Document:

Intercreditor Agreement

 Exhibit 4.8 

 
  

INTERCREDITOR AGREEMENT 

by and among 

WELLS FARGO FOOTHILL, LLC 

as Senior ABL Agent, 

WELLS FARGO FOOTHILL, LLC 

as Senior Term Loan Agent, 

and 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as the Junior Agent 

Dated as of December 17, 2009 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
			
	 SECTION 1.
	  	    DEFINITIONS; RULES OF CONSTRUCTION	  	2
			
	 1.1
	  	Defined Terms	  	2
			
	 1.2
	  	Construction	  	11
			
	 SECTION 2.
	  	    LIEN PRIORITIES	  	12
			
	 2.1
	  	Relative Priorities	  	12
			
	 2.2
	  	Prohibition on Contesting Liens	  	13
			
	 2.3
	  	New Liens	  	13
			
	 2.4
	  	Similar Liens and Agreements	  	14
			
	 SECTION 3.
	  	    EXERCISE OF REMEDIES	  	14
			
	 3.1
	  	Standstill	  	14
			
	 3.2
	  	Exclusive Enforcement Rights	  	16
			
	 3.3
	  	Junior Permitted Actions	  	16
			
	 3.4
	  	[intentionally omitted]	  	17
			
	 3.5
	  	Non-Interference	  	17
			
	 3.6
	  	Unsecured Creditor Remedies	  	17
			
	 SECTION 4.
	  	    PROCEEDS	  	18
			
	 4.1
	  	Application of Proceeds	  	18
			
	 4.2
	  	Turnover	  	18
			
	 4.3
	  	No Subordination of the Relative Priority of Claims	  	18
			
	 4.4
	  	Revolving Nature of Senior ABL Obligations	  	18
			
	 SECTION 5.
	  	    RELEASES; DISPOSITIONS; OTHER AGREEMENTS	  	19
			
	 5.1
	  	Releases	  	19
			
	 5.2
	  	Insurance	  	20
			
	 5.3
	  	Amendments; Refinancings; Legend	  	21
			
	 5.4
	  	Bailee for Perfection	  	22
			
	 5.5
	  	When Discharge of Senior Lien Obligations Deemed to Not Have Occurred	  	23
			
	 5.6
	  	[Intentionally Omitted]	  	23
			
	 5.7
	  	Injunctive Relief	  	23

  

 -i- 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
			
	 SECTION 6.
	  	    INSOLVENCY PROCEEDINGS	  	24
			
	 6.1
	  	Enforceability and Continuing Priority	  	24
			
	 6.2
	  	Financing	  	24
			
	 6.3
	  	Section 363 Sales of Collateral and Releases of Liens securing Senior Lien Obligations	  	25
			
	 6.4
	  	Relief from the Automatic Stay	  	26
			
	 6.5
	  	Adequate Protection	  	26
			
	 6.6
	  	Section 1111(b) of the Bankruptcy Code	  	27
			
	 6.7
	  	No Waiver	  	27
			
	 6.8
	  	Avoidance Issues	  	28
			
	 6.9
	  	Plan of Reorganization	  	28
			
	 SECTION 7.
	  	    RELIANCE; WAIVERS; ETC.	  	28
			
	 7.1
	  	Reliance	  	28
			
	 7.2
	  	No Warranties or Liability	  	29
			
	 7.3
	  	No Waiver of Lien Priorities	  	29
			
	 7.4
	  	Obligations Unconditional	  	32
			
	 SECTION 8.
	  	    REPRESENTATIONS AND WARRANTIES	  	32
			
	 8.1
	  	Representations and Warranties of Each Party	  	32
			
	 8.2
	  	Representations and Warranties of Each Agent	  	33
			
	 SECTION 9.
	  	    MISCELLANEOUS	  	33
			
	 9.1
	  	Conflicts	  	33
			
	 9.2
	  	Effectiveness; Continuing Nature of this Agreement; Severability	  	33
			
	 9.3
	  	Amendments; Waivers	  	33
			
	 9.4
	  	Information Concerning Financial Condition of the Loan Parties and their Respective Subsidiaries	  	34
			
	 9.5
	  	Subrogation	  	34
			
	 9.6
	  	SUBMISSION TO JURISDICTION; WAIVERS	  	34
			
	 9.7
	  	Notices	  	35
			
	 9.8
	  	Further Assurances	  	36
			
	 9.9
	  	APPLICABLE LAW	  	36
			
	 9.10
	  	Binding on Successors and Assigns	  	36

  

 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
			
	 9.11
	  	Headings	  	36
			
	 9.12
	  	Counterparts	  	36
			
	 9.13
	  	No Third Party Beneficiaries	  	36
			
	 9.14
	  	Provisions Solely to Define Relative Rights	  	36
			
	 9.15
	  	Patriot Act Compliance	  	37

  

 -iii- 

 INTERCREDITOR AGREEMENT 

This INTERCREDITOR AGREEMENT (this “Agreement”) is dated as of December 17, 2009 and entered into by and
among WELLS FARGO FOOTHILL, LLC, a Delaware limited liability company (“WFF”), in its capacity as United States administrative agent under the Senior ABL Loan Documents (as defined herein) (in such capacity, together with its
successors and assigns in such capacity from time to time, “Senior ABL Agent”), WFF, in its capacity as administrative agent under the Senior Term Loan Documents (as defined herein) (in such capacity, together with its successors
and assigns in such capacity from time to time, “Senior Term Loan Agent” and, together with Senior ABL Agent, referred to hereinafter each individually as a “Senior Agent” and individually and collectively, as the
“Senior Agents”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation (“Deutsche Bank”), in its capacity as trustee and collateral agent under the Junior Note Documents (as defined
below), (in such capacity, including its successors and assigns in such capacity from time to time, the “Junior Agent”). 

RECITALS 

A. BUMBLE BEE FOODS, LLC, a Delaware limited liability company (“U.S. Borrower”), CONNORS BROS. CLOVER LEAF
SEAFOODS COMPANY, successor by amalgamation with 3231021 Nova Scotia Company, a Nova Scotia unlimited company (“Canadian Borrower”, and together with U.S. Borrower, referred to hereinafter each individually as a
“Borrower” and individually and collectively, jointly and severally, as the “Borrowers”), the lenders from time to time parties thereto, Senior ABL Loan Agent, and Wells Fargo Foothill Canada ULC, an Alberta
unlimited corporation, in its capacity as Canadian administrative agent for the Canadian Lenders (the “Senior ABL Canadian Agent”), have entered into that certain Senior ABL Credit Agreement, dated as of November 18, 2008 (as
amended, restated, supplemented or otherwise modified from time to time in accordance with the terms of this Agreement, the “Senior ABL Credit Agreement”); 

B. Pursuant to (i) that certain General Continuing Guaranty, dated as of November 18, 2008 (as amended, restated, supplemented
or otherwise modified from time to time, the “Senior U.S. ABL Guaranty”), and (ii) those certain Guarantees, each dated as of November 18, 2008 (as amended, restated, supplemented or otherwise modified from time to time,
individually and collectively, the “Senior Canadian ABL Guaranties” and, together with the Senior U.S. ABL Guaranty, individually and collectively, the “Senior ABL Guaranties”), the Guarantors (as defined herein)
have guaranteed the Obligations (as defined in the Senior ABL Credit Agreement); 
 C. The obligations of (i) the Borrowers
under the Senior ABL Credit Agreement and (ii) the Guarantors under the Senior ABL Guaranties are secured on a senior priority basis by liens on substantially all of the assets of the Borrowers and the Guarantors, pursuant to the terms of
certain of the Senior ABL Loan Documents (as defined below); 
 D. U.S. Borrower, the lenders from time to time parties thereto,
and the Senior Term Loan Agent have entered into that certain Senior Term Loan Credit Agreement, dated as of November 18, 2008 (as amended, restated, supplemented or otherwise modified from time to

 
time in accordance with the terms of this Agreement, the “Senior Term Loan Credit Agreement” and, together with the Senior ABL Credit Agreement, individually and collectively,
the “Senior Credit Agreements”); 
 E. Pursuant to (i) that certain General Continuing Guaranty, dated as
of November 18, 2008 (as amended, restated, supplemented or otherwise modified from time to time, the “Senior U.S. Term Loan Guaranty”), and (ii) those certain Guarantees, each dated as of November 18, 2008 (as
amended, restated, supplemented or otherwise modified from time to time in accordance with the terms of this Agreement, individually and collectively, the “Senior Canadian Term Loan Guaranties” and, together with the Senior U.S.
Term Loan Guaranty, individually and collectively, the “Senior Term Loan Guaranties”; the Senior Term Loan Guaranties, together with the Senior ABL Guaranties, are herein referred to individually and collectively, as the
“Senior Guaranties”), the Guarantors (as defined herein) have guaranteed the Obligations (as defined in the Senior Term Loan Credit Agreement); 

F. The obligations of (i) U.S. Borrower under the Senior Term Loan Credit Agreement and (ii) the Guarantors under the Senior
Term Loan Guaranties are secured on a senior priority basis by liens on substantially all of the assets of the Borrowers and the Guarantors, pursuant to the terms of certain of the Senior Term Loan Documents (as defined below); 

G. Borrowers, Bumble Bee Capital Corp., a Delaware corporation, the other Grantors, and Deutsche Bank, in its capacity as trustee and
collateral agent for the Junior Claimholders, have entered into that certain Indenture dated as of the date hereof (the “Junior Debt Agreement”) providing for the issuance of notes and the guaranty of the Junior Lien Obligations by
such other Grantors; 
 H. The obligations of the Grantors under the Junior Debt Agreement are secured on a junior priority
basis by liens on substantially all of the assets of the Grantors pursuant to the terms of certain of the Junior Note Documents; 

I. The Senior Loan Documents and the Junior Note Documents provide, among other things, that the parties thereto shall set forth in this
Agreement their respective rights and remedies with respect to the Collateral and certain other matters; and 
 J. Senior ABL
Agent, Senior Term Loan Agent, and Junior Agent have agreed to the intercreditor and other provisions set forth in this Agreement. 

AGREEMENT 

In consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration,
the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

SECTION 1. Definitions; Rules of Construction. 

1.1 Defined Terms. As used in the Agreement, the following terms shall have the following meanings: 

“Adequate Protection” means the granting of additional Liens, replacement Liens, cash payments or any other court
ordered charge over any of a Grantor’s property or assets in order to preserve or substitute value where pre-existing security is diminished (i) by the granting of prior ranking charges to secure DIP Financing (as defined in
Section 6.2), (ii) by court ordered administration or directors and officers charges, or (iii) by any other means. 
  

 2 

 “Agent” means each Senior Agent or the Junior Agent as the context
requires. 
 “Agreement” has the meaning set forth in the preamble hereto. 

“Bank Product Agreements” means the “Bank Product Agreements” as that term is defined in the Senior ABL Credit
Agreement. 
 “Bank Product Obligations” means the “Bank Product Obligations” as that term is defined
in the Senior ABL Credit Agreement. 
 “Bankruptcy Code” means Title 11 of the United States Code as now or
hereafter in effect, or any successor statute. 
 “Bankruptcy Law” means (i) the Bankruptcy Code,
(ii) the BIA, (iii) the CCAA, (iv) the Winding-up and Restructuring Act (Canada) and (v) any other federal, provincial, state, or foreign law for the relief of debtors, each as now or hereafter in effect, or any successor
statute. 
 “BIA” means the Bankruptcy and Insolvency Act (Canada), as now and hereafter in effect, or
any successor statute. 
 “Borrower” and “Borrowers” have the respective meanings set forth in
the recitals to this Agreement. 
 “Business Day” means any day other than a Saturday, Sunday, or day on which
banks in New York City or Los Angeles, California are authorized or required by law to close. 
 “Canadian
Borrower” has the meaning set forth in the recitals to this Agreement. 
 “Canadian Dollars” or
“C$” means Canadian dollars. 
 “Cash Collateral” has the meaning set forth in
Section 6.2. 
 “CCAA” means the Companies’ Creditors Arrangement Act (Canada), as now
and hereafter in effect, and any successor statute. 
 “Claimholders” means Senior Claimholders and Junior
Claimholders. 
 “Collateral” means all of the assets and property of any Grantor, whether real, personal or
mixed, constituting Senior Collateral or Junior Collateral. 
 “Conforming Plan of Reorganization” means any
Plan of Reorganization whose provisions are consistent with the provisions of this Agreement. 
  

 3 

 “Default Disposition” has the meaning set forth in
Section 5.1(d). 
 “DIP Financing” has the meaning set forth in Section 6.2.

 “Discharge of Junior Lien Obligations” means, except to the extent otherwise expressly provided in
Section 5.5, the payment in full in cash of the Junior Lien Obligations (other than unasserted contingent indemnification obligations) and the termination or expiration of all commitments, if any, to extend credit that would constitute
Junior Lien Obligations. 
 “Discharge of Senior Lien Obligations” means, except to the extent otherwise
expressly provided in Section 5.5: 
 (a) payment in full in cash of the Senior Lien Obligations (other than
(i) outstanding Letters of Credit and Bank Product Obligations which are not then due and payable, and (ii) contingent obligations or contingent indemnification obligations except as provided in clause (d) below); 

(b) termination or expiration of all commitments, if any, to extend credit that would constitute Senior Lien Obligations; 

(c) termination or cash collateralization (in an amount and in the manner required by the Senior Credit Agreements) of all outstanding
Letters of Credit and all Bank Product Obligations; and 
 (d) cash collateralization (or support by a letter of credit) for any
costs, expenses and contingent indemnification obligations consisting of Senior Lien Obligations not yet due and payable but with respect to which a claim has been asserted in writing under any Senior Loan Documents (in an amount and manner
reasonably satisfactory to the Senior Agents). 
 “Disposition” or “Dispose” means the sale,
assignment, transfer, license, lease (as lessor), exchange, or other disposition (including any sale and leaseback transaction) of any property by any person (or the granting of any option or other right to do any of the foregoing). 

“Dollars” or “$” means United States dollars. 

“Exercise any Secured Creditor Remedies” or “Exercise of Secured Creditor Remedies” means (a) the
taking of any action to enforce any Lien in respect of the Collateral, including the institution of any enforcement or foreclosure proceedings, the noticing of any public or private sale or other disposition pursuant to Article 9 of the UCC or the
PPSA, or any diligently pursued in good faith attempt to vacate or obtain relief from a stay or other injunction restricting any other action described in this definition, (b) the exercise of any right or remedy provided to a secured creditor
under the Senior Loan Documents or the Junior Note Documents (including, in either case, any delivery of any notice to otherwise seek to obtain payment directly from any account debtor of any Grantor or the taking of any action or the exercise of
any right or remedy in respect of the setoff or recoupment against the Collateral or proceeds of Collateral), under applicable law, at equity, in an Insolvency Proceeding or otherwise, including the acceptance of Collateral in full or partial
satisfaction of a Lien, (c) the sale, assignment, transfer, lease, license, or other Disposition of all or any portion of the Collateral, by private or public sale 

 

 4 

 
or any other means, (d) the solicitation of bids from third parties to conduct the liquidation of all or a material portion of Collateral, (e) the engagement or retention of sales
brokers, marketing agents, investment bankers, accountants, appraisers, auctioneers, or other third parties for the purposes of valuing, marketing, or Disposing of, all or a material portion of the Collateral, (f) the exercise of any other
enforcement right relating to the Collateral (including the exercise of any voting rights relating to any capital stock composing a portion of the Collateral) whether under the Senior Loan Documents, the Junior Note Documents, under applicable law
of any jurisdiction, in equity, in an Insolvency Proceeding, or otherwise, or (g) the pursuit of Default Dispositions relative to all or a material portion of the Collateral. 

“Governmental Authority” means the government of the United States of America, Canada or any other nation, any political
subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank, or other entity exercising executive, legislative, judicial, taxing, regulatory, or administrative powers or
functions of or pertaining to government. 
 “Grantors” means Borrowers and the Guarantors, and each other
person that may from time to time execute and deliver a Senior ABL Collateral Document, a Senior Term Loan Collateral Document, or a Junior Collateral Document as a “debtor,” “grantor,” “guarantor” or
“pledgor” (or the equivalent thereof). 
 “Guarantor” and “Guarantors” means the
“Guarantor” and “Guarantors” as such terms are defined in the Senior ABL Credit Agreement. 

“Indebtedness” means and includes all obligations that constitute “Indebtedness” within the meaning of Senior
ABL Credit Agreement or the Senior Term Loan Credit Agreement. 
 “Insolvency Proceeding” means: 

(a) any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to any Grantor; 

(b) any filing under the BIA of a notice of intention to make a proposal or a proposal is made under the BIA; 

(c) any other voluntary or involuntary insolvency or bankruptcy case or proceeding, or any receivership, interim receivership,
liquidation or other similar case or proceeding with respect to any Grantor or with respect to a material portion of its assets; 

(d) any liquidation, dissolution, or winding up of any Grantor whether voluntary or involuntary and whether or not involving insolvency
or bankruptcy; or 
 (e) any assignment for the general benefit of creditors or any other marshaling of assets and liabilities
of any Grantor. 
 “Junior Agent” has the meaning set forth in the preamble to this Agreement. 

 

 5 

 “Junior Canadian Guaranties” has the meaning set forth in the recitals to
this Agreement. 
 “Junior Claimholders” means, at any relevant time, the holders of Junior Lien Obligations at
that time, including Junior Creditors and Junior Agent. 
 “Junior Collateral” means all of the assets and
property of any Grantor, whether real, personal, or mixed, with respect to which a consensual Lien is granted as security for any Junior Lien Obligation. 

“Junior Collateral Documents” means the Junior Security Agreement, the Junior Mortgages, and any other agreement,
document, or instrument (other than this Agreement) pursuant to which a Lien is granted securing any Junior Lien Obligations or under which rights or remedies with respect to such Liens are governed. 

“Junior Creditors” means the “Holders”, including Holders of Permitted Additional Pari Passu Obligations (as
such terms are defined in the Junior Debt Agreement). 
 “Junior Debt Agreement” has the meaning set forth in
the recitals to this Agreement. 
 “Junior Default” means any “Event of Default”, as such term is
defined in any Junior Note Document. 
 “Junior Lien Obligations” means all obligations and all amounts owing,
due, or secured under the terms of the Junior Debt Agreement and any Permitted Additional Pari Passu Obligations (as defined in the Junior Debt Agreement (as in effect on the date hereof)) or any other Junior Note Document, whether now existing or
arising hereafter, including all principal, premium, interest, fees, attorneys fees, costs, charges, expenses, reimbursement obligations, indemnities, guarantees, and all other amounts payable under or secured by any Junior Note Document (including,
in each case, all amounts accruing on or after the commencement of any Insolvency Proceeding relating to any Grantor, or that would have accrued or become due under the terms of the Junior Note Documents but for the effect of the Insolvency
Proceeding and irrespective of whether a claim for all or any portion of such amounts is allowable or allowed in such Insolvency Proceeding). 

“Junior Mortgages” means each mortgage, deed of trust, and any other document or instrument (other than this Agreement)
under which any Lien on real property owned or leased by any Grantor is granted to secure any Junior Lien Obligations or under which rights or remedies with respect to any such Liens are governed. 

“Junior Note Documents” means the Junior Collateral Documents, the Junior Debt Agreement, the Junior Mortgages, the
Junior Notes, documents relating to the Permitted Additional Pari Passu Obligations and each of the other Security Documents (as such terms are defined in the Junior Debt Agreement). 

“Junior Notes” means the 7.75% Senior Secured Notes due December 15, 2015 issued pursuant to the Junior Debt
Agreement. 
  

 6 

 “Junior Security Agreement” means the Security Agreement (as such term is
defined in the Junior Debt Agreement). 
 “Letters of Credit” means the “Letters of Credit,” as that
term is defined in the Senior ABL Credit Agreement. 
 “Lien” means any lien (statutory or otherwise),
mortgage, deed of trust, pledge, hypothecation, assignment, security interest, charge, deposit arrangement, easement, encumbrance or other security arrangement, or any other preference, priority or preferential arrangement of any kind or nature
whatsoever, any conditional sale contract or other title retention agreement, or the interest of a lessor under a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP and any synthetic or other financing
lease having substantially the same economic effect as any of the foregoing. 
 “Non-Conforming Plan of
Reorganization” means any Plan of Reorganization whose provisions are inconsistent with the provisions of this Agreement, including any plan of reorganization that purports to re-order (whether by subordination, invalidation, or otherwise)
or otherwise disregard, in whole or part, the provisions of Section 2 (including the Lien priorities of Section 2.1), the provisions of Section 4, or the provisions of Section 6, unless such Plan of
Reorganization has been accepted by the voluntary required vote of each class of Senior Claimholders for such class to have approved such Plan of Reorganization. 

“Parent” means Connors Bros. Holdings, L.P., a Delaware limited partnership. 

“person” or “Person” shall mean any natural person, corporation, trust, business trust, joint venture,
joint stock company, association, company, limited liability company, partnership, Governmental Authority, or other entity. 

“Plan of Reorganization” means any plan or reorganization, plan of compromise, plan of liquidation, agreement for
composition, plan of arrangement, proposal under the BIA or other type of plan of arrangement proposed in or in connection with any Insolvency Proceeding. 

“Pledged Collateral” has the meaning set forth in Section 5.4(a). 

“PPSA” means the Personal Property Security Act (Ontario), or the Personal Property Security Act of any province
to which relevant property is subject, or any other applicable federal or provincial statute (including the Civil Code of Quebec) pertaining to the granting, perfecting, priority or ranking of Liens or personal property, and any successor statues,
together with any regulations thereunder in each case as in effect from time to time. 
 “Recovery” has the
meaning set forth in Section 6.8. 
 “Refinance” means, in respect of any indebtedness, to
refinance, extend, renew, defease, supplement, restructure, replace, refund or repay, or to issue other indebtedness in exchange or replacement for such indebtedness, in whole or in part, whether with the same or different lenders, arrangers and/or
agents. “Refinanced” and “Refinancing” shall have correlative meanings. 
  

 7 

 “Senior ABL Canadian Agent” has the meaning set forth in the recitals to
this Agreement. 
 “Senior ABL Claimholders” means, at any relevant time, the Senior ABL Agent, Senior ABL
Canadian Agent, and the holders of Senior ABL Obligations at that time, including Senior ABL Lenders. 
 “Senior ABL
Collateral Documents” means the Security Agreement (as defined in the Senior ABL Credit Agreement), the Canadian Security Documents (as defined in the Senior ABL Credit Agreement), the Senior ABL Mortgages, and any other agreement,
document, or instrument (other than this Agreement) pursuant to which a Lien is granted securing any Senior ABL Obligation or under which rights or remedies with respect to such Liens are governed. 

“Senior ABL Credit Agreement” has the meaning set forth in the recitals to this Agreement. 

“Senior ABL Default” means any “Event of Default”, as such term is defined in any Senior ABL Loan Document.

 “Senior ABL Guaranties” has the meaning set forth in the recitals to this Agreement. 

“Senior ABL Lenders” means the “Lenders” as defined in the Senior ABL Credit Agreement (as in effect on the
date hereof). 
 “Senior ABL Loan Documents” means the Senior ABL Collateral Documents, the Senior ABL Credit
Agreement, the Senior ABL Guaranties, and each of the other Loan Documents (as defined in the Senior ABL Credit Agreement). 

“Senior ABL Mortgages” means each mortgage, deed of trust, and other document or instrument (other than this Agreement)
under which any Lien on real property owned or leased by any Grantor is granted to secure any Senior ABL Obligations or under which rights or remedies with respect to any such Liens are governed. 

“Senior ABL Obligations” means all Obligations (as such term is defined in the Senior ABL Credit Agreement) and all
other amounts owing, due, or secured under the terms of the Senior ABL Credit Agreement or any other Senior ABL Loan Document, whether now existing or arising hereafter, including all principal, premium, interest, fees, attorneys fees, costs,
charges, expenses, reimbursement obligations, obligations to post cash collateral in respect of Letters of Credit or Bank Product Obligations or indemnities in respect thereof, any other indemnities or guarantees, and all other amounts payable under
or secured by any Senior ABL Loan Document (including, in each case, all amounts accruing on or after the commencement of any Insolvency Proceeding relating to any Grantor, or that would have accrued or become due under the terms of the Senior ABL
Loan Documents but for the effect of the Insolvency Proceeding and irrespective of whether a claim for all or any portion of such amounts is allowable or allowed in such Insolvency Proceeding). 

 

 8 

 “Senior Agent” and “Senior Agents” have the respective
meanings set forth in the preamble to this Agreement. 
 “Senior Canadian ABL Guaranties” has the meaning set
forth in the recitals to this Agreement. 
 “Senior Canadian Term Loan Guaranties” has the meaning set forth in
the recitals to this Agreement. 
 “Senior Claimholders” means the Senior ABL Claimholders and the Senior Term
Loan Claimholders. 
 “Senior Collateral” means all of the assets and property of any Grantor, whether real,
personal or mixed, with respect to which a consensual Lien is granted as security for any Senior Lien Obligation. 

“Senior Collateral Documents” means the Senior ABL Collateral Documents and the Senior Term Loan Collateral Documents.

 “Senior Credit Agreements” has the meaning set forth in the recitals to this Agreement. 

“Senior Default” means a Senior ABL Default or a Senior Term Loan Default. 

“Senior Guaranties” has the meaning set forth in the recitals to this Agreement, but shall also include each other
guaranty made by any other guarantor in favor of any Senior Agent. 
 “Senior Lenders” means the Senior ABL
Lenders and the Senior Term Loan Lenders. 
 “Senior Lien Obligations” means the Senior ABL Obligations and the
Senior Term Loan Obligations. 
 “Senior Lien Obligations Cap” means the result of
(a) (i) $42,750,000, minus (ii) any amount used to permanently repay the outstanding principal balance of the Senior Term Loan Obligations (other than payments of such term loan obligations in connection with a Refinancing
thereof) plus (b) the greater of (i) $235,000,000 and (ii) the sum of 85% of the net book value of the accounts receivable of the Grantors plus 65% of the net book value of the inventory of the Grantors (it being understood
that the Senior Lien Obligations Cap shall not be applicable with respect to any Senior Lien Obligations that consist of Bank Products Obligations under the Senior ABL Credit Agreement or any interest, fees, expenses, indemnification obligations or
other Senior Lien Obligations that do not constitute principal). 
 “Senior Loan Documents” means the Senior
ABL Loan Documents and the Senior Term Loan Documents. 
  

 9 

 “Senior Mortgages” means the Senior ABL Mortgages and the Senior Term Loan
Mortgages. 
 “Senior Term Loan Claimholders” means, at any relevant time, the Senior Term Loan Agent and the
holders of Senior Term Loan Obligations at that time, including Senior Term Loan Lenders. 
 “Senior Term Loan
Collateral Documents” means the Security Agreement (as defined in the Senior Term Loan Credit Agreement), the Canadian Security Documents (as defined in the Senior Term Loan Credit Agreement), the Senior Term Loan Mortgages, and any other
agreement, document, or instrument (other than this Agreement) pursuant to which a Lien is granted securing any Senior Term Loan Obligation or under which rights or remedies with respect to such Liens are governed. 

“Senior Term Loan Credit Agreement” has the meaning set forth in the recitals to this Agreement. 

“Senior Term Loan Default” means any “Event of Default”, as such term is defined in any Senior Term Loan
Document. 
 “Senior Term Loan Documents” means the Senior Term Loan Collateral Documents, the Senior Term Loan
Credit Agreement, the Senior Term Loan Guaranties, and each of the other Loan Documents (as defined in the Senior Term Loan Credit Agreement). 

“Senior Term Loan Guaranties” has the meaning set forth in the recitals to this Agreement. 

“Senior Term Loan Lenders” means the “Lenders” as defined in the Senior Term Loan Credit Agreement.

 “Senior Term Loan Mortgages” means each mortgage, deed of trust, and other document or instrument (other
than this Agreement) under which any Lien on real property owned or leased by any Grantor is granted to secure any Senior Term Loan Obligations or under which rights or remedies with respect to any such Liens are governed. 

“Senior Term Loan Obligations” means all Obligations (as such term is defined in the Senior Term Loan Credit Agreement)
and all other amounts owing, due, or secured under the terms of the Senior Term Loan Credit Agreement or any other Senior Term Loan Document, whether now existing or arising hereafter, including all principal, premium, interest, fees, attorneys
fees, costs, charges, expenses, reimbursement obligations, indemnities, guarantees, and all other amounts payable under or secured by any Senior Term Loan Document (including, in each case, all amounts accruing on or after the commencement of any
Insolvency Proceeding relating to any Grantor, or that would have accrued or become due under the terms of the Senior Term Loan Documents but for the effect of the Insolvency Proceeding and irrespective of whether a claim for all or any portion of
such amounts is allowable or allowed in such Insolvency Proceeding). 
  

 10 

 “Senior U.S. ABL Guaranty” has the meaning set forth in the recitals to
this Agreement. 
 “Senior U.S. Term Loan Guaranty” has the meaning set forth in the recitals to this
Agreement. 
 “Significant Grantor” means Parent, either Borrower, and each other Grantor that would constitute
a “Significant Subsidiary” (as such term is defined under Regulation S-X promulgated under the Securities Act (except that each reference to 10 percent in such definition shall be deemed to be a reference to 25 percent for all purposes
under this Agreement)) of Parent. 
 “Standstill Event” means any of the following events (a) the
acceleration of the Senior ABL Obligations and the Senior Term Loan Obligations, (b) the acceleration of all of the Junior Lien Obligations evidenced by the Junior Notes, (c) the acceleration of other Junior Lien Obligations (other than
Junior Lien Obligations evidenced by the Junior Notes issued on the date of the Junior Debt Agreement (and any registered exchange notes issued in exchange therefor)) in an aggregate principal amount of at least $100,000,000, or (d) the
commencement of one or more Insolvency Proceedings with respect to any Significant Grantor. 
 “Standstill
Notice” means a written notice from Junior Agent to each Senior Agent stating that a Standstill Event has occurred is continuing. 

“Standstill Period” means the period of one hundred eighty (180) days commencing on the date on which each Senior
Agent receives the applicable Standstill Notice. 
 “Subsidiary” of a person means a corporation, partnership,
limited liability company, or other entity in which that person directly or indirectly owns or controls the shares of capital stock having ordinary voting power to elect a majority of the board of directors (or appoint other comparable managers) of
such corporation, partnership, limited liability company, or other entity. 
 “UCC” means the Uniform
Commercial Code (or any similar or equivalent legislation) as in effect in any applicable jurisdiction. 
 “U.S.
Borrower” has the meaning set forth in the recitals to this Agreement. 
 1.2 Construction. The definitions of
terms in this Agreement shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine, and neuter forms. The words “include,”
“includes,” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” The term
“or” shall be construed to have, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” Any term used in this Agreement and not defined in this Agreement shall have the meaning set forth in
either the Senior ABL Credit Agreement or the Senior Term Loan Credit Agreement, as applicable. Unless the context requires otherwise: 

(a) except as otherwise provided herein, any definition of or reference to any agreement, instrument, or other document herein shall be
construed as referring to such agreement, instrument, or other document as from time to time amended, restated, supplemented, modified, renewed, extended, Refinanced, refunded, or replaced; 

 

 11 

 (b) any reference to any agreement, instrument, or other document herein “as in effect
on the date hereof” shall be construed as referring to such agreement, instrument, or other document without giving effect to any amendment, restatement, supplement, modification, or Refinance after the date hereof; 

(c) any definition of or reference to the Senior Lien Obligations or the Junior Lien Obligations herein shall be construed as referring
to the Senior Lien Obligations or the Junior Lien Obligations (as applicable) as from time to time amended, restated, supplemented, modified, renewed, extended, Refinanced, refunded, or replaced; 

(d) any reference herein to any person shall be construed to include such person’s successors and assigns; 

(e) the words “herein”, “hereof”, and “hereunder”, and words of similar import, shall be construed to refer
to this Agreement in its entirety and not to any particular provision hereof; 
 (f) all references herein to Sections shall be
construed to refer to Sections of this Agreement; and 
 (g) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts, and contract rights. 

SECTION 2. Lien Priorities. 

2.1 Relative Priorities. Notwithstanding the date, time, method, manner, or order of grant, attachment, or perfection,
enforcement, execution, delivery, registration (to the extent registration is required) or crystallization of any Liens securing the Junior Lien Obligations granted with respect to the Collateral (including, in each case, irrespective of whether any
such Lien is granted (or secures Junior Lien Obligations relating to the period) before or after the commencement of any Insolvency Proceeding) or of any Liens securing the Senior Lien Obligations granted with respect to the Collateral (including,
in each case, irrespective of whether any such Lien is granted (or secures Senior Lien Obligations relating to the period) before or after the commencement of any Insolvency Proceeding) and notwithstanding any contrary provision of the UCC or the
PPSA or any other applicable law or the Junior Note Documents or any defect or deficiencies in, or failure to attach or perfect, the Liens securing the Senior Lien Obligations, or any other circumstance whatsoever, Senior ABL Agent, Senior Term Loan
Agent, and Junior Agent hereby agree that: 
 (a) any Lien with respect to the Collateral securing any Senior Lien Obligations
now or hereafter held by or on behalf of, or created for the benefit of, any Senior Agent or any Senior Claimholders or any agent or trustee therefore shall be senior in all respects and prior to any Lien with respect to the Collateral securing any
Junior Lien Obligations; and 
  

 12 

 (b) any Lien with respect to the Collateral securing any Junior Lien Obligations now or
hereafter held by or on behalf of, or created for the benefit of, Junior Agent, any Junior Claimholders or any agent or trustee therefor shall be junior and subordinate in all respects to all Liens with respect to the Collateral securing any Senior
Lien Obligations; 
 All Liens with respect to the Collateral securing any Senior Lien Obligations shall be and remain senior in all respects
and prior to all Liens with respect to the Collateral securing any Junior Lien Obligations, for all purposes, whether or not such Liens securing any Senior Lien Obligations are subordinated to any Lien securing any other obligation of any Grantor or
any other person (but only to the extent that such subordination is permitted pursuant to the terms of each of the Senior Credit Agreements and the Junior Debt Agreement, or as contemplated in Section 6.2). 

2.2 Prohibition on Contesting Liens. Each of Junior Agent, for itself and on behalf of each Junior Claimholder, Senior ABL Agent,
for itself and on behalf of each Senior ABL Claimholder, and Senior Term Loan Agent, for itself and on behalf of each Senior Term Loan Claimholder, agrees that it will not (and hereby waives any right to), directly or indirectly, contest, or support
any other person in contesting, in any proceeding (including any Insolvency Proceeding), the attachment, perfection, priority, validity, or enforceability of a Lien held by or on behalf of any Senior Claimholders in the Senior Collateral or by or on
behalf of any Junior Claimholders in the Junior Collateral (including the allowability or priority of the Senior Lien Obligations or the Junior Lien Obligations, as applicable, in any Insolvency Proceeding), as the case may be, or the provisions of
this Agreement; provided, however that nothing in this Agreement shall be construed to prevent or impair the rights of any Senior Agent, any Senior Claimholder, Junior Agent, or any Junior Claimholder to enforce the terms of this
Agreement, including the provisions of this Agreement relating to the priority of the Liens securing the Senior Lien Obligations as provided in Sections 2.1 and 3. 

2.3 New Liens. So long as the Discharge of Senior Lien Obligations has not occurred, and so long as no Insolvency Proceeding has
been commenced by or against any Grantor, the parties hereto agree that no Grantor shall: 
 (a) grant any additional Liens on
any asset (that does not otherwise constitute Senior Collateral) to secure any Junior Lien Obligation unless such Grantor (i) offers to grant a Lien on such asset to each of the Senior Agents to secure the Senior Lien Obligations and
(ii) uses its commercially reasonable efforts to grant a Lien on such asset to each Senior Agent to secure the Senior Lien Obligations prior to the time of the grant of a Lien thereon in favor of Junior Agent; or 

(b) grant any additional Liens on any asset (that does not otherwise constitute Junior Collateral) to secure any Senior Lien Obligations
unless such Grantor (i) offers to grant a Lien on such asset to the Junior Agent to secure the Junior Lien Obligations and (ii) uses its commercially reasonable efforts to grant a Lien on such asset to the Junior Agent to secure the Junior
Lien Obligations immediately following the time of the grant of Liens thereon in favor of each Senior Agent; provided that the foregoing shall not apply to Collateral that is specifically excluded from the Junior Collateral Documents with respect to
such Junior Lien Obligations. 
  

 13 

 To the extent that the foregoing provisions are not complied with for any reason, without limiting any other
rights and remedies available to each Senior Agent or the Senior Claimholders, Junior Agent, on behalf Junior Claimholders, agrees that any amounts received by or distributed to any of them pursuant to or as a result of Liens granted in
contravention of this Section 2.3 shall be subject to Section 4.2. 
 2.4 Similar Liens and
Agreements. The parties hereto agree that it is their intention that the Senior Collateral and the Junior Collateral be identical, except as set forth in the proviso to Section 2.3(b). In furtherance of the foregoing and of
Section 9.8, the parties hereto agree, subject to the other provisions of this Agreement: 
 (a) upon request by any
Senior Agent or Junior Agent, to cooperate in good faith (and to direct their counsel to cooperate in good faith) from time to time in order to determine the specific items included in the Senior Collateral and the Junior Collateral and the steps
taken or to be taken to perfect their respective Liens thereon and the identity of the respective parties obligated under the Senior Loan Documents and the Junior Note Documents; 

(b) that the Senior Collateral Documents and Junior Collateral Documents and guarantees for the Senior Lien Obligations and the Junior
Lien Obligations, shall be in all material respects the same forms of documents other than with respect to (i) the first lien, second lien and third lien nature thereof and (ii) the specific exclusion from the Junior Collateral Documents
pursuant to the proviso in Section 2.3(b); and 
 (c) upon request by a Grantor after the Discharge of the Senior
Lien Obligations, each Senior Agent will provide written notice thereof to each Cash Management Bank (as such term is defined in the Senior ABL Credit Agreement). 

The foregoing to the contrary notwithstanding, it is understood by each of the parties that to the extent that any Senior Agent or Junior
Agent obtains a Lien in an asset (of a type that is not included in the types of assets included in the Collateral as of the date hereof or which would not constitute Collateral without a grant of a security interest or lien separate from the Senior
Loan Documents or Junior Note Documents, as applicable, as in effect immediately prior to obtaining such Lien on such asset) which the other party to this Agreement elects in writing not to obtain after receiving prior written notice thereof in
accordance with the provisions of Section 2.3, the Collateral securing the Senior Lien Obligations and the Junior Lien Obligations will not be identical, and the provisions of the documents, agreements and instruments evidencing such
Liens also will not be substantively similar, and any such difference in the scope or extent of perfection with respect to the Collateral resulting therefrom are hereby expressly permitted by this Agreement. 

SECTION 3. Exercise of Remedies. 

3.1 Standstill. Until the Discharge of Senior Lien Obligations has occurred, whether or not any Insolvency Proceeding has been
commenced by or against any Grantor, Junior Agent and Junior Claimholders: 
 (a) will not exercise or seek to exercise any
rights or remedies with respect to any Collateral (including any Exercise of Secured Creditor Remedies with respect to any 
  

 14 

 
Collateral); provided, however, that if a Standstill Event has occurred and is continuing, Junior Agent may Exercise any Secured Creditor Remedies after the passage of the
applicable Standstill Period (it being understood that if at any time after the delivery of a Standstill Notice that commences a Standstill Period, no Standstill Event is continuing, Junior Agent may not Exercise any Secured Creditor Remedies until
the passage of a new Standstill Period commenced by a new Standstill Notice relative to the occurrence of a new Standstill Event that had not occurred as of the date of the delivery of the earlier Standstill Notice); provided further,
however, that in no event shall Junior Agent or any Junior Claimholder exercise any rights or remedies with respect to the Collateral if, notwithstanding the expiration of the Standstill Period, any Senior Agent or Senior Claimholders shall
have commenced prior to the expiration of the Standstill Period (or thereafter but prior to the commencement of any Exercise of Secured Creditor Remedies by Junior Agent with respect to all or any material portion of the Collateral) and be
diligently pursuing in good faith the Exercise of Secured Creditor Remedies with respect to all or any material portion of the Collateral and shall have given written notice of the same to the Junior Agent (it being acknowledged and agreed that
Junior Agent shall only be obligated to send a Standstill Notice to the Senior Agents following the receipt by the Junior Agent of a written direction from the Required Secured Debtholders (as such term is defined in the Junior Security Agreement)
to take such action); 
 (b) will not directly or indirectly contest, protest, or object to or hinder any Exercise of Secured
Creditor Remedies by any Senior Agent or any Senior Claimholder and has no right to direct any Senior Agent to Exercise any Secured Creditor Remedies or take any other action under the Senior Loan Documents; 

(c) will not object to (and waive any and all claims with respect to) the forbearance by any Senior Agent or Senior Claimholders from
Exercising any Secured Creditor Remedies; 
 (d) except as may be permitted in Section 3.3, irrevocably, absolutely,
and unconditionally waive any and all rights Junior Agent or Junior Claimholders may have as a junior lien creditor to object (and seek or be awarded any relief of any nature whatsoever based on any such objection) to the manner in which any Senior
Agent or Senior Claimholders (A) enforce or collect (or attempt to collect) the Senior Lien Obligations from the Collateral or any proceeds thereof or (B) realize or seek to realize upon or otherwise enforce the Liens in and to the Senior
Collateral securing the Senior Lien Obligations, regardless of whether any action or failure to act by or on behalf of any Senior Agent or Senior Claimholders is adverse to the interest of Junior Agent or Junior Claimholders. Without limiting the
generality of the foregoing, to the maximum extent permitted by law, Junior Claimholders shall be deemed to have hereby irrevocably, absolutely, and unconditionally waived any right to object (and seek or be awarded any relief of any nature
whatsoever based on any such objection), at any time prior or subsequent to any disposition of any of the Senior Collateral, on the ground(s) that any such disposition of Senior Collateral (x) would not be or was not “commercially
reasonable” within the meaning of any applicable UCC or other applicable law, or (y) would not or did not comply with any other applicable requirement under any applicable UCC, under the PPSA, or under any other applicable law governing
the manner in which a secured creditor (including one with a Lien on real property) is to realize on its collateral; and 
  

 15 

 (e) acknowledge and agree that no covenant, agreement or restriction contained in the Junior
Note Documents shall be deemed to restrict in any way the rights and remedies of any Senior Agent or Senior Claimholders with respect to the Senior Collateral as set forth in this Agreement and the Senior Loan Documents. 

3.2 Exclusive Enforcement Rights. Until the Discharge of Senior Lien Obligations has occurred, whether or not any Insolvency
Proceeding has been commenced by or against any Grantor, but subject to the first proviso to Section 3.1(a), each Senior Agent and Senior Claimholders shall have the exclusive right to Exercise any Secured Creditor Remedies with respect
to the Collateral without any consultation with or the consent of Junior Agent or any Junior Claimholder. In connection with any Exercise of Secured Creditor Remedies, any Senior Agent and Senior Claimholders may enforce the provisions of the Senior
Loan Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to Dispose of
Collateral, to incur expenses in connection with such Disposition, and to exercise all the rights and remedies of a secured creditor under applicable law. 

3.3 Junior Permitted Actions. Anything to the contrary in this Agreement notwithstanding, Junior Agent and any Junior Claimholder
may: 
 (a) if an Insolvency Proceeding has been commenced by or against any Grantor, file a claim, proof of claim or statement
of interest with respect to the Junior Lien Obligations; 
 (b) take any action (not adverse to the priority status of the Liens
on the Collateral securing the Senior Lien Obligations, or the rights of any Senior Agent or any Senior Claimholders to Exercise any Secured Creditor Remedies, in each case, as otherwise set forth herein) in order to create, register, file, protect
or preserve (to the extent such action does not constitute the Exercise of Secured Creditor Remedies), its Lien in and to the Collateral; provided that no such action is, or could reasonably be expected to be, inconsistent with the terms of
this Agreement, including the automatic release of Liens provided in Section 5.1; 
 (c) file any necessary
responsive or defensive pleadings or appeal in opposition to any motion, claim, adversary proceeding, or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of Junior Claimholders or any disallowance of
such claims, including any claims secured by the Collateral, if any; 
 (d) vote on any Plan of Reorganization, file any proof
of claim, make other filings and make any arguments and motions (including in support of or opposition to, as applicable, the confirmation or approval of any Plan of Reorganization) that are, in each case, in accordance with, the terms of this
Agreement, with respect to the Junior Lien Obligations and the Collateral. Without limiting the generality of the foregoing or of the other provisions of this Agreement, any vote to accept, and any other act to support the confirmation or approval
of, any Non-Conforming Plan of Reorganization shall be inconsistent with and, accordingly, a violation of the terms of this Agreement, and each Senior Agent shall be entitled to have any such vote to accept a Non-Conforming Plan of Reorganization
changed and any such support of any Non-Conforming Plan of Reorganization withdrawn; and 
  

 16 

 (e) Exercise any Secured Creditor Remedies after the termination of the Standstill Period if
and to the extent specifically permitted by Section 3.1(a). 
 3.4 [intentionally omitted] 

3.5 Non-Interference. Subject to Sections 3.1(a), 3.3, 3.6, and 6.5(b), Junior Agent, for itself and
on behalf of Junior Claimholders, hereby: 
 (i) agrees that Junior Agent and Junior Claimholders will not take
any action that would restrain, hinder, limit, delay, or otherwise interfere with any Exercise of Secured Creditor Remedies by any Senior Agent or any Senior Claimholder with respect to Senior Lien Obligations, or that is otherwise prohibited
hereunder, including any Disposition of the Collateral, whether by enforcement, foreclosure or otherwise; 
 (ii)
waives any and all rights it or Junior Claimholders may have as a secured creditor or otherwise to object to the manner in which any Senior Agent or Senior Claimholders seek to enforce or collect the Senior Lien Obligations from the Collateral or
proceeds thereof or the Liens securing the Senior Lien Obligations granted in any of the Senior Collateral, regardless of whether any action or failure to act by or on behalf of any Senior Agent or Senior Claimholders is adverse to the interest of
Junior Claimholders; and 
 (iii) acknowledges and agrees that no covenant, agreement or restriction contained in
the Junior Collateral Documents or any other Junior Note Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of any Senior Agent or Senior Claimholders with respect to the Collateral as set forth in
this Agreement and the Senior Loan Documents. 
 3.6 Unsecured Creditor Remedies. Except as set forth in Sections
3.1, 3.5, and 6, Junior Agent and Junior Claimholders may exercise rights and remedies as unsecured creditors against any Grantor in accordance with the terms of the Junior Note Documents and applicable law; provided,
however, that in the event that any Junior Claimholder becomes a judgment creditor in respect of Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Junior Lien Obligations, such judgment Lien
shall be subject to the terms of this Agreement for all purposes as the other Liens securing the Junior Lien Obligations. Nothing in this Agreement is intended to prohibit the receipt by the Junior Agent and Junior Claimholders of the required
payments of principal, premium, interest, fees and other amounts due under the Junior Note Documents so long as such receipt is not the direct or indirect result of (a) the Exercise of Secured Creditor Remedies with respect to the Collateral by
Junior Agent or any Junior Claimholder or the application of the proceeds thereof in contravention of this Agreement or (b) Junior Agent’s or any Junior Claimholder’s collusion with any Grantor in violating the rights of any Senior
Agent or any Senior Claimholder (within the meaning of Section 9-332 of the UCC). 
  

