Document:

EX-10.2

 Exhibit 10.2 

PLEDGE AND SECURITY AGREEMENT 

THIS PLEDGE AND SECURITY AGREEMENT (as it may be amended, restated, supplemented or otherwise modified from time to time, this
“Security Agreement”) is entered into as of July 1, 2015 by and among Urban Outfitters, Inc., a Pennsylvania corporation (the “Company”) and the other grantors listed on the signature pages hereto (each,
together with their successors and permitted assigns, and, together with any additional entities which become parties to this Security Agreement by executing a Security Agreement Supplement hereto in substantially the form of Annex I hereto, a
“Grantor”, and, collectively, the “Grantors”), and JPMorgan Chase Bank, N.A., in its capacity as administrative agent (together with its successors and permitted assigns, the “Administrative Agent”)
for the lenders party to the Credit Agreement referred to below. 
 PRELIMINARY STATEMENT 

The Grantors, the Administrative Agent, the other Loan Parties and the Lenders are entering into a Credit Agreement dated as of July 1,
2015 (as it may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Each Grantor is entering into this Security Agreement in order to induce the Lenders to enter into and extend
credit to the Company and certain of its subsidiaries (collectively, the “Borrowers”) under the Credit Agreement and to secure the Secured Obligations that it has agreed to guarantee pursuant to Article X of the Credit Agreement.

 ACCORDINGLY, the Grantors and the Administrative Agent, on behalf of the Secured Parties, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Terms Defined in Credit Agreement. All capitalized terms used herein and not otherwise defined shall have the
meanings assigned to such terms in the Credit Agreement. 
 Section 1.2 Terms Defined in UCC. Terms defined in the UCC which are
not otherwise defined in this Security Agreement are used herein as defined in the UCC. 
 Section 1.3 Definitions of Certain Terms
Used Herein. As used in this Security Agreement, in addition to the terms defined in the first paragraph hereof and in the Preliminary Statement, the following terms shall have the following meanings: 

“Accounts” shall have the meaning set forth in Article 9 of the UCC. 

“Article” means a numbered article of this Security Agreement, unless another document is specifically referenced. 

“Assigned Contracts” means, collectively, all of the Grantors’ rights and remedies under, and all moneys and claims for
money due or to become due to the Grantor under those contracts in excess of $2,500,000 set forth on Exhibit H hereto, and any other material contracts in excess of $2,500,000, and any and all amendments, supplements, extensions, and renewals
thereof including all rights and claims 

 
of the Grantors now or hereafter existing: (a) under any insurance, indemnities, warranties, and guarantees provided for or arising out of or in connection with any of the foregoing
agreements; (b) for any damages arising out of or for breach or default under or in connection with any of the foregoing contracts; (c) to all other amounts from time to time paid or payable under or in connection with any of the foregoing
agreements; or (d) to exercise or enforce any and all covenants, remedies, powers and privileges thereunder. 

“Books” means, with respect to any Person, all of such Person’s books and records relating to the Collateral, whether
tangible or electronic (including all of its records indicating, summarizing, or evidencing such Collateral). 
 “Chattel
Paper” means, with respect to any Person, all chattel paper (as defined in Article 9 of the UCC) relating to such Person’s Accounts, Credit Card Accounts, or Inventory, including, without limitation, tangible chattel paper and
electronic chattel paper relating to such Accounts, Credit Card Accounts, or Inventory. 
 “Collateral” shall have the
meaning set forth in Article II. 
 “Collateral Access Agreement” means any landlord waiver or other agreement, in form and
substance reasonably satisfactory to the Administrative Agent, between the Administrative Agent and any third party or from the Administrative Agent to a third party (including any bailee, consignee, customs broker, freight forwarder, carrier, or
other similar Person) in possession of any Collateral or any landlord of any real property where Collateral is or may be located other than a retail store location, as such landlord waiver or other agreement may be amended, restated, supplemented or
otherwise modified from time to time. 
 “Collateral Report” means any certificate (including any Borrowing Base
Certificate), report or other document delivered by any Grantor to the Administrative Agent or any Lender with respect to the Collateral pursuant to any Loan Document. 

“Concentration Account” means each Deposit Account (other than a Funding Account) maintained with the Administrative Agent or
another financial institution reasonably acceptable to the Administrative Agent, in each case, that is subject to a Deposit Account Control Agreement, which Concentration Accounts are identified on Exhibit B (as such Exhibit may be
supplemented from time to time in accordance with Section 8.22). 
 “Control” shall have the meaning set forth in
Section 8-106 of Article 8 of the UCC or, if applicable, in Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the UCC. 

“Copyrights” means, with respect to any Person, all of such Person’s right, title, and interest in and to the following:
(a) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all renewals of any of the foregoing; (c) all income, royalties, damages, and payments
now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and future infringements of
any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world. 
 “Credit Card
Accounts” means any “payment intangibles,” as defined in the UCC, receivables or other rights to payment of a monetary obligation due to any Grantor from a credit card issuer or a credit card processor in connection with purchases
of Inventory of such Grantor. 

  
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 “Deposit Account Control Agreement” means an agreement, in form and substance
reasonably satisfactory to the Administrative Agent, among any Grantor, a banking institution holding such Grantor’s funds, and the Administrative Agent with respect to collection and control of all deposits and balances held in a deposit
account maintained by such Grantor with such banking institution. 
 “Deposit Accounts” means, with respect to any Person,
any deposit account (as defined in Article 9 of the UCC) and, in any event, including, without limitation, any deposit account associated with any lockbox arrangement, checking or other demand deposit account, concentration, time, savings, passbook
or similar account maintained with a bank and all cash, and all other property from time to time deposited therein or otherwise credited thereto. 

“Documents” means, with respect to any Person, all documents (as defined in Article 9 of the UCC) in respect of such
Person’s Collateral. 
 “Excluded Account” means (a) Deposit Accounts (other than Retail Store Deposit Accounts)
with an aggregate closing daily balance not in excess of $1,500,000, (b) Retail Store Deposit Accounts with an aggregate closing daily balance not in excess of $2,500,000 and which are swept on a periodic basis in accordance with
Section 7.1(a) into one or more Concentration Accounts, (c) any zero balance account and zero balance sub-account that is linked to one or more Concentration Accounts and (d) any Securities Account with a closing daily balance,
together with all such Securities Accounts excluded pursuant to this clause (d), not in excess of $10,000,000; provided that the Funding Accounts and Concentration Accounts of the Grantors (regardless of the amount on deposit at any time in
such account) shall not be Excluded Accounts. 
 “Excluded Asset” shall have the meaning set forth in Article II. 

“Excluded Equity” means any voting stock in excess of 65% of the outstanding voting stock of any first-tier Foreign
Subsidiary, which, pursuant to the terms of the Credit Agreement, is not required to guaranty to the Secured Obligations and all of the stock of any Subsidiary of any Foreign Subsidiary. For the purpose of this definition, “voting stock”
means, with respect to any issuer, the issued and outstanding shares of each class of stock of such issuer entitled to vote (within the meaning of Treasury Regulations § 1.956-2(c)(2)) and joint venture interests, to the extent the pledge
thereof is prohibited by the applicable organizational documents, contract or agreement and such prohibition on assignment is enforceable in accordance with the UCC. 

“Exhibit” refers to a specific exhibit to this Security Agreement, unless another document is specifically referenced. 

“General Intangibles” shall mean General Intangibles (as defined in Article 9 of the UCC) arising from the sale of Inventory,
Accounts or Credit Card Accounts, or which evidence, constitute proceeds of, or arise with respect to or relate to, any Accounts, Credit Card Accounts, or Inventory of such Person, or which arise under or relate to any license, contract, permit, or
franchise with respect to any Accounts, Credit Card Accounts, or Inventory of such Person. 
 “Goods” shall have the
meaning set forth in Article 9 of the UCC. 
 “Instruments” means, with respect to any Person, all instruments (as defined
in Article 9 of the UCC) arising from the sale of Inventory, Accounts or Credit Card Accounts, or evidencing, constituting proceeds of, or arising with respect to any Accounts, Credit Card Accounts, Inventory, or Chattel Paper of such Person,
including, without limitation, Promissory Notes relating to any of the foregoing. 

  
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 “Inventory” shall have the meaning set forth in Article 9 of the UCC. 

“Investment Property” shall have the meaning set forth in Article 9 of the UCC. 

“Lenders” means the lenders party to the Credit Agreement and their successors and assigns. 

“Letter-of-Credit Rights” shall have the meaning set forth in Article 9 of the UCC. 

“Licenses” means, with respect to any Person, all of such Person’s right, title, and interest in and to (a) any and
all licensing agreements or similar arrangements in and to its Patents, Copyrights, or Trademarks, (b) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without
limitation, damages and payments for past and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof. 

“Patents” means, with respect to any Person, all of such Person’s right, title, and interest in and to: (a) any and
all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations, renewals, extensions, and continuations-in-part thereof; (d) all income, royalties,
damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future
infringements thereof; and (f) all rights corresponding to any of the foregoing throughout the world. 
 “Pledged
Collateral” means the Pledged Interests and all other Collateral consisting of Instruments (excluding checks), Securities and other Investment Property, whether or not physically delivered to the Administrative Agent pursuant to this
Security Agreement. 
 “Pledged Interests” means all of each Grantor’s right, title and interest in and to all of the
Equity Interests now owned or hereafter acquired by such Grantor (excluding Excluded Equity), regardless of class or designation, including, without limitation, that listed on Exhibit G (as such Exhibit may be supplemented from time to time
in accordance with Section 8.22), and all substitutions therefor and replacements thereof, all proceeds thereof and all rights relating thereto, also including any certificates representing the Equity Interests, the right to receive any
certificates representing any of the Equity Interests, all warrants, options, share appreciation rights and other rights, contractual or otherwise, in respect thereof and the right to receive all dividends, distributions of income, profits, surplus,
or other compensation by way of income or liquidating distributions, in cash or in kind, and all cash, instruments, and other property from time to time received, receivable, or otherwise distributed in respect of or in addition to, in substitution
of, on account of, or in exchange for any or all of the foregoing. 
 “Proceeds” shall have the meaning set forth in
Article II. 
 “Promissory Notes” shall have the meaning set forth in Article 9 of the UCC. 

“Receivables” means (a) all Accounts and Credit Card Accounts and (b) all Chattel Paper, Investment Property,
Documents, Instruments and General Intangibles to the extent that they are Collateral or arise from Proceeds of the Collateral. 

“Required Secured Parties” means (a) prior to an acceleration of the Obligations under the Credit Agreement, the
Required Lenders, (b) after an acceleration of the Obligations under the Credit Agreement but prior to the date upon which the Credit Agreement has terminated by its terms and all of 

  
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the obligations thereunder have been paid in full, Lenders holding in the aggregate at least a majority of the total of the Aggregate Credit Exposure, and (c) after the Credit Agreement has
terminated by its terms and all of the Obligations thereunder have been paid in full (whether or not the Obligations under the Credit Agreement were ever accelerated), the Secured Parties holding in the aggregate at least a majority of the aggregate
net early termination payments and all other amounts then due and unpaid from any Grantor to the Secured Parties in respect of the Secured Obligations, as determined by the Administrative Agent in its reasonable discretion. 

“Retail Store Deposit Account” means any Deposit Account that is an operating account and sub-accounts associated therewith
(a) maintained by any Grantor solely for the use of one or more of its retail stores, (b) into which payments received from customers are directly deposited, and (c) which is neither a Concentration Account nor any other account to
which amounts held in other deposit accounts of the Grantors are swept, which Retail Store Deposit Accounts are identified as such on Exhibit B (as such Exhibit may be supplemented from time to time in accordance with Section 8.22) or
any supplement thereto approved by the Administrative Agent and the Borrower Representative. 
 “Retained Retail Balance”
means, with respect to each Retail Store Deposit Account, an amount reasonably determined by such Grantor to be required for the operating needs of the applicable retail store or stores to which such Retail Store Deposit Account relates, which such
amount, measured immediately after giving effect to the applicable cash sweep conducted in accordance with Section 7.1(a), shall not exceed, together with the Retained Retail Balances of all other Retail Store Deposit Accounts, $1,000,000. 

“Section” means a numbered section of this Security Agreement, unless another document is specifically referenced. 

“Securities Account” shall have the meaning set forth in Article 8-501 of the UCC. 

“Securities Account Control Agreement” means an agreement, in form and substance reasonably satisfactory to the
Administrative Agent, among any Grantor, a securities intermediary holding securities owned by such Grantor’s or on such Grantor’s behalf, and the Administrative Agent with respect to control of all securities, cash and Cash Equivalents
held in a securities account maintained by such Grantor with such securities intermediary. 
 “Security” shall have the
meaning set forth in Article 8 of the UCC. 
 “Security Agreement Supplement” shall mean any Security Agreement Supplement
to this Security Agreement in substantially the form of Annex I hereto executed by an entity that becomes a Grantor under this Security Agreement after the date hereof. 

“Stock Rights” means all dividends, instruments or other distributions and any other right or property which the Grantors
shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Equity Interest constituting Collateral, any right to receive an Equity Interest and any right to receive
earnings, in which the Grantors now have or hereafter acquire any right, issued by an issuer of such Equity Interest. 
 “Supporting
Obligations” means, with respect to any Person, all of the supporting obligations (as defined in Article 9 of the UCC) issued in support of the Accounts, Credit Card Accounts, Chattel Paper, Documents (including electronic documents), or
Instruments owing to such Person. 

  
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 “Trademarks” means, with respect to any Person, all of such Person’s right,
title, and interest in and to the following: (a) all trademarks (including service marks), trade names, trade dress, and trade styles and the registrations and applications for registration thereof and the goodwill of the business symbolized by
the foregoing; (b) all licenses of the foregoing, whether as licensee or licensor; (c) all renewals of the foregoing; (d) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including,
without limitation, damages, claims, and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands
for royalties owing; and (f) all rights corresponding to any of the foregoing throughout the world. 
 “UCC” means the
Uniform Commercial Code, as in effect from time to time, of the State of New York or of any other state the laws of which are required as a result thereof to be applied in connection with the attachment, perfection or priority of, or remedies with
respect to, Administrative Agent’s or any other Secured Party’s Lien on any Collateral. 
 The foregoing definitions shall be
equally applicable to both the singular and plural forms of the defined terms. 
 ARTICLE II 

GRANT OF SECURITY INTEREST 

Each Grantor hereby pledges, assigns and grants to the Administrative Agent, on behalf of and for the ratable benefit of the Secured Parties,
to secure the prompt and complete payment and performance of the Secured Obligations, a security interest in all of its right, title and interest in, to and under all of such Grantor’s personal property described below, whether now owned by or
owing to, or hereafter acquired by or arising in favor of such Grantor (including under any trade name or derivations thereof), and regardless of where located (all of which will be collectively referred to as the “Collateral”):

 (a) all Accounts and Credit Card Accounts; 

(b) all Inventory; 

(c) all Deposit Accounts and Securities Accounts, all Investment Property, cash and Cash Equivalents in any such Deposit
Accounts or Securities Accounts, and all lockboxes associated with any of the foregoing; 
 (d) all Pledged Interests; 

(e) all Documents to the extent evidencing or relating to the Collateral described in clauses (a) through (d) above;

 (f) all Chattel Paper to the extent evidencing or relating to the Collateral described in clauses (a) through
(d) above; 
 (g) all Instruments to the extent evidencing or relating to the Collateral described in clauses
(a) through (d) above; 
 (h) all Commercial Tort Claims to the extent relating to the Collateral described in
clauses (a) through (d) above; 

  
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 (i) all Books; 

(j) all General Intangibles (other than Patents, Trademarks and Copyrights and Investment Property) necessary for the
realization upon Collateral or evidencing or relating to the Collateral described in clauses (a) through (d) above; 

(k) all Supporting Obligations; 

(l) all of such Grantor’s cash and Cash Equivalents that now or hereafter come into the possession, custody, or control of
any Secured Party; and 
 (m) all of the proceeds (including all cash proceeds and noncash proceeds) and products, whether
tangible or intangible, of any of the foregoing property described in clauses (a) through (l) above, including proceeds of insurance or commercial tort claims covering any or all of the foregoing, and any and all Accounts, Books, Chattel
Paper, Deposit Accounts, Securities Accounts, Documents, Instruments, Pledged Interests, Inventory, General Intangibles (other than Patents, Trademarks and Copyrights and Investment Property), Supporting Obligations, money, or other tangible or
intangible property resulting from the sale, lease, license, exchange, collection, or other disposition with respect to any of the Collateral described above, the proceeds of any award in condemnation with respect to any of the Collateral described
above, and all proceeds of any loss of, damage to or destruction with respect to any of the Collateral described above of the Grantors, whether insured or not insured, and, to the extent not otherwise included, any indemnity, warranty or guaranty
payable by reason of loss or damage to or otherwise with respect to any of the foregoing Collateral (collectively, the “Proceeds”), in each case howsoever such Grantor’s interest therein may arise or appear (whether by
ownership, security interest, claim or otherwise; provided, however, notwithstanding the foregoing or anything herein to the contrary, the Collateral shall not include, and no Grantor shall grant or be deemed to have granted a security
interest, collateral assignment or other Lien in any of the following (collectively, the “Excluded Assets”): 
 (i)
any of any Grantor’s rights or interests in or under any license, contract, permit, instrument, security or franchise or any of its rights or interests thereunder included in the Collateral (in this Section, referred to as “such
Contract”) in the event that such a grant would, under the terms of such Contract, result in a breach of the terms of, or constitute a default under, such Contract; provided that (x) rights to payment under any such Contract shall
be included in the Collateral to the extent permitted thereby or by Section 9-406, 9-407, 9-408 or 9-409 of the UCC, and (y) all proceeds paid or payable to any Grantor from any sale, transfer or assignment of such Contract and all rights
to receive such proceeds shall be included in the Collateral; and provided, further, that any such Contract will be excluded from Collateral under this clause (i) only to the extent and for so long as any of the consequences set
forth in this clause (i) will result and will cease to be excluded from Collateral under such clause and will become subject to the Lien granted hereunder, immediately and automatically, at such time as such consequences will no longer result;

 (ii) all rights, interests, priorities and privileges relating to any real property and any leases, licenses or sub-leases relating to any
real property or rental payments therefrom, and any right to sue at law or in equity for any damage thereto, any condemnation or taking thereof, and any other impairment, including the right to receive all proceeds and damages therefrom, other than,
in each case, in respect of any Real Estate that is subject to a mortgage; 

