Document:

Exhibit 4.3

 

EXECUTION VERSION

 

PLEDGE AGREEMENT

 

This PLEDGE AGREEMENT
(as amended, amended and restated or otherwise modified from time to time, herein called this “Agreement”) is dated
as of March 25, 2022 by and among OWENS-ILLINOIS GROUP, INC., a Delaware corporation (“Company”), OWENS-BROCKWAY
PACKAGING, INC., a Delaware corporation (“Packaging” and, together with Company, each, a “Pledgor”
and collectively, the “Pledgors”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent (in such
capacity herein called the “Collateral Agent”) for the Lenders (as hereinafter defined), the Other Permitted Credit
Exposure Holders (as hereinafter defined) and the Permitted Secured Debt Representatives (as hereinafter defined). Initially capitalized
terms used herein without definition are defined in the Credit Agreement (as hereinafter defined).

 

R E C I T A L S

 

1.                  
The Lenders and the Administrative Agent have entered into that certain Credit Agreement and Syndicated Facility Agreement dated
as of the date hereof with the Borrowers named therein, Company and Borrowers’ Agent (as amended, restated, amended and restated,
supplemented, or otherwise modified from time to time, the “Credit Agreement”, which term shall also include and refer
to any successor or replacement facility of the Company and/or its Subsidiaries designated in writing as such by the Borrowers’
Agent with the Collateral Agent’s consent and acknowledgment of the termination of the Company’s and or its Subsidiaries’
applicable predecessor Credit Agreement by an agent to the lenders thereunder).

 

2.                  
Company has guaranteed all Obligations (as defined below) pursuant to Article XIV of the Credit Agreement.

 

3.                  
Packaging and the other Subsidiary Guarantors have guaranteed all Obligations as defined in and now or hereafter existing under
the Credit Agreement (collectively, the “Obligations”) pursuant to a certain Subsidiary Guaranty dated as of the date
hereof (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Subsidiary Guaranty”).

 

4.                  
Company is the legal and beneficial owner of (i) the shares of stock described in Part I of Schedule I hereto (the
 “Company Pledged Shares”) issued by the corporations named therein, which shares constitute the percentage of all of
the issued and outstanding shares of all classes of capital stock of such companies identified in Part I of said Schedule I,
and (ii) the indebtedness described in Part II of said Schedule I (the “Company Pledged Debt”) issued
by the obligors named therein. Packaging is the legal and beneficial owner of (i) the shares of stock described in Part I of Schedule
II hereto (the “Packaging Pledged Shares”) issued by the corporation named therein, which shares constitute the
percentage of all of the issued and outstanding shares of all classes of capital stock of such company identified in Part I of
said Schedule II, and (ii) the indebtedness described in Part II of said Schedule II (the “Packaging Pledged
Debt”) issued by the obligor named therein (collectively, the Company Pledged Shares and the Packaging Pledged Shares are referred
to herein as the “Pledged Shares”, and the Company Pledged Debt and the Packaging Pledged Debt are referred to herein
as the “Pledged Debt”).

 

5.                   Company
and Restricted Subsidiaries of Company have incurred, and it is contemplated that, from time to time in the future, Company and
Restricted Subsidiaries of Company may incur, obligations to Lenders, Affiliates of Lenders or other Persons set forth on Schedule
1 to the Intercreditor Agreement on the Closing Date arising out of loans, advances, overdrafts, interest rate, currency or
hedge products and other derivative exposures (including under interest rate agreements, currency agreements and commodities
agreements) or other extensions of credit to the extent permitted under the Credit Agreement (“Other Permitted Credit
Exposure”). Company and Packaging have guaranteed such Other Permitted Credit Exposure pursuant, and subject, to Article
XIV of the Credit Agreement and the Subsidiary Guaranty, respectively. Each holder of any such Other Permitted Credit Exposure,
including those holders of Other Permitted Credit Exposure set forth on Schedule 1 to the Intercreditor Agreement (as defined
below) is referred to herein as an “Other Permitted Credit Exposure Holder” and, collectively, all such holders
are referred to as “Other Permitted Credit Exposure Holders”. The documents and instruments evidencing or
relating to any such Other Permitted Credit Exposure (including the foregoing guaranties) are referred to as the “Other
Permitted Credit Exposure Documents”.

 

     

     

    

 

6.                  
It is contemplated that, from time to time in the future to the extent permitted by the Credit Agreement, Company and/or Packaging
or Owens-Brockway and/or the other Subsidiary Guarantors may issue and/or guaranty, certain Permitted Secured Debt. Any indenture, debenture,
note, guaranty, credit agreement or other document executed by Company or Packaging or Owens-Brockway and/or the other Subsidiary Guarantors
in connection with the issuance of any such Permitted Secured Debt is referred to herein as a “Permitted Secured Debt Document”
individually and the “Permitted Secured Debt Documents” collectively. Any trustee or like representative of the holders
of any such Permitted Secured Debt acting in such capacity for the benefit of the holders of Permitted Secured Debt is referred to herein
as a “Permitted Secured Debt Representative”.

 

7.                  
Collateral Agent, the Lender Agent (as defined therein), the Permitted Secured Debt Representatives and the current Other Permitted
Credit Exposure Holders have entered into that certain Intercreditor Agreement dated as of the date hereof (as amended, restated, amended
and restated, supplemented or otherwise modified from time to time being the “Intercreditor Agreement”) which provides
for, inter alia, the appointment of Collateral Agent to administer the Pledged Collateral. Any Permitted Secured Debt Representative
and any Other Permitted Credit Exposure Holder shall only be entitled to the benefits of this Agreement, and shall only be a Secured Party
hereunder, if (a) (i) such Person (or the representative thereof) executes and delivers to Collateral Agent an acknowledgment to the Intercreditor
Agreement (in the form attached thereto) acknowledged by the Borrowers’ Agent, and (ii) to the extent such person is an Other Permitted
Credit Exposure Holder, such person shall have released and terminated any guaranty by Holdings of such Other Permitted Credit Exposure
and shall remain a Lender or an Affiliate of a Lender or (b) if such Person (or the representative thereof) is described on Schedule
1 attached to the Intercreditor Agreement.

 

8.                  
It is a condition precedent to the obligation of the Lenders to make their respective extensions of credit to the Borrowers under
the Credit Agreement that the Pledgors shall have pledged, and granted the security interests set forth herein in, the Pledged Collateral
(as hereinafter defined) in favor of Collateral Agent for the benefit of the Lenders, the Other Permitted Credit Exposure Holders and
the holders of any Permitted Secured Debt and the Permitted Secured Debt Representatives (collectively, the “Secured Parties”).

 

NOW, THEREFORE,
in consideration of the promises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

Section
1.        PLEDGES.

 

1.1              
By Company. Company hereby pledges to Collateral Agent and grants to Collateral Agent, in each case for the ratable
benefit of the Secured Parties, a first priority security interest in all of Company’s right, title and interest in and to the following
(the “Company Pledged Collateral”) to secure the Secured Obligations (as defined in Section 2):

 

    2

     

    

 

A.                
 the Company Pledged Shares and the certificates representing the Company Pledged Shares and any interest of Company in the entries
on the books of any securities intermediary pertaining to the Company Pledged Shares, including without limitation, all securities entitlements
with respect to the Company Pledged Shares and all dividends, cash, options, warrants, rights, instruments and other property or proceeds
from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Company Pledged Shares;

 

B.                 
all additional shares of stock of any issuer of the Company Pledged Shares from time to time acquired by Company in any manner
(which shares shall be deemed to be part of the Company Pledged Shares), and the certificates representing such additional shares and
any interest of Company in the entries on the books of any financial intermediary pertaining to such additional shares, including without
limitation, all security entitlements with respect to such additional shares, and all dividends, cash, options, warrants, rights, instruments
and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or
all of such shares;

 

C.                 
the Company Pledged Debt and the instruments evidencing the Company Pledged Debt, and all interest, cash instruments and other
property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Company Pledged
Debt; and

 

D.                
all proceeds of any of the foregoing.

 

1.2              
By Packaging. Packaging hereby pledges to Collateral Agent and grants to Collateral Agent, in each case for the ratable
benefit of the Secured Parties, a first priority security interest in all of Packaging’s right, title and interest in and to the
following (the “Packaging Pledged Collateral”) to secure the Secured Obligations:

 

A.                
the Packaging Pledged Shares and the certificates representing the Packaging Pledged Shares and any interest of Packaging in the
entries on the books of any securities intermediary pertaining to the Packaging Pledged Shares, including without limitation, all security
entitlements with respect to the Packaging Pledged Shares and all dividends, cash options, warrants, rights, instruments and other property
or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Packaging
Pledged Shares;

 

B.                 
all additional shares of stock of any issuer of the Packaging Pledged Shares from time to time acquired by Packaging in any manner
(which shares shall be deemed to be part of the Packaging Pledged Shares), and the certificates representing such additional shares and
any interest of Packaging in the entries on the books of any securities intermediary pertaining to such additional shares, including without
limitation, all security entitlements with respect to such additional shares and all dividends, cash, options, warrants, rights, instruments
and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or
all of such shares;

 

C.                 
the Packaging Pledged Debt and the instruments evidencing the Packaging Pledged Debt, and all interest, cash instruments and other
property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Packaging
Pledged Debt; and

 

D.                
all proceeds of any of the foregoing.

 

The Company Pledged Collateral and the Packaging
Pledged Collateral is referred to herein collectively as the “Pledged Collateral”.

 

    3

     

    

 

Section
2.        SECURED
OBLIGATIONS; PRIORITY.

 

2.1              
Secured Obligations. The security interests granted by the Company and Packaging pursuant to Section 1.1 secures
on a first priority basis, and the Pledged Collateral is collateral security for, the prompt payment or performance in full when due,
whether at stated maturity, by acceleration or otherwise (including the payment of amounts which would become due but for the operation
of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a)), of all Obligations, all obligations
of the Pledgors under any Other Permitted Credit Exposure Documents and all obligations of either Pledgor or other permitted obligor under
any Permitted Secured Debt Documents, in each case whether for principal, premium or interest (including, without limitation, interest
which, but for the filing of a petition in a bankruptcy, reorganization or other similar proceeding with respect to the Pledgor, would
accrue on such obligations), payments for early termination, payments for settlement of amounts due under any such agreement, fees, expenses
or otherwise and all obligations of either Pledgor or other permitted obligor now or hereafter existing under this Agreement, in each
case, excluding Excluded Swap Obligations (all such obligations being the “Secured Obligations”); provided,
that, the pledge made and security interest granted in Section 1 and any other provisions of this Agreement shall be effective
as to any holders of obligations in respect of any Other Permitted Credit Exposure Documents or Permitted Secured Debt Documents only
if (a) (i) such Person (or the representative thereof) executes and delivers to Collateral Agent an acknowledgment to the Intercreditor
Agreement (in the form attached thereto) acknowledged by the Borrowers’ Agent, and (ii) to the extent such Person is an Other Permitted
Credit Exposure Holder, such Person shall have released and terminated any guaranty by Holdings of such Other Permitted Credit Exposure
and shall remain a Lender or an Affiliate of a Lender or (b) if such Person (or the representative thereof) is described on Schedule
1 attached to the Intercreditor Agreement. For purposes of determining the amount of Secured Obligations relating to any obligation
with respect to which a Person other than a Pledgor is the direct or primary obligor and with respect to which a Pledgor is a guarantor
(including by way of providing security), the total amount of such Secured Obligations shall be calculated without duplication of the
amount of such direct or primary obligation secured by the Pledged Collateral and the related guaranty obligations of the Pledgors secured
by the Pledged Collateral.

 

Section
3.        DELIVERY
OF PLEDGED COLLATERAL.

 

3.1              
All certificates or instruments representing or evidencing the Pledged Collateral shall be delivered to and held by or on behalf
of Collateral Agent pursuant hereto and 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 satisfactory to Collateral Agent. Collateral Agent shall have the right,
at any time upon or after the occurrence and during the continuance of an Event of Default (as defined in Section 11) and without
notice to either Pledgor, to transfer to or to register in the name of Collateral Agent or any of its nominees any or all of the Pledged
Collateral. In addition, Collateral Agent shall have the right at any time to exchange certificates or instruments representing or evidencing
Pledged Collateral for certificates or instruments of smaller or larger denominations.

 

Section
4.        REPRESENTATIONS
AND WARRANTIES

 

4.1              
By Company. Company hereby represents and warrants to Collateral Agent and each Secured Party as follows:

 

(a)               
Company is, and at the time of delivery of any Company Pledged Collateral to Collateral Agent pursuant to Section 3 will
be, the legal and beneficial owner of the Company Pledged Collateral free and clear of any Lien except for the liens and security interests
created by this Agreement.

 

    4

     

    

 

(b)               
 Company has full power, authority and legal right to pledge all the Company Pledged Collateral pursuant to this Agreement.

 

(c)               
No consent of any other party (including, without limitation, stockholders or creditors of Company) and no consent, authorization,
approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required either (x) for
the pledge by Company of the Company Pledged Collateral pursuant to this Agreement or for the execution, delivery or performance of this
Agreement by Company or (y) for the exercise by Collateral Agent of the voting or other rights provided for in this Agreement or the remedies
in respect of the Company Pledged Collateral pursuant to this Agreement; except (a) for foreign governmental actions, notices or filings
required for actions referred to in clauses (x) and (y) as to Company Pledged Shares issued by corporations which own, directly or indirectly,
the stock of Foreign Subsidiaries and (b) as may be required in connection with such disposition by laws affecting the offering and sale
of securities generally.

 

(d)               
All of the Company Pledged Shares have been duly authorized and validly issued and are fully paid and non-assessable. The Company
Pledged Debt has been duly authorized, authenticated or issued and delivered, and is the legal, valid and binding obligation of the issuers
thereof, and is not in default.

 

(e)               
The pledge of the Company Pledged Shares and the Company Pledged Debt pursuant to this Agreement, together with delivery to Collateral
Agent in accordance with and subject to Section 3.1 of the certificates or instruments representing or evidencing the Company Pledged
Shares and Company Pledged Debt, accompanied by duly executed instruments of transfer or assignment in blank and an effective endorsement,
creates a valid and perfected first priority security interest in the Company Pledged Shares and the Company Pledged Debt securing the
payment of the Secured Obligations.

 

(f)                
As of the date hereof, the Company Pledged Shares consisting of capital stock of the Persons identified in Part I of Schedule
I annexed hereto constitute the percentage of the issued and outstanding shares of stock of such Persons as identified in Part
I of Schedule I annexed hereto. The Company Pledged Debt constitutes all of the issued and outstanding debt obligations owing
to Company as of the date specified therein by the Persons identified in Part II of Schedule I annexed hereto.

 

(g)               
Except as otherwise permitted by the Credit Agreement, the Company at all times will be the sole beneficial owner of the Company
Pledged Collateral.

 

(h)               
The pledge of the Company Pledged Collateral pursuant to this Agreement does not violate Regulations T, U or X of the Federal Reserve
Board.

 

4.2              
By Packaging. Packaging hereby represents and warrants to Collateral Agent and each Secured Party as follows:

 

(a)               
Packaging is, and at the time of delivery of any Packaging Pledged Collateral to Collateral Agent pursuant to Section 3
will be, the legal and beneficial owner of the Packaging Pledged Collateral free and clear of any Lien except for the lien and security
interests created by this Agreement.

 

(b)               
Packaging has full power, authority and legal right to pledge all the Packaging Pledged Collateral pursuant to this Agreement.

 

    5

     

    

 

(c)               
 No consent of any other party (including, without limitation, stockholders or creditors of Packaging) and no consent, authorization,
approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required either (x) for
the pledge by Packaging of Packaging Pledged Collateral pursuant to this Agreement or for the execution, delivery or performance of this
Agreement by Packaging or (y) for the exercise by Collateral Agent of the voting or other rights provided for in this Agreement or
the remedies in respect of the Packaging Pledged Collateral pursuant to this Agreement; except (a) for foreign governmental actions, notices
or filings required for actions referred to in clauses (x) and (y) as to Packaging Pledged Shares issued by corporations which own, directly
or indirectly, the stock of Foreign Subsidiaries and (b) as may be required in connection with such disposition by laws affecting the
offering and sale of securities generally.

 

(d)               
All of the Packaging Pledged Shares have been duly authorized and validly issued and are fully paid and non-assessable. The Packaging
Pledged Debt has been duly authorized, authenticated or issued and delivered, and is the legal, valid and binding obligation of the issuers
thereof, and is not in default.

