Document:

Third Amendment to 2010 Note Purchase Agreement

 Exhibit 10.2 

Execution Version 
  

 
 STERICYCLE,
INC. 
  
  

THIRD AMENDMENT 

Dated as of March 23, 2018 

to 
 NOTE
PURCHASE AGREEMENT 
 Dated as of August 18, 2010 

 
  

Re:         3.89% Senior Notes, Series A, due October 15, 2017 

and 
 4.47% Senior
Notes, Series B, due October 15, 2020 
  
  

 
  

 THIRD AMENDMENT TO NOTE
PURCHASE AGREEMENT 
 THIS THIRD AMENDMENT
dated as of March 23, 2018 (the or this “Agreement”) to the Note Purchase Agreement referred to below is between STERICYCLE, INC., a Delaware corporation (the “Company”), and
each of the institutions which is a signatory to this Agreement (collectively, the “Noteholders”). 

R E C I T A L S: 

WHEREAS, the Company and each of the Noteholders have heretofore entered into the Note Purchase Agreement dated as of
August 18, 2010, as amended by that certain First Amendment thereto dated as of August 13, 2015 and that Second Amendment dated as of July 28, 2017 (as so amended, the “Note Purchase Agreement”), pursuant to which the
Company issued on or about August 18, 2010 (a) $175,000,000 aggregate principal amount of its 3.89% Senior Notes, Series A, due October 15, 2017 (as amended, the “Series A Notes”) and
(b) $225,000,000 aggregate principal amount of its 4.47% Senior Notes, Series B, due October 15, 2020 (as amended, the “Series B Notes” and together with the Series A Notes, collectively, the
“Notes”); 
 WHEREAS, the Company and the Noteholders now desire to amend the Note Purchase Agreement and
the Notes in the respects, but only in the respects, hereinafter set forth; 
 WHEREAS, all capitalized terms used herein and
not defined herein shall have the meaning specified in the Note Purchase Agreement; 
 WHEREAS, all requirements of law have
been fully complied with and all other acts and things necessary to make this Agreement a valid, legal and binding instrument according to its terms for the purposes herein expressed have been done or performed. 

NOW, THEREFORE, upon the full and complete satisfaction of the conditions precedent to effectiveness set forth
in Section 3.1 hereof, and for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Company and each of the Noteholders do hereby agree as follows: 

SECTION 1. AMENDMENTS. 

Section 1.1. Section 9.9 of the Note Purchase Agreement shall be deleted in its entirety and replaced with the words
“Reserved.”. 
 Section 1.2. Section 9.10 of the Note Purchase Agreement shall be and is hereby amended
in its entirety as follows: 

					
	Stericycle, Inc.	  		  	Third Amendment

  

 Section 9.10. Note Rating. The Company will, at any time during which
(a) (i) the Company’s rating is A- or better by S&P or the equivalent rating by any other Rating Agency, (ii) the Notes do not then have a Private Letter Rating from a Rating Agency and
(iii) the Securities Valuation Office of the National Association of Insurance Commissioners does not currently rate the Notes “1” or (b) (i) the Company’s rating is BBB- or better by
S&P or the equivalent rating by any other Rating Agency, (ii) the Notes do not then have a Private Letter Rating from a Rating Agency and (iii) the Securities Valuation Office of the National Association of Insurance Commissioners does
not currently rate the Notes “2” or “1”, at the request of the Required Holders, obtain a Private Letter Rating with respect to the Notes from one Rating Agency requested by the Required Holders. 

Section 1.3. The following shall be added as new Sections 10.1(a)(iii) to the Note Purchase Agreement as
follows: 
 “(iii) If at the end of any fiscal quarter of the Company ending before or on December 31, 2019, the
Unadjusted Consolidated Leverage Ratio exceeded 3.75 to 1.00, the per annum interest rate (including any Default Rate, if applicable) otherwise applicable to each series of the Notes as specified in the first paragraph thereof shall be increased as
set forth below (the “Primary Elevated Interest Rate”) from the date that such Unadjusted Consolidated Leverage Ratio was in excess of 3.75 to 1.00 to but not including the date that the Unadjusted Consolidated Leverage Ratio is
3.75 to 1.00 or less. The Company shall promptly, and in any event within 10 Business Days after such increase, notify the holders of the Notes in writing and specify the date of such commencement. Payment of the Primary Elevated Interest Rate shall
not constitute a waiver of any Default or Event of Default hereunder. The Primary Elevated Interest Rate is determined as follows: 

(A) if the Company has rating of BBB or better by S&P or the equivalent rating by any other Rating Agency, then the Primary
Elevated Interest Rate shall be an additional 50 basis points (0.50%); 
 (B) if the Company has rating of BBB- by S&P or the equivalent rating by any other Rating Agency, then the Primary Elevated Interest Rate shall be an additional 75 basis points (0.75%); 

(C) if the Company has no rating or a rating of BB+ or worse by S&P or the equivalent rating by any other Rating Agency,
then the Primary Elevated Interest Rate shall be 125 basis points (1.25%); and 
 (D) in the case where the Company has two
ratings from two different Rating Agencies, the lowest such rating shall control and in the case where the Company has three ratings from three different Rating Agencies, then the second lowest rating shall control (even if that rating is equal to
that of the first lowest). 