  
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 (iii) any Deposit Account or Securities Account (A) maintained solely as payroll, pension,
medical, employee wage or benefit accounts or social security laws (including withholding tax payments related thereto), (B) maintained solely as sales tax or other tax accounts, (C) maintained solely as escrow accounts, fiduciary or trust
accounts, and accounts otherwise held exclusively for the benefit of third parties, other than the Company and its Subsidiaries or their Affiliates, or (D) that are maintained solely to hold customer deposits, deposits for sweepstakes payments
or deposits in connection with laws or regulations in respect of gift cards; 
 (iv) any asset to the extent a security interest or Lien in
such asset would result in costs or consequences as reasonably determined in writing by the Company and the Administrative Agent with respect to the granting or perfecting of a security interest that is excessive in view of the benefits to be
obtained by the Secured Parties; 
 (v) Excluded Equity; 

(vi) Vehicles and other assets subject to certificates of title; and 

(vii) Trademarks, Patents and Copyrights and licenses thereof; 

provided, however, that “Excluded Assets” shall not include any Proceeds, products, substitutions or replacements of any Excluded
Asset (unless such Proceeds, products, substitutions or replacements would themselves constitute an Excluded Asset under paragraphs (i) through (vi)); and provided, further, that any such property or asset that at any time ceases
to satisfy the criteria for an Excluded Asset and constitutes Collateral (whether as a result of the applicable Grantor obtaining any necessary consent, any change in applicable law, or otherwise), shall no longer be an Excluded Asset. Each Grantor
hereby represents and warrants that the Excluded Assets (other than any Trademarks, Patents and Copyrights), when taken as a whole, are not material to the business operations or financial condition of the Grantors, taken as a whole. The priority of
the Administrative Agent’s Lien in any of the Collateral shall be subject to the terms of any applicable Intercreditor Agreement with respect to Permitted Term Loan Indebtedness. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Each Grantor represents and warrants, and each Grantor that becomes a party to this Security Agreement pursuant to the execution of a Security
Agreement Supplement represents and warrants (after giving effect to supplements, if any, to each of the Exhibits hereto with respect to such Grantor as attached to such Security Agreement Supplement) to the Administrative Agent and the Lenders
that: 
 Section 3.1 Title, Authorization, Validity, Enforceability, Perfection and Priority. Such Grantor has good and valid
rights in or the power to transfer the Collateral and title to the Collateral with respect to which it has purported to grant a security interest hereunder, free and clear of all Liens except for Liens permitted under Section 6.02 of the Credit
Agreement, and has full power and authority to grant to the Administrative Agent the security interest in the Collateral pursuant hereto. The execution and delivery by such Grantor of this Security Agreement has been duly authorized by proper
corporate, limited liability company or partnership proceedings of such Grantor, and this Security Agreement constitutes a legal valid and binding obligation of such Grantor and creates a security 

  
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interest which is enforceable against such Grantor in all Collateral it now owns or hereafter acquires, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. When financing statements have been filed in the appropriate offices against such Grantor
in the locations listed on Exhibit D (as such Exhibit may be supplemented from time to time in accordance with Section 8.22), the Administrative Agent will have a fully perfected first priority security interest in that Collateral of
such Grantor in which a security interest may be perfected by filing, subject only to Liens permitted under Section 6.02 of the Credit Agreement. 

Section 3.2 Type and Jurisdiction of Organization, Organizational and Identification Numbers. The type of entity of such Grantor,
its state of organization, the organizational number issued to it by its state of organization and its federal employer identification number are set forth on Exhibit A (as such Exhibit may be supplemented from time to time in accordance with
Section 8.22 or to reflect changes resulting from transactions permitted under the Loan Documents). 
 Section 3.3 Principal
Location. Such Grantor’s mailing address and the location of its place of business (if it has only one) or its chief executive office (if it has more than one place of business), are disclosed in Exhibit A (as such Exhibit may be
supplemented from time to time in accordance with Section 8.22); such Grantor has no places of business except those set forth in Exhibit A and new locations established in accordance with Section 3.4. 

Section 3.4 Collateral Locations. All of such Grantor’s locations where Collateral is located are listed on Exhibit A
excluding retail store locations which have been established but for which Grantors are not required to deliver a supplement to such Exhibit pursuant to Section 8.22 (as such Exhibit may be supplemented from time to time in accordance with
Section 8.22). All of said locations are owned by such Grantor except for locations (i) which are leased by the Grantor as lessee and designated in Part VII(b) of Exhibit A excluding retail store locations which have been
established but for which Grantors are not required to deliver a supplement to such Exhibit pursuant to Section 8.22 (as such Exhibit may be supplemented from time to time in accordance with Section 8.22) and (ii) at which Inventory
is held in a public warehouse or is otherwise held by a bailee or on consignment as designated in Part VII(c) of Exhibit A (as such Exhibit may be supplemented from time to time in accordance with Section 8.22). 

Section 3.5 Deposit Accounts; Securities Accounts. All of such Grantor’s Deposit Accounts and Securities Accounts are listed
on Exhibit B (as such Exhibit may be supplemented from time to time in accordance with Section 8.22), which Exhibit B sets forth whether each such Deposit Account or Securities Account is an Excluded Account, Concentration Account
or a Retail Store Deposit Account (if applicable). 
 Section 3.6 Exact Name; Prior Names. Such Grantor’s name in which it
has executed this Security Agreement is the exact name as it appears in such Grantor’s organizational documents, as amended, as filed with such Grantor’s jurisdiction of organization. Such Grantor has not, during the past five years, been
known by or used any other corporate or fictitious name, or been a party to any merger or consolidation, or been a party to any acquisition. 

Section 3.7 Letter-of-Credit Rights and Chattel Paper. Exhibit C (as such Exhibit may be supplemented from time to time in
accordance with Section 8.22) lists all Letter-of-Credit Rights included in the Collateral with a value individually or in the aggregate in excess of $2,500,000 and Chattel Paper included in the Collateral of such Grantor with a value
individually or in the aggregate in excess of $2,500,000. All action by such Grantor reasonably requested by the Administrative Agent to perfect the Administrative Agent’s Lien on each item listed on Exhibit C (including the delivery of
all 

  
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originals and the placement of a legend on such Chattel Paper as required hereunder) has been duly taken. The Administrative Agent will have a fully perfected first priority security interest in
the Collateral listed on Exhibit C, subject only to Liens to the extent permitted under Section 6.02 of the Credit Agreement. 

Section 3.8 Accounts, Credit Card Accounts and Chattel Paper. 

(a) The names of the obligors, amounts owing, due dates and other information with respect to its Accounts, Credit Card Accounts and Chattel
Paper are and will be correctly stated in all material respects (provided that the amounts owing and due dates shall not be subject to a materiality qualification, except for immaterial discrepancies not exceeding an amount or value equal to
$250,000 in the aggregate) in the records of such Grantor relating thereto and in all invoices and Collateral Reports with respect thereto furnished to the Administrative Agent by such Grantor from time to time. As of the time when each Account,
each Credit Card Account or each item of Chattel Paper arises, such Grantor shall be deemed to have represented and warranted that such Account, Credit Card Account or Chattel Paper, as the case may be, and all records relating thereto, are genuine
and in all respects what they purport to be. 
 (b) With respect to its Trade Accounts and Credit Card Accounts, except as disclosed on the
most recent Collateral Report and except for any immaterial discrepancies as to any of the following clauses (i) through (iv) not exceeding an amount or value equal to $250,000 in the aggregate, (i) all Trade Accounts are Eligible
Trade Accounts and all Credit Card Accounts are Eligible Credit Card Accounts (it being acknowledged, for the avoidance of doubt, that the representation and warranty in this clause (i) shall be deemed true “in all material respects”
for purposes of clause (j) of the definition of Eligible Credit Card Accounts and clause (f) of the definition of Eligible Trade Accounts in the Credit Agreement if (and only if) discrepancies do not exceed such above-referenced amount of
$250,000); (ii) to such Grantor’s knowledge, there are no facts, events or occurrences which in any way impair the validity or enforceability thereof or could reasonably be expected to reduce the amount payable thereunder as shown on such
Grantor’s books and records and any invoices, statements and Collateral Reports with respect thereto; (iii) such Grantor has not received any notice of proceedings or actions which are threatened or pending against any Account Debtor which
might result in any material adverse change in such Account Debtor’s financial condition; and (iv) such Grantor has no knowledge that any Account Debtor has become insolvent or is generally unable to pay its debts as they become due. 

(c) In addition, with respect to all of its Trade Accounts and Credit Card Accounts, except as disclosed on the Collateral Report
(specifically or by exclusion of any such Account or Credit Card Account from the Borrowing Base Certificate), (i) the amounts shown on all invoices, statements and the most recent Borrowing Base Certificate with respect thereto are actually
and absolutely owing to such Grantor as indicated thereon and are not in any way contingent, (ii) no payments that have been or shall be made thereon except payments immediately delivered to a Concentration Account as required pursuant to
Section 7.1; and (iii) to the knowledge of a responsible officer of Grantor, all Account Debtors have the capacity to contract. 

Section 3.9 Inventory. With respect to any of its Inventory scheduled or listed on the most recent Collateral
Report, (a) such Inventory (other than Inventory in transit) is located at one of such Grantor’s locations set forth on Exhibit A excluding retail store locations which have been established but for which Grantors are not required
to deliver a supplement to such exhibit pursuant to Section 8.22 (as such Exhibit may be supplemented from time to time in accordance with Section 8.22), (b) no Inventory (other than Inventory in transit) is now, or shall at
any time or times hereafter be stored at any other location except as permitted by Section 4.1(f), (c) such Grantor has good, indefeasible and 

  
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merchantable title to such Inventory and such Inventory is not subject to any Lien or security interest or document whatsoever except for Liens to the extent permitted under Section 6.02 of
the Credit Agreement, (d) except as disclosed in the most recent Collateral Report (specifically or by exclusion of any such Account or Credit Card Account from the Borrowing Base Certificate), such Inventory is Eligible Inventory or Eligible
In-Transit Inventory of good and merchantable quality, free from any defects, (e) such Inventory is not subject to any licensing, patent, royalty, trademark, trade name or copyright agreements with any third parties which would require any
consent of any third party upon sale or disposition of that Inventory or the payment of any monies to any third party upon such sale or other disposition, (f) to the extent applicable, such Inventory has been produced in accordance with the
Federal Fair Labor Standards Act of 1938, as amended, and all rules, regulations and orders thereunder and (g) the completion of manufacture, sale or other disposition of such Inventory by the Administrative Agent following the occurrence and
during the continuance of an Event of Default shall not require the consent of any Person and shall not constitute a breach or default under any contract or agreement to which such Grantor is a party or to which such property is subject (without
regard to the right of the Administrative Agent to access any Retail Store Location for such purposes). 
 Section 3.10 No Financing
Statements, Security Agreements. No financing statement or security agreement describing all or any portion of the Collateral which has not lapsed or been terminated (by a filing authorized by the secured party in respect thereof) naming such
Grantor as debtor has been filed or is of record in any jurisdiction except for financing statements or security agreements (a) naming the Administrative Agent on behalf of the Secured Parties as the secured party and (b) in respect of
Liens to the extent permitted under Section 6.02 of the Credit Agreement. 
 Section 3.11 Pledged Collateral. 

(a) Exhibit G (as such Exhibit may be supplemented from time to time in accordance with Section 8.22) sets forth a complete and
accurate list of all Pledged Collateral owned by such Grantor. Such Grantor is the direct, sole beneficial owner and sole holder of record of the Pledged Collateral listed on Exhibit G as being owned by it, free and clear of any Liens, except
for any Liens permitted by Section 6.02 of the Credit Agreement. Such Grantor further represents and warrants that (i) all Pledged Collateral owned by it constituting an Equity Interest has been (to the extent such concepts are relevant
with respect to such Pledged Collateral) duly authorized, validly issued, are fully paid and non- assessable, (ii) with respect to any certificates delivered to the Administrative Agent representing an Equity Interest, either such certificates
are Securities as defined in Article 8 of the UCC as a result of actions by the issuer or otherwise, or, if such certificates are not Securities, such Grantor has so informed the Administrative Agent so that the Administrative Agent may take steps
to perfect its security interest therein as a General Intangible, (iii) all such Pledged Collateral held by a securities intermediary is covered by a control agreement among such Grantor, the securities intermediary and the Administrative Agent
pursuant to which the Administrative Agent has Control and (iv) all Pledged Collateral which represents Indebtedness owed to such Grantor has been duly authorized, authenticated or issued and delivered by the issuer of such Indebtedness, is the
legal, valid and binding obligation of such issuer and such issuer is not in default thereunder. 
 (b) In addition, (i) none of the
Pledged Collateral owned by it has been issued or transferred in violation of the securities registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject, (ii) no options, warrants,
calls or commitments of any character whatsoever (A) exist relating to such Pledged Collateral or (B) obligate the issuer of any Equity Interest included in the Pledged Collateral to issue additional Equity Interests, and (iii) no
consent, approval, authorization, or other action by, and no giving of notice, filing with, any governmental authority or any other Person is required for the pledge by such Grantor of such Pledged Collateral pursuant to this Security Agreement or
for the execution, delivery and performance of this 

  
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Security Agreement by such Grantor, or for the exercise by the Administrative Agent of the voting or other rights provided for in this Security Agreement or for the remedies in respect of the
Pledged Collateral pursuant to this Security Agreement, except as may be required in connection with such disposition by laws affecting the offering and sale of securities generally. 

(c) Except as set forth in Exhibit G (as such Exhibit may be supplemented from time to time in accordance with Section 8.22), such
Grantor owns 100% of the issued and outstanding Equity Interests which constitute Pledged Collateral owned by it and none of the Pledged Collateral which represents Indebtedness owed to such Grantor is subordinated in right of payment to other
Indebtedness (other than the Secured Obligations) or subject to the terms of an indenture. 
 Section 3.12 Insurance. Exhibit
E sets forth a description of all insurance maintained by or on behalf of the Grantors, and other Loan Parties and their respective Restricted Subsidiaries as of the Effective Date. 

ARTICLE IV 
 COVENANTS

 From the date of this Security Agreement, and thereafter until this Security Agreement is terminated pursuant to the terms of the
Credit Agreement, each Grantor party hereto as of the date hereof agrees, and from and after the effective date of any Security Agreement Supplement applicable to any Grantor (and after giving effect to supplements, if any, to each of the Exhibits
hereto with respect to such subsequent Grantor as attached to such Security Agreement Supplement) and thereafter until this Security Agreement is terminated pursuant to the terms hereof, each such additional Grantor agrees: 

Section 4.1 General. 

(a) Collateral Records. Such Grantor will keep proper books and records and accounts in all material respects as to the
Collateral owned by it. In accordance with Section 5.06 of the Credit Agreement, the Administrative Agent, after exercising its rights of inspection, may prepare and distribute to the Lenders certain reports pertaining to such Grantor’s
Collateral for internal use by the Administrative Agent and the Lenders. 
 (b) Authorization to File Financing
Statements; Ratification. Such Grantor hereby authorizes the Administrative Agent to file, and if requested will deliver to the Administrative Agent, all financing statements and other documents and take such other actions as may from time to
time be reasonably requested by the Administrative Agent in order to maintain a first perfected security interest in and, if applicable, Control of, the Collateral owned by such Grantor subject to Liens permitted by Section 6.02 of the Credit
Agreement. Any financing statement filed by the Administrative Agent may be filed in any filing office in any UCC jurisdiction and may (i) indicate such Grantor’s Collateral by any description which reasonably approximates the description
contained in this Security Agreement, and (ii) contain any other information required by part 5 of Article 9 of the UCC for the sufficiency or filing office acceptance of any financing statement or amendment, including whether such Grantor is
an organization, the type of organization and any organization identification number issued to such Grantor. Such Grantor also agrees to furnish any such information described in the foregoing sentence to the Administrative Agent promptly upon
request. Such Grantor also ratifies its authorization for the Administrative Agent to have filed in any UCC jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof. 

  
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 (c) Further Assurances. Such Grantor will, if so requested by the
Administrative Agent, furnish to the Administrative Agent, as often as the Administrative Agent reasonably requests, statements and schedules further identifying and describing the Collateral owned by it and such other reports and information in
connection with its Collateral as the Administrative Agent may reasonably request, all in such detail as the Administrative Agent may reasonably specify. Such Grantor also agrees to take any and all actions necessary to defend title to the
Collateral against all persons and to defend the security interest of the Administrative Agent in its Collateral and the priority thereof against any Lien not expressly permitted hereunder or under Section 6.02 of the Credit Agreement;
provided, that in no event shall any Grantor be required to take any action to perfect the Administrative Agent’s security interest on assets (other than Inventory in-transit and Equity Interests in any first-tier CFC) which are outside
the U.S. 
 (d) Liens. Such Grantor will not create, incur, or suffer to exist any Lien on the Collateral owned by it
except (i) the security interest created by this Security Agreement, and (ii) other Liens to the extent permitted by Section 6.02 of the Credit Agreement. 

(e) Other Financing Statements. Such Grantor will not authorize the filing of any financing statement naming it as
debtor covering all or any portion of the Collateral owned by it, except for financing statements (i) naming the Administrative Agent on behalf of the Secured Parties as the secured party and (ii) in respect of Liens to the extent
permitted under Section 6.02 of the Credit Agreement. Such Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to any financing statement naming the Administrative
Agent as the secured party without the prior written consent of the Administrative Agent, subject to such Grantor’s rights under Section 9-509(d)(2) of the UCC. 

(f) Locations. Such Grantor will not (i) maintain any Collateral owned by it at any location other than those
locations listed on Exhibit A excluding retail store locations which have been established but for which Grantors are not yet required to deliver a supplement to such Exhibit pursuant to Section 8.22 (as such Exhibit may be supplemented
from time to time in accordance with Section 8.22), (ii) otherwise change, or add to, such locations unless such Grantor shall have obtained a Collateral Access Agreement for each such location to the extent obtainment of a Collateral
Access Agreement for such location is required by Section 4.13 or (iii) change its principal place of business or chief executive office from the location identified on Exhibit A, other than as permitted by the Credit Agreement.

 (g) Compliance with Terms. Such Grantor will perform and comply with all obligations in respect of the Collateral
owned by it and all material (individually or in the aggregate) agreements to which it is a party or by which it is bound relating to such Collateral. 

