">DEFINITIONS</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Definitions</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Other Definitional and Interpretative Provisions</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 2</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">MERGER</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Management Rollover</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>The Merger</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Estimated Closing Statement</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Closing</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Surrender and Payment</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Post-Closing Purchase Price Adjustment</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Post-Closing <FONT STYLE="white-space:nowrap">True-Up</FONT></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Withholding</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 3</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">REPRESENTATIONS AND WARRANTIES OF THE COMPANY</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Existence and Power</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Authorization</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Governmental Authorizations</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Noncontravention</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Capitalization</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Subsidiaries</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Financial Statements</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Absence of Certain Changes</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>No Undisclosed Material Liabilities</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Material Contracts</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Litigation; Orders</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Compliance with Laws; Permits</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Registrations of the Company Entities and Employees</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Investment Advisory Activities</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>ERISA</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Employee Benefit Plans</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Labor Matters</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.18.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Taxes</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.19.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Properties</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.20.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Intellectual Property</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.21.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Insurance</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.22.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Environmental Matters</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.23.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Finders&#146; Fees</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.24.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Affiliate Transactions</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.25.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Existing Indemnification</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.26.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>No Other Representations and Warranties</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="88%"></TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 4</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">REPRESENTATIONS AND WARRANTIES OF THE SELLER REPRESENTATIVE</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Existence and Power</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Authorization</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Noncontravention</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>No Other Representations and Warranties</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 5</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">REPRESENTATIONS AND WARRANTIES OF THE BUYER</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Existence and Power</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Authorization</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Governmental Authorizations</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Noncontravention</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Litigation; Orders</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Certain Regulatory Matters</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Financing</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Solvency</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Purchase for Investment</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Finders&#146; Fees</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Inspections; No Other Representations and Warranties</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 6</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">COVENANTS OF THE BUYER, MERGER SUB AND THE COMPANY</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Section&nbsp;6.01.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Conduct of Business</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">55</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Section&nbsp;6.02.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Reasonable Best Efforts; Further Assurances</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B></B><B>&nbsp;</B></TD>
<TD VALIGN="top" ALIGN="center"><B></B>58<B></B></TD>
<TD NOWRAP VALIGN="top"><B></B><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Client Consents</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Section&nbsp;15(f) of the Investment Company Act</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Access to Information</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Notices of Certain Events</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Public Announcements</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>No Negotiations</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Directors&#146; and Officers&#146; Indemnification</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Form ADVs</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Debt Financing</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Notification of Employee Resignations</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Affiliate Agreements</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 7</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">TAX MATTERS</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Tax Returns</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Assistance and Cooperation</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Post-Closing Actions</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Transfer Taxes</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Section&nbsp;754 Election</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Allocation of Purchase Price&nbsp;&nbsp;&nbsp;&nbsp;</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Straddle Periods</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Tax Refunds</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Buyer Covenants</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 8</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">EMPLOYEE MATTERS</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Maintenance of Compensation and Benefits</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Company Employee Plans</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Buyer Employee Plans</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>401(k) Plan</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>2016 Annual Bonuses</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>2017 Annual Bonuses</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>No Third-Party Beneficiaries</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 9</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">CONDITIONS TO CLOSING</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Conditions to Obligations of the Buyer, Merger Sub and the Company</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Conditions to Obligations of the Buyer and Merger Sub</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Conditions to Obligations of the Company</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Frustration of Conditions</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 10</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">TERMINATION</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Grounds for Termination</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Effect of Termination</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 11</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">SELLER REPRESENTATIVE</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Authorization of Seller Representative</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 12</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">SURVIVAL AND INDEMNIFICATION</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Survival</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Indemnification of the Buyer Indemnified Persons</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Indemnification of the Seller Indemnified Persons</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Third-Party Claim Procedures</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Direct Claim Procedures</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Escrow Procedures</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Calculation of Damages</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Materiality</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Exclusive Remedy</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Purchase Price Adjustment</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">ARTICLE 13</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="6" ALIGN="center">MISCELLANEOUS</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.01.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Notices&nbsp;&nbsp;</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>


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<TR>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.02.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Amendments and Waivers</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.03.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Expenses</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.04.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Successors and Assigns</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.05.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Governing Law</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.06.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Arbitration</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.07.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Jurisdiction</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.08.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>WAIVER OF JURY TRIAL</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.09.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Counterparts; Effectiveness; Third-Party Beneficiaries</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.10.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Entire Agreement</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.11.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Severability</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.12.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Company Disclosure Schedule</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.13.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Waiver of Conflicts; Attorney-Client Privilege</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.14.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Specific Performance</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.15.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Release of Claims</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.16.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>No Recourse</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.17.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Debt Financing Sources</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U>Schedules</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;A</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Illustrative Closing Working Capital Calculation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;B</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of Escrow Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;C</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Proceeds Allocation Methodology</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;D</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of Letter of Transmittal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule&nbsp;E</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form of Agreement and Plan of Reorganization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Schedule F</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Illustrative Other Specified Closing Liabilities Statement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iv </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT AND PLAN OF MERGER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">AGREEMENT AND PLAN OF MERGER (this &#147;<B>Agreement</B>&#148;) dated as of December&nbsp;16, 2016 among Virtus Investment Partners, Inc., a
Delaware corporation (the &#147;<B>Buyer</B>&#148;), 100 Pearl Street 2, LLC, a Delaware limited liability company and wholly owned Subsidiary of the Buyer (&#147;<B>Merger Sub</B>&#148;), Lightyear Fund III
<FONT STYLE="white-space:nowrap">AIV-2,</FONT> L.P., a Delaware limited partnership (&#147;<B>Seller Representative</B>&#148;), solely in its capacity as the Seller Representative hereunder, and RidgeWorth Holdings LLC, a Delaware limited liability
company (the &#147;<B>Company</B>&#148;). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>W I T N E S S E T H : </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto desire to enter into a transaction pursuant to which the Buyer will acquire 100% of the issued and outstanding
limited liability company interests of the Company (the &#147;<B>Company Equity Interests</B>&#148;) (other than the Rollover Company Equity Interests (as defined below)) pursuant to a merger of Merger Sub with and into the Company, in each case
upon the terms and subject to the conditions hereinafter set forth; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, concurrently with the execution and delivery of this
Agreement, certain Sellers who are current members of management of the Company Entities (each, a &#147;<B>Rollover Member</B>&#148;) are each entering into (or will execute prior to Closing) a Rollover Agreement (each, a &#147;<B>Rollover
Agreement</B>&#148;) with the Buyer, pursuant to which, immediately prior to the consummation of the transactions contemplated hereby, such Rollover Member will, upon the terms and subject to the conditions set forth in such Rollover Agreement,
exchange a portion of such Rollover Member&#146;s Company Equity Interests (such Company Equity Interests, &#147;<B>Rollover Company Equity Interests</B>&#148;) for the consideration provided in such Rollover Agreement (collectively, the
&#147;<B>Management Rollover</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, the parties hereto agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 1 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DEFINITIONS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01. <I>Definitions</I>. (a)&nbsp;As used herein, the following terms have the following meanings: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Accounting Principles</B>&#148; means the same accounting principles, practices, procedures, policies and methods (with consistent
classifications, judgments, elections, inclusions, exclusions and valuation and estimation methodologies) used and applied in the preparation of the Balance Sheet and the illustrative calculation of Closing Working Capital set forth on
<U>Schedule</U><U></U><U>&nbsp;A</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Adjusted Closing Revenue Run Rate</B>&#148; means an amount equal to the sum of
(i)&nbsp;the Late Consent Revenue Run Rate <I>plus</I> (ii)&nbsp;the Final Closing Revenue Run Rate; <I>provided,</I> that, solely for purposes of calculating the Final Closing Revenue Run Rate under this clause&nbsp;(ii), the AUM of Consenting
Clients shall be (A)&nbsp;decreased by any amounts added to AUM in the calculation of Final Closing Revenue Run Rate in respect of written notices of intent to fund, to the extent such funding was not actually effected on or prior to the <FONT
STYLE="white-space:nowrap">True-Up</FONT> Date, (B)&nbsp;increased by any amounts deducted from AUM in the calculation of Final Closing Revenue Run Rate in respect of written requests for withdrawals or redemptions to the extent such requested
withdrawals or redemptions were not actually effected on or prior to the <FONT STYLE="white-space:nowrap">True-Up</FONT> Date, and (C)&nbsp;increased by any amounts deducted from AUM in the calculation of Closing Revenue Run Rate in respect of
written requests for termination, to the extent such requested terminations were revoked on or prior to the <FONT STYLE="white-space:nowrap">True-Up</FONT> Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Advisory Contract</B>&#148; means each contract pursuant to which any of the Company Entities renders Investment Services to a Client
(including any <FONT STYLE="white-space:nowrap">sub-advisory</FONT> agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Affiliate</B>&#148; means, with respect to any
Person, any other Person directly or indirectly controlling, controlled by or under common control with such Person, including, with respect to the Buyer, from and after the Closing, the Company Entities; <I>provided</I>, that (i)&nbsp;no Company
Entity shall be considered an Affiliate of any Seller, (ii)&nbsp;no Client shall be considered an Affiliate of the Buyer, any Seller or any Company Entity, (iii)&nbsp;no Person in which any Company Entity has made a CLO Investment (including, for
the avoidance of doubt, the Risk Retention Vehicles) shall be considered an Affiliate of any Seller or any Company Entity and (iv)&nbsp;Zevenbergen Capital Investments LLC, a Washington limited liability company (&#147;<B>ZCI</B>&#148;), shall not
be considered an Affiliate of any Seller or any Company Entity. For purposes of this definition, &#147;control&#148; when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise, and the terms &#147;controlling&#148; and &#147;controlled&#148; have correlative meanings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Aggregate Rollover Amount</B>&#148; means the aggregate amount of all Rollover Members&#146; Rollover Amounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Applicable Law</B>&#148; means, with respect to any Person, any foreign, federal, state or local law, code, rule, official
administrative interpretation, regulation, injunction, judgment, order, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by any Governmental Authority that is binding upon or applicable to such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Applicable Measurement Date</B>&#148; means, (i)&nbsp;for purposes of calculating the Closing Revenue Run Rate (A)&nbsp;prior to the
Closing (including for purposes of Sections 2.03 and 9.01(c)), the Closing Measurement Date and (B)&nbsp;after the Closing (including for purposes of Sections 2.06 and 2.07), the Closing Date and (ii)&nbsp;for purposes of calculating the Late
Consent Revenue Run Rate (including for purposes of Section&nbsp;2.07), the Closing Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>AUM</B>&#148; as of any date means the sum, for all Client accounts in question as of
such date, of the amount of assets for each such account with respect to which any of the Company Entities provides Investment Services as of such date, calculated in the same manner as provided for the calculation of base fees under the applicable
Advisory Contract (or, in the event an Advisory Contract provides for the calculation of fees based on custodial asset statements and such a statement is not available for such AUM calculation date, calculated in the same manner as the applicable
Company Entity calculates the amount of clients assets in the ordinary course of business); <I>provided</I>, that (i)&nbsp;for purposes of calculating the Closing Revenue Run Rate or Late Consent Revenue Run Rate, as applicable, with respect to the
following events occurring between the Base Date and the Applicable Measurement Date, AUM as of the Base Date shall: (A)&nbsp;be increased by the amount of any new accounts (including accounts of new Clients) and additions to existing accounts, in
each case, to the extent actually funded, or in respect of which a written notice of intent to fund has been received and not revoked, by the Applicable Measurement Date, (B)&nbsp;be decreased by the amounts of withdrawals or redemptions to the
extent actually effected, or in respect of which a written request for withdrawal or redemption has been received and not revoked, by the Applicable Measurement Date, (C)&nbsp;be decreased by the portion of any account that has been terminated to
the extent actually effected, or in respect of which a written request of termination has been received and not revoked, by the Applicable Measurement Date and (D)&nbsp;exclude any increase or decrease in assets under management resulting from
market appreciation or depreciation or currency fluctuations from and after the Base Date (or, if later, the date (1)&nbsp;of the funding of a new account of a Client that became a Client following the date of this Agreement with respect to the
assets then funded or (2)&nbsp;of an addition of assets to an existing account with respect to the assets then funded, in either case, prior to the Applicable Measurement Date), which exclusion may involve, for the avoidance of doubt, adjusting the
amount of any total or partial redemption of assets from an account to exclude the effect of any market appreciation or depreciation or currency fluctuations on such assets from and after the Base Date; and (ii)&nbsp;any assets under management
invested by one Client in another Client shall be counted only once if any Company Entity or Company Entities acts as investment adviser to both, except to the extent that an investment management fee is payable in respect of each such Client. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Balance Sheet</B>&#148; means the unaudited consolidated balance sheet of the Company Entities as of September&nbsp;30, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Balance Sheet Date</B>&#148; means September&nbsp;30, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Base Date</B>&#148; means November&nbsp;30, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Base Purchase Price</B>&#148; means $472,000,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Base Revenue Run Rate</B>&#148; means $129,734,668, which represents the aggregate Revenue Run Rate for all Clients as of the Base
Date. Section&nbsp;1.01(a)(i) of the Company Disclosure Schedule (the &#147;<B>Base Revenue Run Rate Schedule</B>&#148;) sets forth the calculation of the Base Revenue Run Rate calculated in accordance with the terms hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Business Day</B>&#148; means a day, other than Saturday, Sunday or other day on which
commercial banks in New York, New York are authorized or required by Applicable Law to close. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>CFTC</B>&#148; means the Commodity
Futures Trading Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Client</B>&#148; means each Person to whom any of the Company Entities provides Investment Services.
For the avoidance of doubt, where any of the Company Entities provides investment research or model portfolios to a third-party investment adviser, broker-dealer or other financial institution, which in turn uses such research or model portfolios to
provide investment advice or other services to its own customers or clients (such as pursuant to a &#147;UMA&#148; program), and (i)&nbsp;the investment research has not been, or model portfolios have not been, tailored by any of the Company
Entities to the circumstances of any specific such customer or client and (ii)&nbsp;there is no Advisory Contract between any of the Company Entities and such customer or client, then, for all purposes under this Agreement, only such investment
adviser, broker-dealer or other financial institution, and no such customer or client, shall be deemed a Client. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>CLO
Investment</B>&#148; means (i)&nbsp;an investment in a collateralized loan obligation, risk retention vehicle (including, for the avoidance of doubt, the Risk Retention Vehicles) or other similar or related investment or (ii)&nbsp;a loan held for
seasoning in connection with any of the foregoing investments that is acquired by a Company Entity after the date hereof in accordance with Section 6.01(f). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><FONT STYLE="white-space:nowrap">Closed-End</FONT> Private Fund</B>&#148; means each Sponsored Private Fund that is not an <FONT
STYLE="white-space:nowrap">Open-End</FONT> Private Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Closing 2016 Bonus Liability</B>&#148; means the aggregate amount of
the liability of the Company Entities immediately prior to Closing, without duplication, for accrued and unpaid bonus and commission amounts payable to the employees of any Company Entity for the 2016 calendar year or any prior periods pursuant to
the Company LLC Agreement or any other applicable bonus or commission plan of any of the Company Entities or employment agreement to which any of the Company Entities is party, calculated in accordance with the applicable provisions of the Company
LLC Agreement or such plan or agreement, consistent with past practice, and the Accounting Principles and calculated in accordance with Section 6.01(h) of the Company Disclosure Schedule. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Closing 2017 Bonus Liability</B>&#148; means the aggregate amount of the liability of the Company Entities immediately prior to
Closing, without duplication, for accrued and unpaid bonus and commission amounts payable to the employees of any Company Entity for the portion of the 2017 calendar year prior to the Closing Date pursuant to the Company LLC Agreement or any other
applicable bonus or commission plan of any of the Company Entities or employment agreement to which any of the Company Entities is party, calculated in accordance with the applicable provisions of the Company LLC Agreement or such plan or agreement,
consistent with past practice, and the Accounting Principles and calculated in accordance with Section 6.01(h) of the Company Disclosure Schedule. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Closing Bonus Liability</B>&#148; means the Closing 2016 Bonus Liability and the Closing
2017 Bonus Liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Closing Cash</B>&#148; means the aggregate amount of all cash and cash equivalents (including
(x)&nbsp;marketable securities to the extent constituting cash equivalents and having a term of less than 90 days and (y)&nbsp;seed capital investments in Sponsored Registered Funds in the form of a class of shares of such funds and in an amount not
to exceed the value of such investments as of the date hereof <I>plus</I> the value of such investments permitted to be made after the date hereof pursuant to Section&nbsp;6.01) held by the Company Entities immediately prior to the Closing. Closing
Cash shall include checks, ACH transactions and other wire transfers and drafts deposited for the account of any Company Entity but shall be reduced by the amount of any outstanding but uncashed or uncleared outbound checks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Closing Cash Adjustment</B>&#148; means, whether positive or negative, (i)&nbsp;Closing Cash, <I>minus</I> (ii)&nbsp;the Closing
Bonus Liability, <I>minus</I> (iii)&nbsp;the Closing Transaction Expenses, <I>minus</I> (iv)&nbsp;the Other Specified Closing Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Closing CLO Investment Value</B>&#148; means an amount equal to the aggregate net asset value of all CLO Investments of the Company
Entities as of immediately prior to the Closing (including, for the avoidance of doubt, the value of the investments of the Company Entities in the Mountain View XI CLO, if the Company Entities&#146; subscription or commitment to invest in the
Mountain View XI CLO is funded prior to the Closing), (i) in the case of CLO Investments of the types referred to in clause (i)&nbsp;of the definition of such term, at the average mark of the net asset value thereof as of the end of the most recent
practicable date prior to Closing (but in no event more than three (3)&nbsp;Business Days prior to the Closing), based solely on the marks thereof provided to the Company Entities by Morgan Stanley, Citigroup Inc. and Bank of America Corporation (or
their applicable Affiliates) and (ii)&nbsp;in the case of CLO Investments of the types referred to in clause (ii)&nbsp;of the definition of such term, at the average mark of the net asset value thereof as of the end of the most recent practicable
date prior to Closing (but in no event more than three (3)&nbsp;Business Days prior to the Closing) based solely on the marks thereof provided to the Company Entities by Morgan Stanley, Citigroup Inc. and Bank of America Corporation (or their
applicable Affiliates). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Closing Date</B>&#148; means the date of the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Closing Indebtedness</B>&#148; means the aggregate amount of all obligations (including (i)&nbsp;in respect of outstanding principal
and accrued and unpaid interest, (ii)&nbsp;premium thereon and (iii)&nbsp;any prepayment penalties, breakage costs, fees or expenses arising as a result of the discharge of such amount owed) of the Company Entities immediately prior to the Closing,
without duplication, in respect of (A)&nbsp;indebtedness for borrowed money, (B)&nbsp;indebtedness evidenced by bonds, notes, debentures or other similar instruments (including, for the avoidance of doubt, the Promissory Notes (as defined in the
Company Disclosure Schedule)), (C) capitalized lease obligations, (D)&nbsp;obligations of any Company Entity relating to letters of credit, bankers&#146; acceptances, surety or other bonds, to the extent drawn and required to be reimbursed,
(E)&nbsp;payments </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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required to terminate all interest rate and currency swaps, caps, collars and similar hedging agreements which are required to be terminated in connection with the transactions contemplated
hereby, (F)&nbsp;the reasonably determined present value of any earnouts, deferred or contingent purchase prices and (G)&nbsp;any indebtedness or other obligations of the types described in the preceding clauses (A)&nbsp;through (F) guaranteed by
any Company Entity; <I>provided</I>, that, for the avoidance of doubt, &#147;Closing Indebtedness&#148; shall not include any obligations solely between or among the Company Entities or any amounts with respect to or included in the Closing Bonus
Liability, Closing Working Capital, Closing CLO Investment Value, Unfunded CLO Commitments, Other Specified Closing Liabilities, Closing Transaction Expenses or Severance Costs). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Closing Measurement Date</B>&#148; means the fifth Business Day prior to the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Closing Revenue Run Rate</B>&#148; means the Revenue Run Rate for all Consenting Clients as of the Applicable Measurement Date;
<I>provided</I>, that the applicable AUM of each Consenting Client shall be the AUM of such Client as of the Base Date as set forth in the Base Revenue Run Rate Schedule (or if such Client first became a Client after the Base Date, the AUM of such
Client as of the date on which such Client first became a Client) and adjusted as specified in the definition of &#147;AUM.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Closing Revenue Run Rate Adjustment</B>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) if the Closing Revenue Run Rate is equal to or greater than $120,004,568, zero; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) if the Closing Revenue Run Rate is less than $120,004,568, then (1) (x) $120,004,568 <I>minus </I>(y)&nbsp;the Closing Revenue Run Rate,
<I>multiplied by</I> (2) 1.25, <I>multiplied by</I> (3)&nbsp;the quotient of (x)&nbsp;the Base Purchase Price, <I>divided by</I> (y)&nbsp;the Base Revenue Run Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Closing Transaction Expenses</B>&#148; means (i)&nbsp;the aggregate amount of any <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> legal, accounting, financial advisory and other advisory, data room, transaction or consulting fees and expenses incurred by the Company Entities prior to the Closing in connection with the
transactions contemplated by this Agreement (other than those referred to in the following clause (ii)) that are unpaid as of the Closing, whether payable prior to, at or after the Closing (including, for the avoidance of doubt, any fees,
liabilities or expenses payable or that become payable in connection with the transaction contemplated hereby under the Services Agreement, dated as of May&nbsp;30, 2014, by and among RidgeWorth Capital Management, LLC, the Company and Lightyear
Capital LLC), (ii) 50% of the aggregate amount of any reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees and expenses incurred by the Company Entities or the Buyer prior to
the Closing (including, for the avoidance of doubt, 50% of the aggregate amount of any reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred by the Sponsored
Registered Funds or the VF Series prior to the Closing that are reimbursable by the Company Entities or the Buyer) in connection with seeking and obtaining Client Consents in accordance with Section&nbsp;6.03 (including Fund Reorganization Proxy
Statement/Prospectus preparation </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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and mailing, solicitation expenses, any applicable fund liquidation costs and reasonable and documented
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> legal expenses, but excluding the costs of the formation and registration of each VF Series), in each case in this clause (ii)&nbsp;that are unpaid as of
the Closing, (iii)&nbsp;the cost of obtaining and maintaining any D&amp;O Tail Policy pursuant to Section 6.09(d) and (iv) 50% of the aggregate amount of any filing fees incurred in connection with making the filings contemplated by Section 6.02(b);
<I>provided</I>, that, for the avoidance of doubt, &#147;Closing Transaction Expenses&#148; shall not include any amounts with respect to or included in Closing Bonus Liability, Closing Indebtedness, Closing Working Capital, Closing CLO Investment
Value, Other Specified Closing Liabilities, Unfunded CLO Commitments or Severance Costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Closing Working Capital</B>&#148; means
(i)&nbsp;the sum of the amount of all current assets of the Company Entities (excluding Closing Cash) immediately prior to the Closing, <I>minus</I> (ii)&nbsp;the sum of the amount of all current liabilities of the Company Entities (excluding the
Closing Bonus Liability and Closing Transaction Expenses) immediately prior to the Closing, in each case (A)&nbsp;determined in accordance with the Accounting Principles and (B)&nbsp;solely reflecting the categories and line items of current assets
and current liabilities included in the illustrative calculation of Closing Working Capital set forth on <U>Schedule</U><U></U><U>&nbsp;A</U>; <I>provided</I>, that, for the avoidance of doubt, &#147;Closing Working Capital&#148; shall not include
any amounts with respect to or included in Closing Indebtedness, Closing CLO Investment Value, Other Specified Closing Liabilities, Unfunded CLO Commitments or Severance Costs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Closing Working Capital Adjustment</B>&#148; means, whether positive or negative, (i)&nbsp;Closing Working Capital, <I>minus</I>
(ii)&nbsp;the Target Closing Working Capital. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Code</B>&#148; means the Internal Revenue Code of 1986. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Collective Trust Clients</B>&#148; means Clients that are (i)&nbsp;common trust funds excepted from the definition of
&#147;investment company&#148; under the Investment Company Act pursuant to Section&nbsp;3(c)(3) of the Investment Company Act or (ii)&nbsp;collective investment funds excepted from the definition of &#147;investment company&#148; under the
Investment Company Act pursuant to Section&nbsp;3(c)(11) of the Investment Company Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Company Disclosure Schedule</B>&#148;
means the schedule delivered by the Company to the Buyer and Merger Sub on the date hereof setting forth, among other things, items the disclosure of which is necessary or appropriate either in response to an express disclosure requirement contained
in a provision hereof or as an exception to one or more of the representations and warranties contained in Article 3 or 4 or to one or more of the covenants contained in Article 6. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Company Entities</B>&#148; means, collectively, the Company and its Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Company Intellectual Property Rights</B>&#148; means all Intellectual Property Rights owned by any of the Company Entities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Company LLC Agreement</B>&#148; means the Amended and Restated Limited Liability Company
Agreement of the Company dated as of May&nbsp;30, 2014 by and among the Company and its members. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Confidentiality
Agreement</B>&#148; means the letter agreement dated as of August&nbsp;17, 2016 between the Buyer and the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Consenting
Client</B>&#148; means: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) for the Sponsored Registered Funds (other than in the circumstances described in Section 6.03(a)(ii)), each
Sponsored Registered Fund in respect of which Board Approval and, except as otherwise provided in Section&nbsp;6.03, Shareholder Approval of the respective Fund Reorganization have been obtained; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) for any Sponsored Registered Funds described in Section 6.03(a)(ii) and for the Registered Funds that are not Sponsored Funds, each such
Sponsored Registered Fund or Registered Fund in respect of which both Board Approval and, except as otherwise provided in Section 6.03(a)(ii), Shareholder Approval have been obtained so as to effect the approval of a New Registered Fund Advisory
Contract(s) in respect of such Sponsored Registered Fund or Registered Fund (on terms and conditions that, taken as a whole, are substantially the same as, or no less favorable in any material respect to the Company Entities than, those of the
existing Advisory Contract(s) in effect on the date hereof in respect of such Sponsored Fund or Registered Fund); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) for Clients
other than Registered Funds, each such Client that has provided a Client Consent (including, for the avoidance of doubt, a Client Consent provided pursuant to the second sentence in Section 6.03(b)(ii), or in Section 6.03(b)(iii), or pursuant to
Section 6.03(b)(v) or Section 6.03(b)(vi)) consenting (or who is not required under Applicable Law or the applicable Advisory Contract to consent) to the deemed assignment of the applicable Advisory Contract (on terms and conditions that are, taken
as a whole, substantially the same as, or no less favorable in any material respect to, the Company Entities than those of the existing Advisory Contract(s) with respect to such Client in effect on the date of this Agreement) in connection with the
change of control of the applicable Company Entity contemplated by this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Debt Financing Source</B>&#148; means Lender
and each other Person (including each agent and arranger but excluding Buyer, the Company and their respective Affiliates) that has committed to provide or otherwise entered into agreements in connection with the Debt Financing or the Alternative
Financing, including any commitment letters, engagement letters, credit agreements, loan agreements or indentures relating thereto, together with each former, current and future Affiliate thereof and each former, current and future officer,
director, employee, partner, controlling person, advisor, attorney, agent and representative of Lender, other Person or Affiliate or the heirs, executors, successors and assigns of any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Direct Client</B>&#148; means a Client that is not a Registered Fund or a Private Fund. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Distribution Agreement</B>&#148; means any contract or agreement related to the
distribution, marketing or sales of shares or units of any Sponsored Fund, including any principal underwriting agreement with any Sponsored Fund, any agreement for the payment of distribution expenses under Rule
<FONT STYLE="white-space:nowrap">12b-1</FONT> under the Investment Company Act, or any other agreement for the payment of marketing support or other distribution-related expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Employee Plan</B>&#148; means any (i) &#147;employee benefit plan&#148;, as defined in Section&nbsp;3(3) of ERISA and (ii)&nbsp;other
plan, agreement, program, policy, commitment, arrangement or practice, whether or not subject to ERISA oral or written, in each case, providing for compensation, bonuses, profit-sharing, stock option or other stock related rights or other forms of
incentive or deferred compensation, vacation benefits, insurance (including any self-insured arrangements), health or medical benefits, employee assistance program, disability or sick leave benefits, workers&#146; compensation, supplemental
unemployment benefits, severance benefits and post-employment or retirement benefits (including compensation, pension, health, medical or life insurance benefits and multiemployer plans within the meaning of Section&nbsp;3(37) of ERISA), including,
but not limited to, each retention, employment, consulting, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">change-of-control,</FONT></FONT> collective bargaining, employee loan, and other benefit plan, agreement, program, policy,
commitment, arrangement or practice, which covers any current or former employee, partner, consultant, officer or director of the Company Entities and either (x)&nbsp;is sponsored, maintained, administered, contributed to or required to be
contributed to by any of the Company Entities or (y)&nbsp;under which any Company Entity has any current or potential liability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Environmental Law</B>&#148; means any Applicable Law that has as its principal purpose the protection of the environment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>ERISA</B>&#148; means the Employee Retirement Income Security Act of 1974. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>ERISA Affiliate</B>&#148; mean each trade or business that is, or was at the relevant time, a member of a group described in Section
414(b), (c), (m) or (o)&nbsp;of the Code or Section 4001(b)(1) of ERISA that includes or included any of the Company Entities, or that is, or was at the relevant time, a member of the same &#147;controlled group&#148; as any of the Company Entities
pursuant to Section 4001(a)(14) of ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Escrow Agent</B>&#148; means JPMorgan Chase Bank, N.A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Escrow Agreement</B>&#148; means the agreement among the Buyer, the Seller Representative and the Escrow Agent in substantially the
form of <U>Schedule</U><U></U><U>&nbsp;B</U> hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Exchange Act</B>&#148; means the Securities Exchange Act of 1934. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Final Closing Revenue Run Rate</B>&#148; means the Closing Revenue Run Rate used to calculate the Final Purchase Price determined in
accordance with Section 2.06(f). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Final Closing Revenue Run Rate Adjustment</B>&#148; means the Closing Revenue Run Rate
Adjustment used to calculate the Final Purchase Price determined in accordance with Section 2.06(f). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Final Indemnity Escrow Release Date</B>&#148; means the
<FONT STYLE="white-space:nowrap">30-month</FONT> anniversary of the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Finder&#146;s Agreement</B>&#148; means any
contract or agreement for soliciting, distributing, selling or promoting advisory services by or to any of the Company Entities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>FINRA</B>&#148; means Financial Industry Regulatory Authority, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Fund Agreement</B>&#148; means, with respect to any Private Fund that is a limited partnership or limited liability company (or
substantial equivalent), the limited partnership agreement or limited liability company agreement (or substantial equivalent) pursuant to which any of the Company Entities acts as general partner or managing member (or the substantial equivalent).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Fund Board</B>&#148; means the board of directors or trustees, as the case may be, of each Registered Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Fund Services Agreement</B>&#148; means any contract or agreement to which a Company Entity is a party, other than an Advisory
Contract or Distribution Agreement, providing for payments by a Company Entity in connection with any Sponsored Fund, including custody agreements, <FONT STYLE="white-space:nowrap">sub-custody</FONT> agreements, administrative agreements, transfer
agency agreements, <FONT STYLE="white-space:nowrap">sub-transfer</FONT> agency agreements, shareholder servicing agreements, accounting agreements, administrative services agreements or other similar agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>GAAP</B>&#148; means generally accepted accounting principles in the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Governmental Authority</B>&#148; means any foreign or domestic, federal, state, or local, governmental, regulatory or administrative
authority, commission, department, court or agency, including any political subdivision thereof, including any Self-Regulatory Organization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>HSR Act</B>&#148; means the Hart-Scott-Rodino Antitrust Improvements Act of 1976. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Initial Indemnity Escrow Release Amount</B>&#148; means an amount equal to (A)&nbsp;the remaining balance of the Indemnity Escrow
Fund as of the Initial Indemnity Escrow Release Date, <I>minus</I> (B) $8,000,000, <I>minus</I> (C)&nbsp;the excess, if any, of (1)&nbsp;the aggregate amount of Damages relating to unresolved claims for indemnification pursuant to Section
12.02(a)(ii) specified in notices duly given in accordance with Section&nbsp;12.04 prior to the Initial Indemnity Escrow Release Date, over (2) $8,000,000, <I>minus</I> (D)&nbsp;the aggregate amount of Damages relating to unresolved claims for
indemnification pursuant to Section 12.02(a)(i) specified in notices duly given in accordance with Section&nbsp;12.04 prior to the Initial Indemnity Escrow Release Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Initial Indemnity Escrow Release Date</B>&#148; means the <FONT STYLE="white-space:nowrap">15-month</FONT> anniversary of the Closing
Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Intellectual Property Right</B>&#148; means any trademark, service mark, trade name,
mask work, invention, patent, trade secret, copyright, <FONT STYLE="white-space:nowrap">know-how</FONT> (including any registrations or applications for registration of any of the foregoing) or any other similar type of proprietary intellectual
property right. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Investment Advisers Act</B>&#148; means the Investment Advisers Act of 1940. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Investment Company Act</B>&#148; means the Investment Company Act of 1940. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Investment Services</B>&#148; means any investment advisory or investment management services (including <FONT
STYLE="white-space:nowrap">sub-investment</FONT> advisory and <FONT STYLE="white-space:nowrap">sub-investment</FONT> management services and the provision of model portfolios) or other related services, including (i)&nbsp;the management of an
investment account or fund (or portions thereof or a group of investment accounts or funds) or (ii)&nbsp;the giving of advice with respect to the investment or reinvestment of assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>IRS</B>&#148; means the Internal Revenue Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>knowledge of the Buyer</B>&#148;, &#147;<B>Buyer&#146;s knowledge</B>&#148; or any other similar knowledge qualification in this
Agreement means to the actual knowledge of George Aylward, Michael Angerthal, Mark Flynn, Henry Hardaway or Nancy Enberg. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>knowledge of the Company</B>&#148;, &#147;<B>Company</B><B>&#146;</B><B>s knowledge</B>&#148; or any other similar knowledge
qualification in this Agreement means to the actual knowledge of any of the individuals set forth on Section&nbsp;1.01(a)(ii) of the Company Disclosure Schedule. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Late Consent Revenue Run Rate</B>&#148; means the Revenue Run Rate as of the Closing Date for all Late Consenting Clients;
<I>provided</I>, that the applicable AUM of each Late Consenting Client shall be the AUM of such Client as of the Base Date as set forth in the Base Revenue Run Rate Schedule (or if such Client first became a Client after the Base Date, the AUM of
such Client as of the date on which such Client first became a Client) and adjusted as specified in the definition of &#147;AUM&#148;; <I>provided, further,</I> that (x)&nbsp;AUM shall only be increased pursuant to clause (i)(A) of the definition of
&#147;AUM&#148; by amounts of new accounts and additions to existing accounts in respect of which a written notice of intent to fund has been received and not revoked by the Closing Date to the extent such amounts have actually been funded during
the <FONT STYLE="white-space:nowrap">True-Up</FONT> Period, (y)&nbsp;AUM shall only be decreased pursuant to clause (i)(B) of the definition of &#147;AUM&#148; by amounts of withdrawals or redemptions in respect of which a written request therefor
has been received by the Closing Date and not revoked during the <FONT STYLE="white-space:nowrap">True-Up</FONT> Period and (z)&nbsp;AUM shall only be decreased pursuant to clause (i)(C) of the definition of &#147;AUM&#148; by amounts of
terminations in respect of which a written request therefor has been received by the Closing Date and not revoked during the <FONT STYLE="white-space:nowrap">True-Up</FONT> Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Late Consenting Client</B>&#148; means each Client that (i)&nbsp;has provided a Client Consent consenting to the deemed assignment of
the applicable Advisory Contract in connection with the change of control of the applicable Company Entity contemplated by this Agreement during the <FONT STYLE="white-space:nowrap">True-Up</FONT> Period or (ii)&nbsp;as of the <FONT
STYLE="white-space:nowrap">True-Up</FONT> Date, has not provided a Client Consent consenting to the deemed assignment of the applicable </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Advisory Contract in connection with the change of control of the applicable Company Entity contemplated by this Agreement, but that has not, prior to the
<FONT STYLE="white-space:nowrap">True-Up</FONT> Date, terminated its Advisory Contract or submitted to a Company Entity (and not revoked) a written request for withdrawal or redemption. For the avoidance of doubt, no Consenting Client as of the
Closing Date shall be deemed to be a Late Consenting Client. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Lien</B>&#148; means, with respect to any property or asset, any
mortgage, lien, pledge, charge, security interest or encumbrance in respect of such property or asset. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Marketing
Period</B>&#148; means the period of fifteen (15)&nbsp;consecutive Business Days beginning on January&nbsp;3, 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Material
Adverse Effect</B>&#148; means a material adverse effect on the financial condition, assets, properties, business or results of operation of the Company Entities, taken as whole, excluding any effect resulting from (A)&nbsp;general economic,
political, social, regulatory, legal or tax conditions in the United States or any other country or region, including changes in financial, credit, securities, commodity, or currency markets (including changes in interest or exchange rates), (B) any
actual or threatened act of war, sabotage, cyber-attack or terrorism, or any hurricane, earthquake, tornado, flood or other natural disaster or &#147;act of God&#148;, (C) conditions generally affecting any industry in which the Company Entities
operate, (D)&nbsp;changes in GAAP or other applicable regulatory accounting requirements or the interpretation thereof, (E)&nbsp;changes in Applicable Law or the interpretation or enforcement thereof, (F)&nbsp;any failure by the Company Entities to
meet any internal or published budgets, projections, forecasts or predictions of financial performance for any period, or any reduction in assets under management or revenue <FONT STYLE="white-space:nowrap">run-rate</FONT> (it being understood that
any underlying facts giving rise or contributing to such failure or reduction that are not otherwise excluded from the definition of &#147;Material Adverse Effect&#148; may be taken into account in determining whether there has been a Material
Adverse Effect), (G) the announcement, pendency or consummation of the transactions contemplated hereby or the identity of the Buyer, including the effect of any of the foregoing on the relationships, contractual or otherwise, of the Company
Entities with Clients, employees, suppliers, vendors, service providers or Governmental Authorities (including the failure by the Company Entities to obtain any consents required from Clients in connection with the transactions contemplated hereby)
or (H)&nbsp;any action taken by the Company Entities (1)&nbsp;that is required or expressly contemplated hereunder or (2)&nbsp;at the express written request of the Buyer or any of its Affiliates, except, in the case of the foregoing clauses (A),
(B), (C), (D) or (E), to the extent the Company Entities, taken as a whole, are materially and disproportionately affected thereby relative to other participants in the industry or industries in which the Company Entities operate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Mountain View XI CLO</B>&#148; means Mountain View CLO XI Ltd., an exempted company incorporated in the Cayman Islands with limited
liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><FONT STYLE="white-space:nowrap">Open-End</FONT> Private Fund</B>&#148; means each Sponsored Private Fund whose
investors have or will have (i)&nbsp;the ability to redeem their investment in such fund prior to the Closing Date and (ii)&nbsp;been provided notice, at least 45 days prior to the last day on which such investors can request such redemption, of the
assignment or deemed assignment of the Advisory Contract applicable to such Private Fund resulting from the transactions contemplated hereby. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Other Specified Closing Liabilities</B>&#148; means (a)&nbsp;the aggregate amount of
liabilities of the Company Entities immediately prior to Closing, without duplication, referred to in the illustrative balance sheet of the Company Entities as of October&nbsp;31, 2016 set forth in Schedule F as &#147;Accrued KERP Plan&#148;,
&#147;Long-Term Equity Notes&#148;, &#147;Severance&#148;, &#147;Accrued Vacation&#148;, &#147;401k Profit Sharing Accrual&#148;, &#147;Lightyear Fee Accrual&#148;, &#147;Dead Deal Expenses&#148;, &#147;Accrued Annual Commissions&#148;,
&#147;Payables &#150; CLO&#148;, &#147;Transaction / Retention Bonuses&#148; and &#147;Accrued Bonus&#148;, in each case determined in accordance with the Accounting Principles, <I>plus </I>(b)&nbsp;any other
<FONT STYLE="white-space:nowrap">non-recurring</FONT> current liabilities accrued as of the Closing Date, in the case of each of clauses (a)&nbsp;and (b) that are not reflected in either (i)&nbsp;Closing Working Capital, (ii)&nbsp;Closing Bonus
Liability, (iii)&nbsp;Closing Transaction Expenses, (iv)&nbsp;Closing Indebtedness or (v)&nbsp;Unfunded CLO Commitment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Participation Agreement</B>&#148; means any agreement to which a Company Entity is a party relating to the use of any Sponsored Fund
in connection with any separate account or variable contract of any insurance company, or the payment of any amount in connection therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Person</B>&#148; means an individual, corporation, partnership, limited liability company, association, trust or other entity or
organization, including a Governmental Authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Post-Closing Tax Period</B>&#148; means any Tax period beginning after the
Closing Date and, with respect to a Straddle Period, the portion of such Tax period beginning after the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><FONT
STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Period</B>&#148; means any Tax period beginning on or after May&nbsp;31, 2014 and ending on or before the Closing Date, and, with respect to a Straddle Period, the portion of such Tax period ending
on the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Taxes</B>&#148; means (x)&nbsp;any and all Taxes (or
the <FONT STYLE="white-space:nowrap">non-payment</FONT> thereof) of the Company Entities, (y)&nbsp;liability for the payment of any and all Taxes of any other Person pursuant to a contractual agreement entered into by a Company Entity on or before
the Closing Date and (z)&nbsp;any and all Taxes of any member of an affiliated group or consolidated, combined or unitary group of which any of the Company Entities is or was a member on or prior to the Closing Date, in each case relating to a <FONT
STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Period, other than a transfer Tax described in Section&nbsp;7.04 of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Private Fund</B>&#148; means any pooled investment vehicle that is not registered under the Investment Company Act and that is a
Client of any of the Company Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Purchase Price</B>&#148; means an amount in cash equal to (i)&nbsp;the Base Purchase
Price, <I>plus</I> (ii)&nbsp;the Closing CLO Investment Value, <I>plus</I> (iii)&nbsp;the Closing Cash Adjustment (which may be a positive or negative number), <I>plus</I> (iv)&nbsp;the Closing Working Capital Adjustment (which may be a positive or
negative number), <I>minus</I> (v)&nbsp;Closing Indebtedness, <I>minus</I> (vi)&nbsp;the Closing Revenue Run Rate Adjustment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Registered Fund</B>&#148; means any investment vehicle that is registered under the
Investment Company Act and that is a Client of any of the Company Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Related Party</B>&#148; means, with respect to any
Person, any of such Person&#146;s former, current or future Affiliates, Representatives, controlling Persons, members, general or limited partners, other equityholders, successors or assignees (or any former, current or future Affiliates,
Representatives, controlling persons, members, general or limited partners, other equityholders, successors or assignees of any of the foregoing). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Representatives</B>&#148; means, with respect to any Person, collectively, the directors, officers, managers, employees, agents,
consultants, advisors and other representatives of such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Revenue Run Rate</B>&#148; means, as of any specified date, the
aggregate amount, without duplication, of all fees for Investment Services or similar fees for each account of each applicable Client payable to any of the Company Entities pursuant to the relevant Advisory Contracts (excluding performance-based,
incentive, contingent or similar fees, securities lending fees, transaction revenues and fund administration fees, if any), determined by multiplying (i)&nbsp;the AUM for each such account as of such date by (ii)&nbsp;the applicable fee rates on an
annualized basis (net of, without duplication, (A)&nbsp;any contractual expense caps, contractual fee waivers and, without duplication, any other expenses actually reimbursed or fees actually waived by the Company Entities with respect to such
account during the three (3)&nbsp;months prior to such date (including fee waivers as a result of appreciation or depreciation) (to the extent not repaid by such Client prior to such date), (B) for those accounts for which any Supplemental Payments
are based on a percentage of assets under management or a percentage of investment management or similar fees, the annual percentage of assets under management or such fees (calculated as a dollar amount and with such annual percentage being
determined as the weighted average of such percentage applied during the three (3)&nbsp;month period prior to such date) that are payable as such Supplemental Payments, and (C)&nbsp;any other Supplemental Payments paid with respect to such Client
during the three (3)&nbsp;months prior to such date) for all such fees for such account in effect on such date (for the avoidance of doubt, in the case of any Client that enters into a new Advisory Contract or amends its existing Advisory Contract
with any of the Company Entities in connection with the transactions contemplated hereby, with respect to the Closing Revenue Run Rate and Late Consent Revenue Run Rate calculations, the applicable annual fee rates shall be the rates under such new
or amended Advisory Contract including any new Advisory Contract), in each case calculated in accordance with the same principles, practices, procedures, policies and methods used and applied in the preparation of the Base Revenue Run Rate Schedule
and the calculation of Base Revenue Run Rate, in each case as of the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Risk Retention Vehicles</B>&#148; means Seix
CLO Cayman LP, Seix CLO Management LP and Seix CLO Management LLC. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Rollover Amount</B>&#148; means, with respect to each Rollover Member, the Rollover
Amounts (as defined in the Rollover Agreement) thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>SEC</B>&#148; means the Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Securities Act</B>&#148; means the Securities Act of 1933. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Securities Laws</B>&#148; means, collectively, the Securities Act, the Exchange Act, the Investment Advisers Act, the Investment
Company Act, and any other federal or state securities laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Self-Regulatory Organization</B>&#148; means any commission, board,
agency or body that is not a Governmental Authority but is charged with the supervision or regulation of member securities brokers or dealers, stock exchanges, commodities exchanges, insurance companies or agents, investment companies or investment
advisers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Seller</B>&#148; means each holder of Company Equity Interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Severance Costs</B>&#148; means all severance obligations paid or payable to officers, employees or other service providers of any of
the Company Entities in connection with such individual&#146;s termination of employment, other than a termination by the Company Entity prior to Closing that is not effected at the direction of the Buyer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Sponsored Fund</B>&#148; means a Registered Fund or a Private Fund, other than a <FONT STYLE="white-space:nowrap">Sub-Advised</FONT>
Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Sponsored Private Fund</B>&#148; means each Private Fund that is a Sponsored Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Sponsored Registered Fund</B>&#148; means each Registered Fund that is a Sponsored Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Straddle Period</B>&#148; means a Tax period that begins on or before the Closing Date and ends thereafter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><FONT STYLE="white-space:nowrap">Sub-Advised</FONT> Fund</B>&#148; means any Registered Fund or Private Fund that is not sponsored by
and was not organized or created by any of the Company Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><FONT STYLE="white-space:nowrap">Sub-Advised</FONT> Private
Fund</B>&#148; means each Private Fund that is a <FONT STYLE="white-space:nowrap">Sub-Advised</FONT> Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Subsidiary</B>&#148;
means, with respect to any Person, any other Person of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or
indirectly owned by such first Person; <I>provided</I>, that (i)&nbsp;no Company Entity shall be considered a Subsidiary of any Seller, (ii)&nbsp;no Client shall be considered a Subsidiary of the Buyer, any Seller or any Company Entity,
(iii)&nbsp;no Person in which any Company Entity has made a CLO Investment (including, for the avoidance of doubt, the Risk Retention Vehicles) shall be considered a Subsidiary of any Seller or any Company Entity and (iv)&nbsp;ZCI shall not be
considered a Subsidiary of any Seller or any Company Entity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Supplemental Payments</B>&#148; means, as applicable, any &#147;adviser pay&#148;,
&#147;fee for services&#148;, &#147;revenue sharing&#148; or supplemental payments paid or payable to financial intermediaries or other third-parties (including to the Sellers or any of their Affiliates (other than the Company Entities) for
(i)&nbsp;the performance of subadvisory services, the sale of investment management or advisory services, or the sale of shares or interests, to Clients or potential Clients, or investors or potential investors, or (ii)&nbsp;the ongoing
administrative maintenance of relationships with Clients or investors (including the performance of services with respect to such Clients or investors) whether or not as revenue sharing, or for shareholder services, recordkeeping services or other
services (other than fees paid directly from the accounts of such Clients or investors or initially paid by any Company Entity and reimbursed by such Clients or investors, but including, for the avoidance of doubt, any amounts deducted directly by
or on behalf of a Client from the fee otherwise payable by such Client to the Company Entities). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Target Closing Working
Capital</B>&#148; means $14,750,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Tax</B>&#148; means any federal, state, local, or foreign tax, charge, duty, levy or other
similar assessment, including income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social security,
unemployment, disability, property, personal property, sales, use, transfer, registration, value added, alternative or <FONT STYLE="white-space:nowrap">add-on</FONT> minimum, estimated or other tax of any kind whatsoever, imposed by any Taxing
Authority, and including any interest, penalty or addition thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Tax Return</B>&#148; means any return, declaration, report,
claim for refund or information return or statement of Taxes, including any schedule or attachment thereto, and including any amendment thereof, required to be filed with any Taxing Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Taxing Authority</B>&#148; means any Governmental Authority responsible for the imposition or collection of any Tax. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><FONT STYLE="white-space:nowrap">True-Up</FONT> Revenue Run Rate Adjustment</B>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) if the Adjusted Closing Revenue Run Rate is equal to or greater than $120,004,568, zero; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) if the Adjusted Closing Revenue Run Rate is less than $120,004,568, then (1)(x) $120,004,568<I> minus</I> (y)&nbsp;the Adjusted Closing
Revenue Run Rate, <I>multiplied by</I> (2) 1.25, <I>multiplied by</I> (3)&nbsp;the quotient of (x)&nbsp;the Base Purchase Price, <I>divided by</I> (y)&nbsp;the Base Revenue Run Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Unfunded CLO Commitments</B>&#148; means the aggregate amount of all unfunded subscriptions or commitments of the Company Entities to
invest in CLO Investments (including, for the avoidance of doubt, the aggregate amount of the subscription or commitment of the Company Entities to invest in the Mountain View XI CLO, if such subscription or commitment is not funded prior to the
Closing). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each of the following terms is defined in the Section&nbsp;set forth opposite such term: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:19.10pt; font-size:8pt; font-family:Times New Roman"><B>Term</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Section</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Accounting Referee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.06(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Adjustment Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.06(f)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Aggregate Closing Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.03</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Allocation Schedule</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.03</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Alternative Financing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.11(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Applicable Courts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>13.17</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Audited Financial Statements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.07(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Benefit Plan Client</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.15</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Board Approval</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.03(a)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Buyer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Buyer-Filed Tax Return</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>7.01(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Buyer Fundamental Representations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>9.03(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Buyer Indemnified Persons</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>12.02(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Buyer Warranty Breaches</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>12.03(a)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Cap</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>12.02(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Client Consent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.03(b)(ii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.04(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Closing Payment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.03</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Closing Statement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.06(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Company Equity Interests</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Recitals</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Company Fundamental Representations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>9.02(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Company Securities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.05(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Company Warranty Breaches</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>12.02(a)(i)(A)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Continuing Employee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>8.01</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Cure Period</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.11(g)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Current Representation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>13.13(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">D&amp;O Tail Policy</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.09(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Damages</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>12.02(a)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Debt Commitment Letter</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>5.07</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Debt Documents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.11(e)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Debt Financing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>5.07</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Deductible</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>12.02(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Delaware Law</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.02(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">De Minimis Amount</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>12.02(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Designated Person</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>13.13(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Direct Claim</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>12.05</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Disputed Matter&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.06(c)</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:19.10pt; font-size:8pt; font-family:Times New Roman"><B>Term</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Section</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Effective Time</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.02(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">e-mail</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>13.01</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Employee Release</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>8.01</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Enforceability Exceptions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.02(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Escrow Shortfall Amount</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.06(g)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Estimated Closing Statement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.03</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Estimated Purchase Price</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.03</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Final Purchase Price</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.06(f)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Financial Statements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.07(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Financing Purposes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>5.07</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">FMV Determination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>7.06</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">FMV Determination Referee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>7.06</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Fund Reorganization</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.03(a)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Fund Reorganization Proxy Statement/Prospectus</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.03(a)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Indemnified Party</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>12.04(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Indemnified Person</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.09(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Indemnifying Party</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>12.04(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Indemnity Escrow Amount</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.04(b)(ii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Indemnity Escrow Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.04(b)(ii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Leased Real Property</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.19(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Lender</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>5.07</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Letter of Transmittal</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.05</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Management Rollover</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Recitals</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Material Contract</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.10(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Merger</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.02(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Merger Consideration</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.02(c)(ii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Merger Sub</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Negative Consent Notice</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.03(b)(ii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">New Registered Fund Advisory Contract</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.03(a)(ii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Notice of Disagreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.06(c)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Outside Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>10.01(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Permits</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.12</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Permitted Liens</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.19(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Plan of Reorganization</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.03(a)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Platform Client</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.03(b)(v)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Platform Contract</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.03(b)(v)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Platform Program</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.03(b)(v)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Platform Sponsor</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.03(b)(v)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Proceeds Allocation Methodology</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.03</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Purchase Price Adjustment Escrow Amount</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.04(b)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Purchase Price Adjustment Escrow Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.04(b)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">QPAM</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.15</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">QPAM Exemption</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.15</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Real Property Leases&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.19(b)</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:19.10pt; font-size:8pt; font-family:Times New Roman"><B>Term</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Section</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Release</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>13.15(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Released Claims</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>13.15(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Remaining Company Equity Interests</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.01(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Respective Indemnified Persons</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>12.09</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Rollover Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Recitals</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Rollover Company Equity Interests</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Recitals</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Rollover Member</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Recitals</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Seller-Filed <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Income Tax Return</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>7.01(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Seller Indemnified Persons</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>12.03(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Seller Representative</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Preamble</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Seller Representative Expense Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.04(b)(iii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Seller Representative Expense Fund Amount</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.04(b)(iii)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Seller Representative Losses</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>11.01(c)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Sellers&#146; Law Firm</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>13.13(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Shareholder Approval</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.03(a)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Shortfall Amount</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.06(g)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Similar Law</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.15</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Solvent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>5.08(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Sponsored Fund Reports</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.14(b)(vi)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Subsidiary Securities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.06(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Surviving Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.02(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Third-Party Claim</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>12.04(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">True-Up</FONT> Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.07(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">True-Up</FONT> Period</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.07(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">True-Up</FONT> Statement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.07(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Unaudited Financial Statements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.07(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">VF Board</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.03(a)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">VF Series</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.03(a)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Virtus Asset Trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.03(a)(i)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Willful Breach</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>10.02</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.02. <I>Other Definitional and Interpretative Provisions</I><I>.</I><I> </I>(a)<I></I>&nbsp;In
this Agreement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the words &#147;hereof&#148;, &#147;herein&#148; and &#147;hereunder&#148; and words of like import
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the captions herein are included for convenience of reference only and shall be ignored in the construction or
interpretation hereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) references to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits
and Schedules of this Agreement, unless otherwise specified; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) all Exhibits and Schedules annexed hereto or referred to herein are hereby
incorporated in and made a part of this Agreement as if set forth in full herein; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) any capitalized terms used in any
Exhibit&nbsp;or Schedule but not otherwise defined therein shall have the meaning as defined in this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) any
singular term in this Agreement shall be deemed to include the plural, and any plural term the singular; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) whenever
the words &#147;include&#148;, &#147;includes&#148; or &#147;including&#148; are used in this Agreement, they shall be deemed to be followed by the words &#147;without limitation&#148;, whether or not they are in fact followed by those words or
words of like import; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) &#147;writing&#148;, &#147;written&#148; and comparable terms refer to printing, typing and
other means of reproducing words (including electronic media) in a visible form; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) references to any agreement or
contract are to such agreement or contract as amended, modified or supplemented from time to time; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) references to any
Applicable Law shall be deemed to refer to such Applicable Law as amended from time to time and, if applicable, to any rules or regulations promulgated thereunder; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) references to any Person include the successors and permitted assigns of such Person; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii) references from or through any date mean, unless otherwise specified, from and including or through and including,
respectively; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiii) the word &#147;party&#148; is to be deemed to refer to a party hereto, unless the context requires
otherwise; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiv) references to &#147;$&#148; are to U.S. dollars. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The parties have participated jointly in the negotiation and drafting of this Agreement and each has been represented by counsel of its
choosing and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 2 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">M<SMALL>ERGER</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01. <I>Management Rollover</I>. (a)&nbsp;Upon the terms and subject to the conditions of this Agreement, immediately prior to
the Closing, the Buyer and the Company shall, to the extent within their respective control, cause the Management Rollover to be consummated in accordance with the Rollover Agreements. For purposes hereof, &#147;<B>Remaining Company Equity
Interests</B>&#148; means the outstanding Company Equity Interests, other than the Rollover Company Equity Interests. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) No later than
five (5)&nbsp;Business Days prior to the Closing Date, the Company shall deliver to the Buyer a schedule setting forth the Allocated Portion (as defined in the Rollover Agreements) for each Rollover Member; <I>provided</I>, that the Company may
provide an alternative schedule to the Buyer no later than three (3)&nbsp;Business Days prior to the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02.
<I>The Merger. </I>(a)&nbsp;At the Effective Time, Merger Sub shall be merged (the &#147;<B>Merger</B>&#148;) with and into the Company in accordance with the Limited Liability Company Act of the State of Delaware (&#147;<B>Delaware Law</B>&#148;),
whereupon the separate existence of Merger Sub shall cease, and the Company shall be the surviving limited liability company (the &#147;<B>Surviving Company</B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) At the Closing, the Company and Merger Sub shall file a certificate of merger with the Delaware Secretary of State and make all other
filings or recordings required by Delaware Law in connection with the Merger. The Merger shall become effective at such time (the &#147;<B>Effective Time</B>&#148;) as the certificate of merger is duly filed with the Delaware Secretary of State.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) At the Effective Time, by virtue of the Merger and without any action on the part of any party or any other Person: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Rollover Company Equity Interests outstanding immediately prior to the Effective Time shall be treated in accordance
with the terms and conditions of the Rollover Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the Remaining Company Equity Interests outstanding
immediately prior to the Effective Time shall be converted into the right of the Seller holding such Remaining Company Equity Interests at such time to receive such Seller&#146;s portion of the Purchase Price determined and paid as provided in
Sections 2.04 and 2.05 and shall be subject to adjustment as provided in Sections 2.06 and 2.07 (collectively, the &#147;<B>Merger Consideration</B>&#148;); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the issued and outstanding limited liability company interests of Merger Sub outstanding immediately prior to the
Effective Time shall be converted into and become a membership interest in the Surviving Company on the terms set forth in the amended and restated limited liability company agreement of the Company entered into at the Closing or otherwise as
determined by the Buyer in its sole and absolute discretion; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and, in each case in the foregoing clauses (i)&nbsp;through (iii), such Company Equity Interests or limited
liability company interests of Merger Sub, as applicable, shall cease to be outstanding and shall automatically be canceled and retired and shall cease to exist, and shall thereafter represent only the right of the holders thereof to receive the
applicable portion of the Merger Consideration, membership interests in the Surviving Company or other consideration as provided herein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) From and after the Effective Time, (i)&nbsp;the certificate of formation of the Company in effect immediately prior to the Effective Time
shall be the certificate of formation of the Surviving Company and (ii)&nbsp;the amended and restated limited liability company agreement of the Company entered into at the Closing shall be the limited liability company agreement of the Surviving
Company, in each case until thereafter amended in accordance therewith and with Applicable Law (subject, in each case, to Section&nbsp;6.09). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) From and after the Effective Time, (i)&nbsp;the directors of Merger Sub immediately prior to the Effective Time shall be the directors of
the Surviving Company, and (ii)&nbsp;the officers of Merger Sub immediately prior to the Effective Time shall be the officers of the Surviving Company, in each case until their respective successors are duly elected or appointed and qualified in
accordance with the limited liability company agreement of the Company and Applicable Law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) From and after the Effective Time, the
Surviving Company shall possess all the rights, powers, privileges and franchises and be subject to all of the obligations, liabilities, restrictions and disabilities of each of the Company and Merger Sub, in each case as provided under Delaware
Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.03. <I>Estimated Closing Statement</I>. No later than three (3)&nbsp;Business Days prior to the Closing Date, the
Company shall deliver to the Buyer a statement (the &#147;<B>Estimated Closing Statement</B>&#148;), certified by the Company&#146;s Chief Financial Officer setting forth (a)&nbsp;the Company&#146;s good faith estimates of the Closing CLO Investment
Value, the Closing Cash Adjustment, the Closing Working Capital Adjustment, Closing Indebtedness, and the Closing Revenue Run Rate Adjustment, (b)&nbsp;using the amounts referred to in the preceding clause (a), the resulting (i)&nbsp;Purchase Price
(the &#147;<B>Estimated Purchase Price</B>&#148;), and (ii)&nbsp;the amount equal to (A)&nbsp;the Estimated Purchase Price, <I>minus</I> (B)&nbsp;the sum of (w)&nbsp;the Purchase Price Adjustment Escrow Amount, (x)&nbsp;the Indemnity Escrow Amount,
(y)&nbsp;the Seller Representative Expense Fund Amount and (z)&nbsp;the Aggregate Rollover Amount (such difference, the &#147;<B>Aggregate Closing Payment</B>&#148;), and (c)&nbsp;a schedule setting forth (i)&nbsp;the portion of the Aggregate
Closing Payment to be paid to each of the Sellers in accordance with the methodology set forth on <U>Schedule</U><U></U><U>&nbsp;C</U> (such Seller&#146;s &#147;<B>Closing Payment</B>&#148;, such methodology, as applied by the Seller Representative,
the &#147;<B>Proceeds Allocation Methodology</B>&#148; and such schedule, the &#147;<B>Allocation Schedule</B>&#148;), and (ii)&nbsp;the account to which each Seller&#146;s Closing Payment shall be paid. The Estimated Closing Statement shall be
delivered with reasonable supporting detail </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
with respect to the calculation of all amounts included therein and, to the extent reasonably requested by the Buyer, the Company shall promptly make available to the Buyer and its
Representatives the employees and auditors of the Company Entities and all records and work papers used in preparing the Estimated Closing Statement. The Company will promptly review any comments proposed by the Buyer to the Estimated Closing
Statement and will consider, in good faith, any appropriate changes in light of such comments; <I>provided</I>, <I>however</I>, that (1)&nbsp;any disagreement between the parties with respect to the Estimated Closing Statement shall not delay the
Closing and (2)&nbsp;the Company shall have no obligation to make any changes to the Estimated Closing Statement pursuant to this sentence. None of the Buyer or any of its Affiliates (including the Surviving Company) shall have any liability in
connection with or related to the Allocation Schedule. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.04. <I>Closing</I>. (a)&nbsp;The closing (the
&#147;<B>Closing</B>&#148;) of the Merger shall take place at the offices of Davis Polk&nbsp;&amp; Wardwell LLP, 450 Lexington Avenue, New York, New York, as soon as possible, but in no event later than the later of (A)&nbsp;three Business Days,
after satisfaction or, to the extent permissible, waiver by the party or parties entitled to the benefit of the conditions set forth in Article 9 (other than conditions that by their nature are to be satisfied at the Closing, but subject to the
satisfaction or, to the extent permissible, waiver of those conditions at the Closing), (B) the Business Day following the last day of the Marketing Period, and (C)&nbsp;if applicable, the Business Day specified in the last sentence of Section
6.11(g), or at such other time or place as the Buyer and the Company may agree in writing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) At the Closing, the Buyer shall pay an
aggregate amount equal to the Estimated Purchase Price, less the Aggregate Rollover Amount, allocated as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) to
the Escrow Agent, $1,000,000 (the &#147;<B>Purchase Price Adjustment Escrow Amount</B>&#148;) in immediately available funds by wire transfer, which amount shall be deposited into an escrow fund (the &#147;<B>Purchase Price Adjustment Escrow
Fund</B>&#148;) available to compensate the Buyer for any amounts due to it under the purchase price adjustment provisions of Section&nbsp;2.06, on the terms and subject to the conditions set forth in this Agreement and the Escrow Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) to the Escrow Agent, $20,000,000 (the &#147;<B>Indemnity Escrow Amount</B>&#148;) in immediately available funds by wire
transfer, which amount shall be deposited into an escrow fund (the &#147;<B>Indemnity Escrow Fund</B>&#148;) available to compensate the Buyer for any amounts due to it (A)&nbsp;in the event of an Escrow Shortfall Amount or (B)&nbsp;under the
indemnification provisions of Article 12, on the terms and subject to the conditions set forth in this Agreement and the Escrow Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) to the Escrow Agent, an amount calculated pursuant to Section 2.04(b)(iii) of the Company Disclosure Schedule (the
&#147;<B>Seller Representative Expense Fund Amount</B>&#148;) in immediately available funds by wire transfer, which amount shall be deposited into an escrow fund (the &#147;<B>Seller Representative </B>
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