 17 

 SECTION 4. Proceeds. 

4.1 Application of Proceeds. Whether or not any Insolvency Proceeding has been commenced by or against any Grantor, any Collateral
or proceeds thereof received in connection with any Exercise of Secured Creditor Remedies shall (at such time as such Collateral or proceeds has been monetized) be applied: (a) first, to the payment in full in cash of costs and expenses of each
Senior Agent in connection with such Exercise of Secured Creditor Remedies, (b) second, to the payment in full in cash or cash collateralization of the Senior Lien Obligations in accordance with the Senior Loan Documents,
(c) third, to the payment in full in cash of costs and expenses of Junior Agent in connection with such Exercise of Secured Creditor Remedies (to the extent Junior Agent’s Exercise of Secured Creditor Remedies was permitted
hereunder), (d) fourth, to the payment in full in cash of the Junior Lien Obligations in accordance with the Junior Note Documents, and (d) fifth, to the applicable Grantor, such other person as may be entitled thereto, or as
a court of competent jurisdiction may otherwise direct. If any Exercise of Secured Creditor Remedies with respect to the Collateral produces non-cash proceeds, then such non- cash proceeds shall be held by the Agent that conducted the Exercise of
Secured Creditor Remedies as additional Collateral and, at such time as such non-cash proceeds are monetized, shall be applied as set forth above. 

4.2 Turnover. Unless and until the Discharge of Senior Lien Obligations has occurred, whether or not any Insolvency Proceeding has
been commenced by or against any Grantor, any Collateral or proceeds thereof (including assets or proceeds subject to Liens referred to in the final sentence of Section 2.3 or the proviso in Section 3.6) received by Junior
Agent or any Junior Claimholder (a) in connection with the Exercise of Secured Creditor Remedies with respect to the Collateral by Junior Agent or any Junior Claimholder, or (b) as a result of Junior Agent’s or any Junior
Claimholder’s collusion with any Grantor in violating the rights of any Senior Agent or any Junior Claimholder (within the meaning of Section 9-332 of the UCC), shall be segregated and held in trust and forthwith paid over to Senior Agents
for the benefit of Senior Claimholders in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. Any Senior Agent is hereby authorized to make any such endorsements as agent for
Junior Agent or any such Junior Claimholders. This authorization is coupled with an interest and is irrevocable until the Discharge of Senior Lien Obligations. 

4.3 No Subordination of the Relative Priority of Claims. Anything to the contrary contained herein notwithstanding, the
subordination of the Liens of Junior Claimholders to the Liens of Senior Claimholders in respect of the Senior Lien Obligations as set forth herein is with respect to the priority of the respective Liens held by or on behalf of them only and shall
not constitute a subordination of the Junior Lien Obligations to the Senior Lien Obligations. 
 4.4 Revolving Nature of
Senior ABL Obligations. The Senior ABL Agent, on behalf of the Senior ABL Claimholders, the Senior Term Loan Agent, on behalf of the Senior Term Loan Claimholders, and the Junior Agent, on behalf of the Junior Claimholders, each acknowledges and
agrees that the Senior ABL Credit Agreement includes a revolving commitment and that the amount of the Senior ABL Obligations that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed.

  

 18 

 SECTION 5. Releases; Dispositions; Other Agreements. 

5.1 Releases. 

(a) Until the Discharge of Senior Lien Obligations occurs, subject to Section 3.1, each Senior Agent shall have the exclusive
right to make determinations regarding the release or Disposition of any Collateral pursuant to the terms of the Senior Loan Documents or in accordance with the provisions of this Agreement, in each case without any consultation with, consent of, or
notice to Junior Agent or any Junior Claimholder. 
 (b) If, in connection with the Exercise of Secured Creditor Remedies by any
Senior Agent as provided for in Section 3 (with the proceeds thereof being applied in accordance with Section 4.1), such Senior Agent releases any of its Liens on any part of the Collateral or releases any Grantor from its
obligations in respect of the Senior Lien Obligations, then the Liens, of Junior Agent on such Collateral, and the obligations of such Grantor in respect of the Junior Lien Obligations, shall be automatically, unconditionally, and simultaneously
released; provided that the net cash proceeds of such Collateral are applied in accordance with Section 4.1. Junior Agent, for itself or on behalf of any such Junior Claimholders, promptly shall execute and deliver to any Senior
Agent such termination or amendment statements, releases, and other documents as such Senior Agent may request to effectively confirm such release. 

(c) If, in connection with any Disposition of any Collateral that is permitted under the terms of the Senior Loan Documents and the
Junior Note Documents, any Senior Agent releases any of its Liens on the portion of the Collateral that is the subject of such Disposition, or releases any Grantor from its obligations in respect of the Senior Lien Obligations (if such Grantor is
the subject of such Disposition), in each case other than (i) in connection with the Discharge of Senior Lien Obligations, or (ii) after the occurrence and during the continuance of any Junior Default, then the Liens of Junior Agent on
such Collateral, and the obligations of such Grantor in respect of the Junior Lien Obligations, shall be automatically, unconditionally, and simultaneously released. Junior Agent, for itself or on behalf of any such Junior Claimholders, promptly
shall execute and deliver to any Senior Agent such termination or amendment statements, releases, and other documents as such Senior Agent, prior to such Disposition, may request in writing to effectively confirm such release. 

(d) In the event of any private or public Disposition of all or any material portion of the Collateral by one or more Grantors to a
Person that is not an Affiliate of a Grantor with the consent of each Senior Agent after the occurrence and during the continuance of a Senior Default (and prior to the Discharge of Senior Lien Obligations), which Disposition is conducted by such
Grantors with the consent of each Senior Agent in connection with good faith efforts by the Senior Agents to collect the Senior Lien Obligations through the Disposition of Collateral (any such Disposition, a “Default Disposition”),
then the Liens of Junior Agent on such Collateral shall be automatically, unconditionally, and simultaneously released (and, if the Default Disposition includes equity interests in any Grantor, Junior Agent further agrees to release those persons
whose equity interests are Disposed of from all of their obligations under the Junior Note Documents so long as, after giving effect to such release, at least one Grantor remains a party to the Junior Debt Agreement as an issuer thereunder);
provided that (i) each Senior Agent also releases its Liens on such Collateral (and, if the Default Disposition includes 

 

 19 

 
equity interests in any Grantor, each Senior Agent is also releasing those persons whose equity interests are Disposed of from all of their obligations under the Senior Loan Documents), and
(ii) the net cash proceeds of any such Default Disposition are applied in accordance with Section 4.1. 
 (e)
Until the Discharge of Senior Lien Obligations occurs, Junior Agent, for itself and on behalf of Junior Claimholders, hereby irrevocably constitutes and appoints each Senior Agent and any officer or agent of any Senior Agent, with full power of
substitution, as its true and lawful attorney in fact, coupled with an interest, with full irrevocable power and authority in the place and stead of Junior Agent or such holder or in such Senior Agent’s own name, from time to time in such
Senior Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary to accomplish the purposes
of this Section 5.1, including any endorsements or other instruments of transfer or release. 
 (f) Until the
Discharge of Senior Lien Obligations occurs, to the extent that any Senior Agent or Senior Claimholders (i) have released any Lien on Collateral or any Grantor with respect to the Senior Lien Obligations, and any such Liens or obligations are
later reinstated, or (ii) obtain any new Liens from any Grantor or obtain a guaranty from any Grantor of the Senior Lien Obligations, then Junior Agent, for itself and for Junior Claimholders, shall be entitled to obtain (and each of the
Grantors by their acknowledgement to this Agreement agrees to create and otherwise provide) a Lien on any such Collateral, subject to the terms (including the lien subordination provisions) of this Agreement, and a guaranty from such Grantor, as the
case may be. 
 5.2 Insurance. Unless and until the Discharge of Senior Lien Obligations has occurred: 

(a) (i) Each Senior Agent and Senior Claimholders shall have the sole and exclusive right, subject to the rights of Grantors under the
Senior Loan Documents, to adjust and settle any claim under any insurance policy covering the Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of
condemnation) affecting the Collateral; and (ii) all proceeds of any such insurance policy and any such award (or any payments with respect to a deed in lieu of condemnation) shall be paid, subject to the rights of Grantors under the Senior
Loan Documents and the Junior Note Documents, first to Senior Claimholders and Junior Claimholders in accordance with the priorities set forth in Section 4.1, until paid in full in cash, and second, to the owner of the
subject property, such other person as may be entitled thereto, or as a court of competent jurisdiction may otherwise direct; and 

(b) if Junior Agent or any Junior Claimholders shall, at any time, receive any proceeds of any such insurance policy or any such award or
payment in contravention of this Section 5.2, it shall pay such proceeds over to Senior Agents in accordance with the terms of Section 4.2. 

 

 20 

 5.3 Amendments; Refinancings; Legend. 

(a) The Senior Loan Documents may be amended, supplemented, or otherwise modified in accordance with their terms and the Senior Lien
Obligations may be Refinanced, in each case without notice to, or the consent of, Junior Agent or Junior Claimholders, all without affecting the lien subordination or other provisions of this Agreement; provided, however, that, in the
case of a Refinancing, the holders of such Refinancing debt shall bind themselves (in a writing addressed and delivered to Junior Agent for the benefit of itself and the Junior Claimholders substantially in the form of Exhibit A hereto) to
the terms of this Agreement; provided further, however, that any such amendment, supplement, modification, or Refinancing shall not, without the prior written consent of Junior Agent (which it shall be authorized to consent to
based upon an affirmative vote of Junior Claimholders holding a majority of the debt under the Junior Lien Debt Agreement): 

(i) contravene the provisions of this Agreement; or 

(ii) except in connection with a DIP Financing, increase the outstanding principal amount of the Senior Lien Obligations
to an amount that would exceed the Senior Lien Obligations Cap. 
 (b) The Junior Note Documents may be amended, supplemented,
or otherwise modified in accordance with their terms and the Junior Lien Obligations may be Refinanced, in each case without notice to, or the consent of, any Senior Agent or Senior Claimholders, all without affecting the lien subordination or other
provisions of this Agreement; provided, however, that, in the case of a Refinancing, the holders of such Refinancing debt to the extent such Refinancing debt is secured, shall bind themselves (in a writing addressed and delivered to
(i) Senior ABL Agent for the benefit of itself and the Senior ABL Claimholders and (ii) Senior Term Loan Agent for the benefit of itself and the Senior Term Loan Claimholders substantially in the form of Exhibit A hereto) to the
terms of this Agreement; provided, further, however, that any such amendment, supplement, modification or Refinancing shall not, without the prior written consent of any Senior Agent (which it shall be authorized to consent to
based upon an affirmative vote of Senior Claimholders holding a majority of the debt under the Senior Credit Agreements) contravene the restrictions set forth in the Senior Credit Agreements regarding any such amendment, supplement, modification or
Refinancing in respect of the Junior Note Documents. 
 (c) Borrowers agree that any promissory note evidencing or security
document securing the Junior Lien Obligations shall at all times include the following language (or language to similar effect approved by each Senior Agent): 

“Anything herein to the contrary notwithstanding, the liens and security interests [securing the obligations evidenced by this
promissory note] [granted pursuant to this agreement], the exercise of any right or remedy with respect thereto, and certain of the rights of the holder hereof are subject to the provisions of the Intercreditor Agreement dated as of
December 17, 2009, (as amended, restated, supplemented, or otherwise modified from time 
  

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to time, the “Intercreditor Agreement”), by and among Wells Fargo Foothill, LLC, as Senior ABL Agent, Wells Fargo Foothill, LLC, as Senior Term Loan Agent, and Deutsche Bank
Trust Company Americas, as Junior Agent. In the event of any conflict between the terms of the Intercreditor Agreement and this [promissory note] [security agreement], the terms of the Intercreditor Agreement shall govern and control.”

 5.4 Bailee for Perfection. 

(a) Each Senior Agent and Junior Agent agree to hold or control that part of the Collateral that is in its possession or control (or in
the possession or control of its agents or bailees) to the extent that possession or control thereof is taken to perfect a Lien thereon under the UCC, the PPSA, or other applicable law (such Collateral being referred to as the “Pledged
Collateral”), as bailee and as a non-fiduciary agent for Junior Agent or any Senior Agent, as applicable (such bailment and agency being intended, among other things, to satisfy the requirements of Sections 8-301(a)(2), 9-313(c), 9-104,
9-105, 9-106, and 9-107 of the UCC or possession or control under the PPSA), solely for the purpose of perfecting the security interest granted under the Junior Note Documents or the Senior Loan Documents, as applicable, subject to the terms and
conditions of this Section 5.4; and each Senior Agent and Junior Agent hereby appoint each other Agent to act as its non-fiduciary agent for such purposes and each such Agent accepts such appointment. Unless and until the Discharge of
the Senior Lien Obligations, Junior Agent agrees to promptly notify each Senior Agent of any Pledged Collateral held by it or by any Junior Claimholders, and, immediately upon the written request of any Senior Agent at any time prior to the
Discharge of the Senior Lien Obligations, Junior Agent agrees to deliver to each Senior Agent any such Pledged Collateral held by it or by any Junior Claimholders, together with any necessary endorsements (or otherwise allow any Senior Agent to
obtain possession or control of such Pledged Collateral). Each Senior Agent hereby agrees that upon the Discharge of the Senior Lien Obligations, to the extent that the applicable control agreement is in full force and effect and has not been
terminated, such Senior Agent shall continue to act as such a bailee and non-fiduciary agent for Junior Agent (solely for the purpose of perfecting the security interest granted under the Junior Note Documents and at the expense of the Grantors)
with respect to the deposit account or securities account that is the subject of such control agreement, until the earlier to occur of (x) 30 days after the date when the Discharge of the Senior Lien Obligations has occurred, and (y) the
date when a control agreement is executed in favor of Junior Agent with respect to such deposit account or securities account. 

(b) No Senior Agent shall have any obligation whatsoever to Junior Agent or any Junior Claimholder to ensure that the Pledged Collateral
is genuine or owned by any of Grantors or to preserve rights or benefits of any person except as expressly set forth in this Section 5.4. Junior Agent shall have no obligation whatsoever to any Senior Agent or any Senior Claimholder to
ensure that the Pledged Collateral is genuine or owned by any of Grantors or to preserve rights or benefits of any person except as expressly set forth in this Section 5.4. The duties or responsibilities of each Senior Agent under this
Section 5.4 shall be limited solely to holding or controlling the Pledged Collateral as bailee and agent in accordance with this Section 5.4 and delivering the Pledged Collateral upon a Discharge of Senior Lien Obligations as
provided in paragraph (d) of this Section 5.4. The duties or responsibilities of Junior Agent under this Section 5.4 shall be limited solely to holding or controlling the Pledged Collateral as bailee and agent in
accordance with this Section 5.4. 
  

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 (c) Any Senior Agent acting pursuant to this Section 5.4 shall not have by
reason of the Senior Collateral Documents, the Junior Collateral Documents, or this Agreement a fiduciary relationship in respect of Junior Agent or any Junior Claimholder. Junior Agent acting pursuant to this Section 5.4 shall not have
by reason of the Senior Collateral Documents, the Junior Collateral Documents, or this Agreement a fiduciary relationship in respect of any Senior Agent or Senior Claimholder. 

(d) Upon the Discharge of Senior Lien Obligations, the Senior Agents shall deliver the remaining Pledged Collateral (if any) together
with any necessary endorsements, first, to Junior Agent to the extent Junior Lien Obligations remain outstanding as confirmed in writing by Junior Agent, and, to the extent that Junior Agent confirms no Junior Lien Obligations are
outstanding, second, to Borrowers to the extent no Senior Lien Obligations or Junior Lien Obligations remain outstanding (in each case, so as to allow such person to obtain possession or control of such Pledged Collateral). 

5.5 When Discharge of Senior Lien Obligations Deemed to Not Have Occurred. 

(a) If Borrowers enter into any Refinancing of the Senior Lien Obligations, then a Discharge of Senior Lien Obligations shall be deemed
not to have occurred for all purposes of this Agreement, and the obligations under such Refinancing of such Senior Lien Obligations shall be treated as Senior Lien Obligations for all purposes of this Agreement, including for purposes of the Lien
priorities and rights in respect of Collateral set forth herein, and the applicable Senior Agent under the applicable Senior Loan Documents effecting such Refinancing shall be a Senior Agent for all purposes of this Agreement. Such Senior Agent
under such Senior Loan Documents shall agree (in a writing addressed to Junior Agent for the benefit of itself and the Junior Claimholders substantially in the form of Exhibit A hereto) to be bound by the terms of this Agreement. 

(b) If Borrowers enter into any Refinancing of the Junior Lien Obligations, then a Discharge of Junior Lien Obligations shall be deemed
not to have occurred for all purposes of this Agreement, and the obligations under such Refinancing of such Junior Lien Obligations shall be treated as Junior Lien Obligations for all purposes of this Agreement, including for purposes of the Lien
priorities and rights in respect of Collateral set forth herein, and Junior Agent under the Junior Note Documents effecting such Refinancing shall be Junior Agent for all purposes of this Agreement. Junior Agent under such Junior Note Documents
shall agree (in a writing addressed to each Senior Agent for the benefit of themselves and the Senior Claimholders substantially in the form of Exhibit A hereto) to be bound by the terms of this Agreement. 

5.6 [Intentionally Omitted]. 

5.7 Injunctive Relief. Should any Junior Claimholder in any way take, attempt to, or threaten to take any action contrary to terms
of this Agreement with respect to the Collateral, or fail to take any action required by this Agreement, any Senior Agent or any Senior Claimholder 

 

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may obtain relief against such Junior Claimholder by injunction, specific performance, or other appropriate equitable relief, it being understood and agreed by Junior Agent that (a) Senior
Claimholders’ damages from such actions may at that time be difficult to ascertain and may be irreparable, and (b) each Junior Claimholder waives any defense that such Grantor and/or Senior Claimholders cannot demonstrate damage and/or be
made whole by the awarding of damages. Should any Senior Claimholder in any way take, attempt to, or threaten to take any action contrary to terms of this Agreement with respect to the Collateral, or fail to take any action required by this
Agreement, Junior Agent or any Junior Claimholder (in its or their own name or in the name of any Grantor) or any Grantor may obtain relief against such Senior Claimholder by injunction, specific performance, and/or other appropriate equitable
relief, it being understood and agreed by Senior Claimholders that (i) Senior Claimholders’ damages from such actions may at that time be difficult to ascertain and may be irreparable, and (ii) each Senior Claimholder waives any
defense that such Grantor and/or Junior Claimholders cannot demonstrate damage and/or be made whole by the awarding of damages. Each Senior Agent and Junior Agent hereby irrevocably waive any defense based on the adequacy of a remedy at law and any
other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by any Senior Agent or Senior Claimholders or Junior Agent or Junior Claimholders, as the case may be. 

SECTION 6. Insolvency Proceedings. 

6.1 Enforceability and Continuing Priority. This Agreement shall be applicable both before and after the commencement of any
Insolvency Proceeding and all converted or succeeding cases in respect thereof. The relative rights of Claimholders in or to any distributions from or in respect of any Collateral or proceeds of Collateral, shall continue after the commencement of
any Insolvency Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510 of the Bankruptcy Code. 

6.2 Financing. If any Grantor shall be subject to any Insolvency Proceeding and either Senior Agent consents to the use of
post-filing/post-petition cash receipts or “cash collateral” (as such term is defined in Section 3 63(a) of the Bankruptcy Code) (collectively, “Cash Collateral”), on which such Senior Agent has a Lien or to permit
any Grantor to obtain financing provided by any one or more Senior Claimholders under Section 364 of the Bankruptcy Code, any similar Bankruptcy Law or pursuant to an order granted in any Insolvency Proceeding granting a priority DIP
lender’s or interim financing charge (such financing, a “DIP Financing”), then Junior Agent agrees that, subject to the terms and conditions set forth in Section 6.5(b), it will consent to such Cash Collateral use
and will not be entitled to raise (and will not raise or support any Person in raising), but instead shall be deemed to have hereby irrevocably and absolutely waived, any objection, and shall not otherwise in any manner be entitled to oppose or will
oppose or support any Person in opposing, such Cash Collateral use or such DIP Financing (including, except as provided below (including, without limitation, in Section 6.5(b)), any claim that the Junior Claimholders are entitled to
Adequate Protection on account of their interests in the Junior Collateral as a condition thereto) and, to the extent the Liens securing the Senior Lien Obligations are discharged, subordinated to, or pari passu with such DIP
Financing, Junior Agent will subordinate its Liens in the Collateral to the Liens securing such DIP Financing; provided that Junior Agent may object to such DIP Financing if (a) 

 

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the sum of (i) the maximum aggregate principal amount of Indebtedness that may be outstanding from time to time under such DIP Financing plus, without duplication, (ii) the
aggregate principal amount of loans and the aggregate face amount of Letters of Credit issued but not reimbursed under the Senior Credit Agreements (after giving effect to any closing with respect to such DIP Financing following the final hearing in
respect thereof) exceeds the sum of (A) the Senior Lien Obligations Cap, plus (B) $20,000,000, (b) any such Cash Collateral use or DIP Financing compels any Grantor to seek confirmation of a specific Plan of Reorganization for which
all or substantially all of the material terms are set forth in the Cash Collateral order or DIP Financing documentation, (c) the terms of such DIP Financing or Cash Collateral use require any Grantor to seek approval for any Plan of
Reorganization that is not a Conforming Plan of Reorganization, or (d) the terms of such DIP Financing require such Junior Claimholders to extend additional credit pursuant to such DIP Financing. Junior Agent agrees that it shall not, directly
or indirectly, provide, offer to provide, or support any DIP Financing secured by a Lien senior to or pari passu with the Liens securing the Senior Lien Obligations without the consent of Senior Agents. If, in connection with any Cash
Collateral use or DIP Financing, any Liens on the Collateral held by Senior Claimholders are subject to (i) a surcharge or are subordinated to an administrative priority claim, a professional fee “carve out,” or fees owed to the
United States Trustee, (ii) a court ordered priority administration charge to secure fees and expenses of the Grantor’s legal counsel and other professionals, the monitor and its legal counsel and other professionals or (iii) a court
ordered priority directors’ and officers’ charge to secure indemnities given by the Grantors to their respective directors and officers and so long as the amount of such surcharge, claim, carve out, fees administration or directors’
and officers charge is reasonable under the circumstances, then the Liens on the Collateral of Junior Claimholders shall also be subordinated to such interest, claim, administration charge or directors’ and officers’ charge and shall
remain subordinated to the Liens on the Collateral of Senior Claimholders consistent with this Agreement. 
 6.3
Section 363 Sales of Collateral and Releases of Liens securing Senior Lien Obligations. Except as otherwise set forth below, until the Discharge of Senior Lien Obligations has occurred, Junior Agent agrees that it will be deemed to have
irrevocably, absolutely and unconditionally consented, and will not object or oppose a motion to Dispose of any Collateral free and clear of the Liens or other claims in favor of Junior Agent under Section 363 of the Bankruptcy Code, or
pursuant to the terms of any other applicable Bankruptcy Law or court order in any Insolvency Proceeding, if the requisite Senior Claimholders under the Senior Credit Agreements have consented to such Disposition of such assets free and clear of
their Liens, and such motion does not impair, subject to the priorities set forth in this Agreement, the rights of Junior Claimholders under Section 363(k) of the Bankruptcy Code, or pursuant to the terms of any other applicable Bankruptcy Law
or court order in any Insolvency Proceeding, (so long as the right of the Junior Claimholders to offset its claim against the purchase price is only after the Discharge of Senior Lien Obligations has occurred) so long as (i) the interests of
the Junior Creditors in the Collateral (and any post-petition assets subject to adequate protection liens, if any, in favor of Junior Agent) attach to the proceeds thereof on the same basis and priority as the other Liens securing the Junior Lien
Obligations under this Agreement and (ii) the net cash proceeds of such sale or other disposition are being used to repay Senior Lien Obligations. Notwithstanding the foregoing, Junior Agent, on behalf of itself and the other Junior Creditors,
may raise objections to any such Disposition of Collateral that could be raised by any creditor of the Grantors whose claims were not secured by any Liens on the Collateral so long as such 

 

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objections are not based on the Junior Creditors’ status as secured creditors (for example, and without limitation, any objections based on rights afforded by Sections 363(e) and (f) of
the Bankruptcy Code or any comparable provision of any Bankruptcy Law cannot be raised by any Junior Claimholder). 
 6.4
Relief from the Automatic Stay. Until the Discharge of Senior Lien Obligations has occurred; Junior Agent agrees not to (a) seek (or support any other person seeking) relief from any automatic stay or any other applicable stay in any
Insolvency Proceeding in respect of the Collateral, without the prior written consent of each Senior Agent, unless (i) Senior Agents already have filed a motion (which remains pending) for such relief with respect to their interest in such
Collateral and (ii) a corresponding motion, in the reasonable judgment of Junior Agent, must be filed solely for the purpose of preserving Junior Agent’s ability to receive residual distributions pursuant to Section 4.1,
although Junior Claimholders shall otherwise remain subject to the applicable restrictions in Section 3.1 following the granting of any such relief from the automatic stay, or (b) oppose any request by any Senior Agent or any Senior
Claimholder to seek relief from any automatic stay or any other applicable stay in any Insolvency Proceeding in respect of the Collateral. 

6.5 Adequate Protection. 

(a) In any Insolvency Proceeding involving a Grantor, until the Discharge of Senior Lien Obligations has occurred, Junior Agent agrees
that no Junior Claimholder shall contest (or support any other person contesting) (but instead shall be deemed to have hereby irrevocably, absolutely, and unconditionally waived any right): 

(i) any request by any Senior Agent or other Senior Claimholders for Adequate Protection; or 

(ii) any objection by any Senior Agent or Senior Claimholders to any motion, relief, action, or proceeding based on such
Senior Agent or Senior Claimholders claiming a lack of Adequate Protection. 
 (b) In any Insolvency Proceeding involving a
Grantor: 
 (i) if any one or more Senior Claimholders are granted Adequate Protection in the form of an
additional Lien or a replacement Lien (on existing or future assets of Grantors) in connection with any DIP Financing or use of Cash Collateral, then each Senior Agent agrees that Junior Agent shall also be entitled to seek, without objection from
Senior Claimholders, Adequate Protection in the form of an additional Lien or a replacement Lien (on such existing or future assets of Grantors), which additional or replacement Lien of the Junior Agent, if obtained, shall be subordinate to the
Liens securing the Senior Lien Obligations (including those under a DIP Financing) on the same basis as the other Liens securing the Junior Lien Obligations are subordinate to the Senior Lien Obligations under this Agreement; 

(ii) if any one or more Junior Claimholders are granted Adequate Protection in the form of an additional Lien or a
replacement Lien (on existing or future assets of Grantors), then Junior Agent agrees that any Senior Agent shall also be entitled 

 

 26 

 
to seek, without objection from Junior Claimholders, an Adequate Protection Lien on existing or future assets of Grantors as security for the Senior Lien Obligations and that any Adequate
Protection Lien on such existing or future assets securing the Junior Lien Obligations shall be subordinated to the Lien on such assets securing the Senior Lien Obligations on the same basis as the other Liens securing the Junior Lien Obligations
are subordinated to the Senior Lien Obligations under this Agreement; 
 (iii) consistent with the foregoing
provisions in this Section 6.5, in any Insolvency Proceeding, no Junior Claimholder shall be entitled (and each Junior Claimholder shall be deemed to have hereby irrevocably, absolutely, and unconditionally waived any right) to seek or
otherwise be granted any type of Adequate Protection with respect to its interests in the Junior Collateral (except as expressly set forth above in this Section 6.5 or as may otherwise be consented to in writing by each Senior Agent with
respect to such Collateral in its sole and absolute discretion); and 
 (iv) nothing herein shall limit the
rights of any Senior Agent or Senior Claimholders to seek Adequate Protection with respect to their rights in the Senior Collateral in any Insolvency Proceeding (including Adequate Protection in the form of a cash payment, periodic cash payments or
otherwise) so long as such request is not otherwise inconsistent with this Agreement. 
 (c) Neither Junior Agent nor any other
Junior Claimholder shall object to, oppose, or challenge any claim by any Senior Agent or any Senior Claimholder for allowance in any Insolvency Proceeding of Senior Lien Obligations consisting of post-petition interest, fees, or expenses.

 (d) No Senior Agent nor any other Senior Claimholder shall object to, oppose, or challenge any claim by Junior Agent or any
Junior Claimholder for allowance in any Insolvency Proceeding of Junior Lien Obligations consisting of post-petition interest, fees, or expenses. 

6.6 Section 1111(b) of the Bankruptcy Code. Junior Agent, for itself and on behalf of Junior Claimholders, shall not object
to, oppose, support any objection, or take any other action to impede, the right of any Senior Claimholder to make an election under Section 1111(b)(2) of the Bankruptcy Code. Junior Agent, for itself and on behalf of Junior Claimholders,
waives any claim it may hereafter have against any Senior Claimholder arising out of the election by any Senior Claimholder of the application of Section 1111(b)(2) of the Bankruptcy Code. 

6.7 No Waiver. Subject to Sections 3.1(a) and 6.5(b), until the Discharge of Senior Lien Obligations has occurred,
nothing contained herein shall prohibit or in any way limit any Senior Agent or any Senior Claimholder from objecting in any Insolvency Proceeding involving a Grantor to any action taken by Junior Agent or any Junior Claimholders, including the
seeking by Junior Agent or any Junior Claimholders of Adequate Protection or the assertion by Junior Agent or any Junior Claimholders of any of its rights and remedies under the Junior Note Documents. 

 

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 6.8 Avoidance Issues. If any Senior Claimholder is required in any Insolvency
Proceeding or otherwise to turn over, disgorge or otherwise pay to the estate of any Grantor any amount paid in respect of Senior Lien Obligations (a “Recovery”), then such Senior Claimholders shall be entitled to a reinstatement of
Senior Lien Obligations with respect to all such recovered amounts, and all rights, interests, priorities and privileges recognized in this Agreement shall apply with respect to any such Recovery. If this Agreement shall have been terminated prior
to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement and
to the extent (a) the Senior ABL Cap was decreased in connection with such payment of the Senior ABL Obligations, the Senior ABL Cap shall be increased to such extent, or (b) the Senior Term Loan Cap was decreased in connection with such
payment of the Senior Term Loan Obligations, the Senior Term Loan Cap shall be increased to such extent. 
 6.9 Plan of
Reorganization. 
 (a) If, in any Insolvency Proceeding involving a Grantor, debt obligations of the reorganized debtor
secured by Liens upon any property of the reorganized debtor are distributed pursuant to a Plan of Reorganization or similar dispositive restructuring plan, both on account of Senior Lien Obligations and on account of Junior Lien Obligations, then,
to the extent the debt obligations distributed on account of the Senior Lien Obligations and on account of the Junior Lien Obligations are secured by Liens upon the same property, the provisions of this Agreement will survive the distribution of
such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations. 
 (b)
Junior Claimholders shall not propose or support any Plan of Reorganization that is inconsistent with the priorities or other provisions of this Agreement. 

SECTION 7. Reliance; Waivers; Etc. 

7.1 Reliance. (a) Other than any reliance on the terms of this Agreement, Senior ABL Agent acknowledges that it and such
Senior ABL Claimholders have and Senior Term Loan Agent acknowledges that it and such Senior Term Loan Claimholders have, independently and without reliance on Junior Agent or any Junior Claimholders, and based on documents and information deemed by
them appropriate, made their own credit analysis and decision to enter into the applicable Senior Loan Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any action
under the applicable Senior Credit Agreement or this Agreement. 
 (b) Other than any reliance on the terms of this Agreement,
Junior Agent acknowledges that it and Junior Claimholders have, independently and without reliance on any Senior Agent or any Senior Claimholder, and based on documents and information deemed by them appropriate, made their own credit analysis and
decision to enter into each of the Junior Note Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any action under the Junior Note Documents or this Agreement.

  

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 7.2 No Warranties or Liability. Each Senior Agent acknowledges and agrees that each
of Junior Agent and Junior Claimholders have made no express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility, or enforceability of any of the Junior Note Documents,
(other than this Agreement, to the extent provided in Section 8) the ownership of any Collateral, or the perfection or priority of any Liens thereon. Except as otherwise expressly provided herein, Junior Claimholders will be entitled to manage
and supervise their respective loans and extensions of credit under the Junior Note Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. Junior Agent acknowledges and agrees that no Senior Agent and
no Senior Claimholder has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility, or enforceability of any of the Senior Loan Documents, (other than this
Agreement, to the extent provided in Section 8), the ownership of any Collateral, or the perfection or priority of any Liens thereon. Except as otherwise expressly provided herein, Senior Claimholders will be entitled to manage and
supervise their respective loans and extensions of credit under their respective Senior Loan Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. Except as provided herein, Junior Agent and Junior
Claimholders shall have no duty to any Senior Agent or any Senior Claimholders, and no Senior Agent and no Senior Claimholders shall have any duty to Junior Agent or any Junior Claimholders, to act or refrain from acting in a manner that allows, or
results in, the occurrence or continuance of an event of default or default under any agreements with any Grantor (including the Senior Loan Documents and the Junior Note Documents), regardless of any knowledge thereof which they may have or be
charged with. 
 7.3 No Waiver of Lien Priorities. 

(a) No right of Senior Claimholders, any Senior Agent or any of them to enforce any provision of this Agreement or any Senior Loan
Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Grantor or by any act or failure to act by any Senior Claimholder or any Senior Agent, or by any noncompliance by any person with the
terms, provisions, and covenants of this Agreement, any of the Senior Loan Documents or any of the Junior Note Documents, regardless of any knowledge thereof which any Senior Agent or Senior Claimholders, or any of them, may have or be otherwise
charged with. 
 (b) No right of Junior Claimholders, Junior Agent or any of them to enforce any provision of this Agreement or
any Junior Note Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Grantor or by any act or failure to act by any Junior Claimholder or Junior Agent, or by any noncompliance by any person
with the terms, provisions, and covenants of this Agreement, any of the Junior Note Documents or any of the Senior Loan Documents, regardless of any knowledge thereof which Junior Agent or Junior Claimholders, or any of them, may have or be
otherwise charged with. 
 (c) Without in any way limiting the generality of Section 7.3(a) (but subject to any
rights of Grantors under the Senior Loan Documents and subject to the provisions of Section 5.3(a)), Senior Claimholders, any Senior Agent and any of them may, at any time and from time to time in accordance with the Senior Loan
Documents and/or applicable law, without the 
  

 29 

 
consent of, or notice to, Junior Agent or any Junior Claimholders, without incurring any liabilities to Junior Agent or any Junior Claimholders and without impairing or releasing the Lien
priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy of Junior Agent or any Junior Claimholders is affected, impaired, or extinguished thereby) do any one or more of the following
without the prior written consent of Junior Agent: 
 (i) change the manner, place, or terms of payment or change
or extend the time of payment of, or amend, renew, exchange, increase, or alter, the terms of any of the Senior Lien Obligations or any Lien on any Senior Collateral or guarantee thereof or any liability of any Grantor, or any liability incurred
directly or indirectly in respect thereof (including any increase in or extension of the Senior Lien Obligations, without any restriction as to the tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend,
modify, or supplement in any manner any Liens held by any Senior Agent or any Senior Claimholders, the Senior Lien Obligations, or any of the Senior Loan Documents; 

(ii) sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and in any order any
part of the Senior Collateral or any liability of any Grantor to Senior Claimholders or any Senior Agent, or any liability incurred directly or indirectly in respect thereof; 

(iii) settle or compromise any Senior Lien Obligation or any other liability of any Grantor or any security therefor or
any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including the Senior Lien Obligations) in any manner or order; and 

(iv) exercise or delay in or refrain from exercising any right or remedy against any Grantor or any other person, elect
any remedy and otherwise deal freely with any Grantor or any Senior Collateral and any security and any guarantor or any liability of any Grantor to Senior Claimholders or any liability incurred directly or indirectly in respect thereof. 

(d) Without in any way limiting the generality of Section 7.3(a) (but subject to any rights of Grantors under the Junior Note
Documents and subject to the provisions of Section 5.3(b)), Junior Claimholders, Junior Agent and any of them may, at any time and from time to time in accordance with the Junior Note Documents and/or applicable law, without the consent
of, or notice to, any Senior Agent or any Senior Claimholders, without incurring any liabilities to any Senior Agent or any Senior Claimholders and without impairing or releasing the Lien priorities and other benefits provided in this Agreement
(even if any right of subrogation or other right or remedy of Junior Agent or any Junior Claimholders is affected, impaired, or extinguished thereby) do any one or more of the following without the prior written consent of any Senior Agent:

 (i) change the manner, place, or terms of payment or change or extend the time of payment of, or amend, renew,
exchange, increase, or alter, the terms of any of 
  

 30 

 
the Junior Lien Obligations or any Lien on any Junior Collateral or guarantee thereof or any liability of any Grantor, or any liability incurred directly or indirectly in respect thereof
(including any increase in or extension of the Junior Lien Obligations, without any restriction as to the tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify, or supplement in any manner any Liens
held by Junior Agent or any Junior Claimholders, the Junior Lien Obligations, or any of the Junior Note Documents; 

(ii) sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and in any order any
part of the Junior Collateral or any liability of any Grantor to Junior Claimholders or Junior Agent, or any liability incurred directly or indirectly in respect thereof; 

(iii) settle or compromise any Junior Lien Obligation or any other liability of any Grantor or any security therefor or
any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including the Junior Lien Obligations) in any manner or order; and 

(iv) exercise or delay in or refrain from exercising any right or remedy against any Grantor or any other person, elect
any remedy and otherwise deal freely with any Grantor or any Junior Collateral and any security and any guarantor or any liability of any Grantor to Junior Claimholders or any liability incurred directly or indirectly in respect thereof. 

(e) Except as otherwise provided in this Agreement, Junior Agent also agrees that Senior Claimholders and each Senior Agent shall have no
liability to Junior Agent or any Junior Claimholders, and Junior Agent hereby waives any claim against any Senior Claimholder or any Senior Agent, arising out of any and all actions which Senior Claimholders or any Senior Agent may, pursuant to and
not in contravention of the terms hereof, take, permit or omit to take with respect to: 
 (i) the Senior Loan
Documents; 
 (ii) the collection of the Senior Lien Obligations; or 

(iii) the enforcement, sale, liquidation, foreclosure upon or other disposition of, or the failure to enforce, sell,
liquidate, foreclose upon or otherwise dispose of, any Senior Collateral. Except as otherwise provided in this Agreement, Junior Agent agrees that no Senior Claimholders and no Senior Agent have any duty to them in respect of the maintenance or
preservation of the Senior Collateral, the Senior Lien Obligations, or otherwise. 
 (f) Until the Discharge of Senior Lien
Obligations, Junior Agent and the Junior Claimholders agree not to assert and hereby waive, to the fullest extent permitted by law, any right to demand, request, plead, or otherwise assert, or otherwise claim the benefit of, any marshaling,
appraisal, valuation, or other similar right that may otherwise be available under applicable law with respect to the Collateral or any other similar rights a junior secured creditor may have under applicable law. 

 

 31 

 7.4 Obligations Unconditional. For so long as this Agreement is in full force and
effect, all rights, interests, agreements and obligations of any Senior Agent and Senior Claimholders and Junior Agent and Junior Claimholders, respectively, hereunder shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any Senior Loan Documents or any Junior Note Documents; 

(b) except as otherwise expressly restricted in this Agreement, any change in the time, manner, or place of payment of, or in any other
terms of, all or any of the Senior Lien Obligations or Junior Lien Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of any Senior
Loan Document or any Junior Note Document; 
 (c) except as otherwise expressly restricted in this Agreement, any exchange of
any security interest in any Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior Lien Obligations or Junior Lien Obligations or any
guarantee thereof; 
 (d) the commencement of any Insolvency Proceeding in respect of any Grantor; or 

(e) any other circumstances which otherwise might constitute a defense available to, or a discharge of, any Grantor in respect of any
Senior Agent, the Senior Lien Obligations, any Senior Claimholder, Junior Agent, the Junior Lien Obligations or any Junior Claimholder in respect of this Agreement. 

SECTION 8. Representations and Warranties. 

8.1 Representations and Warranties of Each Party. Each party hereto represents and warrants to the other parties hereto as
follows: 
 (a) such party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization and has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder; 

(b) this Agreement has been duly executed and delivered by such party and constitutes a legal, valid and binding obligation of such
party, enforceable in accordance with its terms; and 
 (c) the execution, delivery, and performance by such party of this
Agreement (i) do not require any consent or approval of, registration or filing with or any other action by any Governmental Authority and (ii) will not violate any provision of law, statute, rule or regulation, or of the certificate or
articles of incorporation, amalgamation or other constitutive documents or by-laws of such party or any order of any Governmental Authority or any provision of any indenture, agreement, declaration or other instrument binding upon such party.

  

 32 

 8.2 Representations and Warranties of Each Agent. Each Senior Agent and Junior Agent
each represents and warrants to the other that it has been authorized by Senior Lenders or Junior Creditors, as applicable, under the Senior Credit Agreements or the Junior Debt Agreement, as applicable, to enter into this Agreement and that each of
the agreements, covenants, waivers, and other provisions hereof is valid, binding, and enforceable against the Senior Lenders or Junior Creditors, as applicable, as fully as if each such Person had duly executed this Agreement. 

SECTION 9. Miscellaneous. 

9.1 Conflicts. The Senior ABL Agent, on behalf of the Senior ABL Claimholders, the Senior Term Loan Agent, on behalf of the Senior
Term Loan Claimholders, and the Junior Agent, on behalf of the Junior Claimholders, agree that, as between the Senior Claimholders and the Junior Claimholders, in the event of any conflict between the provisions of this Agreement and the provisions
of any of the Senior Loan Documents or any of the Junior Note Documents, the provisions of this Agreement shall govern and control. 

9.2 Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective when executed and
delivered by the parties hereto. This is a continuing agreement of Lien subordination and Senior Claimholders may continue, at any time and without notice to Junior Agent or any Junior Claimholder, to extend credit and other financial accommodations
to or for the benefit of any Grantor constituting Senior Lien Obligations in reliance hereof. Junior Agent hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of
this Agreement shall survive, and shall continue in full force and effect, in any Insolvency Proceeding. Any provision of this Agreement that is prohibited or unenforceable shall not invalidate the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. All references to any Grantor shall include such Grantor as debtor and debtor-in-possession and any receiver,
interim receiver, receiver and manager, trustee-in-bankruptcy, liquidator, administrator or other similar Person for such Grantor in any Insolvency Proceeding. This Agreement shall terminate and be of no further force and effect: 

(a) with respect to each Senior Agent, Senior Claimholders, and the Senior Lien Obligations, on the date of the Discharge of Senior Lien
Obligations; and 
 (b) with respect to Junior Agent, Junior Claimholders, and the Junior Lien Obligations, on the date of the
Discharge of Junior Lien Obligations. 
 9.3 Amendments; Waivers. No amendment, modification, or waiver of any of the
provisions of this Agreement shall be effective unless the same shall be in writing signed on behalf of each party hereto or its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific instance involved and
shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. 

 

 33 

 9.4 Information Concerning Financial Condition of the Loan Parties and their Respective
Subsidiaries. Senior Agents and Senior Claimholders, on the one hand, and Junior Claimholders and Junior Agent, on the other hand, shall each be responsible for keeping themselves informed of (a) the financial condition of the Loan Parties
and their respective subsidiaries and all endorsers or guarantors of the Senior Lien Obligations or the Junior Lien Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the Senior Lien Obligations or the Junior
Lien Obligations. No Senior Agent and no Senior Claimholder shall have any duty to advise Junior Agent or any Junior Claimholder of information known to it or them regarding such condition or any such circumstances or otherwise. Junior Agent and
Junior Claimholders shall have no duty to advise any Senior Agent or any Senior Claimholder of information known to it or them regarding such condition or any such circumstances or otherwise. In the event any Senior Agent or any Senior Claimholders,
in its or their sole discretion, undertakes at any time or from time to time to provide any such information to Junior Agent or any Junior Claimholder, it or they shall be under no obligation: 

(a) to make, and no Senior Agent or Senior Claimholders shall make, any express or implied representation or warranty, including with
respect to the accuracy, completeness, truthfulness, or validity of any such information so provided; 
 (b) to provide any
additional information or to provide any such information on any subsequent occasion; 
 (c) to undertake any investigation; or

 (d) to disclose any information, which pursuant to accepted or reasonable commercial practices, such party wishes to maintain
confidential or is otherwise required to maintain confidential. 
 9.5 Subrogation. To the extent of any payments or
distributions in cash, property, or other assets that any Junior Claimholders or Junior Agent pays over to any Senior Agent or Senior Claimholders under the terms of this Agreement, Junior Claimholders and Junior Agent shall be subrogated to the
claims of Senior Agents and Senior Claimholders; provided, however, that, Junior Agent hereby agrees not to assert or enforce any such rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of
Senior Lien Obligations has occurred. Any payments or distributions in cash, property or other assets received by Junior Agent or Junior Claimholders that are paid over to any Senior Agent or Senior Claimholders pursuant to this Agreement shall not
reduce any of the Junior Lien Obligations. 
 9.6 SUBMISSION TO JURISDICTION; WAIVERS. 

(a) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO SHALL 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 PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY: 

(i) ACCEPTS GENERALLY AND UNCONDITIONALLY THE JURISDICTION AND VENUE OF SUCH COURTS; 

 

 34 

 (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 THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 9.7; AND 

(iv) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (iii) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION
OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT. 

(b) EACH OF THE PARTIES HERETO (INCLUDING THE LOAN PARTIES ON BEHALF OF ITSELF AND THEIR SUBSIDIARIES) HEREBY WAIVES ITS RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER. 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 HEREOF,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP THAT EACH HAS ALREADY RELIED
ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT
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 9.6(b) AND EXECUTED BY EACH SENIOR AGENT AND JUNIOR AGENT), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS, OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE
FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 9.7 Notices. All notices to Junior Claimholders and Senior
Claimholders permitted or required under this Agreement shall also be sent to Junior Agent and each Senior Agent, respectively. Unless otherwise specifically provided herein, any notice hereunder shall be in

  

 35 

 
writing and may be personally served or sent by telefacsimile or mail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for
against receipt thereof, upon receipt of telefacsimile, or 3 Business Days after depositing it in the mail with postage prepaid and properly addressed. For the purposes hereof, the addresses of the parties hereto shall be as designated on Exhibit
B attached hereto or as may be otherwise designated by such party in a written notice to all of the other parties. 
 9.8
Further Assurances. Each Senior Agent and Junior Agent agree to take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as any Senior Agent or Junior Agent may
reasonably request to effectuate the terms of and the Lien priorities contemplated by this Agreement, all at the expense of Borrowers. 

9.9 APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK. 
 9.10 Binding on Successors and Assigns. This Agreement shall be binding upon each Senior
Agent, Senior Claimholders, Junior Agent, Junior Claimholders, and their respective successors and assigns. 
 9.11
Headings. Section 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. 