Section 4.2 Receivables. 

(a) Certain Agreements on Receivables. Such Grantor will not make or agree to make any discount, credit, rebate or other
reduction in the original amount owing on a Receivable or accept in satisfaction of a Receivable less than the original amount thereof, except that, prior to the occurrence and continuance of an Event of Default, such Grantor may reduce the amount
of Accounts, Credit Card Accounts and other Receivables arising from the sale of Inventory in accordance with its then current policies (provided that such policies may not be changed without the prior written consent of the Administrative Agent
following the occurrence and during the continuance of a Default) and in the ordinary course of business. 

  
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 (b) Collection of Receivables. Except as otherwise provided in this
Security Agreement, such Grantor will collect and enforce to the extent commercially reasonable to do so, at such Grantor’s sole expense, all amounts due or hereafter due to such Grantor under the Receivables owned by it. 

(c) Delivery of Invoices. Following the occurrence and during the continuance of a Default, such Grantor will deliver to
the Administrative Agent promptly upon its reasonable request duplicate invoices with respect to each Trade Account owned by it bearing such language of assignment as the Administrative Agent shall reasonably specify. 

(d) Disclosure of Counterclaims on Receivables. If (i) any discount, credit or agreement to make a rebate or to
otherwise reduce the amount owing on any Receivable in excess of $500,000 owned by such Grantor exists or (ii) if, to the knowledge of such Grantor, any dispute, setoff, claim, counterclaim or defense exists or has been asserted or threatened
with respect to any such Receivable in excess of $500,000, such Grantor will promptly disclose such fact to the Administrative Agent in writing. Such Grantor shall send the Administrative Agent a copy of each credit memorandum in excess of $500,000
promptly following its issuance, and such Grantor shall promptly report each such credit memorandum and each of the facts required to be disclosed to the Administrative Agent in accordance with this Section 4.2(d) on the Borrowing Base
Certificates submitted by it. 
 (e) Electronic Chattel Paper. Such Grantor shall take all steps necessary to grant
the Administrative Agent Control of all electronic chattel paper included in the Collateral individually or in the aggregate in excess of $2,500,000 in accordance with the UCC and all “transferable records” as defined in each of the
Uniform Electronic Transactions Act and the Electronic Signatures in Global and National Commerce Act. 
 Section 4.3 Inventory.

 (a) Maintenance of Goods. Such Grantor will do all things reasonably necessary to maintain, preserve, protect and
keep its Inventory in good repair and working and saleable condition in all material respects, except for damaged, defective or obsolete goods arising in the ordinary course of such Grantor’s business. 

(b) Returned Inventory. If an Account Debtor returns any Inventory in excess of $250,000 to such Grantor when no Event
of Default exists, then such Grantor shall promptly determine the reason for such return and shall issue a credit memorandum to the Account Debtor in the appropriate amount. Such Grantor shall promptly report to the Administrative Agent any return
involving an amount in excess of $500,000. Each such report shall indicate the reasons for the returns and the locations and condition of the returned Inventory. In the event any Account Debtor returns Inventory in excess of $1,000,000 to such
Grantor when an Event of Default exists, such Grantor, upon the written request of the Administrative Agent, shall: (i) hold the returned Inventory in trust for the Administrative Agent; (ii) segregate all returned Inventory from all of
its other property; (iii) dispose of the returned Inventory solely according to the Administrative Agent’s written instructions; and (iv) not issue any credits or allowances with respect thereto without the Administrative Agent’s
prior written consent. All returned Inventory shall be subject to the Administrative Agent’s Liens thereon. Whenever any Inventory is returned, the related Account shall be deemed ineligible to the extent of the amount owing by the Account
Debtor with respect to such returned Inventory and such returned Inventory shall not be Eligible Inventory. 

  
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 (c) Inventory Count; Perpetual Inventory System. Such Grantor will conduct
a physical count of its Inventory in accordance with its customary processes and procedures under GAAP at least once per fiscal year in accordance with its customary processes and procedures, and after and during the continuance of an Event of
Default, at such other times as the Administrative Agent reasonably requests. Such Grantor, at its own expense, shall deliver to the Administrative Agent the results of each physical count, in such Grantor’s customary prescribed format, which
such Grantor has made, or has caused any other Person to make on its behalf, of all or any portion of its Inventory. Such Grantor will maintain a perpetual inventory reporting system at all times. 

Section 4.4 Delivery of Instruments, Securities, Chattel Paper and Documents. Such Grantor will (a) deliver to the
Administrative Agent immediately upon execution of this Security Agreement the originals of all Chattel Paper, Securities and Instruments constituting Collateral owned by it (if any then exist) if the aggregate value thereof exceeds $1,000,000,
(b) hold in trust for the Administrative Agent upon receipt and promptly thereafter deliver to the Administrative Agent any such Chattel Paper, Securities and Instruments constituting Collateral, (c) upon the Administrative Agent’s
request, deliver to the Administrative Agent (and thereafter hold in trust for the Administrative Agent upon receipt and promptly deliver to the Administrative Agent) any Document (other than electronic documents) evidencing or constituting
Collateral if the aggregate value thereof exceeds $1,000,000 and (d) promptly upon the Administrative Agent’s request, deliver to the Administrative Agent a duly executed amendment to this Security Agreement, in the form of Exhibit
F hereto (the “Amendment”), pursuant to which such Grantor will pledge such items constituting Collateral. Such Grantor hereby authorizes the Administrative Agent to attach each Amendment to this Security Agreement and agrees
that all such Collateral owned by it set forth in such Amendments shall be considered to be part of the Collateral. 
 Section 4.5
Uncertificated Pledged Collateral. Such Grantor will, as the Administrative Agent shall direct, cause the appropriate issuers (and, if held with a securities intermediary, such securities intermediary) of uncertificated securities or other
types of Pledged Collateral owned by it not represented by certificates to either: (i) mark their books and records with the numbers and face amounts of all such uncertificated securities or other types of Pledged Collateral not represented by
certificates and all rollovers and replacements therefor to reflect the Lien of the Administrative Agent granted pursuant to this Security Agreement, or (ii) cause the issuer to agree to comply with instructions from the Administrative Agent as
to such uncertificated securities without further consent of such Grantor. With respect to any Pledged Collateral owned by it, such Grantor will take any actions necessary to cause (a) the issuers of uncertificated securities which are Pledged
Collateral and (b) any securities intermediary which is the holder of any such Pledged Collateral, to cause the Administrative Agent to have and retain Control over such Pledged Collateral. Without limiting the foregoing, such Grantor will,
with respect to any such Pledged Collateral in excess of $5,000,000 (individually and in the aggregate) held with a securities intermediary, cause such securities intermediary to enter into a control agreement with the Administrative Agent, in form
and substance reasonably satisfactory to the Administrative Agent, giving the Administrative Agent Control. 
 Section 4.6 Pledged
Collateral. 
 (a) Changes in Capital Structure of Issuers. Except as permitted pursuant to the Credit Agreement, such Grantor
will not (i) permit or suffer any issuer of an Equity Interest of its Subsidiaries constituting Pledged Collateral owned by it to dissolve, merge, liquidate, retire any of its Equity Interests or other Instruments or Securities evidencing
ownership, reduce its capital, sell or encumber all or substantially all of its assets or merge or consolidate with any other entity, or (ii) vote any such Pledged Collateral in favor of any of the foregoing. 

  
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 (b) Issuance of Additional Securities. Such Grantor will not permit or suffer the issuer
of an Equity Interest of its Subsidiaries constituting Pledged Collateral owned by it to issue additional Equity Interests, any right to receive the same or any right to receive earnings, except to such Grantor. 

(c) Registration of Pledged Collateral. Such Grantor will permit any registerable Pledged Collateral owned by it to be registered in
the name of the Administrative Agent or its nominee at any time during the existence of an Event of Default at the option of the Administrative Agent. 

(d) Exercise of Rights in Pledged Collateral. 

(i) Without in any way limiting the foregoing and subject to clause (ii) below, such Grantor shall have the right to
exercise all voting rights or other rights relating to the Pledged Collateral owned by it for all purposes not inconsistent with this Security Agreement, the Credit Agreement or any other Loan Document; provided however, that no vote
or other right shall be exercised or action taken which would have the effect of impairing the rights of the Administrative Agent in respect of such Pledged Collateral (it being acknowledged, for the avoidance of doubt, that sales, transfers, leases
and other dispositions impacting Pledged Collateral permitted under Section 6.05 of the Credit Agreement shall not be deemed to have the effect of impairing such rights); 

(ii) Such Grantor will permit the Administrative Agent or its nominee at any time after the occurrence and during the
continuance of an Event of Default, without notice, to exercise all voting rights or other rights relating to the Pledged Collateral owned by it, including, without limitation, exchange, subscription or any other rights, privileges, or options
pertaining to any Equity Interest or Investment Property constituting such Pledged Collateral as if it were the absolute owner thereof; 

(iii) Such Grantor shall be entitled to collect and receive for its own use all cash dividends and interest paid in respect of
the Pledged Collateral owned by it to the extent not in violation of the Credit Agreement other than dividends and interest paid or payable other than in cash in respect of such Pledged Collateral, and instruments and other property received,
receivable or otherwise distributed in respect of, or in exchange for, any Pledged Collateral (collectively referred to as the “Excluded Payments”); provided however, that until actually paid, all rights to such
distributions shall remain subject to the Lien created by this Security Agreement; and 
 (iv) All Excluded Payments and all
other non-cash distributions in respect of any Pledged Collateral owned by such Grantor, whenever paid or made, shall be delivered to the Administrative Agent to hold as Pledged Collateral and shall, if received by such Grantor, be received in trust
for the benefit of the Administrative Agent, be segregated from the other property or funds of such Grantor, and be forthwith delivered to the Administrative Agent as Pledged Collateral in the same form as so received (with any necessary
endorsement). 
 (e) Interests in Limited Liability Companies and Limited Partnerships. Each Grantor agrees that no ownership
interests in a limited liability company or a limited partnership which are included within the Collateral owned by such Grantor shall at any time constitute a Security under Article 8 of the UCC of the applicable jurisdiction. 

  
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 Section 4.7 Intellectual Property. 

(a) Such Grantor will use its commercially reasonable efforts (i) to secure all consents and approvals necessary or appropriate for the
assignment to or benefit of the Administrative Agent of any License held by such Grantor which is material to such Grantor’s business and operations, and (ii) to enforce the security interests granted hereunder in such License to the
extent that it is legally permissible for such Grantor to assign or grant to the Administrative Agent a security interest in any such License in which such Grantor is the licensee. 

(b) Such Grantor shall notify the Administrative Agent promptly if it knows that any application or registration relating to any Patent,
Trademark or Copyright (now or hereafter existing) owned by such Grantor and which is material and necessary in such Grantor’s business or operations may become abandoned or dedicated, or with respect to such material and necessary Patent,
Trademark or Copyright (now or hereafter existing) of any adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United
States Copyright Office or any court) regarding such Grantor’s ownership of any such material and necessary Patent, Trademark or Copyright, its right to register the same, or to keep and maintain the same. 

(c) From and after such date (if any) on which the Administrative Agent is granted a security interest in any Patent, Trademark or Copyright
that is material and necessary to such Grantor’s business, (i) such Grantor, either directly or through any agent, employee, licensee or designee, shall not file an application for the registration of any such material and necessary
Patent, Trademark or Copyright with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency without giving the Administrative Agent prior written notice thereof, and, (ii) upon request
of the Administrative Agent, such Grantor shall execute and deliver any and all security agreements as the Administrative Agent may reasonably request to evidence the Administrative Agent’s security interest on such Patent, Trademark or
Copyright, and the General Intangibles of such Grantor relating thereto or represented thereby. 
 (d) Such Grantor shall take all
commercially reasonable actions necessary or reasonably requested by the Administrative Agent to maintain and pursue each application, to obtain the relevant registration and to maintain the registration of each of its Patents, Trademarks and
Copyrights (now or hereafter existing) material and necessary to its business, including the filing of applications for renewal, affidavits of use, affidavits of non-contestability and opposition and interference and cancellation proceedings, unless
such Grantor shall reasonably determine (with prior written notice to the Administrative Agent) that such Patent, Trademark or Copyright is not material to the conduct of such Grantor’s business. 

(e) Such Grantor shall, unless it shall reasonably determine that such Patent, Trademark or Copyright is not material and necessary for the
conduct of its business or operations, promptly sue for infringement, misappropriation or dilution and to recover any and all damages for such infringement, misappropriation or dilution, and shall take such other commercially reasonable actions as
the Administrative Agent shall deem appropriate under the circumstances to protect such Patent, Trademark or Copyright. In the event that such Grantor institutes suit because any of its Patents, Trademarks or Copyrights constituting Collateral is
infringed upon, or misappropriated or diluted by a third party, such Grantor shall comply with Section 4.8. 

  
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 Section 4.8 Commercial Tort Claims. Such Grantor shall promptly after the same is
acquired by it, notify the Administrative Agent of any commercial tort claim (as defined in the UCC) and, unless the Administrative Agent otherwise consents, such Grantor shall enter into an amendment to this Security Agreement, in the form of
Exhibit F hereto, granting to Administrative Agent a first priority security interest in such commercial tort claim in excess of a claimed amount in excess of $2,500,000. 

Section 4.9 Letter-of-Credit Rights. If such Grantor is or becomes the beneficiary of a letter of credit in excess of the stated
amount of $2,500,000 that constitutes Collateral, it shall promptly, and in any event within five (5) Business Days after becoming a beneficiary notify the Administrative Agent thereof and cause the issuer and/or confirmation bank to
(i) consent to the assignment of any Letter-of-Credit Rights to the Administrative Agent and (ii) agree to direct all payments thereunder to a Concentration Account, all in form and substance reasonably satisfactory to the Administrative
Agent. 
 Section 4.10. Federal, State or Municipal Claims. Such Grantor will promptly notify the Administrative Agent of any
Collateral in excess of $5,000,000 (individually or in the aggregate) which constitutes a claim against the United States government or any state or local government or any instrumentality or agency thereof, the assignment of which claim is
restricted by federal, state or municipal law. 
 Section 4.11 No Interference. Such Grantor agrees that it will not interfere
with any right, power and remedy of the Administrative Agent provided for in this Security Agreement or now or hereafter existing at law or in equity or by statute or otherwise, or the exercise or beginning of the exercise by the Administrative
Agent of any one or more of such rights, powers or remedies; provided that the foregoing shall not limit or restrict a Grantor from the ordinary conduct of its business and any action or transaction permitted in accordance with the Credit Agreement.

 Section 4.12 Reserved. 

Section 4.13 Collateral Access Agreements. Such Grantor shall use commercially reasonable efforts to obtain a Collateral Access
Agreement, from the lessor of each leased property (other than a retail store location), mortgagee of owned property or bailee or consignee with respect to any warehouse, processor or converter facility or other location (other than a retail store
location or the Trenton, South Carolina facility so long as such facility shall have been closed on or before August 31, 2015 (or as such time may be extended by the Administrative Agent in its sole discretion in writing)) where Collateral with
a value in excess of $2,500,000 individually or $5,000,000 in the aggregate is stored or located. With respect to such locations (other than a retail store location) or warehouse space leased as of the Closing Date and thereafter, at which
Collateral is stored or located, if the Administrative Agent has not received a Collateral Access Agreement as of the Effective Date (or, if later, as of the date such location is acquired or leased), the Borrowers’ Eligible Inventory at that
location shall be excluded from the Borrowing Base or subject to such Reserves as may be established by the Administrative Agent. After the Closing Date, no real property (other than a retail store location) or warehouse space shall be leased by
such Grantor and no Inventory shall be shipped to a processor or converter under arrangements established after the Closing Date, unless and until a satisfactory Collateral Access Agreement shall first have been obtained with respect to any such
location where Collateral is stored or located with a value in excess of $2,500,000 individually or $5,000,000 in the aggregate and if it has not been obtained, the Borrowers’ Eligible Inventory at that location shall be excluded from the
Borrowing Base or subject to the establishment of Reserves acceptable to the Administrative Agent. Such Grantor shall timely and fully pay and perform its material obligations under all leases and other agreements with respect to each leased
location or third party warehouse where any Collateral is or may be located. 

  
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 Section 4.14. Deposit Account Control Agreements. On or before the Effective Date or
such later date as provided in Section 5.18 of the Credit Agreement, such Grantor will provide to the Administrative Agent promptly upon the Administrative Agent’s request, a Deposit Account Control Agreement or Securities Account Control
Agreement, as applicable, duly executed on behalf of each financial institution holding a Deposit Account or Securities Account, as applicable (other than, in each case, Excluded Accounts and Excluded Assets) of such Grantor as set forth in this
Security Agreement; provided that, the Administrative Agent may, in its reasonable discretion, defer delivery of any such Deposit Account Control Agreement or Securities Account Control Agreement, establish a Reserve with respect to any
Deposit Account or Securities Account (other than, in each case, Excluded Accounts and Excluded Assets) for which the Administrative Agent has not received such Deposit Account Control Agreement or Securities Account Control Agreement, and require
such Grantor to open and maintain a new Deposit Account or Securities Account with a financial institution subject to a Deposit Account Control Agreement or Securities Account Control Agreement, as applicable. 