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<B>Expense Fund</B>&#148;) available to pay the Seller Representative for its costs, expenses and any other Seller Representative Losses due to it under the provisions of Article 11, on the terms
and subject to the conditions set forth in this Agreement and the Escrow Agreement (<I>provided</I>, that the Purchase Price Adjustment Escrow Fund, the Indemnity Escrow Fund and the Seller Representative Expense Fund shall each be separate funds
and the amounts contained therein shall not be commingled); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) to each of the Sellers, an amount equal to its
Closing Payment in immediately available funds by wire transfer to the account of such Seller set forth in the Estimated Closing Statement; <I>provided,</I> that such payment shall be made subject to and in accordance with Section&nbsp;2.05, and to
the account of such Seller set forth in such Seller&#146;s Letter of Transmittal, if different from the account of such Seller set forth in the Estimated Closing Statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) At the Closing, (i)&nbsp;each of the Seller Representative and the Buyer shall deliver or cause to be delivered to the other such party the
Escrow Agreement, duly executed by such party and the Escrow Agent, and (ii)&nbsp;the Company shall deliver to the Buyer a certificate from the Company that meets the requirements of U.S. Treasury Regulation
<FONT STYLE="white-space:nowrap">1.1445-11T(d)(2).</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) At the Closing, the Buyer shall repay, or cause to be repaid, on behalf of
the Company Entities, the Closing Indebtedness listed in Section 2.04(d) of the Company Disclosure Schedule by wire transfer of immediately available funds to the account(s) designated by the holders of such Closing Indebtedness and the Company
shall deliver to Buyer customary payoff letters from the holders of such Closing Indebtedness and executed lien release documents, reasonably satisfactory to Buyer, with respect to all Liens, if any, in or upon the assets or properties of the
Company Entities in respect of such repaid Closing Indebtedness to be released or terminated prior to the Closing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) At the Closing,
Buyer shall pay, or cause to be paid, the Closing Transaction Expenses (based upon the Estimated Closing Statement) by wire transfer of immediately available funds as directed by the Seller Representative. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.05. <I>Surrender and Payment</I>. At least five Business Days prior to the Closing Date, the Buyer shall send to each Seller a
letter of transmittal and instructions substantially in the form of <U>Schedule</U><U></U><U>&nbsp;D</U> hereto (a &#147;<B>Letter of Transmittal</B>&#148;) for use in connection with the payment of the Merger Consideration to the Sellers hereunder.
At or after the Closing, each Seller shall be entitled to receive, upon surrender to the Buyer of a properly completed Letter of Transmittal, such Seller&#146;s Closing Payment. No later than the second Business Day prior to the Closing Date, the
Company shall deliver to the Buyer all executed Letters of Transmittal that the Company has received. None of the Buyer, the Company, the Surviving Company or any Affiliate of the Buyer or the Surviving Company shall be liable to any Seller or any
other Person for any amounts paid to a public official pursuant to applicable abandoned property, escheat or similar Applicable Laws. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.06. <I>Post-Closing Purchase Price Adjustment.</I> (a)&nbsp;As promptly as
practicable, but no later than 60 days after the Closing Date, the Buyer shall prepare and deliver or cause to be prepared and delivered to the Seller Representative a statement (the &#147;<B>Closing Statement</B>&#148;), setting forth the
Buyer&#146;s reasonable and good faith calculation of (i)&nbsp;the Closing CLO Investment Value, the Closing Cash Adjustment, the Closing Working Capital Adjustment, Closing Indebtedness and Closing Revenue Run Rate Adjustment and (ii)&nbsp;using
the amounts referred to in the preceding clause (i), the resulting Purchase Price, together with copies of such documents and information used by the Buyer in its calculation of such amounts as are reasonably necessary for the Seller Representative
to review and verify such amounts. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If the Buyer fails to timely deliver the Closing Statement in accordance with Section 2.06(a),
then, at the Seller Representative&#146;s election, either (i)&nbsp;the Estimated Closing Statement, including the Company&#146;s calculation of the Purchase Price set forth therein, shall be final and binding upon the Buyer and the Sellers or
(ii)&nbsp;the Seller Representative shall submit the Estimated Closing Statement to the Accounting Referee, together with a notice specifying those items or amounts therein as to which the Seller Representative disagrees and the Seller
Representative&#146;s resulting calculation of the Purchase Price, and shall cause the Accounting Referee to promptly review this Agreement and such items or amounts for the purpose of calculating the Purchase Price. The Accounting Referee&#146;s
review and report pursuant to the immediately preceding clause (ii)&nbsp;shall be performed in accordance with the applicable provisions of Section 2.06(d), <I>mutatis mutandis</I>, except that the Accounting Referee&#146;s review shall be limited
to those items or amounts specified in the Seller Representative&#146;s notice delivered pursuant to the immediately preceding clause (ii), and shall be based solely on written materials, presentations and arguments submitted and/or made by the
Seller Representative. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If the Buyer timely delivers the Closing Statement in accordance with Section 2.06(a), and the Seller
Representative disagrees with the Buyer&#146;s calculation of the Purchase Price set forth in the Closing Statement, the Seller Representative may, within thirty (30)&nbsp;days after receipt of the Closing Statement, deliver written notice (a
&#147;<B>Notice of Disagreement</B>&#148;) to the Buyer disagreeing with the Buyer&#146;s calculation of the Purchase Price set forth in the Closing Statement, and specifying, in reasonable detail the Seller Representative&#146;s calculation of the
Purchase Price. If the Seller Representative does not deliver a Notice of Disagreement within such thirty (30)&nbsp;day period, then the parties agree that the Closing Statement delivered by the Buyer shall become final and binding on the parties
hereto. Any Notice of Disagreement shall specify those items or amounts as to which the Seller Representative disagrees (each, a &#147;<B>Disputed Matter</B>&#148;), and the Seller Representative shall be deemed to have agreed with all other items
and amounts contained in the Closing Statement. The Buyer and the Seller Representative shall, within three Business Days after delivery of the Notice of Disagreement, deliver to the Escrow Agent irrevocable instructions giving effect to any
payments or releases provided for by Sections 2.06(g) or 2.06(h) in accordance with the terms of the Escrow Agreement, solely to the extent applicable in light of the extent to which the Seller Representative has agreed with the Buyer&#146;s
calculation of the Purchase Price set forth in the Closing Statement (it being understood and agreed that, for the avoidance of doubt, </P>
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the amount remaining in the Purchase Price Adjustment Escrow Fund following any such payments or releases shall be equal to the lesser of (i)&nbsp;the difference between the Seller
Representative&#146;s calculation of the Purchase Price set forth in the Notice of Disagreement and the Buyer&#146;s calculation of the Purchase Price set forth in the Closing Statement and (ii)&nbsp;the Purchase Price Adjustment Escrow Amount).
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If the Seller Representative delivers a Notice of Disagreement, the Buyer and the Seller Representative shall, during the 15 days
after delivery thereof, use their commercially reasonable efforts to reach agreement on the Disputed Matters in order to determine the Purchase Price, which amount shall not be more than the Purchase Price set forth in the Notice of Disagreement nor
less than the Purchase Price set forth in the Closing Statement. If the Buyer and the Seller Representative are unable to reach agreement as to the Purchase Price during such period, either such party may thereafter cause KPMG LLP, or if KPMG LLP is
unwilling or unable to serve in such capacity, another independent accounting firm of nationally recognized standing reasonably satisfactory to the Buyer and the Seller Representative (which shall not have any material relationship with the Buyer,
the Sellers or any of their respective Affiliates) (the &#147;<B>Accounting Referee</B>&#148;), to promptly review this Agreement and the Disputed Matters for the purpose of calculating the Purchase Price. In making such calculation, the Accounting
Referee shall be bound by the terms of this Agreement, including the definitions of the Closing CLO Investment Value, the Closing Cash Adjustment, the Closing Working Capital Adjustment, Closing Indebtedness, Closing Revenue Run Rate Adjustment and
the Purchase Price, and the terms of this Section 2.06(d), shall consider only the Disputed Matters and shall not assign a value to any Disputed Matter greater than the greatest value for such item claimed by any party or less than the smallest
value for such item claimed by any party, in each case as set forth in the Closing Statement or the Notice of Disagreement, as applicable. The Accounting Referee&#146;s determination of any Disputed Matter shall be based solely on written materials,
presentations and arguments submitted and/or made by the Buyer and the Seller Representative (i.e., shall not be based on an independent review). The Accounting Referee shall deliver to the Buyer and the Seller Representative, as promptly as
practicable, a report setting forth its calculation of the Disputed Matters and the Purchase Price. Such report shall be final and binding upon the Buyer and the Sellers. The cost of such review and report shall be borne (i)&nbsp;by the Sellers, if
the difference between the Final Purchase Price and the Seller Representative&#146;s calculation of the Purchase Price set forth in the Notice of Disagreement is greater than the difference between the Final Purchase Price and the Buyer&#146;s
calculation of the Purchase Price set forth in the Closing Statement, (ii)&nbsp;by the Buyer, if the first such difference is less than the second such difference, and (iii)&nbsp;otherwise, equally by the Buyer, on the one hand, and the Sellers, on
the other hand. Any amount payable by the Sellers pursuant to the immediately preceding sentence may be paid to the Accounting Referee out of the Seller Representative Expense Fund, and shall be paid at the same time as the payments and releases
therefrom provided for by Section 2.06(g) or 2.06(h), as applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Each of the Buyer and the Seller Representative agrees that it shall, and agrees to use
reasonable best efforts to cause their respective independent accountants and, in the case of the Buyer, the Company Entities to, cooperate and assist in the preparation of the Closing Statement and the calculation of the Purchase Price and in the
conduct of the reviews referred to in this Section&nbsp;2.06, including making available, to the extent reasonably requested, books, records, work papers and personnel during normal business hours. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) &#147;<B>Final Purchase Price</B>&#148; means (i)&nbsp;if the Buyer does not timely deliver the Closing Statement in accordance with
Section 2.06(a), the Company&#146;s calculation of the Purchase Price set forth in the Estimated Closing Statement, or the Purchase Price as determined by the Accounting Referee pursuant to Section 2.06(b), as applicable, based on the Seller
Representative&#146;s election in accordance with Section 2.06(b); (ii) if the Buyer timely delivers the Closing Statement in accordance with Section 2.06(a), and the Seller Representative does not deliver any Notice of Disagreement within thirty
(30)&nbsp;days after receipt of the Closing Statement, the Buyer&#146;s calculation of the Purchase Price set forth in the Closing Statement; or (iii)&nbsp;if the Buyer timely delivers the Closing Statement in accordance with Section 2.06(a), and
the Seller Representative does deliver a Notice of Disagreement within 30 days after receipt of the Closing Statement, (A)&nbsp;the Purchase Price as agreed by the Buyer and the Seller Representative pursuant to Section 2.06(d) or (B)&nbsp;in the
absence of such agreement, the Purchase Price as determined by the Accounting Referee pursuant to Section 2.06(d); <I>provided</I>, that in no event shall the Final Purchase Price determined by the Accounting Referee be more than the Company&#146;s
calculation thereof set forth in the Notice of Disagreement or less than the Buyer&#146;s calculation thereof set forth in the Closing Statement. &#147;<B>Adjustment Date</B>&#148; means the date on which the Final Purchase Price is determined
pursuant to this Section&nbsp;2.06. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) If the Final Purchase Price is less than the Estimated Purchase Price (the absolute value of such
difference, the &#147;<B>Shortfall Amount</B>&#148;), then, subject to the last sentence of this Section 2.06(g), the Shortfall Amount shall be paid to the Buyer out of the Purchase Price Adjustment Escrow Fund, to the extent such amount has not
previously been paid to the Buyer pursuant to Section 2.06(c). If any portion of the Purchase Price Adjustment Escrow Amount remains after such payment to the Buyer, then such remaining amount shall be released from the Purchase Price Adjustment
Escrow Fund to the Sellers, in accordance with the Proceeds Allocation Methodology and the terms of the Escrow Agreement, and paid to each Seller in immediately available funds by wire transfer to the account of such Seller set forth in the
Estimated Closing Statement (or, in the case of the Sellers, the account of such Seller set forth in such Seller&#146;s Letter of Transmittal, if different from the account of such Seller sets forth in the Estimated Closing Statement). If the funds
available in the Purchase Price Adjustment Escrow Fund are less than the Shortfall Amount (such deficit, the &#147;<B>Escrow Shortfall Amount</B>&#148;), then, the Escrow Shortfall Amount shall be paid to the Buyer out of the Indemnity Escrow Fund.
The Buyer and the Seller Representative shall, within three (3)&nbsp;Business Days after the Adjustment Date, deliver to the Escrow Agent irrevocable instructions giving effect to any payment or release provided for by this Section 2.06(g) in
accordance with the terms of the Escrow Agreement. Notwithstanding anything herein to the contrary, the Buyer agrees that its sole recourse in respect of any amount payable pursuant to this Section 2.06(g) shall be the right to seek payment from the
Purchase Price Adjustment Escrow Fund and, if applicable, the Indemnity Escrow Fund in accordance with the terms of this Agreement and the Escrow Agreement, and the Buyer shall have no right to seek payment directly from the Sellers in respect of
any such amount. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) If the Final Purchase Price is greater than or equal to the Estimated Purchase Price, then
the Buyer shall pay the amount of such difference, if any, to the Sellers in accordance with the Proceeds Allocation Methodology, and the entire amount of the Purchase Price Adjustment Escrow Fund shall be released to the Sellers in accordance with
the Proceeds Allocation Methodology and, in each case, the terms of the Escrow Agreement, to the extent not previously released to the Sellers pursuant to Section 2.06(b), and paid to each Seller in immediately available funds by wire transfer to
the account of such Seller set forth in the Estimated Closing Statement (or, in the case of the Sellers, the account of such Seller set forth in such Seller&#146;s Letter of Transmittal, if different from the account of such Seller set forth in the
Estimated Closing Statement). The Buyer and the Seller Representative shall, within three Business Days after the Adjustment Date, deliver to the Escrow Agent irrevocable instructions giving effect to any payment or release from the Purchase Price
Adjustment Escrow Fund provided for by this Section 2.06(h) in accordance with the terms of the Escrow Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) For the avoidance of
doubt, the parties acknowledge and agree that the determination of the Closing Working Capital Adjustment is intended solely to reflect changes between the Closing Working Capital and Target Closing Working Capital, and any such change can be
measured only if Closing Working Capital and the calculations and determinations thereof are prepared using the Accounting Principles. The purchase price adjustment in this Section&nbsp;2.06 is not intended to be used to adjust the Purchase Price
for errors or omissions, under GAAP or otherwise, that may be found with respect to the Balance Sheet or the preparation of Target Closing Working Capital. No fact or event occurring at or after the Closing, including any market or business
development or actions taken by the Buyer or any Company Entity with respect to the accounting records, books, policies or procedures of any Company Entity (including changes in any reserve, allowance or other account, any changes in methodology for
inventory valuation or accounting or any reclassification of any asset), or any change in GAAP or Applicable Law after the date hereof, or any effect on the Company Entities arising from the transactions contemplated hereby, shall have any effect
on, or be considered in, the determination of the Final Purchase Price (or any of the components thereof). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.07.
<I>Post-Closing <FONT STYLE="white-space:nowrap">True-Up</FONT></I>. If the Final Closing Revenue Run Rate Adjustment is not zero, then: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) From the Closing Date through the date that is the last Business Day of the sixth month following the Closing Date (the &#147;<B><FONT
STYLE="white-space:nowrap">True-Up</FONT> Date</B>&#148;), the Buyer shall promptly provide the Seller Representative with copies of any Client Consents, termination notices or similar correspondence received by the Buyer or its Affiliates
(including the Company Entities) during such period (the &#147;<B><FONT STYLE="white-space:nowrap">True-Up</FONT> Period</B>&#148;) from any Clients that directly bear on the calculations to be performed pursuant to this Section&nbsp;2.07. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) As promptly as practicable, but no later than ten (10)&nbsp;Business Days after the <FONT
STYLE="white-space:nowrap">True-Up</FONT> Date, the Buyer shall cause to be prepared and delivered to the Seller Representative a statement (the &#147;<B><FONT STYLE="white-space:nowrap">True-Up</FONT> Statement</B>&#148;) setting forth the
Buyer&#146;s calculation of the <FONT STYLE="white-space:nowrap">True-Up</FONT> Revenue Run Rate Adjustment, together with copies of such documents and information used by the Buyer in its calculation of such amounts as are reasonably necessary for
the Seller Representative to review and verify such amounts. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The provisions of Section 2.06(b) through (e)&nbsp;shall apply,<I>
mutatis mutandis</I>, with respect to the Seller Representative&#146;s review of the <FONT STYLE="white-space:nowrap">True-Up</FONT> Statement, the delivery of any notice of disagreement with respect to the calculation of <FONT
STYLE="white-space:nowrap">True-Up</FONT> Revenue Run Rate Adjustment by the Seller Representative and the resolution of any such disagreement between the parties with respect to the calculation of <FONT STYLE="white-space:nowrap">True-Up</FONT>
Revenue Run Rate Adjustment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If the amount of the Final Closing Revenue Run Rate Adjustment exceeds the amount of the <FONT
STYLE="white-space:nowrap">True-Up</FONT> Revenue Run Rate Adjustment, then the Buyer shall pay the amount of such difference to the Sellers in accordance with the Proceeds Allocation Methodology at a mutually convenient time and place, within five
Business Days after the <FONT STYLE="white-space:nowrap">True-Up</FONT> Revenue Run Rate Adjustment has been finally determined by the parties pursuant to Section 2.07(c), by wire transfer of immediately available funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.08. <I>Withholding</I>. The Buyer shall be entitled to deduct and withhold from the consideration otherwise payable to the
Sellers pursuant to this Agreement such amounts as the Buyer is required to deduct and withhold with respect to the making of such payment under any provision of U.S. federal, state, local or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> Tax law.
If the Buyer so withholds amounts, such amounts shall be treated for all purposes of this Agreement as having been paid to the Seller in respect of which the Buyer made such deduction and withholding to the extent such amounts are properly paid over
to the appropriate Governmental Authority, and the Buyer shall furnish to such Seller within 10 Business Days of such payment the original or certificated copy of a receipt issued by such Governmental Authority evidencing such payment. If the Buyer
intends to deduct or withhold from the consideration otherwise payable to any of the Sellers under this Agreement pursuant to any provision of U.S. federal, state, local or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> Tax law other than such a
provision related to employment, compensation or U.S. federal backup withholding (within the meaning of Section&nbsp;3406 of the Code or the Treasury Regulations promulgated thereunder), the Buyer shall notify such Seller prior to the Closing of its
intention to withhold, which notice shall include a statement of the amounts it intends to deduct or withhold in respect of making of such payment and the applicable provision of law requiring the Buyer to withhold or deduct, in each case thirty
(30)&nbsp;days prior to the Closing Date, and shall reasonably cooperate with such Seller to reduce or eliminate such deduction or withholding. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 3 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to Section&nbsp;13.12, except as set forth in the Company Disclosure Schedule, the Company represents and warrants to each of the
Buyer and Merger Sub as of the date hereof and as of the Closing Date that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01. <I>Existence and Power</I>. (a)&nbsp;The
Company is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has all limited liability company power and authority required to carry on its business as now conducted. The
Company has made available to the Buyer a true and correct copy of the Company LLC Agreement, which is the limited liability company agreement of the Company in effect as of the date hereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Company is duly qualified to do business as a foreign business entity and is in good standing in each other jurisdiction where such
qualification is necessary, except for those jurisdictions where the failure to be so qualified would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02. <I>Authorization</I>. (a)&nbsp;The execution, delivery and performance by the Company of this Agreement and the
consummation of the transactions contemplated hereby are within the Company&#146;s limited liability company powers and have been duly authorized by all necessary limited liability company action on the part of the Company. The Company has duly
executed and delivered this Agreement, and, assuming the due authorization, execution and delivery of this Agreement by the other parties, this Agreement constitutes a valid and binding agreement of the Company, enforceable against the Company in
accordance with the terms hereof (except insofar as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other Applicable Laws of general applicability relating to or affecting creditors&#146; rights, or by
principles governing the availability of equitable remedies, whether considered in suit, action or proceeding at law or in equity (collectively, the &#147;<B>Enforceability Exceptions</B>&#148;)). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) No consent of the holders of Company Equity Interests is required to consummate the Merger. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) No holder of Company Equity Interests is or will be entitled to appraisal rights under Delaware Law in connection with the Merger. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.03. <I>Governmental Authorizations</I>. The execution, delivery and performance by the Company of this Agreement and the
consummation by the Company of the transactions contemplated hereby require no action by or in respect of, or filing with, any Governmental Authority, other than (a)&nbsp;compliance with any applicable requirements of the HSR Act, (b)&nbsp;the
filing of amendments to the Form ADVs of the Company Entities with the SEC, (c)&nbsp;the filing of a certificate of merger with respect to the Merger with the Delaware Secretary of State, (d)&nbsp;the filing of appropriate documentation with the
CFTC and (e)&nbsp;any other actions or filings (i)&nbsp;required solely by reason of the participation of the Buyer in the transactions contemplated hereby or (ii)&nbsp;as to which the failure to make or obtain would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect, or prevent or materially impair or delay the Company&#146;s consummation of the transactions contemplated by this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04. <I>Noncontravention</I>. The execution, delivery and performance by the
Company of this Agreement and the consummation by the Company of the transactions contemplated hereby do not and will not (a)&nbsp;conflict with, breach or violate the certificate of formation, limited liability company agreement or equivalent
organizational documents of any of the Company Entities, (b)&nbsp;assuming compliance with the matters referred to in Section&nbsp;3.03, violate any Applicable Law, (c)&nbsp;require any consent from or other action by any Person under, constitute a
violation, breach or default under, or give rise to (or give rise to after the giving of notice, the passage of time or both) any right of termination, cancellation or acceleration of any right or obligation of any of the Company Entities, or to a
loss of any benefit to which any of the Company Entities is entitled under, any provision of any agreement, contract, lease, indenture, instrument or Permit of any of the Company Entities, except as may be required pursuant to any Advisory Contract,
the Investment Advisers Act or the Investment Company Act, or (d)&nbsp;result in the creation or imposition of any Lien on any asset of any of the Company Entities, except for any Permitted Liens, with such exceptions, in the case of each of clauses
(b)&nbsp;through (d), as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.05. <I>Capitalization</I>. (a)&nbsp;The outstanding limited liability company interests of the Company consist of four classes
thereof denominated as <FONT STYLE="white-space:nowrap">&#147;Class&nbsp;A-1</FONT> Units&#148;, <FONT STYLE="white-space:nowrap">&#147;Class&nbsp;A-2</FONT> Units&#148;, &#147;Class&nbsp;B Units&#148; and &#147;Class&nbsp;C Units&#148; under and in
accordance with the Company LLC Agreement. As of the date hereof, (i) 1,572,686.452 <FONT STYLE="white-space:nowrap">Class&nbsp;A-1</FONT> Units are issued and outstanding, (ii) 626,858.241 <FONT STYLE="white-space:nowrap">Class&nbsp;A-2</FONT>
Units are issued and outstanding, (iii) 0 Class&nbsp;B Units are issued and outstanding and (iv) 84,948.769 Class&nbsp;C Units are issued and outstanding. Section 3.05(a) of the Company Disclosure Schedule sets forth, as of the date hereof, a true,
correct and complete list of each holder of record of <FONT STYLE="white-space:nowrap">Class&nbsp;A-1</FONT> Units, <FONT STYLE="white-space:nowrap">Class&nbsp;A-2</FONT> Units, Class&nbsp;B Units and Class&nbsp;C Units and the number and class of
such Company Equity Interests held by such holder. The Company Equity Interests constitute all of the outstanding limited liability company interests of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) All of the outstanding Company Equity Interests have been duly authorized and validly issued, and to the extent applicable under
Applicable Law, are fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> Except as set forth in Section 3.05(a)<B> </B>or arising hereunder, as of the date hereof, there are no issued or outstanding (i)&nbsp;equity interests of the
Company, (ii)&nbsp;securities of the Company convertible into or exchangeable for equity interests of the Company, (iii)&nbsp;warrants, calls, options or other rights to acquire from the Company, or other obligations of the Company to issue, any
equity interests or securities convertible into or exchangeable for equity interests of the Company or (iv)&nbsp;restricted securities, appreciation rights, performance securities, contingent value rights, &#147;phantom&#148; securities or any
similar securities or rights that are derivative of, or provide economic benefits based, directly or indirectly, on the value or price of, any equity interests of the Company (the items in the foregoing clauses (i)&nbsp;through (iv) being referred
to collectively as &#147;<B>Company Securities</B>&#148;). There are no outstanding obligations of any Company Entity to issue, sell, repurchase, redeem or otherwise acquire any Company Securities. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Neither the Company nor any other Company Entity owns any Company Securities. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Neither the Sellers, nor any Company Entity is a party to any voting trust, proxy or other
similar agreement or understanding with respect to the purchase, sale or voting of any Company Securities. There are no rights outstanding that entitle or convey any Person other than the Sellers the right to vote with the holders of the Company
Securities on any matter. None of the Company Entities is a party to any joint venture or profit sharing agreement regarding its profitability or financial position. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.06. <I>Subsidiaries</I>. (a)&nbsp;Each of the Company&#146;s Subsidiaries is duly organized, validly existing and, to the
extent applicable under Applicable Law, in good standing under the laws of its jurisdiction of organization and has all corporate, limited liability company or other similar organizational power and authority required to carry on its business as now
conducted, and is duly qualified to do business as a foreign business entity and is in good standing in each other jurisdiction where such qualification is necessary, except for those jurisdictions where the failure to be so qualified would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. All of the Company&#146;s Subsidiaries and their respective jurisdictions of organization as of the date hereof are identified on Section 3.06(a) of the
Company Disclosure Schedule. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) All of the outstanding equity interests of each of the Company&#146;s Subsidiaries are owned by the
Company, directly or indirectly, free and clear of any Lien, other than (i)&nbsp;any Liens arising under the Securities Laws or any other Applicable Law or (ii)&nbsp;as of the Closing, any Liens granted, created or permitted to exist by the Buyer or
any of its Affiliates. Except as set forth in the preceding sentence, there are no issued or outstanding (A)&nbsp;equity interests of any of the Company&#146;s Subsidiaries, (B)&nbsp;securities of any of the Company&#146;s Subsidiaries convertible
into or exchangeable for equity interests of such Subsidiary, (C)&nbsp;warrants, calls, options or other rights to acquire from any of the Company&#146;s Subsidiaries, or other obligations of any such Subsidiary to issue, any equity interests or
securities convertible into or exchangeable for equity interests of such Subsidiary or (D)&nbsp;restricted securities, appreciation rights, performance securities, contingent value rights, &#147;phantom&#148; securities or similar securities or
rights that are derivative of, or provide economic benefits based, directly or indirectly, on the value or price of, any equity interests of any of the Company&#146;s Subsidiaries (the items in the foregoing clauses (A)&nbsp;through (D) being
referred to collectively as &#147;<B>Subsidiary Securities</B>&#148;). There are no outstanding obligations of any Company Entity to issue, sell, repurchase, redeem or otherwise acquire any outstanding Subsidiary Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.07. <I>Financial Statements</I>. (a)&nbsp;The Company has provided the Buyer with true, correct and complete copies of
(x)&nbsp;the audited consolidated balance sheets of the Company Entities, as of each of December&nbsp;31, 2015 and December&nbsp;31, 2014, and the related audited consolidated statements of operations, cash flows and changes in equity of the Company
Entities for the years ended December&nbsp;31, 2015 and December&nbsp;31, 2014 (the &#147;<B>Audited Financial Statements</B>&#148;) and (y)&nbsp;the Balance Sheet and the related unaudited interim consolidated statements of income, cash flows and
changes in equity of the Company Entities for the nine months ended September&nbsp;30, 2016 (the &#147;<B>Unaudited Financial Statements</B>&#148; and together with the Audited Financial Statements, the &#147;<B>Financial Statements</B>&#148;). The
Financial Statements fairly present, and as of the Closing </P>
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Date any financial statements provided between the date hereof and the Closing Date pursuant to Section 6.11(f)(iii) will fairly present, in all material respects, in conformity with GAAP applied
on a consistent basis (except as may be indicated in any notes thereto), the consolidated financial position of the Company Entities as of the dates thereof and the consolidated results of operations, cash flows and changes in equity of the Company
Entities for the periods then ended (subject, in the case of the Unaudited Financial Statements, to normal <FONT STYLE="white-space:nowrap">year-end</FONT> audit adjustments to the estimates made therein and the absence of footnotes). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Financial Statements have been, and as of the Closing Date any financial statements provided between the date hereof and the Closing
Date pursuant to Section 6.11(f)(iii) will be, prepared on the basis of information derived from the books and records of the Company Entities, which are properly and accurately maintained in all material respects in accordance with GAAP (where
applicable) and any other applicable legal and accounting requirements and reflect only actual transactions, and there are not material inaccuracies or discrepancies contained or reflected therein. The Company Entities maintain internal controls
over financial reporting that are designed to provide reasonable assurance that their financial reporting practices are sufficient to ensure that the Financial Statements fairly present, in all material respects, the financial position of the
Company Entities as of the dates thereof and the results of operations for the periods then ended (subject, in the case of the Unaudited Financial Statements, to normal <FONT STYLE="white-space:nowrap">year-end</FONT> audit adjustments to the
estimates made therein and the absence of footnotes). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) There are no &#147;off balance sheet arrangements&#148; (as defined by Item
303(a)(4) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> promulgated by the SEC) in respect of any Company Entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.08. <I>Absence of Certain Changes</I>. (a)&nbsp;From the Balance Sheet Date until the date hereof, (i)&nbsp;the business of the
Company Entities has been conducted in all material respects in the ordinary course consistent with past practice and (ii)&nbsp;there has not been any event, occurrence, development or state of circumstances or facts that would reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) From the Balance Sheet Date until the date hereof,
except in connection with this Agreement and the transactions contemplated hereby, the businesses of the Company Entities have been conducted in the ordinary course of business in all material respects, and there has not been any action taken by any
of the Company Entities that, if taken during the period from the date of this Agreement through the Closing without the Buyer&#146;s consent, would constitute a breach of Section&nbsp;6.01. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.09. <I>No Undisclosed Material Liabilities</I>. There are no material liabilities of any of the Company Entities of any kind,
other than (a)&nbsp;liabilities provided for in the Balance Sheet or disclosed in the notes thereto, (b)&nbsp;liabilities arising under any contracts disclosed in this Agreement or any Schedule hereto, (c)&nbsp;liabilities incurred in connection
with this Agreement or the transactions contemplated hereby, (d)&nbsp;liabilities incurred in the ordinary course of business consistent with past practice since the Balance Sheet Date, and (e)&nbsp;liabilities taken into account in the calculation
of the Purchase Price. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.10. <I>Material Contracts</I>. (a)&nbsp;As of the date hereof, except for any
Employee Plans or as set forth in Section 3.10(a) of the Company Disclosure Schedule, none of the Company Entities is a party to or bound by any of the following types of contracts under which any Company Entity has any current or future rights,
responsibilities, obligations or liabilities (in each case, whether contingent or otherwise) (each such contract, a &#147;<B>Material Contract</B>&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any agreement that contains (A) &#147;most favored nation&#148; or similar provisions running against any of the Company
Entities, (B) &#147;clawback&#148; or similar obligations requiring the reimbursement or refund of a material amount of fees, (C)&nbsp;caps or waivers of a material amount on fees or expenses, (D) &#147;key person&#148; provisions (including any
giving rise to rights of termination of other parties), (E) performance-based fee or allocation provisions or (F)&nbsp;exclusive dealing covenants; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any Advisory Contract, Distribution Agreement, securities lending agreement, Finder&#146;s Agreement, Participation
Agreement, Fund Services Agreement, prime brokerage or other brokerage-related agreements or similar agreements in respect of a fund, in each case, that are material to the applicable fund; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) (A) any lease of real property providing for annual rentals of $250,000 or more or (B)&nbsp;any lease of personal
property providing for annual rentals of $250,000 or more, other than, in the case of clause (B), any such lease that may be terminated on not more than 60 days&#146; notice without payment by the Company Entities of any material penalty; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) any capital lease obligation or commitment to make a capital expenditure in excess of $250,000; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) any agreement for the purchase of materials, supplies, goods, services, equipment or other assets by any Company Entity
providing for either (A)&nbsp;annual payments by the Company Entities of $250,000 or more or (B)&nbsp;aggregate payments by the Company Entities of $500,000 or more; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) any agreement for the sale or distribution of materials, supplies, goods, services, equipment or other assets by any
Company Entity providing for either (A)&nbsp;annual payments to the Company Entities of $250,000 or more or (B)&nbsp;aggregate payments to the Company Entities of $500,000 or more; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) any joint venture, strategic alliance, partnership or other similar agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) any agreement providing for the acquisition or disposition of any material business (whether by merger, sale of stock,
sale of assets or otherwise) or any binding letter of intent or other agreement relating to the foregoing; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) any agreement (including indentures, mortgages, promissory notes, loans and
guarantees)&nbsp;(A) relating to indebtedness for borrowed money or the deferred purchase price of property (in either case, whether incurred, assumed, guaranteed or secured by any asset), (B) restricting the incurrence of indebtedness for borrowed
money (including guarantees) by any Company Entity or (C)&nbsp;restricting the incurrence of any Liens on any material asset of any Company Entity; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) any agreement providing for any of the Company Entities to make any material capital contribution to, or other material
investment in, any Person, other than any other Company Entity; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) any agreement that limits the freedom of any of the
Company Entities or their Affiliates (A)&nbsp;to compete with any Person in any line of business or in any area, (B)&nbsp;to solicit existing or potential Clients in any line of business or in any area or (C)&nbsp;to hire or solicit any Person; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii) any agreement that creates future payment obligations in excess of $300,000 in the aggregate and which by its terms does
not terminate or is not terminable without penalty upon 120 days&#146; notice or less; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiii) any agreement that provides
for earn-outs or other similar contingent obligations; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiv) any material agreement (excluding licenses for commercial <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">off-the-shelf</FONT></FONT> computer software that is generally available on <FONT STYLE="white-space:nowrap">non-discriminatory</FONT> pricing terms) pursuant to which any Company Entity
(A)&nbsp;obtains the right to use, or a covenant not to be sued under, any material intellectual property or (B)&nbsp;grants the right to use, or a covenant not to be sued under, any material intellectual property; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xv) any agreement with the Sellers or their Affiliates. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Company has made available to the Buyer true, correct and complete copies of all Material Contracts. Except as would not reasonably be
expected to be, individually or in the aggregate, material to the Company Entities, taken as a whole, (i)&nbsp;each Material Contract is a valid and binding agreement of the applicable Company Entity and, to the knowledge of the Company, of each
other party thereto, and each such agreement is in full force and effect, and (ii)&nbsp;none of the Company Entities or, to the knowledge of the Company, any other party thereto is in default or breach under the terms of any Material Contract, or
has taken or failed to take any action that, with or without notice, lapse of time or both, would constitute a default or breach under the terms of any Material Contract. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.11. <I>Litigation; Orders</I>. Except as would not reasonably be expected to be, individually or in the aggregate, material to
the Company Entities, taken as a whole, there are no (a)&nbsp;legal, administrative, arbitral or other proceedings, suits or actions or governmental or regulatory investigations or written inquiries, other than ordinary course
</P>
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investigations or inquiries by regulators of such Company Entity pending against, or to the knowledge of the Company, threatened against, any of the Company Entities or their respective
properties, assets or business, or (b)&nbsp;injunction, order, decree, award or judgment issued by any arbitrator or Governmental Authority, or settlement agreement, consent agreement or memorandum of understanding with any Governmental Authority,
to which any of the Company Entities is subject. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.12. <I>Compliance with Laws; Permits</I>. Except as would not reasonably
be expected to be, individually or in the aggregate, material to the Company Entities, taken as a whole, each of the Company Entities (a)&nbsp;is and has been at all times since May&nbsp;31, 2014 in compliance with Applicable Law and (b)&nbsp;has
all municipal, state, federal, <FONT STYLE="white-space:nowrap">non-U.S.</FONT> and other governmental permits, licenses, certificates, registrations, consents, memberships (including being a member of FINRA and each other exchange or
Self-Regulatory Organization in which its membership is required pursuant to Applicable Law in order to conduct business) and other authorizations and approvals issued by or obtained from any Governmental Authority required to carry on its business
as conducted on the date hereof (collectively, &#147;<B>Permits</B>&#148;), all such Permits are in full force and effect, the Company Entities are in compliance therewith, and as of the date hereof, no suspension, cancellation, modification or
revocation of any such Permit is pending or, to the knowledge of the Company, threatened against any of the Company Entities. Each Company Entity, its Subsidiaries and Affiliates is and has been at all times since May&nbsp;31, 2014, in compliance in
all material respects with all Applicable Laws and regulations with respect to anti-bribery, anti-corruption, anti-money laundering and economic sanctions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.13. <I>Registrations of the Company Entities and Employees</I>. (a)&nbsp;Each of the Company Entities and, to the knowledge of
the Company, each of the Company Entities&#146; respective officers, directors, employees and &#147;supervised persons&#148; (as such term is defined in the Investment Advisers Act), in their capacities as such, which or who is required to be
registered as an investment adviser with the SEC or, except as would not reasonably be expected to be material to the Company Entities, any other Governmental Authority, is each duly registered as such, and each such registration is, and has been,
in the case of the Company Entities, from the time it became required to so register, or, in the case of each of the Company Entities&#146; respective directors, officers, employees and &#147;supervised persons,&#148; to the knowledge of the
Company, since May&nbsp;31, 2014 (or, if applicable, since such later time when he or she became required to so register), in full force and effect and in good standing in all material respects. There is no action, suit or proceeding pending or, to
the knowledge of the Company, any investigation (formal or otherwise) pending or action, suit or proceeding threatened by any Governmental Authority, that would reasonably be expected to lead to the revocation, amendment, failure to renew,
limitation, suspension or restriction of any such material registration. Each of the Company Entities is in compliance in all material respects with all federal, state, Self-Regulatory Organization and foreign registration requirements and such
registrations as currently filed, and all periodic reports required to be filed with respect thereto, are accurate and complete in all material respects and no regulatory document contained any untrue statement of a material fact or omitted to state
any material fact required to be stated therein or necessary in order to make the statements made therein, in light of the circumstances in which they were made, not misleading. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) (i) No Company Entity nor any director, officer, employee or &#147;supervised person&#148; of
any Company Entity that is, in each case, an &#147;affiliated person&#148; (as defined in Section&nbsp;2(a)(3) of the Investment Company Act) of any Company Entity, nor, to the knowledge of the Company, any other Person that is such an
&#147;affiliated person&#148; of any Company Entity, is ineligible pursuant to Section&nbsp;9 of the Investment Company Act to serve as an investment adviser (or in any other capacity described in Sections&nbsp;9(a) and 9(b) of the Investment
Company Act) to a registered investment company; and (ii)&nbsp;no Company Entity nor any director, officer, employee or &#147;supervised person&#148; of any of the Company Entities that is, in each case, &#147;associated&#148; (as such term is used
in Section&nbsp;202(a)(17) of the Investment Advisers Act) with any Company Entity, nor, to the knowledge of the Company, any other Person that is so &#147;associated&#148; with any Company Entity, is subject to potential disqualification pursuant
to Section&nbsp;203(e) or 203(f) of the Investment Advisers Act from serving as an investment adviser or as a person associated with a registered investment adviser or subject to potential disqualification under Rule
<FONT STYLE="white-space:nowrap">206(4)-3</FONT> under the Investment Advisers Act, except, in the case of either clause (i)&nbsp;or (ii), for any such disqualification, (A)&nbsp;that would not reasonably be expected to be material to the Company
Entities or (B)&nbsp;with respect to which any Company Entity or such &#147;affiliated person&#148; or &#147;associated person&#148; has received exemptive relief from the SEC or any other applicable Governmental Authority. There is no action, suit
or proceeding, or investigation (formal or otherwise) pending or, to the knowledge of the Company, threatened, by any Governmental Authority that would result in any such disqualification, except for any such disqualifications that would not
individually or in the aggregate, reasonably be expected to be material to the Company Entities. Neither any Company Entity nor, to the knowledge of the Company, any Company Entities&#146; officers, directors, employees or &#147;supervised
persons&#148;, are subject to a disqualifying event described under Rule 506(d) of Regulation D of the Securities Act, and, to the knowledge of the Company, there is no inquiry, investigation, proceeding or action pending against any Company Entity
or any of their officers, directors, employees or &#147;supervised persons&#148; that would result in any of the disqualifying events described under Rule 506(d) of Regulation D of the Securities Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) None of the Company Entities is, and is not required to be, registered as a broker-dealer with the SEC or any other Governmental Authority
or admitted to membership in FINRA. Since May&nbsp;31, 2014 (or, if applicable, since such later time as required by Applicable Law), each employee, officer, director or &#147;supervised person&#148; of any Company Entity required to be registered,
licensed or otherwise authorized as, or required to be subject to the supervision of, a broker-dealer has such registration, license or other authorization, and is under such supervision, in each case with respect to a broker-dealer duly registered
as a broker-dealer with the SEC or any other Governmental Authority and admitted to membership in FINRA and the Securities Investor Protection Corporation. No such employee, officer, director or &#147;supervised person&#148; is, or since
May&nbsp;31, 2014, was, (A)&nbsp;ineligible to serve as an associated person of a broker-dealer under Section 15(b) or 15(c) of the Exchange Act, (B)&nbsp;subject to &#147;statutory disqualification&#148; (as defined in the Exchange Act), or
(C)&nbsp;subject to a disqualification that would be a basis for </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