9.12 Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in connection
herewith by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as applicable. 

9.13 No Third Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the
parties hereto and its respective successors and assigns and shall inure to the benefit of and bind each of Senior Claimholders and Junior Claimholders. In no event shall any Grantor be a third party beneficiary of this Agreement. 

9.14 Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of
defining the relative rights of each Senior Agent and Senior Claimholders on the one hand and Junior Agent and Junior Claimholders on the other hand. No Grantor or any other creditor thereof shall have any rights hereunder and no Grantor may rely on
the terms hereof. Nothing in this Agreement shall impair, as between Grantors and any Senior Agent and Senior Claimholders, or as between Grantors and Junior Agent and Junior Claimholders, the rights of the Grantors under, or the obligations of
Grantors to pay principal, interest, fees and other amounts as provided in, the Senior Loan Documents and the Junior Note Documents, respectively. 
  

 36 

 9.15 Patriot Act Compliance. The parties hereto acknowledge that in accordance with
Section 326 of the USA Patriot Act Deutsche Bank, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or
legal entity that establishes a relationship or opens an account. The parties to this Agreement agree that they will provide Deutsche Bank with such information as it may request in order for Deutsche Bank to satisfy the requirements of the USA
Patriot Act. 
  

 37 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first written above. 
  

			
	WELLS FARGO FOOTHILL, LLC,
	 a Delaware limited liability company,

as Senior ABL Agent

		
	By:	 	 /s/ Amy L. Newman

	Name:	 	Amy L. Newman
	Title:	 	Vice President
	
	 WELLS FARGO FOOTHILL, LLC,

a Delaware limited liability company,
 as Senior
Term Loan Agent

		
	By:	 	 /s/ Amy L. Newman

	Name:	 	Amy L. Newman
	Title:	 	Vice President
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation,

as Junior Agent

		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	 /s/ Cynthia J. Powell

	Name:	 	Cynthia J. Powell
	Title:	 	Vice President
		
	By:	 	 /s/ David Contino

	Name:	 	David Contino
	Title:	 	Vice President

 ACKNOWLEDGMENT 

The Grantors each hereby acknowledge that they have received a copy of the foregoing Intercreditor Agreement and consent thereto, agree
to recognize all rights granted thereby to each Senior Agent, Senior Claimholders, Junior Agent, and Junior Claimholders, and will not do any act or perform any obligation the effect of which would result in a breach of the agreements set forth in
the Intercreditor Agreement, as amended, restated, supplemented or otherwise modified from time to time; provided, however, that the foregoing shall not impair the rights of any Grantor under the Senior Credit Agreements, the Senior
Collateral Documents, the Junior Debt Agreement or the Junior Collateral Documents and, for the avoidance of doubt, no amendment, restatement, supplement or other modification of any provision of the Intercreditor Agreement after December 17,
2009 shall impair any right or change, modify or increase any obligation of any Grantor under any Senior Credit Agreement, any Senior Collateral Document, any Junior Debt Agreement or any Junior Collateral Document, without the consent of such
Grantor. The Grantors and each of the Grantors’ undersigned Subsidiaries each further acknowledge and agree that they are not an intended beneficiary or third party beneficiary under the foregoing Intercreditor Agreement, as amended, restated,
supplemented or otherwise modified from time to time. 
 [signatures on following pages] 

 ACKNOWLEDGED AS OF THE DATE FIRST WRITTEN ABOVE: 

 

			
	BUMBLE BEE FOODS, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Kent McNeil

	Name:	 	Kent McNeil
	Title:	 	Executive Vice President and Chief Financial Officer
	
	CONNORS BROS. CLOVER LEAF SEAFOODS COMPANY, a Nova Scotia unlimited company
		
	By:	 	 /s/ Kent McNeil

	Name:	 	Kent McNeil
	Title:	 	Treasurer
	
	CONNORS BROS. HOLDINGS, L.P.
	a Delaware limited partnership,
		
	By:	 	CB Holdings GP, LLC
		 	its General Partner
		
	By:	 	 /s/ John Stiker

	Name:	 	John Stiker
	Title:	 	Vice President and Secretary
	
	CLOVER LEAF DUTCH HOLDINGS, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Kent McNeil

	Name:	 	Kent McNeil
	Title:	 	Executive Vice President and Chief Financial Officer
	
	STINSON SEAFOOD (2001), INC.,
	a Delaware corporation
		
	By:	 	 /s/ Kent McNeil

	Name:	 	Kent McNeil
	Title:	 	Executive Vice President and Chief Financial Officer

			
	BUMBLE BEE HOLDINGS, INC., formerly known as Castleberry’s Food Company, a Georgia corporation
		
	By:	 	 /s/ Kent McNeil

	Name:	 	Kent McNeil
	Title:	 	Executive Vice President and Chief Financial Officer
	
	BUMBLE BEE CAPITAL CORP.,
	a Delaware corporation
		
	By:	 	 /s/ Kent McNeil

	Name:	 	Kent McNeil
	Title:	 	Executive Vice President and Chief Financial Officer
	
	BUMBLE BEE INTERNATIONAL (PR), INC., an exempted company incorporated with limited liability under the laws of the Cayman Islands
		
	By:	 	 /s/ Kent McNeil

	Name:	 	Kent McNeil
	Title:	 	Executive Vice President
	
	 BB ACQUISITION (PR), L.P.,

a Delaware limited partnership

		
	By:	 	Bumble Bee International (PR), Inc.
		 	its General Partner
		
	By:	 	 /s/ Kent McNeil

	Name:	 	Kent McNeil
	Title:	 	Executive Vice President
	
	CLOVER LEAF HOLDINGS COMPANY,
	a Nova Scotia, unlimited company
		
	By:	 	 /s/ Kent McNeil

	Name:	 	Kent McNeil
	Title:	 	Treasurer

			
	CLOVER LEAF SEAFOOD COÖPERATIEF U.A.,
	a cooperative association incorporated under the laws of the Netherlands
		
	By:	 	 /s/ John Stiker

		 	John Stiker
		 	Authorized Person
	
	CLOVER LEAF SEAFOOD B.V., a private company with limited liability, incorporated under the laws of the Netherlands
		
	By:	 	 /s/ John Stiker

		 	John Stiker
		 	Authorized Person
	
	CLOVER LEAF SEAFOOD 2 B.V., a private company with limited liability, incorporated under the laws of the Netherlands
		
	By:	 	 /s/ John Stiker

		 	John Stiker
		 	Authorized Person

			
	6162410 CANADA LIMITED,
	a corporation formed under the federal laws of Canada
		
	By:	 	 /s/ Gary Ware

	Name:	 	Gary Ware
	Title:	 	Treasurer
	
	 K.C.R. FISHERIES LTD.,

a corporation formed under the laws of New Brunswick

		
	By:	 	 /s/ Gary Ware

	Name:	 	Kent McNeil
	Title:	 	Vice President and Treasurer

 EXHIBIT A 

ACKNOWLEDGMENT 

Reference is hereby made to the Intercreditor Agreement dated as of December 17, 2009 (as amended, restated, supplemented or
otherwise modified from time to time, the “Agreement”), among the Agents referred to therein, to which this Acknowledgment is attached. All capitalized terms not otherwise defined herein shall have the meanings assigned to such
terms in the Agreement when used herein. The undersigned, in its capacity as [a Senior Agent] [Junior Agent] hereby acknowledges the terms and conditions of the Agreement and agrees to be bound thereby. 

 

			
	SUCCESSOR [SENIOR AGENT] [JUNIOR AGENT]:
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT B 

Notice Addresses 
  

			
	If to Junior Agent:	  	 DEUTSCHE BANK TRUST COMPANY AMERICAS

Trust & Securities Services
 60 Wall Street,
MS NYC60-2710
 New York, New York 10005

Attn: Corporates Team Deal Manager - Bumble Bee

Fax No.: (732) 578-4635

		
	with copies to:	  	 DEUTSCHE BANK TRUST COMPANY AMERICAS

c/o Deutsche Bank National Trust Company Trust & Securities Services

100 Plaza One, Mailstop JCY03-0699
 Jersey City,
New Jersey 07311-3901
 Attn: Corporates Team Deal Manager - Bumble Bee

Fax No.: (732) 578-4635

		
	If to Senior ABL Agent:	  	 WELLS FARGO FOOTHILL, LLC

2450 Colorado Avenue, Suite 3000 West
 Santa
Monica, CA 90404
 Attn: Business Finance Manager

Fax No.: (310) 453-7413

		
	If to Senior Term Loan Agent:	  	 WELLS FARGO FOOTHILL, LLC

2450 Colorado Avenue, Suite 3000 West
 Santa
Monica, CA 90404
 Attn: Business Finance Manager

Fax No.: (310) 453-7413

		
	in each case with copies to:	  	 PAUL, HASTINGS, JANOFSKY & WALKER LLP

515 S. Flower Street
 Twenty-Fifth
Floor
 Los Angeles, California 90071

Attn: John Francis Hilson, Esq.
 Fax No.: (213)
627-0705Limited Partnership Agreement of Connors Bros., L.P.

 Exhibit 10.1 

LIMITED PARTNERSHIP AGREEMENT 

OF 

CONNORS BROS., L.P. 

THE OFFER AND SALE OF THE SECURITIES EVIDENCED HEREBY HAVE NOT 

BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND 

MAY BE OFFERED AND SOLD ONLY IF SO REGISTERED OR IN A MANNER 

EXEMPT FROM REGISTRATION UNDER SUCH ACT. 

Dated as of 

November 18, 2008 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	 ARTICLE I
	  	DEFINED TERMS	  	1
			
	 1.1
	  	Defined Terms	  	1
			
	 ARTICLE II
	  	GENERAL PROVISIONS	  	2
			
	 2.1
	  	Formation	  	2
			
	 2.2
	  	Partnership Name	  	2
			
	 2.3
	  	Purpose and Business	  	2
			
	 2.4
	  	Powers	  	2
			
	 2.5
	  	Location of the Principal Place of Business	  	3
			
	 2.6
	  	Registered Agent and Registered Office	  	3
			
	 2.7
	  	Term	  	3
			
	 2.8
	  	Recordation and Filing	  	3
			
	 2.9
	  	Title to Assets	  	3
			
	 2.10
	  	Fiscal Year	  	3
			
	 ARTICLE III
	  	PARTNERS’ UNITS	  	3
			
	 3.1
	  	Partners; Partnership Units	  	3
			
	 ARTICLE IV
	  	CONTRIBUTIONS TO CAPITAL AND ISSUANCES OF ADDITIONAL UNITS	  	17
			
	 4.1
	  	Limited Partner Capital Contributions	  	17
			
	 4.2
	  	Effect of Exercise of Warrants, Management Options or Other Options	  	17
			
	 4.3
	  	No Third Party Beneficiary	  	17
			
	 4.4
	  	Capital Accounts	  	18
			
	 4.5
	  	No Interest; No Return	  	18
			
	 ARTICLE V
	  	MANAGEMENT	  	19
			
	 5.1
	  	Expenditures by Partnership	  	19
			
	 5.2
	  	Authority, Powers and Duties of General Partner	  	19
			
	 5.3
	  	Compensation of the General Partner	  	20
			
	 5.4
	  	Indemnification	  	20
			
	 5.5
	  	Limitation on Liability	  	21
			
	 5.6
	  	Determination of the General Partner	  	22
			
	 5.7
	  	Limited Partners	  	22

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
			
	 ARTICLE VI
	  	DISTRIBUTIONS	  	27
			
	 6.1
	  	Distributions	  	27
			
	 6.2
	  	Tax Distributions	  	28
			
	 6.3
	  	Withholdings	  	28
			
	 ARTICLE VII
	  	ALLOCATIONS; TAX AND ACCOUNTING MATTERS	  	29
			
	 7.1
	  	General Application	  	29
			
	 7.2
	  	General Allocations	  	29
			
	 7.3
	  	Special Allocations	  	31
			
	 7.4
	  	Allocation of Nonrecourse Liabilities	  	33
			
	 7.5
	  	Transfer of Units	  	33
			
	 7.6
	  	Tax Allocations	  	33
			
	 7.7
	  	Books of Account	  	34
			
	 7.8
	  	Tax Elections and Returns	  	34
			
	 7.9
	  	Tax Matters Partner	  	35
			
	 ARTICLE VIII
	  	TRANSFER OF PARTNERSHIP UNITS	  	35
			
	 8.1
	  	Transfers of General Partner Units	  	35
			
	 8.2
	  	Transfers by Limited Partners	  	35
			
	 8.3
	  	Distributions Subsequent to Transfer	  	37
			
	 8.4
	  	Satisfactory Written Transfer Required	  	37
			
	 ARTICLE IX
	  	ADDITIONAL RIGHTS AND OBLIGATIONS OF SECURITYHOLDERS AND THE PARTNERSHIP	  	38
			
	 9.1
	  	Obligation to Sell Securities	  	38
			
	 9.2
	  	Rights of Inclusion	  	40
			
	 9.3
	  	Related Matters	  	41
			
	 9.4
	  	Right of First Offer	  	43
			
	 9.5
	  	Preemptive Rights	  	45
			
	 9.6
	  	Call Right.	  	46
			
	 ARTICLE X
	  	DISSOLUTION, LIQUIDATION, WINDING-UP AND TERMINATION	  	49
			
	 10.1
	  	Causes of Dissolution	  	49
			
	 10.2
	  	Winding Up and Liquidation	  	49

  

 ii 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
			
	 10.3
	  	Documentation of Dissolution and Termination	  	50
			
	 10.4
	  	Waiver of Partition	  	50
			
	 ARTICLE XI
	  	CREATION OF PUBLICLY TRADED ENTITY	  	50
			
	 11.1
	  	In General	  	50
			
	 11.2
	  	Specific Alternatives	  	51
			
	 11.3
	  	Procedures and Obligations	  	53
			
	 11.4
	  	Expenses	  	55
			
	 ARTICLE XII
	  	REPRESENTATIONS AND WARRANTIES	  	55
			
	 12.1
	  	Representations and Warranties of the Limited Partners	  	55
			
	 12.2
	  	Representations and Warranties of the General Partner	  	56
			
	 ARTICLE XIII
	  	AMENDMENTS TO PARTNERSHIP AGREEMENT	  	57
			
	 13.1
	  	Amendments	  	57
			
	 ARTICLE XIV
	  	GENERAL PROVISIONS	  	58
			
	 14.1
	  	Confidentiality	  	58
			
	 14.2
	  	Spouses of Partners	  	59
			
	 14.3
	  	Notices	  	59
			
	 14.4
	  	Successors	  	59
			
	 14.5
	  	Effect and Interpretation	  	60
			
	 14.6
	  	Counterparts; Facsimile Transmission	  	60
			
	 14.7
	  	Remedies	  	60
			
	 14.8
	  	Partners Not Agents	  	60
			
	 14.9
	  	Entire Understanding; Etc	  	60
			
	 14.10
	  	Severability	  	60
			
	 14.11
	  	Construction of Agreement	  	60
			
	 14.12
	  	Dealings with the Centre Partners Entities	  	61
			
	 14.13
	  	Third Party Beneficiary	  	62
			
	 14.14
	  	CONSENT TO JURISDICTION	  	62
			
	 14.15
	  	WAIVER OF JURY TRIAL	  	62
			
	 14.16
	  	Incorporation of Exhibits and Glossary	  	62
			
	 14.17
	  	Assurances	  	63

  

 iii 

 LIMITED PARTNERSHIP AGREEMENT 

OF 

CONNORS BROS., L.P. 

This LIMITED PARTNERSHIP AGREEMENT (as the same may be amended, amended and restated, supplemented or otherwise modified from time
to time, this “Agreement”) is made and entered into as of November 18, 2008, by and among CP V CB GP, LLC, a Delaware limited liability company, as the sole General Partner of Connors Bros., L.P.
(f/k/a BBCL Holdings, L.P.) (the “Partnership”), and each of the other undersigned parties to this Agreement, as Limited Partners of the Partnership, on the terms and conditions set forth herein. 

RECITALS 

WHEREAS, the Partnership has entered into a Business Acquisition Agreement, dated as of September 25, 2008 (as amended as of
October 15, 2008 and as it may be further amended, amended and restated, supplemented or otherwise modified from time to time, the “Acquisition Agreement”), pursuant to which (i) the Partnership will purchase all of
the outstanding stock of Stinson Seafood (2001) Inc. (“Stinson”) from Connors Bros., Limited (“CBL”), (ii) 3231021 Nova Scotia Company, a wholly-owned indirect Subsidiary of the Partnership
(“Canadian Purchaser”) will purchase all of the shares of a newly-formed Canadian Subsidiary of Clover Leaf Seafoods, L.P. (“Clover Leaf”) that will hold substantially all of the assets and
substantially all of the liabilities of Clover Leaf and Connors CL GP Ltd. and, except as set forth in clause (iii), substantially all of the other assets and liabilities of Conners Bros. Income Fund (the “Fund”) and its
Subsidiaries (other than those assets and liabilities of the Fund and its Subsidiary held by Stinson and its Subsidiaries) and (iii) the shares of Sea Value Co., Ltd. (“Sea Value”) held by CBL will be held by a
wholly-owned indirect Subsidiary of the Partnership ((i), (ii) and (iii) collectively, the “Transaction”). 

WHEREAS, the parties hereto desire to set forth certain rights and obligations relating to their respective ownership interests in
the Partnership and the operation and management of the Partnership. 
 NOW, THEREFORE, the parties hereto agree as
follows: 
 AGREEMENTS 

ARTICLE I 

DEFINED TERMS 

1.1 Defined Terms. Attached to this Agreement immediately following the signature pages is a glossary of defined terms (the
“Glossary of Defined Terms”). Each capitalized term used in this Agreement either is defined herein or in the Glossary of Defined Terms, or the location of its definition is cross-referenced in the Glossary of Defined Terms.

 ARTICLE II 

GENERAL PROVISIONS 

2.1 Formation. The Partnership was formed as a limited partnership effective on September 12, 2008 under the Act. The
rights and liabilities of the General Partner and the Limited Partners shall be as provided in the Act, except as otherwise expressly provided herein. 

2.2 Partnership Name. The name of the Partnership, and the name under which the business of the Partnership shall be
conducted, shall be Connors Bros., L.P. The General Partner may change the name of the Partnership or adopt such trade or fictitious names for the Partnership as it may determine from time to time. 

2.3 Purpose and Business. The purpose of the Partnership shall be to conduct any lawful business whatsoever that may be
conducted by a limited partnership under the Act including, without limitation, acquiring, directly or indirectly, the Business Interests, managing and supervising such investment and the Business, selling, distributing or otherwise disposing of
such investment, in whole or in part, loaning money, and engaging in any and all activities necessary, desirable, advisable, incidental or ancillary thereto. 

2.4 Powers. Subject, among the Partners, to the limitations set forth in this Agreement, the Partnership shall have all
powers necessary, suitable or convenient for the accomplishment of the purposes of the Partnership as set forth in Section 2.3, including, without limitation, the following: 

(a) to acquire, hold, sell or otherwise dispose of, in whole or in part, the Business Interests, and manage and supervise such investment
and the Business; 
 (b) to enter into the Transaction Documents to which the Partnership is a party and to exercise its rights
and comply with its obligations thereunder; 
 (c) to make and perform all contracts, enter into all agreements, and engage in
all activities and transactions necessary or advisable to carry out the purposes of the Partnership, including, without limitation, the purchase, sale, transfer, pledge and exercise of all rights, privileges and incidents of ownership or possession
with respect to any Partnership asset or liability; and 
 (d) otherwise to have all the powers available to it as a limited
partnership under applicable law. 
 The Partnership, and the General Partner on behalf of the Partnership, may enter into and
perform the Transaction Documents (to the extent a party thereto) and any documents contemplated thereby or related thereto and any amendments thereto, without any further act, vote or approval of any Person, including any Partner, notwithstanding
any other provision of this Agreement. The General Partner is hereby authorized to enter into the documents described in the preceding sentence on behalf of the Partnership, but such authorization shall not be deemed a restriction on the power of
the General Partner to enter into other documents on behalf of the Partnership. 
  

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 2.5 Location of the Principal Place of Business. The location of the principal
place of business of the Partnership shall be c/o Centre Partners Management LLC, 30 Rockefeller Plaza, 50th Floor, New York, NY 10020, or such location as the General Partner may from time to time select. 

2.6 Registered Agent and Registered Office. The registered agent of the Partnership in the State of Delaware shall be
Corporation Service Company, which maintains an office at 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808, or such other Person as the General Partner may from time to time select. The registered office of the Partnership in the State
of Delaware shall be c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808, or such other location as the General Partner may from time to time select. 

2.7 Term. The term of the Partnership shall continue until the Partnership is dissolved in accordance with the provisions
of Article X. The existence of the Partnership as a separate legal entity shall continue until the cancellation of the Certificate. 

2.8 Recordation and Filing. The General Partner or any Person designated by the General Partner shall have the power to
execute, file and record any and all certificates, notices, statements and other documents required under the Act or any other applicable law of any jurisdiction where the Partnership maintains an office or does business. At the request of the
General Partner, each Limited Partner shall execute, acknowledge, swear to, and deliver all certificates and other instruments conforming with this Agreement that are necessary or appropriate to qualify, continue, and terminate the Partnership as a
foreign entity in all such jurisdictions in which the Partnership may conduct business, provided that no Limited Partner shall be required to file any general consent to service of process or to qualify as a foreign corporation, limited
liability company, partnership or other entity in any jurisdiction in which it is not already so qualified. 
 2.9 Title
to Assets. Title to Partnership assets shall be in the name of the Partnership. The Partners shall not have any interest in any specific assets of the Partnership. The interest of the Partners in the Partnership is personal property.

 2.10 Fiscal Year. The fiscal year of the Partnership shall be the calendar year (the “Fiscal
Year”). The General Partner may change the Fiscal Year of the Partnership from time to time, in accordance with applicable law, and will promptly give written notice of any such change to the Limited Partners. 

ARTICLE III 

PARTNERS’ UNITS 

3.1 Partners; Partnership Units. 

(a) Partners. Each of the Persons executing this Agreement as a Limited Partner is hereby admitted as a limited
partner of the Partnership. The names and addresses of the Partners are set forth on the signature pages hereto, and the names of the Partners together with the number of Class A Common Units (including such Class A Common Units that
remain subject to Restricted Class A Vesting Conditions as described herein), Class B Common Units 
  

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and Series A Preferred Units held by the Partners, in each case effective immediately following the execution of this Agreement, are set forth on Schedule I hereto. The General Partner
shall update Schedule I as required by the Act and this Agreement and ensure that it accurately reflects the information to be provided for therein. Any amendment or revision to Schedule I made in accordance with this Agreement shall
not be deemed an amendment to this Agreement. Any reference in this Agreement to Schedule I shall be deemed to be a reference to Schedule I as amended and in effect from time to time. 

(b) Classes. The Partnership Units shall be the “General Partner Units” issued to, and owned by, the General
Partner, the “Class A Common Units” issued to, and owned by, the Class A Common Partners, the “Class B Common Units” issued to, and owned by, the Class B Common Partners, and the “Series A Preferred
Units” issued to, and owned by the Series A Preferred Partners. General Partner Units are voting interests in the Partnership, and include any and all benefits to which the General Partner is entitled as provided in this Agreement, together
with all obligations of such General Partner to comply with the terms and provisions of this Agreement. For the avoidance of doubt, the General Partner Units shall have no economic rights in the Partnership. Class A Common Units are non-voting
interests in the Partnership except as provided in this Agreement, and include any and all benefits to which such Class A Common Partner is entitled as provided in this Agreement, together with all obligations of such Class A Common
Partner to comply with the terms and provisions of this Agreement. Class B Common Units are non-voting interests in the Partnership except as provided in this Agreement, and include any and all benefits to which such Class B Common Partner is
entitled as provided in this Agreement, together with all obligations of such Class B Common Partner to comply with the terms and provisions of this Agreement. Series A Preferred Units are non-voting interests in the Partnership except as provided
in this Agreement, and include any and all benefits to which such Series A Preferred Partner is entitled as provided in this Agreement, together with all obligations of such Series A Preferred Partner to comply with the terms and provisions of this
Agreement. 
 (c) Issuances of Additional Partnership Units. Subject to Section 3.1(f)(vii) and
Section 9.5, the General Partner is hereby authorized to cause the Partnership from time to time to create and issue to the Partners (including the General Partner) or other Persons additional Partnership Units or other Partnership Units
(including, without limitation, Management Options, additional options and other Partnership Interests to directors, officers, managers or employees of the General Partner, the Partnership, any of its Subsidiaries or any Affiliate of any thereof,
and Partnership Units issued in connection with the exercise of a Management Option or additional options) in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating,
optional or other special rights, powers and duties, including rights, powers and duties senior to those of the Limited Partners, all as shall be determined by the General Partner in its sole discretion and, except as set forth in
Section 3.1(f)(vii) below and in Section 13.1, without the approval of any of the Limited Partners, including (A) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class of
Partnership Units; (B) the right of each such class of Partnership Units to share in Partnership distributions; and (C) the rights of each such class of Partnership Units upon dissolution and liquidation of the Partnership. Each Person
acquiring such additional Partnership Units shall be admitted to the Partnership as a Limited Partner upon its execution of a counterpart to this Agreement and satisfaction of all conditions to Transfer. In

  

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furtherance of the foregoing, the Partners acknowledge and agree that the Partnership intends to issue Management Options, Class A Common Units that will be subject to Restricted
Class A Vesting Conditions, and additional options to certain managers, officers and other employees of the Partnership and/or its Subsidiaries after the date hereof in connection with the Transaction. 

(d) Unit Certificates. Unless and until the General Partner shall determine otherwise, General Partner Units, Class A Common
Units, Class B Common Units and Series A Preferred Units shall each be uncertificated and recorded in the books and records of the Partnership (including Schedule I). To the extent any General Partner Units, Class A Common Units, Class B
Common Units or Series A Preferred Units are certificated, such certificates shall be in the form approved by the General Partner from time to time. The General Partner may determine the conditions upon which a new certificate may be issued in place
of a certificate that is alleged to have been lost, stolen or destroyed and may, in its sole discretion, require the owner of such certificate or its legal representative to give an agreement of indemnity or a bond, with sufficient surety, to
indemnify the Partnership and each transfer agent and registrar agent, if any, against any and all losses and claims that may arise as a result of the issuance of a new certificate in place of the one so lost, stolen or destroyed. Each Partnership
Unit certificate shall bear a legend on the face thereof in the following form: 
 “TRANSFER IS SUBJECT TO RESTRICTIVE
LEGENDS ON BACK.” 
 and shall bear a legend on the reverse side thereof substantially in the following form: 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), OR ANY STATE SECURITIES OR BLUE
SKY LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT (A) (1) PURSUANT TO A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE UNDER THE ACT OR (2) PURSUANT TO AN
AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT RELATING TO THE DISPOSITION OF SECURITIES AND (B) IN ACCORDANCE WITH APPLICABLE STATE SECURITIES AND BLUE SKY LAWS.” 

“THE SALE, TRANSFER, ASSIGNMENT, PLEDGE, OR ENCUMBRANCE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE RIGHTS AND OBLIGATIONS OF THE
HOLDER OF SUCH SECURITIES ARE SUBJECT TO THE LIMITED PARTNERSHIP AGREEMENT OF CONNORS BROS., L.P., AS AMENDED.” 
 In
addition, any certificated Partnership Unit’s shall also bear such legends as may be required under any other applicable securities laws from time to time. 

(e) Common Units. Class A Common Units and Class B Common Units shall each represent an interest in the residual value of the
Partnership after satisfaction of the claims of the Series A Preferred Units and any other senior class of Partnership Units and shall entitle the holders thereof to distributions and allocations as expressly provided herein; provided, that
any or all of the rights associated with Class A Common Units may be restricted pursuant to and in accordance with the Restricted Class A Subscription Agreement granting such Class A Common Units until such time as the Restricted
Class A Vesting Conditions described therein 
  

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are satisfied in accordance with the terms of such Restricted Class A Subscription Agreement. Such restrictions are incorporated by reference into this Agreement and are deemed to be a part
of this Agreement for such purpose. 
 (f) Series A Preferred Units. 

(i) General. Series A Preferred Units shall represent an interest in the Partnership that ranks senior to the Class A Common
Units and Class B Common Units and shall entitle the holders thereof to (A) the distributions set forth in Section 6.1(a) and (b) in priority to distributions (other than Tax Distributions and the Special Distribution)
to the Class A Common Partners with respect to their Class A Common Units and the Class B Common Partners with respect to their Class B Common Units as well as any other Partnership Units not ranking on a parity with or senior to the
Series A Preferred Units with respect to the distributions set forth in Section 6.1(a) and (b), (B) the special rights provided in this Section 3.1(f), and (C) such other rights as may be specified in this
Agreement. All distributions with respect to the Series A Preferred Units shall be payable in cash. Following distributions with respect to the Series A Preferred Units of the full amount of the Preferred Liquidation Preference, the Series A
Preferred Units shall automatically be cancelled and shall no longer be outstanding. Notwithstanding the foregoing, nothing set forth in this Section 3.1(f)(i) shall be deemed to preclude either Transfers pursuant to Article VIII
or Article IX in accordance with the terms thereof or the exercise by a Person of their redemption rights set forth in this Article III. 

(ii) Redemption at the Option of the Partnership. Except as set forth below and in connection with a Special Distribution Offer,
the Series A Preferred Units shall not be redeemable by the Partnership for the period from the Closing Date to May 17, 2011 (the “No Call Period”). Thereafter, the Partnership shall have the right, exercisable from time
to time upon not less than five (5) Business Days notice and not more than twenty (20) Business Days notice (which such notice may be conditional), to redeem all or a portion of the Series A Preferred Units at a purchase price equal to the
product of (A) the sum of (x) the Unreturned Capital Contribution with respect to such Series A Preferred Units to be redeemed on the date of redemption, plus (y) the accrued and unpaid Preferred Return with respect to such Series A
Preferred Units to be redeemed on the date of redemption multiplied by (B) the percentage set forth next to the time period below corresponding to the period in which such redemption occurs (such amount, the “Redemption
Price”): 
  

				
	 Period
	  	Redemption Price	 
		
	 May 18, 2011 through November 17, 2011
	  	107	% 
		
	 November 18, 2011 through November 17, 2012
	  	105	% 
		
	 November 18, 2012 through November 17, 2013
	  	103	% 
		
	 November 18, 2013 through November 17, 2014
	  	101	% 
		
	 November 18, 2014 and thereafter
	  	100	% 

  

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 Notwithstanding the foregoing, upon a Change in Control during the No Call Period, the
Partnership shall have the right to redeem all, but not less than all, of the Series A Preferred Units at a price equal to 107% of the sum of (x) the Unreturned Capital Contribution with respect to the Series A Preferred Units on the date of
redemption, plus (y) the accrued and unpaid Preferred Return with respect to the Series A Preferred Units on the date of redemption. Without limiting the rights of the Series A Preferred Partners in Section 3.1(f)(iii), the
Partnership may exercise its rights set forth in this Section 3.1(f)(ii) at any time prior to the occurrence of a Change in Control by giving at least five (5) Business Days notice to the Series A Preferred Partners prior to the
expected closing of such Change in Control. If the Partnership exercises its right to redeem the Series A Preferred Units pursuant to this Section 3.1(f)(ii), such redemption shall occur on, and shall be conditioned upon, the closing
date of such Change in Control. 
 (iii) Redemption at the Option of Each Series A Preferred Partner Upon a Change In
Control. In addition to the redemption rights of the Partnership set forth above, upon the occurrence of a Change in Control, each Series A Preferred Partner shall have the right to cause the Partnership to redeem all or any portion of such
Series A Preferred Partner’s Series A Preferred Units at an amount equal to the Redemption Price for such Series A Preferred Units on the redemption date, provided that if the redemption date is prior to May 18, 2011, the purchase price
shall be equal to 107% of the sum of (x) the Unreturned Capital Contribution with respect to the Series A Preferred Units on the date of redemption, plus (y) the accrued and unpaid Preferred Return with respect to the Series A Preferred
Units on the date of redemption. The Partnership shall deliver written notice (a “CIC Notice”) to the Series A Preferred Partners of any anticipated Change in Control promptly, but in no event any later than fifteen
(15) Business Days prior to the expected closing date of such Change in Control. Such notice shall (i) describe the facts and circumstances of such Change in Control in reasonable detail, (ii) make reference to this
Section 3.1(f)(iii), and (iii) specify the expected date on which such Change in Control shall be consummated. Each Series A Preferred Partner shall have the ability to exercise its rights under this Section 3.1(f)(iii)
by written notice (a “CIC Response Notice”) delivered by a Series A Preferred Partner to the Partnership on or prior to the tenth Business Day after delivery by the Partnership of the CIC Notice. The Partnership shall redeem the
amount of any Series A Preferred Partners’ Series A Preferred Units as set forth in a CIC Response Notice on the closing date of such Change in Control by making payment of the amount specified in this Section 3.1(f)(iii).

 (iv) Redemption at the Option of the Series A Preferred Partners in Connection with a Special Distribution Offer. At
any time from May 18, 2011 to November 18, 2011, in connection with the payment of a Special Distribution the Partnership shall make an offer (a “Special Distribution Offer”) to purchase any and all of the Series A
Preferred Units then outstanding at a price equal to 107% of the sum of (x) the Unreturned Capital Contribution with respect to such Series A Preferred Units on the date of redemption, plus (y) the accrued and unpaid Preferred Return with
respect to such Series A Preferred Units on the date of redemption. The Partnership shall deliver written notice (a “Special Distribution Offer Notice”) to the Series A Preferred Partners of any Special Distribution promptly, but in
no event any later than ten (10) Business Days prior to the expected payment date of such Special Distribution. Such notice shall (i) make reference to this Section 3.1(f)(iv), and (ii) specify the expected date on which
such Special Distribution shall be paid. Each Series A Preferred Partner shall have the ability to exercise its rights in whole or in part under this Section 3.1(f)(iv) by written notice (a “Special 

  

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Distribution Response Notice”) delivered by a Series A Preferred Partner to the Partnership on or prior to the fifth Business Day after delivery by the Partnership of the Special
Distribution Offer Notice. The Partnership shall redeem the amount of any Series A Preferred Partners’ Series A Preferred Units as set forth in a Special Distribution Response Notice on or prior to the payment date of such Special Distribution.

 (v) Eight Year Redemption at the Option of the Series A Preferred Partners. At any time after November 18, 2016,
a Majority-In-Interest of the Series A Preferred Partners shall have the right to cause the Partnership to redeem all of the Series A Preferred Units for an amount equal to the aggregate Preferred Liquidation Preference on the date of redemption.
Such right may be exercised upon at least thirty (30) days written notice from a Majority-In-Interest of the Series A Preferred Partners to the General Partner and the other Series A Preferred Partners (such notice to be given no earlier than
November 18, 2016), and such redemption shall occur on a date determined by the Partnership which shall be no later than sixty (60) days after receipt by the Partnership of such notice. 

(vi) Redemption of Series A Preferred Units at the Option of Wells and Kayne. 

(1) At any time after November 18, 2016, Wells shall have the right to cause the Partnership to redeem all of the Series A Preferred
Units then owned by Wells and which were acquired by Wells on the Closing Date for an amount equal to the Preferred Liquidation Preference of such Series A Preferred Units on the date of redemption. Such right may be exercised upon at least thirty
(30) days written notice from Wells to the General Partner (such notice to be given no earlier than November 18, 2016), and such redemption shall occur on a date determined by the Partnership which shall be no later than sixty
(60) days after receipt by the Partnership of such notice. The rights set forth in this Section 3.1(f)(vi)(1) shall be transferable in connection with a Transfer of Series A Preferred Units (i) by Wells to any Affiliate of
Wells, and (ii) by any Affiliate of Wells to any other Affiliate of Wells; provided, that each such Transfer must be made in accordance with Section 8.2(a)(ii). 

(2) At any time after November 18, 2016, Kayne shall have the right to cause the Partnership to redeem all of the Series A
Preferred Units then owned by Kayne and which were acquired by Kayne on the Closing Date for an amount equal to the Preferred Liquidation Preference of such Series A Preferred Units on the date of redemption. Such right may be exercised upon at
least thirty (30) days written notice from Kayne to the General Partner (such notice to be given no earlier than November 18, 2016), and such redemption shall occur on a date determined by the Partnership which shall be no later than sixty
(60) days after receipt by the Partnership of such notice. The rights set forth in this Section 3.1(f)(vi)(2) shall be transferable in connection with a Transfer of Series A Preferred Units (i) by Kayne to any Affiliate of
Kayne, (ii) by any Affiliate of Kayne to any other Affiliate of Kayne, and (iii) by Kayne or any Affiliate of Kayne to a third party; provided, that each such Transfer must be made in accordance with Section 8.2(a)(ii).

 (vii) Majority-In-Interest Approval Rights. Notwithstanding anything to the contrary contained in this Agreement, for
as long as (a) with respect to items (1), (2), (3) and (4) below, any Series A Preferred Units are outstanding, and (b) with respect to items (5) and 

 

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(6) below, at least thirty-three and one-third percent (33 1/3%) of the Series A Preferred Units outstanding on the date hereof remain outstanding, the Partnership will not permit any of the
following actions to be taken without the approval of a Majority-In-Interest of the Series A Preferred Partners to be exercised in their Permitted Discretion: 

(1) payment of distributions by the Partnership on Equity Interests of the Partnership that are junior to the Series A Preferred Units
with respect to the distribution rights in Section 6.1(a) and (b), other than payments of (a) Tax Distributions made in accordance with Section 6.2, (b) a Special Distribution if the Special Distribution
Payment Conditions are satisfied prior to or simultaneous with the time of such distribution, and (c) distributions referred to in clauses (a) through (c) of Section 3.1(f)(vii)(2) ((a) through (c), “Permitted
Distributions”); 
 (2) repurchases or redemptions by the Partnership or any of its Subsidiaries of Partnership
Units that are junior to the Series A Preferred Units with respect to the distribution rights in Section 6.1(a) and (b), other than (a) repurchases of Offered Units pursuant to Section 9.4 up to, from and after
the date hereof, an aggregate amount not to exceed the ROFO Limit, (b) (i) repurchases of Partnership Units held by either an Individual Partner upon such Individual Partner’s death, or by a Partner or related Individual Partner who
is an officer, director or employee of the General Partner or the Partnership or any of its Subsidiaries and who becomes separated from the Partnership or any of its Subsidiaries, in accordance with the terms of either an employment agreement,
option agreement, or other grant of equity interests made to such officer, director or employee or in connection with, as applicable, such officer’s, director’s or employee’s employment or engagement with the Partnership or its
Subsidiaries, in each case between such officer, director or employee and the Partnership and/or any of its Subsidiaries, and (ii) without duplication, any repurchases pursuant to Section 9.6 and (c) repurchases of Partnership
Units pursuant to the cashless exercise of a Management Option; 
 (3) the issuance by the Partnership of any Partnership Units
that are pari passu or senior to the Series A Preferred Units as to distribution, liquidation or redemption preferences; 

(4) any amendment to the Certificate or this Agreement to the extent such amendment adversely affects the rights, preferences or
privileges of the Series A Preferred Units; provided, however, that the issuance of additional Partnership Units (including, without limitation, Management Options, additional options and other Partnership Interests to directors,
officers, managers or employees of the General Partner, the Partnership, any of its Subsidiaries or any Affiliate of any thereof, and Partnership Units issued in connection with the exercise of a Management Option or additional options) as permitted
hereunder shall not be deemed to adversely affect the rights, preferences or privileges of the Series A Preferred Units in any manner; and 

(5) the incurrence of Indebtedness by the Partnership or any of its Subsidiaries (other than Permitted Indebtedness) if, at the time of
and after giving pro forma effect to the incurrence thereof and any other transactions effected contemporaneously therewith a Total Leverage Ratio Default would exist and be continuing; 

 

 9 

 (6) the entry by the Partnership or any of its Subsidiaries into any transaction with any
of its Affiliates other than (a) agreements between the Partnership and an Affiliate that are in existence on the date hereof and transactions made in accordance with the terms of such agreements and, with respect to agreements between the
Partnership or one of its Subsidiaries and a Centre Partners Entity or its Affiliates (other than the Partnership or Subsidiaries), as set forth on Schedule 3.1(f)(vii)(6), (b) employment, bonus, or other incentive or compensation
programs or agreements, including options, Management Options, additional options and other Partnership Interests to directors, officers, managers or employees of the General Partner, the Partnership, any of its Subsidiaries, and other equity
programs and arrangements between the Partnership or any of its Subsidiaries and any of their respective directors, officers, managers or employees, (c) customary agreements between the Partnership and the General Partner with respect to
indemnification for the members of the General Partner’s Board of Directors, (d) the Centre Management Agreement including the payment of the Centre Management Fees thereunder, (e) issuances by the Partnership of Debt or Equity
Securities made in accordance with Section 9.5 (including issuances to one or more of the BB Co-Invest Entities), (f) transactions that are on terms and conditions that are no less favorable to the Partnership and/or its
Subsidiaries in the aggregate than the terms that could be obtained by the Partnership and/or its Subsidiaries from non-Affiliates on an arm’s-length basis, (g) transactions between and/or among the Partnership and its Subsidiaries,
(h) transactions contemplated by the Transaction Documents, or (i) transactions effected in accordance with the terms of Article VIII, Article IX or Article XI. 

(viii) Wells / Kayne Approval Rights. 

(1) With respect to the approval rights set forth in Section 3.1(f)(vii)(1) above, to the extent that at the time of the
payment of any such distributions referred to in such Section (other than Permitted Distributions) there is an accumulated unpaid Preferred Return on the Series A Preferred Units acquired by Wells on the Closing Date and then held by Wells or an
Affiliate of Wells, Wells (and not any assignee or transferee of the Series A Preferred Units held by Wells, other than an Affiliate of Wells) shall have the right to approve such distribution, such approval to be given or withheld by Wells or such
Affiliate in its Permitted Discretion. With respect to the approval rights set forth in Section 3.1(f)(vii)(4) above, to the extent any such amendment or modification referred to in such Section would (A) have a material adverse
effect on the interests of Wells disproportionate to the effect on the other holders of Series A Preferred Interests, (B) reduce the Preferred Liquidation Preference applicable to Wells’ Series A Preferred Interests, or (C) modify the
redemption rights in Section 3.1(f)(vi)(1) in a manner adverse to Wells (in its capacity as a holder of Series A Preferred Units), then, in each case, such amendment or modification shall not be effective as to Wells without the approval
of Wells, such approval to be given or withheld by Wells in its Permitted Discretion. The rights set forth in this Section 3.1(f)(viii)(1) shall be transferable in connection with a Transfer of Series A Preferred Units (i) by Wells
to any Affiliate of Wells, and (ii) by any Affiliate of Wells to any other Affiliate of Wells; provided, that each such Transfer must be made in accordance with Section 8.2(a)(ii). 

(2) With respect to the approval rights set forth in Section 3.1(f)(vii)(4) above, to the extent any such amendment or
modification referred to in such Section would (A) have a material adverse effect on the interests of Kayne disproportionate to 

 

 10 

 
the effect on the other holders of Series A Preferred Interests, (B) reduce the Preferred Liquidation Preference applicable to Kayne’s Series A Preferred Interests, or (C) modify
the redemption rights in Section 3.1(f)(vi)(2) in a manner adverse to Kayne (in its capacity as a holder of Series A Preferred Units), then, in each case, such amendment or modification shall not be effective as to Kayne without the
approval of Kayne, such approval to be given or withheld by Kayne in its Permitted Discretion. The rights set forth in this Section 3.1(f)(viii)(2) shall be transferable in connection with a Transfer of Series A Preferred Units
(i) by Kayne to any Affiliate of Kayne, (ii) by any Affiliate of Kayne to any other Affiliate of Kayne, and (iii) by Kayne or any Affiliate of Kayne to a third party; provided, that each such Transfer must be made in accordance
with Section 8.2(a)(ii). 
 (ix) Additional Falcon Approval Rights. Notwithstanding anything to the contrary
contained within this Agreement, during the occurrence and continuance of any Default Event, in addition to the special approval rights set forth in Section 3.1(f)(vii) above, if on the date of the proposed action Falcon and its
Affiliates then hold at least forty percent (40%) of the Series A Preferred Units acquired by Falcon on the Closing Date, then the Partnership will not permit any of the following actions to be taken without the approval of Falcon to be
exercised in its Permitted Discretion: 
 (1) either (x) a merger, consolidation or reorganization of the Partnership,
other than a merger, consolidation or reorganization in which the Partnership is the surviving entity and the rights, preferences and privileges and value of the Series A Preferred Units are not impaired as a result thereof, or (y) a sale of or
all or substantially all of the Partnership’s and all of its Subsidiaries’ assets that, in each case, would result in an impairment to the value of the Series A Preferred Units; 

(2) acquisitions by the Partnership or any of its Subsidiaries of all or substantially all of the assets or equity interests of any
Person in one or more transactions or series of related transactions for an aggregate purchase price greater than $5,000,000; 

(3) either the hiring of a new President, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, or any Executive
Vice President, or the termination of or material change in the compensation of its then-existing President, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer or any Executive Vice President; 

(4) the incurrence of Indebtedness by the Partnership or its Subsidiaries (other than Permitted Indebtedness) in excess of $10,000,000
in the aggregate at any one time then outstanding; 
 (5) the alteration of the character of the business of the Partnership
and its Subsidiaries, taken as a whole, in a fundamental and substantive manner from the business conducted by the Partnership and the Subsidiaries (or their respective predecessors) on the date of the Default Event, taken as a whole, and other
business activities incidental or related to any of the foregoing; 
  

 11 

 (6) the making of any Capital Expenditures, other than the making of Maintenance Capital
Expenditures not to exceed $10,000,000 in the aggregate in any Fiscal Year; and 
 (7) the issuance by any Subsidiary of the
Partnership of any Equity Interests, other than issuances to the Partnership or a Subsidiary of the Partnership; 

provided, however, that for the avoidance of doubt, the consent rights set forth in this Section 3.1(f)(ix)
will be solely for the benefit of Falcon and will not be transferable upon a Transfer of the Series A Preferred Units by Falcon to any Person other than an Affiliate of Falcon (or by a Transfer by such Affiliate of Falcon to another Affiliate of
Falcon); and provided, further, that if (a) a Default Event giving rise to the rights in this Section 3.1(f)(ix) is cured, waived, or otherwise ceases to exist, whether pursuant to this Agreement or other underlying
documents giving rise to the Default or otherwise, then upon such cure, waiver or cessation, neither Falcon nor any of its Affiliates will thereafter have the consent rights set forth in this Section 3.1(f)(ix) unless and until there is
any further Default Event, and (b) the consent rights set forth in this Section 3.1(f)(ix) will not be applicable to any action which otherwise would be prohibited hereunder if the completion of such action results in the complete
redemption, repayment or repurchase, no later than twenty (20) Business Days following the taking of such action, of the Series A Preferred Units purchased by Falcon on the date hereof that are then held by Falcon and its Affiliates.

