EX-10.2



  

 
 PLEDGE AND SECURITY AGREEMENT

 By 
 HC2
HOLDINGS, INC., 
 as Borrower 

and 
 THE SUBSIDIARY
GUARANTORS PARTY HERETO, 
 as Subsidiary Guarantors 

and 
 JEFFERIES FINANCE
LLC, 
 as Collateral Agent 
  

 
 Dated as of
September 22, 2014 
  
  

 







 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
	 ARTICLE I DEFINITIONS AND INTERPRETATION
	  	 	2	  
			
	 SECTION 1.1.
	    	DEFINITIONS	  	 	2	  
	 SECTION 1.2.
	    	PERFECTION CERTIFICATE	  	 	9	  
		
	 ARTICLE II GRANT OF SECURITY AND SECURED OBLIGATIONS
	  	 	9	  
			
	 SECTION 2.1.
	    	GRANT OF SECURITY INTEREST	  	 	9	  
	 SECTION 2.2.
	    	FILINGS	  	 	10	  
		
	 ARTICLE III PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES; USE OF PLEDGED COLLATERAL
	  	 	11	  
			
	 SECTION 3.1.
	    	DELIVERY OF CERTIFICATED SECURITIES COLLATERAL	  	 	11	  
	 SECTION 3.2.
	    	PERFECTION OF UNCERTIFICATED SECURITIES COLLATERAL	  	 	11	  
	 SECTION 3.3.
	    	FINANCING STATEMENTS AND OTHER FILINGS; MAINTENANCE OF PERFECTED SECURITY INTEREST	  	 	12	  
	 SECTION 3.4.
	    	OTHER ACTIONS	  	 	13	  
	 SECTION 3.5.
	    	JOINDER OF ADDITIONAL SUBSIDIARY GUARANTORS	  	 	16	  
	 SECTION 3.6.
	    	SUPPLEMENTS; FURTHER ASSURANCES	  	 	16	  
		
	 ARTICLE IV REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	17	  
			
	 SECTION 4.1.
	    	TITLE	  	 	17	  
	 SECTION 4.2.
	    	VALIDITY OF SECURITY INTEREST	  	 	17	  
	 SECTION 4.3.
	    	DEFENSE OF CLAIMS; TRANSFERABILITY OF PLEDGED COLLATERAL	  	 	17	  
	 SECTION 4.4.
	    	OTHER FINANCING STATEMENTS	  	 	18	  
	 SECTION 4.5.
	    	CHIEF EXECUTIVE OFFICE; CHANGE OF NAME; JURISDICTION OF ORGANIZATION, ETC.	  	 	18	  
	 SECTION 4.6.
	    	LOCATION OF INVENTORY AND EQUIPMENT	  	 	19	  
	 SECTION 4.7.
	    	CORPORATE NAMES; PRIOR TRANSACTIONS	  	 	19	  
	 SECTION 4.8.
	    	DUE AUTHORIZATION AND ISSUANCE	  	 	19	  
	 SECTION 4.9.
	    	CONSENTS, ETC.	  	 	19	  
	 SECTION 4.10.
	    	INFORMATION RELATING TO PLEDGED COLLATERAL	  	 	19	  
	 SECTION 4.11.
	    	INSURANCE	  	 	20	  


  
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	 SECTION 4.12.
	    	PAYMENT OF TAXES; COMPLIANCE WITH LEGAL REQUIREMENTS; CONTESTING LIENS; CHARGES	  	 	20	  
	 SECTION 4.13.
	    	ACCESS TO PLEDGED COLLATERAL, BOOKS AND RECORDS; OTHER INFORMATION	  	 	20	  
	 SECTION 4.14.
	    	PERFECTION CERTIFICATE	  	 	20	  
		
	 ARTICLE V CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL
	  	 	20	  
			
	 SECTION 5.1.
	    	PLEDGE OF ADDITIONAL SECURITIES COLLATERAL	  	 	20	  
	 SECTION 5.2.
	    	VOTING RIGHTS; DISTRIBUTIONS; ETC.	  	 	21	  
	 SECTION 5.3.
	    	ORGANIZATIONAL DOCUMENTS	  	 	22	  
	 SECTION 5.4.
	    	DEFAULTS, ETC.	  	 	22	  
	 SECTION 5.5.
	    	CERTAIN AGREEMENTS OF PLEDGORS AS ISSUERS AND HOLDERS OF EQUITY INTERESTS	  	 	23	  
		
	 ARTICLE VI CERTAIN PROVISIONS CONCERNING INTELLECTUAL PROPERTY COLLATERAL
	  	 	23	  
			
	 SECTION 6.1.
	    	GRANT OF INTELLECTUAL PROPERTY LICENSE	  	 	23	  
	 SECTION 6.2.
	    	REGISTRATION	  	 	23	  
	 SECTION 6.3.
	    	NO VIOLATIONS OR PROCEEDINGS	  	 	24	  
	 SECTION 6.4.
	    	PROTECTION OF COLLATERAL AGENT’S SECURITY	  	 	24	  
	 SECTION 6.5.
	    	AFTER-ACQUIRED PROPERTY	  	 	24	  
	 SECTION 6.6.
	    	LITIGATION	  	 	25	  
		
	 ARTICLE VII TRANSFERS
	  	 	26	  
			
	 SECTION 7.1.
	    	TRANSFERS OF PLEDGED COLLATERAL	  	 	26	  
		
	 ARTICLE VIII REMEDIES
	  	 	26	  
			
	 SECTION 8.1.
	    	REMEDIES	  	 	26	  
	 SECTION 8.2.
	    	NOTICE OF SALE	  	 	28	  
	 SECTION 8.3.
	    	WAIVER OF NOTICE AND CLAIMS; OTHER WAIVERS; MARSHALLING	  	 	28	  
	 SECTION 8.4.
	    	STANDARDS FOR EXERCISING RIGHTS AND REMEDIES	  	 	29	  
	 SECTION 8.5.
	    	CERTAIN SALES OF PLEDGED COLLATERAL	  	 	30	  
	 SECTION 8.6.
	    	NO WAIVER; CUMULATIVE REMEDIES	  	 	31	  
	 SECTION 8.7.
	    	CERTAIN ADDITIONAL ACTIONS REGARDING INTELLECTUAL PROPERTY	  	 	31	  


  
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	 ARTICLE IX APPLICATION OF PROCEEDS
	  	 	31	  
			
	 SECTION 9.1.
	    	APPLICATION OF PROCEEDS	  	 	31	  
		
	 ARTICLE X MISCELLANEOUS
	  	 	31	  
			
	 SECTION 10.1.
	    	CONCERNING COLLATERAL AGENT	  	 	31	  
	 SECTION 10.2.
	    	COLLATERAL AGENT MAY PERFORM; COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT	  	 	33	  
	 SECTION 10.3.
	    	CONTINUING SECURITY INTEREST; ASSIGNMENT	  	 	33	  
	 SECTION 10.4.
	    	TERMINATION; RELEASE; REINSTATEMENT	  	 	34	  
	 SECTION 10.5.
	    	MODIFICATION IN WRITING	  	 	34	  
	 SECTION 10.6.
	    	NOTICES	  	 	35	  
	 SECTION 10.7.
	    	GOVERNING LAW, CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL	  	 	35	  
	 SECTION 10.8.
	    	SEVERABILITY OF PROVISIONS	  	 	36	  
	 SECTION 10.9.
	    	EXECUTION IN COUNTERPARTS	  	 	36	  
	 SECTION 10.10.
	    	BUSINESS DAYS	  	 	36	  
	 SECTION 10.11.
	    	WAIVER OF STAY	  	 	37	  
	 SECTION 10.12.
	    	NO CREDIT FOR PAYMENT OF TAXES OR IMPOSITION	  	 	37	  
	 SECTION 10.13.
	    	NO CLAIMS AGAINST COLLATERAL AGENT	  	 	37	  
	 SECTION 10.14.
	    	NO RELEASE	  	 	37	  
	 SECTION 10.15.
	    	OVERDUE AMOUNTS	  	 	38	  
	 SECTION 10.16.
	    	OBLIGATIONS ABSOLUTE	  	 	38	  

  

			
	ANNEX 1	  	Perfection Certificate
		
	SCHEDULE 1	  	Securities Collateral
		
	EXHIBIT 1	  	Form of Securities Pledge Amendment
	EXHIBIT 2	  	Form of Joinder Agreement
	EXHIBIT 3	  	Form of Copyright Security Agreement
	EXHIBIT 4	  	Form of Patent Security Agreement
	EXHIBIT 5	  	Form of Trademark Security Agreement


  
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 PLEDGE AND SECURITY AGREEMENT 

This PLEDGE AND SECURITY AGREEMENT, dated as of September 22, 2014 (as amended, amended and restated, supplemented or otherwise modified
from time to time in accordance with the provisions hereof, this “Agreement”), made by HC2 Holdings, Inc., a Delaware corporation (the “Borrower”), and the Subsidiary Guarantors from time to time party hereto by
execution of this Agreement or otherwise by execution of a Joinder Agreement (the “Subsidiary Guarantors”), as pledgors, assignors and debtors (the Borrower, together with the Subsidiary Guarantors, in such capacities and together
with any successors in such capacities, the “Pledgors,” and each, a “Pledgor”), in favor of JEFFERIES FINANCE LLC, in its capacity as collateral agent for the Secured Parties (as defined in the Credit Agreement (as
hereinafter defined)), as pledgee, assignee and secured party (in such capacities and together with any successors in such capacities, the “Collateral Agent”). 

R E C I T A L S : 
 A. The Borrower, the
Subsidiary Guarantors party thereto, Jefferies Finance LLC, in its capacity as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) and as collateral agent for the Secured Parties, Jefferies Finance
LLC, as arranger and book manager, documentation agent and syndication agent and the lending institutions and other entities from time to time party thereto (the “Lenders”) have, in connection with the execution and delivery of this
Agreement, entered into that certain Credit Agreement, dated as of September 22, 2014 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

B. Each Subsidiary Guarantor has, pursuant to the Credit Agreement, unconditionally guaranteed the Secured Obligations. 

C. The Borrower and each Subsidiary Guarantor will receive substantial benefits from the execution, delivery and performance of the Secured
Obligations under the Credit Agreement and the other Loan Documents and each is, therefore, willing to enter into this Agreement. 
 D. This
Agreement is given by each Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties (as hereinafter defined) to secure the payment and performance of all of the Secured Obligations. 

E. Each Pledgor is, or as to Pledged Collateral acquired by such Pledgor after the date hereof will be, the legal and/or beneficial owner of
the Pledged Collateral pledged by it hereunder. 
 F. It is a condition to (i) the obligations of the Lenders to make the Loans under
the Credit Agreement and (ii) the performance of the obligations of the Secured Parties under Permitted Hedging Agreements that constitute Secured Obligations that each Pledgor execute and deliver the applicable Loan Documents, including this
Agreement. 

  
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AGREEMENT 
  
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 A G R E E M E N T : 

NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, each Pledgor and the Collateral Agent hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

SECTION 1.1. Definitions. 

(a) Unless otherwise defined herein or in the Credit Agreement, capitalized terms used herein that are defined in the UCC shall have the
meanings assigned to them in the UCC. 
 (b) Terms used but not otherwise defined herein that are defined in the Credit Agreement shall have
the meanings given to them in the Credit Agreement. Sections 1.03 and 1.06 of the Credit Agreement shall apply herein mutatis mutandis. 

(c) The following terms shall have the following meanings: 

“Agreement” shall have the meaning assigned to such term in the Preamble hereof. 

“Borrower” shall have the meaning assigned to such term in the Preamble hereof. 

“Collateral Agent” shall have the meaning assigned to such term in the Preamble hereof. 

“Commodity Account Control Agreement” shall mean a control agreement in a form that is reasonably satisfactory to the
Collateral Agent establishing the Collateral Agent’s Control with respect to any Commodity Account. 
 “Contracts”
shall mean, collectively, with respect to each Pledgor, all sale, service, performance, equipment or property lease contracts, agreements and grants and all other contracts, agreements or grants (in each case, whether written or oral, or third party
or intercompany), between such Pledgor and any third party, and all assignments, amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof. 

“Control” shall mean (i) in the case of each Deposit Account, “control,” as such term is defined in
Section 9-104 of the UCC, (ii) in the case of any Security Entitlement, “control,” as such term is defined in Section 8-106 of the UCC, and (iii) in the case of any Commodity Contract, “control,” as such term
is defined in Section 9-106 of the UCC. 
 “Control Agreements” shall mean, collectively, each Deposit Account Control
Agreement, each Securities Account Control Agreement and each Commodity Account Control Agreement. 

  
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 “Copyrights” shall mean, collectively, with respect to each Pledgor, all
copyrights (whether protected by statutory or common law copyright, whether established or registered in the United States or any other country or any political subdivision thereof, whether registered or unregistered and whether published or
unpublished) and all copyright registrations and applications made by such Pledgor, in each case, whether now owned or hereafter created or acquired by or assigned to such Pledgor, including the copyrights, registrations and applications listed on
Schedule 14(c) to the Perfection Certificate, together with any and all (i) rights and privileges arising under applicable Legal Requirements with respect to such Pledgor’s use of such copyrights, (ii) reissues, renewals,
continuations and extensions thereof and amendments thereto, (iii) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable with respect thereto, including damages and payments for past, present or future
infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present or future infringements thereof. 

“Copyright Security Agreement” shall mean an agreement substantially in the form of Exhibit 3 hereto. 

“Credit Agreement” shall have the meaning assigned to such term in Recital A hereof. 