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censure, limitations on the activities, functions or operations of, or suspension or revocation of the registration of such person&#146;s supervising broker-dealer, nor is there any proceeding or
investigation pending or, to the knowledge of the Company, threatened by any Governmental Authority, which would become the basis for any such ineligibility or disqualification, and there is no formal proceeding or written notice of investigation
(or to the Company&#146;s knowledge, no informal proceeding or investigation) by any Governmental Authority, whether preliminary or otherwise, that is reasonably likely to require any additional registration or licensing of such persons. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.14. <I>Investment Advisory Activities</I><I>.</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Assets Under Management. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Section 3.14(a)(i) of the Company Disclosure Schedule sets forth a list, as of the Base Date, of (A)&nbsp;the name of each
Client, (B)&nbsp;the type of investment product and/or investment strategy description applicable to each such Client account, (C)&nbsp;whether the Advisory Contract in respect of such Client expressly requires the Client&#146;s written consent to
the assignment or deemed assignment of such Advisory Contract and (D)&nbsp;the AUM and the amount of Base Revenue Run Rate attributable to each such Client. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Section 3.14(a)(ii) of the Company Disclosure Schedule sets forth a list, as of the Base Date, of (A)&nbsp;the Clients
that are Registered Funds (including whether such Clients are Sponsored Funds or <FONT STYLE="white-space:nowrap">Sub-Advised</FONT> Funds), (B) the Clients that are Private Funds (including whether such Clients are Sponsored Funds or <FONT
STYLE="white-space:nowrap">Sub-Advised</FONT> Funds), (C)&nbsp;the Clients that are Benefit Plan Clients, (D)&nbsp;the Direct Clients that are not Benefit Plan Clients and, (E)&nbsp;for each Client, the identity of each investment adviser, general
partner (or equivalent) and any <FONT STYLE="white-space:nowrap">sub-adviser</FONT> of such Client. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For purposes of this Section 3.14(a)
and the Base Revenue Run Rate Schedule, all Persons that receive Investment Services from a Company Entity through separately managed accounts opened through the same broker-dealer or other financial institution (including through a &#147;SMA,&#148;
<FONT STYLE="white-space:nowrap">&#147;wrap-fee&#148;</FONT> or similar program sponsored by such broker-dealer or other financial institution) are considered a single Client. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Sponsored Funds; Sponsored Fund Advisory Contracts. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Except as would not reasonably be expected to be, individually or in the aggregate, material to such Sponsored Fund, each
of the Sponsored Funds (A)&nbsp;is duly organized, validly existing and, to the extent applicable under Applicable Law, in good standing under the laws of its jurisdiction of organization, (B)&nbsp;has all corporate, trust or partnership power and
authority required to carry on its business as now conducted, and (C)&nbsp;is duly qualified to do business as a foreign business entity and is in good standing in each other jurisdiction where such qualification is necessary. Each of the Sponsored
Funds </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


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that represents itself in its offering materials as qualifying (or seeking to qualify) as a &#147;regulated investment company&#148; under the Code is so qualified. Each Sponsored Registered Fund
is governed by a board of directors or trustees and at least 75% of the members of such board are not &#147;interested persons&#148; (as defined in the Investment Company Act) of such Sponsored Fund or the Company. The Company Entities or the
Sponsored Registered Funds have made available to the Buyer true, correct and complete copies of all the constituent documents and Advisory Contracts of the Sponsored Funds currently in effect and all registration statements and current prospectuses
and statements of additional information of all Sponsored Registered Funds. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Each of the Sponsored Funds is in
compliance in all material respects with all Applicable Laws, including rules and regulations of the SEC, CFTC, the IRS and any Self-Regulatory Organization having jurisdiction over such Sponsored Fund. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Each Sponsored Fund has, since May&nbsp;31, 2014, been operated, managed and advised in all material respects in
compliance with its objectives, policies, procedures and restrictions, including those set forth in its governing documents and any applicable offering materials and investment advisory agreements. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) True, correct and complete copies of all current offering documents and all other marketing materials (if any) currently
used in respect of each Sponsored Fund have been made available to the Buyer and, except as would not reasonably be expected to be, individually or in the aggregate, material to such Sponsored Fund, those offering documents and other marketing
materials did not, at any time such documents and materials were made available or delivered to investors, clients, prospective investors or prospective clients, contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Each of the Sponsored Registered Funds has issued its shares or interests pursuant to an effective registration statement
under the Securities Laws. The offering and sale of interests in the Sponsored Funds complied with all Applicable Law in all material respects and each of the Sponsored Registered Funds is registered, and at all times required by Applicable Law has
been registered, under the Investment Company Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) Except as would not reasonably be expected to be, individually or
in the aggregate, material to such Sponsored Registered Fund, each of the Sponsored Registered Funds has timely filed all prospectuses, statements of additional information, registration statements, proxy statements, financial statements, any other
material forms, reports, advertisements and documents required to be filed under Applicable Law with any applicable Governmental Authority (the &#147;<B>Sponsored Fund Reports</B>&#148;). The Sponsored Fund Reports have since May&nbsp;31, 2014 been
prepared in all material respects in accordance with the requirements of all Applicable Law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) The Company has made available or delivered to the Buyer true, correct and
complete copies of the audited financial statements for each Sponsored Registered Fund for each of its respective fiscal years 2015, 2014 and 2013, and the financial statements for each such year have been prepared in all material respects in
accordance with GAAP and fairly present in all material respects the financial positions and statement of assets and liabilities as of the date thereof and the results of operations for the period then ended. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) Since May&nbsp;31, 2014, each Advisory Contract of each Sponsored Fund and any subsequent renewal has been duly
authorized, executed and delivered by the applicable Company Entity in compliance in all material respects with any Applicable Law (including, in the case of each Sponsored Fund, Section&nbsp;15 of the Investment Company Act), is a valid and binding
agreement of the applicable Company Entity and, to the knowledge of the Company, each other party thereto, is in full force and effect and is in all material respects enforceable against the applicable Company Entity and, to the knowledge of the
Company, each other party thereto in accordance with its terms (except insofar as such enforceability may be limited by the Enforceability Exceptions). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Company has made available to the Buyer a copy (current as of the date of this Agreement) of the Form ADV Parts 1, 2A and 2B of each of
the applicable Company Entities, as filed with the SEC or delivered to Clients, as applicable. As of the date of its filing, amendment or delivery, as applicable, each part of each such Form ADV was accurate and correct and complied in all material
respects with Applicable Law. The material Company Entities have each adopted (and have maintained at all times required by Applicable Law) to the extent applicable (i)&nbsp;a written policy regarding insider trading, (ii)&nbsp;a written code of
ethics, as required by Rule <FONT STYLE="white-space:nowrap">204A-1</FONT> under the Investment Advisers Act and, to the extent required, Rule <FONT STYLE="white-space:nowrap">17j-1</FONT> under the Investment Company Act and (iii)&nbsp;policies and
procedures pursuant to Rule <FONT STYLE="white-space:nowrap">206(4)-7</FONT> under the Investment Advisers Act, and have designated and approved a chief compliance officer in accordance with Rule <FONT STYLE="white-space:nowrap">206(4)-7</FONT>
under the Investment Advisers Act. All such policies and procedures (including codes of ethics) comply in all material respects with Applicable Law, including Sections&nbsp;204A and 206 of the Investment Advisers Act and, to the extent required,
Section&nbsp;17(j) of the Investment Company Act and, to the knowledge of the Company, since May&nbsp;31, 2014 there have been no material violations or allegations of material violations of such policies or procedures (including codes of ethics).
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Since May&nbsp;31, 2014, none of the Company Entities, the Sponsored Funds or, to the knowledge of the Company, any of their
respective directors, trustees, officers, agents, representatives or employees (in their capacity as directors, trustees, officers, agents, representatives or employees) have, to the extent any such action would result in a violation of Applicable
Law in any material respect, (i)&nbsp;used any funds for contributions, gifts, entertainment or other expenses, or (ii)&nbsp;made any payment for a reciprocal practice, or made any other payment or given any other consideration. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Except as would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect, none of the Company Entities is required to register with the Commodity Futures Trading Commission as a &#147;commodity pool operator&#148; or &#147;commodity trading advisor&#148; (each as defined in the Commodity Exchange
Act of 1936). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) None of the Company Entities or any of their &#147;affiliated persons&#148; (as defined in the Investment Company Act)
has any express or implied understanding or arrangements which would reasonably be expected to impose an &#147;unfair burden&#148; (as defined in Section 15(f) of the Investment Company Act) on any Registered Fund as a result of the transactions
contemplated hereby or which would in any way violate, or otherwise make unavailable to the Sellers, Section 15(f) of the Investment Company Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.15. <I>ERISA</I>. Section&nbsp;3.15 of the Company Disclosure Schedule sets forth a true, complete and correct list of each
Client to whom the Company Entities act as of the date hereof as a fiduciary (within the meaning of ERISA or any state or local law relating to <FONT STYLE="white-space:nowrap">non-ERISA</FONT> benefit plan assets or accounts (&#147;<B>Similar
Law</B>&#148;)) with respect to the assets of (a)&nbsp;an &#147;employee benefit plan&#148; (as defined in Section&nbsp;3(3) of ERISA) that is subject to Title I of ERISA or Similar Law, (b)&nbsp;a Person acting on behalf of such a plan, (c)&nbsp;a
plan or arrangement subject to Section&nbsp;4975 of the Code or (d)&nbsp;any Person whose assets are deemed to be &#147;plan assets&#148; within the meaning of Department of Labor Regulation
<FONT STYLE="white-space:nowrap">Section&nbsp;2510.3-101,</FONT> as modified for Section&nbsp;3(42) of ERISA, or Similar Law (each, a &#147;<B>Benefit Plan Client</B>&#148;). Each Company Entity and each of its employees and officers, in the
provision of services to any Benefit Plan Client, (x)&nbsp;has at all times acted in compliance with the applicable requirements of ERISA, the Code and Similar Law, (y)&nbsp;has not caused any Benefit Plan Client to engage or participate in any
transaction that it knows or should know constitutes a transaction prohibited by Section&nbsp;406 of ERISA, Section&nbsp;4975 of the Code or any Similar Law for which no exemption is available, and (z)&nbsp;has not been the subject of any Department
of Labor audit, investigation or voluntary fiduciary correction program with respect to any Benefit Plan Client, except, in the case of clauses (x), (y) and (z), as would not reasonably be expected to be, individually or in the aggregate, material
to the Company Entities, taken as a whole. To the extent that any of the Company Entities has relied upon any statutory or administrative exemption from the prohibited transaction rules of Section&nbsp;406 of ERISA, Section&nbsp;4975 of the Code or
Similar Law, it is eligible to rely on such exemption and has satisfied the requirements of such exemption, except as would not reasonably be expected to be, individually or in the aggregate, material to the Company Entities, taken as a whole. Each
Company Entity that is a registered investment adviser under the Investment Advisers Act and acts as an ERISA fiduciary with respect to a Benefit Plan Client is eligible to act as a qualified professional asset manager (a &#147;<B>QPAM</B>&#148;) as
defined in Part VI(a) of Department of Labor Prohibited Transaction Class&nbsp;Exemption <FONT STYLE="white-space:nowrap">84-14</FONT> (the &#147;<B>QPAM Exemption</B>&#148;). No Company Entity is or has been prevented from serving as a QPAM by
application of Part I(g) of the QPAM Exemption. No Company Entity is unable to serve in a capacity described in Section 411(a) of ERISA by reason of Section&nbsp;411 ERISA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.16. <I>Employee Benefit Plans</I>. (a)&nbsp;Section 3.16(a) of the Company Disclosure Schedule contains a true, correct and
complete list of each material Employee Plan as of the date hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) With respect to each material Employee Plan, the Company has provided to the Buyer or its
counsel a true and complete copy, to the extent applicable, of: (i)&nbsp;each writing constituting a part of such Employee Plan and all amendments thereto, including, without limitation, all plan documents, material employee communications, benefit
schedules, trust agreements, and insurance contracts and other funding vehicles, (ii)&nbsp;the most recent Annual Report and accompanying schedule, (iii)&nbsp;the current summary plan description and any material modifications thereto and
(iv)&nbsp;the most recent annual financial and actuarial reports. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) None of the Company Entities or any predecessor thereof sponsors,
maintains or contributes to, or has in the past six years sponsored, maintained or contributed to, and no Employee Plan is (i)&nbsp;a plan subject to Title IV or Section&nbsp;302 of ERISA or Section&nbsp;412 or 4971 of the Code, (ii)&nbsp;a
&#147;multiemployer plan&#148; as defined in Section&nbsp;3(37) of ERISA, or (iii)&nbsp;a plan that has two or more contributing sponsors at least two of whom are not under common control, within the meaning of Section&nbsp;4063 of ERISA. None of
the Company Entities has withdrawn at any time within the preceding six years from any multiemployer plan, or incurred any withdrawal liability which remains unsatisfied, and no events have occurred and no circumstances exist that could reasonably
be expected to result in any such liability to the Company Entities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) No event has occurred and no condition exists that would subject
any of the Company Entities by reason of their affiliation with any ERISA Affiliate to any material liability imposed by Title IV or Section&nbsp;302 of ERISA or Section&nbsp;412 or 4971 of the Code, in each case, in respect of any employee benefit
plan subject to Title IV or Section&nbsp;302 of ERISA maintained, sponsored, contributed to, or required to be contributed to by any ERISA Affiliate (other than the Company Entities). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Each Employee Plan which is intended to be qualified under Section&nbsp;401(a) of the Code has received a favorable determination letter,
or has pending or has time remaining in which to file, an application for such determination from the Internal Revenue Service, and nothing has occurred with respect to such Employee Plan which could reasonably be expected to result in the loss of
such qualification or the determination letter not to be reissued. The Company has made available to the Buyer copies of the most recent Internal Revenue Service determination letters with respect to each such Employee Plan. Each Employee Plan has
been established, administered, maintained and funded in material compliance with its terms and in all material respects with the requirements prescribed by any and all laws, statutes, orders, rules and regulations, including ERISA and the Code,
which are applicable to such Employee Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) No material action, suit or proceeding (other than routine claims for benefits) is pending
against, or to the knowledge of the Company, threatened against, any Employee Plan before any court or arbitrator or any Governmental Authority, including the IRS, the Department of Labor or the Pension Benefit Guaranty Corporation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Neither the execution of this Agreement nor the consummation of the transactions contemplated hereby (either alone or together with any
other event) will (i)&nbsp;entitle any current or former employee of any of the Company Entities to any payment or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>


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benefit (including any bonus, retention, severance, retirement or job security payment or benefit) under any Employee Plan or other arrangement creating post-Closing obligations of any of the
Company Entities, or (ii)&nbsp;accelerate the time of payment or vesting or trigger any payment or funding of compensation or benefits, or increase the amount payable or trigger any other obligation to any current or former employee of any of the
Company Entities under any Employee Plan or other arrangement creating post-Closing obligations of any of the Company Entities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)
Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby (either alone or in combination with any other event) will result in the payment of any amount that would, individually or in
combination with any other such payment, be an &#147;excess parachute payment&#148; within the meaning of Section 280G of the Code. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)
None of the Employee Plans provide retiree health or life insurance benefits except as may be required by Section 4980B of the Code and Section&nbsp;601 of ERISA, any other applicable law or at the expense of the participant or the
participant&#146;s beneficiary. There has been no material violation of the &#147;continuation coverage requirement&#148; of &#147;group health plans&#148; as set forth in Section 4980B of the Code and Part 6 of Subtitle B of Title I of ERISA with
respect to any Employee Plan to which such continuation coverage requirements apply. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) Each Employee Plan that is a &#147;nonqualified
deferred compensation plan&#148; (as defined in Section 409A(d)(1) of the Code) is in material documentary compliance with, and has been administered in material compliance with Section 409A of the Code. No person is entitled to receive any
additional payment (including any tax <FONT STYLE="white-space:nowrap">gross-up</FONT> or other payment) from the Company Entities as a result of the imposition of the excise taxes required by Section&nbsp;4999 of the Code or any taxes required by
Section 409A of the Code. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) Except as would not reasonably be expected to be, individually or in the aggregate, material to the Company
Entities, taken as a whole, all Employee Plans subject to the laws of any jurisdiction outside of the United States (i)&nbsp;have been maintained in accordance with all applicable requirements, (ii)&nbsp;if they are intended to qualify for special
tax treatment, meet all requirements for such treatment, and (iii)&nbsp;if they are intended to be funded and/or book-reserved, are fully funded and/or book reserved, as appropriate, based upon reasonable actuarial assumptions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.17. <I>Labor Matters</I>. (a)&nbsp;None of the Company Entities is a party to or subject to, or is currently negotiating in
connection with entering into, any collective bargaining agreement, works council agreement or other similar labor union contract, and, to the knowledge of the Company, there has not been any organizational campaign, petition or other unionization
activity seeking recognition of a collective bargaining unit relating to any employee of any of the Company Entities. There is no labor strike, slowdown, stoppage, picketing, interruption of work or lockout pending or, to the knowledge of the
Company, threatened against any of the Company Entities, and none of the Company Entities is experiencing, or has since May&nbsp;31, 2014, experienced, any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>


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material labor strike, slowdown, stoppage, picketing, interruption of work or lockout. There are no material (i)&nbsp;unfair labor practice charges or complaints pending or, to the knowledge of
the Company, threatened against any of the Company Entities before any Governmental Authority, (ii)&nbsp;charges with respect to or relating to the Company Entities pending before any applicable Governmental Authority responsible for the prevention
of unlawful employment practices or (iii)&nbsp;representation claims or petitions pending before any applicable Governmental Authority. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each of the Company Entities is and has been in compliance in all material respects with all applicable laws relating to employment of
labor, including all applicable laws relating to wages, hours, overtime, collective bargaining, employment discrimination, civil rights, safety and health, workers&#146; compensation, pay equity, classification of employees and independent
contractors, and the collection and payment of withholding and/or social security Taxes. Each of the Company Entities has met in all material respects all requirements required by law or regulation relating to the employment of foreign citizens, and
none of the Company Entities currently employs, or has ever employed, any person who was not permitted to work in the jurisdiction in which such person was employed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In the 90 days prior to the date hereof, none of the Company Entities has effectuated a &#147;plant closing&#148; or &#147;mass
layoff&#148; (as defined in the United States Worker Adjustment and Retraining Notification Act, or any similar law) or taken any other action that would trigger notice or liability under any state, local or foreign plant closing notice law. Each of
the Company Entities is in material compliance with the Worker Adjustment Retraining Notification Act of 1988 and each similar state or local law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) To the knowledge of the Company, no investment professional of any of the Company Entities is bound by any restrictive covenants that would
materially interfere with such Person&#146;s performance of his or her duties as performed as of the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.18.
<I>Taxes</I>. With respect to any <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Period, as applicable: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) All income and other
material Tax Returns that are required to be filed with any Taxing Authority on or before the Closing Date with respect to any <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Period by, or with respect to, any of the Company Entities have
been, or will be, timely filed on or before the Closing Date; (i)&nbsp;the Company Entities have timely paid all material Taxes due and payable whether or not shown as due and payable on the Tax Returns that have been filed; (ii)&nbsp;the Tax
Returns that have been filed are true, correct and complete in all material respects; and (iii)&nbsp;there are no Liens for Taxes on any of the assets of any of the Company Entities, other than Permitted Liens. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) There is no action, suit, proceeding, investigation, audit or claim now proposed or pending against or with respect to any of the Company
Entities in respect of any material Tax. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) No claim has been made by any Tax authority in a jurisdiction where any Company Entity has
not filed a Tax Return that it is or may be subject to Tax by such jurisdiction. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Each Company Entity has withheld all material Taxes
required to have been withheld, and has timely remitted any such Taxes to the appropriate Taxing Authority. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) After the Closing Date, no
Company Entity will be a party to or bound by any Tax indemnity agreement, Tax allocation agreement, Tax sharing agreement or similar contract (excluding agreements between only the Company Entities and agreements not primarily related to Taxes).
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) No Company Entity has outstanding any waiver of any statute of limitations in respect of Taxes or extension of time with respect to a
Tax assessment or deficiency, which waiver or extension is currently in effect. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) No Company Entity has participated in any &#147;listed
transaction&#148; within the meaning of Treasury Regulations Section <FONT STYLE="white-space:nowrap">1.6011-4(b)(1).</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) Each of
the Company Entities is treated as either a partnership or a disregarded entity for U.S. federal income tax purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.19.
<I>Properties</I>. (a)&nbsp;None of the Company Entities owns any real property (excluding, for the avoidance of doubt, any indirect interest any Company Entity may be considered to own through its relationship with any Client in real property held
by such Client or its Subsidiaries). Each of the Company Entities has good title to, or in the case of leased property and assets, valid leasehold interests in, all property and assets (whether real, personal, tangible or intangible) reflected on
the Balance Sheet or acquired after the Balance Sheet Date or otherwise necessary to conduct the business of the Company Entities as conducted on the date hereof, except for properties and assets sold since the Balance Sheet Date in the ordinary
course of business consistent with past practices. None of such property or assets are subject to any Lien, except: (a)&nbsp;Liens disclosed on the Balance Sheet or notes thereto or securing liabilities reflected on the Balance Sheet or notes
thereto; (b)&nbsp;Liens for taxes, assessments and similar charges that are not yet due or are being contested in good faith and are properly reserved for on the Balance Sheet; (c)&nbsp;mechanic&#146;s, materialman&#146;s, carrier&#146;s,
repairer&#146;s and other similar Liens arising or incurred in the ordinary course of business or that are not yet due and payable or are being contested in good faith; or (d)&nbsp;Liens incurred in the ordinary course of business since the Balance
Sheet Date (the Liens referred to in clauses (a)&nbsp;through (d) of this Section 3.19(a), collectively, the &#147;<B>Permitted Liens</B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The real property demised by the leases (the &#147;<B>Real Property Leases</B>&#148;) described on Section 3.19(b) of the Company
Disclosure Schedule (the &#147;<B>Leased Real Property</B>&#148;) constitutes all of the real property leased, subleased, occupied or otherwise used by the Company Entities as of the date hereof. All of the Real Property Leases are valid, binding
and enforceable in all material respects in accordance with their respective terms. The Company has made available to the Buyer true and correct copies of each of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>


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the Real Property Leases (including all written modifications, amendments, supplements, waivers and side letters thereto in the Company&#146;s possession). Except as would not reasonably be
expect to be, individually or in the aggregate, material to the Company Entities, taken as a whole, the Company Entities have good and marketable leasehold interests to all of the Leased Real Property, and there is not under any Real Property Lease
any existing default by any of the Company Entities, or to the knowledge of the Company, any other party thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.20.
<I>Intellectual Property</I>. Section&nbsp;3.20 of the Company Disclosure Schedule contains a list of all material registrations and applications for registration of patents, trademarks, service marks and copyrights included in the Company
Intellectual Property Rights, indicating for each item the registration or applicable number and the applicable filing jurisdiction, in each case as of the date hereof. No Company Intellectual Property Right is subject to any outstanding injunction,
order, decree, judgment or agreement restricting the use thereof by any of the Company Entities or restricting the licensing thereof by any of the Company Entities to any Person, except for any injunction, order, decree, judgment or agreement that
would not reasonably be expected to be, individually or in the aggregate, material to the Company Entities, and all Company Intellectual Property Rights are valid and enforceable. Except as would not reasonably be expected to be, individually or in
the aggregate, material to the Company Entities, taken as a whole, to the knowledge of the Company, none of the Company Entities is infringing, misappropriating or otherwise violating any valid and enforceable Intellectual Property Right owned by
any Person in any respect. To the knowledge of the Company, no third party has, since May&nbsp;31, 2014, infringed, misappropriated or otherwise violated any Company Intellectual Property Rights in any material respect. The Company Entities have
taken reasonable steps to maintain the confidentiality of all trade secrets constituting Company Intellectual Property Rights that are material to the business of the Company Entities for which the value to the Company Entities is contingent upon
maintaining the confidentiality thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.21. <I>Insurance</I>. Section&nbsp;3.21 of the Company Disclosure Schedule sets
forth a list of, and true, correct and complete copies have been made available to the Buyer of, all material insurance policies and fidelity bonds of the Company Entities as of the date hereof relating to the assets, properties, business,
operations, directors, officers and employees of the Company Entities. Except as would not reasonably be expected to be, individually or in the aggregate, material to the Company Entities, taken as a whole, the Company Entities are insured against
such losses and risks and in such amounts as are customary in the businesses in which they are engaged, and have complied with the terms and provisions of such policies and bonds, and there are no claims by any of the Company Entities pending under
any of such policies or bonds as to which coverage has been questioned, denied or disputed by the underwriters of such policies or bonds or in respect of which such underwriters have reserved their rights, other than ordinary course reservations of
rights. As of the date hereof, no Company Entity has received written notice to the effect that it is in material default under any applicable insurance policy or that any such material insurance policy has been or will be cancelled. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.22. <I>Environmental Matters</I>. Except as would not reasonably be expected to
be, individually or in the aggregate, material to the Company Entities, (a)&nbsp;(i) no written notice, order, request for information, citation, summons, complaint or penalty has been received by any of the Company Entities, and (ii)&nbsp;there is
no action, suit or proceeding pending or, to the knowledge of the Company, threatened which, in the case of each of the foregoing clauses (i)&nbsp;and (ii), alleges a violation of any Environmental Law and relates to any of the Company Entities;
(b)&nbsp;each of the Company Entities has all environmental Permits required to carry on their businesses as now conducted in compliance with all applicable Environmental Laws, and is in compliance with the terms of such Permits and with all other
applicable Environmental Laws; and (c)&nbsp;there has been no environmental investigation, study, audit, test, review or other analysis conducted within the past five years by any of the Company Entities of any property currently or previously owned
or leased by any of the Company Entities that has not been made available to the Buyer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.23. <I>Finders</I><I>&#146;</I><I>
Fees</I>. Except for RBC Capital Markets, LLC (whose fees and expenses, to the extent not paid prior to the Closing, will be included in &#147;Closing Transaction Expenses&#148;), there is no financial advisor, investment banker, broker, finder or
other intermediary that has been retained by or is authorized to act on behalf of any of the Company Entities that is entitled to any fee or commission in connection with the transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.24. <I>Affiliate Transactions.</I> Except (i)&nbsp;as set forth in Section&nbsp;3.24 of the Company Disclosure Schedule or
(ii)&nbsp;compensation or other employment agreements entered into in the ordinary course of business of the Company Entities, as of the date hereof, no officer, director, member, partner or Affiliate of the Company Entities (including the Sellers)
or any individual in such officer&#146;s, director&#146;s, member&#146;s or partner&#146;s immediate family, is a party to any contract or arrangement with the Company Entities or owns or has any interest in any assets used by the Company Entities
(in each case, other than through its ownership of membership interests or other securities in the Company). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.25.
<I>Existing Indemnification</I>. The Company is entitled to be indemnified for the matters set forth on Section&nbsp;3.25 of the Company Disclosure Schedule under the agreement set forth therein to the extent set forth on such Section of the Company
Disclosure Schedule and the Company&#146;s right to such indemnification will not be affected under such agreement by the consummation of the transactions contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.26. <I>No Other Representations and Warranties</I>. Except for the representations and warranties expressly set forth in this
Article 3, none of the Company Entities or their respective Related Parties has made or is making any express or implied representation or warranty of any nature to the Buyer, Merger Sub or their respective Related Parties, at law or in equity, with
respect to matters relating to the Sellers, their respective Related Parties, the Company Entities, their respective businesses or any other matter related to or in connection with the transactions contemplated hereby, and the Company hereby
expressly disclaims any such other representations or warranties </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>


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(including as to the accuracy or completeness of any information provided to the Buyer or Merger Sub). Without limiting the generality of the foregoing, none of the Company Entities or their
respective Related Parties has made or is making any representation or warranty with respect to (i)&nbsp;any projections, estimates or budgets delivered to or made available to the Buyer, Merger Sub or their respective Related Parties of future
revenues, future results of operations (or any component thereof), future cash flows or future financial condition (or any component thereof) of the Company Entities or the future business and operations of the Company Entities or (ii)&nbsp;any
other information or documents made available to the Buyer, Merger Sub or their respective Related Parties with respect to the Company Entities or their respective businesses or operations (including as to the accuracy or completeness of any such
information or documents), except as expressly set forth in this Article 3. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 4 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> S<SMALL>ELLER</SMALL>
R<SMALL>EPRESENTATIVE</SMALL> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Seller Representative represents and warrants to each of the Buyer and Merger Sub that as of the date
hereof and as of the Closing Date: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.01. <I>Existence and Power</I>. The Seller Representative is duly organized, formed or
established, validly existing and (to the extent such concept is applicable) in good standing under the laws of its jurisdiction of organization, formation or establishment and has all entity power and authority required to carry on its business as
now conducted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.02. <I>Authorization</I>. The Seller Representative has duly executed and delivered this Agreement, and,
assuming the due authorization, execution and delivery of this Agreement by the other parties, this Agreement constitutes a valid and binding agreement of the Seller Representative, enforceable against the Seller Representative in accordance with
the terms hereof (except insofar as such enforceability may be limited by the Enforceability Exceptions). The execution, delivery and performance by the Seller Representative of this Agreement and the Escrow Agreement and the consummation of the
transactions contemplated hereby and thereby are within the entity powers and have been duly authorized by all necessary limited liability company action on the part of the Seller Representative. The Seller Representative will duly execute and
deliver the Escrow Agreement, and, assuming the due authorization, execution and delivery of the Escrow Agreement by the other parties thereto, the Escrow Agreement will constitute a valid and binding agreement of the Seller Representative,
enforceable against the Seller Representative in accordance with the terms thereof (except insofar as such enforceability may be limited by the Enforceability Exceptions). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.03. <I>Noncontravention</I>. The execution, delivery and performance by the Seller Representative of this Agreement and the
Escrow Agreement and the consummation by the Seller Representative of the transactions contemplated hereby and thereby do not and will not (a)&nbsp;conflict with, breach or violate the limited partnership agreement of the Seller Representative,
(b)&nbsp;violate any Applicable Law or (c)&nbsp;require any consent from or other action by any Person under, constitute a violation, breach or default </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>


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under, or give rise to (or give rise to after the giving of notice, the passage of time or both) any right of termination, cancellation or acceleration of any right or obligation of the Seller
Representative under any provision of any contract of the Seller Representative, with such exceptions, in the case of each of clauses (b)&nbsp;and (c), as would not reasonably be expected, individually or in the aggregate, to prevent or materially
impair or delay the Seller Representative&#146;s consummation of the transactions contemplated by this Agreement or the Escrow Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.04. <I>No Other Representations and Warranties</I>. Except for the representations and warranties expressly set forth in this
Article 4, none of the Sellers, the Seller Representative or their respective Related Parties has made or is making any express or implied representation or warranty of any nature to the Buyer, Merger Sub or their respective Related Parties, at law
or in equity, with respect to matters relating to the Sellers, the Seller Representative, the Company Entities, their respective Related Parties, their respective businesses or any other matter related to or in connection with the transactions
contemplated hereby, and the Seller Representative hereby expressly disclaims any such other representations or warranties (including as to the accuracy or completeness of any information provided to the Buyer or Merger Sub). Without limiting the
generality of the foregoing, none of the Sellers, the Seller Representative or their respective Related Parties has made or is making any representation or warranty with respect to (i)&nbsp;any projections, estimates or budgets delivered to or made
available to the Buyer, Merger Sub or their respective Related Parties of future revenues, future results of operations (or any component thereof), future cash flows or future financial condition (or any component thereof) of the Company Entities or
the future business and operations of the Company Entities or (ii)&nbsp;any other information or documents made available to the Buyer, Merger Sub or their respective Related Parties with respect to the Company Entities or their respective
businesses or operations (including as to the accuracy or completeness of any such information or documents), except as expressly set forth in this Article 4. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 5 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">R<SMALL>EPRESENTATIONS</SMALL> <SMALL>AND</SMALL> W<SMALL>ARRANTIES</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> B<SMALL>UYER</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Buyer represents and warrants to the Company as of the date hereof and as of the Closing Date that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.01. <I>Existence and Power</I>. (a)&nbsp;The Buyer is a corporation duly incorporated, validly existing and in good standing
under the laws of the State of Delaware and has all corporate power and authority required to carry on its business as now conducted. Merger Sub is a Delaware limited liability company duly organized, validly existing and in good standing under the
laws of Delaware and has all Delaware power and authority required to carry on its business as now conducted. Since the date of its organization, Merger Sub has been a direct, wholly owned Subsidiary of the Buyer, and has not engaged in any
activities other than in connection with or as contemplated by this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each of the Buyer and Merger Sub is duly qualified to do business as a foreign business
entity and is in good standing in each other jurisdiction where such qualification is necessary, except for those jurisdictions where the failure to be so qualified would not reasonably be expected, individually or in the aggregate, to prevent or
materially impair or delay the Buyer&#146;s or Merger Sub&#146;s consummation of the transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.02. <I>Authorization</I>. The execution, delivery and performance by each of the Buyer and Merger Sub of this Agreement and the
Escrow Agreement and the consummation of the transactions contemplated hereby and thereby are within each of the Buyer&#146;s and Merger Sub&#146;s corporate or limited liability company powers, as applicable, and have been duly authorized by all
necessary corporate or limited liability company action on the part of each of the Buyer and Merger Sub, and no other action on the part of the Buyer is necessary to authorize this Agreement or the consummation of the transactions contemplated
hereby. Each of the Buyer and Merger Sub has duly executed and delivered this Agreement and will duly execute and deliver the Escrow Agreement, as applicable, and, assuming the due authorization, execution and delivery of this Agreement and the
Escrow Agreement by each of the other parties hereto and thereto, this Agreement constitutes, and the Escrow Agreement will constitute, a valid and binding agreement of each of the Buyer and Merger Sub, as applicable, enforceable against each of the
Buyer and Merger Sub, as applicable, in accordance with the terms hereof and thereof (except insofar as such enforceability may be limited by the Enforceability Exceptions). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.03. <I>Governmental Authorizations</I>. The execution, delivery and performance by each of the Buyer and Merger Sub of this
Agreement and the Escrow Agreement, as applicable, and the consummation by each of the Buyer and Merger Sub of the transactions contemplated hereby and thereby, as applicable, require no action by or in respect of, or filing with, any Governmental
Authority, other than (a)&nbsp;compliance with any applicable requirements of the HSR Act, (b)&nbsp;the filing of amendments to the Form ADVs of the Company Entities with the SEC and (c)&nbsp;any other actions or filings (i)&nbsp;required solely by
reason of the participation of the Company or the Sellers in the transactions contemplated hereby or (ii)&nbsp;as to which the failure to make or obtain would not reasonably be expected, individually or in the aggregate, to prevent or materially
impair or delay the Buyer&#146;s or Merger Sub&#146;s consummation of the transactions contemplated by this Agreement or the Escrow Agreement, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.04. <I>Noncontravention</I>. The execution, delivery and performance by each of the Buyer and Merger Sub of this Agreement and
the Escrow Agreement, as applicable, and the consummation by each of the Buyer and Merger Sub of the transactions contemplated hereby and thereby, as applicable, do not and will not (a)&nbsp;conflict with, breach or violate the certificate of
incorporation, bylaws or equivalent organizational documents of the Buyer or Merger Sub, (b)&nbsp;assuming compliance with the matters referred to in Section&nbsp;5.03, violate any Applicable Law, (c)&nbsp;require any consent from or other action by
any Person under, constitute a violation, breach or default under, or give rise to (or give rise to after the giving of notice, the passage of time or both) any right of termination, cancellation or acceleration of any right or obligation of the
Buyer or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>


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Merger Sub, or to a loss of any benefit to which the Buyer or Merger Sub is entitled under, any provision of any agreement, contract, lease, indenture, instrument or Permit of the Buyer or Merger
Sub or (d)&nbsp;result in the creation or imposition of any Lien on any asset of the Buyer or Merger Sub, except for Permitted Liens, with such exceptions, in the case of each of clauses (b)&nbsp;through (d), as would not reasonably be expected,
individually or in the aggregate, to prevent or materially impair or delay the Buyer&#146;s or Merger Sub&#146;s consummation of the transactions contemplated by this Agreement or the Escrow Agreement, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.05. <I>Litigation; Orders</I>. As of the date hereof, there is no (a)&nbsp;action, suit or proceeding pending against, or to
the knowledge of the Buyer, any investigation pending or action, suit, proceeding or investigation threatened against, the Buyer, Merger Sub or any of their respective Affiliates before any arbitrator or Governmental Authority, or
(b)&nbsp;injunction, order, decree or judgment issued by any arbitrator or Governmental Authority to which the Buyer, Merger Sub or any of their respective Affiliates is subject, in the case of each of the foregoing clauses (a)&nbsp;and (b), that in
any manner challenges or seeks to prevent, enjoin, impair, alter or delay the transactions contemplated by this Agreement or as would reasonably be expected to prevent or materially impair or delay the Buyer&#146;s or Merger Sub&#146;s consummation
of the transactions contemplated by this Agreement or the Escrow Agreement, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.06. <I>Certain Regulatory
Matters</I>. (a)&nbsp;(i) Neither the Buyer, nor Merger Sub, nor any of their respective directors, officers, employees or &#147;supervised persons&#148; that is, in each case, an &#147;affiliated person&#148; (as defined in Section&nbsp;2(a)(3) of
the Investment Company Act) of the Buyer or Merger Sub, nor, to the knowledge of the Buyer, any other Person that is such an &#147;affiliated person&#148; of the Buyer or Merger Sub, is ineligible pursuant to Section&nbsp;9 of the Investment Company
Act to serve as an investment adviser (or in any other capacity described in Sections&nbsp;9(a) and 9(b) of the Investment Company Act) to a registered investment company; and (ii)&nbsp;neither the Buyer, Merger Sub, nor any of their respective
directors, officers, employees or &#147;supervised persons&#148; that is, in each case, &#147;associated&#148; (as such term is used in Section&nbsp;202(a)(17) of the Investment Advisers Act) with the Buyer or Merger Sub, nor, to the knowledge of
the Buyer, any other Person that is so &#147;associated&#148; with the Buyer or Merger Sub, is subject to disqualification pursuant to Section&nbsp;203(e) or (f)&nbsp;of the Investment Advisers Act from serving as an investment adviser or as a
person associated with a registered investment adviser or subject to disqualification under Rule <FONT STYLE="white-space:nowrap">206(4)-3</FONT> under the Investment Advisers Act, except, in the case of either clause (i)&nbsp;or (ii), for any such
disqualification (A)&nbsp;that would not reasonably be expected to be material to the Buyer or Merger Sub or (B)&nbsp;with respect to which the Buyer, Merger Sub or such &#147;affiliated person&#148; or &#147;associated person&#148; has received
exemptive relief from the SEC or any other applicable Governmental Authority. There is no action, suit, proceeding or investigation (formal or otherwise) pending or, to the knowledge of the Buyer, threatened, by any Governmental Authority that would
result in any such disqualification, except for any such disqualifications that would not, individually or in the aggregate, reasonably be expected to be material to the Buyer or Merger Sub. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) None of the Buyer, Merger Sub or any of their &#147;affiliated persons&#148; (as defined in
the Investment Company Act) has any express or implied understanding or arrangements which would reasonably be expected to impose an &#147;unfair burden&#148; (as defined in Section&nbsp;15(f) of the Investment Company Act) on any Registered Fund as
a result of the transactions contemplated hereby or which would in any way violate, or otherwise make unavailable to the Company or the Sellers, Section&nbsp;15(f) of the Investment Company Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.07. <I></I><I>Financing</I>. As of the date of this Agreement, the Buyer has received an executed debt commitment letter dated
the date hereof, including all exhibits, schedules and annexes thereto and any associated fee letter (the &#147;<B>Debt Commitment Letter</B>&#148;) from Barclays and Morgan Stanley Senior Funding, Inc. (collectively, &#147;<B>Lender</B>&#148;),
pursuant to which Lender has committed, subject to the terms and conditions set forth therein, to provide to the Buyer the amount of financing set forth in the Debt Commitment Letter (the &#147;<B>Debt Financing</B>&#148;), for the Financing
Purposes. A true and complete copy of the Debt Commitment Letter has been previously provided to the Company (it being understood that such Debt Commitment Letter has been redacted in a customary manner, to omit the fee amounts and the flex
provisions provided therein and other information customarily redacted in such Debt Commitment Letter). The Buyer has fully paid any and all commitment fees or other fees required by the Debt Commitment Letter to be paid on or before the date hereof
under the terms of the Debt Commitment Letter or any related fee letter and will pay all additional fees to be paid under the terms of the Debt Commitment Letter or any related fee letter as they become due. As of the date hereof, the Debt
Commitment Letter is a legal, valid and binding obligation of the Buyer and, to the knowledge of the Buyer, each other party thereto, except as the same may be limited by the Enforceability Exceptions, and in full force and effect, has not been
amended, modified, withdrawn, terminated or rescinded in any respect, and does not contain any material misrepresentation by the Buyer or Merger Sub and no event has occurred which (with or without notice, lapse of time or both) would reasonably be
expected to constitute a breach thereunder on the part of the Buyer or Merger Sub. As of the date hereof, no amendment or modification to, or withdrawal, termination or rescission of, the Debt Commitment Letter is contemplated. The aggregate
proceeds contemplated by the Debt Commitment Letter, together with available cash of the Buyer and Merger Sub, will be sufficient for Merger Sub and the Surviving Company to complete the transactions contemplated by this Agreement, and to satisfy
all of the obligations of the Buyer and Merger Sub under this Agreement, including (x)&nbsp;paying the Purchase Price at and after Closing, (y)&nbsp;effecting the repayment or refinancing of all Closing Indebtedness as of the Closing Date and
(z)&nbsp;paying all fees and expenses payable hereunder or under the Debt Commitment Letter (collectively, the &#147;<B>Financing Purposes</B>&#148;). As of the date hereof, neither the Buyer nor Merger Sub has incurred any obligation, commitment,
restriction or liability of any kind, and neither of them is contemplating or aware of any obligation, commitment, restriction or liability of any kind, in either case which would reasonably be expected to adversely affect the availability of the
Debt Financing. Except for the fee letter referred to in the Debt Commitment Letter, as of the date hereof, there are no side letters or other agreements, contracts, arrangements or understandings related to the funding or investing, as applicable
of the Debt Financing other than as expressly set forth in the applicable Debt </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Commitment Letter, that could adversely affect the conditionality, enforceability or availability of the Debt Financing. Neither the fee letter between the Buyer and Lender referred to in the
Debt Commitment Letter nor any other contract between Lender, on the one hand, and the Buyer or any of its Affiliates, on the other hand, contains any conditions precedent or other contingencies (x)&nbsp;related to the funding of the full amount of
the Debt Financing or any provisions that could reduce the aggregate amount of the Debt Financing set forth in the Debt Commitment Letter or the aggregate proceeds contemplated by the Debt Commitment Letter or (y)&nbsp;that could otherwise adversely
affect the conditionality, enforceability or availability of the Debt Commitment Letter with respect to all or any portion of the Debt Financing. As of the date hereof, neither the Buyer nor Merger Sub has any reason to believe that any of the
conditions to the Debt Financing would not reasonably be expected to be satisfied on a timely basis or that the Debt Financing would not reasonably be expected to be available to the Buyer and Merger Sub on the date on which the Closing should occur
pursuant to Section&nbsp;2.04. Each of the Buyer and Merger Sub expressly acknowledges and agrees that its obligations hereunder, including its obligations to consummate the transactions contemplated hereby, are not subject to, or conditioned upon,
receipt of financing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.08. <I>Solvency</I>. (a)&nbsp;Neither the Buyer nor Merger Sub is entering into this Agreement or
the transactions contemplated hereby with the intent to hinder, delay or defraud either present or future creditors. Assuming (i)&nbsp;the satisfaction of the conditions to the Buyer&#146;s obligation to consummate the transactions contemplated
hereby, (ii)&nbsp;the accuracy in all material respects of the representations and warranties set forth in Articles 3 and 4 and the performance of the Company of its obligations hereunder in all respects, (iii)&nbsp;that the Company is Solvent as of
immediately prior to the Effective Time before giving effect to the transactions contemplated hereby, and (iv)&nbsp;that any estimates, projections, forecasts, forward-looking information or business plans of the Company that have been provided to
the Buyer prior to the date hereof were prepared based upon assumptions that were, at the time made, and continue to be, reasonable, and, after giving effect to the transactions contemplated by hereby, including the Debt Financing, any Alternative
Financing, the payment of the Purchase Price, any repayment or refinancing of debt contemplated in this Agreement or the Debt Commitment Letters and the payment of all related fees and expenses, the Buyer on a consolidated basis will be Solvent as
of the Closing and immediately after the consummation of the transactions contemplated hereby. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) For purposes of this Agreement,
&#147;<B>Solvent</B>&#148; when used with respect to any Person, means that, as of any date of determination, (i)&nbsp;the amount of the &#147;fair saleable value&#148; of the assets of such Person will, as of such date, exceed (A)&nbsp;the value of
all &#147;liabilities of such Person, including reasonably anticipated contingent and other liabilities,&#148; as of such date, as such quoted terms are generally determined in accordance with applicable federal laws governing determinations of the
insolvency of debtors, and (B)&nbsp;the amount that will be required to pay the probable liabilities of such Person on its existing debts (including reasonably anticipated contingent liabilities) as such debts become absolute and matured,
(ii)&nbsp;such Person will not have, as of such date, an unreasonably small amount of capital for the operation of the businesses in which it is engaged or proposed to be engaged following such date and (iii)&nbsp;such Person will be able to pay its
liabilities, including reasonably anticipated contingent and other liabilities, as they mature. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">53 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.09. <I>Purchase for Investment</I>. The Buyer is purchasing or otherwise acquiring
the Remaining Company Equity Interests for investment for its own account and not with a view to, or for sale in connection with, any distribution thereof. The Buyer has sufficient knowledge and experience in financial and business matters so as to
be capable of evaluating the merits and risks of its investment in the Remaining Company Equity Interests and is capable of bearing the economic risks of such investment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.10. <I>Finders</I><I>&#146;</I><I> Fees</I>. Except for Barclays Capital Inc. and Morgan Stanley&nbsp;&amp; Co. LLC (whose fees
and expenses will be paid by the Buyer), there is no financial advisor, investment banker, broker, finder or other intermediary that has been retained by or is authorized to act on behalf of the Buyer, Merger Sub or any of their respective
Affiliates that is entitled to any fee or commission in connection with the transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.11. <I>Inspections; No Other Representations and Warranties</I>. (a)&nbsp;Each of the Buyer and Merger Sub is an informed and
sophisticated purchaser, and has engaged expert advisors, experienced in the evaluation and purchase of companies such as the Company Entities as contemplated hereunder and has undertaken such investigation and has been provided with and evaluated
such documents and information as each of the Buyer and Merger Sub has deemed necessary. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Each of the Buyer and Merger Sub acknowledges
that, except for the representations and warranties expressly set forth in Article 3 and Article 4, none of the Sellers, the Seller Representative, the Company Entities or their respective Related Parties has made or is making any express or implied
representation or warranty of any nature to the Buyer, Merger Sub or their respective Related Parties, at law or in equity, with respect to matters relating to the Sellers, the Seller Representative, the Company Entities, their respective Related
Parties, their respective businesses or any other matter related to or in connection with the transactions contemplated hereby, and each of the Buyer and Merger Sub hereby expressly disclaims reliance on any such other representations or warranties
(including as to the accuracy or completeness of any information provided to the Buyer or Merger Sub). Without limiting the generality of the foregoing, each of the Buyer and Merger Sub acknowledges that none of the Sellers, the Seller
Representative, the Company Entities or their respective Related Parties has made or is making any representation or warranty with respect to (i)&nbsp;any projections, estimates or budgets delivered to or made available to the Buyer, Merger Sub or
their respective Related Parties of future revenues, future results of operations (or any component thereof), future cash flows or future financial condition (or any component thereof) of the Company Entities or the future business and operations of
the Company Entities or (ii)&nbsp;any other information or documents made available to the Buyer, Merger Sub or their respective Related Parties with respect to the Company Entities or their respective businesses or operations (including as to the
accuracy or completeness of any such information or documents), except as expressly set forth in Article 3 and Article 4. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 6 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C<SMALL>OVENANTS</SMALL> <SMALL>OF</SMALL> <SMALL>THE</SMALL> B<SMALL>UYER</SMALL>, M<SMALL>ERGER</SMALL> S<SMALL>UB</SMALL> <SMALL>AND</SMALL>
<SMALL>THE</SMALL> C<SMALL>OMPANY</SMALL> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.01. <I>Conduct of Business</I>. As of the Closing Date, the Company shall ensure
that the Company Entities hold Closing Cash in an amount (x)&nbsp;at least equal to the Closing Bonus Liability and (y)&nbsp;not materially greater than the sum of the estimated Closing Bonus Liability set forth in the Estimated Closing Statement
plus the estimated amount of any Closing Transaction Expenses set forth in the Estimated Closing Statement. From the date hereof until the Closing Date, except (i)&nbsp;as required or expressly contemplated by this Agreement, (ii)&nbsp;as required
by any Applicable Law or required by any Governmental Authority, (iii)&nbsp;as disclosed in Section&nbsp;6.01 of the Company Disclosure Schedule or (iv)&nbsp;with the prior written consent of the Buyer (which, except in connection with Sections
6.01(a), (b), (c), (d), (f), (n) and (p), shall not be unreasonably withheld, delayed or conditioned), (A) the Company shall, and shall cause the other Company Entities to, conduct their respective businesses in the ordinary course consistent with
past practice, and use their commercially reasonable efforts to (1)&nbsp;preserve intact their business organizations and relationships with third parties, including Clients, and (2)&nbsp;keep available the services of their present officers and
employees and (B)&nbsp;without limiting the generality of the foregoing clause (A), the Company shall not, and shall not permit any of the other Company Entities to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) amend (whether by merger, consolidation or otherwise) its certificate of formation, limited liability company agreement or equivalent
organizational documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) (i) split, combine or reclassify any Company Securities or Subsidiary Securities, as applicable,
(ii)&nbsp;declare, set aside or pay any <FONT STYLE="white-space:nowrap">non-cash</FONT> dividend or other <FONT STYLE="white-space:nowrap">non-cash</FONT> distribution in respect of any Company Securities or Subsidiary Securities, as applicable,
other than <FONT STYLE="white-space:nowrap">non-cash</FONT> dividends or other <FONT STYLE="white-space:nowrap">non-cash</FONT> distributions by any Company Entity to any other Company Entity or (iii)&nbsp;redeem, repurchase or otherwise acquire any
Company Securities or Subsidiary Securities, as applicable; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) (i) issue, deliver or sell, or authorize the issuance, delivery or sale
of, any Company Securities or Subsidiary Securities, as applicable, other than the issuance or sale of any Subsidiary Securities by any Company Entity to any other Company Entity, or (ii)&nbsp;amend the terms of any Company Securities or Subsidiary
Securities, as applicable; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) (i) acquire (whether by merger, consolidation, acquisition of stock or assets or otherwise), directly or
indirectly, any material assets other than supplies and equipment in the ordinary course of business or (ii)&nbsp;merge or consolidate with or purchase substantially all the assets or capital stock of another Person; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) transfer or dispose of (whether by merger, consolidation, disposition of stock or assets or otherwise), directly or indirectly, any
material assets; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) (i) make any material loans or advances to any other Person, (ii)&nbsp;acquire any loans or
(iii)&nbsp;acquire any interest in any loan or collateralized loan obligation structures, other than (A)&nbsp;in the case of clause (i), loans or advances to any other Company Entity and (B)&nbsp;in the case of clauses (ii)&nbsp;and (iii), in
accordance with Section 6.01(f) of the Company Disclosure Schedule; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) incur any indebtedness for borrowed money or guarantees thereof to
any other Person (other than in the ordinary course of business), or forgive any indebtedness for borrowed money or guarantees thereof owing to any of the Company Entities, other than with respect to indebtedness for borrowed money or guarantees
thereof solely between or among the Company Entities; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) other than as required by the terms of any Employee Plan or Applicable Law,
(i)&nbsp;with respect to any employee, officer, director or individual independent contractor of any of the Company Entities, (A)&nbsp;grant or increase any severance, retention, change in control or termination pay to such individual (or amend any
such existing arrangement) or (B)&nbsp;enter into any employment, deferred compensation or other compensatory agreement with such individual (or amend any existing agreement), (ii)increase benefits payable to employees of any of the Company Entities
under any existing severance or termination pay policies, (iii)&nbsp;establish, adopt, amend or terminate any Employee Plan or any arrangement that would have been an Employee Plan had it been entered into prior to the date of this Agreement (other
than any amendment that does not increase the cost to the Company Entities of maintaining the Employee Plans), (iv) hire or terminate (other than for cause) the employment of any employee of any Company Entity, (v)&nbsp;establish, adopt, materially
amend or terminate any collective bargaining agreement, (vi)&nbsp;grant any new, or increase any, compensation, bonus, retention, retirement, welfare, fringe or other benefits with respect to any employee, officer, director or individual independent
contractor of the Company Entities, or (vii)forgive any loans or issue any loans (other than routine advances for business expenses issued in the ordinary course) to any employee, officer, director or individual independent contractor of any Company
Entity; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) amend, terminate, renew or cancel any Material Contract, or enter into any new agreement that would have been a Material
Contract had it been in effect as of the date hereof, in each case other than in the ordinary course of business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) (i) form, organize
or sponsor any new Sponsored Fund, other than in accordance with Section 6.01(f) of the Company Disclosure Schedule, or (ii)&nbsp;fail to maintain or terminate any Sponsored Fund, except where required by investors or the applicable Fund Board to
terminate a Sponsored Fund; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) make or change any material Tax election, adopt or change any method of Tax accounting, change any annual
Tax accounting period, amend any material Tax Returns or file any claims for material Tax refunds, enter into any material closing agreement, settle any material Tax claim, audit or assessment or surrender any right to claim a material Tax refund,
offset or other reduction in Tax liability, in each case except as required by Applicable Law; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">56 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) make any change to the Company&#146;s methods of financial accounting, except as required by
changes in GAAP or other Applicable Law; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) commence or settle (i)&nbsp;any material investigation, arbitration, action, suit or
proceeding by or against any of the Company Entities, (ii)&nbsp;any investigation, arbitration, action, suit or proceeding with any equityholder of the Company by or against any of the Company Entities or any of their respective managers or officers
or (iii)&nbsp;any investigation, arbitration, action, suit or proceeding that relates to the transactions contemplated hereby; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) adopt a
plan or agreement of complete or partial liquidation or dissolution; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) expend funds for capital expenditures of more than $250,000 in
the aggregate; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) enter into a new line of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) create or permit to exist any Lien other than Permitted Liens; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) materially amend, terminate or allow to lapse any material Permit; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s) other than compensation or other employment agreements entered into in compliance with Section 6.01(h), enter into any contract or
arrangement with an officer, director, member, partner or Affiliate of the Company Entities; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) enter into any <FONT
STYLE="white-space:nowrap">non-disclosure</FONT> or confidentiality agreement, in each case which contains <FONT STYLE="white-space:nowrap">non-solicitation</FONT> provisions; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) agree or commit to do any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary herein, the parties acknowledge and agree that, except as provided in the first sentence of Section&nbsp;6.01,
nothing in this Section&nbsp;6.01 shall restrict the Company Entities from: (i)&nbsp;declaring, setting aside or paying any cash dividend or other cash distribution to the Sellers or (ii)&nbsp;repaying or settling any indebtedness for borrowed money
or other obligations of the Company Entities of the types referred to in the definition of &#147;Closing Indebtedness.&#148; In addition, the parties acknowledge and agree that an <FONT STYLE="white-space:nowrap">e-mail</FONT> from one or more of
the following individuals (or such as other individuals as the Buyer may specify in written notice to the Company) specifically referencing this Section&nbsp;6.01 and expressly granting consent shall constitute valid form of consent of the Buyer for
all purposes under this Section&nbsp;6.01: George Aylward (george.aylward@virtus.com) and Michael Angerthal (michael.angerthal@virtus.com); <I>provided,</I> that all <FONT STYLE="white-space:nowrap">e-mails</FONT> requesting consent under this
Section&nbsp;6.01 shall also be sent to the <FONT STYLE="white-space:nowrap">e-mail</FONT> addresses of counsel to the Buyer set forth in Section&nbsp;13.01. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">57 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.02. <I>Reasonable Best Efforts; Further Assurances</I>. (a)&nbsp;Subject to the
terms and conditions of this Agreement, each of the parties shall, and shall cause its Affiliates to, use their respective reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary,
proper or advisable under Applicable Law to satisfy the conditions to Closing set forth in Article 9 to be satisfied and to consummate the transactions contemplated by this Agreement as soon as practicable after the date hereof, including
(i)&nbsp;preparing and filing as promptly as practicable with any Governmental Authority or other third party all documentation to effect all necessary, proper or advisable filings, notices, petitions, statements, registrations, submissions of
information, applications and other documents and (ii)&nbsp;obtaining and maintaining all consents, approvals, registrations, permits, authorizations, waivers and other confirmations required to be obtained from any Governmental Authority or other
third party that are necessary, proper or advisable to consummate the transactions contemplated by this Agreement as soon as practicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In furtherance and not in limitation of the foregoing, the Buyer, Merger Sub and the Company shall (i)&nbsp;make an appropriate filing of a
Notification and Report Form pursuant to the HSR Act with respect to the transactions contemplated hereby as promptly as practicable, and in any event within ten Business Days, after the date hereof, which Notifications and Report Forms shall
request the early termination of the applicable waiting period under the HSR Act, (ii)&nbsp;supply as promptly as practicable any additional information and documentary materials that may be requested pursuant to the HSR Act and (iii)&nbsp;take all
other actions necessary to cause the expiration or termination of the applicable waiting period under the HSR Act as soon as practicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Each of the parties shall, and shall cause its Affiliates to, cooperate with one another (i)&nbsp;in determining whether any action by or
in respect of, or filing with, any Governmental Authority is required, or any action, consent, approval or waiver is required to be obtained from any party to any material contract, in connection with the consummation of the transactions
contemplated by this Agreement, and (ii)&nbsp;in taking any such action or making any such filing, furnishing information required in connection therewith and seeking timely to obtain any such action, consent, approval or waiver. Notwithstanding
anything herein to the contrary, none of the Sellers, the Seller Representative, the Company Entities, the Buyer, Merger Sub or any of their respective Affiliates shall have any obligation under this Agreement to pay any fee or other consideration
to obtain any action, consent, approval or waiver required under any contract for the consummation of the transactions contemplated hereby, or to initiate any action, suit or proceeding against any Person in order to obtain such action, consent,
approval or waiver (including, in each case, to obtain any Client Consent). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Each of the Buyer, Merger Sub and the Company shall, and
shall cause its Affiliates to, cooperate reasonably with one another and keep one another generally apprised of material matters relating to or in connection with the taking of such actions and the doing of such other things as are contemplated by
this Section&nbsp;6.02. In furtherance and not in limitation of the foregoing, in connection with the seeking of any action by or in respect of, or the making of any filing with, any Governmental Authority in connection with the transactions
contemplated hereby, the Buyer, Merger Sub and the Company shall (i)&nbsp;consult with one another in advance of any meeting, teleconference or other communication with such Governmental Authority, (ii)&nbsp;provide one another with the opportunity
to attend or participate in any such meeting, teleconference or other </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">58 </P>