 (x) Blocker Corporations. The Partnership acknowledges that for as long as the Partnership is structured as a limited
partnership, limited liability company or other fiscally transparent entity for U.S. Federal income tax purposes, the Falcon Funds and Kayne intend to hold their Partnership Units through one or more blocker corporations (each a “Blocker
Corporation”). The Partnership hereby agrees that in the event of any Change in Control, a Tag-Along Sale pursuant to Section 9.2, Drag-Along Sale pursuant to Section 9.1 or other comparable transaction by the
Partnership that affects the Partnership Units held by such Blocker Corporation, the Partnership will endeavor to cause such transaction to be structured as an acquisition of an equivalent amount of stock of the Blocker Corporation in lieu of the
Partnership Units held by such Blocker Corporation. Further, in the event that the Partnership is converted into a corporation or other entity that is not a fiscally transparent entity for U.S. Federal income tax purposes (whether by merger,
formation of a new parent or otherwise and including without limitation pursuant to Article XI) , the Partnership will endeavor to permit the stockholders of each Blocker Corporation to merge such Blocker Corporation into such successor
entity in a mutually satisfactory tax-efficient manner and to receive the same consideration that the Blocker Corporation would have received as a result of such conversion. Notwithstanding the foregoing, (i) the Partnership will not be
required to take any action under this Section 3.1(f)(x) if such action would be reasonably likely to have an adverse affect on any Partner (including an adverse affect on any of its direct or indirect equity interests) or the
Partnership, and (ii) nothing in this Section 3.1(f)(x) shall be deemed to limit the rights of the Centre Partners Entities set forth in Section 9.1. 

(g) Restrictive Covenants. Each Other Partner who or whose related Individual Partner is an employee of the Partnership or one of
its Subsidiaries agrees (and agrees to cause its related Individual Partner) to be bound by the provisions of this Section 3.1(g)  

 

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(except to the extent such provision is (x) more restrictive than the corresponding provisions of such Individual Partner’s Employment Agreement, or in which case the Individual Partner
will not be bound by the more restrictive portion of this Section 3.1(g)), or (y) prohibited by applicable law: 

(i) Confidential Information. “Confidential Information” as used in this Agreement, includes but is not limited
to, specialized training received by each such Other Partner or related Individual Partner; research and development materials, electronic databases; computer programs and technologies; marketing and/or scientific studies and analysis; financial
models; expansion or acquisition plans; product and pricing knowledge; supplier lists and information; any and all information concerning past, present and future customers, referral sources or vendors; contracts and licenses; management structure,
company ownership, personnel information (including the performance, skills, abilities and payment of employees); purchasing, accounting and business systems; short and long range business planning; data regarding the Partnership’s and its
Subsidiaries’ past, current and future financial performance, sales performance, and current and/or future plans to increase the Partnership’s and its Subsidiaries’ market share by targeting specific demographic and geographic
markets; financial information; trade secrets; business policies; methods of operation; implementation strategies; promotional information and techniques; marketing presentations; price lists; files or other information; pricing strategies; computer
files; samples; customer originals; or any other confidential information concerning the business and affairs of the Partnership and its Subsidiaries. 

(ii) Each such Other Partner’s Promises. In exchange for the Partnership’s agreements set forth herein and all other
consideration provided pursuant to this Agreement, to which these promises are ancillary, each such Other Partner agrees (and shall cause its related Individual Partner to promise) as follows: 

(1) no Confidential Information shall be used by such Other Partner or its related Individual Partner or disclosed or made available by
Other Partner or its related Individual Partner to any Person except (1) as required in the course of such Other Partner’s or its related Individual Partner’s employment or (2) when required to do so by a court of law, by any
Governmental Entity having supervisory authority over the business of the Partnership or any of its Subsidiaries or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction to order such Other Partner or
its related Individual Partner to divulge, disclose or make accessible such information, it being understood that to the fullest extent permitted by law such Other Partner will, and shall cause its related Individual Partner to, promptly notify the
Partnership of such requirement so that the Partnership may seek to obtain a protective order. 
 (2) each such Other Partner
agrees, and shall cause its related Individual Partner to agree, that each such Other Partner’s and its related Individual Partner’s employment is on an exclusive basis, and that until a Termination occurs, neither such Other Partner nor
its related Individual Partner will engage in any other business activity. Notwithstanding the foregoing, nothing in this Agreement shall preclude such Other Partner or its related Individual Partner from (i) serving on the governing bodies of
other companies (subject to the approval of the Board of Directors of the General Partner which shall not be 
  

 13 

 
unreasonably withheld), (ii) engaging in charitable and public service activities, or engaging in speaking and writing activities, or (iii) managing such Other Partner’s or its
related Individual Partner’s personal investments, provided that such activities under clauses (i) and (ii) are disclosed in writing to such Board of Directors in a notice that references this provision and the activities under
clauses (i), (ii) and (iii) do not interfere with such Other Partner’s or its related Individual Partner’s availability or ability to perform such Other Partner’s or its related Individual Partner’s duties and
responsibilities. 
 (3) upon Termination, such Other Partner shall, and shall cause its related Individual Partner to, return
to the Partnership (or its applicable Affiliate) all such information that exists in written or other physical form (and all copies thereof) under such Other Partner’s or its related Individual Partner’s control, whether prepared by such
Other Partner, its related Individual Partner or by others. 
 (iii) Noncompete. Each such Other Partner agrees, and
shall cause its related Individual Partner to agree, that while employed by the Partnership or one of its Subsidiaries and until the earlier to occur of (i) the period ending seven years following the Closing Date or (ii) the period ending
one year after Termination, such Other Partner shall not, and shall cause its related Individual Partner not to, directly or indirectly, engage in, or participate as an investor in, an officer, employee, director or agent of, or consultant for, any
Entity engaging in any line of business competitive with the Business in the locations where such business was conducted as of the Closing Date; provided however that, nothing herein shall prevent such Other Partner or its related
Individual Partner from investing as less than a 5% shareholder in the securities of any company listed on a national securities exchange or quoted on an automated quotation system. Such Other Partner’s or its related Individual Partner’s
participation in an Entity in any of the foregoing capacities, other than participation described in the foregoing proviso, being sometimes referred to herein as being a “Participant.” 

(iv) Nonsolicitation of Employees. Each such Other Partner agrees, and shall cause its related Individual Partner to agree, that
while employed by the Partnership or one of its Subsidiaries and until the earlier to occur of (i) the period ending seven years following the Closing Date or (ii) the period ending two years after Termination (the
“Non-Solicitation Period”), such Other Partner will not, and will cause its related Individual Partner not to, directly or indirectly induce or solicit any of the Business employees who were employees of the Business as of
the Closing to leave their employment. 
 (v) Nonsolicitation of Customers. Each such Other Partner agrees, and shall
cause its related Individual Partner to agree, that all customers of the Business for which such Other Partner or its related Individual Partner provided services as of the Closing Date, and all prospective customers from whom such Other Partner or
its related Individual Partner has solicited business while in the employ of the Business prior to the Closing, shall be solely the customers of the Partnership and its Subsidiaries. Such Other Partner agrees, and shall cause its related Individual
Partner to agree, that during the Non-Solicitation Period, such Other Partner shall, and shall cause its related Individual Partner to, neither directly nor indirectly solicit business as to products or services competitive with those of the
Business, from any of the Partnership’s or any if its Subsidiary’s customers with whom such Other Partner or its related Individual Partner had contact within one year prior to the Closing Date. 

 

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 (vi) Standstill. Each such Other Partner agrees, and shall cause its related
Individual Partner to agree, that during the Non-Solicitation Period, such Other Partner shall not, and shall cause its related Individual Partner not to, except at the specific written request of the Board of Directors of the General Partner:

 (1) engage in or propose, or be a Participant in any Entity that engages in or proposes, any material transaction between
the Partnership and/or any Subsidiary of the Partnership (or any of their respective successors), on the one hand, and such Other Partner, its related Individual Partner or any Entity in which Other Partner or its related Individual Partner is a
Participant, on the other hand; 
 (2) acquire any Equity Securities of the Partnership and/or any Subsidiary of the
Partnership (or any of their respective successors) (other than Equity Securities issued to such Other Partner or its related Individual Partner by the Partnership or issued to such Other Partner or its related Individual Partner by the Partnership
upon exercise of options issued to such Other Partner by the Partnership), or be a Participant in any Entity that acquires any Equity Securities of the Partnership and/or any Subsidiary of the Partnership (or any of their respective successors);

 (3) solicit proxies, or be a Participant in any Entity that solicits proxies, or become a Participant in any solicitation of
proxies, with respect to the election of directors of the General Partner, the Partnership and/or any Subsidiary of the Partnership (or any of their respective successors) in opposition to the nominees recommended by the board of directors or
similar governing body of any such Entity; or 
 (4) directly or indirectly, engage in or participate in any other activity
that would be reasonably expected to result in a change of control of the Partnership and/or any Subsidiary of the Partnership (or any of their respective successors). 

The foregoing provisions of this subparagraph (vi) shall not be construed to prohibit or restrict the manner in which each such
Other Partners or its related Individual Partner exercises each such Other Partner’s or its related Individual Partner’s voting rights in respect of equity securities of the Partnership acquired in a manner that is not a violation of the
terms of this Agreement. 
 (vii) Acknowledgements. Each such Other Partner acknowledges and agrees that: 

(1) the market for the Partnership’s products, services, and activities may be global, and that the products, services and/or
activities can be provided anywhere in the world. Each such Other Partner recognizes that the Partnership draws its customers and/or clients from around the world because the Partnership’s products, services, and activities may be global, and
the products, services and/or activities may be provided anywhere in the world. Each such Other Partner agrees that the terms of this Agreement are reasonable, valid and enforceable and the restricted period of time, definitions and geographical
limitations specified in the above paragraphs are reasonable in view of the nature of the business in which the Partnership is engaged and each such Other Partner’s or its related Individual Partner’s knowledge of the Partnership’s
operations and customer relationships each such Other Partner will gain by virtue of each such Other Partner’s or its related Individual Partner’s position; 

 

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 (2) this limited prohibition against unfair competition is narrowly tailored to safeguard
the Partnership’s and its Subsidiaries’ legitimate business interests while not unreasonably interfering with each such Other Partner’s or its related Individual Partner’s ability to obtain other employment; 

(3) each such Other Partner’s or its related Individual Partner’s employment and/or continued employment with the Partnership
or one of its Subsidiaries; the compensation, specialized training and Confidential Information provided to each such Other Partner or its related Individual Partner’s by the Partnership pursuant to this Agreement; and the provision of benefits
to each such Other Partner or its related Individual Partner by the Partnership, among other things, are sufficient consideration for each such Other Partner’s covenants contained herein; 

(4) each such Other Partner has a duty to contact the Partnership if each such Other Partner has any questions regarding whether or not
conduct by each such Other Partner or its related Individual Partner would be restricted by this Agreement; 
 (5) each such
Other Partner has a duty to immediately inform the Partnership in writing of any employment or similar relationship each such Other Partner or its related Individual Partner enters into after termination of employment with the Partnership during the
restricted period of time set forth above; 
 (6) the provisions in this Section 3.1(g) shall survive the
termination of this Agreement (and for the avoidance of doubt shall not apply to BB Co-Invest L.P.); 
 (7) the restricted
period of time set forth herein is a material term of this Agreement and that the Partnership is entitled to each such Other Partner’s compliance with these terms during that full period of time. Therefore, each such Other Partner agrees that
the restricted period of time will be tolled during any period of non-compliance by each such Other Partner and its related Individual Partner. If the Partnership must seek injunctive relief or judicial intervention to enforce this Agreement, the
restricted time period set forth herein does not commence until each such Other Partner is judged by a court of competent jurisdiction to be in full compliance with this Agreement; and 

(8) if, at the time of enforcement of this Section 3.1, a court holds that the restrictions stated herein are unreasonable
under the circumstances then existing, the parties hereto agree that the maximum period, scope or geographic area legally permissible under such circumstances will be substituted for the period, scope or area stated herein. 

(viii) Nondisparagement. Except to the extent this Section 3.1(g) is inconsistent with such Other Partner’s or
its related Individual Partner’s Employment Agreement, each such Other Partner agrees, and shall cause its related Individual Partner to agree, that such Other Partner will not, and that its related Individual Partner will not, at any time
during Other Partner’s or its related Individual Partner’s employment with the General Partner, 
  

 16 

 
the Partnership or any of their respective Subsidiaries, or after directly (or through any other Person) make any public or private statements (whether orally or in writing) which are derogatory
or damaging to the General Partner, the Partnership or any of their respective Subsidiaries or Affiliates, their respective businesses, activities, operations, affairs, reputations or prospects or any of their respective Affiliates, officers,
employees, directors, partners, agents, members or shareholders; provided that such Other Partner or its related Individual Partner may comment generally on industry matters in response to inquiries from the press and in other public speaking
engagements. 
 ARTICLE IV 

CONTRIBUTIONS TO CAPITAL AND 

ISSUANCES OF ADDITIONAL UNITS 

4.1 Limited Partner Capital Contributions. (a) On the terms and subject to the conditions set forth in this Agreement,
on the date hereof, each Partner shall make its Capital Contribution in the amount set forth opposite its name on Schedule I. Capital Contributions shall be payable in immediately available funds. In no event shall a Limited Partner be
required to contribute capital to the Partnership in excess of its Capital Contribution. In exchange for its Capital Contribution, each Partner shall be issued the number and class of Partnership Units set forth opposite such Partner’s name on
Schedule I and, upon such issuance pursuant to this Agreement, the Partnership Units so issued shall be deemed to be duly issued and fully paid and nonassessable Partnership Interests in the Partnership. 

4.2 Effect of Exercise of Warrants, Management Options or Other Options. It is expressly understood and agreed that the
exercise of the Management Options or other options on Partnership Units permitted to be issued hereunder, and the vesting of certain compensatory Partnership Units, may result in adjustments to the Capital Accounts of the Partners in accordance
with Section 4.4, and may affect the Partners’ interests in the capital or profits of the Partnership. 

4.3 No Third Party Beneficiary. No creditor or other third party having dealings with the Partnership shall have the right
to enforce the right or obligation of any Partner to make Capital Contributions or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the
benefit of, and may be enforced solely by, the parties hereto (including, following exercise thereof, any Person who exercises a warrant or option (including, without limitation, a Management Option) to acquire Partnership Units) and their
respective permitted successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other
third party, nor may such rights or obligations be sold, Transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is
the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. The payment of any such money or distribution of any such property to a Limited Partner shall
be deemed to be a compromise within the meaning of Section 17-502(b) of the Act, and the Limited Partner receiving any such money or property shall not be required to return any such money or property to any Person, the Partnership or any

  

 17 

 
creditor of the Partnership. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or
property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, an Adjusted Capital Account Deficit of a Partner shall not be deemed to be a liability of
such Partner nor an asset or property of the Partnership. Notwithstanding anything to the contrary herein, Centre Partners and each of the Indemnitees shall be a third party beneficiary of this Agreement and shall be entitled to enforce the
indemnification and exculpation provisions of this Agreement including, without limitation, the provisions of Section 5.4 and Section 5.5, as if they were a party hereto. 

4.4 Capital Accounts. 

(a) The Partnership shall establish a separate capital account (a “Capital Account”) for each class of Partnership
Units held by a Partner. Capital Accounts shall consist of such Partner’s initial Capital Contribution to the Partnership for such class of Partnership Units, (i) increased by (A) any additional actual or constructive capital
contributions by such Partner to the Partnership for such class of Partnership Units and (B) any income from time to time credited to the Capital Account of such Partner with respect to such class of Partnership Units pursuant to
Article VII, and (ii) decreased by (A) any actual or constructive distributions to such Partner on account of such class of Partnership Units and (B) any losses or deductions from time to time charged to the Capital
Account of such Partner with respect to such class of Partnership Units pursuant to Article VII. 
 (b) Capital
Accounts shall be determined and maintained in accordance with Code Section 704(b) and the Regulations promulgated thereunder, with such adjustments as may be required thereby. Upon the occurrence of a Book-Up Event (but immediately prior to
such Book-Up Event), the Capital Accounts of the Partners shall be adjusted to reflect the Gross Asset Value of the Partnership’s assets, such that any gain or loss with respect to assets of the Partnership (including unrealized gain or loss)
that has not previously been reflected in the Partners’ Capital Accounts shall be credited to the Capital Accounts of the Partners in accordance with Section 7.1. For purposes of maintaining and determining Capital Accounts, all
property distributed in kind by the Partnership to a Partner shall be charged to that Partner’s Capital Account at the Fair Market Value of such property on the date of distribution, and all property contributed in kind by a Partner to the
Partnership shall be credited to that Partner’s Capital Account at the Fair Market Value of such property on the date of contribution. 

(c) If all or a portion of a Partnership Unit is Transferred in accordance with the terms of this Agreement, the assignee shall succeed
to the Capital Account of the assignor to the extent that it relates to such Partnership Unit; 
 (d) Except as expressly
required by the Act, no Partner shall have any obligation to restore a deficit balance in its Capital Account. 
 4.5 No
Interest; No Return. No Partner shall be entitled to interest on its Capital Contribution or on such Partner’s Capital Account; provided, that this shall not limit the right of the Series A Preferred Partners to receive the
Preferred Return with respect to their Series A Preferred Units. Except as expressly provided herein or by law, no Partner shall have with respect to any Partnership Units any right to demand or receive the return of its Capital Contribution from
the Partnership. 
  

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 ARTICLE V 

MANAGEMENT 

5.1 Expenditures by Partnership. The General Partner is hereby authorized to pay compensation for accounting,
administrative, legal, technical, management and other services rendered to the Partnership, any BB Co-Invest Entity, or any Entity Controlled by the Partnership, including, without limitation, the Centre Management Fees. All of the aforesaid
expenditures shall be made on behalf of the Partnership, and the General Partner shall be entitled to reimbursement by the Partnership for any expenditures (including Administrative Expenses) incurred by it on behalf of the Partnership which shall
be made other than out of the funds of the Partnership. The Partnership shall also assume, and pay when due, all Administrative Expenses and the Centre Management Fees. 

5.2 Authority, Powers and Duties of General Partner. The General Partner shall have the exclusive right to manage and
control the business and affairs of the Partnership. Subject, among the Partners, to the limitations set forth in Section 3.1(f)(vii), (viii) and (ix), of this Agreement, the General Partner shall have all rights,
powers and authority of a general partner under the Act and otherwise under applicable law. Without limiting the generality of the foregoing but subject to the other express provisions of this Agreement, the General Partner shall have all rights,
powers and authority to do for, on behalf of and in the name of the Partnership all things that it deems necessary, proper or desirable to carry out its duties, including, without limitation, the right, power and authority from time to time to incur
liabilities and obligations, to pay fees and expenses and to make other expenditures; to maintain and close accounts with brokers and give instructions or directions in connection therewith; to maintain and close bank accounts and draw checks or
other orders for the payment of money; to buy, sell, exchange, or dispose of all securities, checks, money and other assets or liabilities of the Partnership; to hire employees, investment bankers, attorneys, accountants, consultants, custodians,
contractors and other agents, and pay them compensation; to enter into, make and perform such contracts, agreements and other undertakings, and do any and all such other acts required of the Partnership with respect to its interest in the Business,
including, but not limited to, entering into agreements with respect to such interests, which agreements may contain such terms, conditions and provisions as the General Partner in its sole discretion shall approve; to sue, prosecute, settle or
compromise all claims against third parties, compromise, settle or accept judgment with respect to claims against the Partnership and execute all documents and make all representations, admissions and waivers in connection therewith; and to enter
into, execute, acknowledge and deliver any and all contracts, agreements or other instruments to effectuate any or all of the foregoing. Without limiting the generality of the foregoing but subject to the other express provisions of this Agreement,
the General Partner is authorized to cause the Partnership to acquire the Business Interests, dispose of the Business Interests, to manage the business of the Business and its Affiliates, and to enter into such contracts and agreements in connection
therewith as the General Partner may determine to be necessary or desirable in its sole discretion. All determinations, acts and designations to be made by the Partnership or the General Partner hereunder shall be made by the General Partner in its
sole discretion. Third parties dealing with the Partnership are entitled to rely conclusively on the authority of the General Partner under the 

 

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Act and as set forth in this Agreement. The General Partner shall have the power to appoint officers of the Partnership as it deems necessary, and such officers shall exercise such powers and
perform such duties as shall be determined by the General Partner. 
 5.3 Compensation of the General Partner. The
General Partner shall not be entitled to any compensation for services rendered to the Partnership solely in its capacity as General Partner, except for reimbursement for expenses actually incurred by it as provided in Section 5.1.

 5.4 Indemnification. 

(a) To the fullest extent permitted by law and subject to the remainder of this Section 5.4(a), the Partnership shall
indemnify and hold harmless each Indemnitee from and against any and all claims, liabilities, damages, losses, costs and expenses (including amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal
or other costs and reasonable expenses of investigating or defending against any claim or alleged claim and any tax imposed on an Indemnitee in respect of amounts of indemnification received hereunder) of any nature whatsoever, liquidated or
unliquidated, that are incurred by any Indemnitee and arise out of or in connection with the affairs of the Partnership. In furtherance of the foregoing, an Indemnitee shall be entitled to indemnification hereunder unless there has been a final,
non-appealable determination by a court of competent jurisdiction that the claim giving rise to such indemnification was caused solely by Indemnitee’s conduct and such conduct constituted fraud, bad faith, willful misconduct or gross
negligence. The satisfaction of any indemnification and any holding harmless pursuant to this Section 5.4 shall be from and limited to Partnership assets (including insurance and any agreements pursuant to which the Partnership, its
officers or employees or any Indemnitee are entitled to indemnification), and no Partner shall have any personal liability on account thereof. 

(b) To the fullest extent permitted by law, expenses reasonably incurred by an Indemnitee in defense or settlement of any claim that may
be subject to a right of indemnification hereunder shall be advanced by the Partnership prior to the final disposition thereof after receipt of an undertaking by or on behalf of the Indemnitee to repay such amount if there is a final adjudication,
after all possible appeals have been exhausted, by a court of competent jurisdiction that such Indemnitee is not entitled to be indemnified hereunder. 

(c) The right of any Indemnitee to the indemnification expressly provided herein shall be cumulative of, and in addition to, any and all
rights to which such Indemnitee may otherwise be entitled by contract or as a matter of law or equity and shall extend to such Indemnitee’s successors, assigns and legal representatives. 

(d) The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or a plea of nolo contendere or
its equivalent shall not, by itself, create a presumption that an Indemnitee is not entitled to indemnification under this Agreement. 

(e) The Partnership may purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall
determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with 

 

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the Partnership’s activities, regardless of whether the Partnership would have the obligation to indemnify such Person against such liability under the provisions of this Agreement. The
Partnership shall purchase such insurance if it is available on terms the General Partner concludes are reasonable. 
 (f) The
provisions of this Section 5.4 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators, all of whom are third party beneficiaries of this Section 5.4, and shall not be deemed to create any
rights for the benefit of any other Persons. 
 5.5 Limitation on Liability.  

(a) To the fullest extent permitted by law (including Section 17-1101(c), (d), (e) and (f) of the Act): 

(i) notwithstanding any duty otherwise existing at law or in equity, and notwithstanding any other provision of this Agreement, neither
the General Partner nor any other Indemnitee shall owe any duty (including fiduciary duties) to the Partnership, any of the Partners or any other Person that is a party to or is otherwise bound by this Agreement, in connection with any act or
failure to act, whether hereunder, thereunder or otherwise; provided, however, that this clause (i) shall not eliminate the implied contractual covenant of good faith and fair dealing, and 

(ii) neither the General Partner nor any other Indemnitee shall have any personal liability to the Partnership, any of the Partners, or
any other Person that is a party to or is otherwise bound by this Agreement for monetary damages in connection with any act or failure to act, or breach, whether hereunder, thereunder or otherwise; provided, however, that this clause
(ii) shall not limit or eliminate liability for any act or omission that constitutes a bad faith violation of the implied contractual covenant of good faith and fair dealing. 

(b) If any provision of Section 5.5(a) is held to be invalid, illegal or unenforceable, the duties and personal liability of
either the General Partner or any other Indemnitee to the Partnership, any of the Partners or any other Person that is a party to or is otherwise bound by this Agreement shall be eliminated to the greatest extent permitted under the Act. 

(c) Other than with respect to the General Partner or any other Indemnitee to the extent to which Section 5.5(a) is
applicable (unless Sections 5.5(a) and (b) are held to be invalid, illegal or unenforceable, in which case this Section 5.5(c) shall apply to the General Partner and such Indemnitee), subject to applicable law, no such
Indemnitee shall be liable, in damages or otherwise, to the Partnership, the Partners or any of their Affiliates for any act or omission performed or omitted by any of them (including, without limitation, any act or omission performed or omitted by
any of them in reliance upon and in accordance with the opinion or advice of experts, including, without limitation, of legal counsel as to matters of law, of accountants as to matters of accounting, or of investment bankers or appraisers as to
matters of investment advice, appraisal advice, or valuation), except for any act or omission with respect to which a court of competent jurisdiction has issued a final, nonappealable judgment that such Indemnitee committed fraud, was grossly
negligent or engaged in willful misconduct. 
  

 21 

 (d) The Limited Partners expressly acknowledge that the General Partner is acting on behalf
of the Partnership. Except with respect to the Partnership’s obligations under Section 3.1(f)(x), neither the General Partner nor any other Indemnitee shall be obligated to consider the separate interest of any Limited Partner or
other Person (including the tax consequences to any Limited Partner or other Person) in deciding, pursuant to its authority granted under this Agreement, whether to cause the Partnership to take (or decline to take) any actions that are in the
interest of the Partnership; provided, however that the Partnership will, to the extent set forth in Section 3.1(f)(x), consider the interest of the Falcon Funds and Kayne as provided therein. Neither the General Partner nor any other
Indemnitee shall be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions. 

(e) The provisions of this Section 5.5 are for the benefit of the Indemnitees, their heirs, successors, assigns and
administrators, all of whom are third party beneficiaries of this Section 5.5, and shall not be deemed to create any rights for the benefit of any other Persons. 

5.6 Determination of the General Partner. To the fullest extent permitted by law and notwithstanding any other provision of
this Agreement or in any other agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever in this Agreement the General Partner is permitted or required to make a decision (a) in its “sole
discretion” or “discretion” or under a grant of similar authority or latitude, the General Partner shall be entitled to consider only such interests and factors as it desires, including, without limitation, its own interests and those
of its Affiliates, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Partnership or any other Person, or (b) in its “good faith” or under another express standard, the General
Partner shall act under such express standard and shall not be subject to any other or different standard. To the fullest extent permitted by law, the provisions of this Agreement, to the extent that they restrict or eliminate the duties and
liabilities of the General Partner otherwise existing at law or in equity, are agreed by the Partners to modify to that extent such other duties and liabilities of the General Partner. If any questions should arise with respect to the operation of
the Partnership that are not specifically provided for in this Agreement or the Act, or with respect to the interpretation of this Agreement, the General Partner is hereby authorized to make a final determination with respect to any such question
and to interpret this Agreement in good faith, and its determination and interpretation so made shall be final and binding on all parties. 

5.7 Limited Partners. 

(a) No Participation in Control. No Limited Partner shall participate in the control of the Partnership’s business, transact
any business in the Partnership’s name, or have the power to sign documents for or otherwise bind the Partnership; provided, however, the Limited Partners shall have the consent, voting and other rights expressly provided herein.
The taking of any such acts by the General Partner, any of its Affiliates or any officer, director, member, manager, employee, agent or trustee of the General Partner or its Affiliates, in their capacity as such, whether or not representatives of
the Limited Partners participated in such acts, shall not affect, impair or eliminate the limitations on the liability of the Limited Partners under the Act or this Agreement. 

 

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 (b) Bankruptcy of a Limited Partner. The Bankruptcy of any Limited Partner shall not,
in and of itself, cause a dissolution of the Partnership, and the rights of such Limited Partner to share in the Profits or Losses of the Partnership and to receive distributions of Partnership funds shall, on the happening of such event, devolve on
its successors or assigns, subject to the terms and conditions of this Agreement, and the Partnership shall continue as a limited partnership. However, in no event shall any such successor or assign become a substitute Limited Partner except in
accordance with Article VIII. 
 (c) No Withdrawal. No Limited Partner may withdraw from the Partnership without
the prior written consent of the General Partner, other than as expressly provided in this Agreement. 
 ARTICLE VI

 DISTRIBUTIONS 

6.1 Distributions. Subject to Section 6.2, distributions, including without limitation, distributions of cash,
shall be made to Limited Partners only when and if, and in the amounts, the General Partner shall determine in its sole discretion. Except for distributions pursuant to Section 6.2, and except for distributions constituting a Special
Distribution, which shall be made in accordance with the definition thereof, all distributions shall be made to the Limited Partners in the following order and priority: 

(a) First, to the Series A Preferred Partners pro rata in accordance with the number of Series A Preferred Units held by
each, until each Series A Preferred Partner receives an amount with respect to each of its Series A Preferred Units equal to the sum of (A) the excess of (i) the cumulative Preferred Return from the date of issuance of such Series A
Preferred Unit to the time of such distribution, over (ii) the sum of all prior distributions with respect to such Series A Preferred Units pursuant to this Section 6.1(a), and (B) if the Partnership shall at any time either
(I) redeem Series A Preferred Units pursuant to Sections 3.1(f)(ii), (iii) or (iv) or (II) make a distribution pursuant to clause (b) below (each, a “Lookback Event”) and, at any time not
more than 90 days prior to such Lookback Event, the Partnership shall have made any payment of Preferred Return pursuant to this clause (a) that is not a Current Payment (each such payment, a “Lookback Payment”), then each
Partner shall be entitled to receive an additional amount equal to the product of (A) the amount of each such Lookback Payment and (B) a percentage equal to the premium in excess of 100%, if any, that the Partnership would have been
obligated to pay in respect of Unreturned Capital Contributions on the date of the applicable Lookback Event; 
 (b) Second, to
the Series A Preferred Partners pro rata in accordance with the number of Series A Preferred Units held by each, until each Series A Preferred Partner receives an amount with respect to each of its Series A Preferred Units equal to sum of
(x) the Unreturned Capital Contribution with respect to such Series A Preferred Units plus (y) an amount equal to the premium (i.e., the amount in excess of 100%), if any, that the Partnership would have been obligated to pay had it
redeemed an equal amount of Unreturned Capital Contribution in respect of the Series A Preferred Units at such time pursuant to Sections 3.1(f)(ii), 3.1(f)(iii), or 3.1(f)(iv), after which the Series A Preferred Units shall
automatically be cancelled; 
  

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 (c) Third, in respect of each Class A Common Unit and Vested Class B Common Unit then
outstanding, pro rata in accordance with the Unreturned Capital Contributions relating thereto, until the Unreturned Capital Contributions in respect of such Class A Common Units and Vested Class B Common Units have been reduced to zero;

 (d) Then, pro rata to the Class A Common Partners and Vested Class B Common Partners in accordance with
the respective Percentage Interests in respect of such Class A Common Units and Vested Class B Common Units held by each. 

Notwithstanding anything to the contrary contained in this Section 6.1, the Partnership shall not be permitted to make any
distributions pursuant to paragraphs (b), (c) or (d) of this Section 6.1 prior to May 18, 2011 without the prior written consent of each Series A Partner affected thereby; provided that the Partnership shall not be
prohibited from redeeming the Series A Preferred Units in connection with a Change in Control or a Special Distribution in accordance with the terms of Section 3.1. 

6.2 Tax Distributions. To the extent the Partnership has cash available to it and after setting aside appropriate reserves,
all as determined by the General Partner in its sole discretion, the Partnership may distribute to each Partner, cash in an amount equal to such Partner’s Tax Distribution. Any Tax Distributions shall be calculated and made in advance of the
dates on which estimated or final tax payments relating to the pertinent Tax Period are due, and shall be made without regard to the actual tax status of any ultimate owner of the Partnership or partner of the Partnership. A Tax Distribution, if
made, shall be deemed to have been made on or prior to the last day of the Fiscal Year to which such Tax Distribution relates, and taken into account in determining allocations with respect to such Fiscal Year, notwithstanding that such Tax
Distribution may not be made in such Fiscal Year. If the Partnership does not have sufficient cash available to it to make the full Tax Distribution to each Partner for a Fiscal Year, the Tax Distributions for such Fiscal Year shall be made
pro rata to the Partners in proportion to the Tax Distributions otherwise owing to each Partner for such Fiscal Year. All Tax Distributions shall be considered as advances against distributions to which Partners are entitled under
Section 6.1, and shall reduce such future distributions dollar-for-dollar. 
 6.3 Withholding.

 (a) Notwithstanding any other provision of this Agreement, each Partner authorizes the Partnership to withhold and to pay
over, or otherwise pay, any withholding or other taxes payable by the Partnership or any of its Affiliates (pursuant to the Code or any provision of the United States Federal, state, local or foreign tax law) with respect to such Partner or as a
result of such Partner’s participation in the Partnership; and if and to the extent that the Partnership shall be required to withhold or pay and actually pays any such withholding or other taxes, such Partner shall be deemed for all purposes
of this Agreement to have received a payment from the Partnership as of the time such withholding or other tax is required to be paid notwithstanding the actual date of payment, which payment shall be deemed to be a distribution made pursuant to
Section 6.1 with respect to such Partner’s interest in the Partnership. To the extent that such deemed distribution to such Partner (or any successor to such Partner) for any Tax Period exceeds the distributions that such Partner
would have received for such period but for such withholding, such excess shall be treated as an interest-free advance to such Partner. 

 

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Amounts so treated as advanced to any Partner shall be repaid by such Partner to the Partnership within thirty (30) days after the Partnership delivers a written request to such Partner for
such repayment; provided, however, that if any such repayment is not made, the Partnership may (without prejudice to any other rights of the Partnership) collect such unpaid amounts from any subsequent Partnership distributions that
otherwise would be made to such Partner. 
 (b) If the Partnership makes a distribution in kind (if such distribution is
permitted in accordance with the terms of this Agreement) and such distribution is subject to withholding or other taxes payable by the Partnership on behalf of any Partner (the “Withheld Amount”), the General Partner shall
notify such Partner as to the extent (if any) of the Withheld Amount and such Partner shall make a prompt payment to the Partnership of the Withheld Amount by wire transfer (it being understood that, notwithstanding anything else herein to the
contrary, the Partnership shall refrain from distributing such property to be distributed having a Fair Market Value of at least the Withheld Amount until the Partnership has received a payment of such Withheld Amount). 

(c)Any withholding referred to in this Section 6.3 shall be made at the maximum applicable statutory rate under the
applicable tax law unless the General Partner shall have received an opinion of counsel or other evidence, satisfactory to the General Partner, to the effect that a lower rate is applicable, or that no withholding is applicable. 

(d) If the Partnership receives a distribution from or in respect of which tax has been withheld, the Partnership shall be treated as
having received cash in an amount equal to the amount of such withheld tax, and each Partner shall be treated as having received as a distribution the portion of such amount that is attributable to such Partner. 

6.4 Limitation on Distributions. Notwithstanding anything to the contrary contained in this Agreement, the Partnership, and
the General Partner on behalf of the Partnership, shall not be required to make a distribution to any Partner on account of its interest in the Partnership if such distribution would violate the Act or other applicable law. 

ARTICLE VII 

ALLOCATIONS; TAX AND ACCOUNTING MATTERS 

7.1 General Application. The rules set forth below in this Article VII shall apply for the purposes of determining
each Partner’s general allocable share of the items of income, gain, loss or expense of the Partnership comprising Profit or Loss of the Partnership for each Fiscal Year, determining special allocations of other items of income, gain, loss and
expense, and adjusting the balance of each Partner’s Capital Account to reflect the aforementioned general and special allocations. For each Fiscal Year, the special allocations in Section 7.3 shall be made immediately prior to the
general allocations of Section 7.2. 
 7.2 General Allocations. 

(a) Hypothetical Liquidation. The items of income, expense, gain and loss of the Partnership comprising Profit or Loss for a Fiscal
Year shall be allocated among the Persons who were Partners during such Fiscal Year in a manner that will, as nearly as possible, cause the Capital Account balance of each Partner at the end of such Fiscal Year to equal the excess (which may be
negative) of: 
 (i) the hypothetical distribution (if any) that such Partner would receive if, on the last day of the Fiscal
Year, (x) all Partnership assets, including cash, were sold for cash equal to their Gross Asset Values (determined, for the avoidance of doubt, without adjustment for the hypothetical liquidation described in this paragraph (i)), taking
into account any adjustments thereto for such Fiscal Year, (y) all Partnership liabilities were satisfied in cash according to their terms (limited, with respect to each nonrecourse liability, to the Gross Asset Value of the assets securing
such liability), and (z) the net proceeds thereof (after satisfaction of such liabilities) were distributed in full pursuant to Section 6.1 hereof, over 
  

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 (ii) the sum of (x) the amount, if any, which such Partner would be obligated to
contribute to the capital of the Partnership, (y) such Partner’s share of the Partnership Minimum Gain determined pursuant to Regulations Section 1.704-2(g), and (z) such Partner’s share of Partner Nonrecourse Debt Minimum
Gain determined pursuant to Regulations Section 1.704-2(i)(5), all computed immediately prior to the hypothetical sale described in Section 7.2(a)(i) hereof. 

(b) Determination of Items Comprising Allocations. 

(i) In the event that the Partnership has Profit for a Fiscal Year, 

(1) for any Partner as to whom the allocation pursuant to Section 7.2(a) hereof would reduce its Capital Account, such
allocation shall be comprised of a proportionate share of each of the Partnership’s items of expense or loss entering into the computation of Profit for such Fiscal Year; and 

(2) the allocation pursuant to Section 7.2(a) hereof in respect of each Partner (other than a Partner referred to in
Section 7.2(b)(i)(1) hereof) shall be comprised of a proportionate share of each Partnership item of income, gain, expense and loss entering into the computation of Profit for such Fiscal Year (other than the portion of each Partnership
item of expense and loss, if any, that is allocated pursuant to Section 7.2(b)(i)(1) hereof). 
 (ii) In the event
that the Partnership has a Loss for a Fiscal Year, 
 (1) for any Partner as to whom the allocation pursuant to
Section 7.2(a) hereof would increase its Capital Account, such allocation shall be comprised of a proportionate share of the Partnership’s items of income and gain entering into the computation of Profit for such Fiscal Year; and

 (2) the allocation pursuant to Section 7.2(a) hereof in respect of each Partner (other than a Partner referred
to in Section 7.2(b)(ii)(1) hereof) shall be comprised of a proportionate share of each Partnership item of income, gain, expense and loss entering into the computation of Profit for such Fiscal Year (other than the portion of each
Partnership item of income and gain, if any, that is allocated pursuant to Section 7.2(b)(ii)(1) hereof). 
  

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 (c) Loss Limitation. Notwithstanding anything to the contrary in this
Section 7.2, the amount of items of Partnership expense and loss allocated pursuant to this Section 7.2 to any Partner shall not exceed the maximum amount of such items that can be so allocated without causing such Partner to
have an Adjusted Capital Account Deficit at the end of any Fiscal Year, unless each Partner would have an Adjusted Capital Account Deficit. All such items in excess of the limitation set forth in this Section 7.2(c) shall be allocated
first to Partners who would not have an Adjusted Capital Account Deficit, pro rata, in proportion to their Capital Account balances, adjusted as provided in clauses (i) and (ii) of the definition of Adjusted Capital Account
Deficit, until no Partner would be entitled to any further allocation, and thereafter, to all Partners, pro rata, in proportion to their Percentage Interests. No Partner shall have any obligation under this Agreement to restore any
Adjusted Capital Account Deficit. 
 7.3 Special Allocations. The following special allocations shall be made in
the order required by the Code and the Regulations: 
 (a) Minimum Gain Chargeback. In the event that there is a net
decrease during a Fiscal Year in either Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain, then notwithstanding any other provision of this Article VII, each Partner shall receive such special allocations of items of
Partnership income and gain as are required in order to conform to Regulation Section 1.704-2. 
 (b) Qualified Income
Offset. Subject to Section 7.3(a) hereof, but notwithstanding any other provision of this Article VII, items of income and gain shall be specially allocated to the Partners in a manner that complies with the “qualified
income offset” requirement of Regulation Section 1.704-1(b)(2)(ii)(d)(3). 
 (c) Deficit Capital Accounts
Generally. In the event that a Partner has a deficit Capital Account balance at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is then obligated to restore pursuant to this Agreement, and
(ii) the amount such Partner is then deemed to be obligated to restore pursuant to the penultimate sentences of Regulation Sections 1.704-2(g)(1) and 1.704-2(i)(5), respectively, such Partner shall be specially allocated items of Partnership
income and gain in an amount of such excess as quickly as possible, provided that any allocation under this Section 7.3(c) shall be made only if and to the extent that a Partner would have a deficit Capital Account balance in
excess of such sum after all allocations provided for in this Article VII have been tentatively made as if this Section 7.3(c) were not in this Agreement. 

(d) Deductions Attributable to Partner Nonrecourse Debt. Any item of Partnership loss or expense that is attributable to Partner
Nonrecourse Debt shall be specially allocated to the Partners in the manner in which they share the economic risk of loss (as defined in Regulation Section 1.752-2) for such Partner Nonrecourse Debt. 

(e) Allocation of Nonrecourse Deductions. Each Nonrecourse Deduction of the Partnership shall be specially allocated to all of the
Partners in proportion to their Capital Contributions. 
  

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 (f) Code Section 754 Adjustments. To the extent an adjustment to the adjusted
tax basis of any Partnership asset pursuant to Section 734(b) of the Code is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the
Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be specially allocated to the Partners in a manner
consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such Section of the Regulations. 

(g) Allocations Subsequent to Assignment. To the extent permitted by the Code, Profits or Losses and other items attributable to a
Partnership Unit acquired by reason of an assignment from a Partner shall be allocated or adjusted between the assignor or the assignee based upon an interim closing of the Partnership’s books. 

(h) The allocations pursuant to Sections 7.3(a), 7.3(b), 7.3(c), 7.3(d), 7.3(e), 7.3(f) and
7.3(g) shall be comprised of a proportionate share of each of the Partnership’s items of income or gain. The amounts of any Partnership income, gain, loss or deduction available to be specially allocated pursuant to this
Section 7.3 shall be determined by applying rules analogous to those set forth in the definitions of Profit and Loss. 

(i) Curative Allocations. The allocations set forth in Sections 7.3(a), 7.3(b), 7.3(c), 7.3(d),
7.3(e), and 7.3(f) (the “Regulatory Allocations”) are intended to comply with certain requirements of Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding any provisions herein to the contrary (other
than the Regulatory Allocations), the Regulatory Allocations shall be taken into account in allocating other items of income, gain, loss and deduction among the Partners so that, to the extent possible, the cumulative net amount for the allocations
of Partnership items under this Article VII shall be equal to the net amount that would have been allocated had the Regulatory Allocations not occurred. This Section 7.3(i) is intended to minimize to the extent possible and to the
extent necessary any economic distortions which may result from application of the Regulatory Allocations and shall be interpreted in a manner consistent with this intention. 

(j) Upon the valid exercise of any Management Options or any other compensatory warrant, option or similar right to purchase Partnership
Units, unless the terms of such instrument provide otherwise, the Person exercising such instrument shall be admitted as a Partner hereunder. In addition, upon the valid exercise of any Management Options or any other compensatory warrant, option or
similar right to purchase Partnership Units, to the extent permitted by law: (x) the employer of such Person shall be treated as having made a cash payment to the Person exercising such instrument in an amount equal to (A) the Fair Market
Value of the Partnership Units acquired by such Person pursuant to the exercise of the instrument on the date of exercise (taking into account for such purposes the Partnership’s receipt of the exercise price on such instrument), minus
(B) the exercise price paid by such Person under the instrument (such amount, the “Spread Amount”); (y) such Person shall be treated as having made a Capital Contribution to the Partnership equal to the sum of
(A) the exercise price paid by the Person under the instrument, and (B) the Spread Amount; and (z) the Partnership shall be treated as contributing the Spread Amount to the Person’s employer. 

 

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 (k) Upon the vesting of any Class B Common Units granted as compensation (or upon an
election respecting such Class B Common Units pursuant to Section 83(b) of the Code), (1) the employer of such Person shall be treated as having made a cash payment to the Person holding such Partnership Unit or Partnership Units in an
amount equal to the Fair Market Value of such Partnership Unit or Partnership Units on the date of vesting (or grant in the case of an election under Section 83(b) of the Code which shall be considered, for grants made on or about the Closing
Date, equal to the amount paid per Class A Common Unit issued on the date hereof, and for grants made subsequent to the Closing Date, in an amount determined by the General Partner); (2) such Person shall be treated as having made a
Capital Contribution to the Partnership equal to such Fair Market Value; and (3) the Partnership shall be treated as contributing such Fair Market Value to the Person’s employer. 

7.4 Allocation of Nonrecourse Liabilities. For purposes of determining each Partner’s share of nonrecourse
liabilities, if any, of the Partnership in accordance with Regulation Section 1.752-3(a)(3), the Partners’ interests in Partnership Profits shall be determined in the same manner as prescribed by Section 7.3(e) hereof.

 7.5 Transfer of Units. In the event of a Transfer of all or part of a Partnership Unit (in accordance with the
provisions of this Agreement) at any time other than the end of a Fiscal Year, the shares of items of Partnership net income or net loss and specially allocated items allocable to the Transferred Partnership Unit shall be allocated between the
assignor and the assignee in a manner determined by the General Partner, in its sole discretion, that is not inconsistent with the applicable provisions of the Code and Regulations. 

7.6 Tax Allocations. 

(a) Section 704(b) Allocations. 

(i) Each item of income, gain, loss, deduction or credit for Federal income tax purposes that corresponds to an item of income, gain,
loss or expense that is either taken into account in computing Profit or Loss or is specially allocated pursuant to Section 7.3 hereof (a “Book Item”) shall be allocated among the Partners in the same proportion
as the corresponding Book Item is allocated among them pursuant to Section 7.2 or 7.3 hereof. 
 (ii) If the
Partnership recognizes Depreciation Recapture (as defined below) in respect of the sale of any Partnership asset, 
 (1) the
portion of the gain on such sale which is allocated to a Partner pursuant to Section 7.2 or 7.3 hereof shall be treated as consisting of a portion of the Partnership’s Depreciation Recapture on the sale and a portion of the
balance of the Partnership’s remaining gain on such sale under principles consistent with Regulations Section 1.1245-1; and 

(2) if, for Federal income tax purposes, the Partnership recognizes both “unrecaptured Section 1250 gain” (as defined in
Code Section 1(h)) and gain treated as ordinary income under Code Section 1250(a) in respect of such sale, the amount treated as Depreciation Recapture under Section 7.6(a)(ii)(1) shall be comprised of a proportionate share of
both such types of gain. 
  