“Deposit Account Control Agreement” shall mean a control agreement in a form that is reasonably satisfactory to the
Collateral Agent establishing the Collateral Agent’s Control with respect to any Deposit Account. 
 “Deposit
Accounts” shall mean, collectively, with respect to each Pledgor, (i) all “deposit accounts” as such term is defined in the UCC and all accounts and sub-accounts relating to any of the foregoing accounts and (ii) all
cash, funds, checks, notes and instruments from time to time on deposit in any of the accounts or sub-accounts described in clause (i) of this definition, in each case except any Excluded Assets and accounts consisting solely of zero
balance accounts for the purpose of managing local disbursements, payroll accounts, withholding tax accounts and other fiduciary accounts. 

“Distributions” shall mean, collectively, with respect to each Pledgor, all dividends, cash, options, warrants, rights,
instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split, revision, reclassification or other like change of the Pledged
Securities, from time to time received, receivable or otherwise distributed to such Pledgor in respect of or in exchange for any or all of the Pledged Securities or Intercompany Notes. 

“Escrow Property” shall mean the Escrow Agreements, the Escrow Accounts and the Escrow Amounts. 

  
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 “Excluded Assets” shall mean the following assets of the Borrower and the
Subsidiary Guarantors: 
 (a) motor vehicles and other assets subject to certificates of title, letter of credit rights
(except to the extent perfection can be obtained by filing of UCC financing statements); 
 (b) any lease, license or other
similar agreement or any property subject to a purchase money security interest or similar arrangement to the extent that a grant of a security interest therein would violate or invalidate such lease, license or similar agreement or purchase money
arrangement or create a right of termination in favor of any other party thereto (other than Borrower or a Subsidiary Guarantor) after giving effect to the applicable anti-assignment provisions of the UCC, other than proceeds and receivables
thereof, the assignment of which is expressly deemed effective under the UCC and other applicable laws notwithstanding such prohibition; 

(c) any “intent-to-use” application for registration of a Trademark filed pursuant to Section 1(b) of the Lanham
Act, 15 U.S.C. § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act or an “Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto, solely
to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use application under applicable
federal law; 
 (d) any governmental licenses or state or local franchises, charters and authorizations, to the extent
security interests in such licenses, franchises, charters or authorizations are prohibited or restricted thereby; 
 (e)
Equity Interests constituting 35% of the total voting power of all outstanding voting stock (within the meaning of Treasury Regulation Section 1.956(c)(2)) of each Tax Excluded Subsidiary; provided that 100% of the equity interests not
constituting voting stock of any such Subsidiary shall not constitute Excluded Assets; 
 (f) any Equity Interests of any
person that is not a Wholly Owned Subsidiary to the extent (A) that a pledge thereof to secure the Obligations is prohibited by (i) any applicable organizational documents, joint venture agreement or shareholder agreement or (ii) any
other contractual obligation with an unaffiliated third party (unless such contractual obligation would be rendered ineffective with respect to the creation of the security interest hereunder pursuant to Sections
9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other
applicable law (including the Bankruptcy Code) or principles of equity and so long as, in the case of clause (i) and clause (ii), such prohibition shall not have been created or established in contemplation of, or for purposes of, avoiding the
pledge of the applicable Equity Interests and the Pledgor has used commercially reasonable efforts to obtain an amendment to the applicable organizational documents, joint venture agreement, shareholder agreement or other contractual obligation to
permit such pledge); provided however that the Pledged Collateral shall include (and such security interest shall attach) immediately at such time as the contractual prohibition shall no longer be applicable and to the extent
severable, shall attach immediately to any portion of such Equity Interests not subject to the prohibitions specified in (i) or (ii) above, (B) any organizational 

  
 PLEDGE AND SECURITY
AGREEMENT 
  
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documents, joint venture agreement or shareholder agreement (or other contractual obligation referred to in subclause (A)(ii) above) prohibits such a pledge without the consent of any other
party (and the Pledgor has used commercially reasonable efforts to obtain such consent); provided, that this clause (B) shall not apply if (1) such other party is a Wholly Owned Subsidiary or (2) consent has been obtained to
consummate such pledge and for so long as such organizational documents, joint venture agreement or shareholder agreement or replacement or renewal thereof is in effect, or (C) a pledge thereof to secure the Obligations would give any other
party (other than a Loan Party or a Wholly Owned Subsidiary) to any organizational documents, joint venture agreement or shareholder agreement governing such Equity Interests (or other contractual obligation referred to in subclause
(A)(ii) above) the right to terminate its obligations thereunder (unless in the case of other contractual obligations referred to in subclause (A)(ii), such contractual obligation would be rendered ineffective with respect to the creation of
the security interest hereunder pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity;
provided further that the exclusions referred to in clause (f) shall not include any Proceeds of any such Equity Interests; 

(g) any limited liability company interests in Kaneland, LLC; 

(h) Margin Stock; and 

(i) any other assets mutually agreed upon between the Borrower and the Collateral Agent. 

“General Intangibles” shall mean, collectively, with respect to each Pledgor, all “general intangibles,” as such
term is defined in the UCC, of such Pledgor and, in any event, shall include (i) all of such Pledgor’s rights, title and interest in, to and under all Contracts and insurance policies and coverages (including all rights and remedies
relating to monetary damages, including indemnification rights and remedies, and claims for damages or other relief pursuant to or in respect of any Contract), (ii) all know-how and warranties relating to any of the Pledged Collateral or the
Mortgaged Property, (iii) any and all other rights, claims, choses-in-action and causes of action of such Pledgor against any other person and the benefits of any and all collateral or other security given by any other person in connection
therewith, (iv) all guarantees, endorsements and indemnifications on, or of, any of the Pledged Collateral or any of the Mortgaged Property, (v) all lists, books, records, correspondence, ledgers, printouts, files (whether in printed form
or stored electronically), tapes and other papers or materials containing information relating to any of the Pledged Collateral or any of the Mortgaged Property, including all customer or tenant lists, identification of suppliers, data, plans,
blueprints, specifications, designs, drawings, appraisals, recorded knowledge, surveys, studies, engineering reports, test reports, manuals, standards, processing standards, performance standards, catalogs, research data, computer and automatic
machinery software and programs and the like, field repair data, accounting information pertaining to such Pledgor’s operations or any of the Pledged Collateral or any of the Mortgaged Property and all media in which or on which any of the
information or knowledge or data or records may be recorded or stored and all computer programs used for the 

  
 PLEDGE AND SECURITY
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compilation or printout of such information, knowledge, records or data, (vi) all licenses, consents, permits, variances, certifications, authorizations and approvals, however characterized,
now or hereafter acquired or held by such Pledgor, including building permits, certificates of occupancy, environmental certificates, industrial permits or licenses and certificates of operation, (vii) all rights to reserves, payment
intangibles, deferred payments, deposits, refunds, indemnification of claims and claims for tax or other refunds against any Governmental Authority and (viii) any and all of the Borrower’s rights, title or interests in the Escrow Property.

 “Goodwill” shall mean, collectively, with respect to each Pledgor, the goodwill connected with such Pledgor’s
business including all goodwill connected with (i) the use of and symbolized by any Trademark or Intellectual Property License with respect to any Trademark in which such Pledgor has any interest, (ii) all know-how, trade secrets, customer
and supplier lists, proprietary information, inventions, methods, plans, policies, procedures, formulae, descriptions, compositions, technical data, drawings, specifications, name plates, catalogs, confidential information and the right to limit the
use or disclosure thereof by any person, pricing and cost information, business and marketing plans and proposals, consulting agreements, engineering contracts and such other assets which relate to such goodwill and (iii) all product lines of
such Pledgor’s business. 
 “Instruments” shall mean, collectively, with respect to each Pledgor, all
“instruments,” as such term is defined in Article 9, rather than Article 3, of the UCC, and shall include all promissory notes, drafts, bills of exchange or acceptances. 

“Intellectual Property Collateral” shall mean, collectively, with respect to each Pledgor, all rights, priorities and
privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, the Patents, Trademarks, Copyrights, Intellectual Property Licenses and Goodwill. 

“Intellectual Property Licenses” shall mean, collectively, with respect to each Pledgor, all license and distribution
agreements with, and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or any other patent, trademark or copyright, whether such Pledgor is a licensor or licensee, distributor or distributee under any such
license or distribution agreement, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable thereunder and
with respect thereto including damages and payments for past, present or future infringements or violations thereof, (iii) rights to sue for past, present and future infringements or violations thereof and (iv) other rights to use, exploit
or practice any or all of the Patents, Trademarks or Copyrights or any other patent, trademark or copyright. 
 “Intercompany
Notes” shall mean, with respect to each Pledgor, all intercompany notes described in Schedule 12 to the Perfection Certificate, if any, and intercompany notes hereafter acquired by such Pledgor and all certificates, instruments
or agreements evidencing such intercompany notes, and all assignments, amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof to the extent permitted pursuant to the terms hereof. 

  
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 “Investment Property” shall mean a security, whether certificated or
uncertificated, Security Entitlement, Securities Account, Commodity Contract or Commodity Account, excluding, however, the Securities Collateral. 

“Joinder Agreement” shall mean an agreement substantially in the form of Exhibit 2 hereto. 

“Legal Requirements” shall mean, as to any person, the Organizational Documents of such person, and any treaty, law
(including the common law), statute, ordinance, code, rule, regulation, guidelines, license, permit requirement, Order or determination of an arbitrator or a court or other Governmental Authority, and the interpretation or administration thereof, in
each case applicable to or binding upon such person or any of its property or to which such person or any of its property is subject. 

“Patents” shall mean, collectively, with respect to each Pledgor, all patents issued or assigned to, and all patent
applications and registrations made by, such Pledgor (whether established or registered or recorded in the United States or any other country or any political subdivision thereof), together with any and all (i) rights and privileges arising
under applicable Legal Requirements with respect to such Pledgor’s use of any patents, (ii) inventions and improvements described and claimed therein, (iii) reissues, divisions, continuations, renewals, extensions and
continuations-in-part thereof and amendments thereto, (iv) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future
infringements thereof, (v) rights corresponding thereto throughout the world and (vi) rights to sue for past, present or future infringements thereof. 

“Patent Security Agreement” shall mean an agreement substantially in the form of Exhibit 4 hereto. 

“Perfection Certificate” shall mean that certain perfection certificate dated September 22, 2014, executed and delivered
by each Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties and attached hereto as Annex 1, and each other Perfection Certificate executed and delivered by the applicable Pledgor in favor of the Collateral Agent for
the benefit of the Secured Parties contemporaneously with the execution and delivery of each Joinder Agreement executed in accordance with Section 3.5 hereof, in each case, as the same may be amended, amended and restated, supplemented
or otherwise modified from time to time in accordance with the Credit Agreement or upon the reasonable request of the Collateral Agent. 

“Pledge Amendment” shall have the meaning assigned to such term in Section 5.1 hereof. 

“Pledged Collateral” shall have the meaning assigned to such term in Section 2.1 hereof. 

  
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 “Pledged Securities” shall mean, collectively, with respect to each Pledgor,
(i) all issued and outstanding Equity Interests of each issuer set forth on Schedule 1 to this Agreement as being owned by such Pledgor and all options, warrants, rights, agreements and additional Equity Interests of whatever class
of any such issuer acquired by such Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests in each such issuer or under any Organizational Document of each such
issuer, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such Equity Interests, (ii) all Equity
Interests of any issuer, which Equity Interests are hereafter acquired by such Pledgor (including by issuance) and all options, warrants, rights, agreements and additional Equity Interests of whatever class of any such issuer acquired by such
Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests or under any Organizational Document of any such issuer, and the certificates, instruments and agreements
representing such Equity Interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such Equity Interests, from time to time acquired by such Pledgor in any manner, and (iii) all
Equity Interests issued in respect of the Equity Interests referred to in clauses (i) or (ii) upon any consolidation or merger of any issuer of such Equity Interests. 

“Pledgor” shall have the meaning assigned to such term in the Preamble hereof. 

“Securities Account Control Agreement” shall mean a control agreement in a form that is reasonably satisfactory to the
Collateral Agent establishing the Collateral Agent’s Control with respect to any Securities Account. 
 “Securities
Act” shall have the meaning assigned to such term in Section 8.5(b) hereof. 
 “Securities Collateral”
shall mean, collectively, the Pledged Securities, the Intercompany Notes and the Distributions. 
 “Subsidiary Guarantors”
shall have the meaning assigned to such term in the Preamble hereof. 
 “Trademarks” shall mean, collectively, with respect
to each Pledgor, all trademarks (including service marks), slogans, logos, certification marks, trade dress, uniform resource locations (URL’s), domain names, corporate names and trade names, whether registered or unregistered, owned by or
assigned to such Pledgor and all registrations and applications for the foregoing (whether statutory or common law and whether established or registered in the United States or any other country or any political subdivision thereof), together with
any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s use of any trademarks, (ii) reissues, continuations, extensions and renewals thereof and amendments thereto, (iii) income, fees,
royalties, damages and payments now and hereafter due and/or payable thereunder and with respect thereto, including damages, claims and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the
world and (v) rights to sue for past, present and future infringements thereof. 
 “Trademark Security Agreement”
shall mean an agreement substantially in the form of Exhibit 5 hereto. 

  
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 “UCC” shall mean the Uniform Commercial Code as in effect from time to time in
the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of applicable Legal Requirements, any or all of the attachment, perfection or priority of the Collateral Agent’s and the Secured
Parties’ security interest in any item or portion of the Pledged Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial
Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of definitions relating to such provisions. 

SECTION 1.2. Perfection Certificate . The Collateral Agent and each Secured Party agree that the Perfection Certificate and all
descriptions of Pledged Collateral, schedules, amendments and supplements thereto are and shall at all times remain a part of this Agreement. 