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communication, (iii)&nbsp;afford one another the right to review any written materials to be submitted to such Governmental Authority in advance of the submission thereof and (iv)&nbsp;furnish
one another with copies of all written materials received by or on behalf of such party from such Governmental Authority, in each case to the extent permitted by Applicable Law (except, in the case of the foregoing clause (ii), to the extent such
Governmental Authority has requested that one or the other such party not attend or participate in any such meeting, teleconference or other communication, and in the case of the foregoing clauses (iii)&nbsp;and (iv), to the extent that
(A)&nbsp;such written materials contain information that does not relate to the transactions contemplated hereby, or (B)&nbsp;confidential treatment has been requested or granted for such written materials). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) From the date hereof until the Closing Date, the Buyer shall not, and shall cause its Affiliates not to, take any action that is intended
to, or would reasonably be expected to, prevent or materially impair or delay the Buyer&#146;s consummation of the transactions contemplated by this Agreement. The Buyer shall take all action necessary to cause Merger Sub to perform its obligations
under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.03. <I>Client Consents</I>. (a)<I>&nbsp;Registered Funds</I>. (i)&nbsp;For each Sponsored Registered
Fund, the Company shall, and shall cause the other Company Entities to, subject to their fiduciary duties under Applicable Law, use reasonable best efforts to obtain, as promptly as practicable following the date hereof, (A)&nbsp;the approval by the
Fund Board of such Sponsored Registered Fund (&#147;<B>Board Approval</B>&#148;) of the reorganization, on reasonable and customary terms and conditions, in substantially the form attached hereto as <U>Schedule E</U> (the &#147;<B>Plan of
Reorganization</B>&#148;), as modified in accordance with Section 6.03(a)(iii), of such Sponsored Fund into the series and classes of Virtus Asset Trust, a Delaware Statutory trust (&#147;<B>Virtus Asset Trust</B>&#148; and each, a &#147;<B>VF
Series</B>&#148;), set forth next to the name of such Sponsored Registered Fund on Section 6.03(a)(i) of the Company Disclosure Schedule (as may be updated or amended prior to the Closing Date as mutually agreed by the Company and the Buyer) (each,
a &#147;<B>Fund Reorganization</B>&#148;) and (B)&nbsp;except for any Sponsored Registered Fund with respect to which approval of the Registered Fund&#146;s shareholders is not required to implement such Fund Reorganization, the approval of the
shareholders of the Sponsored Registered Fund (&#147;<B>Shareholder Approval</B>&#148;) of the foregoing. For each such Sponsored Registered Fund, the Buyer shall, and shall cause its Subsidiaries to, subject to their fiduciary duties under
Applicable Law, use reasonable best efforts to obtain, as promptly as practicable following the date hereof, the approval, to the extent required to effect any Fund Reorganization, of the board of trustees of Virtus Asset Trust (the &#147;<B>VF
Board</B>&#148;), of the Fund Reorganization. Further, the Buyer shall use its reasonable best efforts to cause the VF Series that is the party to such Sponsored Fund&#146;s proposed Fund Reorganization to prepare and to file with the SEC (to the
extent such filing is required) as promptly as practicable all securities registration statements and prospectuses and proxy solicitation materials necessary to comply in all material respects with the applicable provisions of the Securities Act,
Section&nbsp;14 of the Exchange Act and Section&nbsp;20 of the Investment Company Act, including a securities registration statement on SEC Form <FONT STYLE="white-space:nowrap">N-14</FONT> (or successor form thereto) containing a joint proxy
statement and prospectus (a &#147;<B>Fund Reorganization </B><B>Proxy Statement/Prospectus</B>&#148;), and the Company shall, upon the reasonable request of the Buyer, provide to the Buyer any information that is required to be included in any
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>


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Fund Reorganization Proxy Statement/Prospectus. Consistent with its obligations under the first sentence of this Section 6.03(a)(i), the Company shall, and shall cause the other Company Entities
to, use their reasonable best efforts to cause each such Sponsored Fund (A)&nbsp;to mail such Fund Reorganization Proxy Statement/Prospectus to the shareholders of such Sponsored Fund as promptly as practicable after clearance by the SEC and
(B)&nbsp;as soon as practicable following the mailing of such proxy solicitation materials (but in no event earlier than 20 Business Days following such mailing), submit such Fund Reorganization for Shareholder Approval. Buyer covenants that each VF
Series shall be a newly formed series of Virtus Asset Trust formed for the purpose of effecting the Fund Reorganization and, prior to effecting the applicable Fund Reorganization, shall have conducted no material activities other than in connection
with effecting such Fund Reorganization. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) For (A)&nbsp;each Sponsored Registered Fund (1)&nbsp;in respect of which the
approval of the shareholders of the corresponding VF Series would be required to effect the applicable Fund Reorganization, (2)&nbsp;in respect of which the VF Board has failed to provide the approvals required of it, or the Buyer and its
Subsidiaries have failed to take the actions to be taken by the Buyer and its Subsidiaries necessary, to proceed with the Fund Reorganization in a timely manner in light of the transactions contemplated hereby or the proposed plan of reorganization
for such Sponsored Registered Fund deviates materially in a manner not reasonably acceptable to the Company from the Plan of Reorganization, (3)&nbsp;in respect of which the VF Board has terminated the respective Plan of Reorganization or
(4)&nbsp;in respect of which the corresponding VF Series (I)&nbsp;except as disclosed on Section 6.03(a)(ii)(A)(4) of the Company Disclosure Schedule, does not have the same investment adviser (and
<FONT STYLE="white-space:nowrap">sub-adviser,</FONT> if any) and substantially the same investment team, investment strategy and investment policies as such Sponsored Registered Fund (for the avoidance of doubt, the foregoing clause (1)&nbsp;shall
not apply to the voluntary departure of one or more members of a portfolio manager team for a Sponsored Registered Fund), or (II)&nbsp;has higher investment advisory fees or higher aggregate <FONT STYLE="white-space:nowrap">non-investment</FONT>
advisory fees or expenses than such Sponsored Registered Fund taking into account, in the case of <FONT STYLE="white-space:nowrap">non-investment</FONT> advisory fees and expenses, any fee waivers or expense reimbursement agreements applicable to
such Sponsored Registered Fund or such VF Series (it being agreed that the Buyer shall maintain all fee waivers or expense reimbursement agreements necessary to ensure that the net fees and expenses of any VF Series do not increase for at least two
years following the Closing Date), and (B)&nbsp;each Registered Fund that is not a Sponsored Fund, in each case, the Company shall, and shall cause the other Company Entities to, subject to their fiduciary duties under Applicable Law, use reasonable
best efforts to obtain, as promptly as practicable following the date hereof, (1)&nbsp;Board Approval of a new Advisory Contract for such Registered Fund with the applicable Company Entity, to be entered into as a result of the transactions
contemplated by this Agreement (and not including an &#147;interim contract&#148; pursuant to Rule <FONT STYLE="white-space:nowrap">15a-4</FONT> under the Investment Company Act) (a &#147;<B>New Registered Fund Advisory Contract</B>&#148;) and
(2)&nbsp;except for any Registered Fund with respect to which approval of the Registered Fund&#146;s shareholders is not required to implement such New Registered Fund Advisory Contract, Shareholder Approval of such New Registered Fund Advisory
Contract. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The Buyer shall cooperate with the Company Entities in connection with the
foregoing provisions of Sections 6.03(a)(i) and (ii)&nbsp;including in any communications or presentations by any of the Company Entities to any Fund Board, any shareholders of a Registered Fund or the VF Board and by providing any information
reasonably requested by a Company Entity. Further, the parties shall promptly provide to any Fund Board or the VF Board all information relating to such party and its Affiliates as is necessary or reasonably requested by such Fund Board or the VF
Board to enable it to evaluate the terms of each applicable Fund Reorganization or, as applicable, New Registered Fund Advisory Contract, or other arrangements proposed, or consent requested, in connection with the transactions contemplated by this
Agreement and relating to such Registered Fund or a VF Series. The Buyer and the Company shall, and shall cause their respective Subsidiaries to, cooperate and each use its reasonable best efforts to (1)&nbsp;cause the reorganization or similar
agreements required to effect each Fund Reorganization to be negotiated and agreed upon on reasonable and customary terms, including such reasonable and customary terms as may be negotiated and agreed by counsel to each of the Fund Board of a
Sponsored Registered Fund, the VF Board and their respective independent directors, that are substantially similar to the Plan of Reorganization, and (2)&nbsp;obtain the approvals of the relevant Fund Board or the VF Board, as applicable, to any
related matters which may be advisable in connection therewith (including any matters reasonably requested by the Company, the Buyer, such Fund Board or the VF Board); <I>provided</I> that, for the avoidance of doubt, any such agreement may not and
shall not be deemed to alter or affect the respective rights, entitlements and liabilities among the parties hereto under the terms of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) In the event that (1)&nbsp;Shareholder Approval (or VF Board approval, to the extent required) of a Fund Reorganization or
New Registered Fund Advisory Contract, as the case may be, in respect of a Registered Fund has not been obtained, or is reasonably likely not to be obtained, by or before the Closing Date or (2)&nbsp;Shareholder Approval (and VF Board approval, to
the extent required) of a Fund Reorganization has been obtained but such Fund Reorganization is not reasonably expected to take place concurrently with the Closing, (A)&nbsp;the parties shall cooperate to use their reasonable best efforts to obtain
the approval of the respective Fund Board of an &#147;interim contract&#148; pursuant to Rule <FONT STYLE="white-space:nowrap">15a-4</FONT> under the Investment Company Act so as to permit the applicable Company Entity to continue to serve as
investment adviser to such Registered Fund for the longest period permitted by Applicable Law following the Closing and (B)&nbsp;following the Closing, the Buyer and the Surviving Company and its Subsidiaries shall use their reasonable best efforts
to obtain such Shareholder Approval prior to the <FONT STYLE="white-space:nowrap">True-Up</FONT> Date. A Registered Fund that is subject to an interim approval under this Section 6.03(a)(iv) and that has not obtained Shareholder Approval shall not
be deemed a &#147;Consenting Client&#148; or a &#147;Late Consenting Client&#148; until such time as a Shareholder Approval is received with respect to such Registered Fund as contemplated under Section 6.03(a)(i) or (ii), as applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) The Buyer shall, on a timely basis, use its reasonable best efforts and shall
reasonably cooperate with the Company to ensure that, with respect to each Fund Reorganization contemplated by this Section 6.03(a), (A) the respective VF Series and the requisite investment advisers and other service providers thereto are in each
case properly organized and formed and have the requisite regulatory approvals and registrations to enable the Fund Reorganization to occur by the Closing, (B)&nbsp;in coordination with the Company Entities and with their reasonable best efforts and
cooperation, there are in place distribution or other arrangements necessary to allow shareholders of the respective Sponsored Registered Fund, including, for the avoidance of doubt, beneficial shareholders, to hold their shares in such Sponsored
Registered Fund, until and immediately after the closing of the respective Fund Reorganization, without increased cost or expense, and (C)&nbsp;all of the closing conditions to the consummation of each Fund Reorganization are timely satisfied or
reasonably waived. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) The Company Entities and the Buyer shall, on a timely basis, use their reasonable best efforts and
cooperate to ensure that each VF Series has in place the distribution or other arrangements necessary to allow the shareholders of the respective Sponsored Registered Fund (including, for the avoidance of doubt, beneficial shareholders) to continue
to hold their shares in such VF Series following the applicable Fund Reorganization. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) With respect to each Sponsored
Registered Fund, Buyer (A)&nbsp;shall use its reasonable best efforts to put into place financial intermediary relationships (such as shareholder servicing, <FONT STYLE="white-space:nowrap">sub-transfer</FONT> agent or distribution relationships)
for the respective VF Series with each of the financial intermediaries set forth on Section 6.03(a)(vii)(A) of the Company Disclosure Schedule, and the Company Entities shall use their reasonable best efforts to cooperate with Buyer in this respect,
(B)&nbsp;to the extent such terms are not in place as a consequence of the completion of the applicable Fund Reorganization, shall propose to such financial intermediaries economic terms with respect to such VF Series that are no less favorable (in
the aggregate) than the economic terms such financial intermediaries currently receive with respect to such Sponsored Registered Fund and (C)&nbsp;shall not propose (and shall use reasonable best efforts to ensure that Virtus Asset Trust and the VF
Series do not propose) less favorable economic terms (in the aggregate) to any of the financial intermediaries set forth on Section 6.03(a)(vii)(C) of the Company Disclosure Schedule. Buyer&#146;s obligations under this Section 6.03(a)(vii) shall
terminate upon the first Business Day after the Closing Date, provided that if the Final Closing Revenue Run Rate Adjustment is not zero, then (1)&nbsp;with respect to any financial intermediary described in clause (A)&nbsp;or (C) above that
provides services to any Sponsored Registered Fund that was not a Consenting Client as of the Closing Date, such obligations shall terminate only upon the earlier of (x)&nbsp;the date each such Sponsored Registered Fund becomes a Consenting Client
and (y)&nbsp;the first Business Day after the True-</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">62 </P>


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Up Date and (2)&nbsp;such obligations shall terminate on the first Business Day after sufficient Clients that were not Consenting Clients as of the Closing Date have become Late Consenting
Clients such that, or the Buyer otherwise irrevocably agrees in writing that, the <FONT STYLE="white-space:nowrap">True-Up</FONT> Revenue Run Rate Adjustment will be equal to zero. For the avoidance of doubt, Buyer shall not be prohibited by the
foregoing provision from agreeing to economic terms with any financial intermediary that are less favorable to such financial intermediary than the economic terms such financial intermediary currently receives with respect to such Sponsored
Registered Fund, provided that the change to such economic terms is not initiated by Buyer, Virtus Asset Trust or any VF Series. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) With respect to any Sponsored Registered Fund, if (A)&nbsp;prior to the Closing (or prior to the <FONT
STYLE="white-space:nowrap">True-Up</FONT> Date in the case of a Sponsored Registered Fund that was not a Consenting Client as of the Closing Date), Buyer, any of its Affiliates, Virtus Asset Trust or any VF Series (or any of the Company Entities at
their request)&nbsp;(I) liquidates, or announces its intention to liquidate, such Sponsored Registered Fund, (II)&nbsp;terminates, or announces the termination of, the investment adviser, <FONT STYLE="white-space:nowrap">sub-adviser</FONT> (if any)
or one or more members of the portfolio management team (unless such team would still be substantially the same following such termination) of such Sponsored Registered Fund (or, for the avoidance of doubt, merges or reorganizes, or announces the
merger or reorganization, of such Sponsored Registered Fund into a VF Series or other fund that does not have the same investment adviser, <FONT STYLE="white-space:nowrap">sub-adviser</FONT> (if any) and substantially the same portfolio management
team as such Sponsored Registered Fund), or (III)&nbsp;merges or reorganizes, or announces its intention to merge or reorganize, such Sponsored Registered Fund into a fund that has already commenced operations, then (B)&nbsp;notwithstanding anything
herein to the contrary, for all purposes hereunder (including the calculation of Closing Revenue Run Rate and Adjusted Closing Revenue Run Rate), such Sponsored Registered Fund shall be deemed to be a Consenting Client (or a Late Consenting Client
in the case of a Sponsored Registered Fund that was not a Consenting Client (including pursuant to this sentence) as of the Closing Date) with a Revenue Run Rate and an AUM equal to its Revenue Run Rate and AUM as of the Base Date. For the avoidance
of doubt, the foregoing shall not apply to (i)&nbsp;the merger or reorganization of more than one Sponsored Registered Fund into a single VF Series if such VF Series will have the same investment adviser (and
<FONT STYLE="white-space:nowrap">sub-adviser,</FONT> if any) and substantially the same investment team, investment strategy and investment policies as each such Sponsored Registered Fund, and the merger or reorganization of any one such Sponsored
Registered Fund into such VF Series is not a condition to the closing of the merger or reorganization of any other such Sponsored Registered Fund into such VF Series, (ii)&nbsp;the merger or reorganization of a Sponsored Registered Fund and an
existing <FONT STYLE="white-space:nowrap">open-end,</FONT> Investment Company <FONT STYLE="white-space:nowrap">Act-registered</FONT> investment company sponsored by Buyer into a VF Series if such VF Series will have the same investment adviser (and <FONT
STYLE="white-space:nowrap">sub-adviser,</FONT> if any) and substantially the same investment team, investment strategy and investment policies as such Sponsored Registered Fund, and the merger or reorganization of such existing <FONT
STYLE="white-space:nowrap">open-end,</FONT> Investment Company <FONT STYLE="white-space:nowrap">Act-registered</FONT> investment company </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">63 </P>


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sponsored by Buyer into such VF Series is not a condition to the closing of the merger or reorganization of such Sponsored Registered Fund into such VF Series or (iii)&nbsp;the voluntary
departure of one or more members of a portfolio manager team for a Sponsored Registered Fund. In addition, each Sponsored Registered Fund set forth on Section 6.03(a)(ii)(A)(4) of the Company Disclosure Schedule and denoted thereon with the word
&#147;frozen&#148; shall also be deemed to be a Consenting Client with a Revenue Run Rate and an AUM equal to its Revenue Run Rate and AUM as of the Base Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <I>Other Clients</I>. (i)The Company shall, and shall cause the other Company Entities to, use reasonable best efforts to obtain, as
promptly as practicable following the date hereof, Client Consents in respect of all Clients that are not Registered Funds. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) In furtherance of the Company&#146;s obligations under Section 6.03(b)(i), with respect to each Advisory Contract for
which the consent of the applicable Client (other than a Registered Fund) to the assignment or deemed assignment of such Advisory Contract as a result of the change of control of the applicable Company Entity contemplated hereby (each, a
&#147;<B>Client Consent</B>&#148;) is required pursuant to Applicable Law or by the terms of such Advisory Contract, as promptly as practicable following the date of this Agreement, the Company shall, or shall cause the applicable Company Entity to,
send a written notice informing each such Client of the transactions contemplated by this Agreement and requesting affirmative written consent to the assignment or deemed assignment of the applicable Advisory Contract(s). With respect to each Direct
Client, Collective Trust Client, <FONT STYLE="white-space:nowrap">Sub-Advised</FONT> Private Fund and <FONT STYLE="white-space:nowrap">Open-End</FONT> Private Fund the parties agree that Client Consent in respect of any such Client shall be deemed
given, and such Client deemed a Consenting Client, for all purposes of this Agreement if (x)&nbsp;written consent is received from such Client or (y)&nbsp;such written consent has not been received prior to the Closing Date, if, in the case of this
clause (y), (A) the Advisory Contract in respect of such Client does not expressly require the Client&#146;s written consent to the assignment of such Advisory Contract; (B)&nbsp;such Client is sent a notice (the &#147;<B>Negative Consent
Notice</B>&#148;), which notice may be included in the notice contemplated by the immediately preceding sentence, informing such Client, to the extent appropriate: (1)&nbsp;of the applicable Company Entity&#146;s intention to complete the change of
control of such Company Entity contemplated hereby, which will result in an assignment or a deemed assignment, as the case may be, of such Client&#146;s Advisory Contract (or other consequences triggering a consent requirement under Applicable Law
in the case of such Client), (2) of the applicable Company Entity&#146;s intention to continue to provide advisory services pursuant to such Advisory Contract after the Closing if such Client does not terminate such Advisory Contract prior to the
Closing, and (3)&nbsp;that the consent of such Client will be deemed to have been granted if such Client continues to accept such advisory services for a period of at least 45 days after the sending of the Negative Consent Notice without
termination; (C)&nbsp;such <FONT STYLE="white-space:nowrap">45-day</FONT> period has expired at least two Business Days prior to the Applicable Measurement Date; and (D)&nbsp;such Client has not, at any time prior to the Closing Date, terminated its
Advisory Contract or notified the applicable Company Entity in writing that such Client has not consented or is terminating its Advisory Contract or is withdrawing the entire balance of its account with the applicable Company Entity;
<I>provided</I>, that each such Client that has not provided affirmative written consent within 30 days after delivery of the Negative Consent Notice shall be sent a second Negative Consent Notice. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">64 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) For purposes of Section 6.03(b)(ii) above, in the case of each Collective
Trust Client, <FONT STYLE="white-space:nowrap">Sub-Advised</FONT> Private Fund and <FONT STYLE="white-space:nowrap">Open-End</FONT> Private Fund, the Client shall be deemed to be the trustee, general partner, managing member or equivalent governing
body of such Private Fund (or in the case of a <FONT STYLE="white-space:nowrap">Sub-Advised</FONT> Private Fund, the third-party adviser party to the Advisory Contract in respect of such <FONT STYLE="white-space:nowrap">Sub-Advised</FONT> Private
Fund). As such, notwithstanding anything herein to the contrary, Client Consent with respect to each Collective Trust Client, <FONT STYLE="white-space:nowrap">Sub-Advised</FONT> Private Fund and <FONT STYLE="white-space:nowrap">Open-End</FONT>
Private Fund shall be deemed given, and such Private Fund deemed a Consenting Client, for all purposes of this Agreement if the trustee, general partner, managing member or equivalent governing body of such Private Fund (or in the case of a <FONT
STYLE="white-space:nowrap">Sub-Advised</FONT> Private Fund, the third-party adviser party to the Advisory Contract in respect of such <FONT STYLE="white-space:nowrap">Sub-Advised</FONT> Private Fund) consents (or is deemed to have consented)
pursuant to Section 6.03(b)(ii) (including pursuant to the second sentence in Section 6.03(b)(ii)) to the assignment or deemed assignment of the respective Advisory Contract as a result of the change of control of the applicable Company Entity
contemplated hereby. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) In furtherance of the Company&#146;s obligations under Section 6.03(b)(i) above, with respect to
each <FONT STYLE="white-space:nowrap">Closed-End</FONT> Private Fund&#146;s Advisory Contract(s) or Fund Agreement for which the Client Consent of a general partner (or equivalent thereof) or some percentage of the Private Fund&#146;s board of
directors, advisory committee or investors is required by the terms of such Advisory Contract, the Fund Agreement or Applicable Law in connection with the assignment or deemed assignment of such Advisory Contract or Fund Agreement as a result of the
change of control of the applicable Company Entity contemplated by this Agreement, as promptly as practicable following the date hereof, the Company shall, or shall cause the applicable Company Entity to, use reasonable best efforts to obtain such
Client Consent in accordance with such Advisory Contract, such Fund Agreement or Applicable Law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Notwithstanding
anything herein to the contrary, the parties agree that with respect to each Client that receives Investment Services from any of the Company Entities through a separately managed account opened through a broker-dealer or other financial institution
as part of a &#147;SMA,&#148; &#147;UMA,&#148; <FONT STYLE="white-space:nowrap">&#147;wrap-fee&#148;</FONT> or similar program sponsored by such broker-dealer or other financial institution (each, a &#147;<B>Platform Client</B>&#148; and
&#147;<B>Platform Program</B>,&#148; respectively), Client Consent in respect of such Platform Client shall be deemed given, and such Platform Client shall be deemed to be a Consenting Client, for all purposes of this Agreement, (A)&nbsp;if such
broker-dealer or other financial institution (a &#147;<B>Platform Sponsor</B>&#148;) has consented to the assignment or deemed assignment of the contract in respect of such Platform Program between such broker-dealer or other financial
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">65 </P>


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institution and the applicable Company Entity (the &#147;<B>Platform Contract</B>&#148;), as a result of the change of control of the applicable Company Entity contemplated by this Agreement in
accordance with, and only to the extent required by, the terms of such Platform Contract, and such consent has not been revoked, or such Platform Contract terminated, in writing by such broker-dealer or other financial institution prior to the
Closing Date, and, (B)&nbsp;if and only if the consent of such Platform Client itself is also required under the terms of the applicable Platform Program, the consent of such Platform Client to the assignment or deemed assignment of its investment
advisory relationship with the applicable Company Entity has been obtained in accordance with the process for obtaining such consents utilized by the applicable Platform Sponsor (including pursuant to a negative or deemed consent process) and such
Platform Client has not in writing, at any time prior to the Closing Date, terminated its investment advisory relationship with the applicable Company Entity or notified the applicable Company Entity that such Client has not consented or is
terminating such investment advisory relationship. The parties further agree that any Platform Client that is not a Consenting Client as of the Closing Date shall be deemed a Late Consenting Client for all purposes under this Agreement if the
consents contemplated by the immediately preceding sentence are obtained in respect of such Client during the <FONT STYLE="white-space:nowrap">True-Up</FONT> Period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) With respect to any Client (other than a Registered Fund) that becomes a Client after the date hereof, Client Consent in
respect of any such Client shall be deemed given, and such Client deemed a Consenting Client, for all purposes of this Agreement if written disclosure in reasonable detail (in the Advisory Contract or otherwise) of the change of control of the
applicable Company Entity contemplated by this Agreement is provided to such Client (or, in the case of a Sponsored Private Fund, the investors therein) prior to such Client becoming a Client. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) In the event that Client Consent in respect of any Client that is not a Registered Fund has not been obtained by the
Closing Date, following the Closing, Buyer, the Surviving Company and its Subsidiaries shall use their commercially reasonable efforts to obtain such Client Consent prior to the <FONT STYLE="white-space:nowrap">True-Up</FONT> Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) At least thirty (30)&nbsp;Business Days prior to the Closing Date, pursuant to and in accordance with each of the
collateral management agreements set forth on Section 6.03(b)(viii) of the Company Disclosure Schedule (each, a &#147;<B>CMA</B>&#148;), the Company shall cause Seix Investment Advisors LLC, as collateral manager under each CMA, to deliver to the
applicable trustee the written notice set forth on Section 6.03(b)(viii) of the Company Disclosure Schedule. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <I>Expenses</I>.
Notwithstanding any provision to the contrary in this Agreement, any reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees or expenses incurred by the Company Entities or the
Buyer prior to the Closing Date (including, for the avoidance of doubt, any reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred by the
</P>
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Sponsored Registered Funds or the VF Series prior to the Closing Date that are reimbursable by the Company Entities or the Buyer) in connection with seeking and obtaining consents in compliance
with this Section&nbsp;6.03 (and, if the Final Closing Revenue Run Rate Adjustment is not zero, any reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees and expenses incurred by
the Company Entities or the Buyer after the Closing Date and prior to the <FONT STYLE="white-space:nowrap">True-Up</FONT> Date in connection with seeking and obtaining consent in compliance with this Section&nbsp;6.03 for any Client that was not a
Consenting Client as of the Closing Date (including, for the avoidance of doubt, any reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred by any Sponsored
Registered Fund that was not a Consenting Client as of the Closing Date or the corresponding VF Series after the Closing Date and prior to the <FONT STYLE="white-space:nowrap">True-Up</FONT> Date that are reimbursable by the Company Entities or the
Buyer)) (including, in each case, Fund Reorganization Proxy Statement/Prospectus preparation and mailing, solicitation expenses, any applicable fund liquidation costs and reasonable and documented <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> legal expenses, but excluding the costs of the formation and registration of Virtus Asset Trust and each VF Series) shall be borne equally by the Buyer, on the one hand, and the Company, on the
other hand, and to the extent (i)&nbsp;the Buyer does not pay its share of such fees and expenses at or prior to the Closing, the Company shall be deemed to have a current asset in the amount of the Buyer&#146;s share of such unpaid fees and
expenses for purposes of calculating Closing Working Capital hereunder and (ii)&nbsp;the Company&#146;s share of such fees and expenses exceeds the amount of such fees and expenses included in Closing Transaction Expenses, such excess shall
(A)&nbsp;be first deducted from any amount otherwise due to the Sellers pursuant to Section 2.07(d) and then paid to the Buyer out of the Indemnity Escrow Fund or, (B)&nbsp;if no amount is due to the Sellers pursuant to Section 2.07(d), such excess
shall be paid to the Buyer out of the Indemnity Escrow Fund. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>Efforts of Parties</I>. All actions by the Company and the Buyer
required by this Section&nbsp;6.03 shall be undertaken by the applicable party as promptly as practicable following the date of this Agreement. The Buyer covenants and agrees that, except to the extent it relates to the Company or with respect to
information provided by the Company specifically for inclusion or incorporation by reference therein (to which extent no representation by Buyer is made), each Fund Reorganization Proxy Statement/Prospectus will not, at the time of the mailing of
such document or any amendments or supplements thereto, or at the time of the shareholders meeting held in relation thereto, contain any untrue statement of a material fact or omit any material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading and will contain all information necessary in order to make the disclosure of information therein satisfy the requirements of Applicable Law in all
material respects. The Company covenants and agrees that none of the information supplied or to be supplied by or on behalf of the Company specifically for inclusion or incorporation by reference in a Fund Reorganization Proxy Statement/Prospectus
will, at the time of the mailing of such document or any amendments or supplements thereto, or at the time of the shareholders meeting held in relation thereto, contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The Company and the Buyer covenant and agree that any information that is supplied, sent or given,
or included in any document supplied, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">67 </P>


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sent or given, by any of them to any Client (other than any Fund Reorganization Proxy Statement/Prospectus) for the purposes of obtaining the requisite consent or approval or, if applicable,
informing any Client of the transactions contemplated by this Agreement shall be true, complete and accurate in all material respects and, at the time such information is sent or given, shall not contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary in order to make the statements made therein, in the light of the circumstances under which they are made, not misleading. The Buyer shall be provided a reasonable
opportunity to review and comment on all consent materials to be used by the Company in connection with their obligations under this Section&nbsp;6.03 prior to distribution, and the Company should consider in good faith all such comments. The
Company shall be provided a reasonable opportunity to review and comment on all consent materials to be used by the Buyer in connection with their obligations under this Section&nbsp;6.03 prior to distribution (including materials to be provided to
the VF Board and the Fund Reorganization Proxy Statement/Prospectus), and the Buyer should consider in good faith all such comments. The Company shall, or shall cause the other Company Entities to, regularly provide the Buyer with updates and
material information relating to the status of the consent solicitation provided for in this Section&nbsp;6.03. Notwithstanding any of the foregoing, the &#147;reasonable best efforts&#148; of the parties under this Section&nbsp;6.03 shall not
require any party to offer or grant any fee or other concession to a Client or any other third party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.04.
<I>Section</I><I></I><I>&nbsp;15(f) of the Investment Company Act</I>. (a)&nbsp;The Buyer acknowledges that the transactions contemplated by this Agreement are intended to qualify for the treatment described in Section&nbsp;15(f) of the Investment
Company Act. Prior to the Closing Date, each of the parties shall use its reasonable best efforts to ensure compliance with Section 15(f) of the Investment Company Act so that such transactions contemplated by this Agreement will be in compliance
with Section 15(f) of the Investment Company Act at the Closing Date. From and after the Closing Date, the Buyer shall use its reasonable best efforts to cause the businesses of the Surviving Company and its Subsidiaries to comply with the
conditions of Section&nbsp;15(f) of the Investment Company Act in respect of the Registered Funds (and any VF Series into which a Sponsored Registered Fund has been reorganized), including to ensure that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) to the extent reasonably within its control, for a period of three years after the Closing Date, at least 75% of the
members of the Fund Board of each Sponsored Registered Fund (and of the board of each such VF Series) shall not be (A) &#147;interested persons&#148; (as defined in the Investment Company Act) of the Surviving Company, its Subsidiaries or the
investment adviser of such Sponsored Registered Fund (or such VF Series) after the Closing or (B) &#147;interested persons&#148; (as defined in the Investment Company Act) of the Company or its Subsidiaries immediately prior to the Closing; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) for a period of two years after the Closing Date, there shall not be imposed on any Registered Fund (or any such VF
Series) an &#147;unfair burden&#148; (within the meaning of Section&nbsp;15(f) of the Investment Company Act) as a result of the transactions contemplated by this Agreement, or any terms, conditions or understandings applicable hereto and thereto;
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">68 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided,</I> that if the Buyer or its Affiliates obtain an order from the SEC exempting it from the
provisions of Section&nbsp;15(f) of the Investment Company Act while still maintaining the &#147;safe harbor&#148; provided by Section&nbsp;15(f) of the Investment Company Act with respect to the Registered Funds (and any such VF Series), then this
covenant shall be deemed to be modified to the extent necessary to permit the Buyer and its Affiliates to act in a manner consistent with such SEC exemptive order. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) For a period of three years from the Closing Date, neither the Buyer nor any of its Affiliates shall voluntarily engage in any transaction
that would constitute an &#147;assignment&#148; (as defined in the Investment Company Act) to a third party of any New Registered Fund Advisory Contract (or any successor or replacement advisory contract to any Registered Fund) or any advisory
contract pursuant to which the Buyer or any of its Affiliates renders Investment Services to a VF Series that was a party to a Fund Reorganization without first obtaining a covenant in all material respects comparable to that contained in this
Section&nbsp;6.04. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.05. <I>Access to Information</I>. (a)&nbsp;From the date hereof through the Closing Date, subject to
Applicable Law and the Confidentiality Agreement, the Company shall, upon the Buyer&#146;s reasonable request, (i)&nbsp;give, and cause the other Company Entities to give, the Buyer and its Representatives reasonable access to the offices,
properties, books and records of the Company Entities, (ii)&nbsp;furnish, and cause the other Company Entities to furnish, to the Buyer and its Representatives financial and operating data and other information relating to the Company Entities and
(iii)&nbsp;instruct its and the other Company Entities&#146; Representatives to cooperate with the Buyer in its investigation of the Company Entities. From the date hereof through the Closing Date, without the Company&#146;s prior written consent
(which, except in connection with contacts with any institutional Clients, shall not be unreasonably withheld, conditioned or delayed), the Buyer shall not, and shall cause its Affiliates not to, contact any Clients, vendors, suppliers or other
third parties having business relationships with the Company Entities, other than (A)&nbsp;in the ordinary course of the Buyer&#146;s and its Affiliates&#146; business consistent with past practice, so long as any such contact does not relate to
this Agreement or the transactions contemplated hereby, and is otherwise conducted in compliance with the terms of the Confidentiality Agreement and (B)&nbsp;in connection with actions required by Sections 6.03(a)(v)-(viii) (<I>provided</I> that, in
connection with any such actions, the Buyer shall, and shall cause its Affiliates to, in each case to the extent reasonably practicable, consult with the Company prior to taking such actions). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) From and after the Closing Date, the Buyer shall preserve and keep, or cause to be preserved and kept, the books and records that relate to
the businesses of the Company Entities prior to the Closing for a period of five years after the Closing Date, and subject to Applicable Law, upon the reasonable request of the Seller Representative or any other Seller, (i)&nbsp;shall, and shall
cause its Affiliates to, give the Seller Representative or such Seller, as applicable, and their respective Representatives reasonable access to such books and records relating to the businesses of the Company Entities prior to the Closing and
(ii)&nbsp;the Buyer shall, and shall cause each of the Company Entities to, give the Seller Representative or such Seller, as applicable, and their respective Representatives reasonable access to the Company Entities&#146; Representatives,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">69 </P>


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and instruct such Representatives to cooperate with the Seller Representative or such Seller, as applicable, in the case of each of clauses (i)&nbsp;and (ii), to the extent that the Seller
Representative or such Seller, as applicable, reasonably deems necessary or desirable in order to determine any matter relating to its rights and obligations hereunder or otherwise in connection with tax, regulatory, litigation, contractual or other
legitimate matters. The Seller Representative and each Seller shall hold, and instruct their respective Representatives to hold, in strict confidence, unless compelled to disclose by judicial or administrative process or by other requirements of
Applicable Law, all confidential documents and information concerning any Company Entity provided to it pursuant to this Section 6.05(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Any investigation pursuant to this Section&nbsp;6.05 shall be conducted during normal business hours and in a manner so as not to interfere
unreasonably with the conduct of the business of the applicable party, the Company Entities or their respective Affiliates. Notwithstanding anything herein to the contrary, nothing in this Section&nbsp;6.05 shall require any party, the other Company
Entities or their respective Affiliates to disclose or provide any other party with access to (i)&nbsp;any personnel records relating to individual performance or evaluations, medical histories or other information that in the disclosing
party&#146;s good faith opinion is sensitive or the disclosure of which would subject the disclosing party or its Affiliates to risk of liability or (ii)&nbsp;any information the disclosure of which would, in the disclosing party&#146;s good faith
opinion, reasonably be expected to jeopardize the attorney-client privilege of the disclosing party or its Affiliates or violate any Applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.06. <I>Notices of Certain Events</I>. Prior to the Closing, each of the parties shall promptly notify each other of
(a)&nbsp;any written notice or other written communication from any Person alleging that the consent of such Person is or may be required in connection with the transactions contemplated by this Agreement; (b)&nbsp;any written notice or other
written communication from any Governmental Authority in connection with the transactions contemplated by this Agreement; (c)&nbsp;any action, suit, investigation or proceeding commenced involving such party or its Affiliates that, if pending on the
date of this Agreement, would have been required to have been disclosed; and (d)&nbsp;any occurrence of which it is aware that is reasonably likely to result in any of the conditions set forth in Article 9 becoming incapable of being satisfied.
Notwithstanding anything to the contrary herein, a party&#146;s good faith failure to comply with this Section&nbsp;6.06 or Section&nbsp;6.12 shall not provide any other party the right not to effect the transactions contemplated by this Agreement,
except to the extent that any other provision of this Agreement would independently provide such right. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.07. <I>Public
Announcements</I>. Prior to the Closing, the parties agree to consult with one another before issuing any press release or making any other public statement with respect to this Agreement or the transactions contemplated hereby and, except for any
press release or public announcement the issuance or making of which is required by Applicable Law or any listing agreement with or rule of any national securities exchange, shall not issue any such press release or make any such other public
statement without the prior written consent of the other parties. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">70 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.08. <I>No Negotiations</I>. The Company agrees that between the date hereof and
the Closing, or the earlier valid termination of this Agreement in accordance with its terms, the Company shall not, and shall cause its Affiliates not to, directly or indirectly (a)&nbsp;solicit, knowingly encourage or initiate the submission of
proposals or offers from, (b)&nbsp;provide any confidential information to, or (c)&nbsp;participate in discussions or negotiations or enter into any agreement with, any Person (other than the Buyer and its Affiliates) concerning the sale of the
Company to such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.09. <I>Directors</I><I>&#146;</I><I> and Officers</I><I>&#146;</I><I> Indemnification</I>.
(a)&nbsp;Buyer shall cause the Surviving Company, and the Surviving Company hereby agrees, that for six years after the Closing, the Surviving Company shall indemnify and hold harmless all Persons who at or prior to the Closing were directors,
managers or officers of any Company Entity (each, an &#147;<B>Indemnified Person</B>&#148;) in respect of acts or omissions occurring at or prior to the Closing, and shall advance expenses to Indemnified Persons in respect of any claims, actions,
suits or other proceedings relating to any such acts or omissions, in each case to the fullest extent provided under the governing documents of the Company Entities or the Sellers, as applicable, on the date hereof; <I>provided</I>, that the Person
to whom expenses are advanced provides an undertaking to repay such advances to the extent required by Applicable Law. The Buyer hereby agrees that the Surviving Company is the indemnitor of first resort (i.e., its obligations to any Indemnified
Person under this Agreement are primary and any obligation of any Seller or any Affiliate thereof to provide indemnification or advancement of expenses for the same matters are secondary), and if any Seller or any Affiliate thereof pays any amount
otherwise indemnifiable hereunder with any Indemnified Person, then such Seller or Affiliate thereof shall be subrogated to the rights of the Indemnified Person hereunder with respect to such payment, and the Surviving Company shall reimburse such
Seller or Affiliate thereof for such payment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Buyer agrees that (i)&nbsp;the governing documents of the Surviving Company and the
other Company Entities after the Closing shall contain provisions with respect to indemnification, exculpation from liability and advancement of expenses that are at least as favorable to the beneficiaries of such provisions as those provisions that
are set forth in the governing documents of the Company Entities on the date hereof, which provisions shall not be amended, repealed or otherwise modified for a period of six years following the Closing in any manner that would adversely affect the
rights thereunder of any Indemnified Person except to the extent that such modification is required by Applicable Law and (ii)&nbsp;all rights to indemnification as provided in any indemnification agreements between any Company Entity, on the one
hand, and any Indemnified Person, on the other hand, as in effect as of the date hereof with respect to matters occurring at or prior to the Closing shall survive the Closing in accordance with their terms. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding anything to the contrary in the foregoing Sections 6.09(a) or (b), neither the Buyer nor the Surviving Company shall be
obligated to provide such indemnification with respect to any matter for which the Buyer Indemnified Persons are indemnified under the terms of Article 12. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">71 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) At or prior to the Closing, the Company may purchase with effect from the Closing Date, a <FONT
STYLE="white-space:nowrap">non-cancellable</FONT> extension of the directors&#146; and officers&#146; liability coverage of the Company Entities&#146; existing directors&#146; and officers&#146; insurance policies and the Company Entities&#146;
existing fiduciary liability insurance policies (collectively, &#147;<B>D&amp;O Tail Policy</B>&#148;), which shall be on such terms as the Company deems advisable in its discretion. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) If the Buyer, the Surviving Company or any other Company Entity (i)&nbsp;consolidates with or merges into any other Person and is not the
continuing or surviving entity of such consolidation or merger or (ii)&nbsp;transfers all or substantially all of its properties and assets to any Person, then, and in each such case, the Buyer shall ensure that proper provision shall be made so
that such continuing or surviving entity or transferee of such assets, as the case may be, assumes the obligations set forth in this Section&nbsp;6.09. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The rights of each Indemnified Person under this Section&nbsp;6.09 shall be in addition to any rights such Person may have under Applicable
Law or under any agreement with any of the Company Entities. This Section&nbsp;6.09 is intended to benefit any individual referenced in this Section&nbsp;6.09 or indemnified hereunder (and his or her respective heirs, successors and assigns), each
of whom may enforce the provisions of this Section&nbsp;6.09 (whether or not he or she is a party to this Agreement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.10.
<I>Form ADVs</I>. As promptly as reasonably practicable after the Closing Date, the Buyer shall cause each applicable Company Entity to update its Form ADV in accordance with the requirements under the Investment Advisers Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.11. <I></I><I>Debt Financing</I>. (a)&nbsp;The Buyer and Merger Sub shall use reasonable best efforts to take, or cause to be
taken, all actions and do, or cause to be done, as promptly as possible, all things necessary, proper or advisable to arrange and obtain the Debt Financing on the terms and conditions described in the Debt Commitment Letter, including using
reasonable best efforts to, as promptly as possible, (i)&nbsp;satisfy, or cause to be satisfied, on a timely basis all conditions to the Buyer and Merger Sub obtaining the Debt Financing set forth therein (except that such obligation shall not be
breached in respect of any condition where the failure to be so satisfied is a direct result of the Company&#146;s failure to furnish the information described in Section 6.11(f) notwithstanding the Buyer&#146;s or Merger Sub&#146;s reasonable best
efforts), (ii) negotiate and enter into definitive agreements with respect thereto on the terms and conditions contemplated by the Debt Commitment Letter (including any related flex provisions) or on other terms that are (A)&nbsp;acceptable to
Lender and (B)&nbsp;in the aggregate not materially less favorable, taken as a whole, to the Buyer, (iii)&nbsp;timely prepare the necessary offering circulars, private placement memoranda, or other offering documents or marketing materials with
respect to the Debt Financing, (iv)&nbsp;commence the syndication activities contemplated by the Debt Commitment Letter and (v)&nbsp;consummate the Debt Financing at or prior to Closing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Buyer shall give the Company prompt written notice (i)&nbsp;of any material breach or default (or any event or circumstance that, with
or without notice, lapse of time or both, would reasonably be expected to result in a breach or default) by any party to the Debt Commitment Letter or other Debt Document of which the Buyer or Merger Sub
</P>
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becomes aware, (ii)&nbsp;if and when the Buyer or Merger Sub becomes aware that any portion of the Debt Financing contemplated by the Debt Commitment Letter may not be available for the Financing
Purposes, (iii)&nbsp;of the receipt of any written notice or other written communication from any Person with respect to any (A)&nbsp;actual or potential breach, default, termination or repudiation by any party to the Debt Commitment Letter or other
Debt Document or (B)&nbsp;material dispute or disagreement between or among any parties to the Debt Commitment Letter or other Debt Document (but excluding, for the avoidance of doubt, any ordinary course negotiations with respect to the terms of
the Debt Financing or Debt Documents) and (iv)&nbsp;of any expiration or termination of the Debt Commitment Letter or other Debt Document. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Without limiting the foregoing, the Buyer and Merger Sub shall keep the Company informed on a reasonably current basis in reasonable detail
of the status of their efforts to arrange the Debt Financing and provide to the Company copies of executed copies of the definitive documents related to the Debt Financing (<I>provided</I>, that any fee letters that, in accordance with customary
practice, are confidential by their terms, and that do not affect the conditionality or amount of the Debt Financing, may be redacted so as not to disclose such terms that are so confidential) and copies of any of the written notices or
communications described in the preceding sentence. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If any portion of the Debt Financing becomes, or would reasonably be expected to
become, unavailable on the terms and conditions contemplated in the Debt Commitment Letter (after taking into account flex terms), the Buyer and Merger Sub shall use reasonable best efforts to arrange to obtain alternative financing, including from
alternative sources, in an amount sufficient to replace any unavailable portion of the Debt Financing (&#147;<B>Alternative Financing</B>&#148;) as promptly as practicable following the occurrence of such event and the provisions of this
Section&nbsp;6.11 shall be applicable to the Alternative Financing, and, for the purposes of this Agreement, all references to the Debt Financing shall be deemed to include such Alternative Financing and all references to the Debt Commitment Letter
or other Debt Documents shall include the applicable documents for the Alternative Financing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Buyer and Merger Sub shall
(i)&nbsp;comply in all material respects with the Debt Commitment Letter and each definitive agreement with respect thereto (collectively, with the Debt Commitment Letter, the &#147;<B>Debt Documents</B>&#148;), (ii) enforce in all material respects
their rights under each Debt Document, including (A)&nbsp;diligently and in good faith analyzing potential litigation claims, (B)&nbsp;initiating and diligently pursuing all valid claims necessary to enforce such rights and (C)&nbsp;subject to the
satisfaction or waiver of the conditions precedent thereto, cause Lender to fund the Debt Financing at or prior to the time the Closing should occur pursuant to Section&nbsp;2.04, and (iii)&nbsp;not permit, without the prior written consent of the
Company, any material amendment or modification to be made to, or any termination, rescissions or withdrawal of, or any material waiver of any provision or remedy under, any Debt Document or the fee letter referred to in the Debt Commitment Letter,
including any such amendment, modification or waiver that (individually or in the aggregate with any other amendments, modifications or waivers) would reasonably be expected to (A)&nbsp;reduce the aggregate amount of the Debt Financing under any
Debt Document (including by changing the </P>
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amount of fees to be paid or original issue discount thereof, except as permitted thereunder), or (B)&nbsp;impose any new or additional condition, or otherwise amend, modify or expand any
condition, to the receipt of any portion of the Debt Financing in a manner that would reasonably be expected to (1)&nbsp;delay or prevent the Closing Date, (2)&nbsp;make the funding of any portion of the Debt Financing (or satisfaction of any
condition to obtaining any portion of the Debt Financing) less likely to occur or (3)&nbsp;adversely impact the ability of the Buyer or Merger Sub to enforce its rights against any other party to any Debt Document, the ability of the Buyer or Merger
Sub to consummate the transactions contemplated hereby or the likelihood of the consummation of the transactions contemplated hereby; <I>provided</I>, that in no event shall the Buyer or Merger Sub or any of their respective Affiliates have any
obligation to institute any claim, action, suit or proceeding against any Debt Financing Source in connection with the obligations set forth in this Section&nbsp;6.11. The Buyer and Merger Sub shall provide notice to the Company promptly upon
receiving the Debt Financing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Prior to the Closing, the Company shall, and shall cause the other Company Entities to, use commercially
reasonable efforts, at the Buyer&#146;s sole expense, to cooperate with the Buyer as necessary in connection with the arrangement of the Debt Financing or any other financing of the Buyer in connection with the transactions contemplated hereby
(including any equity financing) as may be customary and reasonably requested by the Buyer, including using commercially reasonable efforts to do the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) commenting on or assisting with the preparation (including providing information and materials to be used in the
preparation) of customary confidential information memoranda or similar offering documents (including prospectuses and prospectus supplements) for the Debt Financing or any other financing of the Buyer in connection with the transactions
contemplated hereby (including any equity financing), customary rating agency presentations and lender presentations; <I>provided</I>, that any such document and rating agency presentations shall contain disclosure and financial statements
reflecting the Company as the obligor; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) assisting in the preparation of, and executing and delivering conditional upon
(and effective only as of) the Closing, one or more credit agreements, guarantees, pledge and security documents, supplemental indentures, currency or interest hedging arrangements, other definitive financing documents, or other certificates,
documents, or closing deliverables with respect to the Debt Financing contemplated by the Debt Commitment Letter as may be reasonably requested by the Buyer (including customary consents of accountants for use of their reports in any materials
relating to the Debt Financing) or otherwise reasonably facilitating the pledging of collateral; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) furnishing the
Buyer (for filing with the SEC and to be included in any prospectus or prospectus supplement) and the Debt Financing Sources as promptly as practicable with financial and other pertinent information regarding the Company Entities as may be
reasonably requested by the Buyer, including: (A)&nbsp;(1) the audited annual financial statements of the Company Entities for the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">74 </P>