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 (iii) “Depreciation Recapture” means the portion of any gain from
the disposition of an asset of the Partnership which, for Federal income tax purposes (a) is treated as ordinary income under Code Section 1245; (b) is treated as ordinary income under Code Section 1250; or (c) is
“unrecaptured Section 1250 gain” as such term is defined in Code Section 1(h). 
 (b) Section 704(c)
Allocations. In the event any property of the Partnership is credited to the Capital Account of a Partner at a value other than its tax basis (whether as a result of a contribution of such property or a revaluation of such property pursuant to
clause (b) of the definition of “Gross Asset Value”), then allocations of taxable income, gain, loss and deductions with respect to such property shall be made in a manner which will comply with Code Sections 704(b) and
704(c) and the Regulations thereunder. The Partnership, in the sole discretion of the General Partner, may make, or not make, “curative” or “remedial” allocations (within the meaning of the Treasury Regulations under Code
Section 704(c)) including, but not limited to: 
 (i) “curative” allocations which offset the effect of the
“ceiling rule” for a prior Fiscal Year (within the meaning of Regulation Section 1.704-3(c)(3)(ii)); and 
 (ii)
“curative” allocations from dispositions of contributed property (within the meaning of Regulation Section 1.704-3(c)(3)(iii)(B)). 

(c) Tax Items Allocable to Particular Partners. If the Partnership is required to recognize income, gain, deduction or loss for
tax purposes that is attributable to a particular Partner, such items shall be allocated to such Partner. 
 (d) Credits.
All tax credits shall be allocated among the Partners as determined by the General Partner, in its sole discretion, consistent with applicable law. 

The tax allocations made pursuant to this Section 7.6 shall be solely for tax purposes and shall not affect any
Partner’s Capital Account or share of non-tax allocations or distributions under this Agreement. 
 7.7 Books of
Account. At all times during the continuance of the Partnership, the Partnership shall maintain or cause to be maintained books of account that are complete and correct in all material respects, wherein shall be entered particulars of all
monies, goods or effects belonging to or owing to or by the Partnership, or paid, received, sold or purchased in the course of the Partnership’s business, and all of such other transactions, matters and things relating to the business of the
Partnership as are usually entered in books of account kept by Persons engaged in a business of a like kind and character. In addition, the Partnership shall keep all records as required to be kept pursuant to the Act. 

7.8 Tax Elections and Returns. All elections required or permitted to be made by the Partnership under any applicable tax
law shall be made by the General Partner in its sole discretion. The General Partner shall prepare the appropriate Federal, state, local and non-U.S. income tax returns of the Partnership and shall endeavor to furnish the appropriate informational
tax returns for each Partner (or a reasonable estimate thereof) no later than March 31 of each year. 
  

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 7.9 Tax Matters Partner. The General Partner is hereby designated as the Tax
Matters Partner within the meaning of Section 6231(a)(7) of the Code for the Partnership. 
 ARTICLE VIII 

TRANSFER OF PARTNERSHIP UNITS 

8.1 Transfers of General Partner Units. The General Partner may only Transfer any of the General Partner Units (A) to
any Affiliate, or (B) in connection with a Change in Control; provided that (i) such transferee executes a counterpart to this Agreement where it agrees to become the General Partner hereunder, and (ii) such Transfer is in
compliance with the Securities Act and applicable securities laws and otherwise in compliance with the terms of Section 8.2(g). 

8.2 Transfers by Limited Partners. 

(a) Subject to any restrictions on transferability by operation of law or contained elsewhere in this Agreement and any other requirement
of law imposed on the Partnership or the Limited Partners: 
 (i) no Limited Partner (other than Falcon, Wells or Kayne) shall
Transfer, or enter into any Swap Transaction with respect to, any portion of its Partnership Units, without the prior written consent of the General Partner (which may be given or withheld by the General Partner in its sole discretion);
provided, that if such Transfer or Swap Transaction is from a Limited Partner to its Affiliate or a Permitted Transferee, such consent shall not be unreasonably withheld); and 

(ii) neither Falcon, Wells nor Kayne shall Transfer, or enter into any Swap Transaction with respect to, any portion of their
Partnership Units, without the prior written consent of the General Partner (which (i) in the case of (x) Series A Preferred Units that are either Transferred alone or that are Transferred together with Class A Common Units at a ratio
of 0.15611 Class A Common Units for each Series A Preferred Unit that is Transferred, or (y) Common Units that are Transferred to an Affiliate or a Permitted Transferee, may not, in either case, be unreasonably withheld by the General
Partner, and (ii) in the case of Class A Common Units that are not transferred together with a corresponding number of Series A Preferred Units as set forth in subsection (i) above, may be given or withheld by the General Partner in
its sole discretion); provided that, notwithstanding the foregoing, Falcon, Wells and Kayne shall be free to Transfer all or any part of their respective rights in their Partnership Units, upon at least ten (10) Business Days prior
written notice to the General Partner, to one or more of their Affiliates if such Affiliates are alternative investment vehicles and/or blocker corporations and such alternative investment vehicles and blocker corporations satisfy the other Transfer
requirements set forth in this Section 8.2; 
 provided, however, that (x) subject to the
requirements set forth in Section 8.2(b) to (g) below, such consent of the General Partner shall not be required with respect to a Transfer by a Limited Partner of Partnership Units (i) to the Partnership or any of its
Subsidiaries or (ii) pursuant to and in conformity with Sections 9.1 or 9.2, , and (y) the failure of the General Partner to respond within fifteen (15) Business Days of such a request made in writing shall constitute

  

 31 

 
such consent of the General Partner; provided, further, that notwithstanding the foregoing, such failure to respond within such time period shall not be deemed to be the General
Partner’s consent to any Transfer to a Competitor. 
 (b) Each Limited Partner agrees that it will not Transfer, or enter
into any Swap Transaction with respect to, Partnership Units prior to delivery to the Partnership of evidence in form and substance reasonably satisfactory to the Partnership including, if required by the General Partner, an opinion of counsel, to
the effect that such Transfer or Swap Transaction will be in compliance with the Securities Act and any applicable state or other securities laws. 

(c) Each Limited Partner agrees, upon the reasonable request of the General Partner, to execute such certificates or other documents and
perform such acts as the Partnership deems appropriate to preserve the status of the Partnership as a limited partnership after the completion of any Transfer of Partnership Units of such Limited Partner under the laws of any jurisdiction that is
applicable to such Transfer. For purposes of this Section 8.2(c), any Transfer by a Limited Partner of its Partnership Units, whether voluntary or by operation of law, shall be considered a Transfer. 

(d) Any Limited Partner making a Transfer or entering into a Swap Transaction permitted hereunder shall be required to pay any and all
filing and recording fees, fees of counsel and accountants and other costs and expenses incurred by the Partnership as a result of such Transfer or such Swap Transaction. 

(e) No Transfer or Swap Transaction by a Limited Partner permitted hereunder shall relieve the transferring Limited Partner of any of its
obligations or liabilities under this Agreement arising prior to or in connection with consummation of such Transfer or Swap Transaction. 

(f) In connection with each Transfer or Swap Transaction permitted hereunder, the Limited Partner making the Transfer or entering into a
Swap Transaction and the transferee shall deliver to the Partnership such other documents and instruments as the Partnership reasonably may request to confirm that such Transfer or Swap Transaction is in compliance with the terms and conditions of
this Agreement. 
 (g) Notwithstanding anything to the contrary set forth in this Agreement, no Transfer shall be permitted
(i) if such Transfer is in violation, or could be deemed to be in violation, of applicable securities, ERISA, antitrust or other laws, (ii) if such Transfer could require any licensing, regulatory consent, registration or other significant
regulatory proceeding, (iii) if such Transfer could have the effect of causing the Partnership or any of its Subsidiaries (or any successors thereof) to become a publicly traded partnership (within the meaning of Section 7704 of the Code),
(iv) if the General Partner determines that such Transfer would reasonably be expected to have an adverse regulatory impact on Partnership, the General Partner, or any of their respective Affiliates, (v) such Transfer would be prohibited
pursuant to any Restricted Class A Subscription Agreement or any Vesting Agreement, or (vi) if such Transfer is to a Competitor. 
  

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 (h) Any transferee of any Securities of any Other Common Partner shall have all the rights
and be bound by all of the obligations hereunder, including, without limitation, the irrevocable proxy contained in Section 14.14 hereof, of such Other Common Partner, except that no such transferee, other than a transferee who is an
Affiliate of such Other Common Partner, shall have any rights under Section 9.5. 
 (i) Upon a Transfer of any
Class A Common Units by a Centre Partners Entity to (x) a Permitted Transferee, such Permitted Transferee shall be bound by all of the obligations hereunder of such Centre Partners Entity but shall have only those rights of such Centre
Partners Entity hereunder as such Centre Partners Entity shall agree in its sole discretion and (y) any transferee (other than a Permitted Transferee), such transferee shall have all of the rights and be bound by all of the obligations of an
Other Common Partner hereunder including, without limitation, the irrevocable proxy contained in Section 14.14 hereof, except that such transferee shall have only those rights as such Centre Partners Entity shall agree in its sole
discretion. 
 8.3 Distributions Subsequent to Transfer. A Transfer of a Limited Partner’s Partnership Units
shall be effective on the first day of the month following the day on which the requirements of Section 8.2 hereof are satisfied, or at such earlier time as the General Partner determines. Distributions made after the effective date of
the Transfer shall be made to the assignee. 
 8.4 Satisfactory Written Transfer Required. Notwithstanding
anything to the contrary contained herein, the Partnership and the General Partner shall be entitled to treat the assignor of Partnership Units or rights attributable to the Partnership Units or any Limited Partner as the absolute owner thereof in
all respects, and shall incur no liability for distributions made in good faith to it, until such time as a written Transfer that conforms to the requirements of this Article VIII has been received by and recorded on the books of the
Partnership. 
 Any purported sale, assignment, transfer or conveyance by any Partner (including any assignee thereof) of any
interest in the Partnership not made strictly in accordance with the provisions of this Article VIII shall, to the fullest extent permitted by law, be entirely null and void ab initio. 

A Person acquiring an interest in the Partnership in connection with a Transfer permitted by this Article VIII may be admitted to
the Partnership as a Limited Partner of the Partnership with the consent of the General Partner and upon such Person’s execution of an instrument evidencing such Person’s agreement to be bound by this Agreement. Any Partner admitted to the
Partnership subsequent to a Transfer pursuant to this Article VIII shall succeed to all the rights and be subject to all the obligations of the transferring Partner hereunder in respect of the interest as to which it was substituted. The
terms “Limited Partner,” “Limited Partners,” “General Partner” and “Partners” used in this Agreement, shall be deemed to apply to and include each substituted and additional Partner admitted to the Partnership
pursuant to this Article VIII. 
  

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 ARTICLE IX 

A DDITIONAL RIGHTS AND OBLIGATIONS OF 

SECURITYHOLDERS AND THE PARTNERSHIP 

9.1 Obligation to Sell Securities. 

(a) Subject to Section 3.1(f)(ix)(1), if one or more Centre Partners Entities propose to Transfer, directly or indirectly, to
any Person (other than to a Permitted Transferee, an Affiliate of a Centre Partners Entity, or in a Public Transfer) any Class A Common Units (a “Drag-Along Sale”), then, upon the request of the Centre Partners Entities,
each Other Common Partner shall, if the Drag-Along Sale is structured as a (i) merger or consolidation, waive any dissenters’ rights, appraisal rights or similar rights in connection with such merger or consolidation, or (ii) sale of
Common Units, agree to sell all of his, her or its Applicable Drag Percentage (as defined below) of its Common Units and rights to acquire Common Units on the same terms and conditions as approved by the Centre Partners Entities. Each holder of
Common Units shall take all necessary or desirable actions in connection with the consummation of the Drag-Along Sale as requested by the Centre Partners Entities (in their respective capacities as a Common Partner, including attendance at meetings
in person or by proxy for purposes of obtaining a quorum and execution of written consents in lieu of meetings), and execute all agreements, documents and instruments in connection therewith as reasonably requested by the Centre Partners Entities,
including, without limitation, with respect to Common Partners (or whose related Individual Partners) who are also employees of the Partnership or any of its Subsidiaries, confidentiality, non-competition, non-solicitation and non-hire provisions.
No Common Partner shall take any action that would delay, impede or otherwise adversely impact the Centre Partners Entities’ ability to consummate a Drag-Along Sale upon exercise of its rights hereunder. 

(b) The Centre Partners Entities shall provide written notice of such Drag-Along Sale to each Common Partner not later than ten
(10) Business Days prior to the proposed Drag-Along Sale. Such notice shall identify the proposed purchaser, the number of Common Units proposed to be sold, the consideration offered and all other material terms and conditions of the Drag-Along
Sale. The Centre Partners Entities shall have 180 days from the expiration of such ten (10) Business Day period to consummate the proposed Drag-Along-Sale; provided, however, that the Centre Partners Entities shall endeavor to
consummate the proposed Drag-Along Sale as expeditiously as practicable. “Applicable Drag Percentage” means, in connection with any Transfer by the Centre Partners Entities, the percentage of the total number of Common Units
then held by the Centre Partners Entities to be sold pursuant to such Transfer. 
 (c) Upon the consummation of the Drag-Along
Sale, each Common Partner shall receive in exchange for the Common Units held by such Common Partner the same portion of the aggregate consideration from such Drag-Along Sale, in the same form and amount, that such Common Partner would have received
if such aggregate consideration had been distributed by the Partnership in a complete liquidation of the Partnership pursuant to Section 10.2; provided, however, that in the event a Blocker Corporation is sold pursuant to
such Drag-Along Sale, this Section 9.1(c) shall not apply to the consideration received by the holder of such Blocker Corporation pursuant to such Drag-Along Sale. 

 

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 (d) If the Partnership or the holders of Centre Partners Entities enter into any negotiation
or transaction for which Rule 506 (or any similar rule then in effect) promulgated by the Securities and Exchange Commission may be available with respect to such negotiation or transaction (including a merger, consolidation or other
reorganization), each holder of Common Units will, at the request of the Partnership, appoint a “purchaser representative” (as such term is defined in Rule 501) reasonably acceptable to the Partnership. If any such holder of Common Units
appoints a purchaser representative deemed reasonably acceptable to the Partnership, then the Partnership shall pay the fees, if any, of such purchaser representative, but if such holder of Common Units declines to appoint a purchaser representative
deemed reasonably acceptable to the Partnership, such holder shall appoint another purchaser representative, and such holder shall be responsible for the fees, if any, of the purchaser representative so appointed. 

(e) Notwithstanding anything to the contrary contained herein, each of the Common Partners collectively irrevocably constitute and
appoint the General Partner with respect to a Drag-Along Sale or Approved Sale, as their attorney-in-fact, agent and representative (in such capacity, the “Controlling Person”) to act from and after the date hereof to do any
and all things and execute any and all documents which may be necessary, convenient or appropriate to facilitate the consummation of a Drag-Along Sale (including in their capacity as optionholders and/or warrantholders), including but not limited
to: (i) execution of the documents and certificates pursuant to a Drag-Along Sale; (ii) receipt of payments under or pursuant to a Drag-Along Sale and disbursement thereof to the Common Partners and others, as contemplated by such
Drag-Along Sale; (iii) receipt and forwarding of notices and communications pursuant to a Drag-Along Sale; (iv) administration of the provisions of any agreements entered into in connection with a Drag-Along Sale; (v) giving or
agreeing to, on behalf of all or any of the Common Partners, any and all consents, waivers, amendments or modifications deemed by the Controlling Person, in its reasonable and good faith discretion, to be necessary or appropriate in connection with
a Drag-Along Sale and the execution or delivery of any documents that may be necessary or appropriate in connection therewith; (vi) amending any agreement entered into in connection with a Drag-Along Sale or any of the instruments to be
delivered pursuant to such Drag-Along Sale; (vii) (A) dispute or refrain from disputing, on behalf of each Common Partner relative to any amounts to be received by such Common Partner under any agreements contemplated by a Drag-Along Sale,
any claim made by the purchaser pursuant to such agreements contemplated thereby, (B) negotiate and compromise, on behalf of each Common Partner, any dispute that may arise under, and exercise or refrain from exercising any remedies available
under, any agreement entered into in connection with a Drag-Along Sale, and (C) execute, on behalf of each Common Partner, any settlement agreement, release or other document with respect to such dispute or remedy; except in each case with
respect to a dispute between a Common Partner on the one hand and the Partnership or the Controlling Person on the other hand; and (viii) engaging attorneys, accountants, agents or consultants on behalf of the Common Partners in connection with
any Drag-Along Sale or any other agreement contemplated thereby and paying any fees related thereto; provided that in each case, the Controlling Person shall not take any action adverse to any Common Partner unless such action is also taken
with respect to other similarly situated Common Partners (in terms of type/form of equity interest held). All acts of the Controlling Person hereunder in its capacity as the agent and representative of the Common Partners shall be deemed to be acts
on behalf of the Common Partners and not of the Controlling Person individually. The Controlling Person shall not be liable to the Common Partners in its capacity as agent and representative for any liability of a Common Partner or

  

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otherwise or for any error of judgment, any act done or step taken or for any mistake in fact or law, in each case unless there has been a final, non-appealable determination by a court of
competent jurisdiction that such error, act or mistake constituted fraud, bad faith, willful misconduct or gross negligence on the part of the Controlling Person. The Controlling Person may seek the advice of legal counsel in the event of any
dispute or question as to the construction of any of the provisions of this Agreement or its duties hereunder, and it shall incur no liability in its capacity as agent and representative to the Common Partners or the Partnership and shall be fully
protected with respect to any action taken, omitted or suffered by it in accordance with the advice of such counsel. Notwithstanding any duty otherwise existing at law or in equity, to the fullest extent permitted by law the Controlling Person shall
not by reason of this Agreement have a fiduciary relationship in respect of any Common Partner. The appointment of the Controlling Person as the attorney-in-fact, agent and representative of the Common Partners and the power-of-attorney granted
thereby are each coupled with an interest and shall be irrevocable by any Common Partner in any manner or for any reason. This authority granted to the Controlling Person shall not be affected by the death, illness, dissolution, disability,
incapacity, bankruptcy, insolvency or other inability to act of any Common Partner pursuant to any applicable law. 
 (f)
Subject to Section 3.1(f)(ix)(1), without limiting the foregoing, in the event that the General Partner or the Centre Partners Entities approves a sale of all or substantially all of the Partnership assets to any Person (other than to a
Permitted Transferee, to an Affiliate of a Centre Partners Entity, or in a Public Transfer) (an “Approved Sale”) that is not otherwise covered by Section 9.1(a), each Common Partner on the same terms and
conditions as apply to the Transfer by the Centre Partners Entities shall take all such actions as if such sale were a Drag-Along Sale. 

9.2 Rights of Inclusion. 

(a) If one or more Centre Partners Entities propose to Transfer, directly or indirectly, in any one transaction or series of related
transactions, to any Person or Persons (other than (i) to a Permitted Transferee (unless such Transfer is a Liquidating Transfer), (ii) in a Drag-Along Sale with respect to which the Centre Partners Entities exercise their rights to cause
a Drag-Along Sale under Section 9.1 or (iii) in a Public Transfer (each, an “Exempt Transaction”)) any Class A Common Units (a “Tag-Along Sale”), the Centre Partners Entities
shall provide written notice not less than twenty (20) days prior to such proposed Transfer of such proposed Transfer to each of the Participating Common Partners (the “Transfer Notice”); provided that, on no more
than two occasions, the Centre Partners Entities may Transfer in transactions that are not Exempt Transactions Class A Common Units representing not more than 10% of the aggregate number of Common Units then held by the Centre Partners Entities
on the date of this Agreement without such sale constituting a Tag-Along Sale and with no obligations under this Section 9.2(a) (for the avoidance of doubt, 10% shall be the aggregate percentage for both such transactions). Such notice
shall identify the purchaser, the number of Class A Common Units proposed to be sold, the proposed form and amount of consideration offered, the proposed closing date, that the proposed purchaser has been informed of the tag-along rights of the
Participating Common Partners and any other material terms and conditions of the proposed Transfer. If the offer price consists in part or in whole of consideration other than cash, the Centre Partners Entities will provide such information, to the
extent made available to the Centre Partners Entities, relating to such consideration as each of the Participating Common Partners may reasonably request in order to evaluate such non-cash consideration. 

 

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 (b) Each of the Participating Common Partners shall have the right (the
“Tag-Along Right”), exercisable as set forth below, to sell, pursuant to the proposed Transfer, the Applicable Tag Percentage (as defined below) of its Participating Common Units on the same terms and conditions as apply to
the Centre Partners Entities’ Transfer and, if such right is exercised, shall execute and deliver all documents and instruments which are necessary or desirable to effectuate such sale. “Applicable Tag Percentage” means
the pro rata percentage of the total number of Participating Common Units (including options or warrants that are then-currently exercisable and in-the-money) that are the subject of the Transfer Notice that each other Participating
Common Partner shall be entitled to Transfer in such Tag-Along Sale, which shall be the percentage figure which expresses the ratio between the number of Participating Common Units (including options or warrants that are then-currently exercisable
and in-the-money) owned by such Participating Common Partner and the aggregate number of Participating Common Units owned by all Participating Common Partners (including options or warrants that are then-currently exercisable and in-the-money) as of
the date of determination. 
 (c) Each such Tag-Along Right shall be exercisable by delivering written notice to the Centre
Partners Entities and the Partnership within 10 days after receipt of the Transfer Notice. Promptly upon the expiration of such l0-day period, the Centre Partners Entities shall notify each Participating Common Partner exercising a Tag-Along Right
of its Applicable Tag Percentage. The Centre Partners Entities shall have 180 days from the expiration of such 10-day period to consummate the proposed Transfer at a price no greater than the price set forth in the Transfer Notice (provided
that each Participating Common Partner who exercised a Tag Along Right in accordance with this Section 9.2 shall have the right to sell at the price set forth in the Transfer Notice unless otherwise agreed by such Person) and on terms
and conditions no more favorable to the Centre Partners Entities than those stated in the Transfer Notice. Any Participating Common Units that continue to be held by the Centre Partners Entities after such Transfer shall continue to be subject to
the provisions of this Section 9.2. 
 (d) In the event that a Participating Common Partner exercises its Tag-Along
Rights pursuant to this Section 9.2 and the proposed purchaser is not willing to purchase Participating Common Units from such Participating Common Partner on the same terms and conditions as specified in the Transfer Notice, then the
Centre Partners Entities shall not be permitted to sell any Class A Common Units to the proposed purchaser pursuant to the Tag-Along Sale unless the Centre Partners Entities or some other Person(s) purchase from such Participating Common
Partner the number of Participating Common Units that such Participating Common Partner elected to sell pursuant to this Section 9.2 at the same price and on the same terms and conditions specified in the Transfer Notice. 

9.3 Related Matters. The rights and obligations of the Common Partners in connection with a Tag-Along Sale, Drag-Along Sale
or Approved Sale are subject to the following additional conditions: 
 (a) Each Common Partner participating or required to
participate, as applicable, in a Tag-Along Sale, Drag-Along Sale or an Approved Sale shall make 
  

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representations and warranties as to its title to the Common Units being sold and its power, authority, and right to enter into the pertinent transaction without contravention of law or contract.
In addition, such Common Partner shall join with the Centre Partners Entities and the Other Common Partners in making such representations and warranties concerning the Partnership and its Subsidiaries and the business of the Partnership and its
Subsidiaries as the Centre Partners Entities shall deem necessary or appropriate; provided, however, that any liability for any breach thereof shall be borne by each Common Partner on a pro rata basis based upon the
amount of Common Units sold by such Common Partner in connection with such transaction, and no Common Partner shall have any indemnification obligation (absent fraud) in excess of the proceeds actually received by such Common Partner other than
(x) to the extent of any escrow fund and (y) in connection with the representations and warranties of such Common Partner or, in the case of a Drag-Along Sale or Approved Sale, as to title to assets and security, power, authority, absence
of conflicts, organization, capitalization, tax, ERISA and broker fees. Upon the request of the General Partner, in connection with any Tag-Along Sale, Drag-Along Sale or Approved Sale, each Limited Partner shall execute a customary contribution
agreement. 
 (b) If any Common Partner fails to deliver certificates representing its Common Units (to the extent such Common
Units are certificated) in connection with a Drag-Along Sale, Approved Sale or a Tag-Along Sale, such Common Partner (i) shall not be entitled to the consideration that such Common Partner would otherwise have received in the Drag-Along Sale,
Approved Sale or Tag-Along Sale until such Common Partner cures such failure (provided that, after curing such failure, such Common Partner shall not be entitled to any interest on such consideration), (ii) shall be deemed, for all
purposes, no longer to be a Common Partner of the Partnership with respect to the Common Units not so delivered and shall have no voting rights with respect to the Common Units not so delivered, (iii) shall not be entitled to any distributions
declared after the Drag-Along Sale, Approved Sale or Tag-Along Sale with respect to the Common Units not so delivered, (iv) shall have no other rights or privileges granted to Partners of the Partnership under this or any future agreement with
respect to the Common Units not so delivered and (v) in the event of a liquidation of the Partnership, such Common Partner’s rights with respect to any consideration that such holder would have received with respect to the Common Units not
so delivered if such holder had complied with this provision, if any, shall be subordinate to the rights of all other equity holders of the Partnership. 

(c) Each selling Common Partner shall bear its pro rata share (based upon the amount of Common Units sold in such
transaction or based upon the amount of Common Units owned by such Common Partner in the event of a Drag-Along Sale or Approved Sale involving a sale of the Partnership’s assets) of the costs on a several and not joint basis of any Drag-Along
Sale or any sale of Common Units pursuant to a Drag-Along Sale, Approved Sale or a Tag-Along Sale, in each case to the extent such costs are incurred for the benefit of all selling Common Partners and are not otherwise paid by the Partnership or the
acquiring party. Costs incurred by Common Partners on their own behalf will not be considered costs of the transaction hereunder; it being understood and agreed that the fees and disbursements of one counsel chosen by the Centre Partners Entities
shall be deemed for the benefit of all Common Partners participating in such Drag-Along Sale, Approved Sale or Tag-Along Sale. 

(d) With respect to the obligation of a Participating Partner to Transfer his Participating Common Units in a Drag-Along Sale, such
Participating Partner shall Transfer in 
  

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such Drag-Along Sale all of his Participating Units up to the Applicable Drag Percentage. Subject to the terms of any agreement between a Participating Partner and the Partnership or any of its
Affiliates, if the Applicable Drag Percentage of such Participating Partner’s Participating Units is greater than the Participating Units held by such Participating Partner, then (i) in the case of an Approved Sale or the sale of all of
the outstanding equity interest of the Partnership pursuant to a Drag-Along Sale such amount of Unvested Class B Common Units and Restricted Class A Common Units of such Participating Partner, if any, equal to the amount of such shortfall shall
be canceled and forfeited pro rata without consideration on the effective date of such Drag-Along Sale or Approved Sale and (ii) in the case of a Drag- Along Sale for less than all of the equity of the Partnership, either, at the option of the
Centre Partners Entities, (1) such amount of Unvested Class B Common Units and/or Restricted Class A Common Units of such Participating Partner, if any, equal to the amount of such shortfall shall be deemed vested and Transferred in such
Drag-Along Sale or (2) such Unvested Class B Common Units and/or Restricted Class A Common Units of such Participating Partner, if any, shall remain outstanding following such Drag-Along Sale. Subject to the foregoing provisions of this
Section 9.3(d), to the extent a Partner holds Partnership Units of more than one class, such Partner shall Transfer in a Drag-Along Sale an amount of Partnership Units of each class held by such Partner equal to the Applicable Drag
Percentage. 
 9.4 Right of First Offer. 

(a) If any Other Partner desires to Transfer, directly or indirectly, and whether or not due to the receipt by such Other Partner of an
offer to purchase Partnership Units from a third party, all or any portion of its Partnership Units, other than to a Permitted Transferee (or, in the case of a Transfer by Falcon, to an Affiliate of Falcon) or in a Public Transfer (any such Other
Partner desiring to make any such Transfer is referred to herein as an “Offeror,” and the Partnership Units which the Offeror seeks to Transfer are referred to herein as the “Offered Units”) then, in
each case, the Offeror shall first, before making or accepting any offer to Transfer such Units, comply with Section 9.4(b) below; provided that this Section 9.4 shall not apply to Transfers made pursuant to and in
conformity with Sections 9.1 or 9.2 or to Transfer to Affiliates made in accordance with Section 8.2. Notwithstanding anything to the contrary herein, such Transfer shall also be subject to each of the provisions of
Section 8.2 and nothing set forth herein is intended to modify the restrictions set forth therein. 
 (b) The
Offeror shall give written notice (the “Offering Notice”) to the Common Partners who are also Participating Common Partners (other than the Offeror) and the Partnership, which Offering Notice shall state (i) that the
Offeror desires to Transfer such Offered Units and (ii) the minimum sale price (the “Offer Price”) for such Partnership Units and the other material terms and conditions of such proposed Transfer. Each Offering Notice
shall constitute an irrevocable offer until the end of the Partnership ROFO Period by the Offeror to such Participating Common Partners and the Partnership to Transfer the Offered Units at the Offer Price in cash, subject to the provisions of this
Section 9.4. 
 (c) The Participating Common Partners, the Centre Partners Entities and the Partnership shall have
the right (the “Right of First Offer”) collectively to purchase (1) all, but not less than all, of the Offered Units which are Series A Preferred Units, either alone or together with Class A Common Units at a ratio
of 0.15611 Class A Common Units for each Series A 
  

 39 

 
Preferred Unit, or (2) some or all of the Class A Offered Units which are Common Units, at the Offer Price in cash. Within 15 days of receipt of an Offering Notice (the
“Centre ROFO Period”), the Centre Partners Entities may exercise this Right of First Offer by delivering a notice to the Offeror, the Participating Common Partners and the Partnership (a “Centre ROFO
Notice”) stating that the Centre Partners Entities elect to purchase some or all of the Offered Units, as applicable. In connection with an exercise by the Centre Partners Entities hereunder, each Participating Common Partner shall have
the right to purchase an amount of such Offered Units equal to (i) the total number of such Offered Units multiplied by (ii) a fraction equal to (x) the number of outstanding Participating Common Units owned by such Participating
Common Partner over (y) the number of outstanding Participating Common Units owned by all of the Participating Common Partners. The Centre Partners Entities shall have the right to purchase any of the Offered Units subject to the Centre ROFO
Notice not purchased by the Participating Common Partners. The Partnership shall have the right to exercise the Right of First Offer for 15 days following Centre ROFO Period (the “Partnership ROFO Period”) by delivering a
notice to the Offeror (a “Partnership ROFO Notice”) stating that the Partnership elects to purchase all or some of the Offered Units not purchased by the Centre Partners Entities and the other Participating Common Partners,
collectively. Delivery of a Centre ROFO Notice and/or Partnership ROFO Notice shall constitute a contract between the Offeror and the Partnership and/or the Centre Partners Entities, as the case may be, for the sale and purchase of the Offered Units
at the Offer Price in cash and upon the other applicable terms and conditions set forth in the Offering Notice. Failure of the Centre Partners Entities to exercise such right within the Centre ROFO Period and/or the Partnership to exercise such
right within the required time periods set forth in this Section 9.4(c) shall be regarded as a waiver of such rights. 

(d) Subject to Section 8.2, if the Centre Partners Entities and/or the Partnership do not elect to purchase all of the
Offered Units within the required time periods set forth in Section 9.4(c), the Offeror may, within 90 days of the expiration of the Partnership ROFO Period, Transfer (or enter into a definitive agreement to Transfer) such Offered Units
which the Centre Partners Entities and/or the Partnership have not elected to purchase, to one or more Persons at a price no lower than the Offer Price and on terms no more favorable to the purchaser than those contained in the Offering Notice.

 (e) The closing of any purchase of the Offered Units by the Partnership and/or the Centre Partners Entities, as the case may
be, shall be held at the principal office of the Partnership at 11:00 A.M. local time on a Business Day chosen by it (upon at least five days notice to the other parties to the transaction), which date shall be no later than the scheduled closing
date provided for in the Offering Notice; provided that such closing may be held at such other time and place as the parties to the transaction may agree. At such closing the Offeror shall deliver such instruments, executed by it and in form
and substance reasonably satisfactory to the Partnership or the Centre Partners Entities, as the case may be, as shall be necessary to transfer, assign and convey the Offered Units to the Partnership or the Centre Partners Entities, as the case may
be, which shall be transferred free and clear of all Liens or other encumbrances, against payment of the purchase price therefor. 

(f) In the event that the Centre Partners Entities exercise their Right of First Offer, the Centre Partners Entities may designate one or
more of their Affiliates or Permitted Transferees or any other Partner as the purchaser(s) of all or part of the Offered Units in any transaction hereunder. Any Offered Units purchased by the Partnership shall be deemed cancelled. 

 

 40 

 9.5 Preemptive Rights. 

(a) Subject to the limitation in Section 9.5(e) below if, at any time prior to termination of this Agreement, the Partnership
or any of its Subsidiaries shall propose to issue or sell any Debt or Equity Securities to any Centre Preemptive Party, it shall offer to sell to each Class A Offeree such Class A Offerees’ Ratable Portion of such Debt or Equity
Securities on the same terms and conditions and at the lowest price as such Debt or Equity Securities are offered for issuance or sale to such Centre Preemptive Party. “Ratable Portion” shall mean a percentage figure which
expresses the ratio between the number of Common Units owned by such Class A Offeree and the aggregate number of Common Units owned by all other Class A Offerees and the Centre Partners Entities as of the date of determination, in each
case on a Fully Diluted Basis. 
 (b) The Partnership shall give notice of the proposed issuance of Debt or Equity Securities to
a Centre Preemptive Party described in Section 9.5(a) above not later than twenty (20) days prior to the closing of the proposed issuance. Such notice shall contain all material terms and conditions of the issuance and of the Debt
or Equity Securities to be issued. Each Class A Offeree may elect to exercise all or any portion of its rights under this Section 9.5(b) by giving written notice (a “Preemptive Response Notice”) to the
Partnership within fifteen (15) calendar days of the receipt of the Partnership’s notice. For the avoidance of doubt, to purchase other Debt or Equity Securities of the Partnership, each Class A Offeree exercising its rights pursuant
to this Section 9.5 shall also be required to purchase such other Debt or Equity Securities on the same economic terms and conditions as those on which the Centre Preemptive Party is required to purchase such other Debt or Equity
Securities (e.g., such holder shall be required to purchase the same types and classes of other Debt or Equity Securities, in the same proportions relative to their purchases of new Debt or Equity Securities and at the same unit prices). For
example, if the Partnership offers to sell shares of Class A Common Units and requires that, as part of such purchase, the offeree of such Class A Common Units must also purchase a new series of Partnership Units issued in compliance with
the terms of this Agreement, each Class A Offeree exercising rights to purchase Class A Common Units pursuant to this Section 9.5 would be obligated also to purchase the corresponding proportionate amount of such new series of
Partnership Units at the same price per share reflected in the Partnership’s offer. Each Class A Offeree participating in such purchase shall also be obligated to execute agreements in the form presented to such Class A Offeree by the
Partnership, so long as such agreements (including any representations or warranties contained therein) are substantially similar, to the extent applicable, to those to be executed by the Centre Preemptive Party. 

(c) Within two (2) calendar days of receiving a Preemptive Response Notice from any Class A Offeree not electing to purchase
its full Ratable Portion, the Partnership shall provide the other Class A Offerees electing to purchase their full Ratable Portions (“Fully Exercising Partners”) with written notice of such fact, stating the quantity of
Debt or Equity Securities not elected to be purchased by such Class A Offeree (“Additional Securities”). The Fully Exercising Partners shall then have eleven (11) days from the date of receipt of such notice

  

 41 

 
to provide a revised Preemptive Response Notice to the Partnership of their desire to purchase such Additional Securities and stating therein the aggregate quantity of Debt or Equity Securities
to be purchased by such Limited Partner. 
 (d) If the Class A Offerees fail to exercise the rights set forth in
Section 9.5(a)-(c) with respect to any portion of Debt or Equity Securities, the Partnership shall have ninety (90) days thereafter to sell such portion of Debt or Equity Securities in respect of which such Class A
Offeree’s rights were not exercised, to the applicable Centre Preemptive Parties at a price no less than the price set forth in the Partnership’s notice to the Class A Offerees pursuant to Section 9.5(b) hereof and on
terms and conditions no less favorable to the Partnership than those stated in such notice. If the Partnership has not sold such Debt or Equity Securities within ninety (90) days of the notice provided pursuant to Section 9.5(b),
the Partnership shall not thereafter issue or sell any Debt or Equity Securities to any Centre Preemptive Party, without first offering such Debt or Equity Securities to the Class A Offerees in the manner provided above. 

(e) Notwithstanding anything to the contrary herein, in lieu of offering any Debt or Equity Securities to the Class A Offerees at
the time such Debt or Equity Securities are offered to a Centre Preemptive Party, the Partnership may comply with the provisions of this Section 9.5 by making an offer to sell to the Class A Offerees such Debt or Equity Securities
promptly after a sale to such Centre Preemptive Party is effected. In such event, for all purposes of this Section 9.5, the portion of such Debt or Equity Securities that each Class A Offeree shall be entitled to purchase hereunder
shall be determined by taking into consideration the actual number of Debt or Equity Securities sold to such Centre Preemptive Party so as to achieve the same economic effect as if such offer would have been made prior to such sale. Notwithstanding
the foregoing, in the event that the General Partner reasonably determines that the offering of any Debt or Equity Securities to a particular Class A Offeree or Class A Offerees will require the Partnership to prepare a prospectus or
similar offering document in order for such offering to comply with the provisions of the Securities Act and such requirement would not apply but for the inclusion of the particular Class A Offeree or Class A Offerees in such offering, the
General Partner shall have the right in its sole discretion to exclude such Class A Offeree(s) from such offering. 

9.6 Call Right. 

(a) With respect to those Partners who have ever been employed by the Partnership or any of its Affiliates or whose related Individual
Partners have ever been employed by the Partnership or any of its Affiliates, or their Permitted Transferees, in connection with a Termination of such Partner’s or its related Individual Partner’s employment, (x) first, the
Partnership, (y) to the extent that the Partnership chooses not to, then second, BB Management Invest L.P. and (z) to the extent that BB Management Invest L.P. chooses not to, then third, the Centre Partners Entities, may purchase all
Partnership Units held by (i) such Partner and such related Individual Partner, and/or (ii) such Partner whose related Individual Partner has been employed by the Partnership or any of its Affiliates, and/or (iii) the Permitted
Transferees of such Persons set forth in clauses (i) or (ii) above (such Securities, “Call Units”), 

(i) pursuant to Section 9.6(a): 

(1) in the case of (1) a Termination of such Partner’s or its related Individual Partner’s employment with the
Partnership or any of its Affiliates for Cause, (2) a material breach by such Partner (or its related Individual Partner) of the non-competition, non-solicitation, standstill, non-disparagement or confidentiality provisions (the
“Restrictive Covenants”) of this Agreement, any employment agreement or any other agreement between such Partner (or its related Individual Partner) and the Partnership or any of its Affiliates and such Partner (or its
related Individual Partner) is Terminated, or (3) a voluntary Termination of such Partner’s (or its related Individual Partner’s) employment with the Partnership or any of its Affiliates by such Partner (or its related Individual
Partner), (X) in the case of such a Partner who holds partnership units in BB Management (including any Partnership Units held by such Partner in the Partnership), at a purchase price per unit equal to the lesser of (I) Fair Market Value
of a Call Unit as of the date of the exercise of the call right pursuant to this Section 9.6 and (II) cost, and (Y) in the case of such a Partner who holds partnership units in BB Employee or in the Partnership (but does not hold
any partnership units in BB Management), at a purchase price per unit equal to cost; and 
  

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 (2) in the case of (A) a Termination of such Partner’s (or its related Individual
Partner’s) employment with the Partnership or any of its Affiliates by the Partnership or its Affiliate without Cause, (B) a Termination of such Partner’s (or its related Individual Partner’s) employment with the Partnership or
any of its Affiliates by such Partner for Good Reason, or (C) a Termination of such Partner’s (or its related Individual Partner’s) employment with the Partnership or any of its Affiliates due to death or total disability of such
Partner (or its related Individual Partner), at a purchase price per unit equal to (X) in the case of such a Partner who holds partnership units in BB Management (including any Partnership Units held by such Partner in the Partnership), Fair
Market Value of a Call Unit as of the date of the exercise of the call right pursuant to this Section 9.6; and (Y) in the case of a Partner who holds partnership units in either BB Employee or in the Partnership (but does not hold
any Units in BB Management), the greater of cost or Fair Market Value as of the date of the exercise of the call right pursuant to this Section 9.6; 

(ii) If (1) such Partner has previously Transferred any Call Units to a Person other than a Permitted Transferee or (2) such
Partner’s Permitted Transferee has previously Transferred any Call Units to a Person other than a Permitted Transferee, such Partner shall pay to the Partnership the Fair Market Value of the consideration received by such Partner or Permitted
Transferee, as the case may be, as a result of such Transfer in exchange for the consideration such Partner would have received for its Call Units pursuant to clause (i) above if such Call Units had not been Transferred (the rights set forth in
this Section 9.6, a “Call Right”). 
 (iii) To exercise the Call Right, the Partnership
must give written notice thereof to such Partner (the “Call Notice”). The Call Notice is irrevocable and must set forth the Partnership’s intent to exercise the Call Right, contain the total number of Call Units to be
sold pursuant to the Call Right, and be mailed or delivered during the Notice Period (determined in accordance with the following sentence). The “Notice Period” shall commence on the date of the Termination and terminate on
the date that is ninety (90) days after such Termination date or, if Management Options are exercised after such Termination date to purchase Call Units, ninety (90) days after the date such Management Options are exercised. The closing of
any repurchase under this Section 9.6(a)(iii) shall occur on the date to be specified by the Partnership, such date 

 

 43 

 
to be no later than 90 days after the date of the Call Notice. No adjustments shall be made to the purchase price for fluctuations in the Fair Market Value of the Call Units after the date of the
Call Notice. If the Partnership elects not to exercise the Call Right, it shall notify BB Management Invest L.P. within twenty days prior to the expiration of the Notice Period, and BB Management Invest L.P. may exercise the Call Right pursuant to
the provisions of this Section 9.6(a)(iii) as if it were the Partnership. If BB Management Invest L.P. elects not to exercise the Call Right, it shall notify the Centre Partners Entities within ten days prior to the expiration of the
Notice Period, and the Centre Partners Entities may exercise the Call Right pursuant to the provisions of this Section 9.6(a)(iii) as if it were the Partnership. In connection with an exercise by the Centre Partners Entities hereunder,
each Participating Common Partner shall have the right to purchase an amount of such Call Units equal to (i) the total number of such Call Units multiplied by (ii) a fraction equal to (x) the number of outstanding Participating Common
Units owned by such Participating Common Partner over (y) the number of outstanding Participating Common Units owned by all of the Participating Common Partners. The Centre Partners Entities shall have the right to purchase any of the Call
Units not purchased by the Participating Common Partners. 
 (b) Upon the death of any Individual Partner (other than an
Individual Partner who has been employed by the Partnership or any of its Affiliates and whose employment is Terminated due to death and is covered by Section 9.6(a)(i)(C)(y)) or any holder of a Management Option, at any time within
ninety (90) days after becoming aware of such Individual Partner’s death (the “Individual Notice Period”), (x) first, the Partnership, (y) to the extent that the Partnership chooses not to, then second, BB
Management Invest L.P. and (z) to the extent that BB Management Invest L.P. chooses not to, then third, the Centre Partners Entities, may purchase all of the Partnership Units or Management Options held by such Individual Partner (the
“Individual Call Units”) at a purchase price per unit equal to the Fair Market Value of such Partnership Units (or such Partnership Units underlying the Management Options) as of the date of the exercise of such right (the
“Individual Call Right”). To exercise such Individual Call Right, the Partnership must give written notice thereof to such Individual Partner’s estate (the “Individual Call Notice”). The
Individual Call Notice is irrevocable and must set forth the Partnership’s intent to exercise the Individual Call Right, contain the total number of Individual Call Units to be sold pursuant to the Individual Call Right, and be mailed or
delivered during the Individual Notice Period. The closing of any repurchase under this Section 9.6(a)(iv) shall occur on the date to be specified by the Partnership, such date to be no later than 90 days after the date of the Individual
Call Notice. No adjustments shall be made to the purchase price for fluctuations in the Fair Market Value of the Individual Call Units after the date of the Individual Call Notice. If the Partnership elects not to exercise the Individual Call Right,
it shall notify BB Management Invest L.P. within twenty days prior to the expiration of the Individual Notice Period, and BB Management Invest L.P. may exercise the Individual Call Right pursuant to the provisions of this
Section 9.6(a)(iv) as if it were the Partnership. If BB Management Invest L.P. elects not to exercise the Individual Call Right, it shall notify the Centre Partners Entities within ten days prior to the expiration of the Individual
Notice Period, and the Centre Partners Entities may exercise the Individual Call Right pursuant to the provisions of this Section 9.6(a)(iv) as if it were the Partnership. In connection with an exercise by the Centre Partners Entities
hereunder, each Participating Common Partner shall have the right to purchase an amount of such Individual Call Units equal to (i) the total number of such Individual Call Units multiplied by (ii) a fraction equal to (x) the number of
outstanding Participating Common 
  

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Units owned by such Participating Common Partner over (y) the number of outstanding Participating Common Units owned by all of the Participating Common Partners. The Centre Partners Entities
shall have the right to purchase any of the Individual Call Units not purchased by the Participating Common Partners. 

ARTICLE X 

DISSOLUTION, LIQUIDATION, WINDING-UP 

AND TERMINATION 

10.1 Causes of Dissolution. The Partnership shall be dissolved upon the first to occur of the following: 

(a) December 31, 2059; 

(b) the withdrawal, Incapacity or Bankruptcy of the General Partner or the occurrence of any other event which causes the General Partner
to cease to be a general partner of the Partnership under the Act, unless the Partnership is continued in accordance with the Act; 

(c) the sale or other disposition of all of the Partnership Assets; 

(d) the decree of the dissolution of the Partnership by a court of competent jurisdiction; and 

(e) at any time there are no limited partners of the Partnership; 

provided, that the Partnership would not be dissolved as a result of the foregoing if the General Partner determines that it is in the best
interests of the Partnership or the Partners to continue the Partnership’s existence (to the extent permissible under the Act). 

To the fullest extent permitted by law, the Partners agree that no act, thing, occurrence, event or circumstance shall cause or result in
the dissolution or termination of the Partnership except as provided above in this Section 10.1. 
 10.2
Winding Up and Liquidation. Except as otherwise provided in this Agreement, upon dissolution of the Partnership, the business and affairs of the Partnership shall be wound up as provided in this Section 10.2. The General
Partner shall act as the “Liquidator.” If upon dissolution, however, there is no General Partner or such dissolution is pursuant to Section 10.1(b), a Majority-in-Interest of the Limited Partners shall
designate a Person to act as Liquidator. The Liquidator shall wind up the affairs of the Partnership, shall dispose of such Partnership Assets as it deems necessary or appropriate and shall pay and distribute the assets of the Partnership, including
the proceeds of any such dispositions, as follows: 
 (a) first, to creditors in satisfaction of liabilities of the Partnership
(whether by payment or by the making of reasonable provision for payment as determined by the Liquidator in its sole discretion); and 

(b) thereafter, to the Partners in accordance with Section 6.1. 