ARTICLE II 
 GRANT OF SECURITY AND
SECURED OBLIGATIONS 
 SECTION 2.1. Grant of Security Interest. As collateral security for the payment and performance in full of all
the Secured Obligations, each Pledgor hereby pledges and grants to the Collateral Agent for the ratable benefit of the Secured Parties, a lien on and security interest in and to all of the right, title and interest of such Pledgor in, to and under
the following property, wherever located, and whether now existing or hereafter arising or acquired from time to time (collectively, the “Pledged Collateral”): 

(i) all Accounts; 

(ii) all Equipment, Goods, Inventory and Fixtures; 

(iii) all Documents, Instruments and Chattel Paper; 

(iv) all Letters of Credit and Letter-of-Credit Rights (whether or not the Letter of Credit is evidenced by a writing); 

(v) all Securities Collateral; 

(vi) all Investment Property; 

(vii) all Intellectual Property Collateral; 

(viii) the Commercial Tort Claims described on Schedule 15 to the Perfection Certificate; 

(ix) all General Intangibles; 

(x) all Money and all Deposit Accounts; 

(xi) all Supporting Obligations; 

  
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 (xii) all books and records relating to the Pledged Collateral; 

(xiii) to the extent not covered by clauses (i) through (xii) of this sentence, choses in action and
all other personal property of such Pledgor, whether tangible or intangible; 
 (xiv) the Escrow Property to the extent the
Borrower is determined to have any right, title or interest in any of the Escrow Property; and 
 (xv) all Proceeds and
products of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing, and any and all Proceeds of any insurance (including, without limitation, in connection with a
Casualty Event with respect to any Mortgaged Property, or with respect to improvements or Fixtures thereon, any and all awards made for the taking by eminent domain, or by any proceedings or purchase in lieu thereof, of any Mortgaged Property, or
any improvements or Fixtures thereon, including any awards resulting from any damage to any Mortgaged Property, improvements or Fixtures for which compensation shall be given by any Governmental Authority), indemnity, warranty or guaranty payable to
such Pledgor from time to time with respect to any of the foregoing. 
 Notwithstanding anything to the contrary contained in
clauses (i) through (xv) above, the security interest created by this Agreement shall not extend to, and the term “Pledged Collateral” shall not include, any Excluded Assets. 

SECTION 2.2. Filings. (a) Without limiting the obligations of each Pledgor contained in Section 3.3, each Pledgor
hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any relevant jurisdiction any initial financing statements (including fixture filings), continuation statements and amendments thereto that contain the
information required by Article 9 of the UCC of each applicable jurisdiction for the filing of any financing statement, continuation statement or amendment relating to the Pledged Collateral, including (i) whether such Pledgor is an
organization, the type of organization and any organizational identification number issued to such Pledgor, (ii) any financing or continuation statements or other documents without the signature of such Pledgor where permitted by law, including
the filing of a financing statement describing the Pledged Collateral as “all assets” or “all assets now owned or hereafter acquired by the Pledgor or in which Pledgor otherwise has rights” and (iii) in the case of a
financing statement filed as a fixture filing or covering Pledged Collateral constituting minerals or the like to be extracted or timber to be cut, a sufficient description of the real property to which such Pledged Collateral relates. Each Pledgor
agrees to provide all information described in the immediately preceding sentence to the Collateral Agent promptly upon reasonable request by the Collateral Agent. Such financing statements may describe the collateral in the same manner as described
herein or may contain a description of collateral that describes such property in any other manner as the Collateral Agent may determine, in its sole discretion, is necessary or advisable to ensure the perfection or priority of the security interest
in the collateral granted to the Collateral Agent in connection herewith, including, describing such property as “all assets whether now owned or hereafter acquired” or “all personal property whether now owned or hereafter
acquired” (regardless of whether any particular asset comprised in the Pledged Collateral falls within the scope of Article 9 of the UCC). 

  
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 (b) Without limiting the obligations of each Pledgor contained in Section 3.3, each
Pledgor hereby further authorizes the Collateral Agent to file filings with the United States Patent and Trademark Office or the United States Copyright Office (or any successor office or any similar office in any other country), including this
Agreement, the Trademark Security Agreement, any Copyright Security Agreement and any Patent Security Agreement, or other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the pledge and security interest
granted by such Pledgor hereunder, without the signature of such Pledgor, and naming such Pledgor, as debtor, and the Collateral Agent, as secured party. 

ARTICLE III 
 PERFECTION;
SUPPLEMENTS; FURTHER ASSURANCES; 
 USE OF PLEDGED COLLATERAL 

SECTION 3.1. Delivery of Certificated Securities Collateral. Each Pledgor represents and warrants that, subject to
Section 4.01(n) of the Credit Agreement, all certificates, agreements or instruments representing or evidencing the Securities Collateral in existence on the date hereof have been delivered to the Collateral Agent in suitable form for
transfer by delivery or accompanied by duly executed instruments of transfer or assignment in blank and that the Collateral Agent has a valid, enforceable, perfected first priority security interest therein (subject to Permitted Liens). Each Pledgor
hereby agrees that all certificates, agreements or instruments representing or evidencing Securities Collateral acquired by such Pledgor after the date hereof shall promptly (but in any event within thirty (30) days after receipt thereof by
such Pledgor) be delivered to and held by or on behalf of the Collateral Agent pursuant hereto. All certificated Securities Collateral shall be in suitable form for transfer by delivery or shall be accompanied by duly executed instruments of
transfer or assignment in blank, all in form and substance reasonably satisfactory to the Collateral Agent. The Collateral Agent shall have the right, at any time upon the occurrence and during the continuance of any Event of Default, to endorse,
assign or otherwise transfer to or to register in the name of the Collateral Agent or any of its nominees or endorse for negotiation any or all of the Securities Collateral, without any indication that such Securities Collateral is subject to the
security interest hereunder. 
 SECTION 3.2. Perfection of Uncertificated Securities Collateral. Each Pledgor represents and warrants
that the Collateral Agent has a valid, enforceable, perfected first priority security interest (subject to Permitted Liens) in all uncertificated Pledged Securities pledged by it hereunder that are in existence on the date hereof. Each Pledgor
hereby agrees that if any issuer of Pledged Securities is organized in a jurisdiction that does not require the use of certificates to evidence equity ownership or any of the Pledged Securities are at any time not evidenced by certificates of
ownership, then each applicable Pledgor shall, to the extent permitted by applicable Legal Requirements, (i) if reasonably necessary or reasonably desirable to perfect a first priority security interest (subject to Permitted Liens) in such
Pledged Securities, cause such pledge to be recorded on the equityholder register or the books of the issuer, cause the issuer to execute and deliver to the Collateral Agent an acknowledgment of the pledge of such 

  
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Pledged Securities, execute any customary pledge forms or other documents necessary or appropriate to complete the pledge and give the Collateral Agent the right to transfer such Pledged
Securities under the terms hereof and (ii) after the occurrence and during the continuance of any Event of Default, upon request by the Collateral Agent, (A) use commercially reasonable efforts to cause the Organizational Documents of each
such issuer that is a Subsidiary of the Borrower to be amended to provide that such Pledged Securities shall be treated as “securities” for purposes of the UCC and (B) cause such Pledged Securities to become certificated and delivered
to the Collateral Agent in accordance with the provisions of Section 3.1 hereof. Each Pledgor hereby agrees that it shall not elect to treat or permit any of its Subsidiaries to (x) treat its limited liability company membership
interests or partnership interests, as the case may be, as securities as contemplated by the definition of “security” in Section 8-102(15) and by Section 8-103 of Article 8 of UCC or (y) certificate its limited
liability company membership interests or partnership interests, as the case may be, unless it is required to do so pursuant to the terms of the preceding sentence. 

SECTION 3.3. Financing Statements and Other Filings; Maintenance of Perfected Security Interest. Subject to Section 3.4,
each Pledgor represents and warrants that all filings, registrations and recordings necessary to perfect the security interest granted by each Pledgor to the Collateral Agent in respect of the Pledged Collateral shall be delivered to the Collateral
Agent in completed and, to the extent necessary or appropriate, duly executed form for filing in each governmental, municipal or other office specified in Schedule 7 to the Perfection Certificate no later than thirty (30) days after
the date hereof (as such period may be extended in the sole discretion of the Administrative Agent). Each Pledgor agrees that at the sole cost and expense of the Pledgors, (i) such Pledgor will maintain the security interest created by this
Agreement in the Pledged Collateral as a valid, enforceable, perfected first priority security interest (subject only to Permitted Liens) and shall defend such security interest against the claims and demands of all persons, (ii) such Pledgor
shall furnish to the Collateral Agent from time to time statements and schedules further identifying and describing the Pledged Collateral and such other reports in connection with the Pledged Collateral as the Collateral Agent may reasonably
request, all in reasonable detail and (iii) at any time and from time to time, upon the written request of the Collateral Agent, such Pledgor shall promptly and duly execute and deliver, and file and have recorded, such further instruments and
documents and take such further action as the Collateral Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and the rights and powers herein granted, including (x) the filing of any
financing statements, continuation statements and other documents (including this Agreement) under the UCC (or other similar laws) in effect in any jurisdiction with respect to the security interest created hereby and (y) the execution and
delivery of Control Agreements, all in form reasonably satisfactory to the Collateral Agent and in such offices (including the United States Patent and Trademark Office and the United States Copyright Office) wherever required by applicable Legal
Requirements to perfect (to the extent a security interest in such Pledged Collateral may be so perfected under applicable Legal Requirements), continue and maintain a valid, enforceable, first priority security interest (subject to Permitted Liens)
in the Pledged Collateral as provided herein and to use commercially reasonable efforts to preserve the other rights and interests granted to the Collateral Agent hereunder, as against third parties, with respect to the Pledged Collateral. 

  
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 SECTION 3.4. Other Actions. In order to further ensure the attachment, perfection and
priority of, and the ability of the Collateral Agent to enforce, the Collateral Agent’s security interest in the Pledged Collateral, each Pledgor represents and warrants and covenants and agrees as follows, in each case at such Pledgor’s
own expense, to take the following actions with respect to the following Pledged Collateral: 
 (a) Instruments. As of the date
hereof, no amounts payable under or in connection with any of the Pledged Collateral are evidenced by any Instrument other than such Instruments listed in Schedule 12 to the Perfection Certificate. Each Instrument listed in
Schedule 12 to the Perfection Certificate has been properly endorsed, assigned and delivered to the Collateral Agent, accompanied by instruments of transfer or assignment duly executed in blank. If any amount then payable under or in
connection with any of the Pledged Collateral shall be evidenced by any Instrument, and such amount, together with all amounts payable evidenced by any Instrument not previously delivered to the Collateral Agent exceeds $1,000,000 in the aggregate
for all Pledgors, the Pledgor acquiring such Instrument shall promptly (but in any event within thirty (30) days) (as such period may be extended in the sole discretion of the Administrative Agent) endorse, assign and deliver the same to the
Collateral Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time to time specify; provided, however, that so long as no Event of Default has occurred and is
continuing, upon written request by such Pledgor, the Collateral Agent shall promptly return such Instrument to such Pledgor from time to time, to the extent necessary for collection in the ordinary course of such Pledgor’s business. Each
Pledgor hereby covenants and agrees that it shall not assign or otherwise transfer for value any promissory notes received at any time in connection with seller financing. 

(b) Deposit Accounts. Subject to Section 5.14 of the Credit Agreement, (i) as of the date hereof, no Pledgor has
opened nor maintains any Deposit Accounts other than the accounts listed in Schedule 16 to the Perfection Certificate, (ii) no later than sixty (60) days after the date hereof (as such period may be extended in the sole
discretion of the Administrative Agent), each applicable Pledgor and the relevant Bank(s) shall have executed and delivered a Deposit Account Control Agreement with respect to each of the Deposit Accounts listed in Schedule 16 to the
Perfection Certificate other than Deposit Accounts having a balance of not more than $250,000, individually and $1,000,000 in the aggregate and (iii) no later than sixty (60) days after the date hereof (as such period may be extended in
the sole discretion of the Administrative Agent), the Collateral Agent shall have a valid, enforceable, perfected first priority security interest (subject to Permitted Liens) in such Deposit Accounts by Control. No Pledgor shall hereafter establish
and maintain any Deposit Account unless (1) the applicable Pledgor shall have given the Collateral Agent notice within sixty (60) days’ after the establishment of such new Deposit Account with a Bank and (2) such Bank and such
Pledgor shall have duly executed and delivered to the Collateral Agent a Deposit Account Control Agreement (or an amendment to an existing Deposit Account Control Agreement) with respect to such Deposit Account. The Collateral Agent agrees with each
Pledgor that the Collateral Agent shall not give any instructions directing the disposition of funds from time to time credited to any Deposit Account or withhold any withdrawal rights from such Pledgor with respect to funds from time to time
credited to any Deposit Account unless an Event of Default has occurred and is continuing or, after giving effect to any withdrawal, would occur. No Pledgor has granted or shall grant Control of any Deposit Account to any person other than the
Collateral Agent. 