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year ending December&nbsp;31, 2016 and (2)&nbsp;the unaudited financial statements of the Company Entities for the nine months ended September&nbsp;30, 2016 and September&nbsp;30, 2015, upon
which the Company&#146;s auditors have performed an SAS 100 review, in each case in this clause (A)&nbsp;not later than February&nbsp;28, 2017, (B) unaudited quarterly financial statements of the Company Entities for each fiscal quarter of 2017 upon
which the Company&#146;s auditors have performed an SAS 100 review as promptly as practicable and in any event within 45 days after the end of such quarter (including financial statements for the period elapsed from the beginning of 2017 to the end
of such quarter, and comparable periods of 2016) and (C)&nbsp;all other financial data regarding the Company Entities reasonably required to permit the Buyer to prepare customary pro forma financial statements; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) furnishing to the Buyer, for distribution to Lender, information reasonably required by Lender for compliance with
applicable &#147;know your customer&#148; and anti-money laundering rules and regulations, including the U.S.A. Patriot Act of 2001 at least five (5)&nbsp;Business Days prior to Closing to the extent requested at least ten (10)&nbsp;Business Days
prior to Closing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) participating in a reasonable number of meetings (including customary
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">one-on-one</FONT></FONT> meetings and conference calls with the parties acting as lead arrangers, bookrunners or agents for, and prospective lenders and purchasers of, the Debt
Financing, parties acting as underwriters or placement agents for any other financing of the Buyer in connection with the transactions contemplated hereby (including any equity financing) and senior management and representatives, with appropriate
seniority and expertise, of the Company Entities) at reasonable times as mutually agreed upon reasonable prior notice, presentations, road shows, due diligence sessions and sessions with rating agencies, and reasonably cooperating with the marketing
efforts of the Buyer and Lender, in each case in connection with the Debt Financing or any other financing of the Buyer in connection with the transactions contemplated hereby (including any equity financing); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) cooperating reasonably with the due diligence of Lender or any underwriters of any other financing of the Buyer in
connection with the transactions contemplated hereby (including any equity financing), to the extent customary and reasonable and to the extent not unreasonably interfering with the ongoing operations of any Company Entity; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) cooperating reasonably in satisfying the conditions precedent set forth in the Debt Commitment Letter or any definitive
document relating to the Debt Financing (to the extent the satisfaction of such condition requires the cooperation, and is within the control, of the Company or its Subsidiaries); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) cooperating reasonably with the Buyer in the Buyer&#146;s efforts to obtain consents, legal opinions, surveys, title
insurance and insurance affidavits as reasonably requested by the Buyer; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">75 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) providing customary authorization letters to Lender of the Debt Financing
authorizing the distribution of information to prospective lenders (subject to reasonable confidentiality provisions) and, with respect to any public-side version of such information, confirming that such version consists exclusively of information
and documentation that does not contain information that is (A)&nbsp;of a type that would not be publicly available (or could be derived from publicly available information) if any Company Entity was a public reporting company and (B)&nbsp;material
with respect to any Company Entity or any of their respective securities for purposes of foreign, United States Federal and state securities laws; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) executing and delivering (or obtaining from its advisors), and causing all Company Entities to execute and deliver (or
obtain from their advisors), customary certificates, accounting consent or comfort letters and other similar matters reasonably requested by the Buyer, including, in any case, the consent of the Company&#146;s independent accountants to the
inclusion of their audit reports with respect to the financial statements furnished pursuant to Section 6.11(f)(iii) and the audited annual financial statements of the Company Entities (or any predecessor) for the years ending December&nbsp;31,
2013, 2014 and 2015 in any registration statement of the Buyer filed with the SEC relating to any financing and causing such independent accountants to provide customary comfort letters (including &#147;negative assurance&#148; comfort, if
appropriate) in connection with any offering to the applicable underwriters, initial purchasers or placement agents; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided</I> that (u)&nbsp;such
requested cooperation does not unreasonably interfere with the ongoing operations of the Company Entities, (v)&nbsp;none of the Company Entities shall be required to incur any liability in connection with the Debt Financing prior to the Closing,
(w)&nbsp;none of the <FONT STYLE="white-space:nowrap">pre-Closing</FONT> directors, members, managers or general partners, as applicable, of any of the Company Entities shall be required to adopt resolutions approving the agreements, documents and
instruments pursuant to which the Debt Financing is obtained, (x)&nbsp;none of the Company Entities shall be required to execute prior to the Closing any definitive financing documents, including any credit or other agreements, pledge or security
documents, or other certificates, legal opinions or documents in connection with the Debt Financing (other than such documents that are conditioned upon, and will not become effective until after, the Closing), (y) except as expressly provided
above, no Company Entity shall be required to take any corporate actions prior to the Closing to permit the consummation of the Debt Financing, and (z)&nbsp;the Buyer and Merger Sub shall jointly and severally indemnify, defend and hold harmless
each Company Entity, and their respective <FONT STYLE="white-space:nowrap">pre-Closing</FONT> directors, officers and representatives, from and against any and all losses, liabilities, damages, costs and expenses (including reasonable
attorneys&#146; fees) incurred, directly or indirectly, in connection with the Debt Financing or any information provided by a Company Entity in connection therewith, except in the event such losses, liabilities, damages, costs and expenses arose
out of or result from the willful misconduct of a Company Entity or any breach of such Person of any of the representations or warranties as to such financial statements pursuant to Section 3.07(a) and Section 3.07(b). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">76 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Neither the Company nor any of its Affiliates shall have any liability to the Buyer or Merger
Sub in respect of any financial statements, other financial information or data or other information provided pursuant to this Section&nbsp;6.11, except pursuant to Article 12 in respect of any breach of such Person of any of the representations or
warranties as to such financial statements pursuant to Sections 3.07(a) and 3.07(b). The Buyer shall promptly reimburse the Company Entities for all <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs
(including reasonable attorney&#146;s fees) incurred by any Company Entity in connection with such cooperation (including, for the avoidance of doubt, the incremental cost and expense incurred by the Company Entities in using their commercially
reasonable efforts to (i)&nbsp;prepare their financial statements for the applicable periods by the time specified in Section 6.11(f)(iii) rather than the time that such financial statements would have been prepared in the ordinary course of
business consistent with past practice and (ii)&nbsp;deliver or cause to be delivered the certificates, accounting consents, comfort letters or other documents contemplated by Section 6.11(f)(x)) and, to the extent the Buyer does not reimburse any
Company Entity for any such cost or expense at or prior to the Closing, the Company shall be deemed to have a current asset in the amount of such unreimbursed costs and expenses for purposes of calculating Closing Working Capital hereunder.
Notwithstanding anything to the contrary in this Agreement, the condition set forth in Section 9.02(b), as it applies to the Company&#146;s obligations under this Section&nbsp;6.11, shall be deemed satisfied unless (i)&nbsp;the Company shall have
breached its obligations under this Section&nbsp;6.11 in a manner that would give rise to a failure of the condition set forth in Section 9.02(b), (ii) the Buyer shall have provided written notice to the Company of such breach and (iii)&nbsp;such
breach is not cured by the earlier of the tenth Business Day after the giving of such written notice (the &#147;<B>Cure Period</B>&#148;) and the Outside Date or is not capable of being cured by the Outside Date; provided, however, that if the
Closing Date would otherwise occur prior to the expiration of the Cure Period, the Closing Date shall instead occur (subject to the satisfaction or, to the extent permissible, waiver (by the party or the parties entitled to the benefit thereof) of
the conditions set forth in Article 9) on the earlier of the date that is (x)&nbsp;the third Business Day following the earlier of (I)&nbsp;the expiration of the Cure Period and (II)&nbsp;the date on which such breach is cured and (y)&nbsp;the
Outside Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) The Company, on behalf of itself and each Company Entity, hereby consents to the use of its logo in connection with the
Debt Financing; <I>provided</I>, that such logos are used in a manner that is not intended to and would not reasonably be likely to harm or disparage any Company Entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.12. <I>Notification of Employee Resignations</I>. The Company shall promptly, and in any event within ten (10)&nbsp;Business
Days, notify Buyer of any employee set forth on Section&nbsp;6.12 of the Company Disclosure Schedule who gives written notice of such employee&#146;s resignation of such employee&#146;s employment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.13. <I>Affiliate Agreements</I>. Effective as of the Closing, the Company shall cause all contracts, agreements or other
transactions between the Sellers and their respective Affiliates (other than the Company Entities), on the one hand, and the Company Entities, on the other, with respect to which there would otherwise be liability or ongoing obligations on the part
of the Sellers, the Buyer or any of their respective </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">77 </P>


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Affiliates (including the Company Entities after the Closing), to be settled or terminated prior to the Closing without any liability on the part of the Buyer, any Seller or any of their
respective Affiliates (including the Company Entities after the Closing) (including liability arising from such termination), except for this Agreement, the agreements set forth on Section&nbsp;6.13 of the Company Disclosure Schedule, any rights to
indemnification under any other such contract or agreement, any Employee Plans and the Rollover Agreement; <I>provided</I>, that with respect to the right to indemnification under any other such contract or agreement, neither the Buyer nor the
Surviving Company shall be obligated to provide such indemnification with respect to any matter for which the Buyer Indemnified Persons are indemnified under the terms of Article 12. For the avoidance of doubt, each of the parties acknowledges and
agrees that (a)&nbsp;the agreements to be terminated pursuant to the foregoing sentence shall include the Company LLC Agreement and (b)&nbsp;this Section&nbsp;6.13 shall constitute the agreement of the Sellers to terminate, effective as of the
Closing, the Company LLC Agreement without any liability on the part of any of the parties thereto or their respective Affiliates (except for Sections 7.5, 8.9(c), 11.1, 11.2 and 11.4 thereof). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 7 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">T<SMALL>AX</SMALL>
M<SMALL>ATTERS</SMALL> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.01. <I>Tax Returns</I>. (a)&nbsp;The Seller Representative shall prepare and timely file, or cause
to be prepared and timely filed, all income Tax Returns for the Company Entities that are required to be filed after the Closing Date in respect of any <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Period, including any required Schedule
K-1s and other information returns in respect of <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Periods (each a &#147;<B>Seller-Filed <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Income Tax Return</B>&#148;). Such Seller-Filed <FONT
STYLE="white-space:nowrap">Pre-Closing</FONT> Income Tax Returns shall be prepared consistent with the past practice of the Company Entities. The Seller Representative shall permit the Buyer to review and comment on each Seller-Filed <FONT
STYLE="white-space:nowrap">Pre-Closing</FONT> Income Tax Return prior to filing and shall consider all such comments in good faith. In accordance with Section&nbsp;7.02, from and after the Closing, the Buyer shall, and shall cause the Company
Entities to, provide any documents, information or other assistance reasonably requested by the Seller Representative in connection with the preparation, filing and any amendment of any such Seller-Filed
<FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Income Tax Return. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Buyer shall prepare and timely file, or cause to be
prepared and timely filed all other Tax Returns for the Company Entities that are required to be filed after the Closing Date in respect of any <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Period or any Straddle Period (each such Tax
Return, a &#147;<B>Buyer-Filed Tax Return</B>&#148;). Such Buyer-Filed Tax Returns shall be prepared consistent with the past practice of the Company Entities and without a change of any election or any accounting method. To the extent any such
Buyer-Filed Tax Returns relate to a <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Period or a Straddle Period under which indemnification may be sought under Section&nbsp;12.02, the Buyer shall submit a draft of such Tax Return and, in the
case of a Straddle Period, a statement of the portion of Taxes for which Sellers are responsible under Section&nbsp;12.02 to the Seller Representative (together with schedules, statements and, to the extent reasonably requested by the Seller
Representative, supporting documentation) at least thirty (30)&nbsp;days prior to the due date (including any applicable extension) of the relevant Tax Return. Sellers shall have the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">78 </P>


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right to review and comment on such Tax Return and statement submitted by the Buyer to the Seller Representative. If the Seller Representative, within ten (10)&nbsp;days after review of any such
Tax Return or statement by the Sellers, notifies the Buyer in writing that it objects to any items in such Tax Return or statement, the disputed item shall be resolved in a manner mutually agreeable to both parties within ten (10)&nbsp;days, and if
not so resolved, then by a jointly retained Accounting Referee (which may be the same as or different from the Accounting Referee retained pursuant to Section&nbsp;2.06, if any) within a reasonable time, taking into account the deadline for filing
such Tax Return. Upon resolution of all such items, the relevant Tax Return shall be adjusted to reflect such resolution and shall be conclusive and binding upon the parties without further adjustment. The costs, fees and expenses of such Accounting
Referee shall be borne equally by the Buyer and the Sellers. The Buyer shall not file any Tax Returns that are subject to the Sellers&#146; review and comment under this Section 7.01(b) without the Seller Representative&#146;s consent, which consent
shall not be unreasonably withheld, conditioned or delayed. Buyer shall pay or cause to be paid all Taxes with respect to any Buyer-Filed Tax Return filed under this Section 7.01(b) in accordance with Applicable Law. Any <FONT
STYLE="white-space:nowrap">Pre-Closing</FONT> Taxes reflected on a Buyer-Filed Tax Return prepared in compliance with this Section 7.01(b) that are finally determined to be payable shall be paid by the Sellers to the Buyer, to the extent not paid at
or before Closing or taken into account in the calculation of Final Purchase Price, no later than five (5)&nbsp;days after Buyer has paid such Taxes. In the event of a resolution between the parties with respect to any Buyer-Filed Tax Return under
this Section 7.01(b), any previously filed Buyer Tax Return shall be adjusted to reflect such resolution, including by the filing of an amended Tax Return. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.02. <I>Assistance and Cooperation</I>. From and after the Closing, the Seller Representative and the Buyer shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Reasonably assist (and cause their respective Affiliates to reasonably assist) the other party in preparing any Tax Returns or reports that
such other party is responsible for preparing and filing with respect to the Company Entities, and the Buyer shall cause the Company Entities to retain all records related to Taxes for an eight-year period after the Closing Date, and shall deliver
such records to the Seller Representative at the Seller Representative&#146;s request; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Reasonably cooperate in preparing for any
audits of, or disputes with Taxing Authorities regarding, any Tax Returns of any of the Company Entities; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Make available to the other
and to any Taxing Authority as reasonably requested all information, records, and documents relating to Taxes of any of the Company Entities (which, for the avoidance of doubt, does not include any such items relating to Taxes of the Sellers or any
of the Sellers&#146; Affiliates that do not relate to the Company Entities); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Furnish the other with copies of all correspondence
received from any Taxing Authority in connection with any Tax audit or information request with respect to Taxes for which the other party may be liable under this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.03. <I>Post-Closing Actions</I>. From and after the Closing, the Buyer shall not,
and shall cause the Company Entities not to, make any Tax election, amend any Tax Return or waive or extend any statute of limitations for the assessment or collection of Taxes, in each case with respect to any
<FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Period or Straddle Period, and in each case to the extent such action would result in an adverse effect to the Sellers, without the Seller Representative&#146;s prior written consent (which
consent shall not be unreasonably withheld, delayed or conditioned). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.04. <I>Transfer Taxes</I>. All excise, sales, use,
value added, registration stamp, recording, documentary, conveyancing, franchise, property, transfer, gains and similar Taxes incurred in connection with the transactions contemplated by this Agreement shall be borne equally by the Buyer on the one
hand and the Sellers on the other hand. The Buyer and the Seller Representative shall cooperate in providing each other with any appropriate resale exemption certifications and other similar documentation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.05. <I>Section</I><I></I><I>&nbsp;754 Election</I>. The Company and any Company Entity treated as a partnership for U.S.
federal income tax purposes shall make and have in effect, for its taxable year ending on the Closing Date, an election under Section&nbsp;754 of the Code and any comparable provisions of applicable state or local law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.06. <I>Allocation of Purchase Price</I>. Within 90 days following the Closing Date, the Seller Representative shall deliver to
the Buyer a determination of the fair market values of the underlying assets of the Company Entities (the &#147;<B>FMV Determination</B>&#148;) in accordance with the rules of Section&nbsp;755 of the Code and the Treasury regulations thereunder. If
within 20 days after the delivery of the FMV Determination, the Buyer notifies the Seller Representative in writing that the Buyer objects to the determination set forth in the FMV Determination, the Buyer and the Seller Representative shall
cooperate in good faith to resolve any disagreements within 20 days. If the Seller Representative and the Buyer are unable in good faith to reach an agreement regarding any such disagreements within 20 days, then the Seller Representative and the
Buyer shall jointly retain a nationally recognized accounting firm (the &#147;<B>FMV Determination Referee</B>&#148;) to resolve the disputed items. Upon resolution of the disputed items, the determination reflected on the FMV Determination shall be
adjusted to reflect such resolution. The costs, fees and expenses of the FMV Determination Referee shall be borne in the same manner as the costs and expenses of the Accounting Referee. The Seller Representative and the Buyer shall, and shall cause
their respective Affiliates to, file all Tax Returns in a manner consistent with the FMV Determination. The FMV Determination shall be adjusted as appropriate consistent with the determination set forth in the FMV Determination, in the event of any
adjustment to the Purchase Price. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.07. <I>Straddle Periods</I>. In the case of any Taxes (other than any transfer taxes
described in Section&nbsp;7.04) where an applicable Straddle Period is not or cannot be closed on the Closing Date, the amount of Taxes allocable to the portion of the Straddle Period ending on the Closing Date (including for purposes of determining
the amount of Taxes attributable to a <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Period with respect to such Straddle Period) shall be deemed to be (i)&nbsp;in the case of any Taxes other than gross receipts, sales or use Taxes
</P>
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and Taxes based upon or related to income, the amount of such Taxes for the entire period multiplied by a fraction, the numerator of which is the number of calendar days in the Straddle Period up
through and ending on and including the Closing Date and the denominator of which is the number of calendar days in the entire relevant Straddle Period, and (ii)&nbsp;in the case of any Tax based upon or related to income and any gross receipts,
sales or use Tax, the amount of any such Taxes that would have been payable if the relevant Tax period ended on and included the Closing Date. All determinations necessary to give effect to the allocation set forth in the foregoing clause
(ii)&nbsp;shall be made in a manner consistent with prior practice of the Sellers or the Company Entities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.08. <I>Tax
Refunds</I>. Until the Initial Indemnity Escrow Release Date, the Buyer shall pay over to the applicable Seller any Tax refunds (or credits in lieu of Tax refunds) that are received by Buyer or any of its Affiliates (including, after Closing, the
Company Entities) that are attributable to any Taxes in respect of any <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Tax Period. Such payment shall be made within fifteen (15)&nbsp;Business Days after receipt of such refund (or the filing of
any Tax Return on which there is allowed a credit in lieu of such refund). Until the Initial Indemnity Escrow Release Date, the Buyer and its Affiliates (including, after Closing, the Company Entities) shall, upon request of the Seller
Representative and at the expense of the Sellers, use reasonable efforts to obtain any such Tax refunds (or credits in lieu of Tax refunds) to which any of them are entitled; <I>provided</I>, <I>however</I>, that Buyer and its Affiliates shall not
be required to take any action that would be impractical or would otherwise prejudice the legal, tax, or commercial position of the Buyer and its Affiliates, as determined in Buyer&#146;s sole discretion exercised in good faith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.09. <I>Buyer Covenants</I>. (a)&nbsp;Until the Initial Indemnity Escrow Release Date, the Buyer shall pay and indemnify and
hold harmless the Sellers from and against any and all Taxes imposed on a Seller as a result of any actions taken by the Buyer or any of its Affiliates or any Company Entities on the Closing Date after the Closing, other than (i)&nbsp;in the
ordinary course of business or (ii)&nbsp;otherwise as a result of the consummation of the transactions contemplated by this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
From and after the Closing until the Initial Indemnity Escrow Release Date, the Buyer shall not, and shall cause the Company Entities not to, make any Tax election, amend any Tax Return, initiate any voluntary disclosure with respect to Taxes,
voluntarily approach any Governmental Authority with respect to Taxes or waive or extend any statute of limitations for the assessment or collection of Taxes, in each case if Sellers would have an indemnification obligation under Article 12 with
respect to such Taxes, without the Seller Representative&#146;s prior written consent (which consent shall not be unreasonably withheld, delayed or conditioned). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 8 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">E<SMALL>MPLOYEE</SMALL>
M<SMALL>ATTERS</SMALL> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.01. <I>Maintenance of Compensation and Benefits. </I>During the period commencing on the Closing
Date and ending on the first anniversary of the Closing Date, the Buyer agrees to provide, or to cause its Affiliates to provide, each employee who </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">81 </P>


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continues in the employment of the Company Entities after the Closing (each, a &#147;<B>Continuing Employee</B>&#148;) with (a)&nbsp;a base salary that is no less than the base salary provided to
the Continuing Employee immediately prior to the Closing (taking into account payroll Taxes resulting from such Continuing Employee becoming an &#147;employee&#148;, and (b)&nbsp;upon a termination by the Buyer or one of its Affiliates without
cause, and subject to the Continuing Employee&#146;s execution of a general release of claims in favor of the Buyer and its Affiliates in a form reasonably acceptable to the Buyer and such Continuing Employee (an &#147;<B>Employee
Release</B>&#148;), severance protections and benefits no less favorable to such Continuing Employee than those provided by the Company Entities to such Continuing Employee immediately prior to the Closing, as set forth in Section&nbsp;8.01 of the
Company Disclosure Schedule. The Buyer agrees to provide, or to cause its Affiliates to provide, each Continuing Employee with targeted annual incentive compensation opportunities for fiscal year 2017 that are comparable in the aggregate to the
targeted annual incentive compensation opportunities provided to the Continuing Employee immediately prior to the Closing. During the period commencing on the Closing Date and ending on December&nbsp;31, 2017, the Buyer agrees to provide, or to
cause its Affiliates to provide, to each Continuing Employee, (x)&nbsp;welfare benefits that are substantially comparable in the aggregate to those provided by the Company Entities to such Continuing Employee immediately prior to the Closing and
(y)&nbsp;retirement benefits that are substantially comparable those provided to similarly-situated employees of the Buyer and its Affiliates. The Buyer shall be solely responsible for, and shall honor, pay, perform and satisfy, all severance
obligations paid or payable to officers, employees or other service providers of any of the Company Entities in connection with the transactions contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.02. <I>Company Employee Plans. </I>From and after the Closing, the Buyer agrees to honor, or shall cause each of the Company
Entities to honor, the obligations of the Company Entities under the provisions of each Employee Plan; <I>provided, </I>that nothing contained in this Agreement is intended to prevent the Buyer or its Affiliates from amending or terminating any
Employee Plan in accordance with its terms after the Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.03. <I>Buyer Employee Plans. </I>(a) From and after the
Closing, the Buyer or one of its Affiliates will use commercially reasonable efforts to cause each compensation or employee benefit plan, program, or arrangement maintained or contributed to by the Buyer or such Affiliate and in which any Continuing
Employee is eligible to participate to treat the prior service of such Continuing Employee with any of the Company Entities as service rendered to the Buyer or such Affiliate for purposes of eligibility, vesting and benefit accruals under the
employee benefit plans of the Buyer or its Affiliates (other than (x)&nbsp;benefit accruals under defined benefit plans of the Buyer or its Affiliates, (y)&nbsp;where such treatment would result in a duplication of benefits, or (z)&nbsp;where such
service was not recognized under the corresponding Employee Plan or is not recognized for similarly-situated employees of the Buyer or its Affiliates). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Subject to the terms of the applicable plans of the Buyer and its Affiliates, from and after the Closing, with respect to any Continuing
Employee, each of Buyer and its Affiliates shall (i)&nbsp;waive any limitation on health and welfare coverage of such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">82 </P>


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Continuing Employee due to <FONT STYLE="white-space:nowrap">pre-existing</FONT> conditions and/or waiting periods, active employment requirements, and requirements to show evidence of good health
under the applicable health and welfare plan of the Buyer or such Affiliate to the extent such Continuing Employee is covered under a health and welfare benefit plan maintained by any of the Company Entities immediately prior to the Closing Date and
(ii)&nbsp;credit each Continuing Employee with all deductible payments, <FONT STYLE="white-space:nowrap">co-payments</FONT> and <FONT STYLE="white-space:nowrap">co-insurance</FONT> paid by such Continuing Employee and covered dependents under the
medical employee benefit plan of any of the Company Entities prior to the Closing Date during the year in which the Closing occurs for the purpose of determining the extent to which any such Continuing Employee and his or her dependents have
satisfied their deductible and whether they have reached the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> maximum under any medical plan maintained by the Buyer or such Affiliate for such year;
<I>provided</I> that the Company shall use its reasonable best efforts to provide to the Buyer as of or promptly following the Closing Date such information requested by the Buyer as is reasonably necessary to implement the provisions of clause
(ii). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.04. <I>401(k) Plan</I>. If requested by the Buyer at least fifteen days prior to the Closing Date, the Company
Entities shall terminate any and all Employee Plans intended to qualify under Section 401(a) of the Code that include a cash or deferred arrangement intended to satisfy the provisions of Section 401(k) of the Code, effective not later than the day
immediately preceding the Closing Date. If the Buyer requests that such 401(k) plan(s) be terminated, the Company Entities shall provide the Buyer with evidence that such 401(k) plan(s) have been terminated not later than the day immediately
preceding the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.05. <I>2016 Annual Bonuses</I>. In the event that the Closing occurs prior to the date on
which the Company Entities pay annual bonuses in respect of the 2016 calendar year, the Buyer shall, or shall cause an Affiliate to, pay (at the time and in the manner consistent with past practice, but in no event later than 75 days following the
Closing Date) each employee of the Company Entities who is employed immediately prior to the Closing Date a bonus for the 2016 calendar year in an amount (less any applicable withholding) that is no less than the portion of the Closing 2016 Bonus
Liability attributable to such Continuing Employee; <I>provided</I>, that the payment of any annual bonus hereunder shall not result in a duplication of benefits (including a duplication of any bonus or portion thereof payable to any former employee
in connection with any severance or similar entitlement). For the avoidance of doubt, the parties agree that the Tax deduction attributable to the payment of the Closing 2016 Bonus Liability shall be claimed by the Company Entities on their Form
1065 for 2016 or the period that ends on the Closing Date, as determined by the Sellers&#146; Representative, and that such deduction shall not be claimed by Buyer or any of its Affiliates in any Post-Closing Tax Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.06. <I>2017 Annual Bonuses</I>. The Buyer shall, or shall cause its Subsidiaries to, pay, no later than March&nbsp;15, 2018, an
annual bonus for the 2017 calendar year to each Continuing Employee who remains employed by the Buyer or any of its Affiliates as of the applicable payment date in an amount (less any applicable withholding) consistent with the Buyer&#146;s
obligation in Section&nbsp;8.01 to provide Continuing </P>
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Employees with targeted annual incentive compensation opportunities for fiscal year 2017 that are comparable in the aggregate to the targeted annual incentive compensation opportunities provided
to the Continuing Employee immediately prior to the Closing; provided that the 2017 bonus paid to each Continuing Employee shall be no less than the Closing 2017 Bonus Liability attributable to such Continuing Employee. Further, in addition to any
severance protections and benefits required to be provided pursuant to clause (b)&nbsp;of Section&nbsp;8.01 above (but without duplication of any entitlement to a pro rata bonus entitlement pursuant to any Employee Plan), the Buyer agrees to
provide, or to cause its Affiliates to provide, each Continuing Employee whose employment is terminated by the Buyer or one of its Affiliates without cause on or prior to the payment of his or her 2017 annual bonus, and subject to such Continuing
Employee&#146;s execution of an Employee Release, a pro rata portion of his or her 2017 annual bonus in an amount equal to the greater of (x)&nbsp;the annual bonus that would have been payable based on actual performance had such Continuing
Employee&#146;s employment continued through the applicable payment date <I>multiplied by</I> a fraction, the numerator of which is the number of calendar days during the 2017 calendar year prior to the date of termination and the denominator of
which is equal to 365, and (y)&nbsp;an amount equal to the portion of the Closing 2017 Bonus Liability attributable to such Continuing Employee. For the avoidance of doubt, the parties agree that the Tax deduction attributable to the payment of any
amounts covered by this Section&nbsp;8.06 shall be claimed by the Buyer and its Affiliates in a Post-Closing Tax Period and shall not be claimed by the Company Entities for the taxable year that ends on the Closing Date or any prior taxable year.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.07. <I>No Third-Party Beneficiaries</I>. Nothing in this<B> </B>Article 8, whether express or implied, shall (i)&nbsp;be
treated as an amendment of, or undertaking to amend, any employee benefit plan, (ii)&nbsp;prohibit the Company Entities, the Buyer or any of their respective Affiliates from amending or terminating any employee benefit plan or, after the Closing,
any Employee Plan in accordance with its terms, (iii)&nbsp;obligate the Company Entities, the Buyer or any of their respective Affiliates to retain the employment of any particular employee or (iv)&nbsp;confer any rights, benefits, remedies,
obligations or liabilities hereunder upon any person other than the parties and their respective successors and permitted assignees. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 9 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C<SMALL>ONDITIONS</SMALL> <SMALL>TO</SMALL> C<SMALL>LOSING</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.01. <I>Conditions to Obligations of the Buyer, Merger Sub and the Company</I>. The obligations of the Buyer, Merger Sub and the
Company to consummate the Closing are subject to the satisfaction or, to the extent permitted by Applicable Law, waiver by the Buyer, Merger Sub, the Company and the Seller Representative of each of the following conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) any applicable waiting period under the HSR Act relating to the transactions contemplated hereby shall have expired or been terminated;
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) no injunction or other order issued by a court of competent jurisdiction in the United States
(whether temporary, preliminary or permanent) shall prohibit the consummation of the Closing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the Closing Revenue Run Rate shall be
equal to or greater than 77.5% of the Base Revenue Run Rate and the Buyer shall have received a certificate signed by an executive officer of the Company to such effect; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) at the Closing, at least 75% of the members of the Fund Board of each Sponsored Registered Fund that has approved a Fund Reorganization or
a New Registered Fund Advisory Contract (or an &#147;interim contract&#148; as contemplated by Section 6.03(a)(iv)) with the Company Entities (and of the board of each VF Series into which a Sponsored Registered Fund has been or is intended to be
reorganized) shall not be &#147;interested persons&#148; (as such term is defined in the Investment Company Act) of the Company Entities, the Surviving Company and its Subsidiaries or the investment adviser of such Sponsored Registered Fund (or VF
Series) (including as of immediately following the Closing). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.02. <I>Conditions to Obligations of the Buyer and Merger
Sub</I>. The obligations of the Buyer and Merger Sub to consummate the Closing are subject to the satisfaction or, in the discretion of the Buyer and Merger Sub, waiver of each of the following further conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) (i) the representations and warranties of the Company contained in Sections 3.01(a), 3.02(a), 3.02(b), 3.05, 3.06(b) and 3.23
(collectively, together with the representations and warranties of the Company contained in Sections 3.02(c) and 3.25, the &#147;<B>Company Fundamental Representations</B>&#148;), shall be true and correct in all material respects at and as of the
Closing, as if made at and as of such time (except for any such representations and warranties that are made at or as of a specific date or time, which representations and warranties shall be true and correct only at and as of such specific date or
time) and (ii)&nbsp;the other representations and warranties of the Company contained in this Agreement (disregarding all &#147;materiality&#148;, &#147;Material Adverse Effect&#148; or other similar qualifications contained therein) shall be true
and correct at and as of the Closing, as if made at and as of such time (except for any such representations and warranties that are made at or as of a specific date or time, which representations and warranties shall be true and correct only at and
as of such specific date or time), with only such exceptions in the case of this clause (ii)&nbsp;as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the Company shall have performed in all material respects all of their covenants and agreements hereunder required to be performed by them
at or prior to the Closing or shall have cured any failure to perform in all material respects all such covenants and agreements at or prior to the Closing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the Buyer shall have received a certificate signed by an executive officer of the Company to the effect that the conditions set forth in
Sections 9.02(a), 9.02(b) and 9.02(e) have been fulfilled; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">85 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the Buyer shall have received any documents, certificates or other items required to be
delivered to it pursuant to Section 2.04(c); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) since the date hereof, no Material Adverse Effect shall have occurred and shall be
continuing as of immediately prior to the Closing; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) the condition set forth on Section 9.02(f) of the Company Disclosure Schedule
shall have been satisfied or waived. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.03. <I>Conditions to Obligations of the Company</I>. The obligations of the Company
to consummate the Closing are subject to the satisfaction or, in the discretion of the Company and the Seller Representative, waiver of each of the following further conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) (i) the representations and warranties of the Buyer contained in Sections 5.01(a), 5.02, 5.09 and 5.10 (collectively, the &#147;<B>Buyer
Fundamental Representations</B>&#148;), shall be true and correct in all material respects at and as of the Closing, as if made at and as of such time (except for any such representations and warranties that are made at or as of a specific date or
time, which representations and warranties shall be true and correct only at and as of such specific date or time), and (ii)&nbsp;the other representations and warranties of the Buyer contained in this Agreement (disregarding all
&#147;materiality&#148; or other similar qualifications contained therein) shall be true and correct at and as of the Closing, as if made at and as of such time (except for any such representations and warranties that are made at or as of a specific
date or time, which representations and warranties shall be true and correct only at and as of such specific date or time), with only such exceptions in the case of this clause (ii)&nbsp;as would not reasonably be expected to, individually or in the
aggregate, prevent, impair or materially delay the ability of the Buyer or Merger Sub to consummate the transactions contemplated hereby; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the Buyer and Merger Sub shall have performed in all material respects all of their covenants and agreements hereunder required to be
performed by them at or prior to the Closing or shall have cured any failure to perform in all material respects all such covenants and agreements at or prior to the Closing; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the Company shall have received a certificate signed by an officer of the Buyer to the effect that the conditions set forth in Sections
9.03(a) and 9.03(b) have been fulfilled. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.04. <I>Frustration of Conditions</I>. None of the Buyer, Merger Sub or the
Company shall, and each shall cause its Affiliates not to, take any action that would, or would reasonably be expected to, result in any condition set forth in this Article 9 not being satisfied, and none of the Buyer, Merger Sub or the Company may
rely on the failure of any such condition to be satisfied if such failure was caused by such party&#146;s failure to perform any of its obligations hereunder or to act in good faith. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">86 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 10 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">T<SMALL>ERMINATION</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.01. <I>Grounds for Termination</I>. This Agreement may be terminated at any time prior to the Closing: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) by mutual written agreement of the Company and the Buyer; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) by the Company or the Buyer if the Closing shall not have been consummated on or before July&nbsp;16, 2017 (such date, as extended pursuant
to the following proviso (if applicable), the &#147;<B>Outside Date</B>&#148;); <I>provided</I>, that if on such date, all of the conditions set forth in Article 9 have been satisfied or, to the extent permissible, waived by the party or parties
entitled to the benefit thereof, other than (i)&nbsp;the condition set forth in Section 9.01(c) and (ii)&nbsp;conditions that by their nature are to be satisfied at the Closing, which shall be capable of being satisfied or shall have been waived on
such date, then the Company or the Buyer may, by written notice to the other parties, extend the Outside Date to September&nbsp;16, 2017; <I>provided</I>, <I>further</I>, that the right to terminate this Agreement pursuant to this Section 10.01(b)
shall not be available to any party whose breach of any provision of this Agreement has caused or resulted in the failure of the Closing to be consummated by the Outside Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) by the Company or the Buyer if there shall be any final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> injunction or other order
issued by a court of competent jurisdiction in the United States prohibiting the consummation of the Closing; <I>provided</I>, that the right to terminate this Agreement pursuant to this Section 10.01(c) shall not be available to any party that has
not complied with its obligations under Section&nbsp;6.02 in respect of such injunction or order in all material respects; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) by the
Company, if the Buyer has breached any representation or warranty, or breached or failed to perform any covenant or agreement, contained in this Agreement, which breach or failure to perform would give rise to a failure of the conditions set forth
in Section 9.03(a) or 9.03(b) and is not cured within 30 days after the giving of written notice to the Buyer of such breach or is not capable of being cured by the Outside Date; <I>provided,</I> that the Company is then not in breach of this
Agreement so as to cause any of the conditions set forth in Section 9.02(a) or 9.02(b) not to be satisfied; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) by the Buyer, if the
Company or the Sellers has breached any representation or warranty, or breached or failed to perform any covenant or agreement, contained in this Agreement, which breach or failure to perform would give rise to a failure of the conditions set forth
in Section 9.02(a) or 9.02(b) and is not cured within 30 days after the giving of written notice to the Company or the Sellers, as applicable, of such breach or is not capable of being cured by the Outside Date; <I>provided</I> that neither the
Buyer nor Merger Sub is then in breach of this Agreement so as to cause any of the conditions set forth in Section 9.03(a) or 9.03(b) not to be satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The party desiring to terminate this Agreement pursuant to Section 10.01(b) through 10.01(e) shall give written notice of such termination to the other
parties. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">87 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.02. <I>Effect of Termination</I>. If this Agreement is terminated as permitted by
Section&nbsp;10.01, this Agreement shall forthwith become null and void and such termination shall be without liability of any party (or any Related Party of such party) to the other parties; <I>provided</I>, that if such termination shall result
from the (a)&nbsp;intentional failure of a party to fulfill a condition to the performance of the obligations of the other parties or (b)&nbsp;Willful Breach by any party of any covenant or agreement contained herein, such party shall be fully
liable to the other parties for any and all costs, expenses, damages, losses or other liability incurred or suffered by the other parties as a result of such failure or Willful Breach. The provisions of this Section&nbsp;10.02, Section 6.03(c),
Section&nbsp;6.07, clause (z)&nbsp;of the proviso to Section 6.11(f), Section 6.11(g), Article 13 (other than Sections 13.14 and 13.15) and, for the avoidance of doubt, the Confidentiality Agreement shall survive any termination hereof pursuant to
Section&nbsp;10.01. For purposes hereof, &#147;<B>Willful Breach</B>&#148; means (i)&nbsp;any breach of this Agreement that is the consequence of an action or omission by any party that knew or reasonably should have known that the taking of such
action or the failure to take such action would be a breach of this Agreement and (ii)&nbsp;with respect to the Buyer, the failure to pay the Purchase Price when due in breach hereof (including pursuant to a failure to obtain the Debt Financing).
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 11 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>ELLER</SMALL> R<SMALL>EPRESENTATIVE</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.01. <I>Authorization of Seller Representative</I>. (a)&nbsp;From and after the Closing, by virtue of the Company&#146;s entry
into this Agreement and without further action of any Seller, the Seller Representative is hereby irrevocably appointed, authorized and empowered to act as a representative of the Sellers, and the exclusive agent and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> to act on behalf of the Sellers, in connection with the transactions contemplated hereby, which shall include the power and authority: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) to execute and deliver the Escrow Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) to execute and deliver such amendments, modifications, waivers and consents in connection with this Agreement, the Escrow
Agreement, and the consummation of the transactions contemplated hereby and thereby as the Seller Representative, in its sole discretion, determines to be necessary or desirable; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) to enforce and protect the rights and interests of the Sellers and the Seller Representative under this Agreement, the
Escrow Agreement, or any other agreement, document, instrument or certificate referred to herein or therein or the transactions contemplated hereby or thereby, including (A)&nbsp;asserting or pursuing any claim or instituting any action, proceeding
or investigation against the Buyer, (B)&nbsp;investigating, defending, contesting or litigating any claim, action, proceeding or investigation initiated by the Buyer and (C)&nbsp;negotiating, settling or compromising any claim, action, proceeding or
investigation by or against the Buyer, including, in each case, any claim, action, proceeding or investigation relating to the Purchase Price adjustment under Section&nbsp;2.06 or the Revenue Run Rate <FONT STYLE="white-space:nowrap">true-up</FONT>
under Section&nbsp;2.07; <I>provided</I>, that, for the avoidance of doubt, the Seller Representative shall not have any obligation to take any such action, and shall not have any liability for any failure to take any such action; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">88 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) to make, execute, acknowledge and deliver all such other agreements,
documents, instruments or certificates, and, in general, to do any and all things and to take any and all other actions that the Seller Representative, in its sole and absolute discretion, determines to be necessary or desirable in connection with
or to carry out the transactions contemplated by this Agreement, the Escrow Agreement, and any other agreement, document, instrument or certificate referred to herein or therein or the transactions contemplated hereby or thereby. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In connection with this Agreement, the Escrow Agreement and any other agreement, document, instrument or certificate referred to herein or
therein or the transactions contemplated hereby or thereby, and in exercising or not exercising any or all of the powers conferred upon the Seller Representative hereunder, (i)&nbsp;the Seller Representative shall incur no responsibility whatsoever
to any Seller by reason of any error in judgment or other action or omission, other than liability directly resulting from the willful misconduct by the Seller Representative and (ii)&nbsp;the Seller Representative shall be entitled to rely on the
advice of counsel, public accountants or other independent experts experienced in the matter at issue, and any error in judgment or other action or omission of the Seller Representative pursuant to such advice shall not subject the Seller
Representative to liability to any Seller, other than where such reliance constitutes the willful misconduct of the Seller Representative. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) From and after the Closing, the Seller Representative shall have the right to recover from, at its sole discretion, the amounts in the
Seller Representative Expense Fund and the Purchase Price Adjustment Escrow Fund and Indemnity Escrow Fund (in the case of the Purchase Price Adjustment Escrow Fund and the Indemnity Escrow Fund, solely out of any release of the amounts therein to
the Sellers pursuant to terms and conditions of the Escrow Agreement), in each case prior to the distribution of any such amounts to the Sellers, (i)&nbsp;the Seller Representative&#146;s reasonable and documented <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and (ii)&nbsp;any other costs, expenses, damages or other losses actually suffered by the Seller Representative, in each case arising out of or in connection with the actions or omissions
of the Seller Representative in its capacity as the Seller Representative (collectively, &#147;<B>Seller Representative Losses</B>&#148;). If the amount in the Seller Representative Expense Fund and amounts in the Purchase Price Adjustment Escrow
Fund and the Indemnity Escrow Fund available to the Seller Representative are insufficient to satisfy the Seller Representative Losses, as suffered or incurred, then each Seller shall indemnify, defend and hold harmless, severally and not jointly,
in accordance with the portion of the Purchase Price received by such Seller as compared with the other Sellers as of such time, the Seller Representative against all Seller Representative Losses; <I>provided</I>, that if any such Seller
Representative Losses are finally adjudicated to have directly resulted from the willful misconduct of the Seller Representative, the Seller Representative shall reimburse the Sellers the amount of such indemnified Seller Representative Losses to
the extent attributable to such willful misconduct. In no event shall the Seller Representative be required to advance its own funds on behalf of the Sellers or otherwise, except to the extent that the Seller Representative is required to do
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">89 </P>


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so hereunder in its capacity as a Seller. In the event of any indemnification obligation under this Section 11.01(c), upon written notice from the Seller Representative to the Sellers as to the
existence of a deficiency toward the payment of any such indemnification amount, each Seller shall promptly deliver to the Seller Representative full payment of its ratable share of the amount of such deficiency, in accordance with the portion of
the Purchase Price received by such Seller as compared with the other Sellers as of such time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Seller Representative may resign at
any time, so long as the Sellers appoint a replacement or successor that is reasonably acceptable to the Buyer effective as of the time of such resignation. All of the indemnities, immunities and powers granted to the Seller Representative under
this Agreement shall survive the Closing and the resignation of the Seller Representative. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) After the Closing, the Buyer and the
Company shall have the right to rely upon all actions taken or omitted to be taken by the Seller Representative pursuant to this Agreement and the Escrow Agreement, all of which actions or omissions shall be final and binding upon the Sellers, and
the Buyer shall not have any liability for any Seller Representative Losses or any actions taken or omitted to be taken in accordance with or in reliance upon actions of the Seller Representative, including in respect of the release or distribution
of any amounts from the Purchase Price Adjustment Escrow Fund. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The grant of authority provided for herein is coupled with an interest
and shall be irrevocable and survive the death, incompetency, bankruptcy or liquidation of any Seller. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 12 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">S<SMALL>URVIVAL</SMALL> <SMALL>AND</SMALL> I<SMALL>NDEMNIFICATION</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.01. <I>Survival. </I>Each of the representations, warranties, covenants and obligations set forth herein shall survive the
Closing until, and terminate on, the Initial Indemnity Escrow Release Date. The indemnities pursuant to Sections 12.02(a)(i) and 12.03(a) shall survive the Closing until, and terminate on, the Initial Indemnity Escrow Release Date. The indemnity
pursuant to Section 12.02(a)(ii) shall survive the Closing until, and terminate on, the Final Indemnity Escrow Release Date. Notwithstanding the preceding sentences, any breach of representation, warranty, covenant or agreement in respect of which
indemnity may be sought under this Agreement shall survive the time at which it would otherwise terminate pursuant to the preceding sentences, if notice of the inaccuracy or breach thereof giving rise to such right of indemnity shall have been given
in good faith to the party against whom such indemnity may be sought prior to such time, which notice shall specify the Section or Sections hereof that the party giving such notice claims to have been breached. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.02. <I>Indemnification of the Buyer Indemnified Persons</I>. (a)&nbsp;Subject to the limitations set forth in this Article 12,
from and after the Closing, the Buyer and each of its Subsidiaries (including the Company Entities), Affiliates, directors, officers, managers, employees, partners, agents, successors and assigns (collectively, the &#147;<B>Buyer </B><B>Indemnified
Persons</B>&#148;) shall be indemnified against, and each of them shall be held harmless from, in each case solely out of the Indemnity Escrow Fund: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">90 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any and all damages, losses, liabilities, claims, penalties, charges,
interest and reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses (including reasonable and documented <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses of investigation and reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> attorneys&#146; fees and expenses)
(collectively, &#147;<B>Damages</B>&#148;) to the extent arising out of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(A) any misrepresentation or breach of warranty
made by the Company or the Seller Representative in this Agreement (&#147;<B>Company Warranty Breaches</B>&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) any
breach of covenant or agreement made or to be performed by the Company or the Seller Representative in this Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(C)
any payment with respect to any claim by a Seller, in his, her or its capacity as a holder of Company Equity Interests against any of the Buyer Indemnified Persons arising out of the transactions contemplated by this Agreement, including any claim
of breach of fiduciary obligations or similar claim and any claim that this Agreement and/or the transactions contemplated hereunder were not duly approved pursuant to the Company LLC Agreement or Applicable Law (other than in connection with the
enforcement of the terms hereof); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(D) the enforcement of any of the Buyer Indemnified Persons&#146; indemnification rights
under this Section 12.02(a) if the parties agree in writing or it is determined in a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> order by a court of competent jurisdiction that such Buyer Indemnified Person was entitled to
indemnification with respect to the matter for which the Buyer Indemnified Person was seeking to enforce its rights hereunder; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(E) any Closing Indebtedness or Closing Transaction Expenses, in each case solely to the extent not reflected in the Final
Purchase Price; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(F) <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Taxes (except to the extent such Taxes are
taken into account in the determination of Closing Working Capital); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the matters set forth on Section 12.02(a)(ii)
of the Company Disclosure Schedule. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) With respect to indemnification for Company Warranty Breaches pursuant to Section 12.02(a)(i)(A)
(other than with respect to breaches of the Company Fundamental Representations), (i) the Buyer Indemnified Persons shall not be indemnified unless the Damages with respect to any such Company Warranty Breach exceeds $25,000 (the &#147;<B>De Minimis
Amount</B>&#148;) and (ii)&nbsp;the Buyer Indemnified Persons </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">91 </P>