 

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 10.3 Documentation of Dissolution and Termination. Upon the dissolution of the
Partnership and the appointment of a Liquidator in accordance with Section 10.2, the Liquidator shall execute and file all appropriate certificates of amendment to the Certificate as required under the Act, and shall execute, file and
record such other certificates, instruments and documents as it shall deem necessary or appropriate in each state in which the Partnership or its Affiliates do business. Upon the completion of the winding-up of the Partnership (including the
application or distribution of all cash or other assets placed in reserve in accordance with Section 10.2), the Partnership shall be terminated and the General Partner or the Liquidator, as the case may be, shall execute and file a
certificate of cancellation as required under the Act, and shall execute, file and record such other certificates, instruments and documents as it shall deem necessary or appropriate in each state in which the Partnership or its Affiliates do
business in order to reflect or effect the termination of the Partnership. 
 10.4 Waiver of Partition. Each
Partner hereby waives any right to a partition of the Partnership Assets. 
 ARTICLE XI 

CREATION OF PUBLICLY TRADED ENTITY 

11.1 In General. 

(a) Certain Alternatives. In the event the General Partner determines that it would be in the best interests of the Business and
the Partners for the Business to have access to public capital markets and for the Partners to have an opportunity to achieve liquidity through the sale of equity to the public, the General Partner may determine to achieve such results in such
manner, and through whatever steps or structures, it deems appropriate. Without limiting the foregoing, the General Partner may determine (i) to convert the Partnership into a Delaware corporation, the shares of which will initially be owned by
the Partners of the Partnership, and to take such corporation public through one or more primary and/or secondary offerings; (ii) to convert one or more of the Partnership’s direct or indirect wholly owned Subsidiaries (each, a
“Bumble Bee Subsidiary” and collectively, the “Bumble Bee Subsidiaries”) into a Delaware corporation, the shares of which could be either held by the Partnership, directly or indirectly, or distributed
to the Partners of the Partnership, or any combination of the foregoing, and to take such corporation public through one or more primary or secondary offerings; (iii) to create a newly incorporated Delaware corporation to serve as a general
partner of the Partnership or a managing member of one or more Bumble Bee Subsidiaries, and to take such corporation public through one or more primary (or, depending on the precise structure, secondary) offerings, with the proceeds either being
used by the Business for whatever purposes it deems appropriate or being distributed to those of the Partners who seek liquidity at the time (or, in the case of a secondary offering, being retained by the selling Partner); or (iv) to undertake
a public offering of trust units of a trust established for the purpose of acquiring all or a portion of the Debt or Equity Securities and/or assets of the Partnership and/or its Affiliates and Subsidiaries and, subject to the limitations set forth
in this Agreement, to create such other partners or grant such interests in the Partnership as may be necessary or desirable in connection with the structuring of such trust. Any such event described in clauses (i), (ii), (iii) or (iv), or any
variant or derivative of or, to the extent its results are similar, substitute for, the above is hereinafter referred to as a “Public Liquidity Event”; and the entity the shares or units of which are taken public is

  

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hereinafter referred to as “PublicCo”). The General Partner may also decide to pursue a Public Liquidity Event for a portion of the Business, in which case the General
Partner will take such steps as are necessary to effectuate one of the structures described below in a manner that provides liquidity with respect to the Partners’ proportionate interests in that portion of the Business. 

(b) Determination. In determining the nature and structure of any Public Liquidity Event to be undertaken, the General Partner
shall take into account relevant considerations under pertinent tax laws, securities laws (including the Investment Company Act of 1940), and laws relating to the assets and activities of the Business, as well as the advice of financial advisors and
investment bankers. The General Partner shall seek a structure and technique that treats similarly situated Partners similarly and shall not discriminate among or between such Partners (including, for these purposes, the partners of BB Co-Invest
L.P., BB Management Invest L.P. and BB Employee Invest L.P.), or between it and its Affiliates and other Partners (including, for these purposes, the partners of BB Co-Invest L.P., BB Management Invest L.P. and BB Employee Invest L.P.), directly or
indirectly, in providing access to public capital markets (it being understood that nothing in this Section 11.1 shall prevent the General Partner’s Affiliates or other parties hereto from exercising their registration rights and
selling or causing to be sold securities in accordance with the priorities contained in Schedule IV). The General Partner shall have no obligation of any nature whatsoever to choose any particular form of Public Liquidity Event or to embark
on a Public Liquidity Event at any time or under any circumstances. 
 11.2 Specific Alternatives. 

(a) Conversion of the Partnership. In the event the General Partner determines that a Public Liquidity Event should be effectuated
by converting the Partnership into a Delaware corporation, it shall take such steps as may be necessary to effectuate such conversion in accordance with Delaware law, and shall cause to be distributed to the Series A Preferred Partners shares of
senior preferred stock of PublicCo having the same rights, preferences, voting power, qualifications, limitations and restrictions as the Series A Preferred Units (with such changes that the General Partner determines in good faith to be necessary
to reflect the conversion of the Partnership) and to the Common Partners shares of the common stock of PublicCo, in each case in proportion to their rights to liquidating distributions under Section 10.2(b). Thereafter, the Partners and
PublicCo (which shall have become bound as the Partnership’s successor) shall continue to be bound by the provisions of this Agreement (except to the extent such provisions terminate in accordance with their terms) and the Partners shall have,
with respect to their shares of common stock of PublicCo, the registration rights described and set forth in Schedule IV. 

(b) Conversion of Bumble Bee Subsidiaries. In the event the General Partner determines that a Public Liquidity Event should be
effectuated by converting one or more Bumble Bee Subsidiaries into a Delaware corporation, it shall take such steps as may be necessary to effectuate such conversion in accordance with Delaware law and shall cause to be distributed to the
Partnership the shares of the stock of PublicCo. In the event the General Partner determines that such shares should be distributed to the Partners in accordance with Section 10.2(b), it shall distribute to the Series A Preferred
Partners shares of senior preferred 
  

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stock of PublicCo having the same rights, preferences, voting power, qualifications, limitations and restrictions as the Series A Preferred Units (with such changes that the General Partner
determines in good faith to be necessary to reflect the conversion of the Partnership) and to the Common Partners shares of the common stock of PublicCo and take such other steps as may be necessary to effectuate such distribution, and, thereafter,
PublicCo shall replace the Partnership as a party to this Agreement and the Partners and PublicCo shall continue to be bound by the provisions of this Agreement (except to the extent such provisions terminate in accordance with their terms) and the
Partners shall have, with respect to their shares of common stock of PublicCo, the registration rights described and set forth in Schedule IV hereto; provided, that the Series A Preferred Partners shall only be required to accept
shares of senior preferred stock of PublicCo having the same relative rights and priorities as the Series A Preferred Units (with such changes that the General Partner determines in good faith to be necessary to reflect the conversion of the
Partnership). In the event the General Partner determines that the Partnership should remain in existence and retain the shares of stock of PublicCo, the Partners and the Partnership shall continue to be bound by the provisions of this Agreement
(except to the extent such provisions terminate in accordance with their terms) and the General Partner may cause to occur one or more primary public offerings of PublicCo common stock or one or more sales by the Partnership of its shares of
PublicCo common stock. In either event, any Partner shall be entitled to cause the Partnership to sell in such public offering, indirectly for the account of such Partner, a portion of the shares of PublicCo common stock owned by the Partnership and
allocable to such Partner (based on such Partner’s proportionate rights to liquidating distributions under Section 10.2(b)) equal to the number of such shares that such Partner would have been able to sell in such public offering
for its own account if it owned such shares in PublicCo directly and exercised its registration rights described and set forth in Schedule IV hereto, subject to the terms thereof. Upon such sale, the net proceeds thereof shall be distributed
to such Partner as a distribution in respect of or in redemption of such Partner’s interest in the Partnership. It is possible that the General Partner will determine that a combination of the two alternatives described in this subsection
(b) would be in the best interests of the parties, in which case the rights of each Partner and obligations of the General Partner and its Affiliates under this subsection (b) shall be appropriately modified so each such party shall
effectively realize or be subject to the same rights and obligations as expressly provided herein. 
 (c) New Public
Partnership/Income Trust. In the event the General Partner determines that a Public Liquidity Event should be effectuated by creating a newly incorporated Delaware corporation to serve as a general partner of the Partnership or as the general
partner of one or more Bumble Bee Subsidiaries or by reorganizing the Business, the Partnership and one or more of the Bumble Bee Subsidiaries so that the Business is carried on, directly or indirectly, by a trust, it shall take such steps as may be
necessary to create PublicCo and to pursue whichever of the following approaches for accessing the public market and achieving liquidity for the Partners the General Partner selects: 

(i) The General Partner may cause PublicCo to sell common stock or units, as applicable, to the public, in which case PublicCo shall
invest the proceeds of such sale of common stock or units, as applicable in additional interests in the Partnership or one or more Bumble Bee Subsidiaries (as the case may be) and such proceeds shall either be used for the Business or for
distribution to the Partners. In such event, any Partner shall be entitled to cause PublicCo to sell in such public offering, indirectly for the account of such Partner, a number of 

 

 48 

 
shares or units, as applicable, of PublicCo common stock equal to the number of shares or units, as applicable, that such Partner would have been able to sell for its own account if it had
exchanged its Securities for shares or units, as applicable, in PublicCo (based on such Partner’s proportionate rights to liquidating distributions under Section 10.2(b)) and exercised its registration rights described and set forth
in Schedule IV hereto, subject to the terms thereof, provided that no such sale on behalf of a Partner will be permitted in a situation where PublicCo is a general partner of a subsidiary if any Series A Preferred Units remain outstanding.
Upon such sale, the net proceeds thereof shall be distributed to such Partner as a distribution in respect of or in redemption of such Partner’s interest in the Partnership. 

(ii) The General Partner may cause PublicCo to offer to exchange shares of its common stock or units, as applicable, with any Partner
for some or all of such Partners’ Securities, at any time or from time to time, provided that at the time of such exchange no Series A Preferred Units remain outstanding. In such event, the General Partner may cause PublicCo to sell common
stock or units, as applicable, to the public in a primary offering, the proceeds of which would be used for the Business and the General Partner may cause there to occur one or more secondary offerings. In either event, the Partners shall have, with
respect to their shares of common stock or units, as applicable, of PublicCo, the registration rights described and set forth in Schedule IV hereto. 

(iii) The General Partner may determine that a strategy that combines the above two alternatives would be in the best interests of the
parties, in which case the rights of each Partner and obligations of the General Partner and its Affiliates under this subsection (iii) shall be appropriately modified so each such party shall effectively realize or be subject to the same
rights and obligations as expressly provided herein. In the event of any Public Liquidity Event of the sort described in this Section 11.2(c), PublicCo will be added as a party to this Agreement, the terms hereof shall be revised as
appropriate to reflect the addition of PublicCo and an appropriate division of the rights and obligations of the Partnership hereunder among PublicCo and the Partnership, with the intent that the Partners, PublicCo and the Partnership shall continue
to have rights and obligations equivalent to their rights and obligations hereunder (except to the extent such provisions terminate in accordance with their terms). 

(d) Application of Blocker Provision. For the avoidance of doubt, the provisions of Section 3.1(f)(x) shall apply to
the transactions contemplated by this Section 11.2. 
 11.3 Procedures and Obligations. 

(a) Performance and Assurances. Each of the parties hereto shall, in the event that the General Partner chooses to pursue a Public
Liquidity Event, take all reasonable steps to cooperate in the process of effectuating such Public Liquidity Event, including, without limitation: executing such amendments to this Agreement and the Schedules hereto as may be required to reflect the
existence and role of PublicCo, providing pertinent information and certification as to such Partner, complying with the provisions and procedures described and set forth in Schedule IV hereto and taking such other actions as may be
reasonably required in the course of effectuating the Public Liquidity Event. If the General Partner selects a structure for a Public Liquidity Event that requires some form of indirect registration of shares (that is, a registration of shares of
PublicCo in a primary offering the proceeds of which will be distributed 
  

 49 

 
to Partners in respect of their Securities) the parties will interpret the provisions of this Agreement and the registration rights described and set forth on Schedule IV hereto to provide
the exit priorities and proportional treatment contemplated herein and in such Schedule. In the event of such a restructuring as contemplated by this Article XI where the form of entity is changed from an entity other than a limited
partnership, then any references to this Agreement shall be deemed to be references to the comparable document in such other entity (e.g., a stockholders agreement in a corporation or an operating agreement in a limited liability company) which
shall contain terms and conditions that are substantially similar to the terms and conditions of this Agreement. In the event that the General Partner effects such a restructuring, the other Partners acknowledge and agree that they will execute any
documents related to such entity’s formation and governance as the General Partner deems in its sole discretion to be necessary or desirable with respect to such entity. 

(b) Computations. Whenever a Partner has a right to cause shares of the common stock or units, as applicable, of PublicCo to be
sold (subject to the registration rights described and set forth in Schedule IV), or a right to exchange Securities for PublicCo common stock, in either case in an amount based on such Partner’s proportionate rights to liquidating
distributions under Section 10.2(b), the aggregate number of shares which such Partner shall have a right to cause to be sold (subject to the registration rights described and set forth in Schedule IV) or to receive shall be that
number which, taking into account the surrender of the Securities exchanged therefor and any distributions made to such Partner of the proceeds from the sale thereof (including for computation purposes a deemed distribution of any underwriters
spread or discount payable in connections with such sale) preserves such Partner’s aggregate proportionate right to distributions from the Partnership and PublicCo. For purposes of this computation, any distribution of the proceeds from the
sale of shares (including for computation purposes a deemed distribution of any underwriters spread or discount payable in connection with such sale) shall be deemed a liquidating distribution under Section 10.2(b). 

(c) Exchange. If the General Partner causes PublicCo to offer to exchange shares of its common stock or units, as applicable, for
Securities, such exchange shall be made based on each Partner’s proportionate rights to liquidating distributions under Section 10.2(b). In the event of such an exchange offer, PublicCo will endeavor to offer an opportunity for any
Partner that holds Securities through a corporation (or other entity treated as a corporation for United States federal income tax purposes) with no assets or liabilities other than such Securities to exchange shares of stock held by such Partner in
such corporation (which exchange shall, at such Partner’s election, to the extent reasonably practicable without having an adverse effect on the other Partners, be structured as a transaction qualifying as a reorganization under
Section 368(a) of the Internal Revenue Code) in the event of any such exchange. Any such exchange right shall be exercised by a written notice of the Partner to the transfer agent of PublicCo stating that such Partner desires to exchange such
Securities into a proportionate number of shares of the PublicCo common stock, and by instruments of transfer to the transfer agent, in form satisfactory thereto, duly executed by such Partner or such Partner’s duly authorized attorney. The
number of shares of PublicCo common stock to be exchanged for a percentage of Partnership Units shall be subject to adjustment as provided in Section 11.3(d) below. Upon the date any such exchange is effected all rights of the Partner of
the exchanged Securities shall cease, and the Person or Persons in whose name or names the shares of PublicCo are to be issued shall be treated for all purposes as having become the record holder or holders of such shares. 

 

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 (d) Adjustments. In the event of a reclassification or other similar transaction as a
result of which the PublicCo common stock is converted into another security, then a Partner shall be entitled to receive upon exchange of the Securities the amount of such security that such Partner would have received if such exchange had occurred
immediately prior to the record date of such reclassification or other similar transaction. No adjustments in respect of dividends shall be made upon the exchange of any Securities. Any exchange rights and indirect registration rights shall be
adjusted proportionately if there is: (i) any subdivision, combination or distribution of the Securities that is not accompanied by an identical subdivision or combination of the PublicCo common stock; or (ii) any subdivision, combination
or distribution of the PublicCo common stock that is not accompanied by an identical subdivision or combination of the Securities. In the event PublicCo (i) issues or otherwise distributes options, rights or warrants (other than to employees as
compensation), merges or consolidates with or into another entity, (ii) sells or transfers or otherwise disposes of all or substantially all of its assets, or (iii) engages in any other, similar transaction affecting the PublicCo common
stock, the exchange and indirect registration rights described herein shall be appropriately adjusted. 
 11.4
Expenses. All reasonable expenses of the parties hereto incurred in connection with a Public Liquidity Event shall be for the account of the Partnership except as contemplated by Schedule IV. 

ARTICLE XII 

REPRESENTATIONS AND WARRANTIES 

12.1 Representations and Warranties of the Limited Partners. Each Limited Partner makes the following representations and
warranties as of the date hereof, with respect to itself only (and not with respect to any other Partner), to and for the benefit of the Partnership and each other Partner: 

(a) Organization; Authority. If the Limited Partner is a corporation, then it is duly incorporated, validly existing and in good
standing under the laws of its jurisdiction of incorporation. If the Limited Partner is a partnership or limited liability company, then it is duly formed, validly existing and in good standing (to the extent applicable) under the laws of its
jurisdiction of formation. The Limited Partner has the requisite authority (corporate or otherwise), and in the case of a Limited Partner who is an individual, full legal capacity, to enter into and perform its obligations under this Agreement.

 (b) Due Authorization; Binding Agreement. The execution, delivery and performance of this Agreement by the Limited
Partner has been duly and validly authorized by all necessary action of the Limited Partner. This Agreement has been duly executed and delivered by the Limited Partner, or an authorized representative of the Limited Partner, and constitutes a legal,
valid and binding obligation of the Limited Partner, enforceable against the Limited Partner in accordance with the terms hereof. 
  

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 (c) Consents and Approvals. No consent, waiver, approval or authorization of, or
filing, registration or qualification with, or notice to, any governmental unit or any other Person is required to be made, obtained or given by the Limited Partner in connection with the execution, delivery and performance of this Agreement.

 (d) Private Offering. The Limited Partner is acquiring its Partnership Units for its own account and not with a view
to the resale or distribution thereof. 
 (e) Accredited Investor. The Limited Partner is an “accredited
investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act, or is otherwise acquiring its Partnership Units pursuant to an exemption from any prospectus, registration or similar requirement under applicable
securities law. 
 (f) Restriction on Resale. The Limited Partner understands and acknowledges that its Partnership Units
have not been registered for offer or sale under any Federal or state or other applicable securities law and must be held indefinitely unless subsequently registered or an exemption from such registration is available. 

(g) Restrictions on Distributions. The Limited Partner understands and acknowledges that the Senior Credit Facility and Mezzanine
Debt Facility each currently contains provisions that restrict, and in the future may continue to contain provisions that restrict, the Partnership’s ability to receive distributions and dividends from each of its Subsidiaries that is a party
to the Senior Credit Facility and/or Mezzanine Debt Facility, as applicable. 
 (h) Due Diligence. The Limited Partner
has performed its own due diligence with the nature of the investment in the Partnership, the speculative and financial risks thereby assumed, and the uncertainty with respect to the timing and amounts of distributions, if any, to be made by the
Partnership. The Limited Partner does not desire any further information which may be available with respect to these matters and has had a sufficient opportunity to review the matters that it believes to be important in deciding whether to acquire
Partnership Units. 
 12.2 Representations and Warranties of the General Partner. The General Partner represents
and warrants as of the date hereof, with respect to itself only (and not with respect to any other Partner), to and for the benefit of the Partnership and each of the Limited Partners as follows: 

(a) Organization. The General Partner is a duly formed and validly existing limited liability company, in good standing, under the
laws of the State of Delaware. 
 (b) Due Authorization; Binding Agreement. The execution, delivery and performance of
this Agreement by the General Partner has been duly and validly authorized by all necessary action of the General Partner. This Agreement has been duly executed and delivered by the General Partner, or an authorized representative of the General
Partner, and constitutes a legal, valid and binding obligation of the General Partner, enforceable against the General Partner in accordance with the terms hereof. 

(c) Consents and Approvals. No consent, waiver, approval or authorization of, or filing, registration or qualification with, or
notice to, any governmental unit or any other Person is required to be made, obtained or given by the General Partner in connection with the execution, delivery and performance of this Agreement. 

 

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 (d) Affiliate. The General Partner is an Affiliate of Centre Partners. 

ARTICLE XIII 

AMENDMENTS TO PARTNERSHIP AGREEMENT 

13.1 Amendments. 

(a) Subject to Sections 3.1(f)(vii), (viii), (ix) and Section 13.1(c), waivers, amendments to this
Agreement may be adopted and effected by the General Partner from time to time in its sole discretion without the consent of or any action by any Limited Partner. With respect to any proposed amendment which is subject to the Sections referred to in
the foregoing sentence, the General Partner shall seek the written consent of the Limited Partners entitled to consent to such proposed waiver or amendment or shall call a meeting of such Partners to vote thereon. For purposes of obtaining a written
consent with respect to a proposed waiver or amendment to this Agreement, the General Partner may require a response within a reasonable specified time, but not less than fifteen (15) days, and failure to respond in such time period shall
constitute such Limited Partners’ consent to the proposed waiver or amendment. The General Partner shall provide reasonably prompt written notice to the Limited Partners when any action under this Section 13.1(a) is taken.

 (b) In furtherance of the foregoing Section 13.1(a), the General Partner shall have the power, without the
consent of the Limited Partners, to waive or amend this Agreement as may be required to facilitate or implement any of the following purposes: 

(i) to add to the obligations of the General Partner or surrender any right or power granted to the General Partner or any Affiliate of
the General Partner for the benefit of the Partnership or the Limited Partners; 
 (ii) to reflect the admission, substitution,
termination, or withdrawal of Partners in accordance with this Agreement; 
 (iii) to set forth the designations, rights,
powers, duties, and preferences of the holders of any additional Partnership Interests issued in accordance with this Agreement and correlative changes to the provisions relating to, among other things, allocations, distributions, capital accounts
and the rights set forth in Article IX; 
 (iv) to reflect a change that does not adversely affect a Limited Partner in
a manner giving rise to such Limited Partner’s consent rights in Section 13.1(c), or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other
changes with respect to matters arising under this Agreement that will not be inconsistent with law or with the provisions of this Agreement; and 

(v) to satisfy any requirements, conditions, or guidelines contained in any order, directive, opinion, ruling or regulation of a
foreign, federal or state agency or contained in applicable foreign, Federal or state law. 
  

 53 

 The General Partner shall provide reasonably prompt written notice to the Limited Partners when any
action under this Section 13.1(b) is taken. 
 (c) Notwithstanding anything in Section 13.1(a) to
the contrary, but subject to Section 13.1(b), this Agreement shall not be amended nor any provision hereof waived without the written consent of (A) each Partner adversely affected if such amendment or waiver would (i) convert
such Limited Partner’s interest in the Partnership into a general partner interest, or (ii) alter the rights of such Partner to receive distributions pursuant to Sections 6.1 or 6.2, or the allocations specified in
Article VII, in a manner adverse to such Partner, (B) any Class A Common Partner in its capacity as such if such amendment by its express terms would have a disproportionate material adverse effect on the rights, obligations,
powers or interests (economic or otherwise) of such Class A Common Partner relative to the other Class A Common Partners in their capacity as such, or (C) each Partner, if such amendment amends this Section 13.1(c).

 (d) Each Partner agrees to be bound by each and every amendment adopted in accordance with this Agreement even if such
Partner did not execute such amendment. 
 ARTICLE XIV 

GENERAL PROVISIONS 

14.1 Confidentiality. The General Partner shall have access to all information regarding the Partnership. No Limited
Partner shall be entitled to obtain any Confidential Information except as expressly provided in this Agreement or any management rights letter entered into between the Partnership or the General Partner and such Limited Partner; and to the extent a
Limited Partner is so entitled to such information, such Limited Partner shall be subject to the provisions of this Section 14.1. In furtherance of and not in limitation of any other similar agreement any Partner may have with the
Partnership, including any agreement set forth in Section 3.1(g) of this Agreement, each Partner agrees that all Partner Confidential Information shall be kept confidential by such Partner and shall not be disclosed by such Partner in
any manner whatsoever; provided, however, that (i) any of such Partner Confidential Information may be disclosed by a Partner to its managers, directors, officers, employees and authorized representatives (including attorneys,
accountants, consultants, bankers and financial advisors of such Partner) (collectively, for purposes of this Section 14.1, “Representatives”) who need to be provided such Partner Confidential Information to
assist such Limited Partner in evaluating its investment in the Partnership, each of which Representatives shall be bound by the provisions of this Section 14.1 and such Partner shall be responsible for any breach of this provision by
any such Person, (ii) any disclosure of Partner Confidential Information may be made by a Partner or its Representatives to the extent the Partnership consents in writing, (iii) Partner Confidential Information may be disclosed by a
Partner to a potential Permitted Transferee or other potential transferee with respect to which the General Partner has consented, in each case who shall agree to be bound by the provisions of this Section 14.1, and such Partner shall be
responsible for any breach of this provision by any such Person, (iv) Partner Confidential Information may be disclosed by a Partner or Representative to stockholders, partners and members of a Partner or prospective investors in any investment
vehicle affiliated with any Partner, who shall agree with such Partner to be bound by the provisions of this Section 14.1 (provided that the Partnership shall be a third party beneficiary of such agreement), and such Partner shall be
responsible for any breach of this provision by any such Person, (v) Partner Confidential Information may be 
  

 54 

 
disclosed by a Partner or Representative to stockholders, partners and members of a Partner or prospective investors in any investment vehicle affiliated with any Partner, each of whom shall have
agreed to hold all such Partner Confidential Information confidential in accordance with customary confidentiality or non-disclosure agreements with such Partner which, in the case of any breach or prospective breach thereof with respect to any
Partner Confidential Information, shall be enforced by such Partner (provided that if such Partner fails to enforce such agreements, the Partner shall be liable to the Partnership for all damages or liabilities incurred in connection therewith or
arising therefrom, and the Partnership shall be entitled to equitable relief under applicable law to cause such Partner to enforce such agreements), (vi) Partner Confidential Information may be disclosed by any Partner or Representative to the
extent that the Partner or such Representative has received advice from its counsel that it is legally compelled to do so or is required to do so to comply with applicable law or legal process or government agency or self-regulatory body request,
provided that, prior to making such disclosure, the Partner or Representative, as the case may be, uses commercially reasonable efforts to preserve the confidentiality of the Partner Confidential Information, including, if legally permitted,
consulting with the General Partner regarding such disclosure and, if reasonably requested by the General Partner, assisting the Partnership, at the Partnership’s expense, in seeking a protective order to prevent the requested disclosure, and
provided further that the Partner or Representative, as the case may be, discloses only that portion of the Partner Confidential Information as is, based on the advice of its counsel, legally required. Notwithstanding anything to the contrary
herein, the confidentiality obligations of the Partners under this Section 14.1 shall not apply to the disclosure of the fact that the disclosing Partner has an investment in the Business or its successors (it being understood that,
except as permitted by clauses (i), (ii), (iii), (iv), (v) or (vi) above, this disclosure may not include the investment amount, valuation information or any other information related thereto). 

14.2 Spouses of Partners. Spouses of the Partners who are natural persons do not become Partners as a result of such
marital relationship. Each spouse of a Partner shall be required to execute a Spousal Agreement in the form of Exhibit A to evidence their agreement and consent to be bound by the terms and conditions of this Agreement as to their interest,
whether as community property or otherwise, if any, in the Partnership Units owned by such Partner. 
 14.3
Notices. All notices, offers or other communications required or permitted to be given pursuant to this Agreement shall be in writing and may be personally served, telecopied, emailed or sent by Federal mail or by commercial courier and
shall be deemed to have been given when delivered in person, upon receipt of telecopy or email, as confirmed by transmission confirmation or delivery receipt, respectively, or three business days after deposit in Federal mail, registered or
certified, postage prepaid, and properly addressed, by or to the appropriate party. For purposes of this Section 14.3, the addresses of the parties hereto shall be as set forth below their name on a signature page hereof. The address of
any party hereto may be changed by a notice in writing given in accordance with the provisions of this Section 14.3. 

14.4 Successors. This Agreement and all of the terms and provisions hereof shall be binding upon and shall inure to the
benefit of all Partners, and their legal representatives, heirs, successors and permitted assigns, subject to the restrictions and provisions on Transfer set forth in this Agreement and except as expressly herein otherwise provided. 

 

 55 

 14.5 Effect and Interpretation. This Agreement shall be governed by and
construed in conformity with the laws of the State of Delaware without regard to any conflict of laws rules thereof. 
 14.6
Counterparts; Facsimile Transmission. This Agreement may be executed in two or more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together will constitute one and
the same Agreement. Delivery of executed signature pages hereof by facsimile transmission or portable document format (pdf) shall constitute effective and binding execution and delivery of this Agreement. 

14.7 Remedies. Subject to the express limitations set forth herein, the Partnership and each Partner shall be entitled to
enforce their rights under this Agreement specifically to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. Subject to the express limitations set forth herein, the
parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that the Partnership and each Partner may in its sole discretion apply to any court of law or equity of
competent jurisdiction for specific performance and/or injunctive relief (without posting a bond or other security) in order to enforce or prevent any violation of the provisions of this Agreement. 

14.8 Partners Not Agents. Nothing contained herein shall be construed to constitute any Partner the agent of another
Partner, except as otherwise expressly provided herein, or in any manner to limit the Partners in the carrying on of their own respective businesses or activities. 

14.9 Entire Understanding; Etc. This Agreement and the other Transaction Documents together constitute the entire agreement
and understanding among the Partners with respect to the subject matter hereof and supersedes any prior or contemporaneous understandings and/or written or oral agreements among them with respect to the subject matter hereof. 

14.10 Severability. If any provision of this Agreement, or the application of such provision to any Person or circumstance,
shall be held invalid by a court of competent jurisdiction, the remainder of this Agreement, or the application of such provision to Persons or circumstances other than those to which it is held invalid by such court, shall not be affected thereby.

 14.11 Construction of Agreement. As used herein, the singular shall be deemed to include the plural, and the
plural shall be deemed to include the singular, and all pronouns shall include the masculine, feminine and neuter, whenever the context and facts require such construction. The headings, captions, titles and subtitles herein are inserted for
convenience of reference only and are to be ignored in any construction of the provisions hereof. Except as otherwise indicated herein, all section, schedule and exhibit references in this Agreement shall be deemed to refer to the sections,
schedules and exhibits of and to this 
  

 56 

 
Agreement, and the terms “herein”, “hereof”, “hereto”, “hereunder” and similar terms refer to this Agreement generally rather than to the particular
provision in which such term is used. Whenever the words “including”, “include” or “includes” are used in this Agreement, they shall be interpreted in a non-exclusive manner as though the words “but not limited
to” immediately followed the same. Time is of the essence of this Agreement. The language in all parts of this Agreement shall in all cases be construed simply according to the fair meaning thereof and not strictly against the party which
drafted such language. Except as otherwise expressly provided herein, references in this Agreement to any agreement, articles, by-laws, instrument or other document are to such agreement, articles, by-laws, instrument or other document as amended,
modified or supplemented from time to time. Unless the context otherwise requires, any reference herein to any Person shall be construed to include such Person’s successors and assigns. It is the intention of the parties that every covenant,
term, and provision of this Agreement shall be construed simply according to its fair meaning and not strictly for or against any party (notwithstanding any rule of law requiring an Agreement to be strictly construed against the drafting party), it
being understood that the parties to this Agreement are sophisticated and have had adequate opportunity and means to retain counsel to represent their interests and to otherwise negotiate the provisions of this Agreement. To the extent that any
ambiguity or inconsistency arises with respect to any provision(s) of this Agreement, the General Partner shall resolve such ambiguity or inconsistency in good faith and such resolution shall be binding upon the parties hereto. Unless expressly
provided to the contrary in this Agreement, any action, consent, approval, election, decision or determination to be made by the General Partner under or in connection with this Agreement (including any act by the General Partner within its
“discretion” under this Agreement and the execution and delivery of any documents or agreements on behalf of any other Person), shall be in the sole discretion of the General Partner. 

14.12 Dealings with the Centre Partners Entities. Each Other Partner acknowledges and agrees that: (a) the Centre
Partners Entities, their Affiliates and their respective stockholders, directors, managers, officers, controlling Persons, partners (limited or general), members, and employees (collectively, the “Investor Group”)
(i) have investments or other business relationships with entities engaged in other businesses (including those which may compete with the business of the Partnership and any of its Subsidiaries or areas in which the Partnership or any of its
Subsidiaries may in the future engage in business) and in related businesses other than through the Partnership or any of its Subsidiaries, (ii) may develop a strategic relationship with businesses that are or may be competitive with the
Partnership or any of its Subsidiaries and (iii) will not be prohibited by virtue of its direct or indirect investment in the Partnership or its Subsidiaries, or its service on the board of directors of the General Partner or any
Subsidiary’s board of directors (or any board of directors of any general partner thereof), from pursuing and engaging in any such activities; (b) neither the Partnership or any of its Subsidiaries nor any other Partner shall have any
right or expectation in or to such other ventures or activities or to the income or proceeds derived therefrom; (c) no member of the Investor Group shall be obligated to present any particular investment or business opportunity to the
Partnership or any of its Subsidiaries even if such opportunity is of a character which, if presented to the Partnership, could be undertaken by the Partnership or any of its Subsidiaries, and each member of the Investor Group shall have the right
to undertake any such opportunity for itself for its own account or on behalf of another or to recommend any such opportunity to other Persons; (d) subject to Section 3.1(f)(vii)(6), each member of the Investor Group may enter into
contracts and other arrangements with the Partnership and its Affiliates from time to time on 
  

 57 

 
terms approved by the General Partner; and (e) the Centre Partners Entities shall, subject to Section 3.1(f)(ix)(1), have the right to undertake and consummate a Drag-Along Sale
at any time and for consideration that results in little or no consideration being paid or available to the Partners. Each of the Partnership and the Partners hereby waives, to the fullest extent permitted by applicable law, any claims and rights
that such Person may otherwise have in connection with the matters described in this Section 14.12. 
 14.13
Third Party Beneficiary. Notwithstanding anything to the contrary herein, each member of the Investor Group shall be a third party beneficiary of this Agreement. 

14.14 Proxy. Without limitation of Section 9.1(e), in the event that any Limited Partner fails to take any
action expressly required by it under this Agreement, such Limited Partner and their related Individual Partners hereby appoints the Controlling Person as such Limited Partner’s attorney-in-fact, agent and representative with respect to such
action to be taken by such Limited Partner set forth in this Agreement, provided that for the avoidance of doubt the parties agree that such proxy shall not extend to any of the actions set forth in Sections 3.1(f)(iii), 3.1(f)(iv),
3.1(f)(v), 3.1(f)(vi), 3.1(f)(vii), 3.1(f)(viii), 3.1(f)(ix), 9.2, 9.4, 9.5, 13.1(a), 13.1(c), and 14.7. Each such power-of-attorney granted hereby is coupled with an interest and
shall be irrevocable by any Limited Partner or any related Individual Partner in any manner or for any reason. This authority granted to the Controlling Person shall not be affected by the death, illness, dissolution, disability, incapacity,
bankruptcy, insolvency or other inability to act of any Limited Partner pursuant to any applicable law. 
 14.15 No Rights
of Recovery. Notwithstanding anything that may be expressed or implied in this Agreement, and notwithstanding the fact that the Partnership is a partnership, by its acceptance of the benefits of this Agreement, the Limited Partners
acknowledge and agree that none of them or any of their respective Subsidiaries, Affiliates or equityholders has any right of recovery against, and no personal liability shall attach to, the former, current or future equityholders, controlling
persons, directors, officers, employees, agents, Affiliates (other than the Partnership and its Subsidiaries), advisors, representatives, members, managers, general or limited partners or assignees of the General Partner or any former, current or
future equityholder, controlling person, director, officer, employee, general or limited partner, member, manager, Affiliate (other than the Partnership and its Subsidiaries), advisor, representative, agent or assignee of any of the foregoing
(collectively, each a “GP Affiliate”), through the Partnership, the General Partner, any other Person or otherwise, whether by or through attempted piercing of the corporate veil, by or through a claim by or on behalf of the
Partnership, the General Partner or any other Person against any GP Affiliate, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute, regulation or applicable law, or otherwise, and to the extent any
of the Limited Partners or any of their respective Subsidiaries, Affiliates, or equityholders has or obtains any such right of recovery, to the maximum extent permitted by law each of the Limited Partners hereby waives and releases (on its own
behalf and on behalf of each of the aforementioned persons) each such right of recovery against the GP Affiliates. 
 14.16
Covenant Not to Sue. Each of the Limited Partners hereby covenants and agrees, to the fullest extent permitted by law, that it shall not institute, directly or indirectly, and shall cause its Subsidiaries and Affiliates not to institute,
in the name of or on behalf of any 
  

 58 

 
of the Limited Partners or any other Person, any proceeding or bring any other claim arising under, or in connection with, this Agreement, or any of the transactions contemplated hereby or
otherwise relating hereto, against either the General Partner or any GP Affiliate, in each case other than for a proceeding or claim based upon a willful breach by the General Partner or such GP Affiliate (if such GP Affiliate is a Limited Partner),
as applicable, of any of their respective duties expressly set forth in this Agreement. 
 14.17 CONSENT TO
JURISDICTION. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR
ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT TO THE FULLEST EXTENT PERMITTED BY LAW, SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE
ADDRESS SET FORTH ON THE SIGNATURE PAGES HERETO SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. TO THE FULLEST EXTENT PERMITTED BY LAW,
EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE
COURTS OF THE STATE OF DELAWARE, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM. 
 14.18 WAIVER OF JURY TRIAL. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE
PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR
THE MATTERS CONTEMPLATED HEREBY. 
 14.19 Expenses. From and after the Closing, the Partnership agrees to pay for
the expenses incurred by the General Partner and each of the BB Co-Invest Entities in connection with their initial formation and each of their Administrative Expenses from and after the Closing. 

14.20 Amendment to Centre Management Agreement. The Partnership acknowledges and agrees that it shall not amend any of the
terms or provisions of the Centre Management Agreement without the written consent of a Majority-In-Interest of the Class A Common Partners. 
  

 59 

 14.21 Incorporation of Exhibits and Glossary. The Glossary of Defined Terms
and all other exhibits, attachments, appendices and schedules attached hereto are incorporated herein and made a part hereof. 

14.22 Assurances. Each of the Partners shall hereafter execute and deliver such further instruments and do such further
acts and things as may be required or useful to carry out the intent and purpose of this Agreement and as are not inconsistent with the terms hereof. 

[Remainder of page intentionally left blank.] 
  

 60 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement or caused this
Agreement to be executed effective as of the date and year first above written. 
  

			
	GENERAL PARTNER:
	
	CP V CB GP, LLC
		
	By:	 	 /s/ John Stiker

		 	Name: John Stiker
		 	Title: Vice President
	
	Address for Notices:
	c/o Centre Partners Management LLC
	30 Rockefeller Plaza, 50th Floor
	New York, NY 10020
	Attention: Mr. Scott Perekslis
	Telecopy: (212) 332-5801
	 E-mail: scott.perekslis@centrepartners.com
  

with a copy to (which shall not constitute notice or service of process pursuant to Section 14.17):

	
	Dechert LLP
	1095 Avenue of the Americas
	New York, NY 10036
	Attention: Mark E. Thierfelder, Esq.
	Telecopy: (212) 698-3599
	E-mail: mark.thierfelder@dechert.com

					
	LIMITED PARTNERS:
	
	CENTRE CAPITAL INVESTORS V, L.P.
		
	By:	 	Centre Partners V L.P.
		 	its General Partner
		
	By:	 	Centre Partners V LLC
		 	its General Partner
		
	By:	 	Centre Partners Management LLC
		 	As Attorney-in-Fact
		 	for Centre Partners V LLC
			
		 	By:	 	 /s/ Scott Perekslis

		 		 	Name: Scott Perekslis
		 		 	Title: Managing Director

  

	
	Address for Notices:
	c/o Centre Partners Management LLC
	30 Rockefeller Plaza, 50th Floor
	New York, NY 10020
	Attention: Mr. Scott Perekslis
	Telecopy: (212) 332-5801
	 E-mail: scott.perekslis@centrepartners.com
  

with a copy to (which shall not constitute notice or service of process pursuant to Section 14.17):

	
	Dechert LLP
	1095 Avenue of the Americas
	New York, NY 10036
	Attention: Mark E. Thierfelder, Esq.
	Telecopy: (212) 698-3599
	E-mail: mark.thierfelder@dechert.com

					
	CENTRE BREGAL PARTNERS II, L.P.
		
	 By:
	 	Centre Partners V L.P.
		 	its General Partner
		
	 By:
	 	Centre Partners V LLC,
		 	its General Partner
		
	 By
	 	Centre Partners Management LLC
		 	As Attorney-in-Fact
		 	for Centre Partners V LLC
			
		 	 By:
	 	 /s/ Scott Perekslis

		 		 	 Name: Scott Perekslis

		 		 	 Title: Managing Director

 

	
	Address for Notices:
	c/o Centre Partners Management LLC
	30 Rockefeller Plaza, 50th Floor
	New York, NY 10020
	Attention: Mr. Scott Perekslis
	Telecopy: (212) 332-5801
	 E-mail: scott.perekslis@centrepartners.com
  

with a copy to (which shall not constitute notice or service of process pursuant to Section 14.17):

	
	Dechert LLP
	1095 Avenue of the Americas
	New York, NY 10036
	Attention: Mark E. Thierfelder, Esq.
	Telecopy: (212) 698-3599
	E-mail: mark.thierfelder@dechert.com

					
	 CENTRE CAPITAL NON-QUALIFIED

INVESTORS V, L.P.

		
	By:	 	Centre Partners V L.P.
		 	its General Partner
		
	By	 	Centre Partners V LLC,
		 	it’s General Partner
		
	By:	 	Centre Partners Management LLC,
		 	As Attorney-in-Fact
		 	for Centre Partners V LLC
			
		 	By:	 	 /s/ Scott Perekslis

		 		 	Name: Scott Perekslis
		 		 	Title: Managing Director

  

	
	Address for Notices:
	c/o Centre Partners Management LLC
	30 Rockefeller Plaza, 50th Floor
	New York, NY 10020
	Attention: Mr. Scott Perekslis
	Telecopy: (212) 332-5801
	 E-mail: scott.perekslis@centrepartners.com
  

with a copy to (which shall not constitute notice or service of process pursuant to Section 14.17):

	
	Dechert LLP
	1095 Avenue of the Americas
	New York, NY 10036
	Attention: Mark E. Thierfelder, Esq.
	Telecopy: (212) 698-3599
	E-mail: mark.thierfelder@dechert.com

					
	CENTRE PARTNERS COINVESTMENT V, L.P.
			
	By:	 		 	Centre Partners V L.P.,
		 		 	its General Partner
			
	By:	 		 	 Centre Partners V LLC,
 its
General Partner

			
	By:	 		 	Centre Partners Management LLC,
		 		 	As Attorney-in-fact
		 		 	for Centre Partners V LLC
			
		 	By:	 	 /s/ Scott Perekslis

		 		 	Name: Scott Perekslis
		 		 	Title: Managing Director

  

	
	Address for Notices:
	c/o Centre Partners Management LLC
	30 Rockefeller Plaza, 50th Floor
	New York, NY 10020
	Attention: Mr. Scott Perekslis
	Telecopy: (212) 332-5801
	 E-mail: scott.perekslis@centrepartners.com
  

with a copy to (which shall not constitute notice or service of process pursuant to Section 14.17):

	
	Dechert LLP
	1095 Avenue of the Americas
	New York, NY 10036
	Attention: Mark E. Thierfelder, Esq.
	Telecopy: (212) 698-3599
	E-mail: mark.thierfelder@dechert.com

					
	CENTRE CARLISLE CB, L.P.
		
	By:	 	Centre Partners V L.P.,
		 	its General Partner
		
	By:	 	Centre Partners V LLC,
		 	its General Partner
		
	By:	 	Centre Partners Management LLC,
		 	As Attorney-in-Fact for Centre Partners V LLC
			
		 	By:	 	 /s/ Scott Perekslis

		 		 	Name: Scott Perekslis
		 		 	Title: Managing Director

  

	
	Address for Notices:
	 c/o Centre Partners Management LLC

	 30 Rockefeller Plaza,
50th Floor

	 New York, NY 10020

	 Attention: Mr. Scott Perekslis

	 Telecopy: (212) 332-5801

	 Email: scott.perekslis@centrepartners.com

 
 with a copy to (which shall not constitute notice or service of process pursuant to
Section 14.17)

	
	 Dechert LLP

	 1095 Avenue of the Americas

	 New York, NY 10036

	 Attention: Mark E. Thierfelder, Esq.

	 Telecopy: (212) 698-3599

	 E-mail: mark.thierfelder@dechert.com

			
	BB CO-INVEST L.P.
		
	By:	 	CP V CB GP, LLC,
		 	its General Partner
		
	By:	 	 /s/ John Stiker

		 	Name: John Stiker
		 	Title: Vice President

  

	
	Address for Notices:
	c/o Centre Partners Management LLC
	30 Rockefeller Plaza, 50th Floor
	New York, NY 10020
	Attention: Mr. Scott Perekslis
	Telecopy:: (212) 332-5801
	 E-mail: scott.perekslis@centrepartners.com
  

with a copy to (which shall not constitute notice or service of process pursuant to Section 14.17):

	
	Dechert LLP
	1095 Avenue of the Americas
	New York, NY 10036
	Attention: Mark E. Thierfelder, Esq.
	Telecopy: (212) 698-3599
	E-mail: mark.thierfelder@dechert.com

			
	BB MANAGEMENT INVEST L.P.
		
	 By:
	 	CP V CB GP, LLC,
		 	its General Partner
		
	 By:
	 	 /s/ John Stiker

		 	Name: John Stiker
		 	Title: Vice President

  

	
	Address for Notices:
	c/o Centre Partners Management LLC
	30 Rockefeller Plaza, 50th Floor
	New York, NY 10020
	Attention: Mr. Scott Perekslis
	Telecopy:: (212) 332-5801
	 E-mail: scott.perekslis@centrepartners.com
  

with a copy to (which shall not constitute notice or service of process pursuant to Section 14.17):

	
	Dechert LLP
	1095 Avenue of the Americas
	New York, NY 10036
	Attention: Mark E. Thierfelder, Esq.
	Telecopy: (212) 698-3599
	E-mail: mark.thierfelder@dechert.com

-Signature Page to Connors Bros Agreement- 

			
	BB EMPLOYEE INVEST, L.P.
		
	 By:
	 	CP V CB GP, LLC
		 	its General Partner
		
	 By:
	 	 /s/ John Stiker

		 	Name: John Stiker
		 	Title: Vice President

  

	
	Address for Notices:
	c/o Centre Partners Management LLC
	30 Rockefeller Plaza, 50th Floor
	New York, NY 10020
	Attention: Mr. Scott Perekslis
	Telecopy: (212) 332-5801
	 E-mail: scott.perekslis@centrepartners.com
  

with a copy to (which shall not constitute notice or service of process pursuant to Section 14.17):

	
	Dechert LLP
	1095 Avenue of the Americas
	New York, NY 10036
	Attention: Mark E. Thierfelder, Esq.
	Telecopy: (212) 698-3599
	E-mail: mark.thierfelder@dechert.com

-Signature Page to Connors Bros Agreement- 

			
	FMP II CO-INVESTMENT, LLC
		
	 By:
	 	 /s/ John Schnabel

		 	Name: John Schnabel
		 	Title: Vice President

  

	
	Address for Notices:
	21 Custom House Street
	Boston, MA 02110
	Attention: William J. Kennedy Jr.
	Telecopy: (617) 412-2799
	 E-mail: wkennedy@falconinvestments.com
  

with a copy to (which shall not constitute notice or service of process pursuant to Section 14.17):

	
	CAHILL GORDON & REINDEL LLP
	80 Pine Street
	New York, NY 10005
	Attention: John Papachristos, Esq.
	Telecopy: (212) 378-2552
	E-mail: jpapachristos@cahill.com

			
	KENDRICK BB HOLDINGS S.à r.l.
		