 

(e)               
The pledge of the Packaging Pledged Shares and the Packaging Pledged Debt pursuant to this Agreement, together with delivery to
Collateral Agent in accordance with and subject to Section 3.1 of certificates or instruments representing or evidencing the Packaging
Pledged Shares and Packaging Pledged Debt, accompanied by duly executed instruments of transfer of assignment in blank and an effective
endorsement, creates a valid and perfected first priority security interest in the Packaging Pledged Shares and the Packaging Pledged
Debt securing the payment of the Secured Obligations.

 

(f)                
As of the date hereof, the Packaging Pledged Shares consisting of capital stock of the Persons identified in Part I of Schedule
II annexed hereto constitute the percentage of the issued and outstanding shares of stock of such Persons as identified in Part
I of Schedule II annexed hereto. The Packaging Pledged Debt constitutes all of the issued and outstanding debt obligations
owing to Packaging as of the date hereof by the Persons identified in Part II of Schedule II annexed hereto.

 

(g)               
Except as otherwise permitted by the Credit Agreement, Packaging at all times will be sole beneficial owner of the Packaging Pledged
Collateral.

 

(h)               
The pledge of the Packaging Pledged Collateral pursuant to this Agreement does not violate Regulations T, U or X of the Federal
Reserve Board.

 

Section
5.        SUPPLEMENTS,
FURTHER ASSURANCES.

 

5.1              
Each Pledgor agrees that at any time and from time to time, at the expense of such Pledgor, such Pledgor will promptly execute
and deliver all further instruments and documents, and take all further action, that may be necessary or that Collateral Agent may reasonably
request, in order to perfect and protect any security interest granted or purported to be granted hereby or to enable Collateral Agent
to exercise and enforce its rights and remedies hereunder with respect to any Pledged Collateral.

 

5.2               Each
Pledgor further agrees that it will, upon obtaining any shares of any Person required to be pledged pursuant to Section
1.1(B) or 1.2(B), promptly (and in any event within five (5) Business Days (or such longer period as may be reasonably
agreed to by the Collateral Agent)) deliver to Collateral Agent a pledge amendment, duly executed by the Pledgor, in substantially
the form of Schedule III hereto (a “Pledge Amendment”), in respect of the additional Pledged Shares which
are to be pledged pursuant to this Agreement. Each Pledgor hereby authorizes Collateral Agent to attach each Pledge Amendment to
this Agreement and agrees that all Pledged Shares listed on any Pledge Amendment delivered to Collateral Agent shall for all
purposes hereunder be considered Pledged Collateral; provided, that, the failure of a Pledgor to execute a Pledge
Amendment with respect to any additional Pledged Shares pursuant to this Agreement shall not impair the security interest of
Collateral Agent therein or otherwise adversely affect the rights and remedies of Collateral Agent hereunder with respect
thereto.

 

    6

     

    

 

Section
6.        VOTING RIGHTS;
DIVIDENDS; ETC.

 

6.1              
As long as no Event of Default (as defined in Section 11) shall have occurred and be continuing:

 

(a)               
prior to receipt of a written notice from Collateral Agent, Pledgors shall be entitled to exercise any and all voting and other
consensual rights pertaining to the Pledged Collateral or any part thereof for any purpose not inconsistent with the terms of this Agreement
and the Credit Agreement; provided, however, that each Pledgor shall give Collateral Agent at least five (5) days’
prior written notice (or such later date as may be reasonably agreed to by the Collateral Agent) of the manner in which it intends to
exercise any such right; provided, further, however, that neither (i) the voting by a Pledgor of any Pledged Shares
for, or a Pledgor’s consent to, the election of directors at a regularly scheduled annual or other meeting of stockholders or with
respect to incidental matters at any such meeting nor (ii) a Pledgor’s consent to or approval of any action otherwise permitted
under this Agreement and the Credit Agreement shall be deemed inconsistent with the terms of this Agreement or the Credit Agreement (including,
without limitation, impairing in any material manner the Pledged Collateral or the material rights of any of the Secured Parties), within
the meaning of this Section 6.1(a), and no notice of any such voting or consent need be given to Collateral Agent.

 

(b)               
The Pledgors shall be entitled to receive and retain, and to utilize free and clear of the Lien of this Agreement, any and all
dividends, distributions, principal and interest paid in respect of the Pledged Collateral; provided, however, that any
and all dividends and other distributions in equity securities shall be, and shall be forthwith delivered to Collateral Agent to hold
as, Pledged Collateral and shall, if received by a Pledgor, be received in trust for the benefit of Collateral Agent, be segregated from
the other property or funds of such Pledgor, and be forthwith delivered to Collateral Agent as Pledged Collateral in the same form as
so received (with any necessary endorsement).

 

(c)               
In order to permit the Pledgors to exercise the voting and other rights which they are entitled to exercise pursuant to Section
6.1(a) above and to receive the dividends, distributions, principal or interest payments which they are authorized to receive and
retain pursuant to Section 6.1(b) above, Collateral Agent shall, if necessary, upon written request of a Pledgor, from time to
time execute and deliver (or cause to be executed and delivered) to such Pledgor all such proxies, dividend payment orders and other instruments
as such Pledgor may reasonably request.

 

(d)               
Upon the occurrence and during the continuance of an Event of Default:

 

(i)                 Upon
written notice from Collateral Agent to a Pledgor, all rights of such Pledgor to exercise the voting and other consensual rights
which it would otherwise be entitled to exercise pursuant to Section 6.1(a) above shall cease, and all such rights shall
thereupon become vested in Collateral Agent which shall thereupon have the sole right to exercise such voting and other consensual
rights during the continuance of such Event of Default.

 

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(ii)              
Other than amounts to be used by a Pledgor to directly or indirectly make Holdings Ordinary Course Payments permitted to be paid
pursuant to Section 8.5 of the Credit Agreement, all rights of a Pledgor to receive the dividends, distributions, principal and interest
payments which it would otherwise be authorized to receive and retain pursuant to Section 6.1(b) above shall cease and all such
rights shall thereupon become vested in Collateral Agent who shall thereupon have the sole right to receive and hold as Pledged Collateral
such dividends, distributions, principal and interest payments during the continuance of such Event of Default.

 

(e)               
In order to permit Collateral Agent to receive all dividends and other distributions to which it may be entitled under Section
6.1(d) above, to exercise the voting and other consensual rights which it may be entitled to exercise pursuant to Section 6.1(d)
above, and to receive all dividends, distributions, principal and interest payments and other distributions which it may be entitled to
receive under Section 6.1(b) above, each Pledgor shall, if necessary, upon written notice from Collateral Agent, from time to time
execute and deliver to Collateral Agent appropriate proxies, dividend payment orders and other instruments as Collateral Agent may reasonably
request.

 

(f)                
All dividends, distributions, principal and interest payments which are received by either Pledgor contrary to the provisions of
Section 6.1(d) above shall be received in trust for the benefit of Collateral Agent, shall be segregated from other funds of such
Pledgor and shall be forthwith paid over to Collateral Agent as Pledged Collateral in the same form as so received (with any necessary
endorsement).

 

Section
7.        TRANSFERS
AND OTHER LIENS; ADDITIONAL SHARES.

 

7.1               Transfers
and Other Liens. Each Pledgor agrees that it will not, except as permitted by the Credit Agreement, (i) sell or otherwise
dispose of, or grant any option or warrant with respect to, any of the Pledged Collateral, (ii) create or permit to exist any Lien
upon or with respect to any of the Pledged Collateral, except for the liens and security interests under this Agreement, or (iii)
permit any issuer of Pledged Shares to merge or consolidate unless all the outstanding capital stock of the surviving or resulting
corporation is, upon such merger or consolidation, pledged hereunder and no cash, securities or other property is distributed in
respect of the outstanding shares of any other constituent corporation; provided, however, that in the event of
an Asset Sale permitted by the Credit Agreement wherein the assets subject to such Asset Sale are Pledged Shares, Collateral Agent
shall release the Pledged Shares that are the subject of such Asset Sale to the applicable Pledgor free and clear of the lien and
security interest under this Agreement (a) so long as any Obligations remain outstanding under the Intercreditor Agreement,
concurrently with the receipt of advice from the Lender Agent thereunder that arrangements satisfactory to it have been made for
delivery to it of the Net Proceeds of such Asset Sale to which the Lenders, Permitted Secured Debt holders and Other Permitted
Credit Exposure Holders are entitled under the Credit Agreement and the Intercreditor Agreement, (b) after such time as all
Obligations under the Credit Agreement have been paid in full and the Credit Agreement and the Letters of Credit have terminated, in
the event that any other Secured Parties are entitled to receive any portion of the proceeds of such Asset Sale, concurrently with
the receipt of advice from the agent or trustee for such Secured Parties that arrangements satisfactory to it have been made for
delivery to it of the amounts required to be paid to such Secured Parties out of the proceeds of such Asset Sale, and (c) in the
event no Secured Party is entitled to receive any portion of the proceeds of such Asset Sale, concurrently with the consummation of
such Asset Sale; and provided, further, that notwithstanding anything herein to the contrary, (x) Collateral
Agent shall release Pledged Shares or other Pledged Collateral from the liens and security interests of this Agreement as may be
specified by the Lender Agent upon the approval of the release of such Pledged Shares or other Pledged Collateral, and (y)
Collateral Agent shall release Pledged Shares or other Pledged Collateral from the liens and security interests of this Agreement
(i) upon satisfaction of the conditions set forth in, and in accordance with, Section 18 below and/or (ii) upon the
occurrence of a Collateral Release Period.

 

7.2              
Additional Shares. Company agrees that it will (a) cause each issuer of Company Pledged Shares not to issue any stock
or other securities in addition to or in substitution for the Company Pledged Shares issued by such issuer, except to Company or as otherwise
permitted by the Credit Agreement or consented to by Requisite Lenders, and (b) pledge hereunder, immediately upon its acquisition (directly
or indirectly) thereof, any and all additional shares of stock or other equity securities of each issuer of Company Pledged Shares. Packaging
agrees that it will (i) cause each issuer of Packaging Pledged Shares not to issue any stock or other securities in addition to or in
substitution for the Packaging Pledged Shares issued by such issuer, except to Packaging or as otherwise permitted by the Credit Agreement
or consented to by Requisite Lenders and (ii) pledge hereunder, immediately upon its acquisition (directly or indirectly) thereof, any
and all additional shares of stock or other equity securities of each issuer of Packaging Pledged Shares.

 

    8

     

    

 

Section
8.        COLLATERAL
AGENT APPOINTED ATTORNEY-IN-FACT.

 

Each Pledgor hereby appoints
Collateral Agent such Pledgor’s attorney-in-fact, with full authority in the place and stead of such Pledgor and in the name of
such Pledgor or otherwise, from time to time upon the occurrence and during the continuance of an Event of Default (as defined in Section
11) in Collateral Agent’s discretion to take any action and to execute any instrument which Collateral Agent may reasonably
deem necessary or advisable to accomplish the purposes of this Agreement, including, without limitation, to receive, endorse and collect
all instruments made payable to such Pledgor representing any dividend, interest payment or other distribution in respect of such Pledged
Collateral or any part thereof and to give full discharge for the same.

 

Section
9.        COLLATERAL
AGENT MAY PERFORM.

 

If either Pledgor fails to perform
any agreement contained herein after receipt of a written request to do so from Collateral Agent, Collateral Agent may itself perform,
or cause performance of, such agreement, and the reasonable expenses of Collateral Agent, including the reasonable fees and expenses of
its counsel, incurred in connection therewith shall be payable by the Pledgors under Section 13 hereof.

 

Section
10.    REASONABLE CARE.

 

Collateral Agent shall be deemed
to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its possession if the Pledged Collateral
is accorded treatment substantially equivalent to that which Collateral Agent, in its individual capacity, accords its own property consisting
of negotiable securities, it being understood that neither Collateral Agent nor any other Secured Party shall have responsibility for
(i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any
Pledged Collateral, whether or not Collateral Agent or any other Secured Party has or is deemed to have knowledge of such matters, or
(ii) taking any necessary steps (other than steps taken in accordance with the standard of care set forth above to maintain possession
of the Pledged Shares and Pledged Debt) to preserve rights against any Person with respect to any Pledged Collateral.

 

    9

     

    

 

Section
11.    REMEDIES UPON DEFAULT;
DECISIONS RELATING TO EXERCISE OF REMEDIES.

 

11.1          
Remedies Upon Default. Subject to Sections 11.2 and 11.3, (i) if any Event of Default under and as defined
in the Credit Agreement, or (ii) after such time as all Obligations (other than contingent obligations as to which no claim has been asserted)
shall have been paid in full and the Credit Agreement and the Letters of Credit have terminated or expired (unless cash collateralized
or otherwise backstopped on terms reasonably acceptable to the applicable Issuing Lender(s)) (“Discharge of Credit Agreement
Obligations”), and provided, that, the Pledged Collateral then secures the payment and performance of any obligations
under any Permitted Secured Debt Documents or any obligations under any Other Permitted Credit Exposure Documents, if any event of default
under (A) any Permitted Secured Debt Documents which are secured by the Pledged Collateral or (B) any Other Permitted Credit Exposure
Documents which are secured by the Pledged Collateral, as the case may be (each of the events of default described in the foregoing clauses
(i) and (ii) (subject to any provisos set forth therein) being referred to herein as an “Event of Default”)
shall have occurred and be continuing:

 

(a)               
Collateral Agent may exercise in respect of the Pledged Collateral, in addition to other rights and remedies provided for herein
or otherwise available to it, all the rights and remedies of a secured party on default under the Uniform Commercial Code (the “Code”)
in effect in the State of New York at that time, and Collateral Agent may also in its sole discretion, without notice except as specified
below, sell 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 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 Collateral Agent may deem commercially reasonable, irrespective of the impact of any such sales on the market
price of the Pledged Collateral. Collateral Agent or any other Secured Party may be the purchaser of any or all of the Pledged Collateral
at any such sale (in the case of a private sale, only to the extent permitted by law) but, except for Collateral Agent, shall not 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
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 any
Pledged Collateral payable by such Person at such sale. Each purchaser at any such sale shall hold the property sold absolutely free from
any claim or right on the part of either Pledgor, and each Pledgor hereby waives (to the extent permitted by law) all rights of redemption,
stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter
enacted. Each Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten (10) days’ notice to such
Pledgor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification.
Collateral Agent shall not be obligated to make any sale of Pledged Collateral regardless of notice of sale having been given. 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 adjourned. Each Pledgor hereby waives any claims against Collateral
Agent arising by reason of the fact that the price at which any Pledged Collateral may have been sold at such a private sale was less
than the price which might have been obtained at a public sale, even if Collateral Agent accepts the first offer received and does not
offer such Pledged Collateral to more than one offeree.

 

(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 securities laws, 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 will agree, among other things, to acquire the
Pledged Collateral 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 Collateral Agent than those obtainable
through a public sale without such restrictions (including, without limitation, a public offering made pursuant to a registration
statement under the Securities Act), and, notwithstanding such circumstances, agrees that any private sale shall be deemed to have
been made in a commercially reasonable manner and that Collateral Agent shall have no obligation to engage in public sales and no
obligation to delay the sale of any Pledged Collateral 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 securities laws, even if such
Pledgor would agree to do so.

 

    10

     

    

 

(c)               
If Collateral Agent determines to exercise its right to sell any or all of the Pledged Collateral, upon written request, each Pledgor
shall and shall cause each issuer of any Pledged Shares to be sold hereunder from time to time to furnish to Collateral Agent all such
information as Collateral Agent may request in order to determine the number of shares and other instruments included in the Pledged Collateral
which may be sold by 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.

 

11.2          
Decisions Relating to Exercise of Remedies. Notwithstanding anything in this Agreement to the contrary, as provided
in the Intercreditor Agreement, Collateral Agent shall exercise, or shall refrain from exercising, any remedy provided for in this Section
11 in accordance with the instructions of Requisite Obligees (as defined in the Intercreditor Agreement), any Other Permitted Credit
Exposure Holders, and the holders of any Permitted Secured Debt or any Permitted Secured Debt Representative; and the sole rights of the
Other Permitted Credit Exposure Holders, the holders of any Permitted Secured Debt and any Permitted Secured Debt Representative with
respect thereto and their respective representatives under this Agreement shall be to be secured by the Pledged Collateral and to receive
the payments provided for in Section 12 hereof.

 

Section
12.    APPLICATION OF PROCEEDS.