  
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 (c) Securities Accounts and Commodity Accounts. (i) Subject to
Section 5.14 of the Credit Agreement, (1) as of the date hereof, no Pledgor has opened nor maintains any Securities Accounts or Commodity Accounts other than those listed in Schedule 16 to the Perfection Certificate,
(2) no later than sixty (60) days after the date hereof (as such period may be extended in the sole discretion of the Administrative Agent), each applicable Pledgor and the relevant Securities Intermediary or Commodity Intermediary shall
have executed and delivered a Securities Account Control Agreement or Commodity Account Control Agreement, as applicable, for each Securities Account or Commodity Account listed in Schedule 16 to the Perfection Certificate other than
Securities Accounts or Commodity Accounts holding securities constituting Investment Property (other than Excluded Assets) with a fair market value of not more $1,500,000 in the aggregate, or the Pledgors shall have closed such accounts, (3) no
later than sixty (60) days after the date hereof (as such period may be extended in the sole discretion of the Administrative Agent), the Collateral Agent shall have a valid, enforceable, perfected first priority security interest (other than
Permitted Liens) in such Securities Accounts and Commodity Accounts by Control and (4) as of the date hereof, no Pledgor holds, owns or has any interest in any certificated securities or uncertificated securities other than those constituting
Pledged Securities and those maintained in Securities Accounts or Commodity Accounts listed on Schedule 16 to the Perfection Certificate or in respect of which the Collateral Agent has Control. If any Pledgor shall at any time hold or
acquire any certificated securities constituting Investment Property with a fair market value, individually or in the aggregate, in excess of $1,000,000, such Pledgor shall promptly (and in any event within thirty (30) days of acquiring such
security) (a) endorse, assign and deliver the same to the Collateral Agent, accompanied by such instruments of transfer or assignment duly executed in blank, all in form and substance reasonably satisfactory to the Collateral Agent or
(b) deliver such securities into a Securities Account with respect to which a Control Agreement is in effect in favor of the Collateral Agent. If any securities now or hereafter acquired by any Pledgor constituting Investment Property and
having a fair market value, individually or in the aggregate, in excess of $1,000,000 are uncertificated and are issued to such Pledgor or its nominee directly by the issuer thereof, such Pledgor shall promptly (and in any event within thirty
(30) days of acquiring such security (as such period may be extended in the sole discretion of the Administrative Agent)) notify the Collateral Agent thereof and pursuant to an agreement in form and substance reasonably satisfactory to the
Collateral Agent, either (a) cause the issuer to agree to comply with Entitlement Orders or other instructions from the Collateral Agent as to such securities, without further consent of any Pledgor or such nominee, (b) cause a Security
Entitlement with respect to such uncertificated security to be held in a Securities Account with respect to which the Collateral Agent has Control or (c) arrange for the Collateral Agent to become the registered owner of the securities. No
Pledgor shall hereafter establish and maintain any Securities Account or Commodity Account with any Securities Intermediary or Commodity Intermediary unless (1) the applicable Pledgor shall have given the Collateral Agent notice within thirty
(30) days’ after establishment of such new Securities Account or Commodity Account with such Securities Intermediary or Commodity Intermediary and (2) such Securities Intermediary or Commodity Intermediary, as the case may be, and
such Pledgor shall have duly executed and delivered a Control Agreement with respect to such Securities Account or Commodity Account, 

  
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as the case may be. Each Pledgor shall accept any cash and Investment Property in trust for the benefit of the Collateral Agent and within ten (10) days of actual receipt thereof, deposit
any and all cash and Investment Property received by it into a Deposit Account or Securities Account subject to the Collateral Agent’s Control. The Collateral Agent agrees with each Pledgor that the Collateral Agent shall not give any
Entitlement Orders or instructions or directions to any issuer of uncertificated securities, Securities Intermediary or Commodity Intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by such Pledgor,
unless an Event of Default has occurred and is continuing or, after giving effect to any such investment and withdrawal rights, would occur. The provisions of this Section 3.4(c) shall not apply to any Financial Assets credited to a
Securities Account for which the Collateral Agent is the Securities Intermediary. No Pledgor shall grant Control over any Investment Property to any person other than the Collateral Agent. 

(ii) As between the Collateral Agent and the Pledgors, the Pledgors shall bear the investment risk with respect to the
Investment Property and Pledged Securities, and the risk of loss of, damage to, or the destruction of the Investment Property and Pledged Securities, whether in the possession of, or maintained as a Security Entitlement or deposit by, or subject to
the Control of, the Collateral Agent, a Securities Intermediary, a Commodity Intermediary, any Pledgor or any other person; provided, however, that nothing contained in this Section 3.4(c) shall release or relieve any
Securities Intermediary or Commodity Intermediary of its duties and obligations to the Pledgors or any other person under any Control Agreement or under applicable Legal Requirements. Each Pledgor shall promptly pay all Charges and fees of whatever
kind or nature with respect to the Investment Property and Pledged Securities pledged by it under this Agreement. In the event any Pledgor shall fail to make such payment contemplated in the immediately preceding sentence, the Collateral Agent may
do so for the account of such Pledgor and the Pledgors shall promptly reimburse and indemnify the Collateral Agent from all costs and expenses incurred by the Collateral Agent under this Section 3.4(c) in accordance with
Section 10.03 of the Credit Agreement. 
 (d) Letter-of-Credit Rights. If any Pledgor is at any time a beneficiary under
a Letter of Credit now or hereafter issued in favor of such Pledgor, other than a Letter of Credit that is a “supporting obligation” (as defined in Section 9-102 of the UCC) with respect to other Pledged Collateral in which the
Collateral Agent has a valid, enforceable, perfected first priority security interest (subject to Permitted Liens), such Pledgor shall promptly (and in any event within thirty (30) days of becoming a beneficiary thereunder) notify the
Collateral Agent thereof and such Pledgor shall, at the request of the Collateral Agent, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, use its commercially reasonable efforts to either
(i) arrange for the issuer and any confirmer or other nominated person of such Letter of Credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the Letter of Credit or (ii) arrange for the
Collateral Agent to become the transferee beneficiary of such Letter of Credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the Letter of Credit are to be applied as provided in the Credit Agreement. The
actions in the preceding sentence shall not be required to the extent that the amount of any such Letter of Credit, together with the aggregate amount of all other Letters of Credit for which the actions described above in clauses (i)
and (ii) have not been taken, does not exceed $1,000,000 in the aggregate for all Pledgors. 

  
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 (e) Commercial Tort Claims. As of the date hereof, each Pledgor hereby represents and
warrants that it holds no Commercial Tort Claims other than those listed in Schedule 15 to the Perfection Certificate. If any Pledgor shall at any time hold or acquire a Commercial Tort Claim, such Pledgor shall promptly notify the
Collateral Agent in writing signed by such Pledgor of the brief details thereof and grant to the Collateral Agent in such writing a security interest therein and in the Proceeds thereof, all upon the terms of this Agreement, with such writing to be
in form and substance reasonably satisfactory to the Collateral Agent. The requirement in the preceding sentence shall not apply to the extent that the amount of such Commercial Tort Claim, together with the amount of all other Commercial Tort
Claims held by any Pledgor in which the Collateral Agent does not have a security interest, does not exceed $1,000,000 in the aggregate for all Pledgors. 

SECTION 3.5. Joinder of Additional Subsidiary Guarantors. The Pledgors shall cause each Subsidiary of the Borrower which, from time to
time, after the date hereof shall be required to pledge any assets to the Collateral Agent for the benefit of the Secured Parties pursuant to the Credit Agreement, to execute and deliver to the Collateral Agent (i) a Joinder Agreement
substantially in the form of Exhibit 2 hereto and (ii) a Perfection Certificate, in each case, within thirty (30) days (as such period may be extended in the sole discretion of the Administrative Agent) of the date on which it
was acquired or created, as applicable, and upon such execution and delivery, such Subsidiary shall constitute a “Subsidiary Guarantor” and a “Pledgor” for all purposes hereunder with the same force and effect as if originally
named as a Subsidiary Guarantor and Pledgor herein. The execution and delivery of such Joinder Agreement shall not require the consent of any Pledgor hereunder. The rights and obligations of each Pledgor hereunder shall remain in full force and
effect notwithstanding the addition of any new Subsidiary Guarantor and Pledgor as a party to this Agreement or any other Loan Document. 

SECTION 3.6. Supplements; Further Assurances. Each Pledgor shall take such further actions, and execute and/or deliver to the
Collateral Agent such additional financing statements, amendments, assignments, agreements, supplements, powers and instruments, as the Collateral Agent may in its reasonable judgment deem necessary or appropriate in order to create, perfect,
preserve and protect the security interest in the Pledged Collateral as provided herein and the rights and interests granted to the Collateral Agent hereunder, to carry into effect the purposes hereof or better to assure and confirm the validity,
enforceability and priority of the Collateral Agent’s security interest in the Pledged Collateral or permit the Collateral Agent to exercise and enforce its rights, powers and remedies hereunder with respect to any Pledged Collateral, including
the filing of financing statements, continuation statements and other documents (including this Agreement) under the UCC (or other similar laws) in effect in any jurisdiction with respect to the security interest created hereby and the execution and
delivery of Control Agreements, all in form reasonably satisfactory to the Collateral Agent and in such offices (including the United States Patent and Trademark Office and the United States Copyright Office) wherever required by Legal Requirements
to perfect, continue and maintain the validity, enforceability and priority of the security interest in the Pledged Collateral as 

  
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provided herein and to preserve the other rights and interests granted to the Collateral Agent hereunder, as against third parties, with respect to the Pledged Collateral. Without limiting the
generality of the foregoing, each Pledgor shall make, execute, endorse, acknowledge, file or refile and/or deliver to the Collateral Agent from time to time upon reasonable request by the Collateral Agent such schedules, confirmatory assignments,
supplements, additional security agreements, conveyances, financing statements, transfer endorsements, powers of attorney, certificates, reports and other assurances or instruments as the Collateral Agent shall reasonably request. If an Event of
Default has occurred and is continuing, the Collateral Agent may institute and maintain, in its own name or in the name of any Pledgor, such suits and proceedings as the Collateral Agent may be advised by counsel shall be necessary or expedient to
prevent any impairment of the security interest in in the Pledged Collateral or the perfection or priority thereof. All of the foregoing shall be at the sole cost and expense of the Pledgors. 

ARTICLE IV 
 REPRESENTATIONS,
WARRANTIES AND COVENANTS 
 Each Pledgor represents, warrants and covenants as follows: 

SECTION 4.1. Title. Except for the security interest granted to the Collateral Agent for the ratable benefit of the Secured Parties
pursuant to this Agreement and Permitted Liens, such Pledgor owns or has rights and, as to Pledged Collateral acquired by it from time to time after the date hereof, will own or have rights in each item of Pledged Collateral pledged by it hereunder,
free and clear of any and all Liens or claims of others. In addition, no Liens or claims exist on the Securities Collateral, other than as permitted by Section 6.02 of the Credit Agreement and any rights or obligations set forth in the
Organizational Documents for any Pledged Securities issued by a Joint Venture. 
 SECTION 4.2. Validity of Security Interest. The
security interest in and Lien on the Pledged Collateral granted to the Collateral Agent for the ratable benefit of the Secured Parties hereunder constitutes (a) a legal and valid security interest in all the Pledged Collateral securing the
payment and performance of the Secured Obligations, and (b) subject to the filings and other actions described in Schedule 6 to the Perfection Certificate (to the extent required to be listed on the schedules to the Perfection
Certificate as of the date this representation is made or deemed made), a valid, enforceable, perfected first priority security interest (other than Permitted Liens) in all the Pledged Collateral. Each such filing and action shall be made or taken
or shall be caused to be made or taken by the Borrower promptly following the Closing Date. The security interest and Lien granted to the Collateral Agent for the ratable benefit of the Secured Parties pursuant to this Agreement in and on the
Pledged Collateral will at all times constitute a valid, enforceable, perfected, continuing first priority security interest therein, prior to all other Liens on the Pledged Collateral, subject only to Permitted Liens. 

SECTION 4.3. Defense of Claims; Transferability of Pledged Collateral. Each Pledgor shall, at its own cost and expense, defend title to
the Pledged Collateral pledged by it hereunder and the security interest therein and Lien thereon granted to the Collateral Agent and the priority thereof required hereunder against all claims and demands of all persons, at its own cost and expense,
at any time claiming any interest therein adverse to the Collateral Agent or any 

  
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other Secured Party other than Permitted Liens. There is no agreement, order, judgment or decree that restricts the transferability of any of the Pledged Collateral or otherwise impairs or
conflicts with any Pledgor’s obligations or the rights of the Collateral Agent hereunder, and no Pledgor shall enter into any agreement or take any other action, that would restrict the transferability of any of the Pledged Collateral or
otherwise impair or conflict with any Pledgor’s obligations or the rights of the Collateral Agent hereunder. 
 SECTION 4.4. Other
Financing Statements. No Pledgor has filed, nor authorized any third party to file (nor will there be), any valid or effective financing statement (or similar statement, instrument of registration or public notice under the law of any
jurisdiction) covering or purporting to cover any interest of any kind in the Pledged Collateral, except such as have been filed in favor of the Collateral Agent pursuant to this Agreement or in favor of any holder of a Permitted Lien with respect
to such Permitted Lien or financing statements and other statements and instruments or public notices relating to the termination statements listed on Schedule 9(a) to the Perfection Certificate. So long as any of the Secured Obligations
remain unpaid and unperformed, no Pledgor shall execute, authorize or permit to be filed in any public office any financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) relating to
any Pledged Collateral, except financing statements and other statements and instruments filed or to be filed in respect of and covering the security interests granted by such Pledgor to the Collateral Agent pursuant to this Agreement or the
holder(s) of the Permitted Liens. 
 SECTION 4.5. Chief Executive Office; Change of Name; Jurisdiction of Organization, etc. Such
Pledgor shall, (i) unless it shall have given the Collateral Agent not less than thirty (30) days’ prior written notice (in the form of an Officers’ Certificate), not change its name, identity, legal structure (whether by merger,
consolidation, change in corporate form or otherwise), type of organization or jurisdiction of organization, place of business or, if more than one, chief executive office, or mailing address or organizational identification number if it has one and
(ii) take all actions necessary or advisable to maintain the continuous validity, perfection and the same or better priority of the Collateral Agent’s security interest in the Pledged Collateral granted or intended to be granted hereunder,
which in the case of any merger or other change in organizational structure shall include delivering a written notice (in the form of an Officers’ Certificate) upon completion of such merger or other change in organizational structure
confirming the grant of the security interest under this Agreement. If such Pledgor does not have an organizational identification number and later obtains one, such Pledgor shall promptly notify the Collateral Agent of such organizational
identification number. The Collateral Agent may rely on opinions of counsel as to whether any or all UCC financing statements of the Pledgors need to be amended as a result of any of the changes described in this Section 4.5. The
Collateral Agent shall not be liable or responsible to any party for any failure to maintain a valid, enforceable, perfected security interest with the priority required hereunder in such Pledgor’s property constituting Pledged Collateral. The
Collateral Agent shall have no duty to inquire about such changes, the parties acknowledging and agreeing that it would not be feasible or practical for the Collateral Agent to search for information on such changes if such information is not
provided by any Pledgor. 