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shall not be indemnified unless and until the aggregate amount of all Damages with respect to such Company Warranty Breaches (disregarding any Damages that are not indemnifiable pursuant to the
forgoing clause (i)) exceeds $3,750,000 (the &#147;<B>Deductible</B>&#148;), and then only to the extent of such excess. With respect to indemnification for all matters pursuant to Section 12.02(a), the maximum aggregate amount with respect to which
the Buyer Indemnified Persons may be indemnified shall be limited to the Indemnity Escrow Amount (the &#147;<B>Cap</B>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) With
respect to indemnification for all matters pursuant to Section 12.02(a) (but subject to Section&nbsp;12.09), each of the Buyer and Merger Sub hereby agrees (on behalf of itself and each of the other Buyer Indemnified Persons) that (i)&nbsp;the sole
and exclusive recourse of the Buyer Indemnified Persons shall be the right to seek payment from the Indemnity Escrow Fund in accordance with the terms of this Agreement and the Escrow Agreement and (ii)&nbsp;the Buyer Indemnified Persons shall have
no right to seek payment directly from any of the Seller Indemnified Persons under any circumstances. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Any claim for indemnification in
respect of Damages suffered by any Buyer Indemnified Person under Section 12.02(a) may be made and enforced by the Buyer only, on behalf of such Buyer Indemnified Person, and may not be made or enforced directly by any Buyer Indemnified Person other
than the Buyer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.03. <I>Indemnification of the Seller Indemnified Persons</I>. (a)&nbsp;Subject to the limitations set
forth in this Article 12, from and after the Closing, each of the Sellers and each of their respective Affiliates, directors, officers, managers, employees, partners, agents, successors and assigns (collectively, the &#147;<B>Seller Indemnified
Persons</B>&#148;) shall be indemnified by the Buyer against, and each of them shall be held harmless by the Buyer from, any and all Damages to the extent arising out of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any misrepresentation or breach of warranty made by the Buyer or Merger Sub in this Agreement (&#147;<B>Buyer Warranty
Breaches</B>&#148;); or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any breach of covenant or agreement made or to be performed by the Buyer or Merger Sub in
this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) With respect to indemnification for Buyer Warranty Breaches pursuant to Section 12.03(a)(i) (other than with respect
to breaches of the Buyer Fundamental Representations), (i) the Seller Indemnified Persons shall not be indemnified unless the Damages with respect to any such Buyer Warranty Breach exceeds the De Minimis Amount and (ii)&nbsp;the Seller Indemnified
Persons shall not be indemnified unless and until the aggregate amount of all Damages with respect to such Company Warranty Breaches (disregarding any Damages that are not indemnifiable pursuant to the foregoing clause (i)) exceeds the Deductible,
and then only to the extent of such excess. With respect to indemnification for all matters pursuant to Section 12.03(a), the maximum aggregate amount with respect to which the Seller Indemnified Persons may be indemnified shall be limited to the
Cap. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">92 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Any claim for indemnification in respect of Damages suffered by any Seller Indemnified Person
under Section 12.03(a) may be made and enforced by the Seller Representative only, on behalf of such Seller Indemnified Person, and may not be made or enforced directly by any Seller Indemnified Person other than the Seller Representative. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.04. <I>Third-Party Claim Procedures. </I>(a)The party seeking indemnification under Section 12.02(a) or Section 12.03(a) (the
&#147;<B>Indemnified Party</B>&#148;) agrees to give prompt notice in writing to the party against whom indemnity is to be sought (which in the case of a claim by the Buyer shall be the Seller Representative on behalf of the Sellers) (the
&#147;<B>Indemnifying Party</B>&#148;) of the assertion of any claim or the commencement of any suit, action or proceeding by any third party (a &#147;<B>Third-Party Claim</B>&#148;) in respect of which indemnity may be sought under such Section.
Such notice shall set forth in reasonable detail the facts and circumstances of such Third-Party Claim (including any relevant material documentation to or from third-parties relating thereto and the Indemnified Party&#146;s reasonable computation
(taking into account the information then available to the Indemnified Party) of the total amount of Damages to which such Indemnified Party would be entitled in respect of such Third-Party Claim) and the basis for indemnification in respect
thereof, including the Section or Sections hereof that the Indemnified Party claims to have been breached (taking into account the information then available to the Indemnified Party). The failure of the Indemnified Party to so notify the
Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent such failure shall have materially prejudiced the Indemnifying Party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Indemnifying Party shall be entitled to participate in the defense of any Third-Party Claim and, subject to the limitations set forth
in this Section, shall be entitled to control and appoint lead counsel of its choice for such defense, in each case at its own expense. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) If the Indemnifying Party shall assume the control of the defense of any Third-Party Claim in accordance with the provisions of this
Section&nbsp;12.04, (i) the Indemnifying Party shall obtain the prior written consent of the Indemnified Party (not to be unreasonably withheld, conditioned or delayed) before entering into any settlement of such Third-Party Claim, if the settlement
(A)&nbsp;does not release the Indemnified Party and its Affiliates from all liabilities and obligations with respect to such Third-Party Claim; (B)&nbsp;imposes injunctive or other equitable relief on the Indemnified Party or any of its Affiliates;
or (C)&nbsp;involves a finding or admission of any violation of Applicable Law and (ii)&nbsp;the Indemnified Party shall be entitled to participate in the defense of any Third-Party Claim and to employ separate counsel of its choice and at its own
expense for such purpose. The Indemnified Party shall not settle any Third-Party Claim without the prior written consent of the Indemnifying Party (not to be unreasonably withheld, conditioned or delayed). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Each party shall reasonably cooperate, and cause its Affiliates to reasonably cooperate, in the defense or prosecution of any Third-Party
Claim, and shall furnish or cause to be furnished such records, information and testimony, and attend such conferences, discovery proceedings, hearings, trials or appeals, as may be reasonably requested in connection therewith. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">93 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.05. <I>Direct Claim Procedures. </I>In the event an Indemnified Party has a claim
for indemnity under Section 12.02(a) or Section 12.03(a) against the Indemnifying Party that does not involve a Third-Party Claim (a &#147;<B>Direct Claim</B>&#148;), the Indemnified Party agrees to give prompt notice thereof in writing to the
Indemnifying Party. Such notice shall set forth in reasonable detail the facts and circumstances of such Direct Claim and the basis for indemnification in respect thereof, including the Section or Sections hereof that the Indemnified Party claims to
have been breached and the Indemnified Party&#146;s reasonable computation of the total amount of Damages to which such Indemnified Party would be entitled in respect of such Direct Claim (taking into account the information then available to the
Indemnified Party). The failure of the Indemnified Party to so notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent such failure shall have materially prejudiced the Indemnifying
Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.06. <I>Escrow Procedures</I>. The parties hereto agree that (a)&nbsp;their respective rights and obligations with
respect to the Indemnity Escrow Fund, including the funding of the requisite amounts into the Indemnity Escrow Fund, the procedure for the making of claims against the amounts in the Indemnity Escrow Fund and the release of such amounts from the
Indemnity Escrow Fund, shall be governed by, and subject to the terms and provisions of, this Agreement and the Escrow Agreement and (b)&nbsp;promptly after the determination hereunder of any amounts due from or with respect to the Indemnity Escrow
Fund, they shall deliver to the Escrow Agent irrevocable joint instructions giving effect to the release of such amounts in accordance with the terms and provisions of this Agreement and the Escrow Agreement. On the Initial Indemnity Escrow Release
Date, the parties shall deliver joint written instructions to the Escrow Agent to release to the Sellers, in accordance with the Proceeds Allocation Methodology, the Initial Indemnity Escrow Release Amount. On the Final Indemnity Escrow Release
Date, the parties shall deliver joint written instructions to the Escrow Agent to release to the Sellers, in accordance with the Proceeds Allocation Methodology, the remaining balance of the Indemnity Escrow Fund, if any, less any amount of the
Indemnity Escrow Fund subject to holdback for unresolved claims for indemnification pursuant to the terms and conditions of the Escrow Agreement; <I>provided</I> that the parties shall cause the aggregate amount of any funds that are not distributed
on the Final Indemnity Escrow Release Date due to an unresolved claim for indemnification to be released as promptly as practicable following the resolution thereof. The Seller Representative shall direct the Escrow Agent to release to the Sellers
amounts from the Seller Representative Expense Fund in accordance with the procedures set forth in Section&nbsp;12.06 of the Company Disclosure Schedule. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.07. <I>Calculation of Damages</I>. (a)&nbsp;The amount of any Damages payable under Section 12.02(a) or Section 12.03(a), as
applicable, by the Indemnifying Party shall be net of any amounts actually recovered by the Indemnified Party under applicable insurance policies or from any other Person alleged to be responsible therefor. If the Indemnified Party receives any
amounts under applicable insurance policies or from any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">94 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
other Person alleged to be responsible for any Damages, after the Indemnifying Party makes an indemnification payment in respect of such Damages, then the Indemnified Party shall promptly
reimburse the Indemnifying Party for any payment made by such Indemnifying Party in connection with providing such indemnification payment up to the amount received by the Indemnified Party, net of any expenses incurred by such Indemnified Party in
collecting such amount. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) No right of indemnification hereunder shall be limited by reason of (i)&nbsp;investigation or audit conducted
before or after the Closing or the knowledge of an Indemnified Party of any information that would cause one or more of the representations and warranties made by the Indemnifying Party to be inaccurate as of the date made or (ii)&nbsp;the decision
of either party to complete the Closing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Each Indemnified Party shall use commercially reasonable efforts to collect any amounts
available under applicable insurance policies, or from any other Person reasonably believed to be responsible (other than any Clients), for any Damages payable under Section 12.02(a) or Section 12.03(a), as applicable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The Indemnifying Party shall not be liable under Section 12.02(a) or Section 12.03(a), as applicable, for any Damages relating to any
matter to the extent that (i)&nbsp;the Indemnified Party has otherwise been compensated for such Damages pursuant to the purchase price adjustment under Section&nbsp;2.06, (ii) the Indemnified Party has recovered for such Damages under another
provision of this Agreement or (iii)&nbsp;such Damages have been specifically accrued or reserved for (with a specific reference to the matter described) in the Balance Sheet (or disclosed in the notes thereto). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Each Indemnified Party shall use commercially reasonable efforts to mitigate any Damages for which such Indemnified Party may seek
indemnification under this Agreement, as required by Applicable Law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Notwithstanding anything herein to the contrary, in no event
shall any Person be liable to another Person hereunder for (and the term Damages shall exclude)&nbsp;(i) any indirect, special or consequential damages, or lost profits or diminution in value, except in each case to the extent such damages were the
reasonably foreseeable consequence of the relevant breach or (ii)&nbsp;exemplary or punitive damages (except, in the case of both clauses (i)&nbsp;and (ii), to the extent such damages are awarded against the applicable Person in a Third-Party
Claim). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.08. <I>Materiality</I>. In all cases in determining whether there has been a breach of a representation or
warranty or calculating the amount of any Damage with respect to a breach of any representation or warranty set forth herein, such representations and warranties shall be read without regard to any materiality qualifier (including any reference to
Material Adverse Effect) contained therein, except with respect to (i)&nbsp;the representations and warranties set forth in Section&nbsp;3.07, Section 3.08(a)(ii) and Section&nbsp;3.09 and (ii)&nbsp;any limitation or qualification that applies to an
affirmative requirement to list specified items in the Company Disclosure Schedule or to deliver, furnish, provide or otherwise make available copies of specified items to the Buyer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">95 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.09. <I>Exclusive Remedy</I>. From and after the Closing, except with respect to
(a)&nbsp;claims for actual and intentional fraud with respect to the representations and warranties expressly set forth in this Agreement, (b)&nbsp;pursuant to Sections 2.06, 2.07 and 7.08 and (c)&nbsp;equitable remedies to enforce any covenant that
expressly contemplates performance after the Closing to the extent expressly permitted pursuant to Section&nbsp;13.14, each of the parties acknowledges and agrees (in the case of each of the Buyer and Merger Sub, on behalf of itself and each of the
other Buyer Indemnified Persons, and in the case of the Company, on behalf of itself and each of the other Seller Indemnified Persons (in each case, such party&#146;s &#147;<B>Respective Indemnified Persons</B>&#148;)) that the sole and exclusive
remedy of such party and its Respective Indemnified Person against any of the other parties or their Respective Indemnified Persons for any matter or claim relating to the Company Entities, the operation of the Company Entities&#146; respective
businesses, the relationship of any of the Sellers or their respective Related Parties with the Company Entities, the Company Equity Interests, this Agreement, the subject matter hereof or the transactions contemplated hereby or by the other
agreements entered into in connection herewith (including claims for damages, indemnification, contribution and other rights of recovery arising out of or relating to any breach of contract, misrepresentation or breach of warranty, all other claims
for breach of duty and all other claims arising under Applicable Law) shall be as provided by this Article 12. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.10.
<I>Purchase Price Adjustment</I>. To the extent permitted by Applicable Law, any amount paid under this Article 12 shall be treated as an adjustment to the consideration paid hereunder. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE 13 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">M<SMALL>ISCELLANEOUS</SMALL> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.01. <I>Notices</I>. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile transmission and electronic mail (&#147;<B><I><FONT STYLE="white-space:nowrap">e-mail</FONT></I></B>&#148;) transmission, so long as a receipt of such <FONT STYLE="white-space:nowrap">e-mail</FONT> is requested and received) and shall be
given, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">if to the Buyer or Merger Sub, to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Virtus Investment Partners, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">100 Pearl Street, 9<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Hartford, CT 06103 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention:
Mark Flynn </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Facsimile No.: (860) <FONT STYLE="white-space:nowrap">246-7965</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> mark.flynn@virtus.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">with a copy to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Willkie
Farr&nbsp;&amp; Gallagher LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">787 Seventh Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">New York, NY 10019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention:
David K. Boston </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danielle Scalzo </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Facsimile No.: (212) <FONT STYLE="white-space:nowrap">728-8111</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> dboston@willkie.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dscalzo@willkie.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">96 </P>


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 <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">if to the Company, to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">RidgeWorth Holdings LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">3333
Piedmont Road, Suite 1500 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Atlanta, GA 30305 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: John Stebbins </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap">E-mail:</FONT><U> john.stebbins@ridgeworth.com</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">with copies to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Lightyear Capital LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">9 West 57<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">New York, NY 10019 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: Lori Forlano </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellan Ben Hayon </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Facsimile No.: (212) <FONT STYLE="white-space:nowrap">328-0516</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">E mail: <U>lori.forlano@lycap.com</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ellan.benhayon@lycap.com</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">and: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Davis Polk&nbsp;&amp;
Wardwell LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">450 Lexington Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">New York, NY 10017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention:
Michael Davis </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harold Birnbaum </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Facsimile No.: (212) <FONT STYLE="white-space:nowrap">701-5800</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> <U>michael.davis@davispolk.com</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>harold.birnbaum@davispolk.com</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">if to the Seller Representative, to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Lightyear Capital LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">9 West 57<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">New York, NY 10019 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: Lori Forlano </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellan Ben Hayon </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Facsimile No.: (212) <FONT STYLE="white-space:nowrap">328-0516</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">E mail: <U>lori.forlano@lycap.com</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ellan.benhayon@lycap.com</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">with copies to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Davis
Polk&nbsp;&amp; Wardwell LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">450 Lexington Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">New York, NY 10017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention:
Michael Davis </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harold Birnbaum </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Facsimile No.: (212) <FONT STYLE="white-space:nowrap">701-5800</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> <U>michael.davis@davispolk.com</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>harold.birnbaum@davispolk.com</U> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">97 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or such other address or facsimile number as such party may hereafter specify for the purpose by notice to the
other parties. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5 p.m. in the place of receipt and such day is a Business Day in the place of receipt.
Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.02. <I>Amendments and Waivers</I>. (a)&nbsp;Any provision of this Agreement may be amended or waived if, but only if, such
amendment or waiver is in writing and is signed, (i)&nbsp;in the case of an amendment, (A)&nbsp;prior to the Closing, by the Buyer and the Company, and (B)&nbsp;after the Closing, by the Buyer and the Seller Representative, or (ii)&nbsp;in the case
of a waiver, by each party against whom the waiver is to be effective; <I>provided</I>, that, prior to the Closing, the Company, and after the Closing, the Seller Representative, are hereby authorized to sign amendments hereto and grant waivers
hereof on behalf of the Sellers). Notwithstanding anything to the contrary herein, Sections 10.02, 13.02, 13.04, 13.05, 13.07, 13.08, 13.09 and 13.17 may not be amended, modified, waived or terminated in a manner that adversely affects any Debt
Financing Source without the prior written consent of the parties to the Debt Commitment Letter (and, if applicable, any Alternative Financing). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by Applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.03. <I>Expenses</I>. Except as otherwise provided herein, all costs and expenses incurred in
connection with this Agreement shall be paid by the party incurring such costs or expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.04. <I>Successors and
Assigns</I>. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns; <I>provided</I>, that no party may assign, delegate or otherwise transfer any of its
rights or obligations under this Agreement without the prior written consent of (a)&nbsp;prior to the Closing, the Buyer and the Company, and (b)&nbsp;after the Closing, the Buyer and the Seller Representative, and any purported assignment,
delegation or transfer of rights or obligations under this Agreement without such consent shall be null and void ab initio, except that the Buyer or Merger Sub may assign or delegate its rights or obligations under this Agreement to (i)&nbsp;any one
of its Affiliates or (ii)&nbsp;any Debt Financing Source for purposes of creating a security interest herein or otherwise assigning this Agreement as collateral in respect of such Debt Financing, without the consent of any other party
(<I>provided</I>, <I>however</I>, that no such assignment or delegation shall (A)&nbsp;be permitted if it would prevent, impair or delay the consummation of the transactions contemplated hereby or (B)&nbsp;relieve the Buyer or Merger Sub of any of
its obligations hereunder). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.05. <I>Governing Law</I>. This Agreement shall be governed by and construed in accordance
with the law of the State of Delaware, without regard to the conflicts of law rules of such state. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">98 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.06. <I>Arbitration</I>. (a)&nbsp;In the event of any dispute, claim or
controversy with respect to the enforcement of any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby (whether at law, in equity, in contract, in tort or otherwise, and
whether brought by or against any party or any of its Related Parties), each of the parties agrees that they shall attempt to settle such dispute, claim or controversy through good faith negotiations between senior business executives with authority
to resolve such matter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Except for disputes, claims or controversies with respect to which provisions of this Agreement expressly
provide for certain alternative dispute resolution procedures to apply (including Sections 2.06, 2.07 and 13.07), any dispute, claim or controversy described in Section 13.06(a)<B> </B>that cannot be resolved by the parties through good faith
negotiations within 15 days after the notification to the other parties of the commencement of the dispute resolution procedures of this Section&nbsp;13.06 shall then, upon the written request of either the Company or the Buyer, prior to the
Closing, or the Seller Representative or the Buyer, after the Closing, be resolved by binding arbitration conducted in accordance with the then effective Commercial Arbitration Rules of the American Arbitration Association by a panel of three
arbitrators. Each of the Company and the Buyer, prior to the Closing, or the Seller Representative and the Buyer, after the Closing, shall, within 15 days after the written request for arbitration is made, select one arbitrator who shall be a
subject-matter expert with respect to the dispute in question. Such parties shall attempt to agree upon the third arbitrator, who shall be a subject-matter expert with respect to the dispute in question, but if they are unable to agree on such
arbitrator within 15 days after the written request for arbitration is made, the two arbitrators selected by such parties shall select the third arbitrator within 15 days after such initial <FONT STYLE="white-space:nowrap">15-day</FONT> period. The
parties hereby agree that such arbitrators shall be directed to set a schedule for the resolution of any such dispute, claim or controversy that is reasonable under the circumstances, which shall in no event be a period longer than 60 days from the
date on which the last of the three arbitrators is selected. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The arbitration shall be conducted in the English language in the Borough
of Manhattan, New York City, New York, United States. The arbitrators&#146; decision shall be final and binding on the parties, and judgment upon any award rendered by the arbitrators may be entered by any court having jurisdiction pursuant to
Section&nbsp;13.07. The expenses of the arbitration shall be divided equally between the Company and the Buyer, prior to the Closing, or the Sellers and the Buyer, after the Closing, and any amount payable by the Sellers pursuant to this sentence
may be payable out of the Seller Representative Expense Fund. Except as may be required by Applicable Law or any listing agreement with or rule of any national securities exchange, none of the parties or the arbitrators may, and each of the parties
shall cause their Representatives not to, disclose the existence, content or results of any arbitration hereunder, or any discussions, negotiations or resolutions relating to any disputes, claims or controversies prior to, or in lieu of, the
commencement of any arbitration hereunder, without the prior written consent of the Company and the Buyer, prior to the Closing, or the Seller Representative and the Buyer, after the Closing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">99 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.07. <I>Jurisdiction</I>. Each of the parties agrees (on behalf of itself and its
Related Parties) that any suit, action or proceeding (whether at law, in equity, in contract, in tort or otherwise, and whether brought by or against any party or any of its Related Parties) seeking to (a)&nbsp;enforce the provisions of this
Agreement expressly providing for certain alternative dispute resolution procedures to apply to particular disputes, claims or controversies hereunder (including Sections 2.06, 2.07 and 13.06), (b) seek emergency relief in aid of arbitration or
enter judgment on an arbitral or other award pursuant to any provisions hereof or (c)&nbsp;obtain specific performance or other equitable relief under Section&nbsp;13.14 shall, in each case, be brought exclusively in the Delaware Chancery Court or,
if such court shall not have jurisdiction, any federal court located in the State of Delaware or other Delaware state court, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and each of the
parties hereby irrevocably and unconditionally consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably and unconditionally waives, to the fullest extent
permitted by Applicable Law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought
in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service
of process on such party as provided in Section&nbsp;13.01 shall be deemed effective service of process on such party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.08. <I>WAIVER OF JURY TRIAL</I>. EACH OF THE PARTIES (ON BEHALF OF ITSELF AND ITS RELATED PARTIES) HEREBY IRREVOCABLY WAIVES
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (INCLUDING ANY LEGAL ACTION, SUIT OR PROCEEDING INVOLVING ANY DEBT FINANCING SOURCE
ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY OR THE DEBT FINANCING). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.09.
<I>Counterparts; Effectiveness; Third-Party Beneficiaries</I>. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same
instrument. This Agreement shall become effective when each party shall have received a counterpart hereof signed by the other parties. Until and unless each party has received a counterpart hereof signed by the other parties, this Agreement shall
have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). Except as provided in Sections 13.04, 13.05, 13.07, 13.08 and this 13.09, no provision of
this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities upon any Person other than the parties and their respective successors and permitted assigns, except (i)&nbsp;for (a) the rights of the Company on behalf
of the Sellers to seek equitable relief or damages (which the parties acknowledge and agree shall not be limited to reimbursement of expenses or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs, and
shall include damages, to the extent proven, based on the loss of the economic benefit of the transactions contemplated hereby to the Sellers) in the event of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the breach or wrongful termination of this Agreement by the Buyer or Merger Sub, (b)&nbsp;the rights of the Sellers pursuant to Section 6.05(b) and the Indemnified Persons pursuant to
Section&nbsp;6.09, (c) the rights of the Sellers&#146; Law Firm pursuant to Section&nbsp;13.13, (d) the rights of the Respective Indemnified Persons of the parties hereto pursuant to Article 12 and (e)&nbsp;the rights of the Related Parties of the
parties hereto pursuant to Sections 3.26, 4.04, 5.11(b), 10.02, 12.09, 13.06, 13.07, 13.08, 13.09, 13.10, 13.15, 13.16 and 13.17 and (ii)&nbsp;that each Debt Financing Source is an express third-party beneficiary of, and shall be entitled to rely on
and enforce, Sections 10.02, 13.02, 13.04, 13.05, 13.07, 13.08, 13.09 and 13.17. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.10. <I>Entire Agreement</I>. This
Agreement, the Escrow Agreement, the Rollover Agreements and the Confidentiality Agreement constitute the entire agreement among the parties and their respective Related Parties with respect to the subject matter hereof and thereof and supersede all
prior agreements and understandings, both oral and written, among the parties and their respective Related Parties with respect to the subject matter hereof and thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.11. <I>Severability</I>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.12. <I>Company Disclosure Schedule</I>. The parties agree that any reference in a particular Section&nbsp;of the Company
Disclosure Schedule shall only be deemed to be an exception to (or, as applicable, a disclosure for purposes of)&nbsp;(a) the representations and warranties (or covenants, as applicable) of the Company or Seller Representative, as applicable, that
are contained in the corresponding Section&nbsp;of this Agreement and (b)&nbsp;any other representations and warranties (or covenants, as applicable) of the Company or Seller Representative, as applicable, that are contained in this Agreement, but
only if the relevance of that reference as an exception to (or a disclosure for purposes of) such representations and warranties (or covenants) is reasonably apparent on the face of such disclosure. The parties acknowledge and agree that
(i)&nbsp;the Company Disclosure Schedule may include certain items and information solely for informational purposes for the convenience of the Buyer and Merger Sub and (ii)&nbsp;the disclosure by the Company of any matter in the Company Disclosure
Schedule shall not be deemed to constitute an acknowledgment by the Company that the matter is required to be disclosed by the terms of this Agreement or that the matter is material or has had or would reasonably be expected to have a Material
Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">101 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.13. <I>Waiver of Conflicts; Attorney-Client Privilege</I>. (a)&nbsp;It is
acknowledged by each of the parties that certain of the Sellers and the Company have retained Davis Polk&nbsp;&amp; Wardwell LLP (the &#147;<B>Sellers</B><B>&#146;</B><B> Law Firm</B>&#148;) to act as their counsel in connection with this Agreement
and the transactions contemplated hereby (the &#147;<B>Current Representation</B>&#148;), and that no other party has the status of a client of the Sellers&#146; Law Firm for conflict of interest or any other purposes as a result thereof. The Buyer
hereby agrees that after the Closing, the Sellers&#146; Law Firm may represent any of the Seller, the Seller Representative or any Representative, equityholder or partner thereof (any such Person, a &#147;<B>Designated Person</B>&#148;) in any
matter involving or arising from the Current Representation, including any interpretation or application of this Agreement or any other agreement entered into in connection with the transactions contemplated hereby, and including, for the avoidance
of doubt, any litigation, arbitration, mediation or other dispute between or among the Buyer, any Company Entity, any of their respective Affiliates or any of their respective Representatives, and any Designated Person, even though the interests of
such Designated Person may be directly adverse to the Buyer, any Company Entity, any of their respective Affiliates or any of their respective Representatives, and even though the Sellers&#146; Law Firm may have represented any Company Entity in a
substantially related matter, or may be representing the Buyer or any Company Entity in ongoing matters. The Buyer hereby waives and agrees not to, and after the Closing agrees to cause each of the Company Entities not to, assert (i)&nbsp;any claim
that the Sellers&#146; Law Firm has a conflict of interest in any representation described in this Section&nbsp;13.13, and (ii)&nbsp;any confidentiality obligation with respect to any communication between the Sellers&#146; Law Firm and any
Designated Person or any Company Entity or any of their respective Representatives occurring during the Current Representation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The
Buyer hereby agrees that as to all communications (whether before, at or after the Closing) between the Sellers&#146; Law Firm and any Designated Person or any Company Entity or any of their respective Representatives that relate in any way to the
Current Representation, the attorney-client privilege and all rights to any other evidentiary privilege, and the protections afforded to information relating to representation of a client under applicable rules of professional conduct, belong to the
Sellers and may be controlled by the Sellers (or the Seller Representative on behalf of the Sellers) and shall not pass to or be claimed by the Buyer, any Company Entity, any of their respective Affiliates or any of their respective Representatives.
Without limiting the foregoing, notwithstanding any policy of the Buyer, any Company Entity or any agreement between any Company Entity or any of their respective Representatives and any Designated Person, whether established or entered into before,
at or after the Closing, the Buyer shall not, and after the Closing shall cause each of the Company Entities not to, review or use for any purpose without the Seller Representative&#146;s prior written consent, or seek to compel disclosure to the
Buyer, any Company Entity, any of their respective Affiliates or any of their respective Representatives any communication or information (whether written, oral, electronic or in any other medium) described in the previous sentence. Notwithstanding
the foregoing, in the event that a dispute arises between Buyer or any of the Company Entities and a third party other than a Designated Person after the Closing, any Company Entity may assert the attorney-client privilege to prevent disclosure of
confidential communications by the Sellers&#146; Law Firm to such third party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">102 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) THE BUYER AND MERGER SUB HAVE BEEN ADVISED WITH RESPECT TO THIS SECTION 13.13 BY THEIR OWN
COUNSEL, AND THE BUYER AND MERGER SUB BELIEVE, HAVING CONSULTED WITH THEIR COUNSEL, THAT THEY HAVE SUFFICIENT INFORMATION TO ENTER INTO AND BE BOUND BY THE PROVISIONS SET FORTH IN THIS SECTION 13.13. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.14. <I>Specific Performance</I>. Each of the parties agrees that irreparable damage would occur if any provision of this
Agreement were not performed in accordance with its terms, and that monetary damages, even if available, would not be an adequate remedy therefor. Accordingly, each of the parties agrees that prior to a valid termination of this Agreement in
accordance with this Agreement, each party shall be entitled to an injunction or injunctions, or any other appropriate form of equitable relief, to prevent breaches or threatened breaches of this Agreement or to enforce specifically the performance
of the terms and provisions hereof in the courts provided in Section&nbsp;13.07, in addition to any other remedy to which such party is entitled at law or in equity. In furtherance of the foregoing, each of the parties hereby irrevocably and
unconditionally waives, to the fullest extent permitted by Applicable Law, (a)&nbsp;any defense to the remedy of specific performance, including that a remedy at law would be inadequate or that a remedy of specific performance is unenforceable,
invalid, contrary to law or inequitable for any reason, and (b)&nbsp;any requirement to post a bond, undertaking or other security as a prerequisite to obtaining equitable relief. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.15. <I>Release of Claims.</I><I> </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding anything to the contrary contained in this Agreement (but subject to Section 13.15(c)) or in any certificate or other
writing delivered pursuant hereto or in connection herewith, in further consideration of the transactions contemplated hereby, effective as of (and following) the Closing, (i)&nbsp;each of the Sellers on behalf of itself and its Related Parties
(other than any portfolio company of such Seller (other than the Company)) hereby irrevocably and unconditionally releases and waives as against each of the Buyer, the Company Entities and each of their respective Related Parties and (ii)&nbsp;each
of the Buyer and the Company Entities and their respective Related Parties, hereby irrevocably and unconditionally releases and waives as against each of the Sellers and each of their respective Related Parties (other than any portfolio company of a
Seller (other than the Company)), any and all claims of any nature that any such Person may now or hereafter have, whether at law or in equity, to the fullest extent permitted by Applicable Law (the &#147;<B>Released Claims</B>&#148;), arising prior
to and through the Closing (the &#147;<B>Release</B>&#148;).&nbsp;It is further agreed and understood that this Release is a full and final release of all the Released Claims whether known or unknown, fixed or contingent, liquidated or unliquidated,
manifested or unmanifested, determined, determinable or otherwise and the Released Claims includes all rights and claims relating to the Company Entities, the operation of the Company Entities&#146; respective businesses, the relationship of any of
the Sellers or their respective Related Parties with the Company Entities, the Company Equity Interests, this Agreement, the subject matter hereof or the transactions contemplated hereby or by the other agreements entered into in connection
herewith, including claims for damages, contribution and other rights of recovery arising out of or relating to any breach of contract, misrepresentation or breach of warranty, all other claims for breach of duty and all other claims arising under
Applicable Law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">103 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) From and after the Closing, each of the Sellers, on the one hand, and the Buyer and each of
the Company Entities, on the other hand, hereby (i)&nbsp;waives the protection of any provision of any Applicable Law that would operate to preserve Released Claims that are unknown as of the Closing Date and (ii)&nbsp;agrees not to, and to cause
its Related Parties not to, bring any action, suit or proceeding, whether at law or in equity, with respect to any of the Released Claims. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Notwithstanding the foregoing provisions of this Section&nbsp;13.15, the following shall not be deemed &#147;Released Claims,&#148; and the
Release does not release and is not a waiver of: (i)&nbsp;any claim by any party hereto or third party beneficiary hereof (or any of such Persons&#146; predecessors, assigns or Representatives) against another party hereto arising under or relating
to this Agreement (including any claim for indemnification as and to the extent provided pursuant to Article 12), the Escrow Agreement, any Rollover Agreement or the Confidentiality Agreement; (ii)&nbsp;any claim that any Person may have, in his or
her capacity as an employee, director or officer of Company Entity for indemnification, whether pursuant to an indemnification agreement, under such Company Entity&#146;s organizational documents as in effect immediately prior to the Closing,
pursuant to Applicable Law or pursuant to Section&nbsp;6.09; (iii) any rights that arise after the Closing with respect to actions or omissions that occur after the Closing; (iv)&nbsp;if applicable to a Person, any claim for vested benefits and
unpaid wages accrued prior to the Closing owed to such Person in his or her capacity as an employee of a Company Entity; (v)&nbsp;any rights arising under any Employee Plan; (vi)&nbsp;any claim for actual and intentional fraud with respect to the
representations and warranties expressly set forth in this Agreement; or (vii)&nbsp;any rights to indemnification permitted to survive pursuant to Section&nbsp;6.13. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.16. <I>No Recourse</I>. Notwithstanding anything to the contrary contained in this Agreement or in any certificate or other
writing delivered pursuant hereto or in connection herewith, each of the parties (on behalf of itself and its Related Parties) acknowledges and agrees that this Agreement may only be enforced against, and any claims that may be based upon, arise out
of or relate to this Agreement or the negotiation, execution or performance of this Agreement, may only be made against, the parties to this Agreement, and no Related Party of the Buyer, Merger Sub, the Company, any of the Sellers or the Seller
Representative, in each case that is not a party to this Agreement, shall have any obligation hereunder or in connection herewith or any liability for any obligation of any of the parties to this Agreement or for any claim based upon, arising out of
or relating to the transactions contemplated hereby, whether by enforcement of any judgment, fine or penalty, by any legal or equitable action, suit or proceeding, by virtue of any Applicable Law or otherwise; provided that nothing in this
Section&nbsp;13.16 shall limit in any way any claim for actual and intentional fraud with respect to the representations and warranties expressly set forth in this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">104 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13.17. <I>Debt Financing Sources</I>. Notwithstanding anything to the contrary
contained herein, each of the Sellers, on behalf of itself and its Related Parties, hereby (i)&nbsp;acknowledges that none of the Debt Financing Sources shall have any liability to such Seller or Related Parties under this Agreement or for any claim
based on, in respect of, or by reason of, the transactions contemplated hereby, including any dispute related to, or arising from, the Debt Financing, the Debt Commitment Letter or the performance thereof, (ii)&nbsp;waives any rights or claims such
Seller or Related Parties may have against any of the Debt Financing Sources in connection with this Agreement, the Debt Financing or the Debt Commitment Letters, whether at law or equity, in contract, in tort or otherwise, and (iii)&nbsp;agrees not
to commence (and if commenced agree to dismiss or otherwise terminate (to the extent within such Seller&#146;s control), and not to assist) any action, arbitration, audit, hearing, investigation, litigation, petition, grievance, complaint, suit or
proceeding against any Debt Financing Source in connection with this Agreement, the Debt Financing, the Debt Commitment Letter or the transactions contemplated hereby. With respect to any dispute or proceeding relating to this Section&nbsp;13.17,
the Sellers, on behalf of themselves and their respective Related Parties, (w)&nbsp;submit to the exclusive jurisdiction of the courts of the State of New York or federal courts of the United States of America, in each case, sitting in the Borough
of Manhattan, and any appellate court from any thereof (the courts described in this clause (w), the &#147;<B>Applicable Courts</B>&#148;), and agree that all claims in respect of any such litigation may be heard and determined only in the
Applicable Courts, (x)&nbsp;waive, to the fullest extent it may legally do so, any objection which they may now or hereafter have to the laying of venue of any proceeding in any Applicable Court, (y)&nbsp;waive, to the fullest extent permitted by
law, the defense of an inconvenient forum to the maintenance of such proceeding in any Applicable Court, and (z)&nbsp;agree that a final judgment in any such proceeding shall be conclusive and may be enforced in other jurisdictions by suit in on the
judgment or any other manner provided by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Remainder of page intentionally left blank; signature pages follow</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">105 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">VIRTUS INVESTMENT PARTNERS, INC.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ George R. Aylward</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: George R. Aylward</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: President and Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">100 PEARL STREET 2, LLC</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ George R. Aylward</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: George R. Aylward</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: President and Chief Executive Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">106 </P>