	By:	 	 /s/ William J. Kennedy, Jr.

		 	Name: William J. Kennedy, Jr.
		 	Title: Authorized Signatory

  

	
	Address for Notices:
	
	KENDRICK BB BLOCKER S.à r.l.
	46A, Avenue J.F. Kennedy
	L-1855 Luxembourg
	Attn: Mr. Daan den Boer
	Telecopy: +352 42 19 61
	 E-mail: ddboer@lu.equitytrust.com
  

with a copy to (which shall not constitute notice or service of process pursuant to Section 14.17):

	
	Falcon Investment Advisors, LLC
	21 Custom House Street
	Boston, MA 02110
	Attention: William J. Kennedy Jr.
	Telecopy: (617) 412-2799
	 E-mail: wkennedy@falconinvestments.com
  

with a copy to (which shall not constitute notice or service of process pursuant to Section 14.17):

	
	CAHILL GORDON & REINDEL LLP
	80 Pine Street
	New York, NY 10005
	Attention: John Papachristos, Esq.
	Telecopy: (212) 378-2552
	E-mail: jpapachristos@cahill.com

			
	KENDRICK FMP II BB HOLDINGS S.ar.l.
		
	 By:
	 	 /s/ William J. Kennedy, Jr.

		 	Name: William J. Kennedy, Jr.
		 	Title: Authorized Siganatory

  

	
	Address for Notices:
	
	 KENDRICK FMP II BB HOLDINGS S.ar.l.
  

46A, Avenue J.F. Kennedy

	L-1855 Luxembourg
	Attn: Mr. Daan den Boer
	Telecopy: +352 42 19 61
	 E-mail: ddboer@lu.equitytrust.com
  

with a copy to (which shall not constitute notice or service of process pursuant to Section 14.17):

	
	Falcon Investment Advisors, LLC
	21 Custom House Street
	Boston, MA 02110
	Attention: William J. Kennedy Jr.
	Telecopy: (617) 412-2799
	 E-mail: wkennedy@falconinvestments.com
  

with a copy to (which shall not constitute notice or service of process pursuant to Section 14.17):

	
	CAHILL GORDON & REINDEL LLP
	80 Pine Street
	New York, NY 10005
	Attention: John Papachristos, Esq.
	Telecopy: (212) 378-2552
	E-mail: jpapachristos@cahill.com

			
	WFC HOLDINGS CORPORATION
		
	By:	 	 /s/ Gilber Shen

		 	Name: Gilbert Shen
		 	Title: Vice President

  

	
	Address for Notices:
	WFC Holdings Corporation
	600 California Street, 20th Floor
	San Francisco, CA 94108-2704
	Attn: Gilbert Shen
	
	With a copy to (which shall not constitute notice or service of process pursuant to Section 14.17):
	
	Wells Fargo Law Department
	MAC A0194-261
	45 Fremont Street, 26th Floor
	San Francisco, California 94105
	Attn: Carson Warden, Esq.

					
	 KAYNE ANDERSON NON-TRADITIONAL

INVESTMENTS, L.P.

			
	 By:
	 		 	Kayne Anderson Capital Advisors, LP, General Partner
			
		 	 By:
	 	 /s/ Robert V. Sinnott

		 		 	 Name: Robert V. Sinnott

		 		 	 Title: President

 

	
	Address for Notices:
	
	909 Third Avenue, Suite 3018
	
	 New York, NY 10022
  

with a copy to (which shall not constitute notice or service of process pursuant to Section 14.17)

	
	David Shladovsky
	Kayne Anderson Capital Advisors, LP
	1800 Avenue of the Stars
	2nd Floor

	Los Angeles, CA 90067

 LIMITED PARTNER: 

	
	 /s/ Douglas Hines

	J. Douglas Hines

  

	
	Address for Notices:
	
	 Bumble Bee Foods, LLC

	 9655 Granite Ridge Drive, Suite 100

	 San Diego, CA 92123

 LIMITED PARTNER: 

	
	 /s/ Chris Lischewski

	Chris Lischewski

  

	
	 Address for Notices:

	
	 Bumble Bee Foods, LLC

	 9655 Granite Ridge Drive, Suite 100

	 San Diego, CA 92123

 LIMITED PARTNER: 

	
	 /s/ Kent McNeil

	Kent McNeil

  

	
	 Address for Notices:

	
	 Bumble Bee Foods, LLC

	 9655 Granite Ridge Drive, Suite 100

	 San Diego, CA 92123

 LIMITED PARTNER: 

	
	 /s/ Jill Irvin

	Jill Irvin

  

			
	 Address for Notices:

		 	  

		 	  

		 	  

		 	  

 GLOSSARY OF DEFINED TERMS 

“Acquisition Agreement” shall have the meaning set forth in the recitals. 

“Act” means the Delaware Revised Uniform Limited Partnership Act, 6 Del. C.
§§ 17-101, et seq, as the same may hereafter be amended or supplemented from time to time and any successor thereto. 

“Additional Securities” shall have the meaning set forth in Section 9.5(c). 

“Adjusted Capital Account Deficit” means, with respect to any Partner, the deficit balance, if any, in such
Partner’s Capital Account as of the end of the relevant Fiscal Year, after giving effect to the following adjustments: 

(i) Credit to such Capital Account any amounts which such Partner is obligated to restore or is deemed to be obligated to restore pursuant
to the penultimate sentences of Regulations Sections 1.704-2(g)(l) and 1.704-2(i)(5); and 
 (ii) Debit to such Capital Account
the items described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), and 1.704-l(b)(2)(ii)(d)(6) of the Regulations. 

The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of
Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. 

“Administrative Expenses” means all administrative and operating costs and expenses incurred or reimbursable by
the Partnership, the General Partner or the BB Co-Invest Entities, as applicable, including, without limitation, accounting and legal expenses, premiums for directors and officers insurance, and customary fees and expense reimbursements for officers
and directors (but specifically excluding salaries). 
 “Affiliate” means, with respect to any Person,
any Person which directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such Person, and the term “Affiliated” shall have a correlative meaning. 

“Agreement” shall have the meaning set forth in the preamble hereto. 

“Applicable Drag Percentage” shall have the meaning set forth in Section 9.1(a). 

“Applicable Tag Percentage” shall have the meaning set forth in Section 9.2(b). 

“Approved Sale” shall have the meaning set forth in Section 9.1(e). 

“Assumed Tax Rate” means, for or in respect of any Tax Period and any item of income, the greater of (x) the
maximum combined United States Federal, New York State and New York City tax rate applicable during such Tax Period to such item of income if included in income by an individual resident of New York City, and (y) the maximum combined United
States Federal, New York State and New York City tax rate applicable during such Tax Period to such item of income if included as New York source income by a corporation doing business in New York City. 

 

 Glossary-1 

 “Bankruptcy” means, with respect to any Partner, (i) the
commencement by such Partner of any proceeding seeking relief under any provision or chapter of the Federal Bankruptcy Code or any other Federal, state or foreign law relating to insolvency, bankruptcy or reorganization; (ii) an adjudication
that such Partner is insolvent or bankrupt; (iii) the entry of an order for relief under the Federal Bankruptcy Code or any applicable foreign law with respect to such Partner; (iv) the filing of any such petition or the commencement of
any such case or proceeding against such Partner, unless such petition and the case or proceeding initiated thereby are dismissed within ninety (90) days from the date of such filing; (v) the filing of an answer by such Partner admitting
the material allegations of any such petition; (vi) the appointment of a trustee, receiver or custodian for all or substantially all of the assets of such Partner unless such appointment is vacated or dismissed within ninety (90) days from
the date of such appointment but not less than five (5) days before the proposed sale of any assets of such Partner; (vii) the insolvency of such Partner or the execution by such Partner of a general assignment for the benefit of
creditors; (viii) the convening by such Partner of a meeting of its creditors, or any class thereof, for purposes of effecting a moratorium upon or extension or composition of its debts; (ix) the failure of such Partner to pay its debts as
they mature; (x) the levy, attachment, execution or other seizure of substantially all of the assets of such Partner where such seizure is not discharged within thirty (30) days thereafter; or (xi) the admission by such Partner in
writing of its inability to pay its debts as they mature or that it is generally not paying its debts as they become due. 

“BB Co-Invest” means BB Co-Invest LP, a Delaware limited partnership. 

“BB Co-Invest Entities” means, collectively, BB Co-Invest, BB Employee, and BB Management. 

“BB Employee” means BB Employee Invest L.P., a Delaware limited partnership. 

“BB Management” means BB Management Invest LP, a Delaware limited partnership. 

“Blocker Corporation” shall have the meaning set forth in Section 3.1(f)(x). 

“Book Item” shall have the meaning set forth in Section 7.6(a)(i). 

“Book-Up Event” means (i) the acquisition of an additional Partnership Unit in the Partnership by any new or
existing Partner in exchange for services or more than a de minimis Capital Contribution, (ii) the distribution by the Partnership to a Partner of more than a de minimis amount of Partnership property as
consideration for a Partnership Unit, (iii) the incorporation of the Partnership, or (iv) the liquidation of the Partnership within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g). 

“Bumble Bee Subsidiary” shall have the meaning set forth in Section 11.1(a). 

“Business” means the business of the Partnership and its direct and indirect Subsidiaries as of the date hereof
following the consummation of the Transaction and as hereafter conducted and any activities related to such business. 
  

 Glossary-2 

 “Business Day” means any day other than Saturday, Sunday, national
holidays, and other days on which banks are closed in any and all states in which the Partnership does business. 

“Business Interests” means the direct and indirect equity interests in the Business held by the Partnership
including, without limitation, the equity interests in Stinson, Canadian Purchaser, and Sea Value. 
 “Call
Notice” shall have the meaning set forth in Section 9.6(a)(iii). 
 “Call
Right” shall have the meaning set forth in Section 9.6(a)(ii). 
 “Call Units”
shall have the meaning set forth in Section 9.6(a). 
 “Canadian Purchaser” shall have the
meaning set forth in the recitals. 
 “Capital Account” shall have the meaning set forth in
Section 4.4. 
 “Capital Contribution” means, with respect to any Partner, the amount of
money or property (valued by the General Partner) contributed or deemed contributed to the Partnership with respect to the Partnership Units held by such Partner (net of liabilities, if any, to which such property is subject). 

“Capital Expenditures” means, with respect to any Person for any period, the aggregate of all expenditures by
such Person and its Subsidiaries during such period that are capital expenditures as determined in accordance with GAAP 

“Cause” shall have the meaning set forth in the applicable Employment Agreement of such Partner or its related
Individual Partner, or in the event there is no Employment Agreement, then “Cause” as used in this Agreement shall mean (A) Partner’s commission of a felony or any other crime involving moral turpitude, fraud, misrepresentation,
embezzlement or theft, (B) Partner’s engaging in any activity that is harmful (including, without limitation, alcoholic or other self-induced affliction), in a material respect, to the Partnership or any of its Affiliates, monetarily or
otherwise, as determined by the General Partner; (C) Partner’s material malfeasance (including without limitation, any intentional act of fraud or theft or the intentional misrepresentation of any material financial or other operating
results of the Partnership or any of its Affiliates) in connection with the performance of his duties to the Partnership or any of its Affiliates, (D) Partner’s misconduct or gross negligence in connection with the performance of
Partner’s duties to the Partnership or any of its Affiliates; (E) Partner’s significant violation of any statutory or common law duty of loyalty to the Partnership or any of its Affiliates; (F) Partner’s material breach
(x) the terms and conditions of the Partner’s employment, (y) a material policy of the Partnership or any of its Affiliates (including without limitation, disclosure or misuse of any confidential or competitively sensitive information
or trade secrets of Partnership or any of its Affiliates) or (z) any restrictive covenant provision, including without limitation, any applicable non-competition, non-solicitation, standstill, non-disparagement or confidentiality provision, of
any agreement between the Partner and the Partnership or any of its Affiliates; or (G) Partner’s refusal or failure to carry out directives or instructions of the Partner’s supervisor, the Partnership’s Chief Executive Officer
and/or the General Partner (or its designee), as applicable, that are consistent with the scope and nature of Partner’s employment, 

 

 Glossary-3 

 
provided that in the case of clause (D), (F) or (G) above, only if such breach or failure continues for more than 10 days following written notice from the General Partner describing
such breach or failure, if the General Partner determines in its good faith judgment that such breach or failure is capable of cure; provided, further, however, that such Partner shall be entitled to no more than one opportunity to cure with respect
to clauses (D), (F) and (G). 
 “CBL” shall have the meaning set forth in the recitals. 

“Centre Management Agreement” means that certain management agreement by and between the Partnership and/or
certain of its Subsidiaries and Centre Partners dated as of the Closing Date. 
 “Centre Management
Fees” means any and all fees and payments to Centre Partners or its designee pursuant to the Centre Management Agreement including, without limitation, (i) an annual fee of US$400,000 (which shall be in an amount equal to $446,154
in respect of the period ending December 31, 2009), (ii) all costs and other expenses incurred from time to time by Centre Partners and/or any of its Affiliates in connection with their performance of and compliance with all agreements and
conditions contained in the Acquisition Agreement, the other Transaction Documents (as defined in the Acquisition Agreement), all other documents, certificates or agreements delivered in connection with the Acquisition Agreement or the transactions
contemplated thereby, or this Agreement (collectively, the “Documents”), on its part to be performed or complied with; (iii) the actual, out-of-pocket costs and expenses incurred by Centre Partners and/or any of its Affiliates
in connection with the performance of the services contemplated by Section 1 of the Centre Management Agreement, including fees and charges of counsel, accountants and other advisors; (iv) the actual, out-of-pocket costs and
expenses incurred by Centre Partners and/or any of its Affiliates at or prior to the date hereof in connection with the acquisition by Centre Partners and/or any of its Affiliates of a controlling interest in the Partnership and/or any of its
Subsidiaries, including fees and charges of counsel, accountants and other advisors, in connection with the purchase of securities or any securities directly or indirectly issuable upon the conversion, exercise or exchange of such securities;
(v) the reasonable costs and expenses (including fees and expenses of counsel, accountants and other advisors) incurred by Centre Partners and/or any of its Affiliates in connection with any amendment or waiver of, or enforcement of, any
Document; (vi) the reasonable out-of-pocket costs incurred by Centre Partners and/or any of its Affiliates in sending its representatives to participate in meetings of the board of directors or managers, as applicable, of the Partnership or any
of its Subsidiaries (or any general partner (including, without limitation, the General Partner) or managing member or any committee thereof); (vii) any costs reasonably incurred by Centre Partners and/or any of its Affiliates in rendering
assistance to the Partnership or any of its Subsidiaries (it being understood that Centre Partners is not obligated to render, and may charge additional fees for, such assistance); (viii) a fee to Centre Partners or its designee equal to one
percent (1%) of the aggregate enterprise value of any transaction (including the transactions occurring on the Closing Date) involving the Partnership or any of its Subsidiaries or direct or indirect parent entities (or any of their respective
successors) that Centre Partners helps to structure, including, without limitation, any acquisition, refinancing, capital raise and/or sale transaction; (ix) a one-time transaction fee to Centre Partners or its designee in an amount equal to
$5,000,000, payable on the Closing Date; (x) the reasonable fees and expenses incurred by Centre Partners and/or any of its Affiliates in any filing with any governmental authority with 

 

 Glossary-4 

 
respect to Centre Partners and/or any of its Affiliates’ indirect investment in the Partnership or any of its Subsidiaries or in any other filing with any governmental authority with respect
to the Partnership or any of its Subsidiaries that mentions Centre Partners or its Affiliates; (xi) the reasonable fees and expenses incurred by Centre Partners and/or any of its Affiliates in connection with a business transaction, or pursuit
thereof, by or of the Partnership or any of its Subsidiaries, or any equity or debt financing of the Partnership or any of its Subsidiaries following the date hereof; and (xii) any stamp or similar taxes which may be determined to be payable in
connection with the execution and delivery and performance of any of the Documents or any modification, amendment or alteration of any Document and all issue taxes in respect of the issuance of securities by the General Partner, any BB Co-Invest
Entity, the Partnership or any of its Subsidiaries. 
 “Centre Partners” means Centre Partners
Management LLC, a Delaware limited liability company, together with its successors and permitted assigns. 
 “Centre
Partners Entities” means Centre Partners Co-Investment V, L.P., Centre Capital Non-Qualified Investors V, L.P., Centre Bregal Partners II, L.P., Centre Carlisle CB, L.P., and Centre Capital Investors V, L.P. 

“Centre Preemptive Party” means any of the Centre Partners Entities or any of their respective Affiliates other
than any of (i) the Partnership or its Subsidiaries, (ii) the BB Co-Invest Entities (provided that no Centre Partners Entity or any of their Affiliates has any material economic interest in such entity), or (iii) any other
co-investment entity in the Partnership that is an “Affiliate” of the Centre Partners Entities by virtue of the fact that a Centre Partners Entity or one of its Affiliates acts as the general partner of such entity, provided that no Centre
Partners Entity or any of its Affiliates has any material economic interest in such entity. 

“Certificate” means the Certificate of Limited Partnership of the Partnership, as filed with the office of the
Delaware Secretary of State on September 12, 2008, as it may be amended, supplemented or restated from time to time in accordance with the terms of this Agreement and the Act. 

“Change in Control” means that (a) the Centre Partners Entities fail to own and control, directly or
indirectly, 51%, or more, of the Equity Interests of the General Partner having the right to vote for the election of members of its Board of Directors, (b) the Centre Partners Entities fail to own and control, directly or indirectly, 51%, or
more, of the Equity Interests of the General Partner, (c) a majority of the members of the Board of Directors of the General Partner do not constitute Continuing Directors or (d) the Partnership has sold, leased, exchanged or otherwise
Transferred (in one or a series of transactions) all or substantially all of its assets; provided, however, that a Change in Control shall not result pursuant to a transaction expressly permitted by Section 6.3 of the Mezzanine
Credit Facility, as in effect on the date hereof. 
 “CIC Notice” shall have the meaning set forth in
Section 3.1(f)(iii). 
 “CIC Response Notice” shall have the meaning set forth in
Section 3.1(f)(iii). 
  

 Glossary-5 

 “Class A Common Partner” means any Limited Partner in its capacity
as owner of one or more Class A Common Units (including such Class A Common Units that remain subject to Restricted Class A Vesting Conditions). 

“Class A Common Unit” means a Partnership Unit having the relative rights, preferences and obligations specified
with respect to the Class A Common Units in Section 3.1(b) and elsewhere in this Agreement; provided, that any or all rights associated with Class A Common Units may be restricted pursuant to and in accordance with the
Restricted Class A Subscription Agreement pursuant to which such Class A Common Units were issued until such time as the Restricted Class A Vesting Conditions with respect to such Class A Common Units have been satisfied in
accordance with the terms of such Restricted Class A Subscription Agreement. In addition, certain of the Class A Common Units issued to Falcon, Wells and Kayne on the date hereof as part of an investment unit with the Series A Preferred
Units are entitled to the anti-dilution protection described on Schedule I annexed hereto. The General Partner may take such actions as are necessary and appropriate to enable the Partnership to effectively identify the Class A Common
Units that are entitled to such anti-dilution protection. 
 “Class A Offerees” means each Common
Partner, other than (i) the Centre Partners Entities, (ii) any Common Partner who is, or whose related Individual Partner is, a former employee of the Partnership or any of its Subsidiaries and (iii) Class A Common Partners whose
holdings of Class A Common Units consist solely of Restricted Class A Common Units. 
 “Class B Common
Partner” means any Limited Partner in its capacity as owner of one or more Class B Common Units. 

“Class B Common Unit” means a Partnership Unit having the relative rights, preferences and obligations specified
with respect to the Class B Common Units in Section 3.1(b) and elsewhere in this Agreement. 
 “Closing
Date” shall have the meaning set forth in the Acquisition Agreement. 
 “Clover Leaf” shall
have the meaning set forth in the recitals. 
 “Code” means the Internal Revenue Code of 1986, as
amended from time to time. 
 “Common Partner” means a Class A Common Partner or Class B Common
Partner. 
 “Common Unit” means a Class A Common Unit or Class B Common Unit. 

“Competitor” means any entity engaged in any line of business competitive with the business acquired under the
Acquisition Agreement; or any other lines of business the Partnership is engaged in or is actively developing after the Closing Date. 

“Continuing Director” means (a) any member of a Board of Directors who was a director (or comparable
manager) of the Person on the Closing Date, and (b) any individual who becomes a member of such Board of Directors after the Closing Date if such individual was approved, appointed or nominated for election to such Board of Directors by either
the Centre Partners Entities or a majority of the Continuing Directors, but excluding any such individual 
  

 Glossary-6 

 
originally proposed for election in opposition to such Board of Directors in office at the Closing Date in an actual or threatened election contest relating to the election of the directors (or
comparable managers) of such Person and whose assumption of office resulted from such contest or the settlement thereof. 

“Control” means, with respect to any Person, the power, directly or indirectly, to direct or cause the direction
of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. The terms “Controls” and “Controlled” shall have correlative meanings. 

“Controlling Person” shall have the meaning set forth in Section 9.1(d). 

“Cross Default” means the occurrence and continuance of an Event of Default, as such term is defined in the
Mezzanine Credit Facility (as in effect on the date hereof) ,which is not cured or waived or does not otherwise cease to exist for a period of sixty consecutive days from the occurrence thereof. 

“Current Payment” means a payment of Preferred Return made on the last day of a calendar quarter and in respect
of a quarterly accrual period beginning on the first day of such calendar quarter. 
 “Debt or Equity
Securities” means any Securities, any equity interests in any Subsidiary of the Partnership, or any warrants, options or other rights that be issued by such Subsidiary to purchase equity interests in such Subsidiary, and any instruments
evidencing Indebtedness of the Partnership or any of its Subsidiaries. 
 “Default Event” means either a
Redemption Default, a Cross Default, or a Leverage Default. 
 “Depreciation” means for any Fiscal Year
or portion thereof of the Partnership, an amount equal to the depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such period for Federal income tax purposes, except that with respect to any asset whose
Gross Asset Value differs from its adjusted tax basis for Federal income tax purposes at the beginning of such Fiscal Year, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the Federal income tax
depreciation, amortization, or other cost recovery deduction for such Fiscal Year bears to such beginning adjusted tax basis; provided, however, that if the adjusted basis of an asset for Federal income tax purposes at the beginning of
such Fiscal Year is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the General Partner. 

“Depreciation Recapture” shall have the meaning set forth in Section 7.6(a)(iii). 

“Drag-Along Sale” shall have the meaning set forth in Section 9.1(a). 

“Employment Agreement” means an employment agreement between an Other Partner (or such Other Partner’s
related Individual Partner) and the Partnership or one of its Subsidiaries. 
  

 Glossary-7 

 “Entity” means any general partnership, limited partnership, firm,
corporation, limited liability company, unlimited liability company, association, joint venture, venture capital fund, trust, business trust, trustee, heir, executor, administrator, legal personal representative, estate, group, body corporate,
unincorporated association or organization, Governmental Entity, cooperative, syndicate or other entity, whether or not having legal status. 

“Equity Interests” means all shares, options, warrants, interests, participations, partnership or membership
interests or other equivalents (regardless of how designated) of or in a Person, whether voting or nonvoting, including common stock, preferred stock, membership interests, partnership interests or any other “equity security” (as such term
is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the SEC under the Exchange Act). 

“Exempt Transaction” shall have the meaning set forth in Section 9.2(a). 

“Fair Market Value” means the fair market value based upon an arm’s-length sale between a willing buyer and
a willing seller, as determined in the sole discretion of the General Partner. 
 “Falcon” means Kenrick
BB Holdings s.a.r.l., Kendrick FMP II BB Holdings S.ar.l. and FMP II Co-Investment, LLC. 
 “Falcon
Funds” means, collectively, Falcon Mezzanine Partners II, LP and Falcon Strategic Partners III, LP. 

“Falcon Preferred Purchase Agreement” means that certain Purchase Agreement dated as of the date hereof by and
between the Partnership and Falcon. 
 “Fiscal Year” shall have the meaning set forth in
Section 2.10. 
 “Fully Diluted Basis” means on a basis which assumes that each outstanding
warrant, option or like instrument which is then vested is fully exercised and the exercise price therefor paid to the Partnership by cashless exercise of such instrument, if applicable, prior to any distribution of Partnership assets;
provided, however, that any such instrument that on the date of determination is either unvested or has an exercise price in excess of the value of the securities for which it is exercisable will be deemed not to have been exercised.

 “Fully Exercising Partners” shall have the meaning set forth in Section 9.5(c).

 “Fund” shall have the meaning set forth in the recitals. 

“GAAP” means generally accepted accounting principles as in effect from time to time in the United States,
consistently applied, for periods ended prior to the Closing Date. 
 “General Partner” means CP V CB
GP, LLC, a Delaware limited liability company, its permitted successors and assigns who, at the time of reference thereto, are duly admitted as general partners of the Partnership, and any other Person who, at the time of reference thereto, is duly
admitted as a general partner of the Partnership in accordance with this Agreement, each of the foregoing in its capacity as a general partner of the Partnership. 

 

 Glossary-8 

 “General Partner Units” means a Partnership Unit having the relative
rights, preferences and obligations specified with respect to the General Partner Units in Section 3.1(b) and elsewhere in this Agreement. 

“Glossary of Defined Terms” shall have the meaning set forth in Article I. 

“Good Reason” has the meaning set forth in the applicable Employment Agreement of such Partner or relevant
Individual Partner, or in the event there is no Employment Agreement, then “Good Reason” as used in this Agreement shall mean (a) a material reduction by the Partnership or its Subsidiary, as the case may be, in the employee’s
base salary, unless such reduction is rescinded within 15 days after the date of receipt by the General Partner from the employee of a written notice referring to a termination for Good Reason and describing such reduction or (b) a material
diminution of the employee’s responsibilities or duties relative to other similarly situated employees of the Partnership or its Subsidiary, as the case may be, which diminution is not rescinded within 15 days after the date of receipt by the
General Partner from the employee of a written notice referring to a termination for Good Reason and describing such diminution. 

“Governmental Entity” means any (i) multinational, national, federal, provincial, territorial, state,
regional, municipal, local or other governmental or public department, central bank, court, arbitral body, commission, commissioner, tribunal, board, bureau, agency, instrumentality, or stock exchange, domestic or foreign, (ii) any subdivision,
agent, commission, board or authority of any of the foregoing, (iii) any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the above, or (iv) any
self-regulatory agency or organization exercising any regulatory, expropriation or taxing authority. 
 “Gross Asset
Value” means, with respect to any asset, the asset’s adjusted basis for Federal income tax purposes, except as follows: 

(i) the initial Gross Asset Value of any asset contributed by a Partner to a Partnership shall be the gross Fair Market Value of such
asset on the date of contribution to the Partnership, as determined by the contributing Partner and the General Partner; 
 (ii)
the Gross Asset Value of all Partnership Assets shall be adjusted to equal their respective gross Fair Market Values upon (A) the acquisition of additional Partnership Units by a new or existing Partner in exchange for services or more than a
de minimis Capital Contribution; (B) the distribution by the Partnership to a Partner of more than a de minimis amount of Partnership Assets in redemption of Partnership Units; or (C) the liquidation of the
Partnership within the meaning of Section 1.704(b)(ii)(g) of the Regulations; and 
 (iii) the Gross Asset Value of an
asset shall be adjusted each Fiscal Year by the Depreciation with respect to such asset taken into account for purposes of computing Profit or Losses for such year. 

“Immediate Family” means, with respect to any individual, such individual’s spouse, parents, parents-in-law,
descendants, nephews, nieces, brothers, sisters, brothers-in-law, sisters-in-law and children-in-law. 
  

 Glossary-9 

 “Incapacity” means (i) as to any individual Partner, death,
total physical disability or entry by a court of competent jurisdiction adjudicating him incompetent to manage his person or his estate; (ii) as to any corporation which is a Partner, the filing of a certificate of dissolution, or its
equivalent, for the corporation or the revocation of its charter; (iii) as to any partnership which is a Partner, the dissolution and commencement of winding up of the partnership; (iv) as to any estate which is a Partner, the distribution
by the fiduciary of the estate’s entire interest in the Partnership; (v) as to any trustee of a trust which is a Partner, the termination of the trust (but not the substitution of a new trustee); or (vi) as to any Partner, the
Bankruptcy of such Partner. 
 “Indebtedness” has the meaning given to such term in the Mezzanine Credit
Facility, as in effect on the date hereof. 
 “Indemnitee” means (i) the General Partner as the
General Partner of the Partnership or the general partner of any BB Co-Invest Entity, (ii) any member of the General Partner, (iii) any Person that is a manager, director, officer, employee, agent or representative of the General Partner,
(iv) any Centre Partners Entities, (v) any Affiliates of any of the Persons listed in clauses (ii) – (iv) (other than the Partnership and its Subsidiaries or any of the BB Co-Invest Entities), and (vi) such other
Persons as the General Partner may designate in connection with the operations of the Partnership and/or the General Partner from time to time. 

“Individual Call Notes” shall have the meaning set forth in Section 9.6(a)(iv). 

“Individual Call Rights” shall have the meaning set forth in Section 9.6(a)(iv). 

“Individual Call Units” shall have the meaning set forth in Section 9.6(a)(iv). 

“Individual Class A Partner” means (a) in the case where a Class A Common Partner is an
individual, such individual; (b) in the case where a Class A Common Partner who is an individual has Transferred his Class A Common Units to a Permitted Transferee, the initial Class A Common Partner; (c) in the case where a
Class A Common Partner is a Person (other than BB Management and BB Employee), other than an individual, the controlling individual of such Person, (d) in the case where a Class A Common Partner is BB Management or BB Employee, the
limited partners of BB Management or BB Employee (or, if any such limited partner is not an individual, then the controlling individual of such limited partner), as the case may be, based upon the Class A Common Units related to such limited
partners set forth on Schedule II or Schedule III, as applicable, and (e) in the case where a Class A Common Partner who is not an individual has Transferred its Class A Common Units to a Permitted Transferee, the
initial controlling individual of such Person. 
 “Individual Class B Partner” means (a) in the
case where a Class B Common Partner is an individual, such individual; (b) in the case where a Class B Common Partner who is an individual has Transferred his Class B Common Units to a Permitted Transferee, the initial Class B Common Partner;
(c) in the case where a Class B Common Partner is a Person other than an individual, the controlling individual of such Person, and (d) in the case where a Class B Common Partner who is not an individual has Transferred its Class B Common
Units to a Permitted Transferee, the initial controlling individual of such Person. 
 “Individual Notice
Period” shall have the meaning set forth in Section 9.6(a)(iv). 
  

 Glossary-10 

 “Individual Partner” means an Individual Class A Partner or
Individual Class B Partner. 
 “Kayne” means Kayne Anderson Non-Traditional Investments, L.P.

 “Kayne Preferred Purchase Agreement” means that certain Purchase Agreement dated as of the date
hereof by and between the Partnership and Kayne. 
 “Leverage Default” means a time measured at the end
of any quarterly period when the ratio of (x) the aggregate amount of total Indebtedness of the Partnership and its Subsidiaries at the end of such quarter plus the aggregate Preferred Liquidation Preference at the end of such quarter,
to (y) the LTM EBITDA of the Partnership and its Subsidiaries (in each case, as of the most recent four consecutive fiscal quarter period for which financial statements were required to be delivered pursuant to Section 10.09 of the Falcon
Preferred Purchase Agreement), exceeds 6.8 to 1.0. 
 “Lien” means any liens, security interests,
mortgages, deeds of trust, charges, claims, encumbrances, pledges, options, rights of first offer or first refusal and any other rights or interests of others of any kind or nature, actual or contingent, or other similar encumbrances of any nature
whatsoever. 
 “Limited Partners” means those Persons listed under the heading “Limited
Partners” on the signature pages hereto, their permitted successors and assigns who, at the time of reference thereto, are duly admitted as limited partners of the Partnership, and any other Person who, at the time of reference thereto, is duly
admitted as a limited partner of the Partnership in accordance with this Agreement, each of the foregoing in its capacity as a limited partner of the Partnership. 

“Liquidating Transfer” means any Transfer by a Centre Partners Entity to any Affiliate of such Person which is
intended to be a complete monetization of such Person’s interest in the Partnership, and not a reorganization or allocation of capital or investments between and/or among Affiliates. 

“Liquidator” shall have the meaning set forth in Section 10.2. 

“LTM EBITDA” means, with respect to any trailing four fiscal quarter period, “Adjusted EBITDA” (as
defined in the Mezzanine Credit Facility, as in effect on the date hereof) for such period. 
 “Majority-In-Interest
of the Class A Common Partners” means one or more Class A Common Partners (other than any Centre Preemptive Party) who hold in the aggregate more than fifty percent (50%) of the Class A Common Units then allocable to
and held by the Class A Common Partners (other than the Centre Partners Entities) as a class. 

“Majority-In-Interest of the Limited Partners” means one or more Limited Partners who hold in the aggregate more
than fifty percent (50%) of the Partnership Units then allocable to and held by the Limited Partners as a class. 
  

 Glossary-11 

 “Majority-In-Interest of the Series A Preferred Partners” means one
or more Series A Preferred Partners who hold in the aggregate more than fifty percent (50%) of the Series A Preferred Units then allocable to and held by the Series A Preferred Partners as a class. 

“Maintenance Capital Expenditures” means Capital Expenditures that are generally used for the maintenance,
repairs and replacement of machinery and equipment to support and sustain the ongoing Business. 
 “Management
Options” means options to purchase Class A Common Units in the Partnership issued to management from time to time. 

“Mezzanine Credit Facility” means the Senior Subordinated Loan Agreement dated as of November 18, 2008, by and
among Bumble Bee Foods, LLC, 3231021 Nova Scotia Company, Ares Capital Corporation as administrative agent and the lenders from time to time party thereto. 

“No-Call Period” shall have the meaning set forth in Section 3.1(f)(ii). 

“Nonrecourse Deduction” shall have the meaning set forth in Section 1.704-2(b)(1) and (c) of the
Regulations. 
 “Notice Period” shall have the meaning set forth in
Section 9.6(a)(i)(2)(iii). 
 “Offer Price” shall have the meaning set forth in
Section 9.4(b). 
 “Offered Units” shall have the meaning set forth in
Section 9.4(a). 
 “Offering Notice” shall have the meaning set forth in
Section 9.4(b). 
 “Offeror” shall have the meaning set forth in Section 9.4(a).

 “Other Class A Common Partners” means all Class A Common Partners other than the Centre
Partners Entities. 
 “Other Common Partners” means all Common Partners other than the Centre Partners
Entities. 
 “Other Partner” means all Partners other than the General Partner and the Centre Partners
Entities. 
 “Participating Common Partner” means any Limited Partner in its capacity as a holder of one
or more Participating Common Units. 
 “Participating Common Units” means (x) Class A Common
Units (other than those granted pursuant to a Restricted Class A Subscription Agreement), (y) Class A Common Units with respect to which all applicable Restricted Class A Vesting Conditions under the relevant Restricted
Class A Subscription Agreement granting such Class A Common Units have been satisfied in accordance with the terms of such Restricted Class A Subscription Agreement and (z) Class B Common Units. 

 

 Glossary-12 

 “Partner Confidential Information” means all Confidential
Information (irrespective of the form of communication) obtained by or on behalf of a Partner from the Partnership or any Person on behalf of the Partnership, other than Confidential Information which (i) was or becomes generally available to
the public other than as a result of a breach of this Agreement by such Partner, (ii) was or becomes available to such Partner on a nonconfidential basis prior to disclosure to the Partner by the Partnership, the General Partner or their
respective Representatives, (iii) was or becomes available to the Partner from a source other than the Partnership or the General Partner, provided that such source is not known by such Partner to be bound by a confidentiality agreement
or subject to other fiduciary obligation or obligation of secrecy with or to the Partnership or the General Partner, or (iv) is independently developed by such Partner without the use of any such Confidential Information. 

“Partner Nonrecourse Debt” shall have the meaning set forth in Section 1.704-2(b)(4) of the Regulations.

 “Partner Nonrecourse Debt Minimum Gain” shall have the meaning as determined in accordance with
Regulation Section 1.704-2(i)(2). 
 “Partners” means the General Partner and the Limited Partners.

 “Partnership” has the meaning set forth in the recitals hereto. 

“Partnership Assets” means any and all property, of whatever kind or nature (including cash), owned by the
Partnership from time to time. 
 “Partnership Interest” means an interest in the Partnership, and
includes any and all current or future benefits to which a holder of such Partnership Interest may be entitled as provided in this Agreement, whether contingent or otherwise, together with all obligations of such Person to comply with the terms and
provisions of this Agreement. A Partnership Interest shall be expressed as a number of Partnership Units. 

“Partnership Minimum Gain” shall have the meaning set forth in Section 1.704-2(b)(2) and (d)(1) of the
Regulations. 
 “Partnership Units” means a fractional, undivided share of the Partnership Interests of
all Partners, and shall include the General Partner Units, Class A Common Units, Class B Common Units, Series A Preferred Units, or other Partnership Units created by the General Partner in accordance with Section 3.1(c).

 “Percentage Interest” means, with respect to any Common Units held by a Partner, the percentage
represented by a fraction (expressed as a percentage), the numerator of which is the number of such Common Units then owned by such Partner, and the denominator of which is the total number of such Common Units then owned by all of the Partners.

 “Permitted Discretion” means a determination made in the exercise of reasonable (from the perspective
of a holder of Series A Preferred Units) business judgment. 
  

 Glossary-13 

 “Permitted Indebtedness” means (i) Indebtedness under the
Senior Credit Facility in an aggregate principal amount not to exceed the sum of C$75,000,000 plus US$290,000,000 as reduced by the amounts of permanent repayments and permanent commitment reductions thereunder, (ii) Indebtedness under the
Mezzanine Credit Facility in an aggregate principal amount not to exceed $135,000,000 as reduced by the amounts of permanent repayments thereunder, (iii) intercompany Indebtedness consisting of borrowings between and among the Partnership and
any of its Subsidiaries, (iv) Indebtedness consisting of any refinancing of outstanding Indebtedness, plus all accrued and unpaid interest thereon through the date of such refinancing, plus the stated amount of any premium and other payments
required to be paid in connection with such refinancing pursuant to the terms of the Indebtedness being refinanced, provided the outstanding or committed amount thereof is not increased thereby, plus, the amount of reasonable expenses
of the Partnership and its Subsidiaries incurred in connection with such financing , or (v) Indebtedness consisting of Permitted Purchase Money Indebtedness (as defined in the Mezzanine Credit Facility, as in effect on the date hereof).

 “Permitted Transferee” means, (A) in the case of any Partner who is an individual, any one of
the following: (i) any spouse or lineal descendant of such Partner; (ii) the Partner’s estate (provided that all of the personal representatives of the deceased Partner’s estate are Approved Persons and the Partner’s will
contains a provision that states that any additional or successor personal representatives shall be an Approved Person); (iii) the Partnership or any of its Subsidiaries; and (iv) a trust, all of the beneficiaries of which are the Partner,
the Partner’s spouse and/or the lineal descendants of the Partner; provided that all of the trustees are Approved Persons and the instrument creating such trust contains a provision (which shall not be Amended (as defined below) until such time
as no interests in the Partnership are held by such trust) that states that any additional or successor trustees of any trust holding interests in the Partnership must be Approved Persons; (B) in the case of any Partner that is a trust, the
term Permitted Transferees shall include (i) the Partnership or any of its Subsidiaries, and (ii) the beneficiaries of such trust or a trust for the benefit of one or more such beneficiaries of such trust, provided that the beneficiaries
are Permitted Transferees of the Partner who created the trust; (C) in the case of a Partner that is an estate, the term Permitted Transferee shall include (i) any other Partner, (ii) the Partnership or any of its Subsidiaries,
(iii) the decedent’s Permitted Transferees or (iv) a trust for one or more of the decedent’s Permitted Transferees; and (D) in the case of a Centre Partners Entity, any one of the following: (i) one or more direct or
indirect members of such Centre Partners Entity, (ii) any investment fund or partnership organized and/or managed by Centre Partners, (iii) any investor or partner in such fund or partnership (or any of their respective Affiliates) and
(iv) any vehicle through which any investor or partner in any such fund or partnership (or any of their respective Affiliates) directly or indirectly invests or co-invests in the Partnership. Notwithstanding the foregoing, no Permitted
Transferee may be a Competitor. For purposes of this definition, “Approved Persons” means any Partner and any other Person approved in advance of transfer in writing by the General Partner, and
“Amended” means a change to the trust instrument regarding the appointment, selection or designation of successor or additional trustees, and shall not mean an amendment solely to the other provisions of the trust instrument.

 “Person” means any individual or Entity. 

“Preemptive Response Notice” shall have the meaning set forth in Section 9.5(b). 

 

 Glossary-14 

 “Preferred Return” as of a specified date means, with respect to
each Series A Preferred Unit, an amount sufficient to provide a Series A Preferred Partner with a return equal to 13.0% per annum (such rate to be compounded at the end of each calendar quarter and pro rated on a daily basis for partial
periods) on a principal amount equal to the sum of (x) the aggregate Unreturned Capital Contributions with respect to such Series A Preferred Unit from time to time and (y) the amount of all previously accrued and unpaid Preferred Return
which has compounded as of each previously completed calendar quarter, during the period commencing on the first date any Capital Contribution is made to the Partnership with respect to the Series A Preferred Unit and ending on such specified date;
provided, that the Preferred Return will increase by 0.50% for every consecutive 180 day period that a Default Event is in effect and remains outstanding (subject to a maximum increase of 2.0%). In the event that the Default Event is cured,
waived or otherwise ceases to exist, whether pursuant to this Agreement or other underlying documents giving rise to the Default Event, then upon such cure, waiver or cessation, the Preferred Return will revert as of the date of such cure, waiver or
cessation to 13.0% per annum. 
 “Preferred Liquidation Preference” means, with respect to each
Series A Preferred Unit, the sum of the Capital Contribution paid to the Partnership upon issuance of such Series A Preferred Unit and the cumulative accrued Preferred Return with respect to such Series A Preferred Unit, which at any point in time
shall be reduced by the aggregate distributions previously made by the Partnership with respect to such Series A Preferred Unit. 

“Profit or Losses” means, for each Fiscal Year or other applicable period, an amount equal to the
Partnership’s taxable income or loss for such year or period, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to
Section 703(a) of the Code shall be included in taxable income or loss), with the following adjustments: 
 (i) The
computation of all items of income, gain, loss and deduction shall be made without regard to the fact that items described in Section 705(a)(1)(B) or 705(a)(2)(B) of the Code are not includable in gross income or are neither currently
deductible nor capitalized for Federal income tax purposes; 
 (ii) Any income, gain or loss attributable to the taxable
disposition of any Partnership property shall be determined as if the adjusted basis of such property as of such date of disposition were equal in amount to the Partnership’s Gross Asset Value with respect to such property as of such date; and

 (iii) Any items specially allocated under Sections 7.3 or 7.6 shall not be taken into account. 

“Public Liquidity Event” shall have the meaning set forth in Section 11.1(a). 

“Public Transfer” means a Transfer in a public offering pursuant to an effective registration statement under the
Securities Act or a Transfer in a bona fide transaction effected on a public securities exchange, the National Association of Securities Dealers automated Quotation systems or a comparable market system. 

 

 Glossary-15 

 “PublicCo” shall have the meaning set forth in
Section 11.1(a). 
 “Ratable Portion” shall have the meaning set forth in
Section 9.5(a). 
 “Redemption Default” means the failure of the Partnership to redeem the
Series A Preferred Units upon a demand made in accordance with either Section 3.1(f)(iii), Section 3.1(f)(iv), Section 3.1(f)(v), or Section 3.1(f)(vi) hereof. 

“Redemption Price” shall have the meaning set forth in Section 3.1(f)(ii). 

“Regulations” means the final or temporary U.S. Treasury Regulations promulgated under the Code, as such
regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Regulatory Allocations” shall have the meaning set forth in Section 7.3(i). 

“Representatives” shall have the meaning set forth in Section 14.1. 

“Restricted Class A Common Units” means Class A Common Units with respect to which all applicable
Restricted Class A Vesting Conditions under the Restricted Class A Subscription Agreement granting such Class A Common Units have not been satisfied in accordance with the terms of such Restricted Class A Subscription Agreement.

 “Restricted Class A Subscription Agreement” means a Subscription Agreement by and between the
Partnership and a holder of Class A Common Units granting such Class A Common Units to such holder and containing Restricted Class A Vesting Conditions. 

“Restricted Class A Vesting Conditions” means the conditions with respect to the vesting of Class A
Common Units set forth in a Restricted Class A Subscription Agreement including, without limitation, conditions related to time vesting and vesting based on the financial performance of the Partnership and its Subsidiaries. 

“Restrictive Covenants” shall have the meaning set forth in Section 9.6(a)(i). 

“Right of First Offer” shall have the meaning set forth in Section 9.4(c). 

“ROFO Holder’s Notice” shall have the meaning set forth in Section 9.4(c). 

“ROFO Limit” means a dollar amount equal to the aggregate of (a) $15,000,000, plus (b) the funds
received by the Partnership after the date of this Agreement (and not in connection with the Transactions) from the sale of Equity Interests that are junior to the Series A Preferred Units with respect to the distribution rights in Sections
6.1(a) and (b). 
 “Sea Value” shall have the meaning set forth in the recitals. 

“SEC” means the Securities and Exchange Commission or any other similar or successor agency of the Federal
government administering the Securities Act and the Exchange Act. 
  

 Glossary-16 

 “Securities” means the Partnership Units, any other equity interests
in the Partnership that may be issued by the Partnership, any warrants, options or other rights that may be issued by the Partnership to purchase Partnership Units or some other equity interests in the Partnership. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 “Senior Credit Facility” means, collectively, (i) the Senior Revolving Credit Agreement, dated
as of November 18, 2008, by and among Bumble Bee Foods, LLC, 3231021 Nova Scotia Company, Wells Fargo Foothill, LLC as U.S. administrative agent, Wells Fargo Foothill Canada ULC as Canadian administrative agent and the lenders from time to time
party thereto; and (ii) the Senior Term Loan Credit Agreement, dated as of November 18, 2008, by and among Bumble Bee Foods, LLC, 3231021 Nova Scotia Company, Wells Fargo Foothill, LLC as U.S. administrative agent and the lenders from time
to time party thereto. 
 “Series A Preferred Partner” means any Limited Partner in its capacity as
owner of one or more Series A Preferred Units. 
 “Series A Preferred Unit” means a Partnership Unit
having the relative rights, preferences and obligations specified with respect to the Series A Preferred Unit in Section 3.1(b) and elsewhere in this Agreement. 