 

After and during the continuance
of an Event of Default, any cash held by Collateral Agent as Pledged Collateral and all cash proceeds received by Collateral Agent (all
such cash being “Proceeds”) 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 Collateral Agent of its remedies as a secured creditor as provided in Section 11
shall be applied promptly from time to time by Collateral Agent as follows:

 

First, to the payment
of the costs and expenses of such sale, collection or other realization, including reasonable compensation to Collateral Agent and its
agents and counsel, and all expenses, liabilities and advances made or incurred by Collateral Agent in connection therewith;

 

Second, to the payment
of the Secured Obligations (including any Aggregate Available Amount (as defined in the Security Agreement) deposits into the L/C Collateral
Account for outstanding Letters of Credit; provided that if such Letters of Credit expire without being fully drawn, then at that
time, such excess amounts shall be applied as provided in this Section 12 to then outstanding Secured Obligations) for the ratable
benefit of the holders thereof; provided, further, that, in making such application in respect of outstanding obligations
under Permitted Secured Debt Documents, Collateral Agent shall be entitled to deduct from the share of such Proceeds otherwise payable
to the Permitted Secured Debt Representatives the Permitted Secured Debt holders’ pro rata share of all amounts that Collateral
Agent has been paid by the Paying Indemnifying Parties (such term being used in this Section 12 as defined in Section 7(c)
of the Intercreditor Agreement) pursuant to Section 7(c) of the Intercreditor Agreement; and

 

    11

     

    

 

Third, after payment
in full of all Secured Obligations, to applicable Pledgor, or its successors or assigns, or to whomsoever may be lawfully entitled to
receive the same or as a court of competent jurisdiction may direct, of any surplus then remaining from such Proceeds.

 

At the time of any application
of Proceeds by Collateral Agent pursuant to this Section 12, Collateral Agent shall provide any Other Permitted Credit Exposure
Holder and/or Permitted Secured Debt Representative with a certificate setting forth the total amount paid to Collateral Agent pursuant
to Section 7(c) of the Intercreditor Agreement and a calculation of the amounts, if any, deducted from Proceeds paid to the Other Permitted
Credit Exposure Holders or Permitted Secured Debt Representatives, as the case may be.

 

Section
13.    EXPENSES.

 

The Pledgors will upon demand
pay to Collateral Agent the amount of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and of
any experts and agents, which Collateral Agent may incur in connection with (i) the administration of this Agreement, (ii) the custody
or preservation of, or the sale of, collection from, or other realization upon, any of the Pledged Collateral, (iii) the exercise or enforcement
of any of the rights of Collateral Agent or any other Secured Party hereunder or (iv) the failure by any Pledgor to perform or observe
any of the provisions hereof. The Pledgors’ obligations under this Section 13 shall be joint and several.

 

Section
14.    NO WAIVER.

 

No failure on the part of Collateral
Agent to exercise, and no course of dealing with respect to, and no delay in exercising, any right, power or remedy hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise by Collateral Agent of any right, power or remedy hereunder preclude any
other or further exercise thereof or the exercise of any other right, power or remedy. The remedies herein provided are to the fullest
extent permitted by law cumulative and are not exclusive of any remedies provided by law.

 

Section
15.    COLLATERAL AGENT.

 

The Collateral Agent has been
appointed as Collateral Agent under the Intercreditor Agreement, and, in the event that any future Other Permitted Credit Exposure or
future Permitted Secured Debt is secured hereby, by each future Other Permitted Credit Exposure Holder and future Permitted Secured Debt
Representative executing an acknowledgment to the Intercreditor Agreement and Collateral Agent shall be entitled to the benefits of the
Intercreditor Agreement. Collateral Agent shall be obligated, and 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, without limitation, the release
or substitution of Pledged Collateral) solely in accordance with this Agreement and the Intercreditor Agreement. Collateral Agent may
resign and a successor collateral agent may be appointed in the manner provided in the Intercreditor Agreement. Upon the acceptance of
any appointment as a 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 and shall deliver any Pledged Collateral
in its possession to the successor collateral agent. After any retiring collateral agent’s resignation, the provisions of this Agreement
shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was Collateral Agent. Anything
contained in this Agreement to the contrary notwithstanding, in the event of any conflict between the express terms and provisions of
this Agreement and the express terms and provisions of the Intercreditor Agreement, such terms and provisions of the Intercreditor Agreement
shall control.

 

    12

     

    

 

Section
16.    INDEMNIFICATION.

 

Each Pledgor hereby agrees to
indemnify Collateral Agent for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against Collateral Agent in any way
relating to or arising out of this Agreement, the Intercreditor Agreement, the Credit Agreement, the Subsidiary Guaranty, the Other Permitted
Credit Exposure Documents, or the Permitted Secured Debt Documents or any other documents contemplated by or referred to therein or the
transactions contemplated thereby or the enforcement of any of the terms hereof or of any such other documents or otherwise arising or
relating in any manner to the pledges, dispositions of Pledged Collateral or proceeds of Pledged Collateral, or other actions of any nature
with respect to the Pledged Collateral contemplated hereunder and under the Intercreditor Agreement to secure the payment of the Secured
Obligations; provided, however, that, the Pledgor shall not be liable for any of the foregoing to the extent they
arise from the gross negligence or willful misconduct of Collateral Agent or failure by Collateral Agent to exercise reasonable care in
the custody and preservation of the Pledged Collateral as provided in Section 10 hereof.

 

Section
17.    AMENDMENTS, ETC.

 

Prior to such time as all Secured
Obligations (other than continent obligations as to which no claim has been asserted) shall have been indefeasibly paid in full and the
Credit Agreement has terminated and all Letters of Credit have been cancelled (unless cash collateralized or otherwise backstopped on
terms reasonably acceptable to the Issuing Lender), this Agreement may not be amended, modified or waived except with the written consent
of the Pledgors, Collateral Agent and the Lender Agent and, solely with respect to an amendment of Section 12 hereof, the relative
ranking or the priority of the security interests granted in Section 1 hereof, this Section 17, or the release of Pledged
Collateral except as herein provided, with the written consent of each Other Permitted Credit Exposure Holder (if the Pledged Collateral
then secures such Other Permitted Credit Exposure) and any Permitted Secured Debt Representative (if the Pledged Collateral then secures
Permitted Secured Debt), in each case to the extent such Secured Party is affected thereby in a manner adverse to such party; provided,
that, the written consent of the Lender Agent shall not be required if there has been a Discharge of Credit Agreement Obligations;
provided, further, that, if there has been a Discharge of Credit Agreement Obligations, the written consent of the
holders of a majority of the outstanding Permitted Secured Debt which is secured by the Pledged Collateral shall be required for any amendment,
modification or waiver of this Agreement. Notwithstanding the foregoing, no such written consent of any party (other than the Lender Agent)
shall be required with respect to amendments, modifications or waivers necessary to permit the incurrence of additional Indebtedness (including
any successor or replacement facility to the Credit Agreement) secured by the Pledged Collateral and entitled to the benefits hereof insofar
as the foregoing is not prohibited by the applicable documents governing or evidencing the Secured Obligations, including without limitation
any amendments, modifications or waivers for the purpose of adding appropriate references to additional parties in, and according such
parties the benefits of, any of the provisions hereof and designating such parties as Secured Parties (and the related obligations as
Secured Obligations) in connection with the incurrence of such Indebtedness.

 

Section
18.    TERMINATION.

 

Upon the earlier to occur
of (a) payment in full in cash of all Secured Obligations (excluding the Other Permitted Credit Exposure, obligations under or in
respect of the Permitted Secured Debt Documents or contingent obligations as to which no claim has been asserted), the cancellation
or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit (unless cash
collateralized or otherwise backstopped on terms reasonably acceptable to the applicable Issuing Lender(s)), and upon the written
election of Pledgors, and (b) the first date on which the Pledged Collateral no longer secures the Obligations (including pursuant
to Section 11.10(d) of the Credit Agreement) and upon written election of Pledgors, the security interests granted hereby and this
Agreement shall automatically terminate and all rights to the Pledged Collateral shall revert to the applicable Pledgors, and
Collateral Agent shall, upon the request and at the expense of the Pledgors, forthwith assign, transfer and deliver, against receipt
and without recourse to Collateral Agent, such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant
to the terms hereof to or on the order of the Pledgors and execute and deliver to Pledgors such documents as Pledgors shall
reasonably request to evidence such termination.

 

Notwithstanding anything herein
(including, without limitation, Section 20) to the contrary, if there has been a Discharge of Credit Agreement Obligations or all
the Obligations are no longer secured by any of the Pledged Collateral (including pursuant to Section 11.10(d) of the Credit Agreement),
this Agreement shall be terminable at the election of the Pledgors and upon the delivery of written notice of such election to Collateral
Agent, this Agreement shall terminate and Collateral Agent shall, at the expense of the Pledgors, forthwith assign, transfer and deliver
against receipt and without recourse to Collateral Agent, such Pledged Collateral as shall not have been sold or otherwise applied pursuant
to the terms hereof to or on the order of the Pledgors and execute and deliver to Pledgors such documents as Pledgors shall reasonably
request to evidence such termination.

 

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Section
19.    ADDRESSES FOR NOTICES.

 

All notices and other communications
provided for hereunder shall be in writing (including by telecopy, e-mail or electronic PDF) and mailed, telecopied, e-mailed or delivered,
if to a Pledgor, c/o Borrowers’ Agent at the address set forth therefor in the Credit Agreement, and if to any other party hereto,
at the address provided in the Credit Agreement, as set forth under such party’s name on the signature pages hereof or such other
address as shall be designated by such party in a written notice delivered to the other parties hereto. All such notices and other communications
shall be effective when received.

 

Section
20.    CONTINUING SECURITY INTEREST; TRANSFER
OF NOTES.

 

Subject to Section 18,
this Agreement shall create a continuing security interest in the Pledged Collateral and shall (i) remain in full force and effect until
indefeasible payment in full in cash of all Secured Obligations, (ii) be binding upon the Pledgor, its successors and assigns, and (iii)
inure, together with the rights and remedies of Collateral Agent hereunder, to the benefit of Collateral Agent and each other Secured
Party and each of their respective successors, transferees and assigns. Without limiting the generality of the foregoing clause (iii),
(A) but subject to the provisions of Section 12.8 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held
by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders
as Secured Parties herein or otherwise, (B) any Other Permitted Credit Exposure Holder may assign or otherwise transfer any Other Permitted
Credit Exposure to any other Lender or any Affiliate of any other Lender in accordance with the applicable Other Permitted Credit Exposure
Documents and such other permitted assignee shall thereupon become vested with all the benefits in respect thereof granted to such Other
Permitted Credit Exposure Holder as a Secured Party herein or otherwise and (C) any holder of Permitted Secured Debt may assign or
otherwise transfer the Permitted Secured Debt to any other Person in accordance with the applicable Permitted Secured Debt Documents and
such other Person shall thereupon become vested with all the benefits in respect thereof granted to such holder (or its representative)
as a Secured Party herein or otherwise.

 

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Section
21.    GOVERNING LAW; TERMS.

 

THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK), EXCEPT AS REQUIRED BY MANDATORY PROVISIONS OF LAW AND EXCEPT TO THE EXTENT THAT THE UCC REQUIRES
THAT THE PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR PLEDGED COLLATERAL ARE GOVERNED
BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK. Unless otherwise defined herein or in the Credit Agreement, terms defined
in Articles 8 and 9 of the UCC are used herein as therein defined.

 

Section
22.    CONSENT TO JURISDICTION AND SERVICE
OF PROCESS.

 

ALL JUDICIAL PROCEEDINGS BROUGHT
AGAINST ANY PLEDGOR ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR ANY OBLIGATIONS HEREUNDER, MAY BE BROUGHT IN ANY STATE OR FEDERAL
COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PLEDGOR, FOR
ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (I) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND
VENUE OF SUCH COURTS; (II) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (III) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING
IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO SUCH PLEDGOR AT ITS ADDRESS PROVIDED IN ACCORDANCE
WITH SECTION 19; (IV) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (III) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER
SUCH PLEDGOR IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; (V) AGREES
THAT COLLATERAL AGENT RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST SUCH PLEDGOR
IN THE COURTS OF ANY OTHER JURISDICTION; AND (VI) AGREES THAT THE PROVISIONS OF THIS SECTION 22 RELATING TO JURISDICTION AND
VENUE SHALL BE BINDING AND ENFORCEABLE TO THE FULLEST EXTENT PERMISSIBLE UNDER NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1402 OR OTHERWISE.

 

Section
23.    SECURITY INTEREST ABSOLUTE.

 

All rights of Collateral Agent
and security interests hereunder, and all obligations of the Pledgors hereunder, shall be absolute and unconditional irrespective of,
and Pledgors hereby waive any and all defenses that they may now or in the future have arising out of:

 

(a)               
any lack of validity or enforceability of any of the Credit Agreement, any Other Permitted Credit Exposure Document, any Permitted
Secured Debt Document, or any other agreement or instrument relating thereto;

 

(b)               
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 of the Credit Agreement, Subsidiary Guaranty, any Other Permitted Credit
Exposure Document, or any Permitted Secured Debt Document;

 

    15

     

    

 

(c)               
 any exchange, release or non-perfection of any other collateral, or any release or amendment or waiver of or consent to any departure
from any guaranty, for all or any of the Secured Obligations; or

 

(d)               
any other circumstance which might otherwise constitute a defense available to, or a discharge of, either Pledgor.

 

Section
24.    WAIVER OF JURY TRIAL.

 

EACH PLEDGOR AND COLLATERAL
AGENT HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT.
The scope of this waiver is intended to be all encompassing of any and all disputes that may be filed in any court and that relate to
the subject matter of this transaction, including without limitation, contract claims, tort claims, breach of duty claims, and all other
common law and statutory claims. Each Pledgor and Collateral Agent acknowledges that this waiver is a material inducement for each Pledgor
and Collateral Agent to enter into a business relationship, that each Pledgor and Collateral Agent has already relied on this waiver in
entering into this Agreement and that each will continue to rely on this waiver in their related future dealings. Each Pledgor and Collateral
Agent further warrants and represents that each has reviewed this waiver with its legal counsel, and that each knowingly and voluntarily
waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED
EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 24 AND EXECUTED BY EACH
OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.
In the event of litigation, this Agreement may be filed as a written consent to a trial by the court.

 

Section
25.    ACKNOWLEDGEMENT REGARDING
ANY SUPPORTED QFCs.

 

The provisions contained in
Section 12.22 of the Credit Agreement shall be applicable to this Agreement and each Pledge Amendment delivered pursuant to Section
5.2 and are hereby incorporated by reference as if fully set forth herein.

 

Section
26.    APPOINTMENT OF THE
BORROWERS’ AGENT AS AGENT FOR THE PLEDGORS.

 

Each Pledgor hereby irrevocably
appoints and authorizes the Borrowers’ Agent to act as its agent for service of process and notices required to be delivered under
this Agreement, it being understood and agreed that receipt by the Borrowers’ Agent of any summons, notice or other similar item
shall be deemed effective receipt by each Pledgor and its Subsidiaries.

 

    16

     

    

 

Section
27.    COUNTERPARTS.

 

This Agreement may be
executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages
are physically attached to the same document. Delivery of an executed counterpart of a signature page of this Agreement by facsimile
or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed
counterpart of this Agreement. This Agreement may be executed by electronic signatures or in the form of an electronic record
pursuant to, and in accordance with, the provisions of Section 12.7 of the Credit Agreement.

 

[Remainder of page intentionally left blank]

 

    17

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed and delivered by its officer thereunto duly authorized as of the date first above written.

 

	 	Pledgors:
	 	 
	 	OWENS-ILLINOIS GROUP, INC.
	 	 
	 	By:	/s/ Anand Patel
	 	Name:	Anand Patel
	 	Title:	Treasurer
	 	 
	 	OWENS-BROCKWAY PACKAGING, INC.
	 	 
	 	By:	/s/ Anand Patel
	 	Name:	Anand Patel
	 	Title:	Treasurer

 

Owens-Illinois Group, Inc.

Pledge Agreement

Signature Page

 

     

     

    

 

	 	Collateral Agent:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	By:	 /s/ Andrew Payne
	 	Name:	Andrew Payne
	 	Title:	Managing Director

 

Owens-Illinois Group, Inc.