Section 4.15 Assigned Contracts. Upon the occurrence and during the continuance of an Event of Default, such Grantor will use its
commercially reasonable efforts to secure all consents and approvals necessary or appropriate for the assignment to or for the benefit of the Administrative Agent of any Assigned Contract held by such Grantor and to enforce the security interests
granted hereunder. Such Grantor shall perform all of its material obligations under each of its Assigned Contracts constituting a Credit Card Agreement, and shall enforce all of its rights and remedies thereunder, in each case, as it deems
appropriate in its business judgment; provided however, that such Grantor shall not take any action or fail to take any action with respect to its Assigned Contracts constituting a Credit Card Agreement which would cause the
termination of an Assigned Contract constituting a Credit Card Agreement. Without limiting the generality of the foregoing, such Grantor shall take all action necessary or appropriate to permit, and shall not take any action which would have a
material adverse effect upon, the enforcement of indemnification rights under any of its Assigned Contracts constituting a Credit Card Agreement. Such Grantor shall notify the Administrative Agent in writing, promptly after such Grantor becomes
aware thereof, of any event or fact which could give rise to a material claim by it for indemnification under any of its Assigned Contracts constituting a Credit Card Agreement, and shall diligently pursue such right and report to the Administrative
Agent on all further material developments with respect thereto. Such Grantor shall deposit into a Deposit Account at the Administrative Agent or subject to a Deposit Account Control Agreement for application to the Secured Obligations, in
accordance with Section 2.18 of the Credit Agreement, all amounts received by such Grantor as indemnification or otherwise pursuant to its Assigned Contracts. If such Grantor shall fail within two Business Days after the Administrative
Agent’s demand to pursue diligently any rights under any of its Assigned Contracts constituting a Credit Card Agreement, or if upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the
direction of the Required Secured Parties shall, directly enforce such Grantor’s rights under any Assigned Contract in the Administrative Agent’s own name on behalf of the Secured Parties, or in such Grantor’s name and may enter into
such settlements or other agreements with respect thereto as the Administrative Agent or the Required Secured Parties, as applicable, shall determine. In any suit, proceeding or action brought by the Administrative Agent for the benefit of the
Secured Parties under any Assigned Contract for any sum owing thereunder or to enforce any provision thereof, such Grantor shall indemnify and hold the Administrative Agent and the other Secured Parties harmless from and against all expense, loss or
damage suffered by reason of any defense, setoff, counterclaims, recoupment, or reduction of liability whatsoever of the obligor thereunder arising out of a breach by such Grantor of any obligation thereunder or arising out of any other agreement,
indebtedness or liability at any time owing from such Grantor to or in favor of such obligor or its successors. All such obligations of such Grantor shall be and remain enforceable only against such Grantor and shall not be enforceable against the
Administrative Agent or the other Secured Parties. Notwithstanding any provision hereof to the contrary, such Grantor shall at all times remain liable to observe and perform all of its duties and obligations under its Assigned

  
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Contracts, and the Administrative Agent’s or any other Secured Party’s exercise of any of their respective rights with respect to the Collateral shall not release such Grantor from any
of such duties and obligations. Neither the Administrative Agent nor any other Secured Party shall be obligated to perform or fulfill any of such Grantor’s duties or obligations under its Assigned Contracts or to make any payment thereunder, or
to make any inquiry as to the nature or sufficiency of any payment or property received by it thereunder or the sufficiency of performance by any party thereunder, or to present or file any claim, or to take any action to collect or enforce any
performance, any payment of any amounts, or any delivery of any property. 
 ARTICLE V 

EVENTS OF DEFAULT AND REMEDIES 

Section 5.1. Events of Default. The occurrence of any one or more of the following events shall constitute an Event of Default
hereunder: 
 (a) Any representation or warranty made by or on behalf of any Grantor under or in connection with this
Security Agreement shall prove to have been materially incorrect when made or deemed made (it being understood and agreed that any representation or warranty which is subject to any materiality qualifier shall be required to be true and correct in
all respects). 
 (b) Any Grantor shall fail to observe or perform any of the terms or provisions of Article IV or Article
VII. 
 (c) Any Grantor shall fail to observe or perform any of the terms or provisions of this Security Agreement (other
than a breach which constitutes an Event of Default under any other Section of this Article V) and such failure shall continue unremedied for a period of thirty (30) days after the earlier of knowledge of a Responsible Officer of a Borrower
Representative of such breach or notice thereof from the Administrative Agent. 
 (d) The occurrence of any “Event of
Default” under, and as defined in, the Credit Agreement. 
 (e) Any Equity Interest which is included within the
Collateral shall at any time constitute a Security or the issuer of any such Equity Interest shall take any action to have such interests treated as a Security unless (i) all certificates or other documents constituting such Security have been
delivered to the Administrative Agent and such Security is properly defined as such under Article 8 of the UCC of the applicable jurisdiction, whether as a result of actions by the issuer thereof or otherwise, or (ii) the Administrative Agent
has entered into a control agreement with the issuer of such Security or with a securities intermediary relating to such Security and such Security is defined as such under Article 8 of the UCC of the applicable jurisdiction, whether as a result of
actions by the issuer thereof or otherwise. 
 Section 5.2 Remedies. 

(a) Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may exercise any or all of
the following rights and remedies: 
 (i) those rights and remedies provided in this Security Agreement, the Credit
Agreement, or any other Loan Document; provided that, this Section 5.2(a) shall not be understood to limit any rights or remedies available to the Administrative Agent and the other Secured Parties prior to an Event of Default;

  
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 (ii) those rights and remedies available to a secured party under the UCC
(whether or not the UCC applies to the affected Collateral) or under any other applicable law (including, without limitation, any law governing the exercise of a bank’s right of setoff or bankers’ lien) when a debtor is in default under a
security agreement; 
 (iii) give notice of sole control or any other instruction under any Deposit Account Control Agreement
or Securities Account Control Agreement in respect of Collateral and take any action therein with respect to such Collateral; 

(iv) without notice (except as specifically provided in Section 8.1 or elsewhere herein), demand or advertisement of any
kind to any Grantor or any other Person, enter the premises of any Grantor where any Collateral is located (through self-help and without judicial process) to collect, receive, assemble, process, appropriate, sell, lease, assign, grant an option or
options to purchase or otherwise dispose of, deliver, or realize upon, the Collateral or any part thereof in one or more parcels at public or private sale or sales (which sales may be adjourned or continued from time to time with or without notice
and may take place at any Grantor’s premises or elsewhere), for cash, on credit or for future delivery without assumption of any credit risk, and upon such other terms as the Administrative Agent may deem commercially reasonable; and 

(v) concurrently with written notice to the applicable Grantor, transfer and register in its name or in the name of its nominee
the whole or any part of the Pledged Collateral, exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations, exercise all voting and all other rights as a
holder with respect thereto, to collect and receive all cash dividends interest, principal and other distributions made thereon and to otherwise act with respect to the Pledged Collateral as though the Administrative Agent was the outright owner
thereof. 
 (b) Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent, on behalf of
the Secured Parties, may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered to adversely affect the commercial reasonableness of any sale of the
Collateral. 
 (c) Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent shall have
the right upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or sales, to purchase for the benefit of the Administrative Agent and the other Secured Parties, the whole or any part of the Collateral so
sold, free of any right of equity redemption, which equity redemption the Grantor hereby expressly releases. 
 (d) Upon the
occurrence and during the continuance of an Event of Default, until the Administrative Agent is able to effect a sale, lease, or other disposition of Collateral, the Administrative Agent shall have the right to hold or use Collateral, or any part
thereof, to the extent that it deems appropriate for the purpose of preserving Collateral or its value or for any 

  
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other purpose deemed appropriate by the Administrative Agent. The Administrative Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to
enforce any of the Administrative Agent’s remedies (for the benefit of the Administrative Agent and the other Secured Parties), with respect to such appointment without prior notice or hearing as to such appointment. 

(e) Notwithstanding the foregoing, neither the Administrative Agent nor any other Secured Party shall be required to
(i) make any demand upon, or pursue or exhaust any of its rights or remedies against, any Grantor, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Secured Obligations or to pursue or exhaust any of
its rights or remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Secured Obligations or to resort to the Collateral or any such guarantee in any
particular order, or (iii) effect a public sale of any Collateral. 
 (f) Each Grantor recognizes that, upon the
occurrence and during the continuance of an Event of Default, the Administrative Agent may be unable to effect a public sale of any or all the Pledged Collateral and may be compelled to resort to one or more private sales thereof in accordance with
clause (a) above. Each Grantor also acknowledges that any private sale may result in prices and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such
private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of such sale being private. The Administrative Agent shall be under no obligation to delay a sale of any of the Pledged Collateral for the
period of time necessary to permit any Grantor or the issuer of the Pledged Collateral to register such securities for public sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if the applicable
Grantor and the issuer would agree to do so. 
 Section 5.3 Grantor’s Obligations Upon the Occurrence and Continuance of an
Event of Default. Upon the request of the Administrative Agent after the occurrence and during the continuance of an Event of Default, each Grantor will: 

(a) assemble and make available to the Administrative Agent the Collateral and all books and records relating thereto at any
place or places specified by the Administrative Agent, whether at such Grantor’s premises or elsewhere; 
 (b) permit
the Administrative Agent, by the Administrative Agent’s representatives and agents, to enter, occupy and use any premises where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take
possession of all or any part of the Collateral or the books and records relating thereto, or both, to remove all or any part of the Collateral or the books and records relating thereto, or both, and to conduct sales of the Collateral, without any
obligation to pay the Grantor for such use and occupancy; 
 (c) prepare and file, or cause an issuer of Pledged Collateral
to prepare and file, with the Securities and Exchange Commission or any other applicable government agency, registration statements, a prospectus and such other documentation in connection with the Pledged Collateral as the Administrative Agent may
request, all in form and substance satisfactory to the Administrative Agent, and furnish to the Administrative Agent, or cause an issuer of Pledged Collateral to furnish to the Administrative Agent, any information regarding the Pledged Collateral
in such detail as the Administrative Agent may specify; 

  
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 (d) take, or cause an issuer of Pledged Collateral to take, any and all actions
necessary to register or qualify the Pledged Collateral to enable the Administrative Agent to consummate a public sale or other disposition of the Pledged Collateral; and 

(e) at its own expense, cause the independent certified public accountants then engaged by each Grantor to prepare and deliver
to the Administrative Agent and each Lender, at any time, and from time to time, promptly upon the Administrative Agent’s request, the following reports with respect to the applicable Grantor: (i) a reconciliation of all Accounts and
Credit Card Accounts; (ii) an aging of all Accounts and Credit Card Accounts; (iii) trial balances; and (iv) a test verification of such Accounts and Credit Card Accounts. 

Section 5.3 Grant of Intellectual Property License. For the purpose of enabling the Administrative Agent to exercise the rights
and remedies under the Credit Agreement and each other Loan Document, including under this Article V at such time as the Administrative Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby (a) grants to the
Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to any Grantor) to use, license or sublicense any
intellectual property rights (including, without limitation Trademarks and customer lists) now owned or hereafter acquired by such Grantor, and wherever the same may be located, and including in such license access to all media in which any of the
licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof and (b) irrevocably agrees that the Administrative Agent may sell any of such Grantor’s Inventory directly to
any person, including without limitation persons who have previously purchased the Grantor’s Inventory from such Grantor and in connection with any such sale or other enforcement of the Administrative Agent’s rights under the Credit
Agreement, this Security Agreement or any other Loan Document, may sell Inventory which bears any Trademark owned by or licensed to such Grantor and any Inventory that is covered by any Copyright owned by or licensed to such Grantor and the
Administrative Agent may finish any work in process and affix any Trademark owned by or licensed to such Grantor and sell such Inventory as provided herein. 

Section 5.4 Subordination. Each Grantor hereby agrees that, upon the occurrence and during the continuance of a Default, unless
otherwise agreed in writing by the Administrative Agent, all Indebtedness owing to it by any Borrower or any of its Subsidiaries shall be fully subordinated to the payment in full in cash of such Grantor’s Secured Obligations or Guaranteed
Obligations, as the case may be. 
 Section 5.5 Deficiency. The Grantors shall remain liable, jointly and severally, for any
deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Secured Obligations. 
 ARTICLE VI

 ACCOUNT VERIFICATION; ATTORNEY IN FACT; PROXY 

Section 6.1 Account Verification. The Administrative Agent may at any time, in the Administrative Agent’s own name (following
the occurrence and during the continuance of a Default), in the name of a nominee of the Administrative Agent, or in the name of any Grantor communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of any such Grantor,
parties to contracts with any such Grantor and obligors in respect of Instruments of any such Grantor to verify with such Persons, to the Administrative Agent’s satisfaction, the existence, amount, terms of, and any other matter relating to,
Accounts, Instruments, Chattel Paper, payment intangibles and/or other Receivables. 

  
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 Section 6.2 Authorization for Administrative Agent to Take Certain Action. 

(a) Subject to the last sentence of this Section 6.2(a), each Grantor irrevocably authorizes the Administrative Agent at
any time and from time to time in the sole discretion of the Administrative Agent, and appoints the Administrative Agent as its attorney in fact, with the full power of substitution either in its own name or in the name of such Grantor, (i) to
execute on behalf of such Grantor as debtor and to file financing statements necessary or desirable in the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority of the Administrative Agent’s security
interest in the Collateral, (ii) to endorse and collect any cash proceeds of the Collateral, (iii) to file a carbon, photographic or other reproduction of this Security Agreement or any financing statement with respect to the Collateral as
a financing statement and to file any other financing statement or amendment of a financing statement (which does not add new collateral or add a debtor) in such offices as the Administrative Agent in its sole discretion deems necessary or desirable
to perfect and to maintain the perfection and priority of the Administrative Agent’s security interest in the Collateral, (iv) to contact and enter into one or more agreements with the issuers of uncertificated securities which are Pledged
Collateral or with securities intermediaries holding Pledged Collateral as may be necessary or advisable to give the Administrative Agent Control over such Pledged Collateral, (v) to apply the proceeds of any Collateral received by the
Administrative Agent to the Secured Obligations in accordance with the terms of the Credit Agreement, (vi) to discharge past due taxes, assessments, charges, fees or Liens on the Collateral (except for Liens to the extent permitted under
Section 6.02 of the Credit Agreement), (vii) to contact Account Debtors for any reason with respect to Eligible Trade Accounts that are included in the Borrowing Base using the name of a nominee of the Administrative Agent during a period
prior to the occurrence and continuance of a Default, (viii) to demand payment or enforce payment of the Receivables in the name of the Administrative Agent or such Grantor and to endorse any and all checks, drafts, and other instruments for
the payment of money relating to the Receivables, (ix) to sign such Grantor’s name on any invoice or bill of lading relating to the Receivables, drafts against any Account Debtor of the Grantor, assignments and verifications of
Receivables, (x) to exercise all of such Grantor’s rights and remedies with respect to the collection of the Receivables and any other Collateral, (xi) to settle, adjust, compromise, extend or renew the Receivables, (xii) to
settle, adjust or compromise any legal proceedings brought to collect Receivables, (xiii) to prepare, file and sign such Grantor’s name on a proof of claim in bankruptcy or similar document against any Account Debtor of such Grantor,
(xiv) to prepare, file and sign such Grantor’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Receivables, (xv) to change the address for delivery of mail addressed to such
Grantor to such address as the Administrative Agent may designate and to receive, open and dispose of all mail addressed to such Grantor, (xvi) to send verifications of Eligible Trade Accounts included in the Borrowing Base to any Account
Debtor, (xvii) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral, and (xvii) to do all other acts and things reasonably necessary to carry out this Security
Agreement or any other Loan Document; and such Grantor agrees to reimburse the Administrative Agent to the extent provided in Section 9.03(a) of the Credit Agreement in connection with any of the foregoing; provided, further,
that this authorization shall not relieve such Grantor of any of its obligations under this Security Agreement or under the Credit Agreement. The Administrative Agent agrees that it shall not exercise any power-of-attorney granted in this
Section 6.2(a) with respect to subsections (ii), and subsections (viii) through and including (xvii) until the occurrence and continuance of an Event of Default. 

  
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 (b) All acts of said attorney or designee are hereby ratified and approved. The
powers conferred on the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, under this Section 6.2 are solely to protect the Administrative Agent’s interests in the Collateral and shall not
impose any duty upon the Administrative Agent or any other Secured Party to exercise any such powers. 
 Section 6.3 Proxy.
SUBJECT TO THE LAST PROVISO OF THIS SECTION 6.3, EACH GRANTOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS THE ADMINISTRATIVE AGENT AS ITS PROXY AND ATTORNEY-IN-FACT (AS SET FORTH IN SECTION 6.2 ABOVE) WITH RESPECT TO ITS PLEDGED COLLATERAL,
INCLUDING THE RIGHT TO VOTE ANY OF THE PLEDGED COLLATERAL, WITH FULL POWER OF SUBSTITUTION TO DO SO. IN ADDITION TO THE RIGHT TO VOTE ANY OF THE PLEDGED COLLATERAL, THE APPOINTMENT OF THE ADMINISTRATIVE AGENT AS PROXY AND ATTORNEY-IN- FACT SHALL
INCLUDE THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF ANY OF THE PLEDGED COLLATERAL WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS, CALLING SPECIAL MEETINGS OF
SHAREHOLDERS AND VOTING AT SUCH MEETINGS); AND SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY OF THE PLEDGED COLLATERAL ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON
(INCLUDING THE ISSUER OF THE PLEDGED COLLATERAL OR ANY OFFICER OR AGENT THEREOF); PROVIDED, HOWEVER, IN EACH CASE ABOVE, THE ADMINISTRATIVE AGENT SHALL NOT EXERCISE ANY PROXY RIGHTS OR POWER OF ATTORNEY GRANTED IN THIS SECTION UNLESS AN EVENT OF
DEFAULT HAS OCCURRED AND IS CONTINUING. 
 Section 6.4 Nature of Appointment; Limitation of Duty. THE APPOINTMENT OF THE
ADMINISTRATIVE AGENT AS PROXY AND ATTORNEY-IN-FACT IN THIS ARTICLE VI IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE DATE ON WHICH THIS SECURITY AGREEMENT IS TERMINATED IN ACCORDANCE WITH SECTION 8.13. NOTWITHSTANDING ANYTHING
CONTAINED HEREIN, NONE OF THE ADMINISTRATIVE AGENT, ANY LENDER, ANY OTHER SECURED PARTY, ANY OF THEIR AFFILIATES, OR ANY OF THEIR OR THEIR AFFILIATES’ RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR REPRESENTATIVES SHALL HAVE ANY DUTY TO
EXERCISE ANY RIGHT OR POWER GRANTED HEREUNDER OR OTHERWISE OR TO PRESERVE THE SAME AND SHALL NOT BE LIABLE FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO, EXCEPT IN RESPECT OF DAMAGES ATTRIBUTABLE SOLELY TO ITS OWN GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT, AS FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION; PROVIDED THAT, IN NO EVENT SHALL THEY BE LIABLE FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES. 

ARTICLE VII 
 COLLECTION
AND APPLICATION OF COLLATERAL PROCEEDS; 
 DEPOSIT ACCOUNTS AND SECURITIES ACCOUNTS 

Section 7.1 Collection of Receivables. 

(a) Each Grantor shall cause each of its retail store locations to promptly deposit all of its payments received from retail
customers in one or more Retail Store Deposit Accounts or Concentration Accounts and shall cause all amounts on deposit in each Retail Store Deposit Account (other than, in each case, the Retained Retail Balance) to be swept not less frequently than
every five (5) Business Days into one or more Concentration Accounts. 