  
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 SECTION 4.6. Location of Inventory and Equipment. As of the date hereof, all Equipment
having a value in excess of $1,000,000 and all non-real property Inventory of such Pledgor is located at the chief executive office or such other location listed on Schedule 2(d) to the Perfection Certificate. Within 30 days (as such
period may be extended in the sole discretion of the Administrative Agent) of such relocation, such Pledgor shall give the Collateral Agent notice (in the form of an Officer’s Certificate), clearly describing such new location within the
continental United States and providing such other information in connection therewith as the Collateral Agent may reasonably request; provided that in no event shall any Equipment or Inventory be moved to any location other than one that is
listed on Schedule 2(d) to the Perfection Certificate. 
 SECTION 4.7. Corporate Names; Prior Transactions. Except as set
forth in Schedules 1(a), (b) and (c) to the Perfection Certificate, such Pledgor has not, during the past five (5) years, been known by or used any other corporate name or been a party to any merger or
consolidation, or acquired all or substantially all of the assets of any person, or acquired any of its property or assets out of the ordinary course of business. 

SECTION 4.8. Due Authorization and Issuance. All of the Pledged Securities existing on the date hereof have been, and to the extent any
Pledged Securities are hereafter issued, such Pledged Securities will be, upon such issuance, duly authorized, validly issued and fully paid and non-assessable to the extent applicable. As of the date hereof, there is no amount or other obligation
owing by any Pledgor to any issuer of the Pledged Securities in exchange for or in connection with the issuance of the Pledged Securities or any Pledgor’s status as a partner or a member of any issuer of the Pledged Securities. 

SECTION 4.9. Consents, etc. No consent of any party (including equityholders or creditors of such Pledgor) and no consent,
authorization, approval, license or other action by, and no notice to or filing with, any Governmental Authority or regulatory body or other person is required for the exercise by the Collateral Agent of (i) the voting or other rights provided
for in this Agreement or (ii) the remedies in respect of the Pledged Collateral pursuant to this Agreement. In the event that the Collateral Agent desires to exercise any remedies, voting or consensual rights or attorney-in-fact powers set
forth in this Agreement and determines it necessary to obtain any approvals or consents of any Governmental Authority or regulatory body or any other person therefor, then, upon the reasonable request of the Collateral Agent, such Pledgor agrees to
assist and aid the Collateral Agent to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies, rights and powers. 

SECTION 4.10. Information Relating to Pledged Collateral. All information set forth herein, including the schedules annexed hereto, and
all information contained in any documents, schedules and lists heretofore delivered to any Secured Party, including the Perfection Certificate and the schedules thereto, in connection with this Agreement, in each case, relating to the Pledged
Collateral, is, as modified or supplemented by any other information so delivered on or prior to the date hereof, taken as a whole, accurate and complete in all material respects. The Pledged Collateral described on the schedules to the Perfection
Certificate constitutes all of the property of such type of Pledged Collateral owned or held by the Pledgors. 

  
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 SECTION 4.11. Insurance. In the event that the proceeds of any insurance claim are paid to
any Pledgor after the Collateral Agent has exercised its right to foreclose after an Event of Default, such net cash proceeds shall be paid to the Collateral Agent to satisfy any deficiency remaining after such foreclosure. The Collateral Agent
shall retain its interest in the insurance policies and coverages required to be maintained pursuant to the Credit Agreement during any redemption period. 

SECTION 4.12. Payment of Taxes; Compliance with Legal Requirements; Contesting Liens; Charges. Each Pledgor may at its
own expense contest the validity, amount or applicability of any Charges so long as the contest thereof shall be conducted in accordance with, and permitted pursuant to the provisions of, the Credit Agreement. Notwithstanding the foregoing sentence,
(i) no contest of any such obligation may be pursued by such Pledgor if such contest would expose the Collateral Agent or any other Secured Party to (A) any possible criminal liability or (B) any civil liability for failure to comply
with such obligations unless such Pledgor shall have furnished a bond or other security therefor satisfactory to the Collateral Agent, or such Secured Party, as the case may be, and (ii) if at any time payment or performance of any obligation
contested by such Pledgor pursuant to this Section 4.12 shall become necessary to prevent the imposition of remedies because of non-payment, such Pledgor shall pay or perform the same in sufficient time to prevent the imposition of
remedies in respect of such default or prospective default. 
 SECTION 4.13. Access to Pledged Collateral, Books and Records; Other
Information. Each Pledgor shall permit representatives of the Collateral Agent or any Secured Party upon reasonable notice to visit and inspect any of its properties in accordance with the terms of Section 5.07 of the Credit Agreement. 

SECTION 4.14. Perfection Certificate. Each of the certifications set forth in the Perfection Certificate shall apply herein mutatis
mutandis as if such certification was a representation and warranty made by the Pledgors in this Article IV. 
 ARTICLE V 

CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL 

SECTION 5.1. Pledge of Additional Securities Collateral. Each Pledgor shall, upon obtaining any Pledged Securities or Intercompany
Notes of any person (other than Excluded Assets) in an aggregate amount in excess of $500,000, accept the same in trust for the benefit of the Collateral Agent and promptly (but in any event within thirty (30) days thereafter) deliver to the
Collateral Agent a pledge amendment, duly executed by such Pledgor, in substantially the form of Exhibit 1 hereto (each, a “Pledge Amendment”), and deliver to the Collateral Agent the certificates and other documents
required under Section 3.1 and Section 3.2 hereof in respect of the additional Pledged Securities or Intercompany Notes which are to be pledged pursuant to this Agreement, and confirming the attachment of the Lien hereby
created on and in respect of such additional Pledged Securities or Intercompany Notes. Each Pledgor hereby authorizes the Collateral Agent to attach each Pledge Amendment to this Agreement and agrees that all Pledged Securities or Intercompany Notes
listed on any Pledge Amendment delivered to the Collateral Agent shall for all purposes hereunder be considered Pledged Collateral. 

  
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 SECTION 5.2. Voting Rights; Distributions; etc. 

(a) So long as no Event of Default shall have occurred and be continuing: 

(i) Each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Securities
Collateral or any part thereof for any purpose not inconsistent with the terms or purposes hereof, the Loan Documents or any other document evidencing the Secured Obligations; provided, however, that no Pledgor shall in any event
exercise such rights in any manner that is disadvantageous to any Agent or Lender in any material respect. 
 (ii) Each
Pledgor shall be entitled to receive and retain, and to utilize free and clear of the Lien hereof, any and all Distributions, but only if and to the extent made in accordance with the provisions of the Credit Agreement; provided,
however, that any and all such Distributions consisting of rights or interests in the form of Pledged Securities shall be promptly (and in any event within thirty (30) days after receipt thereof (as such period may be extended in the
sole discretion of the Administrative Agent)) delivered to the Collateral Agent to hold as Pledged Collateral and shall, if received by any Pledgor, be received in trust for the benefit of the Collateral Agent, be segregated from the other property
or funds of such Pledgor and be forthwith delivered to the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary or reasonably requested endorsement). 

(b) So long as no Event of Default shall have occurred and be continuing, the Collateral Agent shall be deemed without further action or
formality to have granted to each Pledgor all necessary consents relating to voting rights and shall, if necessary, upon written request of any Pledgor and at the sole cost and expense of the Pledgors, from time to time execute and deliver (or cause
to be executed and delivered) to such Pledgor all such instruments as such Pledgor may reasonably request in order to permit such Pledgor to exercise the voting and other rights which it is entitled to exercise pursuant to
Section 5.2(a)(i) hereof and to receive the Distributions which it is authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof. 

(c) Upon the occurrence and during the continuance of any Event of Default, upon prior written notice by the Collateral Agent to such Pledgor,
if such notice is permitted by applicable Legal Requirements (failing which the following shall occur automatically without the need for notice): 

(i) All rights of each Pledgor to exercise the voting and other consensual rights it would otherwise be entitled to exercise
pursuant to Section 5.2(a)(i) hereof shall immediately cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole right to exercise such voting and other consensual rights until
the applicable Event of Default is no longer continuing, in which case the Collateral Agent’s rights under this Section 5.2(c)(i) shall cease to be effective, subject to revesting in the event of a subsequent Event of Default that
is continuing. 

  
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 (ii) All rights of each Pledgor to receive Distributions which it would otherwise
be authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof shall immediately cease and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole right to receive and hold as
Pledged Collateral such Distributions until the applicable Event of Default is no longer continuing, in which case the Collateral Agent’s rights under this Section 5.2(c)(ii) shall cease to be effective, subject to revesting in the
event of a subsequent Event of Default that is continuing. 
 (d) Upon the occurrence and during the continuation of an Event of Default,
each Pledgor shall, at its sole cost and expense, from time to time execute and deliver to the Collateral Agent appropriate instruments as the Collateral Agent may reasonably request in order to permit the Collateral Agent to exercise the voting and
other rights which it may be entitled to exercise pursuant to Section 5.2(c)(i) hereof and to receive all Distributions which it may be entitled to receive under Section 5.2(c)(ii) hereof. 

(e) All Distributions which are received by any Pledgor contrary to the provisions of Section 5.2(a)(ii) hereof shall be received
in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Pledgor and shall immediately be paid over to the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary or reasonably
requested endorsement). 
 SECTION 5.3. Organizational Documents. As of the date hereof, each Pledgor has delivered to the Collateral
Agent true, correct, and complete copies of the Organizational Documents of such Pledgor. As of the date hereof, the Organizational Documents of the Pledgors are in full force and effect, have not as of the date hereof been amended or modified
except as disclosed in writing to the Collateral Agent, and there is no existing default by any party thereunder or any event which, with the giving of notice or passage of time or both, would constitute a default under any Organizational Documents.
No Pledgor will terminate or agree to terminate any Organizational Documents or make any amendment or modification to any Organization Documents if such termination, agreement to terminate, amendment or modification could reasonably be expected to
have a Material Adverse Effect. 
 SECTION 5.4. Defaults, etc. As of the date hereof, (i) no Pledgor is in default in the
payment of any portion of any mandatory capital contribution, if any, required to be made under any agreement to which such Pledgor is a party relating to the Pledged Securities pledged by it, and such Pledgor is not in violation of any other
provisions of any such agreement to which such Pledgor is a party, or otherwise in default or violation thereunder, (ii) no Securities Collateral pledged by any Pledgor is subject to any defense, offset or counterclaim, nor have any of the
foregoing been asserted or alleged against such Pledgor by any person with respect thereto and (iii) there are no certificates, instruments, documents or other writings (other than (x) the Organizational Documents of such Pledgor and
(y) certificates representing such Pledged Securities that have been delivered to the Collateral Agent) which evidence any Pledged Securities of such Pledgor. 

  
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 SECTION 5.5. Certain Agreements of Pledgors as Issuers and Holders of Equity Interests.

 (a) In the case of each Pledgor that is an issuer of Securities Collateral, such Pledgor agrees to be bound by the terms of this
Agreement relating to the Securities Collateral issued by it and will comply with such terms insofar as such terms are applicable to it. 

(b) In the case of each Pledgor that is a partner, member or holder of any Equity Interests in a partnership, limited liability company or
other entity, such Pledgor hereby consents to the extent required by the applicable Organizational Document to the pledge by each other Pledgor, pursuant to the terms hereof, of the Pledged Securities in such partnership, limited liability company
or other entity and, upon the occurrence and during the continuance of an Event of Default, to the transfer of such Pledged Securities to the Collateral Agent or its nominee and to the substitution of the Collateral Agent or its nominee as a
substituted partner, member or holder of Equity Interests in such partnership, limited liability company or other entity with all the rights, powers and duties of a general partner, limited partner, member or holder of Equity Interests, as the case
may be. 
 ARTICLE VI 
 CERTAIN
PROVISIONS CONCERNING 
 INTELLECTUAL PROPERTY COLLATERAL 

SECTION 6.1. Grant of Intellectual Property License. For the purpose of enabling the Collateral Agent, during the continuance of an
Event of Default, to exercise rights and remedies under Article VIII hereof at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, and for no other purpose, each Pledgor hereby grants to the
Collateral Agent, to the extent licensable, exercisable solely upon the occurrence and during the continuance of any Event of Default, an irrevocable, non-exclusive worldwide license (exercisable without payment of royalty or other compensation to
such Pledgor) subject, in the case of Trademarks, to sufficient rights to quality control and inspection in favor of such Grantor to avoid the risk of invalidation of such Trademarks, to use, assign, license, sublicense or otherwise dispose of the
Intellectual Property Collateral now owned or hereafter acquired by such Pledgor (excluding, for the avoidance of doubt, any Intellectual Property License that by its terms is prohibited from being so licensed to the extent constituting Excluded
Assets), wherever the same may be located. Such license shall include access to all media in which any of the licensed items may be recorded or stored and to all computer programs used for the compilation or printout hereof. 