Pledge Agreement

Signature PageExhibit 4.4

 

EXECUTION VERSION

 

SECURITY AGREEMENT

 

This SECURITY AGREEMENT
(this “Agreement”) is dated as of March 25, 2022, and entered into by and among OWENS-ILLINOIS GROUP, INC.,
a Delaware corporation (“Company”), each of THE UNDERSIGNED DIRECT AND INDIRECT SUBSIDIARIES of Company (each
of such undersigned Subsidiaries being a “Subsidiary Grantor” and collectively “Subsidiary Grantors”),
each ADDITIONAL GRANTOR that may become a party hereto after the date hereof in accordance with Section 22 hereof (each
of the Company, each Subsidiary Grantor, and each Additional Grantor being a “Grantor” and collectively the “Grantors”),
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent for the lenders (“Lenders”) party to the Credit
Agreement referred to below, the Other Permitted Credit Exposure Holders (as hereinafter defined), and the Permitted Secured Debt Representatives
(as hereinafter defined).

 

R E C I T A L S

 

1.       The
Lenders and Wells Fargo Bank, National Association, as agent and representative thereof (in such capacity, “Lender Agent”)
have entered into a certain Credit Agreement and Syndicated Facility Agreement dated as of March 25, 2022, with the Borrowers named therein,
Company and Borrowers’ Agent (as amended, restated, amended and restated, supplemented, or otherwise modified from time to time,
the “Credit Agreement”, which term shall also include and refer to any successor or replacement facility of Company
and/or its Subsidiaries designated in writing as such by Borrowers’ Agent with Collateral Agent’s consent and acknowledgment
of the termination of the predecessor Credit Agreement by an agent to the lenders thereunder). Initially capitalized terms used herein
without definition are defined in the Credit Agreement.

 

2.       Owens-Brockway
has guaranteed (A) all Offshore Currency Loans made to, and all other Obligations of, the Offshore Borrowers and (B) the Other Lender
Guarantied Obligations, all pursuant to a Domestic Borrowers’ Guaranty dated as of March 25, 2022 (as amended, restated, amended
and restated, supplemented, or otherwise modified from time to time, the “Domestic Borrowers’ Guaranty”).

 

3.       Company
has guaranteed the Obligations of the Borrowers under the Credit Agreement as well as certain Other Permitted Credit Exposure (as defined
below) pursuant to Article XIV of the Credit Agreement.

 

4.       Subsidiary
Grantors (other than Owens-Brockway) have executed and delivered that certain Subsidiary Guaranty dated as of March 25, 2022 (as amended,
restated, amended and restated, supplemented, or otherwise modified from time to time, the “Subsidiary Guaranty”) in
favor of the Collateral Agent for the benefit of the Lenders and the Other Permitted Credit Exposure Holders, pursuant to which each such
Subsidiary Grantor has guaranteed the prompt payment and performance when due of all Obligations of the Borrowers under the Credit Agreement,
as well as certain Other Permitted Credit Exposure.

 

5.       Company
and Restricted Subsidiaries of Company have, and it is contemplated that, from time to time in the future, Restricted Subsidiaries of
Company may incur Other Permitted Credit Exposure owed to the holders thereof (each such holder, including those holders of Other Permitted
Credit Exposure set forth on Schedule 1 to the Intercreditor Agreement (as defined below), an “Other Permitted Credit Exposure
Holder” and, collectively, the “Other Permitted Credit Exposure Holders”). The documents and instruments
evidencing or relating to any such Other Permitted Credit Exposure are referred to as the “Other Permitted Credit Exposure Documents”.

 

     

     

    

 

6.       It
is contemplated that, from time to time in the future to the extent permitted by the Credit Agreement, Grantors may issue and/or guaranty,
certain Permitted Secured Debt. Any indenture, debenture, note, guaranty or other document executed by a Grantor in connection with the
issuance of any such Permitted Secured Debt is referred to herein as a “Permitted Secured Debt Document” individually
and, collectively, the “Permitted Secured Debt Documents”. Any trustee or like representative of the holders of any
such Permitted Secured Debt acting in such capacity for the benefit of the holders of Permitted Secured Debt is referred to herein as
a “Permitted Secured Debt Representative”. The Collateral Agent, the Lenders, the Other Permitted Credit Exposure Holders
and the holders of any Permitted Secured Debt and the Permitted Secured Debt Representatives, collectively, are referred to herein as
the “Secured Parties”.

 

7.       The
Collateral Agent has entered into a Pledge Agreement dated as of March 25, 2022 (as amended, restated, amended and restated, supplemented
or otherwise modified from time to time in accordance with its terms, the “Pledge Agreement”) which provides for, inter
alia, the appointment of the Collateral Agent to administer the Company Pledged Collateral (as defined therein) and Packaging Pledged
Collateral (as defined therein).

 

8.       The
Collateral Agent and the Lender Agent have entered into an Intercreditor Agreement dated as of March 25, 2022 (as amended, restated amended
and restated, supplemented or otherwise modified from time to time in accordance with its terms, the “Intercreditor Agreement”).
Any Permitted Secured Debt Representative, and any holder of Permitted Secured Debt represented by such Permitted Secured Debt Representative,
and any Other Permitted Credit Exposure Holder shall only be entitled to the benefits of this Agreement, and shall only be a Secured Party
hereunder, if such Person (or the representative thereof) (a) is described on Schedule 1 attached to the Intercreditor Agreement or (b)
on or after the date hereof, executes and delivers to Collateral Agent an acknowledgment to the Intercreditor Agreement (in the form attached
thereto) and the Borrowers’ Agent has duly executed and delivered an acknowledgment to such acknowledgment. Any Lender or Affiliate
thereof obtaining the benefit of this Agreement (including those listed on Schedule 1 attached to the Intercreditor Agreement) with respect
to Other Permitted Credit Exposure shall remain a Secured Party hereunder with respect to such Other Permitted Credit Exposure only for
so long as such Lender or Affiliate thereof remains a Lender or Affiliate thereof under the Credit Agreement.

 

9.       It
is a condition precedent to the obligation of the Lenders to make their respective extensions of credit to the Borrowers that the Grantors
listed on the signature pages hereof shall have granted the security interests set forth herein in favor of the Collateral Agent for the
benefit of the Secured Parties and undertaken the obligations contemplated by this Agreement.

 

NOW, THEREFORE, in consideration
of the premises the parties hereto agree as follows:

 

SECTION
1.        Grant of Security.

 

Each Grantor hereby assigns
to Collateral Agent, for the ratable benefit of the Secured Parties, and hereby grants to Collateral Agent, for the ratable benefit of
the Secured Parties (in each case, subject to Section 2 below with respect to any Specified New Senior Debt (as defined in the
Intercreditor Agreement)) a security interest in all of such Grantor’s right, title and interest in and to the following, in each
case whether now or hereafter existing, whether tangible or intangible, or in which such Grantor now has or hereafter acquires an interest
and wherever the same may be located, excluding, however, any of the following constituting Pledged Collateral under the Pledge Agreement
and any Excluded Assets (subject to such exclusion, the “Collateral”):

 

(a)               
all equipment in all of its forms, all parts thereof and all accessions thereto;

 

    2

     

    

 

(b)               
 all inventory in all of its forms, including but not limited to (i) all goods held by such Grantor for sale or lease or to be
furnished under contracts of service or so leased or furnished, (ii) all raw materials, work in process, finished goods, and materials
used or consumed in the manufacture, packing, shipping, advertising, selling, leasing, furnishing or production of such inventory or otherwise
used or consumed in such Grantor’s business, (iii) all goods in which such Grantor has an interest in mass or a joint or other interest
or right of any kind, and (iv) all goods which are returned to or repossessed by such Grantor and all accessions thereto and products
thereof (collectively the “Inventory”) and all negotiable and non-negotiable documents of title (including, without
limitation, documents, warehouse receipts, dock receipts and bills of lading) issued by any Person covering any Inventory;

 

(c)               
all accounts, contract rights, chattel paper, documents, instruments, letter-of-credit rights and other rights and obligations
of any kind owned by or owing to such Grantor and all rights in, to and under all security agreements, leases and other contracts securing
or otherwise relating to any such accounts, contract rights, chattel paper, documents, instruments, letter-of-credit rights or other rights
and obligations (but excluding, solely for the purposes of this clause (c) any items that are, or would (but for stated exclusions) constitute,
Pledged Debt (as defined herein)) (subject to the foregoing exclusion, any and all such accounts, contract rights, chattel paper, documents,
instruments, letter-of-credit rights and other rights and obligations being the “Accounts”, and any and all such security
agreements, leases and other contracts being the “Related Contracts”);

 

(d)               
other than any payroll, employee benefits and trust/fiduciary accounts or any deposit accounts and amounts deposited therein that
are subject to a securitization permitted under the Credit Agreement, all deposit accounts, together with (i) all amounts on deposit from
time to time in such deposit accounts and (ii) all interest, cash, instruments, securities and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing (“Deposit Accounts”);

 

(e)               
the “Securities Collateral”, which term means:

 

(i)                
the shares of stock, partnership interests, interests in joint ventures, limited liability company interests and all other equity
interests in a Person that is owned on the date hereof and described on Schedule 1(e)(i) or, after the date hereof, becomes, a
direct Restricted Subsidiary of such Grantor, solely to the extent such equity interests are required to be pledged pursuant to the Credit
Agreement, including all securities convertible into, and rights, warrants, options and other rights to purchase or otherwise acquire,
any of the foregoing now or hereafter owned by such Grantor, and the certificates or other instruments representing any of the foregoing
and any interest of such Grantor in the entries on the books of any securities intermediary pertaining thereto, excluding, however,
(A) any of the foregoing with respect to OI Advisors, Inc. (f/k/a Harbor Capital Advisors, Inc.), OI Securities, Inc. (f/k/a HCA Securities,
Inc.) and OI Transfer, Inc. (f/k/a Harbor Transfer, Inc.) (collectively, the “Harbor Capital Companies”), (B) in the
case of Company and Packaging, any of the foregoing pledged thereby as Pledged Collateral pursuant to the Pledge Agreement, including,
without limitation, the Company Pledged Shares and the Packaging Pledged Shares (each as defined in the Pledge Agreement) and (C) any
of the foregoing with respect to any direct Subsidiary of such Grantor existing on the date hereof that is not listed on Schedule 1(e)(i)
unless and until the same are required to be pledged pursuant to the Credit Agreement (subject to such exclusions, the “Pledged
Shares”), and all dividends, distributions, returns of capital, cash, warrants, options, rights, instruments, rights to vote
or manage the business of such Person pursuant to organizational documents governing the rights and obligations of the stockholders, partners,
members or other owners thereof and other property or proceeds from time to time received, receivable or otherwise distributed in respect
of or in exchange for any or all of such Pledged Shares;

 

    3

     

    

 

(ii)              
 the indebtedness from time to time owed to such Grantor by any obligor that is, or becomes, a direct or indirect Subsidiary of
such Grantor, or by any obligor of which such Grantor is a direct or indirect subsidiary, including the indebtedness described on Schedule
l(e)(ii) and issued by the obligors named therein, and the instruments evidencing such indebtedness excluding, however,
(A) any such indebtedness owing to or from any of the Harbor Capital Companies, and (B) in the case of Company and Packaging, any of the
foregoing pledged thereby as Pledged Collateral pursuant to the Pledge Agreement, including without limitation the Company Pledged Debt
and the Packaging Pledged Debt (as defined in the Pledge Agreement) (subject to such exclusions, the “Pledged Debt”),
and all interest, cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all of the Pledged Debt; and

 

(iii)            
all other investment property of such Grantor (unless excluded in clauses (i) and/or (ii) above); provided
that no other enforceable restrictions exist on the pledging or hypothecation thereof;

 

(f)                
the “Intellectual Property Collateral”, which term means:

 

(i)                
all rights, title and interest (including rights acquired pursuant to a license or otherwise) in and to all trademarks, service
marks, designs, logos, indicia, tradenames, trade dress, corporate names, company names, business names, fictitious business names, trade
styles and/or other source and/or business identifiers and applications pertaining thereto, owned by such Grantor, or hereafter adopted
and used, in its business (including, without limitation, all trademarks and trademark registrations listed on part (i) of Schedule 1(f))
(collectively, the “Trademarks”), all registrations that have been or may hereafter be issued or applied for thereon
in the United States and any state thereof and in foreign countries (the “Trademark Registrations”), all common law
and other rights in and to the Trademarks in the United States and any state thereof and in foreign countries (the “Trademark
Rights”), and all goodwill of such Grantor’s business symbolized by the Trademarks and associated therewith;

 

(ii)              
all rights, title and interest (including rights acquired pursuant to a license or otherwise) in and to all patents and patent
applications and rights and interests in patents and patent applications under any domestic or foreign law that are presently, or in the
future may be, owned or held by such Grantor and all patents and patent applications and rights, title and interests in patents and patent
applications under any domestic or foreign law that are presently, or in the future may be, owned by such Grantor in whole or in part
and all rights corresponding thereto (including, without limitation, the right, exercisable only upon the occurrence and during the continuation
of an Event of Default, to sue for past, present and future infringements in the name of such Grantor or in the name of Collateral Agent
or the Secured Parties), and all re-issues, reexaminations, divisions, continuations, renewals, extensions and continuations-in-part thereof
(including, without limitation, all patents and patent registrations listed on part (ii) of Schedule 1(f)) (all of the foregoing
being collectively referred to as the “Patents”); it being understood that the rights and interests included in the
Intellectual Property Collateral hereby shall include, without limitation, all rights and interests pursuant to licensing or other contracts
in favor of such Grantor pertaining to patent applications and patents presently or in the future owned or used by third parties but,
in the case of third parties which are not Affiliates of such Grantor, only to the extent permitted by such licensing or other contracts
and, if not so permitted, only with the consent of such third parties; and

 

    4

     

    

 

(iii)             all
rights, title and interest (including rights acquired pursuant to a license or otherwise) under copyrights in various published and
unpublished works of authorship including, without limitation, computer programs, computer data bases, other computer software,
layouts, trade dress, drawings, designs, writings, and formulas owned by such Grantor (collectively, the
 “Copyrights”), all copyright registrations issued to such Grantor and applications for copyright registration
that have been or may hereafter be issued or applied for thereon by such Grantor in the United States and any state thereof and in
foreign countries (including, without limitation, all copyrights and copyright registrations listed on part (iii) of Schedule l(f))
(collectively, the “Copyright Registrations”), all common law and other rights in and to the Copyrights in the
United States and any state thereof and in foreign countries including all copyright licenses (but with respect to such copyright
licenses, only to the extent permitted by such licensing arrangements) (the “Copyright Rights”), including,
without limitation, each of the Copyrights, rights, titles and interests in and to the Copyrights, all derivative works and other
works protectable by copyright, which are presently, or in the future may be, owned, created (as a work for hire for the benefit of
such Grantor), authored (as a work for hire for the benefit of such Grantor), or acquired by such Grantor, in whole or in part, and
all Copyright Rights with respect thereto and all Copyright Registrations therefor, heretofore or hereafter granted or applied for,
and all renewals and extensions thereof, throughout the world, including all proceeds thereof (such as, by way of example and not by
limitation, license royalties and proceeds of infringement suits), the right to renew and extend such Copyright Registrations and
Copyright Rights and to register works protectable by copyright and the right to sue for past, present and future infringements of
the Copyrights and Copyright Rights.

 

(g)               
all information used or useful or arising from the business of such Grantor including all goodwill, trade secrets, trade secret
rights, know-how, customer lists, processes of production, ideas, confidential business information, techniques, processes, formulas,
and all other proprietary information;

 

(h)               
unless excluded in any other paragraph of this Section 1, all general intangibles, including, without limitation, tax refunds,
payment intangibles, other rights to payment or performance, choses in action, software and judgments taken on any rights or claims included
in the Collateral;

 

(i)                
all fixtures and all storage and office facilities, and all accessions thereto and products thereof;

 

(j)                
all books, records, ledger cards, files, correspondence, computer programs, tapes, disks and related data processing software that
at any time evidence or contain information relating to any of the Collateral or are otherwise necessary or helpful in the collection
thereof or realization thereupon;

 

(k)               
[Reserved.]

 

(l)                
all supporting obligations; and

 

(m)             
all proceeds, products, rents and profits of or from any and all of the foregoing Collateral and, to the extent not otherwise included,
all payments under insurance (whether or not Collateral Agent or a Secured Party is the loss payee thereof), or any indemnity, warranty
or guaranty, payable by reason of loss or damage to or otherwise with respect to any of the foregoing Collateral. For purposes of this
Agreement, the term “proceeds” includes whatever is receivable or received when Collateral or proceeds are sold, licensed,
exchanged, collected or otherwise disposed of, whether such disposition is voluntary or involuntary.