  
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 (b) Each Grantor shall cause all credit card processors and credit card issuers
to make all settlement and other payments due to such Grantor by wire transfer, ACH or other electronic transfer to one or more Concentration Accounts or a sub-account that is swept daily into a Concentration Account. 

(c) Each Grantor shall direct all of its Account Debtors in respect of Trade Accounts to forward payments directly to a
Concentration Account. If any Grantor should refuse or neglect to notify any Account Debtor to forward payments directly to a Concentration Account after notice from the Administrative Agent, the Administrative Agent shall be entitled to make such
notification directly to such Account Debtor. 
 (d) If notwithstanding the foregoing instructions, any Grantor receives any
proceeds of any Receivables (other than payments made by retail customers directly to retail stores of the Grantors), such Grantor shall receive such payments as the Administrative Agent’s trustee, and shall promptly deposit all cash, checks or
other similar payments related to or constituting payments made in respect of Receivables received by it to a Concentration Account. 

Section 7.2 Covenant Regarding New Deposit Accounts and Securities Accounts. Before opening or replacing any Deposit Account or
Securities Account (other than, in each case, Excluded Accounts and Excluded Assets), each Grantor shall (a) obtain the Administrative Agent’s consent in writing to the opening of such Deposit Account or Securities Accounts (which consent
shall not be unreasonably withheld or delayed), provided that no such consent shall be required with respect to any Retail Store Deposit Account, and (b) cause each bank or financial institution or securities intermediary in which it
seeks to open any such Deposit Account or Securities Account, to enter into a Deposit Account Control Agreement or Securities Account Control Agreement, as applicable, with the Administrative Agent in order to give the Administrative Agent Control
of such Deposit Account or Securities Account. Notwithstanding anything to the contrary herein, any Grantor may open, close or replace any Deposit Account or Securities Account that is an Excluded Account or Excluded Asset without consent of the
Administrative Agent and without entering into a Deposit Account Control Agreement or Securities Account Control Agreement in respect of such Deposit Account or Securities Account. 

ARTICLE VIII 
 GENERAL
PROVISIONS 
 Section 8.1 Waivers. Each Grantor hereby waives notice of the time and place of any public sale or the time
after which any private sale or other disposition of all or any part of the Collateral may be made. To the extent such notice may not be waived under applicable law, any notice made shall be deemed reasonable if sent to the Grantors, addressed as
set forth in Article IX, at least ten days prior to (i) the date of any such public sale or (ii) the time after which any such private sale or other disposition may be made. To the maximum extent permitted by applicable law, each Grantor
waives all claims, damages, and demands against the Administrative Agent or any other Secured Party arising out of the repossession, retention or sale of the Collateral, except such as arise solely out of the gross negligence or willful misconduct
of the Administrative Agent or such other Secured Party as finally determined by a court of competent jurisdiction. To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of,
and covenants not to assert against the Administrative Agent or any other Secured Party, any valuation, stay, appraisal, extension, moratorium, redemption or similar laws and any and all rights or defenses it may have as a surety now

  
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or hereafter existing which, but for this provision, might be applicable to the sale of any Collateral made under the judgment, order or decree of any court, or privately under the power of sale
conferred by this Security Agreement, or otherwise. Except as otherwise specifically provided herein, each Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection
with this Security Agreement or any Collateral. 
 Section 8.2 Limitation on Administrative Agent’s and Other Secured
Parties’ Duty with Respect to the Collateral. The Administrative Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale. The Administrative Agent and each other Secured Party shall use reasonable care with
respect to the Collateral in its possession or under its control. Neither the Administrative Agent nor any other Secured Party shall have any duty (except as set forth in the immediately preceding sentence) as to any Collateral in its possession or
control or in the possession or control of any agent or nominee of the Administrative Agent or such other Secured Party, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. To the
extent that applicable law imposes duties on the Administrative Agent to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that, in connection with the exercise of such remedies, it is commercially
reasonable for the Administrative Agent (i) to fail to incur expenses deemed significant by the Administrative Agent to prepare Collateral for disposition or otherwise to transform raw material or work in process into finished goods or other
finished products for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection
or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against Account Debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral,
(iv) to exercise collection remedies against Account Debtors and other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through
publications or media of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as such Grantor, for expressions of interest in acquiring all or any
portion of the Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites
that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets,
(x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure the Administrative Agent against risks of loss, collection or disposition of Collateral or to
provide to the Administrative Agent a guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by the Administrative Agent, to obtain the services of other brokers, investment bankers,
consultants and other professionals to assist the Administrative Agent in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this Section 8.2 is to provide non-exhaustive indications of what
actions or omissions by the Administrative Agent would be commercially reasonable in the Administrative Agent’s exercise of remedies against the Collateral and that other actions or omissions by the Administrative Agent shall not be deemed
commercially unreasonable solely on account of not being indicated in this Section 8.2. Without limitation upon the foregoing, nothing contained in this Section 8.2 shall be construed to grant any rights to any Grantor or to impose any
duties on the Administrative Agent that would not have been granted or imposed by this Security Agreement or by applicable law in the absence of this Section 8.2. 

Section 8.3 Compromises and Collection of Collateral. The Grantors and the Administrative Agent recognize that setoffs,
counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in 

  
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whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a
Receivable. In view of the foregoing, each Grantor agrees that the Administrative Agent may at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full
payment of any Receivable such amount as the Administrative Agent in its discretion shall determine or abandon any Receivable, and any such action by the Administrative Agent shall be commercially reasonable so long as the Administrative Agent acts
in good faith based on information known to it at the time it takes any such action. 
 Section 8.4 Secured Party Performance of
Debtor Obligations. Without having any obligation to do so, the Administrative Agent may perform or pay any obligation which any Grantor has agreed to perform or pay in this Security Agreement but has failed to do so after written notice and the
Grantors shall reimburse the Administrative Agent for any amounts paid by the Administrative Agent pursuant to this Section 8.04. The Grantors’ obligation to reimburse the Administrative Agent pursuant to the preceding sentence shall be a
Secured Obligation payable within five Business Days of demand. 
 Section 8.5 Specific Performance of Certain Covenants. Each
Grantor acknowledges and agrees that a breach of any of the covenants contained in Sections 4.1(e), 4.4, 4.5, 4.6, 4.7, 4.8, 4.9, 4.10, 4.13, 4.14, 5.3 or 8.6 or in Article VII or in Section 5.10 of the Credit Agreement will cause irreparable
injury to the Administrative Agent and the other Secured Parties, that the Administrative Agent and the other Secured Parties have no adequate remedy at law in respect of such breaches and therefore agrees, without limiting the right of the
Administrative Agent or the other Secured Parties to seek and obtain specific performance of other obligations of the Grantors contained in this Security Agreement, that the covenants of the Grantors contained in the Sections referred to in this
Section 8.5 shall be specifically enforceable against the Grantors. 
 Section 8.6. Dispositions Not Authorized. No Grantor
is authorized to sell or otherwise dispose of the Collateral except as set forth in the Credit Agreement and notwithstanding any course of dealing between any Grantor and the Administrative Agent or other conduct of the Administrative Agent, no
authorization to sell or otherwise dispose of the Collateral (except as set forth in the Credit Agreement) shall be binding upon the Administrative Agent or the other Secured Parties unless such authorization is in writing signed by the
Administrative Agent with the consent or at the direction of the Required Secured Parties. 
 Section 8.7 No Waiver; Amendments;
Cumulative Remedies. No delay or omission of the Administrative Agent or any other Secured Party to exercise any right or remedy granted under this Security Agreement shall impair such right or remedy or be construed to be a waiver of any
Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or further exercise thereof or the exercise of any other right or remedy. No waiver, amendment or other variation of the
terms, conditions or provisions of this Security Agreement whatsoever shall be valid unless in writing signed by the Administrative Agent with the concurrence or at the direction of the applicable Lenders required under Section 9.02 of the
Credit Agreement and then only to the extent in such writing specifically set forth. All rights and remedies contained in this Security Agreement or by law afforded shall be cumulative and all shall be available to the Administrative Agent and the
other Secured Parties until the Secured Obligations have been paid in full. 
 Section 8.8 Limitation by Law; Severability of
Provisions. All rights, remedies and powers provided in this Security Agreement may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Security Agreement are
intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited to the extent necessary so that they shall not render this Security Agreement invalid, 

  
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unenforceable or not entitled to be recorded or registered, in whole or in part. Any provision in this Security Agreement that is held to be inoperative, unenforceable, or invalid in any
jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to
this end the provisions of this Security Agreement are declared to be severable. 
 Section 8.9 Reinstatement. This Security
Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any
creditor or creditors or should a receiver or trustee be appointed for all or any significant part of any Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the
Secured Obligations, or any part thereof (including a payment effected through exercise of a right of setoff), is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured
Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise (including pursuant to any settlement entered into by a Secured Party in its discretion), all as though such payment or performance had not
been made. In the event that any payment, or any part thereof (including a payment effected through exercise of a right of setoff), is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by
such amount paid and not so rescinded, reduced, restored or returned. 
 Section 8.10 Benefit of Agreement. The terms and
provisions of this Security Agreement shall be binding upon and inure to the benefit of the Grantors, the Administrative Agent and the other Secured Parties and their respective successors and assigns (including all persons who become bound as a
debtor to this Security Agreement), except that no Grantor shall have the right to assign its rights or delegate its obligations under this Security Agreement or any interest herein, without the prior written consent of the Administrative Agent. No
sales of participations, assignments, transfers, or other dispositions of any agreement governing the Secured Obligations or any portion thereof or interest therein shall in any manner impair the Lien granted to the Administrative Agent, for the
benefit of the Administrative Agent and the other Secured Parties, hereunder. 
 Section 8.11 Survival of Representations. All
representations and warranties of the Grantors contained in this Security Agreement shall survive the execution and delivery of this Security Agreement. 

Section 8.12 Taxes and Expenses. Any taxes (including income taxes) payable or ruled payable by Federal or State authority in
respect of this Security Agreement shall be paid by the Grantors, together with interest and penalties, if any, to the extent set forth in the Credit Agreement. Any and all costs and expenses incurred by the Grantors in the performance of actions
required pursuant to the terms hereof shall be borne solely by the Grantors. The provisions of Section 9.03 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis. 

Section 8.13 Headings. The title of and section headings in this Security Agreement are for convenience of reference only, and
shall not govern the interpretation of any of the terms and provisions of this Security Agreement. 
 Section 8.14 Termination.
This Security Agreement shall continue in effect (notwithstanding the fact that from time to time there may be no Secured Obligations outstanding) until (i) the Credit Agreement has terminated pursuant to its express terms and (ii) all of
the Secured Obligations have been indefeasibly paid and performed in full (or with respect to any outstanding Letters of Credit, a cash deposit or at the discretion of the Administrative Agent, a backup standby Letter of Credit

  
 29 

 
satisfactory to the Administrative Agent and the Issuing Bank has been delivered to the Administrative Agent as required by the Credit Agreement) other than contingent indemnification obligations
as to which no claim has been made and no commitments of the Administrative Agent or the other Secured Parties which would give rise to any Secured Obligations are outstanding. 

Section 8.15 Entire Agreement. This Security Agreement embodies the entire agreement and understanding between the Grantors and
the Administrative Agent relating to the Collateral and supersedes all prior agreements and understandings between the Grantors and the Administrative Agent relating to the Collateral. 

Section 8.16 CHOICE OF LAW. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS
(AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 

Section 8.17 CONSENT TO JURISDICTION. THE PROVISIONS OF SECTION 9.09 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED BY
REFERENCE, MUTATIS MUTANDIS. 
 Section 8.18 WAIVER OF JURY TRIAL. THE PROVISIONS OF SECTION 9.10 OF
THE CREDIT AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE, MUTATIS MUTANDIS. 
 Section 8.19 Indemnity.
The Grantors jointly and severally agree to reimburse the Administrative Agent for its reasonable and documented fees and expenses incurred hereunder to the full extent provided in, and subject to the terms and conditions of, Section 9.03 of
the Credit Agreement. 
 Section 8.20 Counterparts. This Security Agreement may be executed in any number of counterparts, all
of which taken together shall constitute one agreement, and any of the parties hereto may execute this Security Agreement by signing any such counterpart. Delivery of an executed counterpart of a signature page of this Security Agreement by
facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Security Agreement. 

Section 8.21 Credit Agreement. In the event of any conflict between any provision in this Security Agreement and a provision in
the Credit Agreement, such provision of the Credit Agreement shall govern (unless such provision of this Security Agreement is necessary to comply with applicable Requirements of Law, in which case such provision shall govern to the extent necessary
to comply therewith). 
 Section 8.22 Supplements to Exhibits. No less than once per fiscal quarter, and upon the effectiveness
of any joinder to this security Agreement in the form of Annex I hereto, and otherwise from time to time upon the Administrative Agent’s reasonable request, the Grantors shall promptly furnish such updates to the information disclosed pursuant
to this Agreement, including any Exhibits hereto, such that such updated information is true and correct as of the date so furnished. The Grantors may deliver to the Administrative Agent supplements to an Exhibit hereunder, which supplemental
Exhibit shall, with the written consent of the Administrative Agent, become part of the applicable Exhibit for all purposes hereunder other than in respect of representations and warranties made prior to the date of such consent by the
Administrative Agent. 

  
 30 

 Section 8.23 Confidentiality. The provisions of Section 9.12 of the Credit
Agreement are hereby incorporated by reference mutatis mutandis. 
 ARTICLE IX 

NOTICES 
 Section 9.1
Sending Notices. Any notice required or permitted to be given under this Security Agreement shall be sent in accordance with Section 9.01 of the Credit Agreement. 

ARTICLE X 
 THE
ADMINISTRATIVE AGENT 
 JPMorgan Chase Bank, N.A. has been appointed Administrative Agent for the other Secured Parties hereunder
pursuant to Article VIII of the Credit Agreement. It is expressly understood and agreed by the parties to this Security Agreement that any authority conferred upon the Administrative Agent hereunder is subject to the terms of the delegation of
authority made by the Secured Parties to the Administrative Agent pursuant to the Credit Agreement, and that the Administrative Agent has agreed to act (and any successor Administrative Agent shall act) as such hereunder only on the express
conditions contained in such Article VIII. Any successor Administrative Agent appointed pursuant to Article VIII of the Credit Agreement shall be entitled to all the rights, interests and benefits of the Administrative Agent hereunder. 

[Signature Page Follows] 

  
 31 

 IN WITNESS WHEREOF, the Grantors and the Administrative Agent have executed this Security
Agreement as of the date first above written. 
  

			
	GRANTORS:
	
	URBAN OUTFITTERS, INC.
		
	By:	 	 /s/ Frank Conforti

	Name:	 	Frank Conforti
	Title:	 	Chief Financial Officer
	
	TERRAIN EAST LLC
		
	By	 	 /s/ Frank Conforti

	Name:	 	Frank Conforti
	Title:	 	Chief Financial Officer
	
	J. FRANKLIN STYER NURSERIES, INC.
		
	By	 	 /s/ Frank Conforti

	Name:	 	Frank Conforti
	Title:	 	Chief Financial Officer
	
	ANTHROPOLOGIE, INC.
		
	By	 	 /s/ Frank Conforti

	Name:	 	Frank Conforti
	Title:	 	Chief Financial Officer
	
	URBAN OUTFITTERS WHOLESALE, INC.
		
	By	 	 /s/ Frank Conforti

	Name:	 	Frank Conforti
	Title:	 	Chief Financial Officer
	
	URBAN OUTFITTERS WEST LLC
		
	By	 	 /s/ Frank Conforti

	Name:	 	Frank Conforti
	Title:	 	Chief Financial Officer

  
 Signature Page to
Security and Pledge Agreement 

 
			
	FREE PEOPLE OF PA LLC
		
	By	 	 /s/ Frank Conforti

	Name:	 	Frank Conforti
	Title:	 	Chief Financial Officer
	
	URBN PUERTO RICO RETAIL LLC
		
	By	 	 /s/ Frank Conforti

	Name:	 	Frank Conforti
	Title:	 	Chief Financial Officer
	
	U. O. REAL ESTATE HOLDING I LLC
		
	By	 	 /s/ Frank Conforti

	Name:	 	Frank Conforti
	Title:	 	Chief Financial Officer
	
	U. O. REAL ESTATE HOLDING II LLC
		
	By	 	 /s/ Frank Conforti

	Name:	 	Frank Conforti
	Title:	 	Chief Financial Officer
	
	U. O. REAL ESTATE LLC
		
	By	 	 /s/ Frank Conforti

	Name:	 	Frank Conforti
	Title:	 	Chief Financial Officer
	
	UO FENWICK, INC.
		
	By	 	 /s/ Frank Conforti

	Name:	 	Frank Conforti
	Title:	 	Chief Financial Officer
	
	URBN PR HOLDING, INC.
		
	By	 	 /s/ Frank Conforti

	Name:	 	Frank Conforti
	Title:	 	Chief Financial Officer

  
 Signature Page to
Security and Pledge Agreement 

 
			
	TERRAIN MERCHANDISING LLC
		
	By	 	 /s/ Frank Conforti

	Name:	 	Frank Conforti
	Title:	 	Chief Financial Officer
	
	URBN HOLDING, INC.
		
	By	 	 /s/ Frank Conforti

	Name:	 	Frank Conforti
	Title:	 	Chief Financial Officer
	
	UO US LLC
		
	By	 	 /s/ Frank Conforti

	Name:	 	Frank Conforti
	Title:	 	Chief Financial Officer

  
 Signature Page to
Security and Pledge Agreement 

 
			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By	 	 /s/ Donna DiForio

	Name:	 	Donna DiForio
	Title:	 	Authorized Officer

  
 Signature Page to
Security and Pledge Agreement 

 EXHIBIT A 

(See Sections 3.2, 3.3, 3.4, 3.9 and 4.1(f) of Security Agreement) 

INFORMATION AND COLLATERAL LOCATIONS OF URBAN OUTFITTERS, INC. 
  