SECTION 6.2. Registration. Except pursuant to Permitted Liens and licenses entered into by any Pledgor in the ordinary course of
business, on and as of the date hereof (i) each Pledgor is the sole and exclusive owner and/or possesses the right to use any Copyright, Patent or Trademark listed on Schedules 14(a), (b) and (c) to the
Perfection Certificate, and (ii) all registrations listed on Schedules 14(a), (b) and (c) to the Perfection Certificate are, to the knowledge of each Pledgor, valid and in full force and effect. 

  
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 SECTION 6.3. No Violations or Proceedings. On and as of the date hereof, (i) there is
no violation, dilution, misappropriation or infringement by others of any right of such Pledgor with respect to any Copyright, Patent or Trademark listed on Schedules 14(a), (b) and (c) to the Perfection
Certificate, respectively, pledged by it under the name of such Pledgor that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, (ii) such Pledgor is not violating, diluting, misappropriating or
infringing upon any Intellectual Property of any other person other than such violation, dilution, misappropriation or infringement that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect and
(iii) no proceedings have been instituted or are pending against such Pledgor or threatened, and no such claim against such Pledgor has been received by such Pledgor since December 31, 2013 alleging any such violation that, individually or
in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 SECTION 6.4. Protection of Collateral Agent’s
Security. On a continuing basis, each Pledgor shall, at its sole cost and expense, (i) promptly following its becoming aware thereof, notify the Collateral Agent of (A) any materially adverse determination in any proceeding in the
United States Patent and Trademark Office or the United States Copyright Office with respect to any material Patent, Trademark or Copyright or (B) the institution of any proceeding or any adverse determination in any federal, state, local or
foreign court or administrative body regarding such Pledgor’s claim of ownership in or right to use any of the Intellectual Property Collateral material to the use and operation of the Pledged Collateral or any Mortgaged Property, its right to
register such Intellectual Property Collateral or its right to keep and maintain such registration in full force and effect, (ii) in its reasonable business judgment, maintain and protect the Intellectual Property Collateral material to the use
and operation of the Pledged Collateral or any Mortgaged Property as presently used and operated and as contemplated by the Credit Agreement, (iii) in its reasonable business judgment, not permit to lapse or become abandoned any Intellectual
Property Collateral material to the use and operation of the Pledged Collateral or any Mortgaged Property as presently used and operated and as contemplated by the Credit Agreement, and not settle or compromise any pending or future litigation or
administrative proceeding with respect to such Intellectual Property Collateral without the prior written consent of the Collateral Agent, (iv) upon such Pledgor obtaining knowledge thereof, promptly notify the Collateral Agent in writing of
any event that may be reasonably expected to materially and adversely affect the value or utility of the Intellectual Property Collateral, (v) diligently keep adequate records respecting the Intellectual Property Collateral and
(vi) furnish to the Collateral Agent from time to time upon the Collateral Agent’s reasonable request therefor reasonably detailed statements and amended schedules further identifying and describing the Intellectual Property Collateral and
such other materials evidencing or reports pertaining to any Intellectual Property Collateral as the Collateral Agent may from time to time reasonably request. 

SECTION 6.5. After-Acquired Property. If any Pledgor shall at any time before the Secured Obligations have been paid and performed in
full (other than contingent indemnification obligations that, pursuant to the provisions of the Credit Agreement or the Security Documents, survive the termination thereof), (i) obtain any rights to any additional Intellectual Property
Collateral, (ii) become entitled to the benefit of any additional Intellectual Property Collateral or any renewal or extension thereof, including any reissue, division, 

  
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continuation, or continuation-in-part of any Intellectual Property Collateral, or any improvement on any Intellectual Property Collateral, or (iii) file a Statement of Use or an Amendment to
Allege Use with respect to any “intent-to-use” Trademark application that, prior to such filing, was an Excluded Asset, the provisions hereof shall automatically apply thereto and any such item enumerated in the preceding
clauses (i), (ii) or (iii) with respect to such Pledgor shall automatically constitute Intellectual Property Collateral as if such would have constituted Intellectual Property Collateral at the time of execution
hereof and be subject to the Lien and security interest created by this Agreement without further action by any party (excluding any Intellectual Property Collateral that constitutes Excluded Assets). Each Pledgor shall promptly provide to the
Collateral Agent written notice of any of the foregoing and confirm the attachment of the Lien and security interest created by this Agreement to any rights described in clauses (i), (ii) and (iii) above by
execution of an instrument in form reasonably acceptable to the Collateral Agent and the filing of any instruments or statements as shall be reasonably necessary or reasonably requested by the Collateral Agent to create, preserve, protect or perfect
the Collateral Agent’s security interest in such Intellectual Property Collateral to the extent such Intellectual Property Collateral may be perfected under applicable Legal Requirements. Further, each Pledgor authorizes the Collateral Agent to
modify this Agreement by amending Schedule 7 to the Perfection Certificate to include any Intellectual Property Collateral of such Pledgor acquired or arising after the date hereof. 

SECTION 6.6. Litigation. Unless there shall occur and be continuing any Event of Default, each Pledgor shall, in its reasonable
business judgment, have the right to commence and prosecute in its own name, as the party in interest, for its own benefit and at the sole cost and expense of the Pledgors, such applications for protection of the Intellectual Property Collateral and
suits, proceedings or other actions to prevent the infringement, counterfeiting, unfair competition, dilution, diminution in value or other damage as are necessary to protect the Intellectual Property Collateral. Upon the occurrence and during the
continuance of any Event of Default, the Collateral Agent shall have the right but shall in no way be obligated to file applications for protection of the Intellectual Property Collateral and/or bring such suit in the name of any Pledgor, the
Collateral Agent or the Secured Parties to enforce the Intellectual Property Collateral and any license thereunder. In the event of such suit, each Pledgor shall, at the reasonable request of the Collateral Agent, do any and all lawful acts and
execute any and all documents requested by the Collateral Agent in aid of such enforcement and the Pledgors shall promptly reimburse and indemnify the Collateral Agent for all costs and expenses incurred by the Collateral Agent in the exercise of
its rights under this Section 6.6 in accordance with Section 10.03 of the Credit Agreement. In the event that the Collateral Agent shall elect not to bring such suit to enforce the Intellectual Property Collateral, each
Pledgor agrees, at the reasonable request of the Collateral Agent, to take all actions necessary, whether by suit, proceeding or other action, to prevent the infringement, counterfeiting, unfair competition, dilution, diminution in value of or other
damage to any of the Intellectual Property Collateral by others and for that purpose agrees to diligently maintain any suit, proceeding or other action against any person so infringing necessary to prevent such infringement. 

  
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 ARTICLE VII 

TRANSFERS 
 SECTION 7.1.
Transfers of Pledged Collateral. No Pledgor shall sell, convey, assign or otherwise dispose of, or grant any option with respect to, any of the Pledged Collateral pledged by it hereunder except as expressly permitted by the Credit Agreement.

 ARTICLE VIII 
 REMEDIES 

SECTION 8.1. Remedies. Upon the occurrence and during the continuance of any Event of Default, the Collateral Agent may from time to
time exercise in respect of the Pledged Collateral, in addition to the other rights and remedies provided for herein or otherwise available to it, the following remedies: 

(i) Personally, or by agents or attorneys, immediately take possession of the Pledged Collateral or any part thereof, from any
Pledgor or any other person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter upon any Pledgor’s premises where any of the Pledged Collateral is located, remove such Pledged
Collateral, remain present at such premises to receive copies of all communications and remittances relating to the Pledged Collateral and use in connection with such removal and possession any and all services, supplies, aids and other facilities
of any Pledgor; 
 (ii) Demand, sue for, collect or receive any money or property at any time payable or receivable in
respect of the Pledged Collateral including instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged Collateral to make any payment required by the terms of such agreement, instrument or
other obligation directly to the Collateral Agent, and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with respect thereto; provided, however, that in the event
that any such payments are made directly to any Pledgor, such Pledgor shall segregate all amounts received pursuant thereto in trust for the benefit of the Collateral Agent and shall promptly (but in no event later than three (3) Business Days
after receipt thereof) pay such amounts to the Collateral Agent; 
 (iii) Sell, assign, grant a license to use or otherwise
liquidate, or direct any Pledgor to sell, assign, grant a license to use or otherwise liquidate, any and all investments made in whole or in part with the Pledged Collateral or any part thereof, and take possession of the proceeds of any such sale,
assignment, license or liquidation; 
 (iv) Take possession of the Pledged Collateral or any part thereof, by directing any
Pledgor in writing to deliver the same to the Collateral Agent at any place or places so designated by the Collateral Agent, in which event such Pledgor shall at its own expense: (A) forthwith cause the same to be moved to the place or places
designated 

  
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by the Collateral Agent and therewith delivered to the Collateral Agent, (B) store and keep any Pledged Collateral so delivered to the Collateral Agent at such place or places pending
further action by the Collateral Agent and (C) while the Pledged Collateral shall be so stored and kept, provide such security and maintenance services as shall be necessary to protect the same and to preserve and maintain them in good
condition. Each Pledgor’s obligation to deliver the Pledged Collateral as contemplated in this Section 8.1(iv) is of the essence hereof. Upon application to a court of equity having jurisdiction, the Collateral Agent shall be
entitled to a decree requiring specific performance by any Pledgor of such obligation; 
 (v) Withdraw all moneys,
instruments, securities and other property in any bank, financial securities, deposit or other account of any Pledgor constituting Pledged Collateral for application to the Secured Obligations as provided in Article X hereof; 

(vi) Retain and apply the Distributions to the Secured Obligations as provided in Article IX hereof; 

(vii) Exercise any and all rights as beneficial and legal owner of the Pledged Collateral, including perfecting assignment of
and exercising any and all voting, consensual and other rights and powers with respect to any Pledged Collateral; and 

(viii) Exercise all rights and remedies of a secured party on default under the UCC (whether or not the UCC applies to the
affected Pledged Collateral), and the Collateral Agent may also in its sole discretion, without notice except as specified in Section 8.2 hereof, sell, assign, transfer or grant a license to use the Pledged Collateral or any part thereof
in one or more parcels at public or private sale, at any exchange, broker’s board or at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, and at such price or prices and upon such other terms
as the Collateral Agent may deem commercially reasonable. The Collateral Agent or any other Secured Party or any of their respective Affiliates may be the purchaser, licensee, assignee or recipient of the Pledged Collateral or any part thereof at
any such sale and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Pledged Collateral sold, assigned or licensed at such sale, to use and apply any of the Secured
Obligations owed to such person as a credit on account of the purchase price of the Pledged Collateral or any part thereof payable by such person at such sale. Each purchaser, assignee, licensee or recipient at any such sale shall acquire the
property sold, assigned or licensed absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives, to the fullest extent permitted by applicable Legal Requirements, all rights of redemption, stay and/or appraisal
which it now has or may at any time in the future have under any Legal Requirements now existing or hereafter enacted. The Collateral Agent shall not be obligated to make any sale of the Pledged Collateral or any part thereof regardless of notice of
sale having been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so


  
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adjourned. Each Pledgor hereby waives, to the fullest extent permitted by applicable Legal Requirements, any claims against the Collateral Agent arising by reason of the fact that the price at
which the Pledged Collateral or any part thereof may have been sold, assigned or licensed at such a private sale was less than the price which might have been obtained at a public sale, even if the Collateral Agent accepts the first offer received
and does not offer such Pledged Collateral to more than one offeree. 
 SECTION 8.2. Notice of Sale. Each Pledgor acknowledges and
agrees that, to the extent notice of sale or other disposition of the Pledged Collateral or any part thereof shall be required by any Legal Requirement, ten (10) days’ prior notice to such Pledgor of the time and place of any public sale
or of the time after which any private sale or other intended disposition is to take place shall be commercially reasonable notification of such matters unless the Pledged Collateral is perishable or threatens to decline speedily in value or is of a
type customarily sold on a recognized market (in which case no such prior notice shall be required). No notification need be given to any Pledgor if it has signed, after the occurrence of an Event of Default, a statement renouncing or modifying any
right to notification of sale or other intended disposition. 
 SECTION 8.3. Waiver of Notice and Claims; Other Waivers; Marshalling.

 (a) Each Pledgor hereby waives, to the fullest extent permitted by applicable Legal Requirements, notice or judicial hearing in
connection with the Collateral Agent’s taking possession or the Collateral Agent’s disposition of the Pledged Collateral or any part thereof, including any and all prior notice and hearing for any prejudgment remedy or remedies and any
such right which such Pledgor would otherwise have under any Legal Requirements, and each Pledgor hereby further waives, to the fullest extent permitted by applicable Legal Requirements: (i) all damages occasioned by such taking of possession,
(ii) all other requirements as to the time, place and terms of sale or other requirements with respect to the enforcement of the Collateral Agent’s rights hereunder and (iii) all rights of redemption, appraisal, valuation, stay,
extension or moratorium now or hereafter in force under any applicable Legal Requirements. The Collateral Agent shall not be liable for any incorrect or improper payment made pursuant to this Article VIII except to the extent resulting
solely from the Collateral Agent’s gross negligence or willful misconduct as finally judicially determined by a court of competent jurisdiction. Any sale of, or the grant of options to purchase, or any other realization upon, any Pledged
Collateral shall operate to divest all right, title, interest, claim and demand, either at law or in equity, of the applicable Pledgor therein and thereto, and shall be a perpetual bar both at law and in equity or otherwise against such Pledgor and
against any and all persons claiming or attempting to claim the Pledged Collateral so sold, optioned or realized upon, or any part thereof, from, through or under such Pledgor. 