 

    5

     

    

 

Notwithstanding anything
herein to the contrary, in no event shall the Collateral include, and no Grantor shall be deemed to have granted a security interest
in (i) any of such Grantor’s rights or interests in any license, contract or agreement to which such Grantor is a party or any
of its rights or interests thereunder to the extent, but only to the extent, that such a grant would (x) result in a violation of
any law, rule or regulation applicable to such Grantor or, (y) under the terms of such license, contract, agreement or otherwise,
result in a breach of the terms of, or constitute a default under any license, contract or agreement to which such Grantor is a
party or is bound (other than to the extent that any such law, rule, regulation or term would be rendered ineffective pursuant to
the Uniform Commercial Code, as it exists on the date of this Agreement or as it may hereafter be amended, in the State of New York
(the “UCC”) or the Uniform Commercial Code of any other relevant jurisdiction or any other applicable law
(including the Bankruptcy Code) or principles of equity) as long as such terms of such license, contract or agreement were not
entered into in contemplation of the exception set forth at this clause (y); provided, that immediately upon the
ineffectiveness, lapse or termination of any such provision, the Collateral shall include, and such Grantor shall be deemed to have
granted a security interest in, all such rights and interests as if such legal prohibition or provision had never been in effect,
(ii) any equity interests issued by either a Foreign Subsidiary or a Foreign Subsidiary Holdco, in each case, in excess of 65% of
the voting Capital Stock of such Foreign Subsidiary or Foreign Subsidiary Holdco, as the case may be, (iii) any Pledged Collateral
(as such term is defined in the Pledge Agreement) that is included in the grant of security interests to the Collateral Agent
pursuant to the Pledge Agreement, (iv) any “intent-to-use” trademark applications for which a statement of use or
an amendment to allege use has not been filed (but only until such statement or amendment is filed), and 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, (v) any real
property leasehold, (vi) any property owned by any Grantor that is subject to a purchase money security interest or Capitalized
Lease permitted under the Credit Agreement if the agreement pursuant to which such security interest is granted or the document
providing for such Capitalized Lease prohibits, or requires the consent of any Person other than the Grantors which has not been
obtained as a condition to the creation of any other security interest on such property or (vii) any equity interests issued by an
Unrestricted Subsidiary (collectively, the “Excluded Assets”).

 

Lower case terms used in this
Section 1 that are defined in Articles 8 or 9 of the UCC shall have the meaning set forth in the UCC, and all capitalized terms
used in this Section 1 that are defined in Article 8 or 9 of the UCC and not otherwise defined herein shall have the meaning set
forth in the UCC, it being the intention of the Grantors that the description of the Collateral set forth above be construed to include
the broadest possible range of assets, except for assets expressly excluded as set forth above.

 

SECTION
2.        Security for Obligations.

 

Subject to the limited exclusion
set forth below with respect to any Specified New Senior Debt, this Agreement secures, and the Collateral assigned by each Grantor is
collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by required prepayment, declaration,
acceleration, demand or otherwise (including without limitation the payment of amounts that would become due but for the operation of
the automatic stay under Section 362(a) of the Bankruptcy Code), of all Secured Obligations of such Grantor; provided that, Excluded
Collateral (as defined in the relevant acknowledgement relating to the issuance of any Specified New Senior Debt), if any, shall not be
security for or be assigned or pledged on account of any Specified New Senior Debt and such Excluded Collateral shall not be held by Collateral
Agent for the benefit of any holder thereof or any Permitted Secured Debt Representative with respect thereto. “Secured Obligations”
means:

 

    6

     

    

 

(a)               
all obligations and liabilities of every nature of:

 

(i)                
 Company, now or hereafter existing under or arising out of or in connection with the Credit Agreement and the other Loan Documents
and all obligations of Company under any Permitted Secured Debt Documents;

 

(ii)              
Owens-Brockway, now or hereafter existing under or arising out of or in connection with the Credit Agreement, the Domestic Borrowers’
Guaranty and all obligations of Owens-Brockway under any Permitted Secured Debt Documents;

 

(iii)            
each Subsidiary Guarantor, now or hereafter existing under or arising out of or in connection with the Subsidiary Guaranty and
all obligations of each such Subsidiary Guarantor under any Permitted Secured Debt Documents; and

 

(iv)             
Company and each Restricted Subsidiary of Company, now or hereafter existing under or arising out of or in connection with Other
Permitted Credit Exposure and each Other Permitted Credit Exposure Document in each case held by any holder of such Other Permitted Credit
Exposure;

 

in each case whether for principal,
premium or interest (including, without limitation, interest which, but for the filing of a petition in a bankruptcy, reorganization or
other similar proceeding with respect to a Grantor, would accrue on such obligations), payments for early termination, payments for settlement
of amounts due under any such agreements, fees, indemnities, expenses or otherwise, whether voluntary or involuntary, direct or indirect,
absolute or contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased
or extinguished and later increased, created or incurred, and all or any portion of such obligations or liabilities that are paid, to
the extent all or any part of such payment is avoided or recovered directly or indirectly from a Secured Party, any Lender or Other Permitted
Credit Exposure Holder as a preference, fraudulent transfer or otherwise, and all obligations of every nature of Grantors now or hereafter
existing under this Agreement; provided, however, that the pledge made and security interest granted in Section 1 and any
other provisions of this Agreement shall be effective as to any obligations in respect of any Permitted Secured Debt or Other Permitted
Credit Exposure only if the holders of such obligations or their representatives (A) (1) are described on Schedule 1 attached to the Intercreditor
Agreement or (2) have delivered to the Collateral Agent an acknowledgment to the Intercreditor Agreement and the Borrowers’ Agent
has duly executed and delivered an acknowledgment to such acknowledgment and (B) in the case of Other Permitted Credit Exposure, shall
have released, in form and substance satisfactory to Collateral Agent and Borrowers’ Agent, Holdings from any pre-existing guaranty
obligations in connection with such Other Permitted Credit Exposure. The foregoing requirements have been met as of the date hereof with
respect to the Other Permitted Credit Exposure described on Schedule 1 to the Intercreditor Agreement, and all such obligations
are and continue to be secured hereunder. Any Lender or Affiliate thereof obtaining the benefit of this Agreement (including those listed
on Schedule 1 attached to the Intercreditor Agreement) with respect to Other Permitted Credit Exposure shall remain a Secured Party hereunder
with respect to such Other Permitted Credit Exposure only for so long as such Lender or Affiliate thereof remains a Lender or Affiliate
thereof under the Credit Agreement. For purposes of determining the amount of Secured Obligations relating to any obligation with respect
to which a Person other than a Grantor is the direct or primary obligor and with respect to which a Grantor is a guarantor (including
by way of providing security), the total amount of such Secured Obligations shall be calculated without duplication of the amount of such
direct or primary obligation secured by the Collateral and the related guaranty obligations of the Grantor secured by the Collateral.

 

    7

     

    

 

SECTION
3.        Grantors Remain
Liable.

 

Anything contained herein to
the contrary notwithstanding, (a) each Grantor shall remain liable under any contracts and agreements included in the Collateral, to the
extent set forth therein, to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been
executed, (b) the exercise by Collateral Agent of any of its rights hereunder shall not release any Grantor from any of its duties or
obligations under the contracts and agreements included in the Collateral, and (c) neither Collateral Agent nor any Secured Party shall
have any obligation or liability under any contracts, licenses, and agreements included in the Collateral by reason of this Agreement,
nor shall Collateral Agent or any Secured Party be obligated to perform any of the obligations or duties of any Grantor thereunder or
to take any action to collect or enforce any claim for payment assigned hereunder, except to the extent Collateral Agent or Secured Party
expressly assumes any obligations thereunder.

 

SECTION
4.        Representations
and Warranties.

 

Each Grantor represents and
warrants as follows:

 

(a)               
Ownership of Collateral. Except as expressly permitted by the Credit Agreement and except for the security interest created
by this Agreement, such Grantor owns the Collateral owned by such Grantor or otherwise has the rights it purports to have in the Collateral
free and clear of any Lien. Except as expressly permitted by the Credit Agreement and except such as may have been filed in favor of the
Collateral Agent for the benefit of the Secured Parties relating to this Agreement, no effective financing statement or other instrument
similar in effect covering all or any part of the Collateral is on file in any filing or recording office.

 

(b)               
[Omitted.]

 

(c)               
Intellectual Property. As of the Closing Date, (i) all copyrights owned by such Grantor in its own name and registered with
the United States Copyright Office or subject of pending applications filed for registration with the United States Copyright Office,
patents owned by such Grantor in its own name and issued by the United States Patent and Trademark Office or the subject of pending applications
filed with the United States Patent and Trademark Office, and all trademarks owned by such Grantor in its own name and registered with
the United States Patent and Trademark Office or the subject of pending applications filed for registration with the United States Patent
and Trademark Office are listed on Schedule 1(f) and (ii) all material copyright licenses, patent licenses and trademark licenses
held by such Grantor are listed on Schedule 1(f).

 

(d)               
Office Locations; Type and Jurisdiction of Organization. The office where such Grantor keeps its records regarding the Accounts
and all originals of all chattel paper that evidence Accounts are, as of the date hereof, or, in the case of an Additional Grantor, the
date of the applicable Counterpart, located at the locations set forth on Schedule 4(d); the type (i.e. corporation, limited partnership,
etc.) and jurisdiction of organization of such Grantor as of the date hereof are listed on Schedule 4(d).

 

(e)               
Names. No Grantor (or predecessor by merger or otherwise of such Grantor) has, within the four-month period preceding the
date hereof, or, in the case of an Additional Grantor, the date of the applicable Counterpart, had a different name from the name of such
Grantor listed on the signature pages hereof or, in the case of an Additional Grantor, the signature page of the applicable Counterpart,
except the names listed in Schedule 4(e) annexed hereto. Each Grantor’s federal taxpayer identification number and organizational
identification number is set forth on Schedule 4(e).

 

    8

     

    

 

(f)                
 Delivery of Certain Collateral. Except as set forth on Schedule 1(e)(i), all certificates or instruments (excluding
checks) evidencing, comprising or representing the Collateral constituting Pledged Shares (other than uncertificated Pledged Shares) and
Pledged Debt as of the date hereof have been delivered to Collateral Agent duly endorsed or accompanied by duly executed instruments of
transfer or assignment in blank. With respect to certificates described on Schedule 1(e)(i) which have not been delivered because
such certificates are not readily removable from their jurisdiction of issuance, upon request by the Collateral Agent such certificates
shall be delivered by the applicable Grantor to the Collateral Agent in the jurisdiction of issuance, duly endorsed or accompanied by
duly executed instruments of transfer or assignment in blank.

 

(g)               
Securities Collateral. (i) All of the Pledged Debt described on Schedule 1(e)(ii) has been duly authorized, authenticated
or issued, and delivered and is the legal, valid and binding obligation of the issuers thereof and is not in default; (ii) except as set
forth on Schedule 1(e)(i), as of the date hereof, the Pledged Shares constitute all of the issued and outstanding shares of stock
or other equity interests of each issuer thereof (other than Pledged Shares under and as defined in the Pledge Agreement) and there are
no outstanding warrants, options or other rights to purchase, or other agreements outstanding with respect to, or property that is now
or hereafter convertible into, or that requires the issuance or sale of, any Pledged Shares to any Person not a Grantor; (iii) the Pledged
Debt constitutes all of the issued and outstanding intercompany indebtedness evidenced by a promissory note of the respective issuers
thereof owing to such Grantor as of the date hereof (subject to the proviso to Section 1(e)(ii) with respect to debt pledged pursuant
to the Pledge Agreement); (iv) Schedule 1(e)(i) sets forth all of the Pledged Shares in the entities set forth thereon owned by
each Grantor on the date hereof; and (v) Schedule l(e)(ii) sets forth all of the Pledged Debt in existence on the date hereof.

 

(h)               
Perfection. The security interests in the Collateral granted to Collateral Agent for the ratable benefit of the Secured
Parties hereunder constitute valid security interests in the Collateral, securing the payment of the Secured Obligations. By virtue of
(i) the filing of UCC financing statements (other than fixture filings) naming each Grantor as “debtor”, naming
Collateral Agent as “secured party” for the benefit of the Secured Parties and describing the Collateral in the filing
offices with respect to such Grantor set forth on Schedule 4(h) (to the extent a security interest in such collateral can be perfected
by filing a financing statement in each relevant filing office under the provisions of the applicable UCC) and (ii) in the case of the
Pledged Shares (other than uncertificated Pledged Shares constituting general intangibles) and Pledged Debt, delivery of certificates
or instruments representing or evidencing such Pledged Shares and Pledged Debt to Collateral Agent, in each case duly endorsed or accompanied
by duly executed instruments of assignment or transfer in blank, (iii) in the case of the Intellectual Property Collateral consisting
of U.S. Copyright Registrations, the filing of a Grant of Copyright Security Interest with the United States Copyright Office (each such
Grant of Copyright Security Interest being referred to herein as a “Grant”), (iv) in the case of Deposit Accounts,
the establishment of “control” (within the meaning of Section 9-104 of the UCC) in such Deposit Accounts and (v) in
the case of letter-of-credit rights, upon the consent of the issuer of the related letter of credit to an assignment of proceeds of such
letter of credit to Collateral Agent, in each case pursuant to and to the extent required under this Agreement, the security interests
in the Collateral granted to Collateral Agent for the benefit of the Secured Parties will constitute perfected First Priority security
interests therein and all filings (other than fixture filings) and to the extent required under this agreement other actions heretofore
necessary or desirable to perfect and protect such security interests have been duly made or taken.

 

    9

     

    

 

SECTION
5.        Further Assurances.

 

(a)                Generally.
Each Grantor agrees that from time to time, at the expense of Grantors, such Grantor will promptly execute and deliver all further
instruments and documents, and take all further action, that may be necessary or desirable, or that Collateral Agent may request, in
order to perfect and protect any security interest granted or purported to be granted hereby or to enable Collateral Agent to
exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the generality of the
foregoing, each Grantor will: (i) execute or authorize and cause to be filed such financing or continuation statements, or
amendments thereto, agreements establishing that Collateral Agent has control of specified items of Collateral as required by this
Agreement or the Credit Agreement and such other instruments or notices, as may be necessary or desirable, or as Collateral Agent
may request, in order to perfect and preserve the security interests granted or purported to be granted hereby, (ii) furnish to
Collateral Agent from time to time statements and schedules further identifying and describing the Collateral as required herein and
such other reports in connection with the Collateral as Collateral Agent may reasonably request, all in reasonable detail, (iii) at
any reasonable time, upon request by Collateral Agent, exhibit the Collateral to and allow inspection of the Collateral by
Collateral Agent, or persons designated by Collateral Agent, (iv) at Collateral Agent’s request, appear in and defend any
action or proceeding that may affect such Grantor’s title to or Collateral Agent’s security interest in all or any
material part of the Collateral, and (v) upon request by Collateral Agent, use commercially reasonable efforts to obtain any
necessary consents of third parties to the assignment and perfection of a security interest to Collateral Agent with respect to any
material Collateral, except with respect to Permitted Encumbrances. Each Grantor hereby authorizes Collateral Agent to file one or
more financing or continuation statements, and amendments thereto, relative to all or any part of the Collateral without the
signature of any Grantor and agrees that any such financing statement or amendment thereto may describe the collateral as
 “all personal property of the debtor, whether now owned or hereafter acquired” or words of similar import or
meaning.

 

(b)               
Securities Collateral. Without limiting the generality of the foregoing Section 5(a), each Grantor agrees that
it will, upon obtaining any additional shares of stock or other securities consisting of Pledged Shares or Pledged Debt required to be
pledged hereunder or under Section 5.1 or Section 7.9 of the Credit Agreement, promptly (and in any event within five Business Days (or
such later date reasonably agreed to by the Collateral Agent)) deliver to Collateral Agent a Pledge Amendment, duly executed by such Grantor,
in substantially the form of Exhibit II (a “Pledge Amendment”), in respect of the additional Pledged Shares or Pledged
Debt to be pledged pursuant to this Agreement. Upon each delivery of a Pledge Amendment to Collateral Agent, the representations and warranties
contained in clauses (i)-(iii) of Section 4(g) hereof shall be deemed to have been made by such Grantor as to the Securities
Collateral described in such Pledge Amendment as of the date thereof. Each Grantor hereby authorizes Collateral Agent to attach each Pledge
Amendment to this Agreement and agrees that all Pledged Shares or Pledged Debt of such Grantor listed on any Pledge Amendment shall for
all purposes hereunder be considered Collateral of such Grantor; provided that the failure of any Grantor to execute a Pledge Amendment
with respect to any additional Pledged Shares or Pledged Debt pledged pursuant to this Agreement shall not impair the security interest
of the Secured Parties therein or otherwise adversely affect the rights and remedies of Collateral Agent hereunder with respect thereto.