	I.	Name of Grantor: Urban Outfitters, Inc. 

  

	II.	State of Incorporation or Organization: Pennsylvania 

  

	III.	Type of Entity: corporation 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 636814 

  

	V.	Federal Identification Number: 23-2003332 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

Navy Yard Office 
 5000 South
Broad Street 
 Philadelphia, PA 19112 

Attention: Chief Financial Officer 
  

	VII.	Locations of Collateral: 

  

	 	(a)	Properties Owned by the Grantor: 

  

	 	1.	Navy Yard Office 

 5000 South Broad Street 

Philadelphia, PA 19112 
  

	 	2.	Reno Fulfillment Center 

 12055 Moya Blvd. 

Reno, NV 89431 
  

	 	3.	Gap Distribution Center 

 755 Brackbill Road 

Gap, PA 17535 
  

	 	4.	Gap Fulfillment Center 

 766 Brackbill Road 

Gap, PA 17535 
 None of the other Entities or
any Subsidiary of any of the Entities owns any real property. Please note that the Navy Yard Office is a long-term lease with the Philadelphia Industrial Development Corp. for the land, but Urban Outfitters owns the buildings and any improvements
thereon. 

  
 1 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

  

	1.	Reno Distribution Center, 6640 Echo Ct., Reno, NV 89431 (Lessor: FRE LEAR 429, LLC) 

  

	2.	South Carolina Distribution Center, 30 Industrial Park Blvd., Trenton, SC 29847 (Lessor: Pine Valley Properties; Sublessor: VF Playwear, Inc.) 

 

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

 

	1.	Metropolitan Warehouse – Bailor 

 811 Sentous Street, City of Industry, CA 91648 

 

	2.	Metropolitan Warehouse – Bailor 

 741 West Ward Avenue, High Point, NC 27260 

 

	3.	Metropolitan Warehouse – Bailor 

 Metropolitan Building J&K, 2565 Brunswick Avenue,
Linden, NJ 07036 

  
 2 

 INFORMATION AND COLLATERAL LOCATIONS OF TERRAIN MERCHANDISING LLC 

 

	I.	Name of Grantor: Terrain Merchandising LLC 

  

	II.	State of Incorporation or Organization: Delaware 

  

	III.	Type of Entity: limited liability company 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 4462433 

  

	V.	Federal Identification Number: ##-####### 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

Navy Yard Office 
 5000 South
Broad Street 
 Philadelphia, PA 19112 

Attention: Chief Financial Officer 
  

	VII.	Locations of Collateral: 

  

	 	(a)	Properties Owned by the Grantor: 

 None. 

 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

 None. 

 

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

None. 

  
 3 

 INFORMATION AND COLLATERAL LOCATIONS OF TERRAIN EAST LLC 

 

	I.	Name of Grantor: Terrain East LLC 

  

	II.	State of Incorporation or Organization: Pennsylvania 

  

	III.	Type of Entity: limited liability company 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 3781701 

  

	V.	Federal Identification Number: ##-####### 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

Navy Yard Office 
 5000 South
Broad Street 
 Philadelphia, PA 19112 

Attention: Chief Financial Officer 
  

	VII.	Locations of Collateral: 

  

	 	(a)	Properties Owned by the Grantor: 

 None. 

 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

 None. 

 

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

 

	 	1.	Reno Fulfillment Center (owned by Urban Outfitters, Inc.) 

 12055 Moya Blvd. 

Reno, NV 89431 
  

	 	2.	Gap Distribution Center (owned by Urban Outfitters, Inc.) 

 755 Brackbill Road 

Gap, PA 17535 
  

	 	3.	Gap Fulfillment Center (owned by Urban Outfitters, Inc.) 

 766 Brackbill Road 

Gap, PA 17535 

  
 4 

 INFORMATION AND COLLATERAL LOCATIONS OF J. FRANKLIN STYER NURSERIES, INC. 

 

	I.	Name of Grantor: J. Franklin Styer Nurseries, Inc. 

  

	II.	State of Incorporation or Organization: Pennsylvania 

  

	III.	Type of Entity: corporation 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 346278 

  

	V.	Federal Identification Number: ##-####### 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

Navy Yard Office 
 5000 South
Broad Street 
 Philadelphia, PA 19112 

Attention: Chief Financial Officer 
  

	VII.	Locations of Collateral: 

  

	 	(a)	Properties Owned by the Grantor: 

 None. 

 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

 None. 

 

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

 

	 	1.	Reno Fulfillment Center (owned by Urban Outfitters, Inc.) 

 12055 Moya Blvd. 

Reno, NV 89431 
  

	 	2.	Gap Distribution Center (owned by Urban Outfitters, Inc.) 

 755 Brackbill Road 

Gap, PA 17535 
  

	 	3.	Gap Fulfillment Center (owned by Urban Outfitters, Inc.) 

 766 Brackbill Road 

Gap, PA 17535 

  
 5 

 INFORMATION AND COLLATERAL LOCATIONS OF U. O. REAL ESTATE HOLDING I LLC 

 

	I.	Name of Grantor: U. O. Real Estate Holding I LLC 

  

	II.	State of Incorporation or Organization: Pennsylvania 

  

	III.	Type of Entity: limited liability company 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 3285983 

  

	V.	Federal Identification Number: ##-####### 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

Navy Yard Office 
 5000 South
Broad Street 
 Philadelphia, PA 19112 

Attention: Chief Financial Officer 
  

	VII.	Locations of Collateral: 

  

	 	(a)	Properties Owned by the Grantor: 

 None. 

 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

 None. 

 

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

None. 

  
 6 

 INFORMATION AND COLLATERAL LOCATIONS OF U. O. REAL ESTATE HOLDING II LLC 

 

	I.	Name of Grantor: U. O. Real Estate Holding II LLC 

  

	II.	State of Incorporation or Organization: Pennsylvania 

  

	III.	Type of Entity: limited liability company 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 3285984 

  

	V.	Federal Identification Number: ##-####### 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

Navy Yard Office 
 5000 South
Broad Street 
 Philadelphia, PA 19112 

Attention: Chief Financial Officer 
  

	VII.	Locations of Collateral: 

  

	 	(a)	Properties Owned by the Grantor: 

 None. 

 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

 None. 

 

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

None. 

  
 7 

 INFORMATION AND COLLATERAL LOCATIONS OF U. O. REAL ESTATE LLC 

 

	I.	Name of Grantor: U. O. Real Estate LLC 

  

	II.	State of Incorporation or Organization: Pennsylvania 

  

	III.	Type of Entity: limited liability company 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 3285981 

  

	V.	Federal Identification Number: ##-####### 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

Navy Yard Office 
 5000 South
Broad Street 
 Philadelphia, PA 19112 

Attention: Chief Financial Officer 
  

	VII.	Locations of Collateral: 

  

	 	(a)	Properties Owned by the Grantor: 

 None. 

 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

 None. 

 

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

None. 

  
 8 

 INFORMATION AND COLLATERAL LOCATIONS OF URBN HOLDING, INC. 

 

	I.	Name of Grantor: URBN Holding, Inc. 

  

	II.	State of Incorporation or Organization: Delaware 

  

	III.	Type of Entity: corporation 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 5093394 

  

	V.	Federal Identification Number: ##-####### 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

Navy Yard Office 
 5000 South
Broad Street 
 Philadelphia, PA 19112 

Attention: Chief Financial Officer 
  

	VII.	Locations of Collateral: 

  

	 	(a)	Properties Owned by the Grantor: 

 None. 

 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

 None. 

 

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

None. 

  
 9 

 INFORMATION AND COLLATERAL LOCATIONS OF UO US LLC 

 

	I.	Name of Grantor: UO US LLC 

  

	II.	State of Incorporation or Organization: Delaware 

  

	III.	Type of Entity: limited liability company 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 5093392 

  

	V.	Federal Identification Number: ##-####### 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

Navy Yard Office 
 5000 South
Broad Street 
 Philadelphia, PA 19112 

Attention: Chief Financial Officer 
  

	VII.	Locations of Collateral: 

  

	 	(a)	Properties Owned by the Grantor: 

 None. 

 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

 None. 

 

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

None. 

  
 10 

 INFORMATION AND COLLATERAL LOCATIONS OF ANTHROPOLOGIE, INC. 

 

	I.	Name of Grantor: Anthropologie, Inc. 

  

	II.	State of Incorporation or Organization: Pennsylvania 

  

	III.	Type of Entity: corporation 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 2077901 

  

	V.	Federal Identification Number: ##-####### 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

Navy Yard Office 
 5000 South
Broad Street 
 Philadelphia, PA 19112 

Attention: Chief Financial Officer 
  

	VII.	Locations of Collateral: 

  

	 	(a)	Properties Owned by the Grantor: 

 None. 

 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

 None. 

 

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

 

	 	1.	Reno Fulfillment Center (owned by Urban Outfitters, Inc.) 

 12055 Moya Blvd. 

Reno, NV 89431 
  

	 	2.	Gap Distribution Center (owned by Urban Outfitters, Inc.) 

 755 Brackbill Road 

Gap, PA 17535 
  

	 	3.	Gap Fulfillment Center (owned by Urban Outfitters, Inc.) 

 766 Brackbill Road 

Gap, PA 17535 

  
 11 

 INFORMATION AND COLLATERAL LOCATIONS OF URBAN OUTFITTERS WHOLESALE, INC. 

 

	I.	Name of Grantor: Urban Outfitters Wholesale, Inc. 

  

	II.	State of Incorporation or Organization: Pennsylvania 

  

	III.	Type of Entity: corporation 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 965251 

  

	V.	Federal Identification Number: ##-####### 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

Navy Yard Office 
 5000 South
Broad Street 
 Philadelphia, PA 19112 

Attention: Chief Financial Officer 
  

	VII.	Locations of Collateral: 

  

	 	(a)	Properties Owned by the Grantor: 

 None. 

 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

 None. 

 

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

 

	 	1.	Reno Fulfillment Center (owned by Urban Outfitters, Inc.) 

 12055 Moya Blvd. 

Reno, NV 89431 
  

	 	2.	Gap Distribution Center (owned by Urban Outfitters, Inc.) 

 755 Brackbill Road 

Gap, PA 17535 
  

	 	3.	Gap Fulfillment Center (owned by Urban Outfitters, Inc.) 

 766 Brackbill Road 

Gap, PA 17535 

  
 12 

 INFORMATION AND COLLATERAL LOCATIONS OF UO FENWICK, INC. 

 

	I.	Name of Grantor: UO Fenwick, Inc. 

  

	II.	State of Incorporation or Organization: Delaware 

  

	III.	Type of Entity: corporation 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 2438510 

  

	V.	Federal Identification Number: ##-####### 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

Navy Yard Office 
 5000 South
Broad Street 
 Philadelphia, PA 19112 

Attention: Chief Financial Officer 
  

	VII.	Locations of Collateral: 

  

	 	(a)	Properties Owned by the Grantor: 

 None. 

 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

 None. 

 

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

None. 

  
 13 

 INFORMATION AND COLLATERAL LOCATIONS OF URBAN OUTFITTERS WEST LLC 

 

	I.	Name of Grantor: Urban Outfitters West LLC 

  

	II.	State of Incorporation or Organization: California 

  

	III.	Type of Entity: limited liability company 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 200127610038 

  

	V.	Federal Identification Number: ##-####### 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

Navy Yard Office 
 5000 South
Broad Street 
 Philadelphia, PA 19112 

Attention: Chief Financial Officer 
  

	VII.	Locations of Collateral: 

  

	 	(a)	Properties Owned by the Grantor: 

 None. 

 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

 None. 

 

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

None. 

  
 14 

 INFORMATION AND COLLATERAL LOCATIONS OF FREE PEOPLE OF PA LLC 

 

	I.	Name of Grantor: Free People of PA LLC 

  

	II.	State of Incorporation or Organization: Pennsylvania 

  

	III.	Type of Entity: limited liability company 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 3859764 

  

	V.	Federal Identification Number: ##-####### 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

Navy Yard Office 
 5000 South
Broad Street 
 Philadelphia, PA 19112 

Attention: Chief Financial Officer 
  

	VII.	Locations of Collateral: 

  

	 	(a)	Properties Owned by the Grantor: 

 None. 

 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

 None. 

 

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

 

	 	1.	Reno Fulfillment Center (owned by Urban Outfitters, Inc.) 

 12055 Moya Blvd. 

Reno, NV 89431 
  

	 	2.	Gap Distribution Center (owned by Urban Outfitters, Inc.) 

 755 Brackbill Road 

Gap, PA 17535 
  

	 	3.	Gap Fulfillment Center (owned by Urban Outfitters, Inc.) 

 766 Brackbill Road 

Gap, PA 17535 

  
 15 

 INFORMATION AND COLLATERAL LOCATIONS OF URBN PR HOLDING, INC. 

 

	I.	Name of Grantor: URBN PR Holding, Inc. 

  

	II.	State of Incorporation or Organization: Delaware 

  

	III.	Type of Entity: corporation 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 5649461 

  

	V.	Federal Identification Number: ##-####### 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

Navy Yard Office 
 5000 South
Broad Street 
 Philadelphia, PA 19112 

Attention: Chief Financial Officer 
  

	VII.	Locations of Collateral: 

  

	 	(a)	Properties Owned by the Grantor: 

 None. 

 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

 None. 

 

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

None. 

  
 16 

 INFORMATION AND COLLATERAL LOCATIONS OF URBN PUERTO RICO RETAIL LLC 

 

	I.	Name of Grantor: URBN Puerto Rico Retail LLC 

  

	II.	State of Incorporation or Organization: Puerto Rico 

  

	III.	Type of Entity: limited liability company 

  

	IV.	Organizational Number assigned by State of Incorporation or Organization: 346389 

  

	V.	Federal Identification Number: ##-####### 

  

	VI.	Place of Business (if it has only one) or Chief Executive Office (if more than one place of business) and Mailing Address: 

Navy Yard Office 
 5000 South
Broad Street 
 Philadelphia, PA 19112 

Attention: Chief Financial Officer 
 VII.
Locations of Collateral: 
  

	 	(a)	Properties Owned by the Grantor: 

 None. 

 

	 	(b)	Properties Leased by the Grantor (Include Landlord’s Name): 

 None. 

 

	 	(c)	Public Warehouses or other Locations pursuant to Bailment or Consignment Arrangements (include name of Warehouse Operator or other Bailee or Consignee): 

None. 

  
 17 

 EXHIBIT B 

(See Sections 3.5 and 7.1 of Security Agreement) 
  

											
	 Owner
	  	 Type Of

Account
	  	Bank	  	 Account
Numbers
	  	Subject to
control
agreement or
blocked
accounts
agreement?
[Yes/No]	  	 Reason for
Exclusion from
Control
Requirement

	 Urban Outfitters, Inc.
	  	Operating	  	Wells Fargo	  	#############	  	Yes	  	N/A
						
	 Urban Outfitters, Inc.
	  	Consolidation Account	  	Wells Fargo	  	##########	  	Yes	  	N/A
						
	 Urban Outfitters, Inc.
	  	Credit Card	  	Wells Fargo	  	##########	  	No	  	Excluded Account
						
	 Urban Outfitters, Inc.
	  	A/P Disburs.	  	Wells Fargo	  	#############	  	No	  	Excluded Account
						
	 Urban Outfitters, Inc.
	  	DC Petty Cash	  	Wells Fargo	  	#############	  	No	  	Excluded Account
						
	 Urban Outfitters, Inc.
	  	Payroll Disburs.	  	Wells Fargo	  	#############	  	No	  	Payroll
						
	 UO Fenwick, Inc.
	  	Investment Entity	  	Wells Fargo	  	##########	  	No	  	Excluded Account
						
	 Urban Outfitters, Inc.
	  	Wholesale Account	  	Wells Fargo	  	#############	  	No	  	Excluded Account
						
	 URBN Holding, Inc.
	  	Tax Transactions	  	Wells Fargo	  	##########	  	No	  	Excluded Account
						
	 Urban Outfitters, Inc.
	  	GBP – WorldPay Funds	  	Wells Fargo	  	#########	  	No	  	Excluded Account
						
	 Urban Outfitters, Inc. (100 Retail Stores)1
	  	Operating (Retail)	  	Wells Fargo	  	##########	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (1 Retail Store)
	  	 Operating
 (Retail)
	  	HSBC	  	#########	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (1 Retail Store)
	  	 Operating
 (Retail)
	  	Old National Bank	  	#######	  	No	  	Retail Account
						
	 Anthropologie, Inc. (1 Retail Store)
	  	 Operating
 (Retail)
	  	Alliance Bank	  	######	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (1 Retail Store)
	  	 Operating
 (Retail)
	  	Parke Cities Bank	  	########	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (14 Retail Stores)
	  	 Operating
 (Retail)
	  	PNC Bank	  	##########	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (6 Retail Stores)
	  	 Operating
 (Retail)
	  	SunTrust Bank	  	#############	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (26 Retail Stores)
	  	 Operating
 (Retail)
	  	JPMorgan Chase Bank	  	#########	  	Yes	  	N/A
						
	 Urban Outfitters, Inc. (1 Retail Store)
	  	 Operating
 (Retail)
	  	M&T Bank	  	##########	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (1 Retail Store)
	  	 Operating
 (Retail)
	  	TD Bank	  	##########	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (1 Retail Store)
	  	 Operating
 (Retail)
	  	Associated Bank	  	##########	  	No	  	Retail Account
						
	 Anthropologie, Inc. (1 Retail Store)
	  	 Operating
 (Retail)
	  	Valley National Bank	  	########	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (219 Retail Stores)
	  	 Operating
 (Retail)
	  	Bank of America	  	##########	  	Yes	  	N/A
						
	 Urban Outfitters, Inc. (1 Retail Store)
	  	 Operating
 (Retail)
	  	Farmington Bank	  	########	  	No	  	Retail Account

  

	1 	Various retail locations use the same deposit account for store operations. All retail accounts are swept into the main Urban Outfitters, Inc. Consolidation Account (Account ###########) not less than once every five
(5) Business Days. 