(b) Each Pledgor hereby waives demand, notice, protest, notice of acceptance of this Agreement, notice of Credit Extensions, Pledged
Collateral received or delivered or any other action taken in reliance hereon and all other demands and notices of any description. 
 (c)
The Collateral Agent shall not be required to marshal any present or future collateral security (including the Pledged Collateral) for, or other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral
security or other assurances of payment in any particular order. To the maximum extent permitted by applicable Legal Requirements, each Pledgor hereby agrees that it will not invoke any Legal Requirement relating to the marshalling of collateral and
hereby irrevocably waives the benefits of all such Legal Requirements. 
  

  
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 SECTION 8.4. Standards for Exercising Rights and Remedies. To the extent that applicable
Legal Requirements impose duties on the Collateral Agent to exercise remedies in a commercially reasonable manner, each Pledgor acknowledges and agrees that it is not commercially unreasonable for the Collateral Agent (i) to fail to incur
expenses reasonably deemed significant by the Collateral Agent to prepare Pledged Collateral for disposition or otherwise to fail to complete raw material or work in process into finished goods or other finished products for disposition,
(ii) to fail to obtain third party consents for access to Pledged Collateral to be disposed of, or to obtain or, if not required by other Legal Requirements, to fail to obtain consents for Governmental Authorities or third parties for the
collection or disposition of Pledged Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against account debtors or other persons obligated on Pledged Collateral or to fail to remove liens or encumbrances on
or any adverse claims against Pledged Collateral, (iv) to exercise collection remedies against account debtors and other persons obligated on Pledged Collateral directly or through the use of collection agencies and other collection
specialists, (v) to advertise dispositions of Pledged Collateral through publications or media of general circulation, whether or not the Pledged Collateral is of a specialized nature, (vi) to contact other persons, whether or not in the
same business as any Pledgor, for expressions of interest in acquiring all or any portion of the Pledged Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Pledged Collateral, whether or not the
collateral is of a specialized nature, (viii) to dispose of Pledged Collateral by utilizing internet sites that provide for the auction of assets of the types included in the Pledged Collateral or that have the reasonable capability of doing
so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim or modify disposition warranties, (xi) to purchase insurance or credit enhancements to insure the
Collateral Agent against risks of loss, collection or disposition of Pledged Collateral or to provide to the Collateral Agent a guaranteed return from the collection or disposition of Pledged Collateral, or (xii) to the extent deemed
appropriate by the Collateral Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist the Collateral Agent in the collection or disposition of any of the Pledged Collateral. The Pledgors
acknowledge that the purpose of this Section 8.4 is to provide non-exhaustive indications of what actions or omissions by the Collateral Agent would fulfill the Collateral Agent’s duties under the UCC or other Legal Requirements of
the State or any other relevant jurisdiction in the Collateral Agent’s exercise of remedies against the Pledged Collateral and that other actions or omissions by the Collateral Agent shall not be deemed to fail to fulfill such duties solely on
account of not being indicated in this Section 8.4. Without limiting the foregoing, nothing contained in this Section 8.4 shall be construed to grant any rights to any Pledgor or to impose any duties on the Collateral Agent
that would not have been granted or imposed by this Agreement or by applicable Legal Requirements in the absence of this Section 9.4. 

  
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 SECTION 8.5. Certain Sales of Pledged Collateral. 

(a) Each Pledgor recognizes that, by reason of certain prohibitions contained in Legal Requirements, the Collateral Agent may be compelled,
with respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who meet the requirements of such Governmental Authority. Each Pledgor acknowledges that any such sales may be at prices and on terms less favorable
to the Collateral Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that any such restricted sale shall be deemed to have been made in a commercially reasonable manner and
that, except as may be required by applicable Legal Requirements, the Collateral Agent shall have no obligation to engage in public sales. 

(b) Each Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act of 1933, as amended (the
“Securities Act”), and applicable state or foreign securities laws, the Collateral Agent may be compelled, with respect to any sale or disposition of all or any part of the Securities Collateral and Investment Property, to limit
purchasers to persons who will agree, among other things, to acquire such Securities Collateral or Investment Property for their own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that
any such private sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions (including a public offering made pursuant to a registration statement under the
Securities Act), and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Collateral Agent shall have no obligation to engage in public sales and no
obligation to delay the sale of any Securities Collateral or Investment Property for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under
applicable state or foreign securities laws, even if such issuer would agree to do so. 
 (c) If the Collateral Agent determines to exercise
its right to sell any or all of the Securities Collateral or Investment Property, upon written request, the applicable Pledgor shall, and shall cause each issuer of Securities Collateral and Investment Property to be sold hereunder to, from time to
time furnish to the Collateral Agent all such information as the Collateral Agent may reasonably request in order to determine the number and nature or interest of securities or other instruments included in the Securities Collateral or Investment
Property which may be sold by the Collateral Agent as exempt transactions under the Securities Act and the rules of the Securities and Exchange Commission thereunder, as the same are from time to time in effect. 

(d) Each Pledgor further agrees that a breach of any of the covenants contained in this Section 8.5 will cause irreparable injury
to the Collateral Agent and the other Secured Parties, that the Collateral Agent and the other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this
Section 8.5 shall be specifically enforceable against such Pledgor, and such Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants. 

  
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 SECTION 8.6. No Waiver; Cumulative Remedies. 

(a) No failure on the part of the Collateral Agent to exercise, no course of dealing with respect to, and no delay on the part of the
Collateral Agent in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, privilege or remedy hereunder preclude any other or further exercise thereof
or the exercise of any other right, power, privilege or remedy; nor shall the Collateral Agent be required to look first to, enforce or exhaust any other security, collateral or guaranties. All rights and remedies herein provided are cumulative and
are not exclusive of any rights or remedies provided by applicable Legal Requirements, in equity or otherwise. 
 (b) In the event that the
Collateral Agent shall have instituted any proceeding to enforce any right, power, privilege or remedy under this Agreement or any other Loan Document by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or
abandoned for any reason or shall have been determined adversely to the Collateral Agent, then and in every such case, the Pledgors, the Collateral Agent and each other Secured Party shall be restored to their respective former positions and rights
hereunder with respect to the Pledged Collateral, and all rights, remedies, privileges and powers of the Collateral Agent and the other Secured Parties shall continue as if no such proceeding had been instituted. 

SECTION 8.7. Certain Additional Actions Regarding Intellectual Property. If any Event of Default shall have occurred and be continuing,
upon the written demand of the Collateral Agent, each Pledgor shall execute and deliver to the Collateral Agent an assignment or assignments of the registered Intellectual Property Collateral or such other documents as are necessary or appropriate
to carry out the intent and purposes hereof; provided, however, that if the Event of Default is no longer continuing, the Collateral Agent shall promptly execute and deliver to each Pledgor such reassignments or other documents
necessary to place such Pledgors in control and ownership of such Intellectual Property Collateral. 
 ARTICLE IX 

APPLICATION OF PROCEEDS 
 SECTION
9.1. Application of Proceeds. The proceeds received by the Collateral Agent in respect of any sale of, collection from or other realization upon all or any part of the Pledged Collateral pursuant to the exercise by the Collateral Agent of its
remedies shall be applied, together with any other sums then held by the Collateral Agent pursuant to this Agreement, in accordance with the Credit Agreement. 

ARTICLE X 
 MISCELLANEOUS 

SECTION 10.1. Concerning Collateral Agent. 

(a) The Collateral Agent has been appointed as collateral agent pursuant to the Credit Agreement. The actions of the Collateral Agent
hereunder are subject to the 

  
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provisions of the Credit Agreement. The Collateral Agent shall have the right hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain
from taking action (including the release or substitution of the Pledged Collateral), in accordance with this Agreement and the Credit Agreement. Each Secured Party, by its acceptance of the benefits hereof, agrees that it shall have no right
individually to realize upon any of the Pledged Collateral hereunder, it being understood and agreed by such Secured Party that all rights and remedies hereunder may be exercised solely by the Collateral Agent for the benefit of the Secured Parties
in accordance with the terms of this Agreement. The Collateral Agent may employ agents and attorneys-in-fact in connection herewith and shall not be liable for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in
good faith. The Collateral Agent may resign and a successor Collateral Agent may be appointed in the manner provided in the Credit Agreement. Upon the acceptance of any appointment as the Collateral Agent by a successor Collateral Agent, that
successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent under this Agreement, and the retiring Collateral Agent shall thereupon be discharged from
its duties and obligations under this Agreement. After any retiring Collateral Agent’s resignation, the provisions hereof shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was the
Collateral Agent. 
 (b) Except for the exercise of reasonable care in the custody of any Pledged Collateral in its possession and the
accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any Pledged Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any
Pledged Collateral. The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its possession if such Pledged Collateral is accorded treatment substantially equivalent to that
which the Collateral Agent, in its individual capacity, accords its own property consisting of similar instruments or interests; provided that neither the Collateral Agent nor any of the other Secured Parties nor any of their respective
directors, officers, employees or agents shall have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Securities Collateral, whether or not
the Collateral Agent or any other Secured Party has or is deemed to have knowledge of such matters, (ii) failing to demand, collect or realize upon all or part of the Pledged Collateral or for any delay in doing so or (iii) failing to take
any necessary steps to preserve rights against any person with respect to any Pledged Collateral. 
 (c) The Collateral Agent shall be
entitled to rely upon any written notice, statement, certificate, order or other document or any telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper person, and, with respect to all matters
pertaining to this Agreement and its duties hereunder, upon advice of counsel selected by it. 
 (d) The Collateral Agent may rely on advice
of counsel as to whether any or all UCC financing statements of the Pledgors need to be amended as a result of any of the changes described in Section 5.11(a) of the Credit Agreement. If any Pledgor fails to provide information to the
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shall not be liable or responsible to any party for any failure to maintain a perfected security interest in such Pledgor’s property constituting Pledged Collateral, for which the Collateral
Agent needed to have information relating to such changes. The Collateral Agent shall have no duty to inquire about such changes if any Pledgor does not inform the Collateral Agent of such changes, the parties acknowledging and agreeing that it
would not be feasible or practical for the Collateral Agent to search for information on such changes if such information is not provided by any Pledgor. 

SECTION 10.2. Collateral Agent May Perform; Collateral Agent Appointed Attorney-in-Fact. If any Pledgor shall fail to perform any
covenants contained in this Agreement (including such Pledgor’s covenants to (i) pay the premiums in respect of all required insurance policies hereunder, (ii) pay Charges, (iii) make repairs, (iv) discharge Liens or
(v) pay or perform any obligations of such Pledgor under any Pledged Collateral) or if any representation or warranty on the part of any Pledgor contained herein shall be breached, the Collateral Agent may (but shall not be obligated to) do the
same or cause it to be done or remedy any such breach, and may expend funds for such purpose; provided, however, that the Collateral Agent shall in no event be bound to inquire into the validity of any tax, lien, imposition or other
obligation which such Pledgor fails to pay or perform as and when required hereby and which such Pledgor does not contest in accordance with the provisions of the Credit Agreement. Any and all amounts so expended by the Collateral Agent shall be
paid by the Pledgors in accordance with the provisions of Section 10.03 of the Credit Agreement. Neither the provisions of this Section 10.2 nor any action taken by the Collateral Agent pursuant to the provisions of this
Section 10.2 shall prevent any such failure to observe any covenant contained in this Agreement nor any breach of representation or warranty from constituting an Event of Default. Each Pledgor hereby appoints the Collateral Agent its
attorney-in-fact, with full power and authority in the place and stead of such Pledgor and in the name of such Pledgor, or otherwise, from time to time in the Collateral Agent’s discretion to take any action and to execute any instrument
consistent with the terms of the Credit Agreement, this Agreement and the other Loan Documents which the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof (but the Collateral Agent shall not be obligated to and shall
have no liability to such Pledgor or any third party for failure to so do or take action). The foregoing grant of authority is a power of attorney coupled with an interest and such appointment shall be irrevocable for the term hereof. Each Pledgor
hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof. 
 SECTION 10.3. Continuing Security
Interest; Assignment. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (i) be binding upon the Pledgors, their respective successors and assigns and (ii) inure, together with the rights and
remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent and the other Secured Parties and each of their respective successors, transferees and assigns. No other persons (including any other creditor of any Pledgor) shall
have any interest herein or any right or benefit with respect hereto. Without limiting the generality of the foregoing clause (ii), any Secured Party may assign or otherwise transfer any obligations held by it secured by this Agreement
to any other person, and such other person shall thereupon become vested with all the benefits in respect thereof granted to such Secured Party, herein or otherwise, subject however, to the provisions of the Credit Agreement and, in the case of a
Secured Party that is a party to a Permitted Hedging Agreement, such Permitted Hedging Agreement. Each of the Pledgors agrees 

  
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that its obligations hereunder and the security interest created hereunder shall continue to be effective or be reinstated, as applicable, if at any time payment, or any part thereof, of all or
any part of the Secured Obligations is rescinded or must otherwise be restored by the Secured Party upon the bankruptcy or reorganization of any Pledgor or otherwise. 