 

SECTION
6.        Certain Covenants
of Grantors.

 

Each Grantor shall:

 

(a)               
not use or permit any Collateral to be used unlawfully or in violation of any provision of this Agreement or any applicable statute,
regulation or ordinance or any policy of insurance covering the Collateral where such use or violation would have a Material Adverse Effect;

 

(b)               
notify Collateral Agent of any change in the office where such Grantor keeps its records regarding the Accounts and all originals
of all chattel paper that evidence Accounts or such Grantor’s name, identity or corporate structure within 30 days of such change
(or such later date reasonably agreed to by the Collateral Agent); and

 

(c)               
 give Collateral Agent 30 days’ prior written notice (or such later date reasonably agreed to by the Collateral Agent) of
any change in such Grantor’s jurisdiction of organization or a reincorporation, reorganization or other action that results in a
change of the jurisdiction of organization of such Grantor.

 

    10

     

    

 

SECTION
7.        [Omitted.]

 

SECTION
8.        Special Covenants
with respect to Accounts and Related Contracts.

 

(a)               
Each Grantor shall keep its office where it keeps its records concerning the Accounts and Related Contracts, and all originals
of all chattel paper that evidence Accounts, at the locations therefor set forth on Schedule 4(d) or, upon written notice to Collateral
Agent within 30 days of any relocation (or such later date reasonably agreed to by the Collateral Agent), at such other location in a
jurisdiction where all action that may be necessary or desirable, or that Collateral Agent may request, in order to perfect and protect
any security interest granted or purported to be granted hereby, or to enable Collateral Agent to exercise and enforce its rights and
remedies hereunder, with respect to such Accounts and Related Contracts shall have been taken.

 

(b)               
Except as otherwise provided in this subsection (b), each Grantor shall continue to collect, at its own expense, all amounts due
or to become due to such Grantor under the Accounts and Related Contracts. In connection with such collections, each Grantor may take
(and, upon the occurrence and during the continuance of an Event of Default at Collateral Agent’s direction, shall take) such action
as such Grantor may deem necessary or advisable to enforce collection of amounts due or to become due under the Accounts: provided,
however, that Collateral Agent shall have the right at any time, upon the occurrence and during the continuation of an Event of Default
and upon written notice to such Grantor of its intention to do so, to notify the account debtors or obligors under any Accounts of the
assignment of such Accounts to Collateral Agent and to direct such account debtors or obligors to make payment of all amounts due or to
become due to such Grantor thereunder directly to Collateral Agent, to notify each Person maintaining a lockbox or similar arrangement
to which account debtors or obligors under any Accounts have been directed to make payment to remit all amounts representing collections
on checks and other payment items from time to time sent to or deposited in such lockbox or other arrangement directly to Collateral Agent
and, upon such notification and at the expense of Grantors, to enforce collection of any such Accounts and to adjust, settle or compromise
the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done. After receipt by such Grantor
of the notice from Collateral Agent referred to in the proviso to the preceding sentence and for so long as such Event of Default continues,
(i) all amounts and proceeds (including checks and other instruments) received by such Grantor in respect of the Accounts and the Related
Contracts shall be received in trust for the benefit of Collateral Agent hereunder, shall be segregated from other funds of such Grantor
and shall be forthwith paid over or delivered to Collateral Agent in the same form as so received (with any necessary endorsement) to
be held as cash Collateral and applied as provided by Section 18, and (ii) except in the ordinary course of business consistent
with past practice, such Grantor shall not adjust, settle or compromise the amount or payment of any Account, or release wholly or partly
any account debtor or obligor thereof, or allow any credit or discount thereon.

 

SECTION
9.        Special Covenants
With Respect to the Securities Collateral.

 

(a)                Delivery.
Each Grantor agrees that all certificates or instruments representing or evidencing the Pledged Shares (except as otherwise
contemplated by Section 4(f)) and the Pledged Debt, to the extent not already delivered and held by Collateral Agent pursuant
hereto, shall be delivered to and held by or on behalf of Collateral Agent pursuant hereto and shall be in suitable form for
transfer by delivery or, as applicable, shall be accompanied by such Grantor’s endorsement, where necessary, or duly executed
instruments of transfer or assignment in blank, all in form and substance satisfactory to Collateral Agent. Collateral Agent shall
have the right at any time to exchange certificates or instruments representing or evidencing Pledged Shares or Pledged Debt for
certificates or instruments of smaller or larger denominations.

 

    11

     

    

 

(b)               
Covenants. Each Grantor shall (i) except for any merger or consolidation which constitutes a sale, transfer or other disposition
permitted by the Credit Agreement where the Credit Agreement does not require the pledge of the capital stock or other equity interests
of the surviving or resulting corporation, pledge hereunder all the outstanding capital stock or other equity interests of the surviving
or resulting person in any merger or consolidation involving securities pledged hereunder, (ii) cause each issuer of Pledged Shares not
to issue any stock, other equity interests or other securities in addition to or in substitution for the Pledged Shares issued by such
issuer, except to such Grantor or as otherwise permitted under the Credit Agreement; (iii) pledge hereunder, in accordance with Section
5.1 or Section 7.9 of the Credit Agreement, any and all additional shares of stock, other equity interests or other securities of each
issuer of Pledged Shares; (iv) pledge hereunder, promptly upon its acquisition (directly or indirectly) thereof, any and all shares of
stock or other equity interests of any Person that, after the date of this Agreement, becomes, as a result of any occurrence, a direct
Subsidiary of such Grantor, to the extent required by Section 5.1 or Section 7.9 of the Credit Agreement; (v) pledge hereunder, promptly
upon their issuance, any and all instruments or other evidences of additional indebtedness from time to time owed to such Grantor by any
obligor on the Pledged Debt; (vi) pledge hereunder, promptly upon their issuance, any and all instruments or other evidences of indebtedness
which constitute Pledged Debt from time to time owed to such Grantor by any Person that after the date of this Agreement becomes, as a
result of any occurrence, a direct or indirect Subsidiary of such Grantor; provided, that the foregoing covenant shall exclude
any such instruments or evidences of indebtedness issued by any of the Harbor Capital Companies or any such instruments or evidences of
indebtedness required to be pledged under the Pledge Agreement; (vii) promptly deliver to Collateral Agent all material written notices
received by it with respect to the Securities Collateral; and (viii) at the request of Collateral Agent, promptly execute and deliver
to Collateral Agent an agreement providing for the control, as that term is defined in the UCC, by Collateral Agent of all deposit accounts,
securities entitlements and securities accounts of such Grantor not otherwise subject to Permitted Encumbrances and provided that no other
enforceable restrictions exist on the pledging or the hypothecation thereof.

 

(c)               
Voting and Distributions. So long as no Event of Default shall have occurred and be continuing and prior to receipt of written
notice from Collateral Agent:

 

(i)                
each Grantor 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 of this Agreement or the Credit Agreement; provided, however, that
neither (i) the voting by a Grantor of any Pledged Shares for, or a Grantor’s consent to, the election of directors at a regularly
scheduled annual or other meeting of stockholders or with respect to incidental matters at any such meeting nor (ii) a Grantor’s
consent to or approval of any action otherwise permitted under this Agreement and the Credit Agreement shall be deemed inconsistent with
the terms of this Agreement or the Credit Agreement (including, without limitation, impairing in any material manner the Pledged Shares
or the material rights of any of the Secured Parties), within the meaning of this Section 9(c).

 

(ii)               each
Grantor shall be entitled to receive and retain, and to utilize free and clear of the lien of this Agreement, any and all dividends,
other distributions and interest paid in respect of the Securities Collateral; provided, that, any and all (A) dividends,
distributions and interest paid or payable other than in cash in respect of, and instruments and other property received, receivable
or otherwise distributed in respect of, or in exchange for, any Securities Collateral, and (B) dividends and other distributions
paid or payable in cash in respect of any Securities Collateral in connection with a partial or total liquidation or dissolution or
in connection with a reduction of capital, capital surplus or paid-in-surplus, shall forthwith be delivered to Collateral Agent to
hold as, Securities Collateral and shall, if received by such Grantor, be received in trust for the benefit of Collateral Agent, be
segregated from the other property or funds of such Grantor and be forthwith delivered to Collateral Agent as Securities Collateral
in the same form as so received (with all necessary endorsements).

 

    12

     

    

 

Upon the occurrence and during
the continuation of an Event of Default, (x) upon written notice from Collateral Agent to any Grantor, all rights of such Grantor to exercise
the voting and other consensual rights which it would otherwise be entitled to exercise pursuant hereto shall cease, and all such rights
shall thereupon become vested in Collateral Agent who shall thereupon have the sole right to exercise such voting and other consensual
rights during the continuation of such Event of Default; (y) all rights of such Grantor to receive the dividends, other distributions
and interest payments which it would otherwise be authorized to receive and retain pursuant hereto shall cease, and all such rights shall
thereupon become vested in Collateral Agent who shall thereupon have the sole right to receive and hold as Securities Collateral such
dividends, other distributions and interest payments during the continuation of such Event of Default, provided that nothing herein shall
restrict or limit the right of a Grantor to directly or indirectly make or receive dividends, distributions, principal or interest payments
for the purpose of making such amounts available to Company to make Holdings Ordinary Course Payments permitted to be paid pursuant to
Section 8.5 of the Credit Agreement; and (z) all dividends, principal, interest payments and other distributions which are received by
such Grantor contrary to the provisions of clause (ii) of the immediately preceding paragraph or clause (y) above shall be received in
trust for the benefit of Collateral Agent, shall be segregated from other funds of such Grantor and shall forthwith be paid over to Collateral
Agent as Securities Collateral in the same form as so received (with any necessary endorsements).

 

In order to permit Collateral
Agent to exercise the voting and other consensual rights which it may be entitled to exercise pursuant hereto and to receive all dividends
and other distributions which it may be entitled to receive hereunder, (I) upon the occurrence and during the existence of an Event of
Default, each Grantor shall promptly execute and deliver (or cause to be executed and delivered) to Collateral Agent all such proxies,
dividend payment orders and other instruments as Collateral Agent may from time to time reasonably request, and (II) without limiting
the effect of clause (I) above, each Grantor hereby grants to Collateral Agent an irrevocable proxy to vote the Pledged Shares and to
exercise all other rights, powers, privileges and remedies to which a holder of the Pledged Shares would be entitled (including giving
or withholding written consents of shareholders or other holders of equity interests, calling special meetings of shareholders or other
holders of equity interests and voting at such meetings), which proxy shall be effective, automatically and without the necessity of any
action (including any transfer of any Pledged Shares on the record books of the issuer thereof) by any other Person (including the issuer
of the Pledged Shares or any officer or agent thereof), upon the occurrence and during the existence of an Event of Default and which
proxy shall only terminate upon (i) the payment in full of the Secured Obligations and the termination of the related agreements and the
cancellation of any outstanding Letters of Credit or (ii) the waiver of the Event of Default.

 

SECTION
10.    Special Covenants With Respect to the
Intellectual Property Collateral.

 

(a)                Except
as otherwise provided in this Section 10, each Grantor shall continue to collect, at its own expense, all amounts due or to
become due to such Grantor in respect of the Intellectual Property Collateral or any portion thereof. In connection with such
collections, each Grantor may take (and, after the occurrence and during the continuance of any Event of Default at Collateral
Agent’s reasonable direction, shall take) such action as such Grantor or Collateral Agent may deem reasonably necessary or
advisable to enforce collection of such amounts; provided that Collateral Agent shall have the right at any time, upon the
occurrence and during the continuation of an Event of Default and upon written notice to such Grantor of its intention to do so, to
notify the obligors with respect to any such amounts of the existence of the security interest created hereby and to direct such
obligors to make payment of all such amounts directly to Collateral Agent, and, upon such notification and at the expense of such
Grantor, to enforce collection of any such amounts and to adjust, settle or compromise the amount or payment thereof, in the same
manner and to the same extent as such Grantor might have done. After receipt by any Grantor of the notice from Collateral Agent
referred to in the proviso to the preceding sentence and during the continuation of any Event of Default, (i) all amounts and
proceeds (including checks and other instruments) received by each Grantor in respect of amounts due to such Grantor in respect of
the Intellectual Property Collateral or any portion thereof shall be received in trust for the benefit of Collateral Agent
hereunder, shall be segregated from other funds of such Grantor and shall be forthwith paid over or delivered to Collateral Agent in
the same form as so received (with any necessary endorsement) to be held as cash Collateral and applied as provided by Section
18, and (ii) such Grantor shall not, without the consent of the Collateral Agent, adjust, settle or compromise the amount or
payment of any such amount or release wholly or partly any obligor with respect thereto or allow any credit or discount thereon.

 

    13

     

    

 

(b)               
In addition to, and not by way of limitation of, the granting of a security interest in the Collateral pursuant hereto, each Grantor,
effective upon the occurrence and during the continuation of an Event of Default (but only to the extent to do so would not breach a contract
binding on such Grantor), hereby grants to Collateral Agent an irrevocable (during the term of this Agreement), nonexclusive right and
license to use, license and sublicense all of the Intellectual Property Collateral (including, without limitation, all Trademarks and
Trademark Rights, Copyrights, Patents and technical processes owned or used by such Grantor that relate to the Collateral) and any other
collateral granted by such Grantor as security for the Secured Obligations, together with any goodwill associated therewith, all to the
extent necessary to enable Collateral Agent to realize on the Collateral in accordance with this Agreement and to enable any transferee
or assignee of the Collateral to enjoy the benefits of the Collateral. This right shall inure to the benefit of all successors, assigns
and transferees of Collateral Agent and its successors, assigns and transferees, whether by voluntary conveyance, operation of law, assignment,
transfer, foreclosure, deed in lieu of foreclosure or otherwise. Such right and license shall be granted free of charge, without requirement
that any monetary payment whatsoever be made to such Grantor. If and to the extent that any Grantor licenses the Intellectual Property
Collateral, upon such Grantor’s request and provided no Event of Default then exists, Collateral Agent shall promptly enter into
a non-disturbance agreement or other similar arrangement, at such Grantor’s request and expense, with such Grantor and any licensee
of any Intellectual Property Collateral permitted hereunder in form and substance reasonably satisfactory to Collateral Agent pursuant
to which (i) Collateral Agent shall agree not to disturb or interfere with such licensee’s rights under its license agreement with
such Grantor so long as such licensee is not in default thereunder, and (ii) such licensee shall acknowledge and agree that the Intellectual
Property Collateral licensed to it is subject to the security interest created hereunder in favor of Collateral Agent and the other terms
of this Agreement.

 

(c)                Whenever
any Grantor, either by itself or through any agent, employee, licensee or designee, shall file an application for the registration
of any Intellectual Property Collateral with the United States Patent and Trademark Office or the United States Copyright Office,
such Grantor shall report such filing to the Collateral Agent and provide the Collateral Agent with a written supplement to Schedules
1(f)(i), (1)(f)(ii) and (1)(f)(iii) of this Agreement on each date a Compliance Certificate is to be delivered
pursuant to Section 7.1(c) of the Credit Agreement with respect to the financial statements required to be delivered pursuant
to Section 7.1(b) of the Credit Agreement (or such later date reasonably agreed to by the Collateral Agent) or, if an Event of
Default has occurred and is continuing, more frequently if requested by the Collateral Agent (which time period, in each case, may
be extended by the Collateral Agent in its reasonable discretion). Upon request of the Collateral Agent, such Grantor shall execute
and deliver, and have recorded, any and all agreements, instruments, documents, and papers as the Collateral Agent may reasonably
request to evidence the security interest of the Secured Parties in any Intellectual Property Collateral and the goodwill and
general intangibles of such Grantor relating thereto or represented thereby.

 

    14

     

    

 

SECTION
11.    Omitted.

 

SECTION
12.    Collateral Account.