  
 18 

											
	 Owner
	  	 Type Of

Account
	  	Bank	  	 Account
Numbers
	  	Subject to
control
agreement or
blocked
accounts
agreement?
[Yes/No]	  	 Reason for
Exclusion from
Control
Requirement

	 Anthropologie, Inc. (1 Retail Store)
	  	Operating (Retail)	  	Farmington
Bank	  	########	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (5 Retail Stores)
	  	Operating (Retail)	  	Regions Bank	  	########	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (13 Retail Stores)
	  	Operating (Retail)	  	Citizens Bank	  	##########	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (2 Retail Stores)
	  	Operating (Retail)	  	Compass
Bank	  	##########	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (14 Retail Stores)
	  	Operating (Retail)	  	US Bank	  	############	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (2 Retail Stores)
	  	Operating (Retail)	  	Bank of
Hawaii	  	##########	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (3 Retail Stores)
	  	Operating (Retail)	  	Bank of the
West	  	#########	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (9 Retail Stores)
	  	Operating (Retail)	  	Key Bank	  	############	  	No	  	Retail Account
						
	 Urban Outfitters, Inc. (1 Retail Store)
	  	Operating (Retail)	  	Comerica
Bank	  	##########	  	No	  	Retail Account
						
	 Anthropologie, Inc. (1 Retail Store)
	  	Operating (Retail)	  	Comerica
Bank	  	##########	  	No	  	Retail Account
						
	 Free People of PA, LLC (1 Retail Store)
	  	Operating (Retail)	  	Comerica
Bank	  	##########	  	No	  	Retail Account

 Securities Accounts 
  

											
	 Owner
	  	Type Of
Account	  	Intermediary	  	Account
Numbers	 	Subject to
control
agreement?
[Yes/No]	  	Reason for
Exclusion from
Control
Requirement
	 UO Fenwick, Inc.
	  	Investment
Portfolio	  	JPMorgan
Investments	  	#####	 	Yes	  	N/A
						
	 UO Fenwick, Inc.
	  	Investment
Portfolio	  	Oppenheimer
& Co.	  	###-#######	 	Yes	  	N/A

 Futures Accounts 
  

											
	 Owner
	  	Type Of
Account	  	Intermediary	  	Account
Numbers	  	Subject to
control
agreement?
[Yes/No]	  	Reason for
Exclusion from
Control
Requirement
	 None.
	  		  		  		  		  	

 Commodity Accounts 
  

											
	 Owner
	  	Type Of
Account	  	Intermediary	  	Account
Numbers	  	Subject to
control
agreement?
[Yes/No]	  	Reason for
Exclusion from
Control
Requirement
	 None.
	  		  		  		  		  	

  
 19 

 EXHIBIT C 

(See Section 3.7 of Security Agreement) 

LETTER OF CREDIT RIGHTS 
 None.

 CHATTEL PAPER 
 None. 

  
 20 

 EXHIBIT D 

(See Section 3.1 of Security Agreement) 

OFFICES IN WHICH FINANCING STATEMENTS ARE TO BE FILED 
  

			
	 DEBTOR
	  	 FILING OFFICE

	Urban Outfitter, Inc.	  	Secretary of State of the Commonwealth of Pennsylvania
	Anthropologie, Inc.	  	Secretary of State of the Commonwealth of Pennsylvania
	Free People of PA LLC	  	Secretary of State of the Commonwealth of Pennsylvania
	J. Franklin Styer Nurseries, Inc.	  	Secretary of State of the Commonwealth of Pennsylvania
	Terrain East LLC	  	Secretary of State of the Commonwealth of Pennsylvania
	U. O. Real Estate LLC	  	Secretary of State of the Commonwealth of Pennsylvania
	U. O. Real Estate I LLC	  	Secretary of State of the Commonwealth of Pennsylvania
	U. O. Real Estate II LLC	  	Secretary of State of the Commonwealth of Pennsylvania
	Urban Outfitters Wholesale, Inc.	  	Secretary of State of the Commonwealth of Pennsylvania
	Terrain Merchandising LLC	  	Secretary of State of the State of Delaware
	UO Fenwick, Inc.	  	Secretary of State of the State of Delaware
	UO US LLC	  	Secretary of State of the State of Delaware
	URBN Holding, Inc.	  	Secretary of State of the State of Delaware
	URBN PR Holding, Inc.	  	Secretary of State of the State of Delaware
	Urban Outfitters West LLC	  	Secretary of State of the State of California
	Urban Puerto Rico Retail LLC	  	Secretary of State of the Commonwealth of Puerto Rico

  
 21 

 EXHIBIT E 

INSURANCE 
 (Certificates of
Insurance delivered by attachment to Perfection Certificate in lieu of attachment hereto) 

  
 22 

 EXHIBIT F 

(See Section 4.4 and 4.8 of Security Agreement) 

AMENDMENT 
 This Amendment, dated
            ,         is delivered pursuant to Section 4.4 of the Security Agreement referred to below. All defined terms herein shall have the
meanings ascribed thereto or incorporated by reference in the Security Agreement. The undersigned hereby certifies that the representations and warranties in Article III of the Security Agreement are and continue to be true and correct. The
undersigned further agrees that this Amendment may be attached to that certain Pledge and Security Agreement, dated as of June     , 2015, between the undersigned, as the Grantors, and JPMorgan Chase Bank, N.A., as the
Administrative Agent ([as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof,] the “Security Agreement”) and that the Collateral listed on Schedule I to this Amendment shall be
and become a part of the Collateral referred to in said Security Agreement and shall secure all Secured Obligations referred to in the Security Agreement. 
  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 23 

 SCHEDULE I TO AMENDMENT 

SECURITIES OR OTHER INVESTMENT PROPERTY 

(CERTIFICATED AND UNCERTIFICATED) 
  

							
	 Name of Grantor
	 	Issuer	 	Description of Collateral	 	Percentage Ownership
Interest
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 [Add description of custody accounts or arrangements with securities intermediary, if
applicable] 
 COMMERCIAL TORT CLAIMS 
  

							
	 Name of Grantor
	 	Description of Claim	 	Parties	 	Case Number; Name of
Court where Case was
Filed
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

  
 24 

 EXHIBIT G 

(See Section 3.11 of Security Agreement and Definition of “Pledged Collateral”) 

LIST OF PLEDGED COLLATERAL, SECURITIES AND OTHER INVESTMENT PROPERTY 
  

	1.	COMMON SHARES: 

  

									
	 Issuer of Equity Interests
	  	 Owner of 100% of

Equity Interests (or

percentage owned)
	  	Number of Shares
(Common) Issued	 	  	 Par Value/Certificated

	 Anthropologie, Inc.
	  	Urban Outfitters, Inc.	  	 	100	  	  	$0.10/Certificated/Share Number 2
				
	 Urban Outfitters Wholesale, Inc.
	  	Anthropologie, Inc.	  	 	1,000	  	  	$0.10/Certificated/Share Number 2
				
	 UO Fenwick, Inc.
	  	Urban Outfitters Wholesale, Inc.	  	 	1,000	  	  	 $1.00/Certificated/Share
 Number 2

				
	 URBN Holding, Inc.
	  	Urban Outfitters, Inc.	  	 	100	  	  	$0.01/Not Certificated
				
	 URBN PR Holding, Inc.
	  	Urban Outfitters, Inc.	  	 	100	  	  	$0.01/Not Certificated
				
	 J. Franklin Styer Nurseries, Inc.
	  	Terrain East LLC	  	 	5,000	  	  	None/Not Certificated
				
	 URBN Canada Retail, Inc.
	  	UO US LLC	  	 	43,868,655	  	  	None/Not Certificated

  

	2.	LIMITED LIABILITY COMPANY – UNCERTIFICATED MEMBERSHIP INTERESTS PLEDGED 

  

							
	 Issuer of Equity Interests:

Limited Liability Company
	  	 Member Corporation
	  	Ownership %	 
	Urban Outfitters West, LLC	  	Urban Outfitters Wholesale, Inc.	  	 	100	% 
	Free People of PA, LLC	  	Urban Outfitters Wholesale, Inc.	  	 	100	% 
	UO US LLC	  	URBN Holding, Inc.	  	 	100	% 
	U. O. Real Estate Holding I LLC	  	Urban Outfitters, Inc.	  	 	100	% 
	U. O. Real Estate Holding II LLC	  	U. O. Real Estate Holding I LLC	  	 	100	% 
	U. O. Real Estate LLC	  	U. O. Real Estate Holding II LLC	  	 	100	% 
	URBN Puerto Rico Retail LLC	  	URBN PR Holding, Inc.	  	 	100	% 
	Terrain Merchandising LLC	  	Urban Outfitters, Inc.	  	 	100	% 
	Terrain East LLC	  	Urban Outfitters, Inc.	  	 	100	% 

  

	3.	LIMITED PARTNERSHIP INTERESTS 

  

					
	 Partnership
	  	 Partners
	  	 Partnership %

	URBN NL Holding CV	  	URBN Holding, Inc. and UO Fenwick, Inc.	  	90% owned by URBN Holding, Inc. and 10% owned by UO Fenwick, Inc.

  
 25 

 EXHIBIT H 

ASSIGNED CONTRACTS 
 None 

  
 26EX-10.1

 Exhibit 10.1 

TAX MATTERS AGREEMENT 

This Tax Matters Agreement (the “Agreement”), dated as of September 8, 2015, is by and among Capital Southwest Corporation, a
Delaware corporation (“Capital Southwest”), and CSW Industrials, Inc., a Delaware corporation (“CSWI”). Each of Capital Southwest and CSWI is sometimes referred to as a “Party,” and, collectively, as the
“Parties.” 
 WHEREAS, CSWI and one or more of its Subsidiaries are members of the Affiliated Group of which Capital Southwest is
the common parent corporation; 
 WHEREAS, following the Share Distribution, Capital Southwest will not own, directly or indirectly, any
Capital Stock in CSWI or any of its Subsidiaries; 
 WHEREAS, following the Share Distribution, CSWI and one or more of its Subsidiaries
will be members of the Affiliated Group of which CSWI is the common parent corporation; and 
 WHEREAS, Capital Southwest and CSWI desire to
set forth certain covenants and indemnities relating to the preservation of the tax-free status of the Share Distribution. 
 NOW,
THEREFORE, in consideration of the mutual obligations and undertakings contained herein, the parties agree as follows: 
 ARTICLE I

 DEFINITIONS 

As used in this Agreement, the following terms shall have the following meanings: 

“Acting Party” has the meaning set forth in Section 3.03(a) of this Agreement. 

“Affiliate” means, with respect to any specified Person, a Person that directly, or indirectly through one or more
intermediaries, controls, is controlled by, or is under common control with, the specified Person. 
 “Affiliated Group”
means an affiliated group of corporations within the meaning of Section 1504 of the Code. 
 “Business Day” means any
day that is not a Saturday, a Sunday or any other day on which banks are required or authorized by applicable law to be closed in New York, New York. 

“Capital Southwest Active Business” means the Sensory Device Manufacturing Business, as defined in the Tax Opinion. 

“Capital Stock” means all classes or series of capital stock of a Party, including (i) common stock, (ii) preferred
stock, (iii) all options, warrants and other rights to acquire such capital stock, and (iv) all instruments properly treated as stock in a Party for U.S. federal income tax purposes. 

  

 “Code” means the Internal Revenue Code of 1986, as amended. 

“Contribution” has the meaning given to such term in the Distribution Agreement. 

“CSWI Active Business” means the Diversified Industrial Growth Business, as defined in the Tax Opinion. 

“Distribution Agreement” means the Distribution Agreement by and between Capital Southwest and CSWI, dated as of
September 8, 2015. 
 “Distribution Date” has the meaning given to such term in the Distribution Agreement. 

“Fifty-Percent or Greater Interest” has the meaning that is given to such term for purposes of Section 355(e) of the
Code. 
 “Filing Date” has the meaning set forth in Section 3.04(d) of this Agreement 

“Final Determination” means the final resolution of liability for any Tax with respect to a taxable period (i) as
specified on an effective IRS Form 870 or 870-AD (or any successor forms), or as specified on an effective comparable form of another Taxing Authority, except that an IRS Form 870 or 870-AD or comparable form that reserves (whether by its terms or
by operation of law) the right of the taxpayer to file a claim for a refund or the right of the Taxing Authority to assert a further deficiency shall not constitute a Final Determination; (ii) by a decision, judgment, decree, or other order by
a court of competent jurisdiction, which has become final and may not be appealed; (iii) by a closing agreement or accepted offer in compromise under Section 7121 or 7122 of the Code, or comparable agreement under the laws of any other
jurisdiction; or (iv) by any other final disposition, including by reason of the expiration of the applicable statute of limitations. 

“IRS” means the Internal Revenue Service. 

“Member” has the meaning given to such term in Treasury Regulation Section l.1502-1(b). 

“Non-Acting Party” has the meaning set forth in Section 3.03(a) of this Agreement. 

“Notified Action” has the meaning set forth in Section 3.03(a) of this Agreement. 

“Party” has the meaning set forth in the preamble. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof, without regard to whether any entity is treated as disregarded for U.S. federal income tax
purposes. 
 “Proposed Acquisition Transaction” means a transaction or series of related transactions (or any agreement,
understanding, arrangement, or substantial negotiations within the meaning of 

  
 2 

 
Section 355(e) of the Code and Treasury Regulations section 1.355-7, to enter into a transaction or series of related transactions), whether such transaction is supported by the Party’s
officers, directors, management or shareholders, is a hostile acquisition, or otherwise, as a result of which such Party would merge or consolidate with any other Person or as a result of which any Person or any group of related Persons would,
directly or indirectly, acquire, or have the right to acquire, from such Party and/or one or more holders of outstanding shares of such Party’s Capital Stock, a number of shares of such Party’s Capital Stock that would, when combined with
any other changes in ownership of such Party’s Capital Stock relevant for purposes of Section 355(e) of the Code, comprise 40% or more of (A) the value of all outstanding shares of all classes of stock of such Party as of the date of
such transaction, or, in the case of a series of related transactions, the date of the last transaction of such series, or (B) the total combined voting power of all outstanding shares of all classes of voting stock of such Party as of the date
of such transaction, or, in the case of a series of related transactions, the date of the last transaction of such series. Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (A) the adoption by a Party of a
shareholder rights plan or (B) issuances by a Party that satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan
of an employer) of Treasury Regulations Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect acquisition, any recapitalization resulting in a shift of voting power or any redemption of shares of stock
shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and shall be interpreted
accordingly. Any clarification of, or change in, Section 355(e) of the Code or the regulations thereunder shall be incorporated in this definition and its interpretation. 

“Protective Section 336(e) Election” has the meaning set forth in Section 4.11 of this Agreement. 

“Representation Letters” means the officers’ certificates setting forth representations delivered or deliverable by
Capital Southwest and/or CSWI to the Tax Advisor in connection with the rendering of the Tax Opinion. 
 “Ruling” means a
written determination furnished by the National Office of the IRS in response to a request by Capital Southwest or CSWI. 
 “Share
Distribution” has the meaning given to such term in the Distribution Agreement. 
 “Subsidiary” of any Person
means another Person (a) in which the first Person owns, directly or indirectly, an amount of the voting interests sufficient to elect at least a majority of its board of directors or other governing body (or, if there are no voting interests,
a majority of the equity interests in such other Person), or (b) with respect to whom the first Person otherwise has the power to direct its management and policies. A Subsidiary may be owned directly or indirectly by such first Person or by
another Subsidiary of such first Person. 

  
 3 

 “Tax” or “Taxes” means any and all taxes, charges, fees, duties and
other governmental charges imposed by a Taxing Authority, including, without limitation, all net income, alternative or add-on minimum, estimated, gross income, sales, use, ad valorem, gross receipts, value added, franchise, profits, license,
transfer, recording, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profit, custom duty or other taxes of any kind whatsoever, together with any related interest, penalties and other additions to
tax. 
 “Tax Advisor” means a United States tax counsel or accountant of recognized national standing. 

“Tax Controversy” means any audit (including any pending or threatened audit), examination, dispute, suit, action, proposed
assessment or other proceeding relating to Taxes. 
 “Tax-Free Status” means the qualification of the Contribution and
Share Distribution, taken together, (a) as a reorganization described in Sections 368(a)(1)(D) and 355 of the Code, (b) as a transaction in which the CSWI stock that is distributed by Capital Southwest is “qualified property” for
purposes of Sections 355(d), 355(e), and 361(c) of the Code, and (c) as a transaction in which the shareholders of Capital Southwest recognize no income or gain for U.S. federal income tax purposes pursuant to Section 355 of the Code
(except for cash received in lieu of fractional shares, if any). 
 “Tax Materials” has the meaning set forth in
Section 3.01(a)(i) of this Agreement. 
 “Tax Opinion” means the opinion of the Tax Advisor deliverable to Capital
Southwest in connection with the Contribution and Share Distribution. 
 “Tax-Related Losses” means (i) all Taxes
imposed pursuant to any Final Determination and resulting from the failure of the Contribution and the Share Distribution, taken together, to qualify for Tax-Free Status, and (ii) all reasonable accounting, legal and other professional fees,
and court costs incurred in connection with such failure. 
 “Tax Return” means any return, filing, questionnaire or other
document, including requests for extensions of time, filings made with estimated Tax payments, claims for refund and amended returns, that may be filed for any taxable period with any Taxing Authority in connection with any Tax (whether or not a
payment is required to be made with respect to such filing) or any information reporting requirement (including any related supporting information or schedule attached thereto). 

“Taxing Authority” means a federal, national, foreign, municipal, state, or other governmental authority responsible for the
administration of any Tax. 
 “Treasury Regulations” means the U.S. Treasury Regulations promulgated under the Code. 

“Unqualified Tax Opinion” means an unqualified “will” opinion of a Tax Advisor to the effect that a transaction
will not affect the qualification of the Contribution and Share Distribution for Tax-Free Status. Any such opinion must assume that the Contribution and Share Distribution would have qualified for Tax-Free Status if the transaction in question did
not occur. An unqualified “will” opinion may describe the reasons for the conclusions and include the facts, assumptions, and supporting legal analysis. 

  
 4 

 ARTICLE II 

COOPERATION AND TAX CONTROVERSIES 

Section 2.01. Cooperation. 

(a) Each Party shall use its commercially reasonable best efforts to cooperate fully with the other Party in connection with the preparation
and filing of any Tax Return and the conduct of any Tax Controversy, in each case, concerning any matter that is relevant for purposes of this Agreement. Such cooperation shall include (i) the retention and provision, on commercially reasonable
demand, of books, records, documentation and other information relating to any Tax Return until the later of (x) the expiration of the applicable statute of limitations (giving effect to any extension, waiver, or mitigation thereof), and
(y) in the event a claim has been made under this Agreement for which such information is relevant, until a Final Determination with respect to such claim; (ii) the filing or execution of any document that may be necessary or reasonably
helpful in connection with the filing of any Tax Return, or in connection with any Tax Controversy (including a power of attorney); and (iii) the use of the Parties’ commercially reasonable best efforts to obtain any documentation from a
governmental authority or a third party that may be necessary or helpful in connection with any of the foregoing. Each Party shall make its employees and facilities available on a mutually convenient, commercially reasonable basis to facilitate such
cooperation. 
 Section 2.02. Tax Controversies. 