“Special Distribution” means a one-time distribution that may be paid to the holders of Class A Common Units
and Class B Common Units in accordance with their Percentage Interests, at any time between May 18, 2011 through November 18, 2011, if at the time of such payment all of the Special Distribution Payment Conditions have been satisfied.

 “Special Distribution Offer” shall have the meaning set forth in Section 3.1(f)(iv).

 “Special Distribution Offer Notice” shall have the meaning set forth in
Section 3.1(f)(iv). 
 “Special Distribution Payment Conditions” means the Partnership shall
have (i) delivered the Special Distribution Offer Notice in accordance with Section 3.1(f)(iv), (ii) redeemed the number of Series A Preferred Units held by a Series A Preferred Partner as requested by such Series A Preferred
Partner in a Special Distribution Response Notice delivered in accordance with Section 3.1(f)(iv), and (iii) paid with respect to each Series A Preferred Unit that is not redeemed in connection with a Special Distribution, an amount
equal to the accrued and unpaid Preferred Return on such Series A Preferred Unit on the payment date of the Special Distribution. 

“Special Distribution Response Notice” shall have the meaning set forth in Section 3.1(f)(iv).

 “Stinson” shall have the meaning set forth in the recitals. 

 

 Glossary-17 

 “Subscription Agreements” means those certain subscription
agreements by and between the Partnership, on the one hand, and the Limited Partners, on the other hand, whereby the Limited Partners subscribe for Partnership Units. 

“Subsidiary” means, with respect to any Person, any other Person in which such Person has a direct or indirect
equity ownership interest in excess of 50%. 
 “Swap Transaction” means, with respect to any Securities,
any swap, participation or other arrangement that transfers to another Person, in whole or in part, any economic consequences of ownership thereof. 

“Tag-Along Right” shall have the meaning set forth in Section 9.2(b). 

“Tag-Along Sale” shall have the meaning set forth in Section 9.2(a). 

“Taxable Income” means, for any Tax Period, the taxable income of the Partnership determined for Federal income
tax purposes as if the Partnership was an individual for Federal income tax purposes. 
 “Tax
Distribution” means, for or in respect of any Fiscal Year or other tax period of the Partnership (each a “Tax Period”), a distribution by the Partnership to each Partner in an amount equal to the product of
(x) the amount included in the Taxable Income of the Partnership for such Tax Period allocable to each such Partner multiplied by (y) the Assumed Tax Rate with respect to each such amount. Notwithstanding the foregoing, Tax Distributions
shall also include any amounts determined pursuant to the foregoing formula with respect to adjustments to the Taxable Income of the Partnership made by any governmental authority (or otherwise), and for these purposes, Taxable Income allocable to a
Partner shall include any amount treated by the Partnership as a “guaranteed payment” with respect to such Partner (or determined to be a “guaranteed payment” with respect to such Partner by a Governmental Entity). 

“Termination” means, with respect to any Other Partner who is, or whose related Individual Partner is, an
employee, manager or director of the Partnership, any of its Subsidiaries or the General Partner, the termination by such Other Partner or its related Individual Partner by the Partnership, any of its Subsidiaries or the General Partner of such
Other Partner’s or its related Individual Partner’s employment, management or directorship with the Partnership, any of its Subsidiaries or the General Partner following which such Other Partner or its related Individual Partner does not
continue to be employed by the Partnership or any of its Subsidiaries or provide service to the General Partner as a director or manager of the General Partner. If a Subsidiary ceases to qualify as such, such event shall be a Termination of such
Other Partner or its related Individual Partner employed by that Subsidiary that does not continue following such event as an employee of the Partnership or another of its Subsidiaries. 

“Total Leverage Ratio Default” means the incurrence of Indebtedness by the Partnership or any of its Subsidiaries
(other than Permitted Indebtedness) that would cause the ratio of (i) the aggregate amount of total Indebtedness of the Partnership and its Subsidiaries immediately after giving pro forma effect to such incurrence to (ii) the aggregate LTM
EBITDA of the Partnership and its Subsidiaries (as of the most recent four consecutive fiscal quarter period for which financial statements were required to be delivered pursuant to Section 10.09 of the Falcon Preferred Purchase Agreement), to
exceed 5.25 to 1.00. 
  

 Glossary-18 

 “Transaction” shall have the meaning set forth in the recitals.

 “Transaction Documents” means all documents executed or to be executed in connection with the
Transaction, including, without limitation, this Agreement, the limited partnership agreements of the various BB Co-Invest Entities, the Falcon Preferred Purchase Agreement, the Kayne Preferred Purchase Agreement, the Wells Preferred Purchase
Agreement, the Centre Management Agreement, the Senior Credit Facility, the Mezzanine Credit Facility, the Subscription Agreements, the Restricted Class A Subscription Agreements, the Acquisition Agreement and the Management Options, in each
case any and all agreements being executed in connection therewith. 
 “Transfer” means as to any
Securities, the sale, pledge, assignment, encumbrance or other transfer or disposition of any obligation, right or interest to any other Person, whether directly, indirectly, voluntarily, involuntarily, by operation of law, with or without
consideration, pursuant to judicial process or otherwise. 
 “Transfer Notice” shall have the meaning
set forth in Section 9.2(a). 
 “Unreturned Capital Contribution” (i) with respect to
Series A Preferred Units, means as to any Series A Preferred Unit, the Series A Preferred Partner’s Capital Contribution with respect to such Series A Preferred Unit, reduced by the total distributions with respect to such Series A Preferred
Unit pursuant to Section 6.1(b), (ii) with respect to Class A Common Units, the Class A Common Partner’s Capital Contribution with respect to such Class A Common Unit, reduced by the total distributions with
respect to such Class A Common Unit pursuant to Section 6.1(c); and (iii) with respect to Series B Common Units, the Series B Common Partner’s Capital Contribution with respect to such Series B Common Unit, reduced by the
total distributions with respect to such Series B Common Unit pursuant to Section 6.1(c). Solely for purposes of determining the Unreturned Capital Contribution of Class A Common Units resulting from the exercise of options of the
Partnership or any Subsidiary, the Capital Contributions shall be equal to the exercise price for such options. Solely for purposes of determining the Unreturned Capital Contribution of Class A Common Units issued to a holder of a Series A
Preferred Unit solely as a result of such holder’s subscription for such Series A Preferred Unit, the Capital Contribution shall, per such Class A Common Unit, be equal to the amount paid by cash subscribers per Class A Common Unit on
the date hereof. For all purposes hereunder, the Unreturned Capital Contributions of the holders of Series A Preferred Stock shall, on the date hereof, equal $50,500,000 in the aggregate and for the avoidance of doubt no deduction therefrom shall be
made in respect any purchase price discount or in respect of any allocation of purchase price to Class A Common Units issued solely as a result of a holder’s subscription for Series A Preferred Units. Solely for purposes of determining the
Unreturned Capital Contributions of a Vested Class B Common Unit which was issued on or about the date hereof, the Capital Contributions with respect to such Class B Common Unit shall be deemed equal to the amount paid by cash subscribers per
Class A Common Unit issued on the date hereof and, with respect to Vested Class B Common Units issued subsequent to the date hereof, the Capital Contributions with respect thereto shall be determined by the General Partner. 

 

 Glossary-19 

 “Unvested Class B Common Units” means, at any time, any Class B
Common Units that have been acquired from the Partnership but have not yet become Vested Class B Common Units. 

“Vested Class B Common Units” means, at any time, any (a) Class B Common Units that have been paid for with
cash or other property and are not subject to any vesting arrangements, and (b) Class B Common Units that have become vested in accordance with the applicable Vesting Agreement (regardless of whether any cash or property has been paid for such
Class B Common Units). For the avoidance of doubt, Class B Common Units that would become vested upon the completion of a Tag-Along Sale shall be considered Vested Class B Common Units for purposes of Section 9.2 hereof. 

“Vesting Agreement” means an agreement among the Partnership and a Person pursuant to which such Person acquires
Class B Common Units which are subject to being earned and/or vesting in accordance with the terms set forth in such agreement. 

“Wells” means WFC Holdings Corporation. 

“Wells Preferred Purchase Agreement” means that certain Purchase Agreement dated as of the date hereof by and
between the Partnership and Wells. 
 “Withheld Amount” shall have the meaning set forth in
Section 6.3(b). 
  

 Glossary-20 

 SCHEDULE IV 

Registration Rights 

The following registration rights provisions shall be applicable in any of the circumstances in which they are referenced in Article
XI of the Agreement. As such, they may apply to or provide rights to a registration of shares of PublicCo (i) by or for the account of a Partner who owns shares of PublicCo, (ii) or for the account of a Partner who has the right to
receive shares of PublicCo on exchange of its Securities, (iii) by the Partnership for the account of a Partner to whom shares of PublicCo held by the Partnership are allocable and/or (iv) by PublicCo for the account of a Partner to whom
the shares of PublicCo to be sold are allocable. The terms hereof are to be interpreted in a manner that provides consistent rights to public liquidity whichever of the foregoing circumstances is applicable. Accordingly, in appropriate circumstances
direct or indirect references to Registrable Securities “held” by a Partner shall be deemed to refer to Registrable Securities allocable to such Partner. 

Section 1. Definitions. 

Section 1.1. Capitalized terms used herein without definition have the meanings assigned to such terms in the Limited Partnership
Agreement dated as November 18, 2008 (the “Agreement”) of Connors Bros., L.P., of which this Schedule IV is a part. As used in this Schedule IV, the following terms shall have the following meanings:

 “Canadian Exempt Transaction” means a transaction exempt from the prospectus and registration
requirements of applicable Canadian Securities Laws. 
 “Canadian Prospectus” shall mean a (final)
prospectus, including amendments and supplements, as applicable, prepared in accordance with applicable Canadian Securities Laws for the purposes of qualifying securities for distribution or distribution to the public, as the case may be, in any
province or territory of Canada. 
 “Canadian Securities Laws” shall mean the statutes and regulations
applicable to the trading of securities in any province or territory of Canada including applicable rules, national instruments, policy statements and blanket rulings and orders promulgated by the applicable Canadian Securities Regulators.

 “Canadian Securities Regulators” means the securities commission or comparable securities regulatory
authority of each of the applicable provinces and territories of Canada. 
 “Demand Registration” has
the meaning set forth in Section 2.1. 
 “Demand Request” has the meaning set forth in
Section 2.1. 

 “Exchange Act” means the Securities Exchange Act of 1934, as
amended, and any successor Federal statute, and the rules and regulations thereunder, all as the same shall be in effect from time to time. 

“Excess Amount” means the number of Registrable Securities requested by all holders to be sold pursuant to
Section 2.1 or 2.2 which the managing Underwriter or Underwriters determines exceeds the largest number of Registrable Securities which can successfully be sold in an orderly manner in such offering within a price range reasonably
acceptable to the Initiating Holders in the case of a Demand Registration or by the Partnership in the case of a Piggyback Registration. 

“Form 44-101F1” means the alternate form of short form prospectus prescribed by National Instrument 44-101
adopted by certain of the Canadian Securities Regulators and its equivalent in those jurisdictions in which such Instrument has not been adopted by the applicable Canadian Securities Regulator. 

“Initial Public Offering” shall mean the initial underwritten public offering pursuant to (i) a Canadian
Prospectus (for which receipts have been obtained) under Canadian Securities Laws or (ii) an effective registration statement filed under the Securities Act (such Act, together with the Canadian Securities Laws, the “Securities
Laws”). 
 “Initiating Holder” means any of the Centre Partners Entities. 

“Prospectus” means any prospectus included in a Registration Statement (including, without limitation, a
prospectus that includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus
supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by any Registration Statement, and all other amendments and supplements to the Prospectus, including any free writing prospectus,
post-effective amendments, and all material incorporated by reference in such Prospectus. 
 “Piggy-Back
Registration” has the meaning set forth in Section 2.2. 
 “PublicCo Common
Stock” means shares of common stock or units or other common equity securities of PublicCo, as applicable. 

“Registrable Securities” means any PublicCo Common Stock (i) held by Partners, (ii) which Partners have
a current right to receive, (iii) held by the Partnership for the account of Partners, or (iv) issuable by PublicCo and allocable to the Units or other Securities of Partners; provided, however, that PublicCo Common Stock
shall cease to be Registrable Securities upon any sale thereof pursuant to an effective Registration Statement or under Rule 144 or pursuant to a Canadian Prospectus or pursuant to a Canadian Exempt Transaction, and provided, further,
that PublicCo Common Stock described in clauses (i) or (ii) above shall cease to be Registrable Securities at such time a Registration Statement on Form S-8 covering such Securities is effective; and provided further, that
PublicCo Common Stock allocable, directly or indirectly, to any limited partner of BB Co-Invest, L.P. shall not cease to be Registrable Securities under clause (ii) above unless such shares of PublicCo Common Stock are distributed to such
limited partners. 

 “Registration Statement” means any registration statement and any
additional registration statement, including (in each case) the Prospectus, amendments and supplements to such Registration Statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by
reference in such Registration Statement to be filed pursuant to the terms of this Schedule IV. 
 “Rule
144” means Rule 144 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule.

 “Rule 158” means Rule 158 promulgated by the SEC pursuant to the Securities Act, as such Rule may be
amended from time to time, or any, similar rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule. 

“Rule 415” means Rule 415 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule. 

“SEC” means the Securities and Exchange Commission or its successors. 

“Securities Act” means the Securities Act of 1933, as amended, and any successor federal statute, and the rules
and regulations thereunder, all as the same shall be in effect from time to time (such Act, together with the Exchange Act, the “Securities Laws”). 

“Underwriter” means a securities dealer who purchases any Registrable Securities as principal in an underwritten
offering and not as part of such dealer’s market-making activities. 
 “Underwritten Offering”
means a registration in connection with which securities of PublicCo are sold to an underwriter for reoffering to the public pursuant to an effective Registration Statement. 

Section 2. Demand and Piggy-Back Registrations. 

Section 2.1. Demand Registrations. 

(a) At any time and from time to time on or after the date which is six months following the closing of the Initial Public Offering, an
Initiating Holder may make a written request to PublicCo (a “Demand Request”) for registration under the Securities Laws of the jurisdiction in which the securities were issued under the Initial Public Offering (or,
thereafter, in any other jurisdiction in which the securities are issued pursuant to a Canadian Prospectus or effective Registration Statement filed under the Securities Act, as applicable) of all or part of the Registrable Securities held by such
Initiating Holder and its Affiliates and Permitted Transferees (a “Demand Registration”). Such request will specify the number of shares of Registrable Securities proposed to be sold and will also specify the intended method
of disposition thereof. 

 (b) Within 10 days after receipt of each Demand Request, PublicCo shall give written notice
of such Demand Request to all Partners and each of PublicCo and the Partnership (if applicable) shall use its reasonable best efforts to cause a Registration Statement on Form S-3 under the Securities Act (or any comparable or successor form
permitting resale of securities on a continuous or delayed basis pursuant to Rule 415), or, if PublicCo is ineligible to use Form S-3, on another appropriate form or, if the Initial Public Offering qualified the issuance of securities pursuant to a
Canadian Prospectus, to cause a Canadian Prospectus on Form 44-101FI (or any comparable or successor form) or, if PublicCo is ineligible to use Form 44-101F1, on another appropriate form, for the resale of such Registrable Securities as may be
requested by the Initiating Holder and its Affiliates and any Persons exercising piggy-back rights under Section 2.2 to be filed with the SEC or Canadian Securities Regulators (as applicable) not later than 60 days after receipt of a
Demand Request. Each of PublicCo and the Partnership (if applicable) shall use its reasonable best efforts to cause any such Registration Statement to be declared effective by the SEC or the final receipt for the Canadian Prospectus to be issued by
the Canadian Securities Regulators (as applicable) as promptly as practicable after such filing. 
 (c) If the Initiating Holder
so elects, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering. PublicCo shall select one or more nationally recognized firms of investment bankers, reasonably acceptable
to the Initiating Holder, to act as the managing Underwriter or Underwriters in connection with such Underwritten Offering. 

 Section 2.2. Piggy-Back Registrations. If at any time PublicCo shall determine
to register for its own account or the account of others under the Securities Laws (including without limitation in connection with (i) the Initial Public Offering or (ii) a Demand Registration) any Registrable Securities (other than in
(1) a registration statement relating solely to employee benefits plans, (2) a registration statement on Form S-4 or S-8 (or any substitute form that may be adopted by the SEC) or (3) a shelf registration statement pursuant to which
only the initial purchasers and subsequent transferees of debt securities of PublicCo that are initially issued pursuant to Rule 144A and/or Regulation S under the Securities Act may resell such notes (or securities into which such notes are
convertible)), then PublicCo shall give written notice of such proposed filing to the Partners as soon as practicable (but in no event less than 30 days before the anticipated filing date), and such notice shall offer such Partners the opportunity
to register such number of shares of Registrable Securities as each such Partner may request in writing within 20 days of receipt of such notice (which request shall specify the Registrable Securities intended to be disposed of by such Partner and
the intended method of distribution thereof) (a “Piggy-Back Registration”). PublicCo shall use reasonable best efforts to cause the managing Underwriter or Underwriters of a proposed underwritten offering to permit the
Registrable Securities requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of PublicCo included therein to permit the sale or other disposition of such Registrable Securities in accordance
with the intended method of distribution thereof. Subject to Section 2.3(b), any Partner shall have the right to withdraw its request for inclusion of its Registrable Securities in any Piggy-Back Registration by giving written notice to
PublicCo of its request to withdraw within 10 days of its request for inclusion. To the extent the related registration statement was filed by PublicCo for its own account, PublicCo may withdraw a Piggy-Back Registration at any time prior to the
time it becomes effective. 
 Section 2.3. Reduction in Offering. 

(a) Notwithstanding anything contained herein, if the managing Underwriter or Underwriters of an offering described in
Section 2.1 or 2.2 determine that the size of the offering that PublicCo, Partners and/or other Persons intend to make is such that the success of the offering would be materially adversely affected by inclusion of the Registrable
Securities requested to be included, then (i) with respect to a Demand Registration, PublicCo shall not include in such registration an amount of Registrable Securities requested to be included in such offering by all holders equal to the
Excess Amount (such reduction to be allocated first pro rata among holders other than Partners, if any, and next pro rata among all Partners who have requested to have Registrable Securities included in such offering
(whether pursuant to a Demand Registration or a Piggy-Back Registration) and (ii) with respect to a Piggy-Back Registration (that does not also constitute a Demand Registration), PublicCo shall not include in such registration an amount of
Registrable Securities requested to be included in such offering by all holders equal to the Excess Amount (such reduction to be allocated pro rata among all holders seeking to exercise their piggy-back rights according to the number
of Registrable Securities requested for inclusion). 
 (b) If, as a result of the proration provisions of
Section 2.3(a), any Partner shall not be entitled to include all Registrable Securities in a Piggy-Back Registration that such Partner has requested to be included, such Partner may elect to withdraw his request to include Registrable
Securities in such registration; provided, however, that such election shall be irrevocable and, after making such election, a Partner shall no longer have any right to include Registrable Securities in the registration as to which
such election to withdraw was made. 

 Section 3. Suspension of Obligations Under Certain Circumstances. 

Notwithstanding anything to the contrary contained herein, PublicCo may, by written notice to each Partner, suspend for up to 180
consecutive days the filing of a Registration Statement or the right of a Partner to sell Registrable Securities pursuant to an effective Registration Statement if the board of directors of PublicCo or the General Partner determines in good faith
that such suspension is in the best interests of PublicCo or the Partnership; provided that the number of days in all such periods of suspension pursuant to this Section 3 in any consecutive twelve months shall not exceed 180 days
in the aggregate. 
 Section 4. Registration Procedures. 

Whenever any holder has requested that any Registrable Securities be registered pursuant to this Schedule IV, PublicCo and, to the
extent necessary or desirable to fulfill the purposes of this Schedule IV, the Partnership, if applicable, shall use their respective reasonable best efforts to effect the registration of such Registrable Securities and in furtherance thereof
PublicCo and, where so necessary or desirable, the Partnership shall: 
 (a) (i) prepare and file with the SEC or Canadian
Securities Regulators (as applicable) such amendments, including post-effective amendments and supplements to the Registration Statement or Canadian Prospectus (as applicable) as may be necessary to keep the Registration Statement continuously
effective as to the applicable Registrable Securities until the holder or holders have completed the distribution described in such Registration Statement; (ii) cause the related Prospectus or Canadian Prospectus (as applicable) to be amended
or supplemented by any required Prospectus or Canadian Prospectus (as applicable) supplement (including, among other things, as a result of any change or changes after the effective date of the Registration Statement or date of the Canadian
Prospectus (if applicable) in the plan of distribution contemplated by the holders), and as so supplemented or amended to be filed pursuant to Rule 424 promulgated under the Securities Act (or any similar provisions then in force) if applicable;
(iii) respond as promptly as possible to any comments received from the SEC or Canadian Securities Regulators (as applicable) with respect to each Registration Statement or Canadian Prospectus (if applicable) or any amendment thereto and as
promptly as possible provide the holders true and complete copies of all correspondence from and to the SEC or Canadian Securities Regulators (as applicable) relating to the Registration Statement or Canadian Prospectus (as applicable);
provided, however, that any information for which PublicCo (or the Partnership, if applicable) requests confidential treatment from the SEC or Canadian Securities Regulators (as applicable) shall be kept confidential by the holders,
unless (A) disclosure of such information is required by court or administrative order is necessary to respond to inquiries of regulatory authorities; (B) disclosure of such information, in the opinion of counsel to such holders, is
required by law; (C) such information becomes generally available to the public other than as a result of a disclosure or negligent failure to safeguard by such holders; or (D) such information becomes available to such holders from a
source other than PublicCo and such source is not known by such holders to be bound by a confidentiality agreement with PublicCo or the Partnership; and (iv) comply in all material respects with the

 
provisions of the Securities Act and the Exchange Act and Canadian Securities Laws with respect to the disposition of all Registrable Securities covered by each Registration Statement or Canadian
Prospectus (as applicable) in accordance with the intended methods of disposition by the holders as set forth in the Registration Statement or Canadian Prospectus (as applicable) as so amended or in such Prospectus or Canadian Prospectus (as
applicable) as so supplemented; 
 (b) (i) furnish to the holders of Registrable Securities to be sold, their counsel and any
managing underwriters, copies of all such documents proposed to be filed, which documents (other than those incorporated by reference) will be subject to the review of such holders, their counsel and such managing underwriters, and (ii) cause
its officers and directors, counsel and independent certified public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to such holders and such underwriters, to conduct a reasonable due
diligence investigation within the meaning of the Securities Act and Canadian Securities Laws; 
 (c) notify the holders of
Registrable Securities to be sold, their counsel and any managing underwriters as promptly as possible (and in the case of (i), below, not less than five (5) Business Days prior to such filing) and confirm such notice in writing no later than
one (1) Business Day following the day: 
 (i) when a Prospectus or any Prospectus supplement or post-effective amendment
to a Registration Statement or Canadian Prospectus is proposed to be filed; 
 (ii) when the SEC or Canadian Securities
Regulators (as applicable) notifies PublicCo (or the Partnership, if applicable) whether there will be a “review” of a Registration Statement or Canadian Prospectus (as applicable) and whenever the SEC or Canadian Securities Regulators (as
applicable) comments in writing on such Registration Statement; 
 (iii) with respect to each Registration Statement or any
post-effective amendment, when the same has become effective or the date of issuance of the receipt for the Canadian Prospectus (as applicable); 

(iv) of any request by the SEC or Canadian Securities Regulators (as applicable) or any other Federal or state or provincial
governmental authority for amendments or supplements to each Registration Statement or Prospectus or Canadian Prospectus or for additional information; 

(v) of the issuance by the SEC or Canadian Securities Regulators (as applicable) of any stop order suspending the effectiveness of each
Registration Statement or Canadian Prospectus (as applicable) covering any or all of the Registrable Securities or the initiation of any proceedings for that purpose; 

(vi) if at any time any of the representations and warranties of PublicCo contained in any agreement (including any underwriting
agreement) contemplated hereby in connection with the registration of Registrable Securities ceases to be true and correct in all material respects; 

 (vii) of the receipt by PublicCo (or the Partnership, if applicable) of any notification
with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; and 

(viii) of the occurrence of any event that makes any statement made in any Registration Statement or Prospectus or Canadian Prospectus or
any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or Canadian Prospectus or other documents so that, in the case of
the Registration Statement or the Prospectus or Canadian Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading; 
 (d) use its best efforts to avoid the
issuance of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of the Registration Statement or Canadian Prospectus (as applicable) or (ii) any suspension of the qualification (or exemption from
qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment; 
 (e) if
requested by any managing underwriter of Registrable Securities to be sold in connection with an Underwritten Offering, (i) promptly incorporate in a Prospectus supplement or post-effective amendment to the Registration Statement such
information as PublicCo (or the Partnership, if applicable) reasonably agrees should be included therein and (ii) make all required filings of such Prospectus or Canadian Prospectus (as applicable) supplement or such post-effective amendment as
soon as practicable after PublicCo (or the Partnership, if applicable) has received notification of the matters to be incorporated in such Prospectus or Canadian Prospectus (as applicable) supplement or post-effective amendment; provided,
however, that neither PublicCo nor the Partnership (if applicable) shall be required to take any action pursuant to this clause (e) that would, in the opinion of counsel for PublicCo (or the Partnership, if applicable), violate
applicable law or not be required to be taken by applicable securities laws and be detrimental to the business prospects of PublicCo (or the Partnership. if applicable); 

(f) furnish to each holder of Registrable Securities to be sold, their counsel and any managing underwriters, without charge, at least
one conformed copy of each Registration Statement or Canadian Prospectus (as applicable) and each amendment thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference, and all
exhibits to the extent requested by such Person (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the SEC or Canadian Securities Regulators (as applicable); 

(g) promptly deliver to each holder of Registrable Securities to be sold, their counsel, and any underwriters, without charge, as many
copies of the Prospectus or Prospectuses (including each form of Prospectus or Canadian Prospectus (as applicable) and each amendment or supplement thereto as such Persons may reasonably request; 

 (h) use its best efforts to register or qualify or cooperate with the selling holders, any
underwriters and their counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or “blue sky” laws of such
jurisdictions within the United States or Canada as any selling holder or underwriter requests in writing, to keep each such registration or qualification (or exemption therefrom) effective until the holder or holders have completed the distribution
of such Registrable Securities and to do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by a Registration Statement or Canadian Prospectus (as
applicable); provided, however, that neither PublicCo nor the Partnership (if applicable) shall be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action that would
subject it to general service of process in any such jurisdiction where it is not then so subject or subject PublicCo (or the Partnership if applicable) to any material tax in any such jurisdiction where it is not then so subject; 

(i) cooperate with the selling holders and any managing underwriters to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be sold pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by applicable law of all restrictive legends, and to enable such Registrable Securities to be in such
denominations and registered in such names as any such managing underwriters or selling holders may request at least two Business Days prior to any sale of Registrable Securities pursuant to such Registration Statement; 

(j) upon the occurrence of any event contemplated by Section 4(c)(viii) of this Schedule IV, as promptly as reasonably
practicable, prepare a supplement or amendment, including a post-effective amendment, to the Registration Statement or a supplement to the related Prospectus or Canadian Prospectus (as applicable) or any document incorporated or deemed to be
incorporated therein by reference, and file any other document required to be filed in connection therewith so that, as thereafter delivered, neither the Registration Statement nor such Prospectus will contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(k) use its best efforts to cause all Registrable Securities relating to each Registration Statement to be listed on the securities
exchange, quotation market or over-the-counter bulletin board (i) in the case of the Initial Public Offering, recommended by the managing Underwriters as that which would optimize the liquidity and value of the PublicCo Common Stock or
(ii) following PublicCo’s Initial Public Offering, on which PublicCo Common Stock is then listed; 
 (l) enter into
such agreements (including an underwriting agreement in form, scope and substance as is customary in Underwritten Offerings) and take all such other actions in connection therewith (including those reasonably requested by any managing underwriters
in order to expedite or facilitate the disposition of such Registrable Securities, and whether or not an underwriting agreement is entered into) to: 

(i) make such representations and warranties to such selling holders and such underwriters as are customarily made by issuers to
underwriters in underwritten public offerings, and confirm the same if and when requested; 

 (ii) in the case of an Underwritten Offering, obtain and deliver copies thereof to the
managing underwriters, if any, of opinions of counsel to PublicCo (and the Partnership, if applicable) and updates thereof addressed to each such underwriter and, if requested, selling holders, in form, scope and substance reasonably satisfactory to
any such managing underwriters and counsel to the selling holders covering the matters customarily covered in opinions requested in Underwritten Offerings and such other matters as may be reasonably requested by such counsel and underwriters;

 (iii) immediately prior to the effectiveness of each Registration Statement, and, in the case of an Underwritten Offering,
at the time of delivery of any Registrable Securities sold pursuant thereto, obtain and deliver copies to the selling holders and the managing underwriters, if any, of “cold comfort” letters and updates thereof from the independent
certified public accountants of PublicCo (and the Partnership, if applicable) and, if necessary, any other independent certified public accountants of any Affiliate of PublicCo or the Partnership or of any business acquired by PublicCo or the
Partnership for which financial statements and financial data is, or is required to be, included in any such Registration Statement or Canadian Prospectus (as applicable), addressed to each selling holder and each of the underwriters, if any, in
form and substance as are customary in connection with Underwritten Offerings; 
 (iv) if an underwriting agreement is entered
into, the same shall contain indemnification provisions and procedures no less favorable to the selling holders and the underwriters, if any, than those set forth in Section 7 of this Schedule IV (or such other provisions and
procedures acceptable to the managing underwriters, if any); and 
 (v) deliver such documents and certificates as may be
reasonably requested by the selling holders, their counsel and any managing underwriters to evidence the continued validity of the representations and warranties made pursuant to clause (i) above and to evidence compliance with any customary
conditions contained in the underwriting agreement or other agreement entered into by PublicCo; 
 (m) comply in all material
respects with all applicable rules and regulations of the SEC and Canadian Securities laws (if applicable) and make generally available to its security holders an earnings statement covering a period of twelve months beginning within three months
after the effective date of the Registration Statement or Canadian Prospectus (as applicable), which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(n) make available executive officers of PublicCo for participation in a reasonable number of “road show” and other investor
presentations requested by the holders selling Registrable Securities in an Underwritten Offering; and 

 (o) make available for inspection by the selling holders, any representative of such
holders, any underwriter participating in any disposition of Registrable Securities, and any attorney or accountant retained by such selling holder or underwriters, at the offices where normally kept, during reasonable business hours, all financial
and other records, pertinent corporate documents and properties of PublicCo (and the Partnership if applicable) and their respective Subsidiaries, and cause the officers, directors, agents and employees of PublicCo (and the Partnership, if
applicable) and their respective Subsidiaries to supply all information in each case reasonably requested by any such holder, representative, underwriter, attorney or accountant in connection with each Registration Statement or Canadian Prospectus
(as applicable); provided, however, that any information that is determined in good faith by PublicCo (or the Partnership, if applicable) in writing to be of a confidential nature at the time of delivery of such information shall be
kept confidential by such Persons, unless (i) disclosure of such information is required by court or administrative order or is necessary to respond to inquiries of regulatory authorities; (ii) disclosure of such information, in the
opinion of counsel to such Person, is required by law; (iii) such information becomes generally available to the public other than as a result of a disclosure or negligent failure to safeguard by such Person; or (iv) such information
becomes available to such Person from a source other than PublicCo (or the Partnership, if applicable) and such source is not known by such Person to be bound by a confidentiality agreement with PublicCo (or the Partnership, if applicable).

 Section 5. Partner Covenants. 

Each Partner hereby covenants and agrees that: 

(a) it will not sell any Registrable Securities under any Registration Statement or Canadian Prospectus (as applicable) until it has
received notice from PublicCo that such Registration Statement and any post-effective amendments thereto have become effective or Canadian Securities Regulators have issued their final receipt for the Canadian Prospectus, if applicable; 

(b) it and its officers, directors and Affiliates, if any, will comply with the prospectus delivery requirements of the Securities Laws
as applicable to them in connection with sales of Registrable Securities pursuant to a Registration Statement or Canadian Prospectus (as applicable); 

(c) by its acquisition of such Registrable Securities that, upon receipt of a notice from PublicCo of the occurrence of any event of the
kind described in Section 4(c)(iv), (v), (vi), (vii) and (viii) of this Schedule IV, such holder will forthwith discontinue disposition of such Registrable Securities under the Registration
Statement or Canadian Prospectus (as applicable) until such holder’s receipt of the copies of the supplemented Prospectus and/or amended Registration Statement or Canadian Prospectus (as applicable) or until the holder is advised in writing by
PublicCo that the use of the applicable Prospectus or Canadian Prospectus (as applicable) may be resumed; 
 (d) if an
underwriting agreement is entered into, the same shall contain indemnification provisions no less favorable to PublicCo and the underwriters, if any, than those set forth in Section 7.2; 

 (e) PublicCo may require each selling holder to furnish to PublicCo information regarding
such holder and the distribution of such Registrable Securities as is required by law to be disclosed in each Registration Statement or Canadian Prospectus (as applicable), and PublicCo may exclude form such registration the Registrable Securities
of any such holder who unreasonably fails to furnish such information within a reasonable time after receiving such request. If the Registration Statement or Canadian Prospectus (as applicable) refers to any holder by name or otherwise as the holder
of any securities of PublicCo, then such holder shall have the right to require (if such reference to such holder by name or otherwise is not required by the Securities Laws or any, similar federal statute then in force) the deletion of the
reference to such holder in any amendment or supplement to each Registration Statement or Canadian Prospectus (as applicable) filed or prepared subsequent to the time that such reference ceases to be required; and 

(f) it will not sell, pledge, hypothecate, make any short sale of, grant any option for the purchase of, enter into any hedging or
similar transaction with the same economic effect as a sale with respect to, or otherwise dispose of, Registrable Securities, including a sale pursuant to Rule 144 or Rule l44A under the Securities Act or pursuant to any Canadian Exempt Transaction,
during the fourteen (14) days prior to, and during (A) the one hundred eighty (180)-day period following the Initial Public Offering and (B) the ninety (90)-day period following any subsequent public offering of PublicCo Common Stock
pursuant to a Registration Statement declared effective under the Securities Act (or, to the extent any shorter period is applicable to any 5% or greater Partner, as determined together with its Affiliates for such purposes, such shorter period),
beginning on the effective date of the Registration Statement or Canadian Prospectus (as applicable) filed by PublicCo (except as part of such registration) if, and to the extent, requested by the managing Underwriter or Underwriters in the case of
an underwritten public offering, which period may be extended upon the request of such managing Underwriter or Underwriters for an additional period of up to fifteen (15) days if PublicCo or the Partnership issues or proposes to issue an
earnings or other public release within fifteen (15) days of the expiration of the one hundred eighty (180)-day lockup period or the ninety (90)-day lockup period, as the case may be. If requested by such managing Underwriter or Underwriters,
each Member agrees to execute an agreement to such effect and consistent with such managing Underwriter’s or Underwriters’ customary form of lockup agreement. 

(g) No Partner shall have the right to obtain, and each Partner hereby waives, any right to seek an injunction, temporary restraining
order or other equitable remedy restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation and implementation of this Schedule IV. 

Section 6. Registration Expenses. 

All fees and expenses of PublicCo, the Partnership and any holder incident to the performance of or compliance with this Schedule
IV shall be borne by PublicCo whether or not pursuant to an Underwritten Offering and whether or not any Registration Statement is filed or becomes effective and whether or not any Registrable Securities are sold pursuant to any Registration
Statement or Canadian Prospectus (as applicable). The fees and expenses referred to in the foregoing sentence shall include, without limitation (i) all registration and filing fees (including, without limitation, fees and expenses (A) with
respect to filings required to be made 

 
with any securities exchange or market on which Registrable Securities are required hereunder to be listed and (B) in compliance with applicable state and provincial securities or “blue
sky” laws, including, without limitation, fees and disbursements of counsel for the selling holders in connection with “blue sky” qualifications of the Registrable Securities and determination of the eligibility of the Registrable
Securities for investment under the laws of such jurisdictions as the managing underwriters shall request, if any); (ii) printing expenses, including, without limitation, expenses of printing certificates for Registrable Securities and of
printing prospectuses if the printing of prospectuses is requested by the managing underwriters, if any; (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for PublicCo (and the Partnership, if
applicable); (v) Securities Act liability insurance, if PublicCo (and the Partnership, if applicable) so desires such insurance; (vi) fees and expenses of all other Persons retained by PublicCo in connection with the consummation of the
transactions contemplated by this Schedule IV; and (vii) all internal expenses of PublicCo (and the Partnership, if applicable) incurred in connection with the consummation of the transactions contemplated by this
Schedule IV, including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties, the expense of any annual audit, the fees and expenses incurred in connection with the listing of
the Registrable Securities on any securities exchange as required hereunder (all such expenses being referred to herein as “Registration Expenses”); provided, however, in no event shall Registration Expenses
include any underwriting discounts, commissions, or fees attributable to the sale of the Registrable Securities or any counsel, accountants or other Persons retained by the holders in connection with the consummation of the transactions contemplated
by this Schedule IV. 
 Section 7. Indemnification and Contribution. 

Section 7.1. Indemnification by PublicCo. PublicCo (and the Partnership, if applicable, in which case the indemnification set
forth herein shall be on a joint and several basis) agrees to indemnify to the fullest extent permitted by law, each holder, each Person who controls any such holder, (within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act), and their respective directors, officers, employees, partners, managers, members, stockholders, affiliates and agents against any and all losses, claims, damages, liabilities (or actions or proceedings in
respect thereof) and expenses (including reasonable attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration Statement, Canadian Prospectus, prospectus or preliminary prospectus (each as
amended and/or supplemented, if PublicCo (or the Partnership, if applicable) shall have furnished any amendments or supplements thereto), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein (in the case of a Prospectus or Canadian Prospectus, in the light of the circumstances under which they were made) not misleading; provided that neither PublicCo nor the Partnership (if applicable) shall be
required to indemnify such holder, such controlling Persons or their respective directors, officers, employees, partners, managers, members, stockholders, affiliates and agents for any losses, claims, damages, liabilities (or actions or proceedings
in respect thereof) or expenses resulting from any such untrue statement or omission if such untrue statement or omission is made in reliance on and conformity with any information with respect to such holder or the underwriters furnished in writing
to PublicCo (or the Partnership, if applicable) by such holder expressly for use therein. In connection with an Underwritten Offering, PublicCo (and the Partnership, if applicable, in which case the

 
indemnification set forth herein shall be on a joint and several basis) agrees to indemnify each underwriter thereof, the officers and directors of such underwriter, and each Person who controls
such underwriter (within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act) to the same extent as provided above with respect to the indemnification of holders; provided that such underwriter
agrees to indemnify PublicCo (and the Partnership, if applicable) to the same extent as provided below with respect to the indemnification of PublicCo (and the Partnership, if applicable) by such holders. 

Section 7.2. Indemnification by Holders. In connection with any registration in which any holder is participating, such
holder will furnish to PublicCo in writing such information with respect to it and its Affiliates as PublicCo reasonably requests for use in connection with any such Registration Statement, Prospectus, Canadian Prospectus, or preliminary Prospectus
and agrees to indemnify each of PublicCo (and the Partnership, if applicable), their respective directors and officers who sign the Registration Statement, each Person, if any, who controls (within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act) PublicCo (and the Partnership, if applicable), each other holder and any prospective underwriters, as the case may be, and any of their respective Affiliates, general partners, officers,
employees, agents and controlling Persons, to the same extent as the foregoing indemnity from PublicCo to such holder, but only with respect to information relating to such holder furnished to PublicCo (or the Partnership, if applicable) in writing
by such holder expressly for use in the Registration Statement, Canadian Prospectus, the Prospectus, any amendment or supplement thereto, or any preliminary Prospectus; provided that the obligation to indemnify under this
Section 7.2 or to contribute under Section 7.4 below will be several, not joint and several, among such holders, and the liability of each such holder under this Section 7.2 and Section 7.4, in the
aggregate, shall be limited to the net amount received by such holder from the sale of its Registrable Securities pursuant to such registration statement. 

Section 7.3. Conduct of Indemnification Proceedings. In case any proceeding (including any governmental investigation) shall
be instituted involving any Person in respect of which indemnity may be sought pursuant to Section 7.1 or Section 7.2 of this Agreement, such Person (hereinafter called the “Indemnified Party”) shall promptly notify
the Person against whom such indemnity may be sought (hereinafter called the “Indemnifying Party”) in writing and the Indemnifying Party, upon the request of the Indemnified Party, shall retain counsel reasonably satisfactory
to the Indemnified Party to represent the Indemnified Party and any others the Indemnifying Party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any
Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed
to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the Indemnifying Party and the Indemnified Party and the Indemnified Party shall have been advised by counsel that
representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the Indemnifying Party shall not, in connection with any proceeding or related proceedings
in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. The
Indemnifying Party shall not be liable for any settlement of any proceeding 

 
effected without its written consent (which consent will not be unreasonably withheld), but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Party
agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Party shall have requested an Indemnifying Party to
reimburse the Indemnified Party for fees and expenses of counsel as contemplated by the third sentence of this Section 7.3, the Indemnifying Party agrees that the Indemnifying Party shall be liable for any settlement of any proceeding
effected without the Indemnifying Party’s written consent if (i) such settlement is entered into more than thirty (30) days after receipt by such Indemnifying Party of the aforesaid request and (ii) such Indemnifying Party shall
not either have reimbursed the Indemnified Party in accordance with such request or reasonably objected in writing, on the basis of the standards set forth herein, to the propriety of such reimbursement prior to the date of such settlement. No
Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been
sought hereunder by such Indemnified Party, unless such settlement includes as an unconditional term thereof a release of such Indemnified Party, from all liability on claims that are the subject matter of such proceeding. 

Section 7.4. Contribution. If the indemnification provided for in this Section 7 from the Indemnifying Party is
unavailable to an Indemnified Party hereunder in respect of any losses, claims, damages, liabilities or expenses referred to in this Section 7, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute
to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Parties in
connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Parties shall be determined by
reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by,
such Indemnifying Party or Indemnified Parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the loses, claims,
damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in Section 7.3, any legal or other fees or expenses reasonably incurred by such party in connection with any
investigation or proceeding. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 7.4 were determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions
of this Section 7.4, no Partner shall be required to contribute any amount in excess of the amount of the total net proceeds received by such Partner from sales of the Registrable Securities sold by such Partner pursuant to the offering
that gave rise to such losses, claims, damages, liabilities or expenses. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. 

 If indemnification is available under this Section 7, the Indemnifying Parties
shall indemnify each Indemnified Party to the full extent provided in Sections 7.1 and 7.2 without regard to the relative fault of said Indemnifying Party, or Indemnified Party or any other equitable consideration provided for in this
Section 7.4. 

 EXHIBIT A 

SPOUSAL CONSENT 

Dated November     , 2008 

Reference is hereby made to the Limited Partnership Agreement of BB Management Invest L.P. (“BBMI”), dated as of
November     , 2008 (the “Partnership Agreement”), among Connors Bros., L.P. (the “Company”), BBMI, [Securityholder’s name] (the “Relevant Securityholder”) and
the other persons identified therein, the Limited Partnership Agreement of the Company, dated as of November     , 2008 (the “Parent Partnership Agreement”), any applicable option agreements of the Company, dated
as of November     , 2008 (the “Option Agreements”) and the Subscription Agreement, dated as of November     , 2008 (the “Subscription Agreement”) between BBMI and the
Relevant Securityholder. Capitalized terms used herein but not otherwise defined shall have the meaning ascribed to them in the Partnership Agreement. 

This Spousal Consent is being delivered pursuant to the Partnership Agreement, including, without limitation, Section 14.2 of the
Partnership Agreement, the Parent Partnership Agreement, including, without limitation, Section 14.2 of the Parent Partnership Agreement, the Option Agreements and the Subscription Agreement (together with the Partnership Agreement, the Parent
Partnership Agreement and the Option Agreements, the “Agreements”). The undersigned (“Spouse”), as the spouse of the Relevant Securityholder consents to all of the provisions of the Agreements and to the extent that
Spouse may lawfully do so, Spouse confirms that the Relevant Securityholder may act alone with respect to all matters in connection with the Agreements. Spouse also confirms that the Relevant Securityholder may enter into agreements pursuant to the
Agreements and consent to and execute amendments or restatements thereof (collectively with the Agreements, the “Transaction Documents”), without further signature or consent of, or notice to, Spouse. Spouse further agrees that
Spouse will not take any action to oppose or otherwise hinder the operation of the provisions of the Transaction Documents. 

—The remainder of this page has been intentionally left blank— 

 To the extent of any property interest that Spouse may have in the Partnership Units and any
other interests related to the Transaction Documents, Spouse consents to be bound by the terms of the Transaction Documents, including, without limitation, restrictions on transfer and obligations to sell set forth therein. 

 

	
	  

	 Name of Spouse:

 Schedule 3.1(f)(vii)(6) 

Affiliated Party Transactions 
  

	1.	All distributions permitted in accordance with (i) the Memorandum of Association of Bumble Bee Asia, Limited, dated May 25, 2007; and (ii) that certain
Shareholder’s Agreement dated as of September 12, 2008 among the shareholders of Bumble Bee Asia; 

  

	2.	All transactions contemplated by (i) that certain Services Agreement, dated September 25, 2008, between Atlantic Natural Foods, LLC, and American Food
Resources, LLC (owned by J. Douglas Hines, COO of U.S. Borrower); and (ii) that certain LLC Agreement dated September 25, 2008 by and among Atlantic Natural Foods, LLC, Bumble Bee Foods, LLC, and American Food Resources, LLC;

  

	3.	All transactions with Besford Limited and its Affiliates; 

  

	4.	All transactions with Kent Warehouse LLC, including, without limitation, to provide storage, labeling, shipping and related services for seafood products (including
canned salmon products); and to provide storage and related services for other products; and 

  

	5.	Pursuant to the Guaranty Agreement, dated as of the date hereof, by and among Christopher Lischewski, J. Douglas Hines, Kent McNeil, Maurice Callaghan (collectively,
each a “U.S. Management Loan Guarantor”) and Connors Bros., L.P., each U.S. Management Loan Guarantor is required to direct Connors Bros, L.P. or any of its affiliates, as applicable, to withhold a certain percentage of the gross amount of
any cash bonus paid to such U.S. Management Loan Guarantor by Connors Bros., L.P. or any of its affiliates, as applicable, on or after January 1, 2010 and to use such amounts to prepay the Secured Promissory Note, dated as of the date hereof,
issued by BB Management Invest, L.P. to Connors Bros. L.P. 

  

	6.	Management Agreement by and between the Partnership and/or certain of its Subsidiaries and Centre Partners dated as of the Closing Date. 

 

	7.	Subscription Agreement by and between the Partnership, on the one hand, and each of the Centre Partners Entities, on the other hand, whereby the Centre Partners
Entities subscribe for Partnership Units. 

  

	8.	Amended and Restated Limited Liability Company Agreement by and among Centre Capital Investors V, LP and CP V CB GP, LLC.

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