 

Collateral Agent is hereby authorized
to establish and maintain a blocked account in the name of the Grantors and under the sole dominion and control of Collateral Agent and
such blocked account will be a restricted deposit account designated the “OI L/C Collateral Account”. The “OI
L/C Collateral Account” is referred to herein as the “L/C Collateral Account”. All amounts at any time held
in the L/C Collateral Account shall be beneficially owned by Grantors but shall be held in the name of Collateral Agent hereunder, for
the benefit of Secured Parties, as collateral security for the Secured Obligations upon the terms and conditions set forth herein and
as provided in the Intercreditor Agreement. Grantors shall have no right to withdraw, transfer or, except as expressly set forth herein,
otherwise receive any funds deposited into the L/C Collateral Account. Anything contained herein to the contrary notwithstanding, the
L/C Collateral Account shall be subject to such applicable laws, and such applicable regulations of the Board of Governors of the Federal
Reserve System and of any other appropriate banking or Governmental Authority, as may now or hereafter be in effect. All deposits of funds
in the L/C Collateral Account shall be made by wire transfer (or, if applicable, by intra-bank transfer from another account of a Grantor)
of immediately available funds, in each case addressed in accordance with instructions of Collateral Agent. Each Grantor shall, promptly
after initiating a transfer of funds to the L/C Collateral Account, give notice to Collateral Agent by telefacsimile of the date, amount
and method of delivery of such deposit. Cash held by Collateral Agent in the L/C Collateral Account shall not be invested by Collateral
Agent but instead shall be maintained as a cash deposit in the L/C Collateral Account pending application thereof as elsewhere provided
in this Agreement. To the extent permitted under Regulation Q of the Board of Governors of the Federal Reserve System, any cash held in
the L/C Collateral Account shall bear interest at the standard rate paid by Collateral Agent to its customers generally for deposits of
like amounts and terms. Subject to Collateral Agent’s rights hereunder, any interest earned on deposits of cash in the L/C Collateral
Account shall be deposited directly in, and held in, the L/C Collateral Account.

 

SECTION
13.    Secured Party Appointed Attorney-in-Fact.

 

Each Grantor hereby irrevocably
appoints Collateral Agent as such Grantor’s attorney-in-fact, with full authority in the place and stead of such Grantor and in
the name of such Grantor, Collateral Agent or otherwise, from time to time in Collateral Agent’s discretion to take any action and
to execute any instrument that Collateral Agent may deem necessary or advisable to accomplish the purposes of this Agreement, including
without limitation:

 

(a)               
upon the occurrence and during the continuance of an Event of Default, to obtain and adjust insurance required to be maintained
by such Grantor or paid to Collateral Agent pursuant to the Credit Agreement;

 

(b)               
upon the occurrence and during the continuance of an Event of Default, to ask for, demand, collect, sue for, recover, compound,
receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral;

 

(c)               
upon the occurrence and during the continuance of an Event of Default, to receive, endorse and collect any drafts or other instruments,
documents and chattel paper in connection with clauses (a) and (b) above;

 

    15

     

    

 

(d)               
 upon the occurrence and during the continuance of an Event of Default, to file any claims or take any action or institute any
proceedings that Collateral Agent may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce
the rights of Collateral Agent with respect to any of the Collateral;

 

(e)               
upon the occurrence and during the continuance of an Event of Default, to pay or discharge taxes or Liens (other than Liens permitted
under this Agreement or the Credit Agreement) levied or placed upon or threatened against the Collateral, the legality or validity thereof
and the amounts necessary to discharge the same to be determined by Collateral Agent in its sole discretion, any such payments made by
Collateral Agent to become obligations of such Grantor to Collateral Agent, due and payable immediately without demand;

 

(f)                
upon the occurrence and during the continuance of an Event of Default, to sign and endorse any invoices, freight or express bills,
bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications and notices in connection with Accounts
and other documents relating to the Collateral; and

 

(g)               
upon the occurrence and during the continuance of an Event of Default, generally to sell, transfer, pledge, make any agreement
with respect to or otherwise deal with any of the Collateral as fully and completely as though Collateral Agent were the absolute owner
thereof for all purposes, and to do, at Collateral Agent’s option and Grantors’ expense, at any time or from time to time,
all acts and things that Collateral Agent deems necessary to protect, preserve or realize upon the Collateral and Collateral Agent’s
security interest therein in order to effect the intent of this Agreement, all as fully and effectively as such Grantor might do.

 

SECTION
14.    Collateral Agent May Perform.

 

If any Grantor fails to perform
any agreement contained herein, upon the occurrence and during the continuance of an Event of Default, Collateral Agent may itself perform,
or cause performance of, such agreement, and the expenses of Collateral Agent incurred in connection therewith shall be payable by Grantors
under Section 19(c).

 

SECTION
15.    Standard of Care.

 

The powers conferred on Collateral
Agent hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers.
Except for the exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually received
by it hereunder, Collateral Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights
against prior parties or any other rights pertaining to any Collateral. Collateral Agent shall be deemed to have exercised reasonable
care in the custody and preservation of Collateral in its possession if such Collateral is accorded treatment substantially equal to that
which Collateral Agent accords its own property.

 

    16

     

    

 

SECTION
16.    Remedies.

 

(a)                Generally.
If (i) any “Event of Default” under and as defined in the Credit Agreement has occurred and is continuing, or
(ii) after such time as all Obligations shall have been indefeasibly paid in full, and provided that, the Collateral then
secures the payment and performance of any obligations under any Permitted Secured Debt Documents or any Other Permitted Credit
Exposure Documents, if any event of default under (A) any obligations under any Permitted Secured Debt Documents which are secured
by Collateral or (B) any obligations under any Other Permitted Credit Exposure Documents which are secured by Collateral, as the
case may be (either such occurrence being an “Event of Default” for purposes of this Agreement) shall have
occurred and be continuing, Collateral Agent may exercise in respect of the Collateral, in addition to all other rights and remedies
provided for herein or otherwise available to it, all the rights and remedies of a secured party on default under the UCC (whether
or not the UCC applies to the affected Collateral) and also may (i) require each Grantor to, and each Grantor hereby agrees that it
will at its expense and upon request of Collateral Agent forthwith, assemble such of the Collateral as may reasonably be assembled
as directed by Collateral Agent and make it available to Collateral Agent at a place or places to be designated by Collateral Agent
and reasonably convenient to both parties, (ii) enter onto the property where any Collateral is located and take possession thereof
with or without judicial process, (iii) prior to the disposition of the Collateral, store, process, repair or recondition the
Collateral or otherwise prepare the Collateral for disposition in any manner to the extent Collateral Agent deems appropriate, (iv)
take possession of any Grantor’s premises or place custodians in exclusive control thereof, remain on such premises and use
the same and any of such Grantor’s equipment for the purpose of completing any work in process, taking any actions described
in the preceding clause (iii) and collecting any Secured Obligation, (v) without notice except as specified below, sell the
Collateral or any part thereof in one or more parcels at public or private sale, at Collateral Agent’s offices or elsewhere,
for cash, on credit or for future delivery, at such time or times and at such price or prices and upon such other terms as
Collateral Agent may deem commercially reasonable, (vi) exercise dominion and control over and refuse to permit further withdrawals
from any Deposit Account maintained with Collateral Agent or any Lender constituting a part of the Collateral and (vii) without
notice to any Grantor, transfer to or to register in the name of Collateral Agent or any of its nominees any or all of the
Securities Collateral. The Collateral Agent or any other Secured Party other than the Collateral Agent may be the purchaser of any
or all of the Collateral at any such sale but no Secured Party (other than the Collateral Agent on behalf of Secured Parties) shall
be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the
Collateral sold 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 any Collateral payable by such Person at such sale. Each purchaser at any such sale shall hold the property sold
absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by
applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any
rule of law or statute now existing or hereafter enacted. Each Grantor agrees that, to the extent notice of sale shall be required
by law, at least ten days’ notice to such Grantor of the time and place of any public sale or the time after which any private
sale is to be made shall constitute reasonable notification. Collateral Agent shall not be obligated to make any sale of Collateral
regardless of notice of sale having been given. 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 adjourned. Each Grantor hereby waives any claims against Collateral Agent arising by reason of the fact that the price at
which any Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public
sale, even if Collateral Agent accepts the first offer received and does not offer such Collateral to more than one offeree. Each
Grantor further agrees that a breach of any of the covenants contained in this Section 16 will cause irreparable injury to
Collateral Agent, that Collateral Agent has no adequate remedy at law in respect of such breach and, as a consequence, that each and
every covenant contained in this Section 16 shall be specifically enforceable against such Grantor, and each Grantor hereby
waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that
no default has occurred or is continuing giving rise to the Secured Obligations becoming due and payable prior to their stated
maturities.

 

(b)                Securities
Collateral. Each Grantor recognizes that, by reason of certain prohibitions contained in the Securities Act and applicable state
securities laws, Collateral Agent may be compelled, with respect to any sale of all or any part of the Securities Collateral
conducted without prior registration or qualification of such Securities Collateral under the Securities Act and/or such state
securities laws, to limit purchasers to those who will agree, among other things, to acquire the Securities Collateral for their own
account, for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges that any such private
sales may be at prices and on terms less favorable 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, each
Grantor agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that Collateral
Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Securities Collateral 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 securities laws, even if such issuer would, or should, agree to so register it. If
Collateral Agent determines to exercise its right to sell any or all of the Securities Collateral, upon written request, each
Grantor shall and shall cause each issuer of any Pledged Shares to be sold hereunder from time to time to furnish to Collateral
Agent all such information as Collateral Agent may request in order to determine the number of shares and other instruments included
in the Securities Collateral which may be sold by Collateral Agent in exempt transactions under the Securities Act and the rules and
regulations of the Securities and Exchange Commission thereunder, as the same are from time to time in effect.

 

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(c)               
L/C Collateral Account. (i) If an Event of Default has occurred and is continuing in accordance with Article X of the Credit
Agreement, or (ii) if any Proceeds (as defined in the Intercreditor Agreement) derived from the Collateral remain after application thereof
to prepayment of the Loans as required under the Credit Agreement and as provided in the Intercreditor Agreement, Borrowers must pay to
Collateral Agent an amount (the “Aggregate Available Amount”) equal to the maximum amount that may at any time be drawn
under all Letters of Credit then outstanding, and Borrowers shall deliver funds in such an amount for deposit in the L/C Collateral Account.
If for any reason the aggregate amount delivered by Borrowers for deposit in the L/C Collateral Account as aforesaid is less than the
Aggregate Available Amount, the aggregate amount so delivered by Borrowers shall be apportioned among all outstanding Letters of Credit
for purposes of this Section 16 in accordance with the ratio of the maximum amount available for drawing under each such Letter
of Credit (as to such Letter of Credit, the “Maximum Available Amount”) to the Aggregate Available Amount. Upon any
drawing under any outstanding Letter of Credit in respect of which Borrowers have deposited in the L/C Collateral Account any amounts
described above, Collateral Agent shall apply such amounts to reimburse the applicable Issuing Lender for the amount of such drawing.
In the event of cancellation or expiration of any Letter of Credit in respect of which Company has deposited in the L/C Collateral Account
any amounts described above, or in the event of any reduction in the Maximum Available Amount under such Letter of Credit, Collateral
Agent shall apply the amount then on deposit in the L/C Collateral Account in respect of such Letter of Credit (less, in the case of such
a reduction, the Maximum Available Amount under such Letter of Credit immediately after such reduction) (A) first, to the payment
of any amounts payable to Collateral Agent pursuant to Section 18 hereof, (B) second, to the extent of any excess, to the
cash collateralization pursuant to the terms of this Agreement of any outstanding Letters of Credit in respect of which Borrowers have
failed to pay all or a portion of the amounts described above (such cash collateralization to be apportioned among all such Letters of
Credit in the manner described above), and (C) third, to the extent of any further excess, as provided in Section 3(a)(ii) of the
Intercreditor Agreement.

 

SECTION
17.    Additional Remedies for Intellectual Property
Collateral.

 

(a)                Anything
contained herein to the contrary notwithstanding, upon the occurrence and during the continuation of an Event of Default, (i)
Collateral Agent shall have the right (but not the obligation) to bring suit, in the name of any Grantor, Collateral Agent or
otherwise, to enforce its rights with respect to any Intellectual Property Collateral, in which event each Grantor shall, at the
request of Collateral Agent, do any and all lawful acts and execute any and all documents required by Collateral Agent in aid of
such enforcement and each Grantor shall promptly, upon demand, reimburse and indemnify Collateral Agent as provided in
Section 12.4 of the Credit Agreement and Section 19 hereof, as applicable, in connection with the exercise of its rights
under this Section 17, and, to the extent that Collateral Agent shall elect not to bring suit to enforce any Intellectual
Property Collateral as provided in this Section 17, each Grantor agrees to use all commercially reasonable measures, whether
by action, suit, proceeding or otherwise, to prevent the infringement of any material Intellectual Property Collateral by others and
for that purpose agrees to use its commercially reasonable judgment in maintaining any action, suit or proceeding against any Person
so infringing reasonably necessary to prevent such infringement; (ii) upon written demand from
Collateral Agent, each Grantor shall execute and deliver to Collateral Agent an assignment or assignments of the Intellectual
Property Collateral and such other documents as are necessary or appropriate to carry out the intent and purposes of this Agreement;
(iii) each Grantor agrees that such an assignment and/or recording shall be applied to reduce the Secured Obligations outstanding
only to the extent that Collateral Agent (or any Lender) receives cash proceeds in respect of the sale of, or other realization
upon, the Intellectual Property Collateral; and (iv) within five Business Days after written notice from Collateral Agent, each
Grantor shall make available to Collateral Agent, to the extent within such Grantor’s power and authority, such personnel in
such Grantor’s employ on the date of such Event of Default as Collateral Agent may reasonably designate, by name, title or job
responsibility, to permit such Grantor to continue, directly or indirectly, to produce, advertise and sell the products and services
sold or delivered by such Grantor under or in connection with the Trademarks, Trademark Registrations and Trademark Rights, such
persons to be available to perform their prior functions on Collateral Agent’s behalf and to be compensated by Collateral
Agent at such Grantor’s expense on a per diem, pro-rata basis consistent with the salary and benefit structure applicable to
each as of the date of such Event of Default.

 

    18

     

    

 

(b)               
If (i) an Event of Default shall have occurred and, by reason of cure, waiver, modification, amendment or otherwise, no longer
be continuing, (ii) no other Event of Default shall have occurred and be continuing, (iii) an assignment to Collateral Agent of any rights,
title and interests in and to the Intellectual Property Collateral shall have been previously made, and (iv) the Secured Obligations shall
not have become immediately due and payable, upon the written request of any Grantor on behalf of itself and/or any other Grantor, Collateral
Agent shall promptly execute and deliver to each such Grantor such assignments as may be necessary to reassign to each such Grantor any
such rights, title and interests as may have been assigned to Collateral Agent as aforesaid, subject to any disposition thereof that may
have been made by Collateral Agent: provided that, after giving effect to such reassignment, Collateral Agent’s security
interest granted pursuant hereto, as well as all other rights and remedies of Collateral Agent granted hereunder, shall continue to be
in full force and effect; and provided further, that, the rights, title and interests so reassigned shall be free and clear of
all Liens other than (A) Liens (if any) encumbering such rights, title and interest at the time of their assignment to Collateral Agent,
(B) licenses and sublicenses under any Intellectual Property Collateral granted to any third party by the Collateral Agent pursuant to
the exercise of the rights granted to it under Section 10(b), and (C) Permitted Encumbrances.

 

SECTION
18.    Application of Proceeds.

 

Except as expressly provided
elsewhere in this Agreement, all Proceeds received by Collateral Agent in respect of any sale of, collection from, other realization upon,
or any distribution on account of all or any part of the Collateral shall be applied in the following order of priority; provided, that,
Net Proceeds from Asset Sales and Net Insurance/Condemnation Proceeds arising from destruction, damage or condemnation of Collateral shall
be applied as provided in the Credit Agreement and the Intercreditor Agreement:

 

FIRST: To the payment of
all costs and expenses of such sale, collection or other realization, including reasonable compensation to Collateral Agent and its
agents and counsel, and all other expenses, liabilities and advances made or incurred by Collateral Agent in connection therewith,
and all amounts for which Collateral Agent is entitled to indemnification hereunder and all advances made by Collateral Agent
hereunder for the account of Grantors, and to the payment of all costs and expenses paid or incurred by Collateral Agent in
connection with the exercise of any right or remedy hereunder;

 

    19

     

    

 

SECOND: To the ratable payment
of all other Secured Obligations for the ratable benefit of the holders thereof (including any Aggregate Available Amount deposited into
the L/C Collateral Account for outstanding Letters of Credit, provided that if such Letters of Credit expire without being fully drawn,
then at that time, such excess amounts shall be applied as provided in this Section 18 to then outstanding Secured Obligations)
and, as to obligations arising under the Credit Agreement, as provided in the Credit Agreement, provided that, no Proceeds received
by Collateral Agent in respect of any sale of, collection from, other realization upon, or any distribution on account of all or any part
of any Excluded Collateral shall be applied toward payment of obligations in respect of any Specified New Senior Debt for which Collateral
is excluded (and neither the holders thereof nor the Permitted Secured Debt Representative in respect thereof shall be entitled to any
increased portion of any Proceeds of any other Collateral due to such exclusion); provided further, that, in making such application
in respect of outstanding obligations under Permitted Secured Debt Documents, the Collateral Agent shall be entitled to deduct from the
share of such Proceeds otherwise payable to the Permitted Secured Debt Representatives the Permitted Secured Debt holders’ pro rata
share of all amounts that the Collateral Agent has been paid by the Paying Indemnifying Parties (such term being used in this Section
18 as defined in Section 7(c) of the Intercreditor Agreement) pursuant to Section 7(c) of the Intercreditor Agreement; and

 

THIRD: To the payment to or
upon the order of the applicable Grantor, or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction
may direct, of any surplus then remaining from such proceeds.