(a) Each Party shall use commercially reasonable efforts to keep the other Party informed on a timely basis as to the status of any Tax
Controversy involving any issue that could give rise to any liability of the other Party under this Agreement. Each Party shall promptly notify the other Party of any inquiries by any Taxing Authority, or any other administrative, judicial or other
governmental authority, that relate to any Tax that may give rise to any liability under this Agreement. Capital Southwest shall have sole control of any Tax Controversy relating to any of its Tax Returns, except, however, that in the case of any
such Tax Controversy that may affect Taxes for which CSWI may have indemnification liability under this Agreement (such Taxes, “Section 3.04(a) Taxes”), (i) CSWI shall be entitled to participate, jointly along with Capital Southwest,
in the Tax Controversy, at CSWI’s cost and expense, to the extent the Tax Controversy relates to Section 3.04(a) Taxes, (ii) Capital Southwest shall keep CSWI promptly informed and consult in good faith with CSWI with respect to any
issue relating to Section 3.04(a) Taxes, (iii) Capital Southwest shall promptly provide CSWI with copies of all correspondence, notices, and other written materials received from any Taxing Authority relating to Section 3.04(a) Taxes
and shall otherwise keep CSWI promptly advised of all developments related to Section 3.04(a) Taxes, (iv) CSWI may request Capital Southwest to take a position (as specified, and in the form set forth, in written materials provided by CSWI
to Capital Southwest) with respect to Section 3.04(a) Taxes, and Capital Southwest shall take such position (as specified and in such form), provided, (A) there exists at least “substantial authority” for such position within the
meaning of Section 6662 of the Code, (B) the adoption of such position could 

  
 5 

 
not reasonably be expected to increase Capital Southwest’s Taxes, other than Section 3.04(a) Taxes, or CSWI agrees to indemnify and hold harmless Capital Southwest for such increases in
Taxes, and (C) CSWI agrees to reimburse Capital Southwest for any reasonable third party costs that are attributable to CSWI’s request, (v) Capital Southwest shall provide CSWI with a copy of any written submission to be sent to a
Taxing Authority, to the extent related to Section 3.04(a) Taxes, at least 10 days prior to the submission thereof and shall incorporate any comments or suggested revisions that CSWI may have with respect thereto, and (vi) there shall be
no settlement, resolution or closing or other agreement with respect to Section 3.04(a) Taxes without the prior written consent of CSWI. 

ARTICLE III 

TAX-FREE STATUS 

Section 3.01. Representations, Warranties and Covenants. 

(a) CSWI represents and warrants, and covenants as to time periods after the date hereof as set forth in Section 3.01(a)(ii), that: 

(i) it has examined (A) the Tax Opinion, and (B) the Representation Letters (the foregoing (A) and (B),
collectively, the “Tax Materials”); 
 (ii) the facts presented and the representations made in the Tax
Materials, to the extent descriptive of CSWI and its Subsidiaries (including the business purposes for the Contribution and Share Distribution, to the extent that they relate to CSWI and its Subsidiaries, and the plans, proposals, intentions,
policies and covenants of CSWI and its Subsidiaries) are, and will be through and including the Distribution Date, and thereafter as relevant, true, correct, and complete in all respects; and 

(iii) neither it nor any of its Subsidiaries has any plan or intention to take any action that is inconsistent with any of the
representations or covenants made by them in the Tax Materials. 
 (b) Capital Southwest hereby represents and warrants, and covenants as to
time periods after the date hereof as set forth in Section 3.01(b)(ii), that: 
 (i) it has examined the Tax Materials;

 (ii) it has delivered complete and accurate copies of the Tax Materials to CSWI, and the facts presented and the
representations made therein, to the extent descriptive of Capital Southwest and its Subsidiaries (other than CSWI and its Subsidiaries) (including the business purposes for the Contribution and Share Distribution, to the extent that they relate to
Capital Southwest and its Subsidiaries (other than CSWI and its Subsidiaries), and the plans, proposals, intentions, policies and covenants of Capital Southwest and its Subsidiaries (other than CSWI and its Subsidiaries), are, and will be through
and including the Distribution Date, and thereafter as relevant, true, correct and complete in all respects; and 

  
 6 

 (iii) neither it, nor any of its Subsidiaries (other than CSWI and its
Subsidiaries) has any plan or intention to take any action that is inconsistent with any of the representations or covenants made by them in the Tax Materials. 

Section 3.02. Restrictions on Capital Southwest and CSWI. Capital Southwest and CSWI each agree that: 

(a) it will not take or fail to take, or permit, any of its Subsidiaries (as they exist from time to time) to take or fail to take any action
if such action or failure to act would be inconsistent with any representation or covenant in the Tax Materials; 
 (b) from the date hereof
until the first day after the two-year anniversary of the Distribution Date, it will (i) “actively conduct,” within the meaning of Section 355(b)(2) of the Code, its active business (the Capital Southwest Active Business and the
CSWI Active Business, respectively), and (ii) not engage in any transaction that would result in it ceasing to “actively conduct” its active business; and 

(c) from the date hereof until the first day after the two-year anniversary of the Distribution Date, it will not: 

(i) enter into any Proposed Acquisition Transaction or, to the extent it has the right to prohibit any Proposed Acquisition
Transaction, permit any Proposed Acquisition Transaction to occur, 
 (ii) liquidate or partially liquidate (within the
meaning of such terms as defined for purposes of Sections 331 and 302, respectively, of the Code), 
 (iii) sell or transfer
in a single transaction or series of transactions, other than sales or transfers of inventory in the ordinary course of business, 35% or more of the gross assets of the Capital Southwest Active Business or the CSWI Active Business or 35% or more of
its and its Affiliates consolidated gross assets (such percentages to be measured based on fair market value as of the Distribution Date), or sell or transfer any portion of its and its Affiliates’ assets if such sale or transfer would result
in the violation of the “continuity of business enterprise” requirement of Treasury Regulations Section 1.368-1(d) in connection with the Contribution and Share Distribution, 

(iv) redeem or otherwise repurchase, directly or through one or more of its Affiliates, any of its Capital Stock, except to the
extent such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by Revenue Procedure 2003-48), 

(v) amend its certificate of incorporation or other organizational documents, or take any other action, whether through a
stockholder vote or otherwise, affecting the voting rights of its Capital Stock (including, without limitation, through the conversion of one class of its Capital Stock into another class of its Capital Stock); or 

(vi) take any other action or actions, including any action that would be reasonably likely to be inconsistent with any
representation made in the Tax Materials, 

  
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which in the aggregate (and taking into account any other transactions described in this subparagraph (c)) would be reasonably likely to have the effect of causing or permitting one or more
Persons (whether or not acting in concert) to acquire, directly or indirectly, stock representing a Fifty-Percent or Greater Interest in Capital Southwest or CSWI or otherwise jeopardize qualification of the Contribution and Share Distribution for
Tax-Free Status, 
 unless prior to taking any such action (A) it shall provide the other Party with an Unqualified Tax Opinion in form and substance
satisfactory to the other Party in the other Party’s discretion, which discretion shall be exercised in good faith to preserve the Tax-Free Status (and in determining whether an opinion is satisfactory, the other Party may consider, among other
factors, the appropriateness of any underlying assumptions and management’s representations if used as a basis for the opinion), or (B) the other Party shall have waived in writing the requirement to obtain such Unqualified Tax Opinion.

 Section 3.03. Procedures Regarding Opinions. 

(a) If either Party (the “Acting Party”) notifies the other Party (the “Non-Acting Party”) that it desires to
take one of the actions described in clauses (i) through (vi) of Section 3.02(c) (a “Notified Action”), the parties shall cooperate and use commercially reasonable best efforts to attempt to obtain the Unqualified Tax
Opinion referred to in Section 3.02(c), unless the Non-Acting Party shall have waived in writing the requirement to obtain the Unqualified Tax Opinion. Each Party shall bear its own costs and expenses of obtaining the Unqualified Tax Opinion.

 Section 3.04. Liability for Tax-Related Losses. 

(a) Subject to Section 3.04(c), CSWI shall be responsible for, and shall indemnify and hold harmless Capital Southwest and its Affiliates
and each of their respective officers, directors and employees from and against, any Tax-Related Losses, without duplication, that are attributable to or result from any one or more of the following: (A) the acquisition (other than pursuant to
the Distribution Agreement or the Share Distribution) by any Person, other than Capital Southwest and its Affiliates, of all or a portion of CSWI’s stock and/or its or its Subsidiaries’ assets, (B) any negotiations, understandings,
agreements or arrangements by CSWI (other than as set forth in the Distribution Agreement) with respect to transactions or events (including, without limitation, stock issuances (pursuant to the exercise of stock options or otherwise), option
grants, capital contributions, or acquisitions, or a series of such transactions or events) that cause the Contribution and Share Distribution to be treated as part of a plan (or series of related transactions) pursuant to which one or more Persons
acquire directly or indirectly stock of CSWI representing a Fifty-Percent or Greater Interest therein, (C) any action or failure to act by CSWI after the Share Distribution (including any amendment to CSWI’s certificate of incorporation or
other organizational document, whether through a stockholder vote or otherwise) affecting the voting rights of CSWI stock (including through the conversion of one class of CSWI stock into another class of CSWI stock), (D) any breach by CSWI of
its covenants set forth in Section 3.02 (regardless of whether the act or failure to act giving rise to the breach is covered by a Ruling or Unqualified Tax Opinion), or (E) any breach by CSWI of its representations, warranties, or
covenants set forth in Section 3.01(a). 

  
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 (b) Subject to Section 3.04(c), Capital Southwest shall be responsible for, and shall
indemnify and hold harmless CSWI and its Affiliates and each of their respective officers, directors and employees from and against any Tax-Related Losses, without duplication, that are attributable to, or result from any one or more of the
following: (A) the acquisition (other than pursuant to the Distribution Agreement, or the Share Distribution) by any Person, other than CSWI and its Affiliates, of all or a portion of Capital Southwest’s stock and/or its or its
Subsidiaries’ assets, (B) any negotiations, understandings, agreements or arrangements by Capital Southwest (other than as set forth in the Distribution Agreement) with respect to transactions or events (including, without limitation,
stock issuances (pursuant to the exercise of stock options or otherwise), option grants, capital contributions, or acquisitions, or a series of such transactions or events) that cause the Contribution and Share Distribution to be treated as part of
a plan (or series of related transactions) pursuant to which one or more Persons acquire directly or indirectly stock of Capital Southwest representing a Fifty-Percent or Greater Interest therein, (C) any action or failure to act by Capital
Southwest after the Share Distribution (including any amendment to Capital Southwest’s certificate of incorporation (or other organizational document), whether through a stockholder vote or otherwise) affecting the voting rights of Capital
Southwest stock (including through the conversion of one class of Capital Southwest stock into another class of Capital Southwest stock), (D) any breach by Capital Southwest of its covenants set forth in Section 3.02 (regardless of whether
such act or failure to act is covered by a Ruling or Unqualified Tax Opinion), or (E) any breach by Capital Southwest of its representations, warranties, or covenants set forth in Section 3.01(b). 

(c) Notwithstanding Sections 3.04(a) and (b), to the extent that any Tax-Related Loss of a Party can be attributed to an action or actions
taken by each Party, individually, or to actions taken by both Parties (whether or not such actions are the same), responsibility for such Tax-Related Loss shall be shared by Capital Southwest and CSWI according to relative fault. 

(d) A Party shall pay to the other Party the amount of any Tax-Related Losses for which the first Party is responsible under this
Section 3.04: (A) in the case of Tax-Related Losses described in clause (i) of the definition of Tax-Related Losses no later than three (3) business days prior to the date Capital Southwest files, or causes to be filed, the
applicable amended Tax Return for the year of the Contribution and Share Distribution (the “Filing Date”), and (B) in the case of Tax-Related Losses described in clause (ii) of the definition of Tax-Related Losses, no later than
five (5) days after the date the Other Party pays such Tax-Related Losses. 
 ARTICLE IV 

MISCELLANEOUS 

Section 4.01. Effective Date. This Agreement is effective upon the occurrence of the Share Distribution; provided, however, that
the representations, warranties, and covenants set forth in Section 3.01 shall be effective as of the date of this Agreement. 

  
 9 

 Section 4.02. Complete Agreement. This Agreement constitutes the entire agreement of
the parties concerning the subject matter hereof. Any other agreements (including tax sharing agreements), whether or not written, in respect of any Tax between or among Capital Southwest and CSWI or any of CSWI’s Subsidiaries shall be
terminated and have no further effect as of the Distribution Date. This Agreement may not be amended except by an agreement in writing signed by the parties hereto. 

Section 4.03. Notices. All notices, requests, demands, waivers and other communications required or permitted to be given under
this Agreement must be in writing and will be deemed to have been duly given (i) when delivered by hand, (ii) three (3) Business Days after it is mailed, certified or registered mail, return receipt requested, with postage prepaid,
(iii) on the same Business Day when sent by facsimile or electronic mail (return receipt requested) if the transmission is completed before 5:00 p.m. recipient’s time, or one (1) Business Day after the facsimile or email is sent, if
the transmission is completed on or after 5:00 p.m. recipient’s time or (iv) one (1) Business Day after it is sent by Express Mail, Federal Express or other courier service, as follows (or at such other address for a party as shall be
specified in a notice given in accordance with this Section 4.03): 
  

			
	If to CSWI:		CSW Industrials, Inc.
			5400 Lyndon B. Johnson Freeway
			Suite 1300
			Dallas, TX 75240
			Attn.: Chief Executive Officer
		
	If to Capital Southwest:		Capital Southwest Corporation
			5400 Lyndon B. Johnson Freeway
			Suite 1300
			Dallas, TX 75240
			Attn.: Chief Executive Officer

 Section 4.04. Governing Law; Jurisdiction; Waiver of Jury Trial. 

(a) Governing Law; Jurisdiction. This Agreement (and all claims, controversies or causes of action, whether in contract, tort or
otherwise, that may be based upon, arise out of or relate to this Agreement or the negotiation, execution, termination, performance or nonperformance of this Agreement (including any claim, controversy or cause of action based upon, arising out of
or relating to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement)) shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware,
without regard to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. Each of the parties
hereto irrevocably agrees that all proceedings arising out of or relating to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and
obligations arising hereunder brought by the other party hereto or its successors or assigns shall be brought, heard and determined exclusively in any federal or state court sitting in Delaware. Consistent

  
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with the preceding sentence, each of the parties hereto hereby (a) submits to the exclusive jurisdiction of any federal or state court sitting in Delaware for the purpose of any proceeding
arising out of or relating to this Agreement or the rights and obligations arising hereunder brought by any party hereto and (b) irrevocably waives, and agrees not to assert by way of motion, defense, counterclaim, or otherwise, in any such
proceeding, any claim that it or its property is not subject personally to the jurisdiction of the above-named courts, that the proceeding is brought in an inconvenient forum, that the venue of the proceeding is improper, or that this Agreement, the
Share Distribution or any of the other transactions contemplated by this Agreement may not be enforced in or by any of the above-named courts. Each party agrees that service of process upon such party in any such action or proceeding shall be
effective if notice is given in accordance with Section 4.03. 
 (b) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY
WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY
THIS AGREEMENT. EACH OF THE PARTIES HERETO HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
Section 4.04(b). 
 Section 4.05. Successors and Assigns. A party’s rights and obligations under this Agreement may
not be assigned without the prior written consent of the other party. All of the provisions of this Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. If any party to this
Agreement forms or acquires one or more Subsidiaries, such party will cause any such Subsidiary to be bound by the terms of this Agreement, and this Agreement shall apply to any such Subsidiary in the same manner and to the same extent as the
current party. 
 Section 4.06. Intended Third Party Beneficiaries. This Agreement is solely for the benefit of the parties to
this Agreement and should not be deemed to confer upon third parties any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing without this Agreement. 

Section 4.07. Legal Enforceability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to that jurisdiction, be ineffective to the extent of the prohibition or unenforceability without invalidating the remaining provisions. Any prohibition or unenforceability of any provision of this Agreement in any jurisdiction shall not
invalidate or render unenforceable the provision in any other jurisdiction. 

  
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 Section 4.08. Expenses. Unless otherwise expressly provided in this Agreement, each
party shall bear any and all expenses that arise from its respective obligations under this Agreement. 
 Section 4.09.
Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but
all of which taken together shall constitute one and the same agreement. 
 Section 4.10. Change in Law. If, after the date this
Agreement is executed, as a result of an amendment to the Code, the promulgation of proposed, temporary or final regulations, the issuance of a ruling by a Taxing Authority, the decision of any court, or a change in any applicable state or local
law, Capital Southwest believes that it is necessary or helpful to amend the provisions of this Agreement in order to preserve the rights and benefits contemplated herein, each of the parties hereto agrees to negotiate in good faith all such
amendments and modifications as shall be necessary or appropriate in order to preserve as nearly as possible for the parties hereto the rights and benefits contemplated herein. 

Section 4.11. Protective Section 336(e) Election. Pursuant to Treasury Regulation sections 1.336-2(h)(2) and 1.336-2(j),
Capital Southwest and CSWI agree that Capital Southwest shall make a protective election under Section 336(e) of the Code and the Treasury Regulations issued thereunder for CSWI and each CSWI Subsidiary for whom such an election may be made
with respect to the Share Distribution (the “Protective Section 336(e) Election”). It is intended that the Protective Section 336(e) Election will have no effect unless the Share Distribution is a “qualified stock
disposition,” as defined in Treasury Regulations section 1.336-1(b)(6), either because (a) the Share Distribution is a transaction described in Treasury Regulations section 1.336-1(b)(5)(i)(B) or (b) Treasury Regulation section
1.336-1(b)(5)(ii) applies to the Share Distribution. 
 [Remainder of page intentionally left blank; signature page to follow] 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and
year first above written. 
  

			
	CAPITAL SOUTHWEST CORPORATION
		
	By:    	 	 /s/ Bowen S. Diehl

	Name: Bowen S. Diehl
	Title: Chief Investment Officer
	
	CSW INDUSTRIALS, INC.
		
	By:    	 	 /s/ Joseph B. Armes

	Name: Joseph B. Armes
	Title: Chief Executive Officer

  
 13

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