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<TD VALIGN="top" COLSPAN="3">LIGHTYEAR FUND III <FONT STYLE="white-space:nowrap">AIV-2,</FONT> L.P., solely in its &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;capacity as the Seller Representative</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lightyear Fund III GP, L.P., its General Partner</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Lightyear Fund III GP Holdings, LLC,<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:<U></U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ellan <FONT STYLE="white-space:nowrap">Ben-Hayon</FONT></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Ellan <FONT STYLE="white-space:nowrap">Ben-Hayon</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: Vice President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">RIDGEWORTH HOLDINGS LLC</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ John Stebbins</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: John Stebbins</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>BARCLAYS</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>MORGAN STANLEY SENIOR FUNDING, INC.</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>745 Seventh Avenue</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>1585 Broadway</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>New York, New York 10019</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>New York, New York 10036</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>PERSONAL AND CONFIDENTIAL </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;16, 2016 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Virtus
Investment Partners, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>100 Pearl Street </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Hartford, Connecticut 06103 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Attention: Michael
Angerthal </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Project Falcon </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Commitment Letter </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Barclays Bank PLC (&#147;<B>Barclays</B>&#148;) and Morgan Stanley Senior Funding, Inc. (&#147;<B>MSSF</B>&#148; and, together with Barclays, each, an
&#147;<B>Initial Commitment Party</B>&#148; and collectively, the &#147;<B>Initial Commitment Parties</B>,&#148; &#147;<B>we</B>&#148; or &#147;<B>us</B>&#148;) are pleased to confirm the arrangements pursuant to which the Commitment Parties
(a)&nbsp;are exclusively authorized by Virtus Investment Partners, Inc., a Delaware corporation (the &#147;<B>Borrower</B>&#148; or &#147;<B>you</B>&#148;), to act as joint lead arrangers and joint bookrunners in connection with the Facility (as
defined below) and (b)&nbsp;commit to provide the Facility to the Borrower, on the terms set forth in this letter and the attached <U>Annexes A </U>and <U>B </U>hereto and subject to the conditions set forth in the attached <U>Annex C</U> hereto
(collectively, this &#147;<B>Commitment Letter</B>&#148;). Capitalized terms used without definition in this letter have the meanings given to them in the annexes hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You have informed us that you intend to acquire 100% of the equity interests of (the &#147;<B>Acquisition</B>&#148;) an entity previously identified to us by
you as &#147;Falcon&#148; (the &#147;<B>Acquired Business</B>&#148;) from the current equity holders thereof (collectively, the &#147;<B>Seller</B>&#148;). You have also informed us that the Acquisition will be financed from borrowings under a
senior secured first lien term loan facility (the &#147;<B>Term Facility</B>&#148;) and a senior secured first lien revolving credit facility (the &#147;<B>Revolving Credit Facility</B>&#148; and, together with the Term Facility, the
&#147;<B>Facility</B>&#148;) having the terms set forth on <U>Annex B</U>. The Acquisition, the initial borrowings under the Facility, the payment of fees and expenses in connection with the foregoing and all related transactions are referred to
herein as the &#147;<B>Transactions</B>.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1. Commitments; Titles and Roles. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Initial Commitment Parties are pleased to confirm their agreement to act, and you hereby appoint the Initial Commitment Parties to act, as joint lead
arrangers and joint bookrunners (in such capacities, collectively, the &#147;<B>Lead Arrangers</B>&#148;) in connection with the Facility. Additionally, (a)&nbsp;Barclays is pleased to confirm its agreement to act, and you hereby appoint Barclays to
act, as syndication agent for the Facility, (b)&nbsp;MSSF is pleased to confirm its agreement to act, and you hereby appoint MSSF to act, as administrative agent for the Facility (the &#147;<B>Administrative Agent</B>&#148;) and (c)&nbsp;each of
Barclays and MSSF (each, in such capacity, an &#147;<B>Initial Lender</B>&#148; and collectively, the &#147;<B>Initial Lenders</B>&#148;) hereby commits to provide the Borrower 50% of the Term Facility and 50% of the Revolving Credit Facility on the
terms </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 1 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and subject to the conditions contained in this Commitment Letter and the Fee Letter (each as referred to below),
it being understood that the only conditions precedent to such commitments are set forth on <U>Annex C</U> attached hereto. Our fees for our commitment and for services related to the Facility are set forth in a separate fee letter agreement (the
&#147;<B>Fee Letter</B>&#148;) entered into by you and the Initial Commitment Parties on the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At any time on or prior to December&nbsp;30,
2016, you may appoint up to three additional financial institutions (any such financial institution, an &#147;<B>Additional Commitment Party</B>&#148; and, together with the Initial Commitment Parties, the &#147;<B>Commitment Parties</B>&#148;) to
provide in the aggregate up to 25% of the commitments for the Facility; <U>provided</U> that (i)&nbsp;each Additional Commitment Party shall become party to this Commitment Letter and the Fee Letter as an &#147;Initial Lender&#148; and an
&#147;Initial Commitment Party&#148; pursuant to customary joinder documentation in a form reasonably satisfactory to us and you, (ii)&nbsp;each Additional Commitment Party shall commit to an equal percentage of the Term Facility and the Revolving
Credit Facility, (iii)&nbsp;the respective commitments of the Initial Commitment Parties will be reduced on a pro rata basis by the amount of each Additional Commitment Party&#146;s commitment and (iv)&nbsp;each Additional Commitment Party (or its
affiliate) may be awarded a <FONT STYLE="white-space:nowrap">&#147;co-agent&#148;</FONT> title and shall be entitled to up to a percentage of the fees payable under the Fee Letter to the Commitment Parties equal to the percentage that its commitment
represents of the total commitments for the Facility. For the avoidance of doubt, (x)&nbsp;MSSF shall have &#147;left&#148; placement on all marketing materials related to the Facility and have the role associated with such placement and
(y)&nbsp;Barclays shall have placement to the immediate right of MSSF on all marketing materials related to the Facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You agree that no other agent, <FONT
STYLE="white-space:nowrap">co-agent,</FONT> arranger, <FONT STYLE="white-space:nowrap">co-arranger,</FONT> bookrunner, <FONT STYLE="white-space:nowrap">co-bookrunner,</FONT> manager or <FONT STYLE="white-space:nowrap">co-manager</FONT> will be
appointed, no other titles will be awarded and no compensation (other than that expressly contemplated by this Commitment Letter and the Fee Letter) will be paid in connection with the Facility unless you and the Lead Arrangers shall so agree. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. Conditions Precedent. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Commitment Party&#146;s
commitments and agreements hereunder are subject only to the conditions precedent listed on <U>Annex C </U>attached to this Commitment Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding anything in this Commitment Letter, the Fee Letter or any other letter agreements or other undertakings concerning the financing of the
Acquisition to the contrary, (a)&nbsp;the only representations the accuracy of which will be a condition to the availability of the Facility on the date of consummation of the Acquisition(the &#147;<B>Closing Date</B>&#148;) will be (i)&nbsp;the
representations made by or with respect to the Acquired Business in the Acquisition Agreement as are material to the interests of the Lenders (as defined below) or the Commitment Parties (but only to the extent that the Borrower or its affiliates
have the right not to consummate the Acquisition, or to terminate their obligations, under the Acquisition Agreement as a result of a failure of such representations in the Acquisition Agreement to be true and correct) (such representations and
warranties, the &#147;<B>Acquired Business Representations</B>&#148;) and (ii)&nbsp;the Specified Representations (as defined below), and (b)&nbsp;the terms of the Loan Documents (as defined below) for the Facility will be such that they do not
impair the availability of the Facility on the Closing Date if the conditions set forth in <U>Annex C</U> hereto are satisfied (it being understood that to the extent any security interest in the intended collateral (other than any collateral the
security interest in which may be perfected by the filing of a UCC financing statement or the delivery of stock certificates of any material domestic subsidiary of the Borrower, including the Acquired Business; <U>provided</U> that any such stock
certificates of subsidiaries of the Acquired Business will be required to be delivered on the Closing Date only to the extent received from the Seller, so long as you have used all commercially reasonable efforts to cause the Seller to deliver them
to you on the Closing Date) is not perfected on the Closing Date after your use of commercially reasonable efforts to do so, the perfection of such security </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">interest(s) will not constitute a condition precedent to the availability of the Facility on the Closing Date but
such security interest(s) will be required to be perfected pursuant to arrangements and timing to be mutually agreed by the Lead Arrangers and you and, in any event, within 60 days after the Closing Date (subject to extensions reasonably agreed by
the Administrative Agent)). As used herein, &#147;<B>Specified Representations</B>&#148; means the representations referred to in <U>Annex B</U>, as applicable to the Loan Parties (as defined in <U>Annex B</U>), relating to incorporation or
formation; organizational power and authority to enter into the Loan Documents relating to the Facility; due execution, delivery and enforceability of such Loan Documents; solvency on a consolidated basis as of the Closing Date after giving pro
forma effect to the Transactions occurring on the Closing Date and consistent with the solvency certificate in <U>Exhibit 1</U> to <U>Annex C</U> hereto; no conflicts of the Loan Documents with charter documents; Federal Reserve margin regulations;
the Investment Company Act; the PATRIOT Act; use of proceeds not in violation of FCPA, OFAC, anti-terrorism laws or anti-money laundering laws; and, subject to the limitations on perfection of security interests set forth in the preceding sentence,
the creation, validity, perfection and priority of the security interests granted in the proposed collateral. This paragraph, and the provisions herein, shall be referred to as the &#147;<B>Limited Conditionality Provisions</B>.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3. Syndication. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Lead Arrangers intend, and reserve
the right, to syndicate the Facility to a group of banks, financial institutions and other institutional lenders identified by the Lead Arrangers in consultation with you and subject to your consent (such consent not to be unreasonably withheld or
delayed) (collectively, the &#147;<B>Lenders</B>&#148;); <U>provided</U> that the Lead Arrangers agree not to syndicate to (i)&nbsp;direct competitors or parent companies or other affiliates of direct competitors of the Borrower or the Acquired
Business (as reasonably determined by you), in each case, separately identified by name in writing by you to the Lead Arrangers prior to the date hereof (collectively, &#147;<B>Competitors</B>&#148;) and (ii)&nbsp;those particular banks, financial
institutions and other institutional lenders separately identified by name in writing by you to the Lead Arrangers prior to the date hereof (collectively, the &#147;<B>Disqualified Persons</B>&#148;); <U>provided</U>, <U>further</U>, that
(x)&nbsp;no person that is (i)&nbsp;a bona fide diversified debt fund, or (ii)&nbsp;an investment vehicle that is engaged in the making, purchasing, holding or otherwise investing in, acquiring or trading commercial loans, bonds or similar
extensions of credit in the ordinary course, shall be a Disqualified Person and ((y) the names of all Competitors and Disqualified Persons shall be made available to all Lenders. Subject to the immediately preceding sentence, no Competitor or
Disqualified Person may become a Lender or have any commitment or right (including a participation right in respect of the Facility) with respect to any loan or other extension of credit under the Facility without the written consent of the
Borrower. You acknowledge and agree that the commencement of syndication shall occur in the discretion of the Lead Arrangers. The Lead Arrangers will lead the syndication, including determining the timing of all offers to potential Lenders, any
title of agent or similar designations or roles awarded to any Lender and the acceptance of commitments, the amounts offered and the compensation provided to each Lender from the amounts to be paid to the Lead Arrangers pursuant to the terms of this
Commitment Letter and the Fee Letter. The Lead Arrangers will determine the final commitment allocations and will notify you of such determinations. You agree to use all commercially reasonable efforts to ensure that the Lead Arrangers&#146;
syndication efforts benefit from the existing lending relationships of the Borrower, the Acquired Business and their respective subsidiaries. To facilitate an orderly and successful syndication of the Facility, you agree that, until the date (the
&#147;<B>Syndication Date</B>&#148;) which is the earlier of (x) 60 days after the Closing Date and (y)&nbsp;the later of the Closing Date and the occurrence of a Successful Syndication (as defined in the Fee Letter), you will not, and you will use
commercially reasonable efforts to ensure that the Acquired Business does not, syndicate or issue, attempt to syndicate or issue, announce (or authorize a third party to announce) the syndication or issuance of, or engage in discussions concerning
the syndication or issuance of, any debt facility or any debt security of the Borrower, the Acquired Business or any of their respective subsidiaries (other than (i)&nbsp;the Facility, (ii)&nbsp;equity-linked debt securities of the Borrower,
(iii)&nbsp;indebtedness permitted pursuant to the Acquisition Agreement and (iv)&nbsp;notes issued in consideration of repurchase of stock of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 3 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">departing employees), including any renewals or refinancings of any existing debt facility or debt security,
without the prior written consent of the Lead Arrangers; it being understood that the foregoing shall not restrict your ability to borrow in the ordinary course for working capital purposes under your existing revolving credit facility dated as of
September&nbsp;30, 2016 among you, the lenders party thereto and The Bank of New York Mellon (the &#147;<B>Existing Revolving Facility</B>&#148;). In addition, you will not incur any equity-linked debt securities unless the net cash proceeds thereof
reduce the commitments in respect of the Term Facility to an amount not less than $200.0&nbsp;million or to $0. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prior to the earlier of the Closing Date
and the termination of this Commitment Letter, you agree that neither you nor any of your subsidiaries will, without the prior written consent of the Lead Arrangers (which may be given or withheld in our sole discretion) make any investments,
acquisitions or dispositions (other than ordinary course investments and acquisitions and dispositions of investments, in each case, as part of its asset management business), or pay dividends or distributions with respect to, or repurchase, the
Borrower&#146;s interests (other than dividends on the Borrower&#146;s common stock at the same rate as paid prior to the date of this Commitment Letter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the Lead Arrangers&#146; right to syndicate the Facility and receive commitments with respect thereto, except in connection with an assignment
to an Additional Commitment Party pursuant to the second paragraph under Section&nbsp;1 above, unless otherwise agreed to by you, (x)&nbsp;no Commitment Party shall be relieved or released from its obligations hereunder (including its obligation to
fund the Facility on the Closing Date) in connection with any syndication, assignment or participation in the Facility until the initial funding of the Facility on the Closing Date and (y)&nbsp;unless you and we agree in writing, each Commitment
Party shall retain exclusive control over all rights and obligations with respect to its commitment for the Facility, including all rights with respect to consents, modifications, supplements, waivers and amendments, until the Closing Date has
occurred. Without limiting your obligations to assist with the syndication efforts as set forth herein, it is understood and agreed that the commitments hereunder are not conditioned upon the syndication of, or receipt of commitments in respect of,
the Facility and in no event shall the commencement or successful completion of the syndication of the Facility constitute a condition to the availability and initial funding of the Facility on the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You agree to cooperate with each Lead Arranger, and agree to use commercially reasonable efforts to cause the Acquired Business to cooperate with each Lead
Arranger, in connection with the syndication of the Facility, including, without limitation, (i)&nbsp;your assistance in the preparation of one or more information packages for the Facility regarding the business, operations, financial projections
and prospects of the Borrower, the Acquired Business and their respective subsidiaries (collectively, the &#147;<B>Confidential Information Memorandum</B>&#148;), including, without limitation, information relating to the transactions contemplated
hereunder, prepared by or on behalf of you or the Acquired Business deemed reasonably necessary by the Lead Arrangers to complete the syndication of the Facility, (ii)&nbsp;your using commercially reasonably efforts to obtain, prior to the
commencement of the Marketing Period (as defined in <U>Annex C</U>), (a) a public corporate family rating from Moody&#146;s Investor Services, Inc. (&#147;<B>Moody&#146;s</B>&#148;), (b) a public corporate credit rating from Standard&nbsp;&amp;
Poor&#146;s Ratings Group, a division of The McGraw-Hill Companies, Inc. (&#147;<B>S&amp;P</B>&#148;)) and (c)&nbsp;a public credit rating for the Facility from each of Moody&#146;s and S&amp;P (it being understood that in no event shall any
specific rating be required nor shall obtaining any such rating be a condition to the Initial Lenders&#146; commitments hereunder or the funding of the Facility on the Closing Date) and (iii)&nbsp;your presentation of one or more customary
information packages for the Facility reasonably acceptable in format and content to the Lead Arrangers (collectively, the &#147;<B>Lender Presentation</B>&#148;) in meetings and other communications with prospective Lenders or agents at mutually
agreed time(s) in connection with the syndication of the Facility (including, without limitation, direct contact between senior management and representatives, with appropriate seniority and expertise, of you (and your using commercially reasonable
efforts to cause direct contact between senior management and representatives of the Acquired Business) with prospective Lenders and participation of </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">such persons in meetings) (such initial meeting with prospective Lenders, the &#147;<B>Bank Meeting</B>&#148;).
In connection with the preparation of any such Confidential Information Memorandum and Lender Presentation, you agree to provide the Lead Arranger, upon request, with all information, documentation or materials reasonably requested to be delivered
to the Lead Arrangers in connection therewith (collectively, together with the Borrower&#146;s filings under the Securities Exchange Act of 1934, as amended, the &#147;<B>Information</B>&#148;). You agree to notify the Lead Arrangers in writing when
a Fund Reorganization Proxy Statement/Prospectus (as defined in the Acquisition Agreement) is first mailed. You further agree that Information regarding the Facility and Information provided by you, the Acquired Business or your or their respective
representatives to the Lead Arrangers in connection with the Facility (including, without limitation, the Confidential Information Memorandum, the Lender Presentation and draft, and execution copies of the Loan Documents) may be disseminated to
potential Lenders and other persons through one or more internet sites (including an Intralinks, SyndTrak or other electronic workspace (the &#147;<B>Platform</B>&#148;)) created for purposes of syndicating the Facility or otherwise, in accordance
with the Lead Arranger&#146;s standard syndication practices, and you acknowledge that neither of the Lead Arrangers nor any of their respective affiliates will be responsible or liable to you or any other person or entity for damages arising from
the use by others of any Information or other materials obtained on the Platform. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is understood that in connection with your assistance described
above, you will provide, and cause all other applicable persons to provide, customary authorization letters to the Lead Arrangers authorizing the distribution of the Information to prospective Lenders and containing a representation consistent with
the first sentence under Section&nbsp;4 hereof. You acknowledge that certain of the Lenders may be &#147;public side&#148; Lenders (i.e., Lenders that do not wish to receive Private-Side Information (as defined below)) (each, a &#147;<B>Public
Lender</B>&#148;; and Lenders who are not Public Lenders being referred to herein as &#147;<B>Private</B> <B>Lenders</B>&#148;). At the reasonable request of the Lead Arrangers, you agree to assist in the preparation of an additional version of the
Confidential Information Memorandum and the Lender Presentation to be used by Public Lenders containing a representation that such Information does not contain Private-Side Information. &#147;<B>Public-Side Information</B>&#148; means information
that is not material <FONT STYLE="white-space:nowrap">non-public</FONT> information (for purposes of United States federal, state or other applicable securities laws); and &#147;<B>Private-Side Information</B>&#148; means any information that is not
Public-Side Information. In addition, you will clearly designate as Public-Side Information all Information provided to the Lead Arrangers by or on behalf of you or the Acquired Business which contains exclusively Public-Side Information. You
acknowledge and agree that the following documents may be distributed to all Lenders (including Public Lenders): (a) drafts and final versions of the Loan Documents; (b)&nbsp;term sheets and notification of changes in the terms of the Facility and
(c)&nbsp;administrative materials prepared by the Lead Arrangers for prospective Lenders (such as a lender meeting invitation, allocations and funding and closing memoranda). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With your consent (not to be unreasonably withheld), at a Lead Arranger&#146;s own expense, such Lead Arranger may place advertisements in financial and other
newspapers and periodicals or on a home page or similar place for dissemination of information on the Internet or worldwide web as such Lead Arranger may choose, and circulate similar promotional materials, after the closing of the transactions in
the form of a &#147;tombstone&#148; or otherwise, containing information customarily included in such advertisements and materials, including (i)&nbsp;the names of the Borrower and its affiliates (or any of them), (ii) such Lead Arranger and its
affiliates&#146; titles and roles in connection with the transactions and (iii)&nbsp;the amount, type and closing date of such transactions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4.
Information. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You represent and covenant that (i)&nbsp;all written Information (other than financial projections, estimates, forecasts, forward-looking
information and information of a general economic or industry-specific nature) provided directly or indirectly by you to the Commitment Parties or the Lenders in connection with the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 5 - </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">transactions contemplated hereunder, when taken as a whole, is and will be complete and correct in all material
respects and does not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein not materially misleading in light of the circumstances under which such
statements are made (giving effect to any written supplements and written updates thereto provided to the Commitment Parties prior to the earlier of the Closing Date or the occurrence of a Successful Syndication) (it being understood that, with
respect to the Acquired Business and its subsidiaries, such representations are made to the best of your knowledge)&nbsp;(ii) the financial projections that have been or will be made available to the Commitment Parties or the Lenders by or on behalf
of you have been and will be prepared in good faith based upon assumptions that are believed by the preparer thereof to be reasonable at the time such financial projections are furnished to the Commitment Parties or the Lenders, it being understood
and agreed that financial projections are not a guarantee of financial performance and actual results may differ from financial projections and such differences may be material and (iii)&nbsp;the Closing Date shall not occur until at least twenty
(20)&nbsp;business days after the initial mailing of a Fund Reorganization Proxy Statement/Prospectus. You agree that if at any time prior to the later of (i)&nbsp;the Syndication Date and (ii)&nbsp;the Closing Date, you become aware that any of the
representations in the preceding sentence would be incorrect in any material respect if the Information and financial projections were being furnished, and such representations were being made, at such time, then you will promptly supplement, or
cause to be supplemented, the Information and financial projections so that such representations will be correct in all material respects under those circumstances. You acknowledge that, in arranging and syndicating the Facility, the Commitment
Parties will be entitled to use and rely on the Information and the financial projections without responsibility for independent verification thereof. We will have no obligation to conduct any independent evaluation or appraisal of the assets or
liabilities of the Borrower, the Acquired Business, their respective subsidiaries or any other party or to advise or opine on any related solvency issues. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5. Indemnification and Related Matters. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You agree to the
provisions with respect to our indemnity and other matters set forth in <U>Annex A</U>, which is incorporated by reference into this Commitment Letter. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>6. Assignments. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Commitment Letter may not be
assigned by any party hereto (except by the Commitment Parties as set forth below) without the prior written consent of each other party hereto (and any purported assignment without such consent will be null and void), is intended to be solely for
the benefit of the Commitment Parties and the other parties hereto and, except as set forth in <U>Annex A</U> hereto, is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto. Any
Commitment Party may assign its commitments and agreements hereunder, in whole or in part, to any of its affiliates or to additional Lenders; <U>provided</U> that any such assignment made to any person (other than an Additional Commitment Party)
prior to the funding under the Facility will not relieve such Commitment Party of its obligations set forth herein to fund that portion of the commitments so assigned to the extent such assignee fails to fund the portion of the commitment assigned
to it on the Closing Date notwithstanding the satisfaction of the conditions of such funding set forth herein. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>7. Confidentiality. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please note that this Commitment Letter and the Fee Letter and any written communications provided by or oral discussions with any Commitment Party in
connection with this arrangement are exclusively for your information and may not be disclosed by you to any third party or circulated or referred to publicly without the prior written consent of the Commitment Parties except, after providing
written notice to the Commitment Parties to the extent you are permitted to do so under applicable law, pursuant to a subpoena </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or order issued by a court of competent jurisdiction or by a judicial, administrative or legislative body or
committee; <U>provided</U> that the Commitment Parties hereby consent to your disclosure of (i)&nbsp;this Commitment Letter, the Fee Letter and such communications to your officers, directors, employees, attorneys, accountants, representatives,
agents and other advisors who are directly involved in the consideration of the Facility and who have been informed by you of the confidential nature of such information and who have agreed to treat such information confidentially, (ii)&nbsp;this
Commitment Letter, the Fee Letter or the information contained herein or therein to the Acquired Business and the Seller and to their respective officers, directors, employees, attorneys, accountants, representatives, agents and other advisors who
are directly involved in the consideration of the Facility, in each case, to the extent such persons agree to hold the same in confidence (<U>provided</U> that any such disclosure of the Fee Letter or its terms or substance shall be redacted in a
manner reasonably satisfactory to the Commitment Parties), (iii) this Commitment Letter and the Fee Letter as required by applicable law or compulsory legal process or as requested by a governmental authority (in which case you agree, to the extent
you are permitted to do so under applicable law, to inform the Commitment Parties promptly thereof), (iv) following the Closing Date, the existence of this Commitment Letter and information contained in <U>Annex B</U> about the Facility to market
data collectors, similar services providers to the lending industry, and service providers to the Lead Arrangers and the Lenders in connection with the administration and management of the Facility and (v)&nbsp;the information contained in <U>Annex
B</U> to Moody&#146;s and S&amp;P; <U>provided</U> that such information is supplied to Moody&#146;s and S&amp;P only on a confidential basis after consultation with the Commitment Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Commitment Party agrees that it will treat as confidential, and use only for purposes of the transactions contemplated hereby, all information provided
to it hereunder by or on behalf of you or the Acquired Business; <U>provided</U>, <U>however</U>, that nothing herein will prevent such Commitment Party or any of such Commitment Party&#146;s affiliates from disclosing, or using, any such
information (a)&nbsp;pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process (in which case such person agrees to inform
you promptly thereof to the extent not prohibited by law), (b) upon the request or demand of any regulatory authority purporting to have jurisdiction over such person or any of its affiliates (in which case, other than in the case of regulatory
examinations, such person agrees to inform you promptly thereof to the extent not prohibited by law), (c) to the extent that such information is publicly available or becomes publicly available other than by reason of improper disclosure by such
Commitment Party or any of the persons described in clause (d)&nbsp;of this sentence, (d)&nbsp;to such person&#146;s affiliates and their respective officers, directors, employees, attorneys, accountants, representatives, agents and other advisors
who need to know such information and on a confidential basis, (e)&nbsp;to potential and prospective Lenders, participants and any direct or indirect contractual counterparties to any swap or derivative transaction relating to the Borrower, any
Guarantor or their respective obligations under the Facility, in each case, who are advised of the confidential nature of such information, (f)&nbsp;to Moody&#146;s and S&amp;P and other rating agencies, (g)&nbsp;to market data collectors as
determined by such Commitment Party; <U>provided</U> that such information is limited to <U>Annex B</U> and is supplied only on a confidential basis, (h)&nbsp;received by such person on a <FONT STYLE="white-space:nowrap">non-confidential</FONT>
basis from a source (other than you, the Acquired Business or any of your or their affiliates, advisors, members, directors, employees, agents or other representatives) not known by such person to be prohibited from disclosing such information to
such person by a legal, contractual or fiduciary obligation, or (i)&nbsp;to the extent that such information was already in such Commitment Party&#146;s possession or is independently developed by such Commitment Party, without use of information
otherwise subject hereto; <U>provided</U> that (x)&nbsp;the disclosure of any such information to any potential or prospective Lenders or participants referred to in clause (e)&nbsp;above shall be made subject to the acknowledgment and acceptance by
such prospective Lender or participant that such information is being disseminated on a confidential basis (on substantially similar terms set forth in this paragraph or as is otherwise reasonably acceptable to you and such Commitment Party,
including, without limitation, as agreed in any marketing materials) in accordance with the standard syndication processes of such </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Commitment Party or in respect of marketing materials and related written materials distributed through the
Platform, shall in any event require &#147;click through&#148; or other affirmative actions on the part of the recipient to access such information and (y)&nbsp;no such disclosure shall be made by the Lead Arrangers to any Competitor or Disqualified
Person (after designation as such in accordance with the terms hereof). Each Commitment Party&#146;s obligations under this provision shall remain in effect until the earlier of (i)&nbsp;one year from the date hereof and (ii)&nbsp;the date the Loan
Documents are entered into by such Commitment Party, at which time any confidentiality undertaking in the Loan Documents shall supersede this provision. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>8. Absence of Fiduciary Relationship; Affiliates; Etc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As you know, each of the Commitment Parties (together with their respective affiliates, the &#147;<B>Investment Banks</B>&#148;) is a full service financial
institution engaged, either directly or through its affiliates, in a broad array of activities, including commercial and investment banking, financial advisory, market making and trading, investment management (both public and private investing),
investment research, principal investment, financial planning, benefits counseling, risk management, hedging, financing, brokerage and other financial and <FONT STYLE="white-space:nowrap">non-financial</FONT> activities and services globally. In the
ordinary course of its various business activities, each Investment Bank, and funds or other entities in which such Investment Bank invests or with which they <FONT STYLE="white-space:nowrap">co-invest,</FONT> may at any time purchase, sell, hold or
vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for its own account and for the accounts of its customers. In addition, the Investment
Banks may at any time communicate independent recommendations and/or publish or express independent research views in respect of such assets, securities or instruments. Any of the aforementioned activities may involve or relate to assets, securities
and/or instruments of the Borrower, the Acquired Business, their respective subsidiaries and/or other entities and persons which may (i)&nbsp;be involved in transactions arising from or relating to the arrangement contemplated by this Commitment
Letter or (ii)&nbsp;have other relationships with you, the Acquired Business or your or its affiliates. In addition, the Investment Banks may provide investment banking, commercial banking, underwriting and financial advisory services to such other
entities and persons. The arrangement contemplated by this Commitment Letter may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph, and employees working on the financing contemplated hereby
may have been involved in originating certain of such investments and those employees may receive credit internally therefor. Although the Investment Banks in the course of such other activities and relationships may acquire information about the
transaction contemplated by this Commitment Letter or other entities and persons which may be the subject of the financing contemplated by this Commitment Letter, the Investment Banks shall have no obligation to disclose such information, or the
fact that any Investment Bank is in possession of such information, to you or to use such information on your behalf. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Consistent with each Investment
Bank&#146;s policies to hold in confidence the affairs of its customers, such Investment Bank will not furnish confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter to any of its other
customers. Furthermore, you acknowledge that none of the Investment Banks and none of their respective affiliates has an obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential
information obtained or that may be obtained by it from any other person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Investment Banks may have economic interests that conflict with those of
you, the Acquired Business, your or its equity holders and/or your or its affiliates. You agree that each Investment Bank will act under this Commitment Letter as an independent contractor and that nothing in this Commitment Letter, Fee Letter or
otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between such Investment Bank, on the one hand, and you, your equity holders or your affiliates, on the other hand. You acknowledge
and agree that the transactions </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">contemplated by this Commitment Letter and the Fee Letter (including the exercise of rights and remedies
hereunder and thereunder) are <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> commercial transactions between such Investment Bank, on the one hand, and you, on the other, and in connection therewith and with the process leading thereto,
(i)&nbsp;such Investment Bank has not assumed an advisory or fiduciary responsibility in favor of you, your equity holders or your affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect
thereto) or the process leading thereto (irrespective of whether such Investment Bank has advised, is currently advising or will advise you, your equity holders or your affiliates on other matters) or any other obligation to you except the
obligations expressly set forth in this Commitment Letter and the Fee Letter and (ii)&nbsp;such Investment Bank is acting solely as a principal and not as an agent or fiduciary of you, your management, equity holders, affiliates, creditors or any
other person. You acknowledge and agree that you have consulted your own legal and financial advisors to the extent you deemed appropriate and that you are responsible for making your own independent judgment with respect to such transactions and
the process leading thereto. You agree that you will not claim that any Investment Bank has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to you, in connection with such transactions or the process leading
thereto. In addition, the Commitment Parties may employ the services of their respective affiliates in providing services and/or performing their respective obligations hereunder and may exchange with such affiliates information concerning you, your
affiliates, the Acquired Business and other companies that may be the subject of this arrangement, and such affiliates of the Commitment Parties will be entitled to the benefits afforded to the Commitment Parties hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As you know, Barclays Capital Inc. and an affiliate MSSF have been retained by you (or one of your affiliates) as financial advisors (each, in such capacity,
a &#147;<B>Financial Advisor</B>&#148;) in connection with the Acquisition. Each of the parties hereto agrees to such retention. You further agree not to assert any claim you might allege based on any actual or potential conflicts of interest that
might be asserted to arise or result from, on the one hand, the engagement of any Financial Advisor or any Initial Commitment Party and/or its affiliates&#146; arranging or providing or contemplating arranging or providing financing for a competing
bidder and, on the other hand, our and our affiliates&#146; relationships with you as described and referred to herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, please note that the
Investment Banks and the Financial Advisors do not provide accounting, tax or legal advice. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>9. Miscellaneous. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Commitment Party&#146;s commitments and agreements hereunder will terminate upon the first to occur of (i)&nbsp;the consummation of the Acquisition,
(ii)&nbsp;the date of termination of the Acquisition Agreement, and (iii)&nbsp;July&nbsp;21, 2017, as may be extended to the date which is five business days after the &#147;Outside Date&#148; if the &#147;Outside Date&#148; under the Acquisition
Agreement is extended pursuant to Section 10.01(b) of the Acquisition Agreement as in effect on the date hereof, but in any event not later than September&nbsp;22, 2017. You may terminate this Commitment Letter and our commitments hereunder at any
time without penalty or obligation, subject to the provisions of the immediately succeeding paragraph. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The provisions set forth under Sections 3, 4, 5
(including <U>Annex A</U>), the first paragraph of Section&nbsp;7, Section&nbsp;8 and this Section&nbsp;9 (other than any provision therein that expressly terminates upon execution of the Loan Documents) and the provisions of the Fee Letter will
remain in full force and effect regardless of whether Loan Documents are executed and delivered. The provisions set forth in the Fee Letter and under Sections 5 (including <U>Annex A</U>), 7 and 8 hereof and this Section&nbsp;9 will remain in full
force and effect notwithstanding the expiration or termination of this Commitment Letter or the Commitment Parties&#146; commitments and agreements hereunder. Notwithstanding the previous two sentences, if the Loan Documents are executed and
delivered, the provisions of Section&nbsp;5 (including <U>Annex A</U>), and the second paragraph of Section&nbsp;7 shall be superseded to the extent covered by the corresponding provisions of the Loan Documents and shall no longer be of any further
force or effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each of the parties hereto agrees that this Commitment Letter is a binding and enforceable agreement with respect
to the subject matter contained herein, including an agreement to negotiate promptly in good faith the Loan Documents by the parties hereto in a manner consistent with this Commitment Letter and the Fee Letter, it being acknowledged and agreed that
the commitments provided hereunder are subject to the conditions precedent expressly described in <U>Annex C</U>. Reasonably promptly after the execution of this Commitment Letter, the parties hereto shall proceed with the negotiation of the Loan
Documents for the purpose of executing and delivering the Loan Documents no later than the consummation of the Acquisition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Commitment Letter and
the Fee Letter shall be governed by, and construed in accordance with, the laws of the State of New York; <U>provided</U> that, notwithstanding the foregoing, it is understood and agreed that (a)&nbsp;the interpretation of the definition of
&#147;Material Adverse Effect&#148; (as defined in Annex C) (and whether or not a Material Adverse Effect has occurred), (b) the determination of the accuracy of any Acquired Business Representations and whether as a result of any inaccuracy thereof
you (or your affiliate) have the right (taking into account any applicable cure provisions) to terminate your (or its) obligations under the Acquisition Agreement or decline to consummate the Acquisition and (c)&nbsp;the determination of whether the
Acquisition has been consummated in accordance with the terms of the Acquisition Agreement, in each case shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern
under applicable principles of conflicts of laws thereof. <B>Each of the parties hereto irrevocably waives any and all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or
relating to this Commitment Letter, the Fee Letter, the Transactions and the other transactions contemplated hereby and thereby or the actions of any Commitment Party or any of its affiliates in the negotiation, performance or enforcement hereof.
</B>Each of the parties hereto hereby irrevocably and unconditionally submits to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in the Borough of Manhattan in New York City in respect
of any suit, action or proceeding arising out of or relating to the provisions of this Commitment Letter, the Fee Letter or the transactions contemplated hereby or thereby and irrevocably agrees that all claims in respect of any such suit, action or
proceeding shall be heard and determined in only such court. Each of the parties hereto waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or
proceeding brought in any such court, and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. A final judgment in any such suit, action or proceeding brought in any such court may
be enforced in any other courts to whose jurisdiction you are or may be subject by suit upon judgment. Nothing in this Commitment Letter or the Fee Letter shall affect any right that any Commitment Party or any affiliate thereof may otherwise have
to bring any claim, action or proceeding relating to this Commitment Letter, the Fee Letter and/or the transactions contemplated hereby and thereby in any court of competent jurisdiction to the extent necessary or required as a matter of law to
assert such claim, action or proceeding against any assets of you or enforce any judgment arising out of any such claim, action or proceeding. You hereby agree that service of any process, summons, notice or document by registered mail or overnight
courier addressed to it at the address set forth above shall be effective service of process against you for any suit, action or proceeding relating to any such dispute. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Commitment Parties hereby notify the Borrower and the Guarantors that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. <FONT
STYLE="white-space:nowrap">107-56</FONT> (signed into law October&nbsp;26, 2001)) (the &#147;<B>Patriot Act</B>&#148;) the Commitment Parties and each Lender may be required to obtain, verify and record information that identifies the Borrower and
each of the Guarantors, which information includes the name and address of the Borrower and each of the Guarantors and other information that will allow each Commitment Party and each Lender to identify the Borrower and each of the Guarantors in
accordance with the Patriot Act. This notice is given in accordance with the requirements of the Patriot Act and is effective for the Commitment Parties and each Lender. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 10 - </P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Commitment Letter may be executed in any number of counterparts, each of which when executed will be an
original, and all of which, when taken together, will constitute one agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile transmission or electronic transmission (in .pdf format) will be effective
as delivery of a manually executed counterpart hereof. This Commitment Letter and the Fee Letter are the only agreements that have been entered into among the parties hereto with respect to the Facility and set forth the entire understanding of the
parties with respect thereto and supersede any prior written or oral agreements among the parties hereto with respect to the Facility. Neither this Commitment Letter nor the Fee Letter may be amended or any term or provision hereof or thereof waived
or otherwise modified except by an instrument in writing signed by each of the parties hereto or thereto, as applicable, and any term or provision hereof or thereof may be amended or waived only by a written agreement executed and delivered by all
parties hereto or thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please confirm that the foregoing is in accordance with your understanding by signing and returning to the Commitment Parties
the enclosed copy of this Commitment Letter and the Fee Letter before the earlier of (i) 5:00 p.m., New York City time, on the date hereof and (ii)&nbsp;the public announcement of the Acquisition, whereupon this Commitment Letter and the Fee Letter
will become binding agreements between you and the Commitment Parties. If this Commitment Letter and the Fee Letter have not been signed and returned to us by the time specified in the preceding sentence, this offer will terminate at such time. We
look forward to working with you on this transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>[</B>Remainder of page intentionally left blank<B>]</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 11 - </P>


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 <DIV ALIGN="right">
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>BARCLAYS BANK PLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jeremy Hazan</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Jeremy Hazan</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Managing Director</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Falcon Commitment Letter] </P>

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 <DIV ALIGN="right">
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>MORGAN STANLEY SENIOR FUNDING, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Wissam Kairouz</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Wissam Kairouz</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title: &nbsp;&nbsp;Authorized Signatory</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Falcon Commitment Letter] </P>

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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ACCEPTED AND AGREED AS OF</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE DATE FIRST WRITTEN ABOVE:</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>VIRTUS INVESTMENT PARTNERS, INC.</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael A. Angerthal</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name: Michael A. Angerthal</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:&nbsp;Executive&nbsp;Vice&nbsp;President&nbsp;and&nbsp;Chief&nbsp;Financial&nbsp;Officer</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Debt Commitment Letter] </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Annex A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You agree to indemnify and hold harmless each Commitment Party (whether in its capacity as Lead Arranger, Administrative Agent, Initial Lender or otherwise)
and its affiliates (including, without limitation, controlling persons) and each director, officer, employee, advisor, agent, affiliate, successor, partner, representative and assign of each of the foregoing (each, an &#147;<B>Indemnified
Person</B>&#148;) from and against any and all actions, suits, investigation, inquiry, claims, losses, damages, liabilities, expenses or proceedings of any kind or nature whatsoever which may be incurred by or asserted against or involve any such
Indemnified Person as a result of or arising out of or in any way related to or resulting from the Commitment Letter, the Fee Letter, the Facility, the use of proceeds thereof, the Acquisition or the other transactions contemplated thereby
(regardless of whether any such Indemnified Person is a party thereto and regardless of whether such matter is initiated by a third party or otherwise) (any of the foregoing, a &#147;<B>Proceeding</B>&#148;), and you agree to reimburse each
Indemnified Person upon demand for any legal or other reasonable and documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses incurred in connection with investigating, defending, preparing to
defend or participating in any such Proceeding; <U>provided</U>, <U>however</U>, that no Indemnified Person will be indemnified for any such cost, expense or liability (i)&nbsp;to the extent determined by a final, nonappealable judgment of a court
of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnified Person or from a material breach of the obligations of such Indemnified Person under this Commitment Letter or (ii)&nbsp;arising out of or
in connection with any Proceeding that does not involve an act or omission of yours or any of your affiliates and that is brought by an Indemnified Person against any other Indemnified Person (other than any claims against any Commitment Party in
its capacity or in fulfilling its role as an agent or arranger or any similar role under the Facility). In the case of any Proceeding to which the indemnity in this paragraph applies (excluding, for the avoidance of doubt, any Proceeding to which
the preceding proviso applies), such indemnity and reimbursement obligations shall be effective, whether or not such Proceeding is brought by the Borrower, the Acquired Business, any of their respective securityholders or creditors, an Indemnified
Person or any other person, or an Indemnified Person is otherwise a party thereto and whether or not any aspect of the Commitment Letter, the Fee Letter, the Facility, the Acquisition or the other transactions contemplated thereby is consummated.
Notwithstanding any other provision of the Commitment Letter, (i)&nbsp;no Indemnified Person shall be responsible or liable for damages arising from the unauthorized use by others of information or other materials obtained through internet,
electronic, telecommunications or other information transmission, except to the extent such damages have resulted from the willful misconduct or gross negligence of such Indemnified Person as determined by a final, nonappealable judgment of a court
of competent jurisdiction and (ii)&nbsp;no Indemnified Person shall have any liability for any special, indirect, consequential or punitive damages in connection with or as a result of this Commitment Letter or the Fee Letter or the transactions
contemplated hereby or thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You shall not be liable for any settlement of any Proceedings effected without your written consent (which consent shall
not be unreasonably withheld or delayed), but if settled with your written consent, you agree to indemnify and hold harmless each Indemnified Person from and against any and all losses, claims, damages, liabilities and expenses by reason of such
settlement in accordance with the preceding paragraph. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You will not, without the prior written consent of the relevant Indemnified Person, settle,
compromise, consent to the entry of any judgment in or otherwise seek to terminate any Proceeding in respect of which indemnification may be sought hereunder by such Indemnified Person (whether or not any Indemnified Person is a party thereto)
unless such settlement, compromise, consent or termination (i)&nbsp;includes an unconditional release of such Indemnified Person from all claims that are the subject matter of such Proceeding and (ii)&nbsp;does not include a statement as to, or an
admission of, fault, culpability, or a failure to act by or on behalf of such Indemnified Person (which consent, if the conditions set forth in clauses (i)&nbsp;and (ii) are satisfied, shall not be unreasonably withheld or delayed). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex <FONT
STYLE="white-space:nowrap">A-1</FONT> </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The provisions of this <U>Annex A</U> will survive any termination or completion of the arrangement provided
by the Commitment Letter and the Fee Letter. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex <FONT
STYLE="white-space:nowrap">A-2</FONT> </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Annex B </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Project Falcon </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Summary
of the Facility </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This Summary outlines certain terms of the Facility referred to in the Commitment Letter, of which this <U>Annex B</U> is a part.
Certain capitalized terms used herein are defined in the Commitment Letter. </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="71%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Borrower:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Virtus Investment Partners, Inc. (the &#147;<B>Borrower</B>&#148;).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Purpose/Use of Proceeds:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The proceeds of the Term Facility will be used to fund, in part, the Acquisition, the repayment of outstanding borrowings under the Existing Revolving Facility and the payment of fees, commissions and expenses in connection with the
Acquisition and the Facility, with the remainder (if any) for general corporate purposes. Amounts available under the Revolving Credit Facility may be used (i)&nbsp;on the Closing Date, to fund amounts required to be paid as additional original
issue discount or upfront fees under the &#147;Market Flex&#148; provisions of the Fee Letter and (ii)&nbsp;after the Closing Date, to provide for the ongoing working capital requirements and for general corporate purposes.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Joint Lead Arrangers and Joint Bookrunners:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Barclays Bank PLC (&#147;<B>Barclays</B>&#148;) and Morgan Stanley Senior Funding, Inc. (&#147;<B>MSSF</B>,&#148; and, together with Barclays, in their capacities as joint lead arrangers and joint bookrunners, the &#147;<B>Lead
</B><B>Arrangers</B>&#148;).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Syndication Agent:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Barclays.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Administrative Agent:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">MSSF (in such capacity, the &#147;<B>Administrative Agent</B>&#148;).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Lenders:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Barclays, MSSF and/or other financial institutions selected by the Lead Arrangers in accordance with the Commitment Letter (each, a &#147;<B>Lender</B>&#148; and, collectively, the &#147;<B>Lenders</B>&#148;), excluding those
particular banks, financial institutions and other institutional lenders separately identified by name in writing by you to the Lead Arrangers prior to the date hereof (collectively, the &#147;<B>Disqualified Lenders</B>&#148;).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Facility Amounts:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>Term Facility</U>: $475.0&nbsp;million of senior secured first lien term loans (the &#147;<B>Initial Term Loans</B>&#148; and, together with loans under any Incremental Term Facility referred to below, &#147;<B>Term
Loans</B>&#148;); <I>provided </I>that, if the Borrower issues and sells equity securities or equity-linked securities after the date hereof and on or prior to the Closing Date, the amount of the Term Facility shall be reduced by an amount equal to
the lesser of (x)&nbsp;net cash proceeds received by the Borrower from such issuance and (y) $275.0&nbsp;million; <I>provided </I>that if such net cash proceeds are $475.0&nbsp;million or more, the Term Facility shall be reduced to
$0.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-1 </P>


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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>Revolving Credit Facility</U>: up to $100.0&nbsp;million of senior secured first lien revolving loans (the &#147;<B>Initial Revolving Loans</B>&#148; and, together with the Initial Term Loans the &#147;<B>Initial Loans</B>&#148;
and, together with any loans under any Incremental Revolving Credit Facility referred to below, &#147;<B>Revolving Loans</B>,&#148; and the Revolving Loans together with the Term Loans, the &#147;<B>Loans</B>&#148;). Commitments to make Revolving
Loans are herein referred to as &#147;<B>Revolving Commitments</B>.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Letters of Credit:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Up to $7.5&nbsp;million of the Revolving Credit Facility shall be made available for the issuance of standby letters of credit (&#147;<B>Letters of </B><B>Credit</B>&#148;) by each Lender under the Revolving Credit Facility (each,
an &#147;<B>Issuing Bank</B>&#148;). The Loan Documents will include customary provisions to protect the Issuing Banks in the event any Lender under the Revolving Credit Facility is a &#147;Defaulting Lender.&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Availability:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>Term Facility</U><B>: </B>The Initial Term Loans shall be available in a single drawing on the Closing Date.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>Revolving Credit Facility</U>: Amounts available under the Revolving Credit Facility may be borrowed, repaid and reborrowed on or after the Closing Date until the maturity date thereof; <U>provided</U> that on the Closing Date
the Revolving Credit Facility may be used only to (i) fund any OID or upfront fees required to be funded on the Closing Date pursuant to the &#147;Market Flex Provisions&#148; in the Fee Letter and (ii) cash collateralize any letters of credit of
the Acquired Business outstanding under its existing credit facility.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Maturity:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Term Facility</U>: Seventh anniversary of the Closing Date.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><U>Revolving Credit Facility</U>: Fifth anniversary of the Closing Date.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
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<TD VALIGN="top"><B>Amortization:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The outstanding principal amount of the Initial Term Loans will be repayable in equal quarterly installments in aggregate annual amounts equal to 1.00% of the original principal amount of the Initial Term Loans, commencing with the
first full calendar quarter ended after the Closing Date, with the remaining balance due on the seventh anniversary of the Closing Date. No amortization will be required with respect to the Revolving Credit Facility.</TD></TR>
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<TD VALIGN="top"><B>Incremental Facilities:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">On or before the final maturity date of the Term Facility or Revolving Credit Facility, as applicable, the Borrower will have the right, but not the obligation, to increase the amount of any Term Facility or incur a new tranche of
term loans (such increase or new tranche, an &#147;<B>Incremental Term Facility</B>&#148;) or increasing the Revolving Credit Facility (the &#147;<B>Incremental Revolving Credit Facility</B>&#148; and, together with the Incremental Term Facility,
the &#147;<B>Incremental Facilities</B>&#148;) in an aggregate principal amount for all Incremental Facilities up to the sum of (i)&nbsp;an amount equal to 50% of Consolidated EBITDA for the most recently completed four fiscal quarter period prior
to the Closing Date, calculated on a pro forma basis giving effect to the Transactions occurring on the Closing Date, and (ii)&nbsp;an amount such that, after</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-2 </P>


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<TD VALIGN="top">giving effect to the incurrence of any such Incremental Facility on a pro forma basis (and after giving effect to any acquisition consummated simultaneously therewith and all other appropriate pro forma adjustment events), the
Secured Net Leverage Ratio (to be defined in a mutually agreed manner, but for this purpose calculated assuming any Incremental Revolving Credit Facility is fully drawn and excluding the cash proceeds of any Incremental Facility in the netting
against debt in the calculation of such ratio) would not be greater than the Closing Date Secured Net Leverage Ratio plus 0.25x; <U>provided</U> that (x)&nbsp;if such Incremental Facility is an Incremental Term Facility, (a)&nbsp;with respect to any
Incremental Term Facility incurred within 12 months of the Closing Date, if the <FONT STYLE="white-space:nowrap">all-in</FONT> yield (including interest rate margins, any interest rate floors greater than the Floor, original issue discount and
upfront fees (based on the lesser of a four-year average life to maturity or the remaining life to maturity), but excluding customary arrangement, structuring and underwriting fees paid to the Lead Arranger in connection with the Term Facility or
any arranger in connection with any Incremental Term Facility) for any Incremental Term Facility is higher than the <FONT STYLE="white-space:nowrap">all-in</FONT> yield (determined on the same basis) for the Initial Term Loans by more than 50 basis
points, then the interest rate margins for the Initial Term Loans will be increased by an amount equal to the difference between the <FONT STYLE="white-space:nowrap">all-in-yield</FONT> with respect to the Incremental Term Facility and the <FONT
STYLE="white-space:nowrap">all-in</FONT> yield with respect to the Initial Term Loans minus 50 basis points, (b)&nbsp;the maturity date applicable to the Incremental Term Facility will not be earlier than that of the latest maturity date of the Term
Facility, (c)&nbsp;the weighted average life to maturity of the Incremental Term Facility will not be earlier than the existing Term Facility, (d)&nbsp;the amortization requirements for all Incremental Term Facilities may differ, so long as the
average weighted life to maturity of such Incremental Term Facility is no shorter than the average weighted life to maturity applicable to the then outstanding Term Loans; (e)&nbsp;no Incremental Facility shall be guaranteed by any person that is
not a Guarantor or secured by any asset that is not Collateral; (f)&nbsp;each Incremental Facility will rank pari passu in right of payment with the Facility; and (g) all other terms of the Incremental Term Facility, if not consistent with the terms
of the existing Term Facility, must be reasonably acceptable to the Borrower and the Administrative Agent and (y)&nbsp;if such Incremental Facility is an Incremental Revolving Credit Facility, such Incremental Facility will be documented solely as
an increase to the commitments with respect to the Revolving Credit Facility, without any change in terms. The conditions to all Incremental Facilities will include (x)&nbsp;the absence of any default or event of default at the time of borrowing or
after giving effect thereto (or the absence of any payment or bankruptcy event of default, to the extent the proceeds of any Incremental Facility are being used to finance an acquisition permitted under the Loan Documents), (y) the accuracy of
representations and warranties in the Loan Documents in all material respects (except where qualified by materiality, then just the accuracy thereof), subject, in the case of this clause (y), to customary &#147;SunGard&#148; limitations to the
extent the proceeds of any Incremental</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-3 </P>


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<TD VALIGN="top">Facility are being used to finance an acquisition permitted under the Loan Documents and (z)&nbsp;pro forma compliance with the financial covenant. Any Incremental Facility will be <U>provided</U> by existing Lenders or other
persons who become Lenders in connection therewith; provided that no existing Lender will be obligated to provide any Incremental Facility.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">In addition, the Borrower may, in lieu of incurring Incremental Facilities, utilize any part of the capacity available for Incremental Facilities to incur Incremental Equivalent Debt.</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;<B>Incremental Equivalent Debt</B>&#148; means (x)&nbsp;notes or loans that are unsecured and rank pari passu with or subordinated in right of payment to the Facility, (y)&nbsp;notes that are secured by liens that rank pari
passu with or subordinated to the liens securing the Facility and (z) loans that are secured by liens that are subordinated to the liens securing the Facility; <U>provided</U> that (i)&nbsp;all Incremental Equivalent Debt (whether or not secured)
shall be included in the numerator in the calculation of Secured Net Leverage Ratio, count toward capacity available for Incremental Facilities and be permitted to be incurred only to the extent capacity is available for Incremental Facilities, (ii)
Incremental Equivalent Debt shall be subject to the requirements set forth in clauses (b), (c) and (e); provided that clauses (b)&nbsp;and (c) shall not apply to any Incremental Equivalent Debt consisting of a customary bridge facility so long as
any such customary bridge facility is to be automatically converted into long-term debt that satisfies such clauses and (iii)&nbsp;any Incremental Equivalent Debt that is secured shall be subject to a pari passu intercreditor agreement and/or a
junior intercreditor agreement, as the case may be.</TD></TR>
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<TD VALIGN="top"><B>Refinancing Facilities:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Loan Documents will permit will permit the Borrower to refinance loans under the Term Facility or Revolving Commitments from time to time, in whole or part, with one or more new term facilities (each, a &#147;<B>Refinancing Term
Facility</B>&#148;) or one or more new revolving credit facilities (each, a &#147;<B>Refinancing Revolving Facility</B>&#148;; the Refinancing Term Facilities and the Refinancing Revolving Facilities are collectively referred to as
&#147;<B>Refinancing Facilities</B>&#148;), with the consent of the Borrower and the institutions providing such Refinancing Facility, (x)&nbsp;notes or loans that are unsecured and rank pari passu with or subordinated in right of payment to the
Facility, (y) notes that are secured by liens that rank pari passu with or subordinated to the liens securing the Facility and (z)&nbsp;loans that are secured by liens that are subordinated to the liens securing the Facility (the indebtedness
referred to in clauses (x), (y) or (z), the &#147;<B>Other </B><B>Refinancing Debt</B>&#148; and, together with the Refinancing Facility, the &#147;<B>Specified Refinancing Debt</B>&#148;); <U>provided</U> that (i)&nbsp;any Specified Refinancing
Debt does not mature prior to the maturity date of, or have a shorter weighted average life than, the loans under the Facility being refinanced, (ii)&nbsp;the other terms and conditions, taken as a whole, of any such Specified Refinancing Debt
(excluding pricing and optional prepayment or redemption terms) are substantially identical</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-4 </P>


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<TD VALIGN="top">to, or not materially more favorable to the lenders providing such Specified Refinancing Debt than, the terms and conditions, taken as a whole, applicable to the Facility being refinanced or replaced (except for covenants or other
provisions applicable only to periods after the latest final maturity date of the Facility existing at the time of such refinancing), (iii) no Specified Refinancing Debt shall be guaranteed by any person that is not a Guarantor or secured by any
asset that is not Collateral, (iv)&nbsp;any Specified Refinancing Debt that is secured shall be subject to a pari passu intercreditor agreement and/or a junior intercreditor agreement, as the case may be and (v)&nbsp;the aggregate principal amount
of any Specified Refinancing Debt shall not be greater than the aggregate principal amount of the Facility being refinanced or replaced, plus any fees, premiums, original issue discount and accrued interest associated therewith, and costs and
expenses related thereto, and the facility being refinanced or replaced will be permanently reduced substantially simultaneously with the incurrence of the Specified Refinancing Debt.</TD></TR>
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<TD VALIGN="top"><B>Interest Rate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">All amounts outstanding under the Facility will bear interest, at the Borrower&#146;s option, as follows:</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at the Base Rate plus 3.75% <I>per annum</I>;
or</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at the reserve adjusted Eurodollar Rate plus 4.75% <I>per
annum</I>;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">subject, in the case of Revolving Loans, to a step down of 25 basis points
if the Secured Net Leverage Ratio (as defined below) is not greater than the Closing Date Secured Net Leverage Ratio less 0.50x.</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;<B>Closing Date Secured Net Leverage Ratio</B>&#148; means the Secured Net Leverage Ratio as of the Closing Date.</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;<B>Closing Date Total Net Leverage Ratio</B>&#148; means the Total Net Leverage Ratio as of the Closing Date.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;<B>Consolidated Secured Net Debt</B>&#148; shall be defined as Consolidated Total Net Debt secured by a lien on any assets or property of the Borrower or any of its restricted subsidiaries.</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;<B>Consolidated Total Net Debt</B>&#148; shall be defined as the outstanding principal amount of all third party debt for borrowed money, unreimbursed drawings under letters of credit, capital lease obligations and third party
debt obligations evidenced by notes or similar instruments, in each case of the Borrower and its restricted subsidiaries, on a consolidated basis and determined in accordance with GAAP, minus all unrestricted cash and cash equivalents of the
Borrower and its restricted subsidiaries.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;<B>Secured Net Leverage Ratio</B>&#148; shall be defined as the ratio of Consolidated Secured Net Debt on any date to Consolidated EBITDA for the most recently completed four fiscal quarter period for which financial
statements have been delivered.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-5 </P>


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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;<B>Total Net Leverage Ratio</B>&#148; shall be defined as the ratio of Consolidated Total Net Debt on any date to Consolidated EBITDA for the most recently completed four fiscal quarter period for which financial statements
have been delivered.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The terms &#147;<B>Base Rate</B>&#148; and &#147;<B>reserve adjusted Eurodollar Rate</B>&#148; will be defined in the Loan Documents, and the basis for calculating accrued interest and the interest periods for loans bearing interest
at the reserve adjusted Eurodollar Rate will be customary and appropriate for financings of this type; <U>provided</U> that the Eurodollar Rate shall not be less than (i)&nbsp;in the case of Term Loans, (x)&nbsp;if, as of the launch of syndication
of the Facility and at all times thereafter through the Closing Date, the Borrower&#146;s public corporate/family ratings after giving effect to the Transactions are Ba3 or higher (stable) from Moody&#146;s and
<FONT STYLE="white-space:nowrap">BB-</FONT> or higher (stable) from S&amp;P, 0.75% and (y)&nbsp;if clause (x)&nbsp;does not apply, 1.00% and (ii)&nbsp;in the case of Revolving Loans, 0.00% (this proviso, the &#147;<B>Floor</B>&#148;). In no event
shall the Base Rate be less than 100 basis points greater than the <FONT STYLE="white-space:nowrap">one-month</FONT> reserve adjusted Eurodollar Rate (after giving effect to the reserve adjusted Eurodollar Rate &#147;floor&#148;). Overdue amounts
will bear interest at a rate equal to (i)&nbsp;in the case of principal, the applicable interest rate plus 2.00% <I>per annum </I>and (ii)&nbsp;in the case of any other overdue amount (including overdue interest), the interest rate applicable to
Base Rate loans plus 2.00% <I>per annum</I>, and in each case, shall be payable on demand.</TD></TR>
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<TD VALIGN="top"><B>Interest Payments:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Interest on loans bearing interest by reference to the Base Rate will be payable quarterly in arrears at each prepayment or repayment (in the case of Term Loans) and upon termination of commitments (in the case of Revolving
Loans).</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">For loans bearing interest by reference to the Eurodollar Rate, interest periods will be one, two, three and six months and, to the extent agreed to by all applicable Lenders, twelve months and will be payable on the last day of the
interest period applicable thereto (and at the end of every three months, in the case of interest periods of longer than three months), at each prepayment or repayment (in the case of Term Loans) and upon termination of commitments (in the case of
Revolving Loans).</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Interest will be payable in arrears and computed on the basis of a 360- day year <FONT STYLE="white-space:nowrap">(365/366-day</FONT> year with respect to loans bearing interest by reference to the Base Rate).</TD></TR>
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<TD VALIGN="top"><B>Commitment Fees:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Commitment fees will be equal to 0.50% <I>per annum </I>times the daily average unused portion of the Revolving Credit Facility of each Lender (other than any Defaulting Lender), with a step down to 0.375% <I>per annum </I>if the
Secured Net Leverage Ratio is not greater than the Closing Date Secured Net Leverage Ratio less 0.50x. Commitment fees will accrue from the Closing Date and will be payable quarterly in
arrears.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-6 </P>


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<TD VALIGN="top"><B>Letters of Credit Fees:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A fee equal to (i)&nbsp;the applicable margin then in effect for loans bearing interest at the reserve adjusted Eurodollar Rate made under the Revolving Credit Facility, times (ii)&nbsp;the average daily maximum aggregate amount
available to be drawn under all Letters of Credit, will be payable quarterly in arrears to the Lenders under the Revolving Credit Facility (other than any Defaulting Lender). In addition, a fronting fee, to be agreed upon between each Issuing Bank
and the Borrower, will be payable to each Issuing Bank, as well as certain customary fees assessed thereby.</TD></TR>
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<TD VALIGN="top"><B>Guarantees:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Each subsidiary of the Borrower other than Excluded Subsidiaries (collectively, the &#147;<B>Guarantors</B>&#148;) will guarantee (the &#147;<B>Guarantee</B>&#148;) all obligations under (i)&nbsp;the Facility, (ii)&nbsp;any interest
rate swaps, caps or other agreements of the Borrower or any of its restricted subsidiaries entered into to protect against increases in the interest rates with respect to a notional amount of indebtedness, and (iii)&nbsp;any cash management
arrangements, in each case under clause (ii)&nbsp;or (iii) entered into with the Administrative Agent, a Lead Arranger or a Lender or any affiliate thereof (or any person that was the Administrative Agent, a Lead Arranger or a Lender or an affiliate
thereof at the time such agreements were entered into) (the agreements and arrangements in clauses (i)&nbsp;and (ii), the &#147;<B>Hedging/Cash </B><B>Management Obligations</B>&#148;). The Borrower and the Guarantors are referred to collectively as
the &#147;<B>Loan Parties</B>.&#148;</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&#147;<B>Excluded Subsidiaries</B>&#148; means (i)&nbsp;any foreign subsidiary that is a &#147;controlled foreign corporation&#148; within the meaning of Section 957(a) of the Internal Revenue Code of 1986, as amended (a
&#147;<B>CFC</B>&#148;), (ii) any domestic subsidiary of a foreign subsidiary that is a CFC, (iii)&nbsp;any domestic subsidiary that has no material assets other than the capital stock of one or more foreign subsidiaries that are CFCs (a
&#147;<B>CFC </B><B>Holdco</B>&#148;), (iv) any inactive subsidiary, (v)&nbsp;any subsidiary that is not a wholly owned subsidiary, (vi)&nbsp;any subsidiary that is a CFTC-registered introducing broker or a FINRA-member broker-dealer, (vii) any
immaterial subsidiary (to be defined in a manner mutually agreed), (viii) any subsidiary to the extent that a Guarantee from such subsidiary (A)&nbsp;is prohibited by applicable law, rule or regulation, (B) would require governmental (including
regulatory) consent, approval, license or authorization, unless such consent, approval, license or authorization has been received, or (C)&nbsp;is prohibited by a contractual obligation existing on, and disclosed in writing to the Commitment Parties
prior to, the date of the Commitment Letter, (ix)&nbsp;any <FONT STYLE="white-space:nowrap">not-for-profit</FONT> subsidiary, (x)&nbsp;any unrestricted subsidiary and (xi)&nbsp;any subsidiary for which the cost to such subsidiary of providing a
Guarantee is excessive in relation to the value afforded to the Lenders thereby, as reasonably determined by the Borrower and agreed to in writing by the Administrative Agent.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-7 </P>


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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Notwithstanding anything herein to the contrary, for purposes of the Loan Documents, a Virtus Fund shall not be considered a &#147;subsidiary&#148; of the Borrower. &#147;<B>Virtus Fund</B>&#148; means, as of any date, (1)&nbsp;any
&#147;registered investment company&#148; (as defined in Section&nbsp;8 of the Investment Company Act of 1940, as amended) of which the Borrower or any of its subsidiaries is the registered investment adviser, (2)&nbsp;any undertaking for collective
investment in transferable securities established in Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 or, in the case of UCITS established in a Member State other than
Ireland, the Council Directive of 13&nbsp;July 2009 (2009/65/EU) on the coordination of laws, regulations, and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) of which the Borrower or
any of its subsidiaries is the &#147;investment manager&#148;, (3) any mutual fund, unregistered investment fund or other investment fund or entity (including any statutory trust constituted for such purpose) of which the Borrower or any of its
subsidiaries is the investment adviser or investment manager, as the case may be or (4)&nbsp;any CLO or CDO (including any investment structure established to hold CLO or CDO risk retention tranches) as to which the Borrower or any of its
subsidiaries is the collateral manager.</TD></TR>
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<TD VALIGN="top"><B>Security:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Loans, each Guarantee and the Hedging/Cash Management Obligations will be secured by perfected first priority security interests in all assets of the Borrower and the Guarantors (including, for the avoidance of doubt, all of the
equity interests of the Acquired Business acquired in the Acquisition), subject to exceptions to be agreed; <U>provided</U> that in the case of the voting capital stock of any subsidiary that is a CFC or CFC Holdco, the security interest shall be
limited to 65% of the voting capital stock of such subsidiary (collectively, the &#147;<B>Collateral</B>&#148;). All security arrangements relating to the Facility and the Hedging/Cash Management Obligations will be in form and substance reasonably
satisfactory to the Administrative Agent and the Lead Arrangers and, subject to the Limited Conditionality Provisions, will be perfected on the Closing Date. Collateral located in the United States shall exclude (i)&nbsp;motor vehicles and other
assets subject to certificates of title, (ii)&nbsp;leasehold interests in real property, (iii)&nbsp;fee interests in real property with a value less than an amount to be agreed, (iv)&nbsp;commercial tort claims below an amount to be mutually agreed,
(v)&nbsp;letters of credit and letters of credit rights with a value less than an amount to be agreed, except to the extent consisting of supporting obligations, (vi)&nbsp;pledges and security interests prohibited by applicable law, rule or
regulation after giving effect to the applicable <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">anti-non-assignment</FONT></FONT> provisions of the Uniform Commercial Code or other applicable law, (vii)&nbsp;any lease, license or
agreement or any property subject to a purchase money security interest or similar arrangement permitted by the Loan Documents to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or
purchase money or similar arrangement or create a right of termination in favor of any</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-8 </P>


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<TD VALIGN="top">other party thereto that is not a Loan Party or wholly-owned restricted subsidiary, (viii)&nbsp;any cash and cash equivalents maintained in a segregated deposit account or securities account that are comprised solely of
(A)&nbsp;funds used or to be used for payroll and payroll taxes and other employee benefit payments to or for the benefit of the employees of the Borrower and its subsidiaries, (B)&nbsp;funds used or to be used to pay any taxes required to be
collected, remitted or withheld during the current period, (C)&nbsp;other funds which the Borrower or any of its subsidiaries holds as an escrow or fiduciary for the benefit of any third person and (D)&nbsp;collateral to secure letter of credit
reimbursement obligations (other than in respect of Letters of Credit) and any segregated cash deposits (other than in favor of the Administrative Agent) that constitute liens permitted under the Loan Documents, (ix)
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;intent-to-use&#148;</FONT></FONT> trademark applications prior to the filing of a statement of use, (x)&nbsp;equity interests of <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">not-for-profit</FONT></FONT> entities, special purpose entities and captive insurance companies, (xi)&nbsp;any governmental licenses or state or local franchises, charters or authorizations, to the extent a security
interest in any such licenses, franchise, charter or authorization would be prohibited or restricted thereby, (xii)&nbsp;margin stock, (xiii)&nbsp;equity interests in any person that is not a wholly-owned subsidiary, to the extent prohibited by, or
creating an enforceable right of termination under the terms of any applicable organizational documents, joint venture agreement or shareholders&#146; agreement in favor of any other party thereto (other than the Borrower or any wholly-owned
subsidiary of the Borrower), and (xiv)&nbsp;those assets as to which the Borrower reasonably determines (and the Administrative Agent agrees in writing) that the cost of obtaining such security interest is excessive in relation to the benefit to the
Lenders of the security to be afforded thereby; provided that clauses (vii), (xi), (xiii) and (xiv)&nbsp;shall be after giving effect to the applicable
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">anti-non-assignment</FONT></FONT> provisions of the Uniform Commercial Code or other applicable law, and shall not apply to proceeds and receivables thereof, the assignment of which
is expressly deemed effective under the Uniform Commercial Code or other applicable law notwithstanding such prohibition. No Loan Party shall be required to (i)&nbsp;enter into control agreements with respect to any deposit accounts, securities
accounts or commodity accounts, (ii)&nbsp;make any fixture filings other than in connection with a mortgage required to be delivered, (iii)&nbsp;deliver any instruments or certificated securities, other than instruments evidencing indebtedness to
the extent that the face amount of any such instrument exceeds an amount to be agreed and certificated securities constituting equity interests in direct or indirect subsidiaries of the Borrower, (iv)&nbsp;execute landlord, mortgagee and bailee
waivers, (v)&nbsp;send notices to account debtors or other contractual third parties prior to an event of default, (vi)&nbsp;execute <FONT STYLE="white-space:nowrap">foreign-law</FONT> governed security documents, (vii)&nbsp;take any actions in any
foreign jurisdiction needed for perfection under foreign law or (viii)&nbsp;take any action (beyond the filing of a financing statement under the Uniform Commercial Code) to perfect security interests in (A)&nbsp;commercial tort claims not exceeding
an amount to be agreed, (B)&nbsp;motor vehicles and other assets subject to certificates of title and (C)&nbsp;letter of credit rights,</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-9 </P>