 

SECTION
19.    Indemnity and Expenses.

 

(a)               
Grantors jointly and severally agree to indemnify Collateral Agent, each Secured Party, including each Lender, each Other Permitted
Credit Exposure Holder, each holder of Permitted Secured Debt and each Permitted Secured Debt Representative from and against any and
all claims, losses and liabilities in any way relating to, growing out of or resulting from this Agreement and the transactions contemplated
hereby (including without limitation enforcement of this Agreement), except to the extent such claims, losses or liabilities result solely
from Collateral Agent’s or such Secured Party’s, Lender’s, Other Permitted Credit Exposure Holder’s or Permitted
Secured Debt Representative’s or holder’s gross negligence or willful misconduct as finally determined by a court of competent
jurisdiction or from any failure on the part of Collateral Agent to file any continuation statements with respect to the Collateral.

 

(b)               
Grantors jointly and severally agree to pay to Collateral Agent upon demand the amount of any and all costs and expenses, including
the reasonable fees and expenses of its counsel and of any experts and agents, that Secured Party may incur in connection with (i) the
administration of this Agreement, (ii) the custody, preservation, use or operation of or the sale of, collection from, or other realization
upon, any of the Collateral, (iii) the exercise or enforcement of any of the rights of Secured Party hereunder, or (iv) the failure by
any Grantor to perform or observe any of the provisions hereof.

 

(c)               
The obligations of Grantors in this Section 19 shall (i) survive the termination of this Agreement and the discharge of
Grantors’ other obligations under this Agreement, the Other Permitted Credit Exposure Documents, the Credit Agreement and the other
Loan Documents and (ii), as to any Grantor that is a party to the Subsidiary Guaranty, be subject to the provisions thereof regarding
contribution among such Grantors.

 

    20

     

    

 

SECTION
20.    Continuing Security Interest; Transfer
of Loans; Termination and Release.

 

(a)               
This Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect until
the earlier to occur of (A) termination of the security interest granted hereby pursuant to Section 20(b), and (B) the payment
in full of the Secured Obligations (excluding the Other Permitted Credit Exposure and obligations under or in respect of the Permitted
Secured Debt Documents or contingent obligations as to which no claim has been asserted), the cancellation or termination of the Commitments
and the cancellation or expiration of all outstanding Letters of Credit (unless cash collateralized or otherwise backstopped on terms
reasonably acceptable to the applicable Issuing Lender(s)), (ii) be binding upon Grantors and their respective successors and assigns,
and (iii) inure, together with the rights and remedies of Collateral Agent hereunder, to the benefit of Collateral Agent and its successors,
and permitted transferees and assigns. Without limiting the generality of the foregoing clause (iii), (A) but subject to the provisions
of Section 12.8 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such
other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders as Secured Parties herein or otherwise,
(B) any Other Permitted Credit Exposure Holder may assign or otherwise transfer any Other Permitted Credit Exposure to any other Lender
or Affiliate of Lender in accordance with the applicable Other Permitted Credit Exposure Documents and such other permitted assignee shall
thereupon become vested with all the benefits in respect thereof granted to such Other Permitted Credit Exposure Holder as a Secured Party
herein or otherwise and (C) any holder of any Permitted Secured Debt may assign or otherwise transfer any Permitted Secured Debt to any
other Person in accordance with the applicable Permitted Secured Debt Documents and such other Person shall thereupon become vested with
all the benefits in respect thereof granted to such holder (or its representative) as a Secured Party herein or otherwise.

 

(b)                Upon
the earlier to occur of (i) payment in full of all Secured Obligations (excluding the Other Permitted Credit Exposure and
obligations under or in respect of the Permitted Secured Debt Documents or contingent obligations as to which no claim has been
asserted), the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of
Credit (unless cash collateralized or otherwise backstopped on terms reasonably acceptable to the applicable Issuing Lender(s)), and
(ii) the first date on which the Collateral no longer secures the Obligations (including pursuant to Section 11.10(d) of the Credit
Agreement) and upon election of Grantors and delivery of notice of such election to the Collateral Agent, the security interest
granted hereby shall automatically terminate and all rights to the Collateral shall revert to the applicable Grantors. If any of the
Collateral shall be sold, transferred or otherwise disposed of by any Grantor in a transaction permitted by the Credit Agreement, a
Collateral Release Period shall occur (and during such Collateral Release Period) or any Collateral is acquired by any Loan Party
after the Closing Date financed with Indebtedness secured by a Lien permitted by Section 8.2(a)(vi) of the Credit Agreement, or if,
as a result of a transaction permitted by the Credit Agreement (including, without limitation, a transaction resulting in the
Grantor no longer being a Subsidiary of Company), any Grantor is no longer required by the terms of the Credit Agreement to be a
Grantor hereunder or any Collateral is no longer required to be covered by a security interest hereunder, such portion of the
Collateral shall automatically be released from any Liens created hereby, all without delivery of any instrument or performance of
any act by any party, and all rights to such Collateral shall revert to the resulting owner of such Collateral. In the case of any
release referred to in the two immediately preceding sentences, at such Grantor’s expense, the Collateral Agent shall promptly
deliver to such Grantor any such Collateral held by the Collateral Agent hereunder (or certificate of title evidencing any such
Collateral in the Collateral Agent’s possession), and execute and deliver to such Grantor all releases or other documents,
including UCC termination statements and releases of certificates of title, reasonably necessary or desirable for the release of the
Liens created hereby on such Collateral. In addition, the Collateral Agent shall release the Collateral Agent’s security
interest in a Deposit Account in which a Grantor has granted a security interest as permitted under Section 8.2(a)(ix) or (x) of the
Credit Agreement, upon certification by the relevant Grantor (x) specifying the applicable Deposit Account, and (y) stating that the
applicable Deposit Account is being pledged as permitted by Section 8.2(a)(ix) or (x) of the Credit Agreement. Upon the receipt of
such certification, Collateral Agent shall, at Grantor’s expense, so long as no Event of Default has occurred and is
continuing, execute and deliver such releases of its security interest in such Collateral which is to be so sold, transferred or
disposed of or, in the case of the Deposit Account that is to be subjected to a lien permitted under Section 8.2(a)(ix) or (x)
of the Credit Agreement, as may be reasonably requested by such Grantor. Further, if Requisite Lenders under the Credit Agreement,
or if required, all Lenders, consent to the release or reconveyance of any of the Collateral, Collateral Agent shall release, and at
Grantors’ expense execute and deliver any necessary releases of, its security interest in such Collateral in connection
therewith and all such reconveyances or transfers shall be without recourse to the Collateral Agent or the Secured Parties and
without representation or warranty of any kind.

 

    21

     

    

 

SECTION
21.    Collateral Agent as Agent.

 

(a)               
Pursuant to the Intercreditor Agreement, Collateral Agent has been appointed to act as Collateral Agent hereunder by the Secured
Parties and, by such appointment, Lenders, Other Permitted Credit Exposure Holders and Permitted Secured Debt Representatives shall be
obligated, and 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 any action (including without limitation the release or substitution of Collateral), solely in accordance
with this Agreement and the Intercreditor Agreement; provided that Collateral Agent shall exercise, or refrain from exercising,
any remedies provided for in Section 16 in accordance with the instructions of Requisite Obligees (as defined in the Intercreditor
Agreement). In furtherance of the foregoing provisions of this Section 21(a), each Lender, Other Permitted Credit Exposure Holder
and Permitted Secured Debt Representative, by its acceptance of the benefits hereof, agrees that it shall have no right individually to
realize upon any of the Collateral hereunder, it being understood and agreed by each such Lender, Other Permitted Credit Exposure Holder
and Permitted Secured Debt Representative that all rights and remedies hereunder may be exercised solely by Collateral Agent for the benefit
of Secured Parties, in accordance with the terms of this Section 21(a).

 

(b)               
Collateral Agent shall not be deemed to have any duty whatsoever with respect to any Other Permitted Credit Exposure Holder or
Permitted Secured Debt Representative until it shall have received written notice in form and substance satisfactory to Collateral Agent
from a Grantor, or such Other Permitted Credit Exposure Holder or Permitted Secured Debt Representative as to the existence and terms
of the applicable Other Permitted Credit Exposure Documents or Permitted Secured Debt Documents, as the case may be. In the event that
the Obligations are satisfied and the Commitments are terminated, Collateral Agent shall not be required to verify the payment of, or
that other satisfactory arrangements have been made with respect to, Other Permitted Credit Exposure or Permitted Secured Debt.

 

SECTION
22.    Additional Grantors.

 

The initial Subsidiary Grantors
hereunder shall be such of the Subsidiaries of Company as are signatories hereto on the date hereof. From time to time subsequent to the
date hereof, additional Subsidiaries of Company (including, without limitation, Additional Domestic Subsidiary Borrowers) may become parties
hereto as additional Grantors (each an “Additional Grantor”), by executing a Counterpart substantially in the form
of Exhibit I annexed hereto. Upon delivery of any such Counterpart to Collateral Agent, notice of which is hereby waived by Grantors,
each such Additional Grantor shall be a Grantor and shall be as fully a party hereto as if such Additional Grantor were an original signatory
hereto. Each Grantor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the addition or release
of any other Grantor hereunder, nor by any election of Collateral Agent not to cause any Subsidiary of Company to become an Additional
Grantor hereunder. This Agreement shall be fully effective as to any Grantor that is or becomes a party hereto regardless of whether any
other Person becomes or fails to become or ceases to be a Grantor hereunder.

 

    22

     

    

 

SECTION
23.    Amendments Etc.

 

No amendment, modification,
termination or waiver of any provision of this Agreement, and no consent to any departure by any Grantor therefrom, shall in any event
be effective unless the same shall be in writing and signed by Collateral Agent and, in the case of any such amendment or modification,
by Grantors; provided, that, this Agreement may be modified by the execution of a Counterpart by an Additional Grantor in accordance
with Section 22 and Grantors hereby waive any requirement of notice of or consent to any such amendment. Any such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which it was given.

 

SECTION
24.    Notices.

 

Any notice or other communication
herein required or permitted to be given shall be in writing and may be personally served or sent by e-mail or telefacsimile or United
States mail or courier service and shall be deemed to have been given when delivered in person or by courier service, upon receipt of
e-mail or telefacsimile, or three Business Days after depositing it in the United States mail with postage prepaid and properly addressed;
provided that, notices to Collateral Agent shall not be effective until received. For the purposes hereof, the address of each
Grantor shall be c/o Borrowers’ Agent at the address set forth therefor in the Credit Agreement and the address of each other party
hereto shall be as provided in the Credit Agreement or as set forth under such party’s name on the signature pages hereof or such
other address as shall be designated by such party in a written notice delivered to the other parties hereto.

 

SECTION
25.    Failure or Indulgence Not Waiver; Remedies
Cumulative.

 

No failure or delay on the part
of Collateral Agent in the exercise of any power, right or privilege hereunder shall impair such power, right or privilege or be construed
to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege
preclude any other or further exercise thereof or of any other power, right or privilege. All rights and remedies existing under this
Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

SECTION
26.    Severability.

 

In case any provision in or
obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability
of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected
or impaired thereby.

 

SECTION
27.    Headings.

 

Section and subsection headings
in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other
purpose or be given any substantive effect.

 

SECTION
28.    Governing Law; Terms; Rules of Construction.

 

THIS AGREEMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK) WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, EXCEPT TO THE EXTENT THAT THE UCC PROVIDES THAT THE PERFECTION OF THE
SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A
JURISDICTION OTHER THAN THE STATE OF NEW YORK. The rules of construction set forth in Section 1.2 of the Credit Agreement
shall be applicable to this Agreement mutatis mutandis.

 

    23

     

    

 

SECTION
29.    Consent to Jurisdiction and Service of
Process.

 

ALL JUDICIAL PROCEEDINGS BROUGHT
AGAINST ANY GRANTOR ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR ANY OBLIGATIONS HEREUNDER, MAY BE BROUGHT IN ANY STATE OR FEDERAL
COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH GRANTOR, FOR
ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (I) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND
VENUE OF SUCH COURTS; (II) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (III) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING
IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO SUCH GRANTOR AT ITS ADDRESS PROVIDED IN ACCORDANCE
WITH SECTION 24; (IV) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (III) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER
SUCH GRANTOR IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; (V) AGREES
THAT COLLATERAL AGENT RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST SUCH GRANTOR
IN THE COURTS OF ANY OTHER JURISDICTION; AND (VI) AGREES THAT THE PROVISIONS OF THIS SECTION 29 RELATING TO JURISDICTION AND
VENUE SHALL BE BINDING AND ENFORCEABLE TO THE FULLEST EXTENT PERMISSIBLE UNDER NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1402 OR OTHERWISE.

 

SECTION
30.    Waiver of Jury Trial.

 

EACH GRANTOR AND COLLATERAL
AGENT HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT. The scope of this waiver is intended to be all encompassing of any and all disputes that may be filed in any court and
that relate to the subject matter of this transaction, including without limitation contract claims, tort claims, breach of duty claims,
and all other common law and statutory claims. Each Grantor and Collateral Agent acknowledge that this waiver is a material inducement
for each Grantor and Collateral Agent to enter into a business relationship, that each Grantor and Collateral Agent have already relied
on this waiver in entering into this Agreement and that each will continue to rely on this waiver in their related future dealings. Each
Grantor and Collateral Agent further warrant and represent that each has reviewed this waiver with its legal counsel, and that each knowingly
and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT
MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 30
AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS
TO THIS AGREEMENT. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court.

 

    24

     

    

 

SECTION
31.    Counterparts.

 

This Agreement may be executed
in counterparts (and by different parties hereto in separate counterparts), each of which shall constitute an original but all of which
when taken together shall constitute a single contract. This Agreement shall become effective when it shall have been executed by Collateral
Agent and when Collateral Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the
other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf”
or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement may be
executed by electronic signatures or in the form of an electronic record pursuant to, and in accordance with, the provisions of Section
12.7 of the Credit Agreement.

 

SECTION
32.    Acknowledgement Regarding Any Supported
QFCs. 

 

The provisions contained in
Section 12.22 of the Credit Agreement shall be applicable to this Agreement and each Counterpart delivered pursuant to Section 22
and are hereby incorporated by reference as if fully set forth herein.

 

SECTION
33.    Appointment of the Borrower as Agent for
the Grantors.

 

Each Grantor hereby irrevocably
appoints and authorizes the Borrowers’ Agent to act as its agent for service of process and notices required to be delivered under
this Agreement or under the other Loan Documents, it being understood and agreed that receipt by the Borrowers’ Agent of any summons,
notice or other similar item shall be deemed effective receipt by each Grantor and its Subsidiaries.

 

 

[signature pages follow]

 

    25

     

    

 

IN WITNESS WHEREOF, the
Parties hereto have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized as
of the date first written above.

 

	 	On behalf of each entity named on Schedule A
    annexed hereto, in the capacity set forth for such entity on such Schedule A
	 	 
	 	By:	/s/ Anand Patel
	 	Name:	Anand Patel

 

Owens-Illinois Group, Inc.

Security Agreement

Signature Page

 

     

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as
    Collateral Agent
	 	 
	 	By:	/s/ Andrew Payne
	 	Name:	Andrew Payne
	 	Title:	Managing Director

 

Owens-Illinois Group, Inc.

Security Agreement

Signature Page

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