SECTION 10.4. Termination; Release; Reinstatement. This Agreement shall terminate and the Pledged Collateral shall be released from the
Lien of this Agreement when the Commitments have been terminated and the principal of and interest and premium (if any) on each Loan, all Fees and all other expenses or amounts payable under any Loan Document shall have been paid in full. Upon
termination hereof, the security interests granted hereby shall terminate and all rights to the Pledged Collateral shall revert to the applicable Pledgor or to such other person as may be entitled thereto pursuant to any Order or other applicable
Legal Requirements. Upon termination hereof or any release of Pledged Collateral in accordance with the provisions of the Credit Agreement, the Collateral Agent shall promptly, upon the written request and at the sole cost and expense of the
Pledgors, assign, transfer and deliver to the Pledgors, against receipt and without recourse to or warranty by the Collateral Agent except that the Collateral Agent has not assigned or otherwise transferred its security interest in the Pledged
Collateral, such of the Pledged Collateral to be released (in the case of a release) as may be in possession or control of the Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to
any other Pledged Collateral, with such endorsements or proper documents and instruments (including UCC-3 termination statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be. Each
Pledgor agrees that, if any payment made by any Loan Party or other Person and applied to the Secured Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to
be refunded or repaid, or the proceeds of any Collateral are required to be returned by any Secured Party to such Loan Party, its estate, trustee, receiver or any other party, including any Pledgor, under any bankruptcy law, state or federal law,
common law or equitable cause, then, to the extent of such payment or repayment, any Lien or other Collateral securing such liability shall be and remain in full force and effect, as fully as if such payment had never been made. If, prior to any of
the foregoing, any Lien or other Collateral securing such Pledgor’s liability hereunder shall have been released or terminated by virtue of the foregoing, such Lien, other Collateral or provision shall be reinstated in full force and effect and
such prior release, termination, cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligations of any such Pledgor in respect of any Lien or other Collateral securing such obligation or the amount of
such payment. 
 SECTION 10.5. Modification in Writing. No amendment, modification, supplement, termination or waiver of or to any
provision hereof, nor consent to any departure by any Pledgor therefrom, shall be effective unless the same shall be made in accordance with the terms of the Credit Agreement and unless in writing and signed by the Collateral Agent. Any amendment,
modification or supplement of or to any provision hereof, any waiver of any provision hereof and any consent to any departure by any Pledgor from the terms of any provision hereof in each case shall be effective only in the specific instance and for
the specific purpose for which made or given. Except where notice is specifically required by this Agreement or any other document evidencing the Secured Obligations, no notice to or demand on any Pledgor in any case shall entitle any Pledgor to any
other or further notice or demand in similar or other circumstances. 

  
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 SECTION 10.6. Notices. Unless otherwise provided herein or in the Credit Agreement, any
notice or other communication herein required or permitted to be given shall be given in the manner and become effective as set forth in the Credit Agreement, as to any Pledgor, addressed to it at the address of the Borrower set forth in the Credit
Agreement and as to the Collateral Agent, addressed to it at the address set forth in the Credit Agreement, or in each case at such other address as shall be designated by such party in a written notice to the other party complying as to delivery
with the terms of this Section 10.6. 
 SECTION 10.7. Governing Law, Consent to Jurisdiction and Service of Process; Waiver
of Jury Trial. 
 (a) THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT
REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 
 (b) EACH PLEDGOR HEREBY
IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW
YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY
AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY APPLICABLE LEGAL REQUIREMENTS, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR OTHERWISE SHALL AFFECT
ANY RIGHT THAT THE COLLATERAL AGENT, ANY OTHER AGENT OR ANY LENDER OR OTHER SECURED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY PLEDGOR OR ITS PROPERTIES IN THE COURTS
OF ANY JURISDICTION. 
 (c) EACH PLEDGOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY
DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SECTION 10.7(b). EACH OF
THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

  
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 (d) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT, IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN TELECOPY) IN SECTION 10.6. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS
AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 
 (e) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT, THE TRANSACTIONS OR THE OTHER TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 10.7. 
 SECTION 10.8. Severability of Provisions. Any provision hereof which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other
jurisdiction. 
 SECTION 10.9. Execution in Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the
same agreement. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 10.10. Business Days. In the event any time period or any date provided in this Agreement ends or falls on a day other than a
Business Day, then such time period shall be deemed to end and such date shall be deemed to fall on the immediately preceding Business Day, and performance herein may be made on such Business Day, with the same force and effect as if made on such
other day. 

  
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 SECTION 10.11. Waiver of Stay. Each Pledgor covenants that in the event that such Pledgor
or any property or assets of such Pledgor shall hereafter become the subject of a voluntary or involuntary proceeding under the Bankruptcy Code or such Pledgor shall otherwise be a party to any federal or state bankruptcy, insolvency, moratorium or
similar proceeding to which the provisions relating to the automatic stay under Section 362 of the Bankruptcy Code or any similar provision in any such Legal Requirement is applicable, then, in any such case, whether or not the Collateral Agent
has commenced foreclosure proceedings under this Agreement, such Pledgor shall not, and each Pledgor hereby expressly waives its right to (to the extent it may lawfully do so) at any time insist upon, plead or in any whatsoever, claim or take the
benefit or advantage of any such automatic stay or such similar provision as it relates to the exercise of any of the rights and remedies (including any foreclosure proceedings) available to the Collateral Agent as provided in this Agreement, in any
other Security Document or any other document evidencing the Secured Obligations. Each Pledgor further covenants that it will not hinder, delay or impede the execution of any power granted herein to the Collateral Agent, but will suffer and permit
the execution of every such power as though no law relating to any stay or similar provision had been enacted. 
 SECTION 10.12. No
Credit for Payment of Taxes or Imposition. Such Pledgor shall not be entitled to any credit against the principal, premium, if any, or interest payable under the Credit Agreement, and such Pledgor shall not be entitled to any credit against any
other sums which may become payable under the terms thereof or hereof, by reason of the payment of any Tax on the Pledged Collateral or any part thereof. 

SECTION 10.13. No Claims Against Collateral Agent. Nothing contained in this Agreement shall constitute any consent or request by the
Collateral Agent, express or implied, for the performance of any labor or services or the furnishing of any materials or other property in respect of the Pledged Collateral or any part thereof, nor as giving any Pledgor any right, power or authority
to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against the Collateral Agent in respect thereof or any claim that any
Lien based on the performance of such labor or services or the furnishing of any such materials or other property is prior to the Lien hereof. 

SECTION 10.14. No Release. Nothing set forth in this Agreement or any other Loan Document, nor the exercise by the Collateral Agent of
any of the rights or remedies hereunder, shall relieve any Pledgor from the performance of any term, covenant, condition or agreement on such Pledgor’s part to be performed or observed under or in respect of any of the Pledged Collateral or
from any liability to any person under or in respect of any of the Pledged Collateral or shall impose any obligation on the Collateral Agent or any other Secured Party to perform or observe any such term, covenant, condition or agreement on such
Pledgor’s part to be so performed or observed or shall impose any liability on the Collateral Agent or any other Secured Party for any act or omission on the part of such Pledgor relating thereto or for any breach of any representation or
warranty on the part of such Pledgor contained in this Agreement, the Credit Agreement or the other Loan Documents, or under or in respect of the Pledged Collateral or made in connection herewith or therewith. Anything herein to the contrary
notwithstanding, neither the Collateral Agent nor any other Secured Party shall have any 

  
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obligation or liability under any contracts, agreements and other documents included in the Pledged Collateral by reason of this Agreement, nor shall the Collateral Agent or any other Secured
Party be obligated to perform any of the obligations or duties of any Pledgor thereunder or to take any action to collect or enforce any such contract, agreement or other document included in the Pledged Collateral hereunder. The obligations of each
Pledgor contained in this Section 10.14 shall survive the termination hereof and the discharge of such Pledgor’s other obligations under this Agreement, the Credit Agreement and the other Loan Documents. 

SECTION 10.15. Overdue Amounts. Until paid, all amounts due and payable under this Agreement shall constitute Secured Obligations and
shall, upon demand by the Required Lenders, bear interest, whether before or after judgment, at the Default Rate. 
 SECTION 10.16.
Obligations Absolute. All obligations of each Pledgor hereunder shall be absolute and unconditional irrespective of: 

(i) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of any other
Pledgor; 
 (ii) any lack of validity or enforceability of any Loan Document, or any other agreement or instrument relating
thereto, against any Pledgor; 
 (iii) any change in the time, manner or place of payment of, or in any other term of, all or
any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from any Loan Document or any other agreement or instrument relating thereto; 

(iv) any pledge, exchange, release or non-perfection or loss of priority of any other collateral, or any release or amendment
or waiver of or consent to any departure from any guarantee, for all or any of the Secured Obligations; 
 (v) any exercise,
non-exercise or waiver of any right, remedy, power or privilege under or in respect hereof, any Loan Document except as specifically set forth in a waiver granted pursuant to the provisions of Section 10.5 hereof; or 

(vi) any other circumstances which might otherwise constitute a defense available to, or a discharge of, any Pledgor. 

  
 PLEDGE AND SECURITY
AGREEMENT 
  
 38 








 IN WITNESS WHEREOF, each Pledgor and the Collateral Agent have caused this Agreement to be duly
executed and delivered by their duly authorized officers as of the date first above written. 
  

			
	BORROWER:
	
	HC2 Holdings, Inc.
		
	By:	 	/s/ Mesfin Demise
	Name:	 	Mesfin Demise
	Title:	 	Chief Financial Officer



  
 PLEDGE AND SECURITY
AGREEMENT 
  








 
			
	SUBSIDIARY GUARANTORS:
	
	PTGi International Holding Inc.
		
	By	 	/s/ Mesfin Demise
	Name:	 	Mesfin Demise
	Title:	 	Chief Financial Officer


  

			
	PTGi International, Inc.
		
	By	 	/s/ Mesfin Demise
	Name:	 	Mesfin Demise
	Title:	 	Chief Financial Officer


  

			
	Arbinet Corporation
		
	By	 	/s/ Mesfin Demise
	Name:	 	Mesfin Demise
	Title:	 	Chief Financial Officer


  

			
	HC2 Tech Ventures, LLC
		
	By	 	/s/ Mesfin Demise
	Name:	 	Mesfin Demise
	Title:	 	Chief Financial Officer


  

			
	HC2 Holdings 2, Inc.
		
	By	 	/s/ Mesfin Demise
	Name:	 	Mesfin Demise
	Title:	 	Chief Financial Officer


  

			
	HC2 Investment Securities, Inc.
		
	By	 	/s/ Mesfin Demise
	Name:	 	Mesfin Demise
	Title:	 	Chief Financial Officer



  
 PLEDGE AND SECURITY
AGREEMENT 
  









			
	COLLATERAL AGENT:
	JEFFERIES FINANCE LLC
		
	By:	 	/s/ J. Paul McDonnell
	Name:	 	J. Paul McDonnell
	Title:	 	Managing Director


  
 PLEDGE
AND SECURITY AGREEMENT 








 SCHEDULE 1 

SECURITIES COLLATERAL 
  

											
	 Pledgor
	  	 Issuer
	  	Number of Shares	 	Number of
Shares or
Interests	  	Percentage
Pledged	 
	 HC2 Holdings, Inc.
	  	HC2 Holdings 2, Inc.	  	100	 	100	  	 	100	% 
	  	PTGi International Holding, Inc.	  	100	 	100	  	 	100	% 
	  	Schuff International, Inc.	  	4,183,3851	 	2,500,000	  	 	64.48	% 
					
	 PTGi International Holding, Inc.
	  	Arbinet Corporation	  	1,000	 	Unknown	  	 	100	% 
	  	PTGi IHC, Inc.	  	100	 	100	  	 	100	% 
	  	Lingo Holdings, Inc.	  	1,000	 	1,000	  	 	100	% 
	  	PTGi International, Inc.	  	1,000	 	100	  	 	100	% 
	  	St. Thomas & San Juan Telephone Company, Inc.	  	1,000	 	130,000	  	 	65	% 
					
	 PTGi International, Inc.
	  	Stubbs, Ltd	  	Unknown	 	1	  	 	65	% 
	  	Primus Telecommunications El Salvador SA de C.V.	  	Unknown	 	Unknown	  	 	65	% 
					
	 Arbinet Corporation
	  	Arbinet Communications, Inc.	  	10,000	 	Unknown	  	 	100	% 
	  	Arbinet Services, Inc.	  	10,000	 	Unknown	  	 	100	% 
	  	Arbinet-thexchange HK Limited	  	1,000	 	1	  	 	65	% 
	  	PTGi International Carrier Services, Inc.	  	10,000	 	100	  	 	100	% 
	  	Arbinet-thexchange Ltd	  	100	 	1	  	 	65	% 
	  	Arbinet Managed Services, Inc.	  	10,000	 	100	  	 	100	% 
	  	Arbinet Digital Media Corporation	  	10,000	 	100	  	 	100	% 
	  	ANIP, Inc.	  	1,000	 	Unknown	  	 	100	% 

  

	1 	 This number represents the shares outstanding as of September 22, 2014 (10,038,707 issued minus 5,855,322 Treasury = 4,202,933).











											
	 Pledgor
	  	 Issuer
	  	Number of Shares	  	Number of
Shares or
Interests	  	Percentage
Pledged	 
	 HC2 Holdings 2, Inc.
	  	HC2 Investment Securities, Inc.	  	100	  	100	  	 	100	% 
	  	Pansend, LLC	  	N/A	  	N/A	  	 	100	% 
	  	ANG Holdings, Inc.	  	15,500
Series A
Convertible
Preferred
Shares	  	Unknown	  	 	100	% 
	  	HC2 Tech Ventures, LLC	  	N/A	  	N/A	  	 	100	% 
	  	Global Marine Holdings, LLC	  	N/A	  	N/A	  	 	65	%