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<TD VALIGN="top">except to the extent constituting a supporting obligation for other Collateral as to which perfection is accomplished by the filing of a UCC financing statement or equivalent (it being understood that no actions shall be required to
perfect a security interest in letter of credit rights, other than the filing of a UCC financing statement or equivalent).</TD></TR>
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<TD VALIGN="top"><B>Voluntary Prepayments:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Term Facility may be prepaid in whole or in part, subject to the &#147;Call Premium&#148; set forth below; <U>provided</U> that prepayments of loans bearing interest with reference to the reserve adjusted Eurodollar Rate will be
subject to payment of customary breakage costs if prepaid other than on the last day of the related interest period. Voluntary prepayments of the Term Facilities shall be applied pro rata to the Term Facility and any Incremental Term Facilities and
otherwise as directed by Borrower (and absent such direction, shall be applied to the remaining amortization payments under the Term Facility and any Incremental Term Facilities in direct order of maturity thereof). The Revolving Credit Facility may
be prepaid and the commitments terminated in whole at any time upon five business days&#146; prior written notice.</TD></TR>
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<TD VALIGN="top"><B>Mandatory Prepayments:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The following mandatory prepayments will be required (subject to certain basket amounts to be negotiated in the Loan Documents):</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Asset Sales</U>: Prepayments in an amount
equal to 100% of the net cash proceeds (including without limitation net of taxes and costs and expenses in connection with the sale) of the sale or other disposition of any property or assets of the Borrower or any of its restricted subsidiaries
(subject to certain exceptions to be determined but including without limitation exceptions for transactions below a threshold amount to be mutually agreed, sales or other dispositions of inventory in the ordinary course of business, ordinary course
asset sales and other dispositions, dispositions of obsolete or <FONT STYLE="white-space:nowrap">worn-out</FONT> property and property no longer used or useful in the business), other than net cash proceeds that are reinvested (or committed to be
reinvested) in other long-term assets useful in the business of the Borrower and its restricted subsidiaries within 365 days of receipt thereof and, if so committed to be reinvested, so long as such reinvestment is completed within 180 days after
such commitment.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance Proceeds</U>: Prepayments in an
amount equal to 100% of the net cash proceeds (including without limitation net of taxes and costs and expenses in connection with the condemnation or casualty event) of insurance paid on account of any loss of any property or assets of the Borrower
or any of its restricted subsidiaries, other than net cash proceeds that are reinvested (or committed to be reinvested) in other long-term assets useful in the business of the Borrower and its restricted subsidiaries (or used to replace damaged or
destroyed assets) within 365 days of receipt thereof and, if so committed to be reinvested, so long as such reinvestment is completed within 180 days after such commitment.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-10 </P>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incurrence of Indebtedness</U>: Prepayments
in an amount equal to 100% of the net cash proceeds received from the incurrence of indebtedness by the Borrower or any of its restricted subsidiaries (other than indebtedness otherwise permitted under the Loan Documents (other than any Specified
Refinancing Debt)), payable no later than the first business day following the date of receipt.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Excess Cash Flow</U>: Prepayments in an
amount equal to the Applicable ECF Percentage (as defined below) of Excess Cash Flow (to be defined to start with Adjusted EBITDA with adjustments to be agreed including deductions for cash taxes paid, unfinanced capital expenditures, cash interest
expense, dividend payments on common in an aggregate amount not to exceed $16.0&nbsp;million per year and dividend payments on equity linked securities permitted pursuant to clause (g)(iv) under &#147;Negative Covenants&#148; below) commencing with
the fiscal year ending December&nbsp;31, 2017; <U>provided</U> that voluntary prepayments of the Facility made during the applicable fiscal year will reduce the amount of excess cash flow prepayments required for such fiscal year on a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">dollar-for-dollar</FONT></FONT> basis based on the amount of cash paid for such loans (other than to the extent such prepayments are funded with the proceeds of long-term
indebtedness).</P></TD></TR>
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<TD VALIGN="top">&#147;<B>Applicable ECF Percentage</B>&#148; means, with respect to any fiscal year, (i) 50% if the Secured Net Leverage Ratio as of the end of such fiscal year is greater than the Closing Date Secured Net Leverage Ratio minus
0.50x, (ii) 25% if the Secured Net Leverage Ratio as of the end of such fiscal year is less than or equal to the Closing Date Secured Net Leverage Ratio minus 0.50x but greater than or equal to the Closing Date Secured Leverage Ratio minus 1.00x and
(iii) 0% if the Secured Net Leverage Ratio as of the end of such fiscal year is less than the Closing Date Secured Net Leverage Ratio minus 1.00x.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">All mandatory prepayments will be applied without penalty or premium (except for breakage costs, if any) and will be applied to the remaining scheduled amortization payments and the payment at final maturity of the Facility in
direct order of maturity. Each Lender will have the right to reject its pro rata share of any mandatory prepayment (other than pursuant to clause (3)&nbsp;above). Any amounts so rejected (&#147;<B>Declined Proceeds</B>&#148;) will be retained by the
Borrower.</TD></TR>
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<TD VALIGN="top"><B>Call Premium:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">In the event that all or any portion of the Facility is (i)&nbsp;repaid, prepaid, refinanced or replaced (other than in connection with a Change of Control or a Transformative Acquisition (as defined below)) or (ii) repriced or
effectively refinanced through any waiver, consent or</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-11 </P>


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<TD VALIGN="top">amendment (in the case of each of clauses (i)&nbsp;and (ii), in connection with the incurrence of any secured term loans having an effective interest cost or weighted average yield that is less than the effective interest cost or
weighted average yield of the Facility (or portion thereof) so repaid, prepaid, refinanced, replaced or repriced or any waiver, consent or amendment to the Facility directed at, or the result of which would be, the lowering of the effective interest
cost or the weighted average yield of the Facility (a &#147;<B>Repricing Transaction</B>&#148;)) occurring within six (6)&nbsp;months after the Closing Date, such repayment, prepayment, refinancing, replacement or repricing will be made at 101.0% of
the principal amount so repaid, prepaid, refinanced, replaced or repriced. If all or any portion of the Facility held by any Lender is repaid, prepaid, refinanced or replaced pursuant to a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">&#147;yank-a-bank&#148;</FONT></FONT> or similar provision in the Loan Documents as a result of, or in connection with, such Lender not agreeing or otherwise consenting to any waiver, consent or amendment referred to in
clause (ii) above (or otherwise in connection with a Repricing Transaction), such repayment, prepayment, refinancing or replacement will be made at 101.0% of the principal amount so repaid, prepaid, refinanced or replaced.</TD></TR>
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<TD VALIGN="top">&#147;<B>Transformative Acquisition</B>&#148; shall mean any acquisition or investment by the Borrower or any restricted subsidiary that is either (a) not permitted by the terms of the Loan Documents immediately prior to the
consummation of such acquisition or investment or (b)&nbsp;if permitted by the terms of the Loan Documents immediately prior to the consummation of such acquisition or investment, would not provide the Borrower and its subsidiaries with adequate
flexibility under the Loan Documents for continuation and/or expansion of their combined operations following such consummation, as determined by the Borrower acting in good faith.</TD></TR>
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<TD VALIGN="top"><B>Documentation:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The definitive documentation for the Facility (the &#147;<B>Loan </B><B>Documents</B>&#148;) shall (i)&nbsp;be consistent with the Commitment Letter and the Fee Letter and not contain any conditions to the availability and initial
funding of the Facility on the Closing Date other than as set forth on <U>Annex C</U>; (ii)&nbsp;subject to the right to exercise the &#147;Market Flex Provisions&#148; in the Fee Letter, contain only those mandatory prepayments, representations and
warranties, affirmative, financial and negative covenants and events of default expressly set forth in this <U>Annex B</U>, which shall be subject to standards, qualifications, thresholds, exceptions for materiality and/or otherwise and
&#147;baskets,&#148; grace and cure periods, in each case, consistent (where applicable) with this <U>Annex B</U>; it being understood and agreed that: to the extent that the Loan Documents require (x)&nbsp;compliance with any financial ratio or
test, (y)&nbsp;the absence of any default or event of default or (z) compliance with any cap as a condition to the consummation of any Permitted Acquisition or similar permitted investment, the making of any dividend or distribution (if such
dividend or distribution must be declared in advance of such dividend or distribution) or the making of any restricted debt payment (if notice must be given in advance of</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-12 </P>


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<TD VALIGN="top">such restricted debt payment) (each, a &#147;<B>Limited Condition </B><B>Transaction</B>&#148;, including, in each case, the assumption or incurrence of indebtedness or liens in connection therewith, (A)&nbsp;the determination of
whether all applicable relevant conditions are satisfied may be made, at the election of the Borrower, (I)&nbsp;in the case of a Permitted Acquisition or similar permitted investment, either (1)&nbsp;at the time of the execution of the definitive
agreement with respect to the relevant acquisition or investment or (2)&nbsp;at the time of the consummation of the relevant acquisition or investment, in either case after giving effect to the Permitted Acquisition or investment and any related
indebtedness or liens on a pro forma basis, or, (II)&nbsp;in the case of a dividend or distribution, either (1)&nbsp;at the time of the declaration thereof (provided that such declaration is not made more than 60 days in advance of the dividend or
distribution) or (2)&nbsp;at the time of the making of such dividend or distribution, in either case after giving effect to the dividend or distribution and any related indebtedness or liens on a pro forma basis and (III)&nbsp;in the case of any
restricted debt payment, either (1) at the time of delivery of customary irrevocable (which may be conditional) notice with respect to such restricted debt payment or (2) at the time of the making of such restricted debt payment, in either case
after giving effect to the relevant restricted debt payment and any related indebtedness or liens on a pro forma basis; and (B)&nbsp;if the Borrower has made an election to test at the earlier permitted time, then in connection with any subsequent
calculation of any ratio or basket on or following the relevant determination date and prior to the earlier of (1)&nbsp;the date on which such Limited Condition Transaction is consummated or (2)&nbsp;the date that the definitive agreement for such
acquisition is terminated or expires without consummation of such acquisition or the date on which the Limited Condition Transaction is consummated, any such ratio or basket shall be calculated on (x)&nbsp;a pro forma basis assuming the relevant
transactions and other transactions in connection therewith (including any incurrence of debt, liens and the use of proceeds thereof) have occurred until such time as the Limited Condition Transaction has actually closed or the definitive agreement
with respect thereto has been terminated or the Limited Condition Transaction has otherwise been abandoned, and also on (y) an actual basis without giving effect to such Limited Condition Transaction or the other transactions in connection
therewith; (iii) give due regard to the operational and strategic requirements of the Borrower, the Acquired Business, and their respective subsidiaries in light of their consolidated capital structure, size, industry and practices (including,
without limitation, the leverage profile and projected free cash flow generation of the Borrower, the Acquired Business and their respective subsidiaries), in each case, after giving effect to the Transactions and the Financial Model (as defined
below); (iv) include the Administrative Agent&#146;s customary agency provisions and certain mechanical provisions (consistent and reflective of the Administrative Agent&#146;s customary requirements and practices); and (v)&nbsp;otherwise be
customary for transactions of the type contemplated by the Commitment Letter and negotiated in good faith by the Borrower and the Commitment Parties giving effect to the Limited Conditionality Provisions so that the Loan Documents are finalized as
promptly as practicable after the acceptance of the Commitment Letter.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-13 </P>


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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The provisions described under this heading &#147;Documentation&#148; are collectively referred to herein as the &#147;<B>Documentation Principles</B>&#148;.</TD></TR>
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<TD VALIGN="top"><B>Representations and Warranties:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">To be applicable to the Borrower and its restricted subsidiaries (and subsidiaries and controlled affiliates, in the case of the representations relating to sanctions, anti-corruption, anti-money-laundering and anti-terrorism laws)
and limited to the following: due organization; requisite power and authority; qualification; equity interests and ownership; due authorization, execution, delivery and enforceability of the Loan Documents; creation, validity, perfection and
priority of security interests (subject, on the Closing Date, to the limitations on perfection set forth in the Limited Conditionality Provisions); status as senior debt; no conflicts; governmental consents; financial statements; projections; no
material adverse change; absence of material litigation; payment of taxes; title to properties; environmental matters; Investment Company Act and margin stock matters; ERISA; labor matters; solvency; regulatory matters; compliance with laws;
sanctions, anti-corruption, anti-money-laundering and anti-terrorism laws; full disclosure; insurance; use of proceeds; and intellectual property.</TD></TR>
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<TD VALIGN="top"><B>Covenants:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Loan Documents for the Facility will contain affirmative and negative covenants to be applicable to the Borrower and its restricted subsidiaries (and subsidiaries and controlled affiliates, in the case of covenants relating to
sanctions, anti-corruption, anti-money-laundering and anti-terrorism laws) and limited to the following:</TD></TR>
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<TD VALIGN="top"><B>- Financial Covenant:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Maximum Total Net Leverage Ratio, with the initial covenant level set at a minimum 30% <FONT STYLE="white-space:nowrap">non-cumulative</FONT> cushion lower than the level of EBITDA set forth in the financial model delivered to the
Lead Arrangers on November&nbsp;13, 2016 (the &#147;<B>Financial Model</B>&#148;), as such model may be updated upon the mutual and reasonable agreement of the Borrower and the Lead Arrangers, and subsequent levels to be set forth in the Loan
Documents. The financial covenant shall be tested upon delivery of the financial statements for each fiscal quarter of the Borrower.</TD></TR>
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<TD VALIGN="top"><B>- Affirmative Covenants:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(i) Delivery of audited and unaudited consolidated financial statements (in each case with accompanying management&#146;s discussion and analysis), unaudited consolidating financial statements, compliance certificates and other
information (within 90 days of the fiscal year end for audited consolidated financial statements, within 45 days of the end of each of the first three fiscal quarters of each fiscal year for unaudited consolidated quarterly financial statements and
promptly upon request for any unaudited consolidating financial statements); (ii) delivery of annual budget and annual business plans within 90 days after the beginning of each fiscal year; (iii)&nbsp;delivery of notices
of</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-14 </P>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">defaults, material litigation, ERISA events, regulatory actions and acquisitions; (iv)&nbsp;maintenance of existence and conduct of business;
(v) payment and performance of obligations (including tax liabilities); (vi) maintenance of properties; (vii)&nbsp;books and records and inspection rights (subject to frequency and expense reimbursement limitations to be agreed); (viii) compliance
with FCPA, OFAC, the PATRIOT ACT, sanctions, anti-corruption, anti-terrorism laws and anti-money laundering laws and similar laws (including, without limitation, the Trading with Enemy Act, as amended, and all foreign asset control regulations of
the United States Treasury Department, enabling legislation and executive orders relating thereto and the Patriot Act); (ix) compliance with other laws, rules and regulations; (x)&nbsp;use of proceeds; (xi)&nbsp;maintenance of insurance (giving
effect to self-insurance); (xii) additional subsidiary guarantors; (xiii)&nbsp;compliance with environmental laws; (xiv)&nbsp;commercially reasonable efforts to maintain public corporate level and facility level ratings from Moody&#146;s and S&amp;P
(but not any specific rating); (xv) quarterly lender calls; (xvi)&nbsp;additional collateral; and (xvii)&nbsp;further assurances.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">The affirmative covenants set forth in clauses (iv) (with respect to good standing), (v), (vi), (ix) and (xiii)&nbsp;shall be subject to the exception
&#147;except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect&#148;.</P></TD></TR>
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<TD VALIGN="top"><B>- Negative Covenants:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Limitations with respect to:</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;incurrence of indebtedness, with baskets and
exceptions to be agreed but in any event including, without limitation:</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;indebtedness of the Borrower and its restricted
subsidiaries so long as (A)&nbsp;no event of default has occurred and is continuing, and (B)&nbsp;the Total Net Leverage Ratio, calculated on a pro forma basis after giving effect to such incurrence and the use of proceeds therefrom, would not
exceed the Closing Date Total Net Leverage Ratio plus 0.25x (or plus 0.50x if the Closing Date Total Leverage Ratio is less than or equal to 2.25x); <U>provided</U> that (1)&nbsp;the maturity date and weighted average life to maturity of such debt
is more than 90 days after the latest scheduled maturity date of the Facility, (2)&nbsp;to the extent subordinated, the subordination arrangement shall be on terms reasonably acceptable to the Administrative Agent, (3)&nbsp;such debt has covenants
and events of default that are no more restrictive (taken as a whole) on the Borrower and its restricted subsidiaries (taken as a whole) than those contained in the Loan Documents, and (4)&nbsp;the aggregate amount of all such indebtedness incurred
by <FONT STYLE="white-space:nowrap">non-Guarantor</FONT> subsidiaries shall be subject to the <FONT STYLE="white-space:nowrap">Non-Guarantor</FONT> Debt Cap;</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-15 </P>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred stock (issued by a Loan Party) that is not
disqualified capital stock;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;intercompany indebtedness among the Borrower and its restricted
subsidiaries, subject to a dollar cap equal to the greater of (x) $15.0&nbsp;million and (y) 10.00% of Borrower&#146;s consolidated EBITDA on the amount of such indebtedness owed by a <FONT STYLE="white-space:nowrap">non-Guarantor</FONT> subsidiary
to a Loan Party;</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;indebtedness incurred, assumed or acquired in connection with a
Permitted Acquisition so long as (A) no event of default has occurred and is continuing, and (B) the Total Net Leverage Ratio, calculated on a pro forma basis after giving effect to such incurrence and the use of proceeds therefrom, would not exceed
the Closing Date Total Net Leverage Ratio plus 0.25x (or plus 0.50x if the Closing Date Total Leverage Ratio is less than or equal to 2.25x); <U>provided</U> that in the case of indebtedness incurred in contemplation of such acquisition, the
parameters in subclauses of (1), (2), (3) and (4)&nbsp;of clause (i) above shall be applicable, except that subclause (1) shall not apply to a customary bridge facility so long as such customary bridge facility is to be automatically converted into
long-term debt that satisfies such subclause (1);</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;indebtedness in respect of treasury management, cash
management and similar bank product obligations, in each case incurred in the ordinary course of business;</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a basket for capital leases and purchase money debt in an amount
not to exceed the greater of (x) $7.5&nbsp;million and (y) 5.00% of Borrower&#146;s consolidated EBITDA at any time outstanding;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp;a &#147;general&#148; basket in an amount not to exceed the greater
of (x) $15.0&nbsp;million and (y) 10.00% of Borrower&#146;s consolidated EBITDA at any time outstanding;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(viii)&nbsp;&nbsp;indebtedness under the Loan Documents (including Incremental Facilities and
Refinancing Facilities);</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hedging obligations incurred in the ordinary course of business
and not for speculative purposes;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;guarantees by the Borrower or any of its restricted
subsidiaries of any indebtedness permitted by the foregoing, subject, in the case of such guarantees by <FONT STYLE="white-space:nowrap">non-Guarantor</FONT> subsidiaries, to applicable limitations on indebtedness by
<FONT STYLE="white-space:nowrap">non-Guarantor</FONT> subsidiaries if the indebtedness being guaranteed is subject to such limitation; and</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-16 </P>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;permitted refinancings of indebtedness otherwise permitted by
the foregoing;</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; font-size:10pt; font-family:Times New Roman">provided that debt incurred by <FONT STYLE="white-space:nowrap">non-Guarantor</FONT> subsidiaries pursuant to
subclauses (i)&nbsp;and (iv) (in the case of subclause (iv), to the extent incurred in contemplation of the Permitted Acquisition) shall be limited to an aggregate amount equal to the greater of (x) $22.0&nbsp;million and (y) 15.00% of
Borrower&#146;s consolidated EBITDA (the &#147;<B><FONT STYLE="white-space:nowrap">Non-Guarantor</FONT> Debt Cap</B>&#148;));</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liens, with exceptions to be agreed, but in any event
including baskets for (i)&nbsp;liens securing acquired debt, so long as such liens (x) were not incurred in contemplation of such acquisition and (y) are only on assets acquired in such acquisition, (iii)&nbsp;liens on the Collateral securing
Incremental Equivalent Debt and Specified Refinancing Debt; provided that is such liens are <I>pari passu</I>, such liens shall be subject to a pari passu intercreditor agreement, and if such liens are subordinated, such liens shall be subject to a
junior intercreditor agreement, and (iv)&nbsp;a &#147;general&#148; basket in an amount not to exceed the greater of (x) $15.0&nbsp;million and (y) 10.00% of Borrower&#146;s consolidated EBITDA at any time outstanding;</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;fundamental changes, including changes in the nature of business,
changes to fiscal year and mergers and consolidations, with exceptions to be agreed; but in any event including, without limitation, Permitted Acquisitions and transactions among the Borrower and its restricted subsidiaries (so long as, in the case
of any merger involving the Borrower, the Borrower is the surviving entity and, in the case of any merger involving a Guarantor, a Guarantor is the surviving entity);</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sales of assets (including subsidiary interests) and
issuances of equity interests by subsidiaries, with exceptions to be agreed; but in any event including, without limitation, (i)&nbsp;transactions below $3.0&nbsp;million, and (ii)&nbsp;other dispositions, so long as no event of default has occurred
and is continuing, the Borrower or such restricted subsidiary receives fair market value and at least 75% of the consideration received is in cash or permitted reinvestment assets;</P></TD></TR>
<TR STYLE="font-size:1pt">
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sale and lease back transactions;</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hedging agreements, other than those in the ordinary
course of business;</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-17 </P>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;restricted junior payments (e.g., dividends, distributions,
redemptions or prepayments of certain debt), with exceptions to be agreed; but in any event including, without limitation, exceptions, so long as no event of default has occurred and is continuing, for (i)&nbsp;a &#147;general&#148; basket in an
amount equal to the greater of (x) $5.0&nbsp;million and (y) 3.00% of Borrower&#146;s consolidated EBITDA in any fiscal year, (ii)&nbsp;quarterly dividends on common stock in an amount per share consistent with quarterly dividends in effect on the
date of the Commitment Letter (with adjustments for stock splits, reverse stock splits and share recapitalizations), (iii) an &#147;available amount&#148; basket referred to below, (iv)&nbsp;dividends on equity-linked securities the net cash
proceeds of which are used to reduce the amount of the Initial Term Loans and (v)&nbsp;unlimited restricted junior payments so long as the Total Net Leverage Ratio calculated on a pro forma basis, after giving effect to such restricted junior
payments, would not exceed (x)&nbsp;the Closing Date Total Net Leverage Ratio minus 0.75x, if the Closing Date Total Net Leverage Ratio is greater than or equal to 2.75x and (y) 2.00x, if the Closing Date Total Net Leverage Ratio is less than
2.75x;</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;loans, acquisitions, joint ventures and other investments,
with exceptions to be agreed and investments in amounts to be agreed including (i) &#147;seed investments&#148; in Virtus Funds, (ii)&nbsp;investments necessary to cause any restricted subsidiary that is a CFTC-registered introducing broker or a
FINRA-member broker-dealer to be in compliance with its net capital requirements under applicable law, (iii)&nbsp;Permitted Acquisitions, (iv)&nbsp;investments by <FONT STYLE="white-space:nowrap">non-Guarantor</FONT> restricted subsidiaries in <FONT
STYLE="white-space:nowrap">non-Guarantor</FONT> restricted subsidiaries, (v)&nbsp;so long as no event of default has occurred and is continuing, loans, acquisitions, joint ventures and other investments made using &#147;available amount&#148;
referred to below, (vi) an aggregate &#147;general&#148; basket in an amount equal to the greater of (x) $7.5&nbsp;million and (y) 5.00% of Borrower&#146;s consolidated EBITDA, and (vii)&nbsp;unlimited investments so long as no event of default has
occurred and is continuing and the Total Net Leverage Ratio calculated on a pro forma basis, after giving effect to such investment, would not exceed (x)&nbsp;the Closing Date Total Net Leverage Ratio minus 0.75x, if the Closing Date Total Net
Leverage Ratio is greater than or equal to 2.75x and (y) 2.00x, if the Closing Date Total Net Leverage Ratio is less than 2.75x;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transactions with affiliates;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;limitations on the ability of the Borrower or any of
its restricted subsidiaries to grant liens to secure the Facility or any refinancing thereof or to enter into restrictions on subsidiary distributions that would impair the ability of the Loan Parties to make payments in respect of the
Facility;</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-18 </P>


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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amendment of organizational documents of the Borrower or
any of its restricted subsidiaries in a manner materially adverse to the Lenders; and</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;use of proceeds; no violation of sanctions,
anti-terrorism, anti-money laundering and anti-corruption laws.</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Loan Documents will contain an &#147;available amount&#148; basket (based on, without duplication, (i)&nbsp;the cumulative amount of Excess Cash Flow for the fiscal year ending December&nbsp;31, 2017 and each fiscal year
thereafter minus, for each such fiscal year, the Applicable ECF Percentage of such Excess Cash Flow plus (ii)&nbsp;net cash proceeds from the issuance of common stock by the Borrower after the Closing Date plus (iii)&nbsp;net cash proceeds of
capital contributions (other than disqualified equity) to the Borrower plus (iv)&nbsp;the net cash proceeds received by the Borrower from debt and disqualified stock issuances that have been issued after the Closing Date and which have been
exchanged or converted into qualified equity plus (v)&nbsp;the net cash proceeds received by the Borrower and its restricted subsidiaries from sales of investments that were made using the available amount plus (vi) Declined Proceeds plus
(vii)&nbsp;returns, profits, distributions and similar amounts received by the Borrower and its restricted subsidiaries on investments that were made using the available amount plus (viii)&nbsp;the fair market value of any unrestricted subsidiary
that is <FONT STYLE="white-space:nowrap">re-designated</FONT> as a restricted subsidiary (or, if such unrestricted subsidiary is not wholly owned, such fair market value times the percentage of such unrestricted subsidiary that will be owned by the
Borrower and its restricted subsidiaries following such <FONT STYLE="white-space:nowrap">re-designation)</FONT> or that has been merged or consolidated with or into the Borrower or any of its restricted subsidiaries, to the extent that the
designation of such subsidiary as an unrestricted subsidiary was made using the available amount) that may be used, without duplication, subject to the absence of any continuing default or event of default, for purposes of making investments,
restricted payments and prepayments of certain debt, in each case, in excess of the baskets (if any) otherwise provided therefor in the Loan Documents.</TD></TR>
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<TD VALIGN="top"><B>Permitted Acquisition:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Borrower and its restricted subsidiaries will be permitted to acquire (i)&nbsp;equity interests of persons that become restricted subsidiaries and/or (ii)&nbsp;businesses, business units or business divisions (each, a
&#147;<B>Permitted Acquisition</B>&#148;) so long as:</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;before and after giving effect thereto, no event of
default has occurred and is continuing;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the acquired entity or assets are in the same or generally
related line of business or a complementary line of business as the Borrower and its restricted subsidiaries;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-19 </P>


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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the proposed acquisition is consensual (not
&#147;hostile&#148;), and, if applicable, has been approved by the acquisition target&#146;s board of directors;</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Borrower is in pro forma compliance with the
financial covenant;</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject to the limitations and exceptions set
forth above under &#147;Guarantors,&#148; the acquired company and its domestic subsidiaries will become Guarantors and pledge their Collateral to the Administrative Agent, and the aggregate consideration that may be paid for all acquisitions of
entities that do not become Guarantors and of acquisitions of assets by entities that are not Loan Parties (to the extent funded by Loan Parties), which may be made with all available investment baskets, including, without limitation, the unlimited
basket subject to the applicable incurrence test, will be limited to an amount equal to the greater of (x) $30.0&nbsp;million and (y) 25.00% of Borrower&#146;s consolidated EBITDA; and</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for Permitted Acquisitions the consideration of
which is in excess of $10.0&nbsp;million, the Borrower shall have delivered to the Administrative Agent, a certificate of an authorized officer of the Borrower certifying that all of the requirements set forth in clauses (a) - (e) have been
satisfied or will be satisfied on or prior to the consummation of such purchase or other acquisition.</P></TD></TR>
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<TD VALIGN="top"><B>Unrestricted Subsidiaries:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Loan Documents will contain provisions pursuant to which, subject to limitations on loans, advances, guarantees and other investments in, unrestricted subsidiaries, the Borrower will be permitted to designate any existing or
subsequently acquired or organized subsidiary (other than the Borrower or any subsidiary that was previously an unrestricted subsidiary) as an &#147;unrestricted subsidiary&#148; and subsequently <FONT STYLE="white-space:nowrap">re-designate</FONT>
any such unrestricted subsidiary as a restricted subsidiary so long as, after giving effect to any such designation or <FONT STYLE="white-space:nowrap">re-designation,</FONT> (x)&nbsp;the Borrower shall be in pro forma compliance with the financial
covenant and (y)&nbsp;the fair market value of such subsidiary at the time it is designated as an &#147;unrestricted subsidiary&#148; shall be treated as an investment by The Borrower at such time. Unrestricted subsidiaries will not be subject to
the representation and warranties, affirmative or negative covenant or event of default provisions of the Loan Documents and the results of operations and indebtedness of unrestricted subsidiaries will not be taken into account in calculating any
financial metrics contained in the Loan Documents.</TD></TR>
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<TD VALIGN="top"><B>Events of Default:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Loan Documents will include events of default (and, as appropriate, grace periods) to be applicable to the Borrower and its restricted subsidiaries (and subsidiaries, in the case of covenants relating to sanctions,
anti-corruption, anti-money-laundering and anti-terrorism laws) and limited to the following: (i)&nbsp;failure to make</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-20 </P>


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<TD VALIGN="top">principal payments when due, (ii)&nbsp;failure to make payments of interest, fees or other amounts after a three business day grace period, (iii) any representation or warranty proving to have been incorrect in any material respect
when made or deemed made, (iv)&nbsp;failure to perform or observe affirmative covenants to provide notice of default, maintain existence of the Borrower or with respect to use of proceeds, the financial covenant or any negative covenant,
(v)&nbsp;failure to perform or observe any other covenants set forth in the Loan Documents, subject to a 30 calendar day grace period, (vi)(A) payment default in respect of any material obligation in excess of $10.0&nbsp;million (&#147;<B>Material
Obligation</B>&#148;) (after giving effect to any applicable grace period), and (B)&nbsp;occurrence of any event or condition that results in any Material Obligation becoming due prior to its scheduled maturity or payment date, or that enables or
permits holders or any trustee or agent on its or their behalf to cause any Material Obligation to become due prior to scheduled maturity (in each case after giving effect to any applicable cure period), (vii) bankruptcy, insolvency proceedings,
etc. with respect to the Borrower or any of its material subsidiaries (with a <FONT STYLE="white-space:nowrap">60-day</FONT> grace period for involuntary proceedings), (viii) the Borrower or any subsidiary shall become insolvent or unable to pay its
debts or fail generally to pay its debts as they become due, (ix)&nbsp;judgments for monetary damages in excess of $10.0&nbsp;million, (x)&nbsp;customary ERISA defaults, (xi)&nbsp;actual or asserted (by any Loan Party) invalidity of any Loan
Document or impairment of security interests in a material portion of the Collateral, (xii)&nbsp;the loss of licenses or permits, which loss could reasonably be expected to result in a material adverse effect, (xiii) &#147;Change of Control&#148;
(to be defined in a mutually agreed upon manner), and (xiv)&nbsp;invalidity of any applicable intercreditor or subordination agreements or provisions relating to any Material Obligation that is subordinated (including by lien subordination) to the
Facility.</TD></TR>
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<TD VALIGN="top"><B>Conditions Precedent to Initial Borrowings:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The several obligations of the Lenders to make, or cause one of their respective affiliates to make, loans under the Facility on the Closing Date will be subject only to the conditions precedent listed on <U>Annex C</U> attached to
the Commitment Letter.</TD></TR>
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<TD VALIGN="top"><B>Conditions Precedent to All Borrowings:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The conditions to all borrowing of Revolving Loans and issuance, extension or amendment of any Letters of Credit after the Closing Date will consist of (a)&nbsp;prior written notice of the request for the Revolving Loan or Letter of
Credit in accordance with the customary procedures set out in the Loan Documents, (b)&nbsp;the accuracy of representations and warranties in the Loan Documents in all material respects (except where qualified by materiality, then just the accuracy
thereof) and (c)&nbsp;the absence of any default or event of default at the time of, and after giving effect to the making of the Revolving Loan or the issuance (or amendment or extension) of the Letter of Credit.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-21 </P>


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<TD VALIGN="top"><B>Assignments and Participations:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B></B>The Lenders will be permitted to assign Term Loans with the consent of the Borrower and the Administrative Agent and, Revolving Loans and Revolving Commitments with the consent of the Borrower, the Administrative Agent and
the Issuing Banks (in each case not to be unreasonably withheld or delayed); <U>provided</U> that (i)&nbsp;no consent of the Borrower shall be required after the occurrence and during the continuance of a payment or bankruptcy event of default,
(ii)&nbsp;neither the consent of the Borrower nor the Administrative Agent shall be required for an assignment of Loans to another Lender or an affiliate or approved fund of a Lender, (iii)&nbsp;the Borrower shall be deemed to have consented to an
assignment if the Borrower does not object within 10 business days of a request therefor and (iv)&nbsp;no assignments shall be permitted to a natural person, the Borrower or any of its affiliates; <U>provided</U> that assignments may be made to the
Borrower pursuant to the Dutch auction procedures described below. Each assignment (other than to another Lender, an affiliate of a Lender or a related fund) will be in an amount of an integral multiple of $1,000,000 (or lesser amounts, if agreed
between the Borrower and the Administrative Agent) or, if less, all of such Lender&#146;s remaining Loan of the applicable class. Assignments will be by novation. The Administrative Agent shall receive a processing and recordation fee of $3,500 for
each assignment.</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Notwithstanding the foregoing, in no event shall any assignment or participation be permitted to any Disqualified Person, it being understood that any affiliate of a Disqualified Person that is (i)&nbsp;a bona fide diversified debt
fund, or (ii)&nbsp;an investment vehicle that is engaged in the making, purchasing, holding or otherwise investing in, acquiring or trading commercial loans, bonds or similar extensions of credit in the ordinary course, is not, and shall not be
deemed to be, a Disqualified Person. The list of Disqualified Persons may be supplemented to add Competitors from time to time after the Closing Date by reasonable notice in writing from the Borrower to the Administrative Agent (and subject to the
consent of the Administrative Agent, not to be unreasonably withheld); <U>provided</U> that the Borrower may not supplement the list of Disqualified Persons to add any person that is a bona fide debt fund or debt investor. The names of all
Disqualified Persons shall be available to any Lender that requests such names from Administrative Agent. Any supplement to the list of Disqualified Persons after the date hereof shall not apply retroactively to disqualify any persons that have
acquired an assignment or participation interest in the Loans prior to the supplement becoming effective.</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Lenders will be permitted to sell participations in Loans other than to a natural person or the Borrower or any of its affiliates. Voting rights of participants shall be limited to matters set forth under &#147;Requisite
Lenders&#148; below with respect to which the unanimous vote of all Lenders (or all directly and adversely affected Lenders, if the participant is directly and adversely affected) would be required.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-22 </P>


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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">So long as no default or event of default has occurred and is continuing or would result therefrom, the Borrower shall be permitted to acquire Loans through Dutch auctions in which all Lenders under the Term Facility are invited to
participate on a pro rata basis in accordance with customary procedures to be agreed, subject to customary terms and conditions to be determined, including without limitation: (a)&nbsp;any such loans acquired by Borrower shall be retired and
cancelled promptly upon acquisition thereof, (b)&nbsp;Borrower must provide a customary representation and warranty to the effect that it is not in possession of any information that has not been disclosed to the auction manager, Administrative
Agent and <FONT STYLE="white-space:nowrap">non-Public</FONT> Lenders and that may be material to a Lender&#146;s decision to participate in an auction or an assignment, (c)&nbsp;Term Loans may not be purchased with the proceeds of Revolving Loans,
(d)&nbsp;no default or event of default shall have occurred and be continuing or result therefrom and (e)&nbsp;any such Term Loans acquired by Borrower shall not be deemed a repayment of loans for purposes of calculating excess cash.</TD></TR>
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<TD VALIGN="top"><B>Requisite Lenders:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Amendments and waivers will require the approval of Lenders (other than &#147;Defaulting Lenders&#148;) holding more than 50% of total commitments or exposure under the Facility (&#147;<B>Requisite Lenders</B>&#148;),
<U>provided</U> that, in addition to the approval of Requisite Lenders, (a)&nbsp;the consent of each Lender directly and adversely affected thereby will be required with respect to matters relating to (i)&nbsp;increases in the commitment of such
Lender, (ii)&nbsp;reductions of principal, premium, interest or fees (<U>provided</U> that a waiver of default interest, default or event of default shall not constitute a reduction of interest for this purpose), (iii) extensions of final maturity
or scheduled amortization or the due date of any interest or fee and (iv)&nbsp;changes to the order of application of funds and (b)&nbsp;the consent of all Lenders will be required with respect to: (i)&nbsp;modifications of the pro rata payment or
pro rata sharing requirements of the Loan Documents, (ii)&nbsp;modification of the voting percentage or change in the definition of &#147;Requisite Lenders&#148; or any other provisions specifying the number of Lenders or portion of the Loans or
commitments required to take any action under the Loan Documents, (iii)&nbsp;permitting the Borrower to assign its rights or obligations under the Loan Documents and (iv)&nbsp;releases of all or substantially all of the value of the Collateral or
guarantees (other than in connection with transactions permitted pursuant to the Loan Documents).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Notwithstanding anything to the contrary above, on or before the final maturity date of the Revolving Credit Facility and/or the Term Facility, as applicable, to the extent not otherwise already permitted with the consent of the
applicable Lenders, the Borrower shall have the right to extend the maturity date of all or a portion of the Facility with only the consent of the Lenders whose loans or commitments are being extended (which may include, among other things, an
increase in interest rates payable with respect to such extended loans (and not any <FONT STYLE="white-space:nowrap">non-extended</FONT> loans)) on terms and conditions to be mutually agreed by the Administrative Agent and the Borrower; it
being</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-23 </P>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="71%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">understood that each Lender under the Term Facility or Revolving Credit Facility the maturity date of which is being extended shall have the opportunity to participate in such extension on the same terms and conditions as each other
Lender under such tranche.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Yield Protection:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Facility will contain customary provisions (a) protecting the Lenders against increased costs or loss of yield resulting from changes in reserve, capital adequacy and capital and liquidity requirements (or their interpretation),
illegality, unavailability and other requirements of law and from the imposition of or changes in certain withholding or other taxes and (b) indemnifying the Lenders for &#147;breakage costs&#148; incurred in connection with, among other things, any
prepayment of a Eurodollar Rate loan on a day other than the last day of an interest period with respect thereto. For all purposes of the Loan Documents, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines and directives promulgated thereunder and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the
United States regulatory authorities, in each case, pursuant to Basel III, shall be deemed introduced or adopted after the date of the Loan Documents. The Facility will provide that all payments are to be made free and clear of any taxes (other than
customary exclusions, including taxes on overall net income, &#147;day one&#148; U.S. federal withholding taxes in respect of foreign lenders, and U.S. federal withholding taxes imposed under FATCA), imposts, assessments, withholdings or other
deductions whatsoever. The Lenders will furnish to the Administrative Agent appropriate certificates or other evidence of exemption from U.S. federal tax withholding to the extent legally entitled to do so.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Additional Provisions:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Facility will contain additional provisions including (i) customary provisions allowing the Borrower to replace a Lender in connection with amendments and waivers requiring the consent of each Lender directly adversely affected
thereby or all of the Lenders (so long as the Requisite Lenders have approved such amendment or waiver), and increased costs, taxes, etc., and (ii) LSTA model EU bail-in provisions.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Indemnity:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Facility will provide customary and appropriate provisions relating to indemnity, exculpation and related matters in a form reasonably satisfactory to the Lead Arrangers, the Administrative Agent, and the Lenders.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Governing Law and</B> <B>Jurisdiction:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Facility will provide that the Loan Parties will submit to the exclusive jurisdiction and venue of the federal and state courts of the State of New York and will waive any right to trial by jury. New York law will govern the
Loan Documents, except with respect to certain security documents where applicable local law (within the U.S.) is necessary for enforceability or perfection.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-24 </P>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Counsel to the Lead Arrangers, the Syndication Agent</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>and the Administrative Agent:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Cahill Gordon&nbsp;&amp; Reindel LLP.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex B-25 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Annex C </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Project Falcon </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Summary
of Conditions Precedent to the Facility </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This Summary of Conditions Precedent outlines certain of the conditions precedent to the Facility referred
to in the Commitment Letter, of which this <U>Annex C</U> is a part. Certain capitalized terms used herein are defined in the Commitment Letter. </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><U>Concurrent Transactions</U>. The Acquisition shall have been consummated pursuant to the agreement and plan of merger dated as of the date hereof among the Borrower, Lightyear Fund III
<FONT STYLE="white-space:nowrap">AIV-2,</FONT> L.P. and RidgeWorth Holdings LLC (including the exhibits, schedules and all related documents, the &#147;<B>Acquisition</B> <B>Agreement</B>&#148;),<B> </B>without giving effect to any modifications,
consents, amendments or waivers thereto that are materially adverse to the Lenders or any Commitment Party unless consented to by the Lead Arrangers; it being understood that (i)&nbsp;any change in the purchase price made in accordance with the
provisions of the Acquisition Agreement (as in effect on the date hereof) will not be deemed materially adverse to the Lenders and any Commitment Party, (ii)&nbsp;any other decrease in the purchase price that is less than or equal to 10.0% of the
purchase price will not be deemed materially adverse to the Lenders and any Commitment Party; <U>provided</U> that any decrease in the purchase price pursuant to clause (i)&nbsp;or (ii) shall result in a reduction in the amount of the Term Facility
on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">dollar-for-dollar</FONT></FONT> basis; <U>provided</U> <U>further</U> that after any such
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">dollar-for-dollar</FONT></FONT> reduction the amount of the Term Facility shall be an amount not less than $200.0&nbsp;million or shall be $0, (iii) any other decrease in the purchase
price shall be deemed materially adverse to the Lenders and any Commitment Party and (iv)&nbsp;any modification, consent, amendment or waiver of the definition of &#147;Material Adverse Effect&#148; shall be deemed materially adverse to the Lenders
and any Commitment Party. Concurrently with the entering into of the Facility, all borrowings and amounts owing under the Existing Revolving Facility shall have been repaid or paid in full and all commitments relating thereto shall have been
terminated. Concurrently with the consummation of the Acquisition, the outstanding credit agreement of the Acquired Business and its subsidiaries with State Street Bank and Trust shall have been repaid or repurchased in full, all commitments
relating thereto shall have been terminated, and all liens or security interests related thereto shall have been terminated or released, in each case, as evidenced by customary payoff letters. After giving effect to the Transactions, neither the
Borrower nor any of its subsidiaries (excluding any Virtus Fund) shall have any indebtedness for borrowed money or any preferred stock other than (i)&nbsp;indebtedness under the Facility, (ii)&nbsp;indebtedness owing to any Loan Party,
(iii)&nbsp;preferred stock held by any Loan Party, (iv)&nbsp;equity-linked debt securities of the Borrower incurred after the date hereof that generated up to $275.0&nbsp;million of net cash proceeds, which net cash proceeds were applied to reduce
the Commitment Parties&#146; commitments in respect of the Term Facility, (v)&nbsp;indebtedness consisting of unsecured obligations to rollover employee shareholders of the Acquired Business in an amount equal to 50% of the <FONT
STYLE="white-space:nowrap">after-tax</FONT> gain that would have been attributable to the equity in the Acquired Business held by such employees had they sold such equity in the Acquisition, not to exceed, in the aggregate, approximately
$5.3&nbsp;million plus interest at an annual interest rate not to exceed 2.5%, (vi) approximately $2.9&nbsp;million aggregate principal amount of promissory notes owed to certain employees of the Acquired Business, and (vii)&nbsp;other limited
indebtedness up to an amount and on terms reasonably satisfactory to the Lead Arrangers. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><U>Financial Information</U>. The Commitment Parties shall have received (i)&nbsp;(A) audited consolidated
financial statements of the Borrower for the last two fiscal years ending at least 90 days prior to the Closing Date and (B)&nbsp;audited consolidated financial statements of the Acquired Business for
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex C-1 </P>


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<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the last two fiscal years ending at least 120 days prior to the Closing Date, and (ii)&nbsp;unaudited consolidated balance sheets and related consolidated statements of operations and cash flows of each of the Borrower
and the Acquired Business for each fiscal quarter beginning subsequent to the date of the latest audited balance sheet required by clauses (i)&nbsp;and ending at least 45 days prior to the Closing Date, and for the corresponding fiscal quarters of
the prior fiscal year. The Commitment Parties acknowledge receipt of the financial statements referred to in clause (i)&nbsp;for the fiscal years ended December&nbsp;31, 2015 and 2014, and the financial statements referred to in clause (ii)&nbsp;for
the fiscal quarters ended March&nbsp;31, 2016, June&nbsp;30, 2016 and September&nbsp;30, 2016. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"><U>Pro Forma Financial Statements</U>. The Commitment Parties shall have received a pro forma consolidated balance sheet and related pro forma consolidated statement of operations of the Borrower and its subsidiaries as
of and for the twelve-month period ending on the last day of the most recently completed four-fiscal quarter period ended at least 45 days (or 90 days in case such four-fiscal quarter period is the end of the Borrower&#146;s fiscal year) prior to
the Closing Date, prepared in good faith after giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of the statement of operations);
<U>provided</U> that purchase accounting adjustments shall not be required to be made. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"><U>Material Adverse Effect</U>. Subject to Section&nbsp;13.12 of the Acquisition Agreement, except as set forth in Section 3.08(a)(ii) of the Company Disclosure Schedule (as defined in the Acquisition Agreement), from
September&nbsp;30, 2016 until the date hereof, there shall not have been any event, occurrence, development or state of circumstances or facts that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (as
defined in the Acquisition Agreement). Since the date hereof, no Material Adverse Effect shall have occurred. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"><U>Payment of Fees</U>. All fees required by the Commitment Letter and the Fee Letter to be paid on the Closing Date to the Commitment Parties, the Administrative Agent, the Lead Arrangers or the Lenders shall have been
or concurrently shall be paid. All expenses (including legal fees and expenses) of the Commitment Parties and the Administrative Agent in connection with the Transaction, to the extent invoiced in reasonable detail at least one business day prior to
the Closing Date, shall have been paid. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"><U>Minimum Marketing Period</U>. The Borrower shall provide the Commitment Parties with a period of at least 15 consecutive business days following receipt of the financial information set forth in paragraphs 2 and 3
above (the &#147;<B>Marketing</B> <B>Period</B>&#148;); <B></B><U>provided</U> that the Marketing Period will not commence prior to January&nbsp;3, 2017. If the Borrower in good faith reasonably believes that it has delivered the information set
forth in paragraphs 2 and 3 above, it may deliver to the Lead Arrangers written notice to that effect, stating when it believes it completed such delivery and the date of commencement of the Marketing Period (which date of commencement shall not be
earlier than the date of delivery of such notice) (such notice, the &#147;<B>Marketing</B> <B>Period Notice</B>&#148;)<B></B>. The Marketing Period shall commence on the date specified in the Marketing Period Notice, unless the Lead Arrangers in
good faith reasonably believe that the Borrower has not completed delivery of such information and, within three business days after its receipt of the Marketing Period Notice, the Lead Arrangers deliver a written notice to the Borrower to that
effect (stating with specificity which information is deficient). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><U>Customary Closing Documents</U>. The Administrative Agent shall have received, in each case subject to the
Limited Conditionality Provision: (i)&nbsp;the Loan Documents, executed and delivered by the Borrower and the Guarantors, and including all documents and instruments required to execute and (subject to the Limited Conditionality Provision) perfect
the Administrative Agent&#146;s </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex C-2 </P>


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<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">security interests in the Collateral, which shall, if applicable, be in proper form for filing, (ii)&nbsp;customary legal opinions from counsel to the Loan Parties, (iii)&nbsp;customary corporate records and documents
from public officials, (iv)&nbsp;customary officer&#146;s certificates, (v)&nbsp;customary evidence of corporate authority with respect to officers executing the Loan Documents for the Loan Parties, (vi)&nbsp;a solvency certificate from the chief
financial officer of the Borrower as set forth on <U>Exhibit 1</U> to this <U>Annex C</U> and (vii)&nbsp;a notice of borrowing. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"><U>Certain Information</U>. The Administrative Agent will have received at least three (3)&nbsp;business days prior to the Closing Date all documentation and other information about the Borrower and the Guarantors
required by bank regulatory authorities under applicable &#147;know-your-customer&#148; and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested from the Borrower at least ten (10)&nbsp;days prior to the
Closing Date. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"><U>Representations and Warranties</U>. On the Closing Date, (i)&nbsp;the Acquired Business Representations shall be accurate in all material respects (without duplication of any materiality qualifier set forth therein)
to the extent provided in the Limited Conditionality Provisions and (ii)&nbsp;the Specified Representations shall be accurate in all material respects. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Annex C-3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Exhibit 1 to <U>Annex C</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form of Solvency Certificate </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Date: [&#149;] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the Administrative Agent and
each of the Lenders </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">party to the Credit Agreement referred to below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Pursuant to Section [&#149;] of the Credit Agreement, the undersigned, solely in the undersigned&#146;s capacity as [chief financial
officer][specify other officer with equivalent duties] of the Borrower, hereby certifies, on behalf of the Borrower and not in the undersigned&#146;s individual or personal capacity and without personal liability, that, to his knowledge, as of the
Closing Date, after giving effect to the Acquisition and the other transactions contemplated thereby (including the making of the Loans under the Facility on the Closing Date and the application of the proceeds thereof): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">The fair value of the assets of each Applicable Group exceeds its debts and liabilities, subordinated, contingent or otherwise, on a consolidated basis. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">The present fair saleable value of the property of each Applicable Group is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of its debts and other liabilities,
subordinated, contingent or otherwise, on a consolidated basis, as such debts and other liabilities become absolute and matured. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Each Applicable Group is able to pay its debts and liabilities, subordinated, contingent or otherwise, on a consolidated basis, as such liabilities become absolute and matured. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Each Applicable Group is not engaged in, and is not about to engage in, business for which it has unreasonably small capital. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;<B>Applicable</B> <B>Group</B>&#148;<B> </B>means the Borrower and its Subsidiaries on a consolidated basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">For purposes of this Solvency Certificate, (i)&nbsp;the amount of any contingent liability at any time shall be computed as the amount that
would reasonably be expected to become an actual and matured liability and (ii)&nbsp;it is assumed that the indebtedness and other obligations incurred on the date hereof under the Facility will come due on their respective maturities. Capitalized
terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The undersigned is familiar
with the business and financial position of the Borrower and its Subsidiaries. In reaching the conclusions set forth in this Solvency Certificate, the undersigned has made such investigations and inquiries as the undersigned has deemed appropriate,
having taken into account the nature of the business proposed to be conducted by the Borrower and its Subsidiaries after consummation of the transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit I to Annex C-1
</P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>,<B> </B>the undersigned has executed this Solvency Certificate, solely in the
undersigned&#146;s capacity as [chief financial officer][specify other officer with equivalent duties] of the Borrower, on behalf of the Borrower and not in the undersigned&#146;s individual or personal capacity and without personal liability, as of
the date first stated above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>VIRTUS INVESTMENT PARTNERS, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
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<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Exhibit I to Annex C-2
</P>

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