  
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	Stericycle, Inc.	  		  	Third Amendment

  

 provided that, for the avoidance of doubt, the MDL Leverage Increased Interest Rate and the
Primary Elevated Interest Rate are not cumulative with each other and only the greater of such increase under Section 10.1(a)(ii) and (iii) shall apply at any given time; and further provided that that no such Increased Interest Rate will
be used in calculating the Make-Whole Amount;” 
 Section 1.4. Additional Definitions. Schedule B
to the Note Purchase Agreement is hereby amended to insert the following definitions, each in its respective alphabetical order: 

“Primary Elevated Interest Rate” has the meaning set forth in Section 10.1(a)(iii). 

“Private Letter Rating” means a private letter rating from a Rating Agency which (a) is in the form and
include descriptive elements required by the SVO from time to time (including (i) identifying the Notes by their Private Placement Number issued by Standard & Poor’s CUSIP Bureau Service and (ii) addressing the likelihood of
payment of both principal and interest; provided that such requirement may be deemed satisfied if the rating is silent as to such likelihood and does not otherwise include an indication to the contrary), (b) does not include any prohibition on
sharing such evidence with the SVO or any other regulatory authority having jurisdiction over the holders of Notes and (c) is delivered by the Company to the holders of Notes at least annually and promptly upon any change in such rating. 

“Third Amendment” means the Third Amendment dated as of March 23, 2018 to this Agreement between the
Company and the holders party thereto. 
 “Unadjusted Consolidated EBITDA” means, for any period, for
the Company and its Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period plus (a) the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated
Interest Charges for such period, (ii) the provision for federal, state, local and foreign income taxes payable by the Company and its Subsidiaries for such period, (iii) depreciation and amortization expense, (iv) other non-recurring expenses of the Company and its Subsidiaries reducing such Consolidated Net Income which do not represent a cash item in such period or any future period,
(v) non-cash stock compensation expenses of the Company and its Subsidiaries incurred in such period, (vi) up to $45,000,000 in the aggregate of cash charges associated with the settlement of the
TCPA Action, (vii) up to $295,000,000 in the aggregate of cash charges associated with the settlement of the MDL Contract Action, (viii) 

  
 - 3 - 

					
	Stericycle, Inc.	  		  	Third Amendment

  

 
up to $5,000,000 in the aggregate of cash charges related to legal fees and expenses associated with (x) the MDL Contract Action, (y) the First Amendment and (z) the corresponding
amendments to the Bank Credit Agreement, the Term Loan Agreement and Other Note Agreements and (ix) as to any period, up to $10,000,000 in the aggregate of extraordinary and non-recurring cash expenses or
charges in such period and minus (b) the following to the extent included in calculating such Consolidated Net Income: (i) federal, state, local and foreign income tax credits of the Company and its Subsidiaries for such period and
(ii) all non-cash items increasing Consolidated Net Income for such period; provided, however, that Unadjusted Consolidated EBITDA shall be increased by the amount of Transaction Costs incurred during
such period to the extent such amount was deducted in determining Consolidated Net Income for such period. For purposes of calculating Unadjusted Consolidated EBITDA for any period of four consecutive quarters, if during such period the Company or
any Subsidiary shall have made any Acquisition or disposed of any Person or of all or substantially all of the operating assets of any Person, Unadjusted Consolidated EBITDA for such period shall be calculated after giving pro forma effect thereto
as if such transaction occurred on the first day of such period. 
 “Unadjusted Consolidated Leverage Ratio”
means, as of any date of determination, the ratio of (a)(i) Consolidated Debt as of such date minus (ii) Unrestricted Cash as of such date to (b) Unadjusted Consolidated EBITDA for the period of the four consecutive fiscal
quarters most recently ended on or prior to such date. 
 Section 1.5. Amended Definitions. Schedule B
to the Note Purchase Agreement is hereby amended by amending and restating each of the following definitions in its entirety to read as follows: 

“Consolidated EBITDA” means, for any period, for the Company and its Subsidiaries on a consolidated basis, an
amount equal to Consolidated Net Income for such period plus (a) the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges for such period, (ii) the provision for
federal, state, local and foreign income taxes payable by the Company and its Subsidiaries for such period, (iii) depreciation and amortization expense, (iv) other non-recurring expenses of the
Company and its Subsidiaries reducing such Consolidated Net Income which do not represent a cash item in such period or any future period, (v) non-cash stock compensation expenses of the Company and its
Subsidiaries incurred in such 

  
 - 4 - 

					
	Stericycle, Inc.	  		  	Third Amendment

  

 
period, (vi) up to $45,000,000 in the aggregate of cash charges associated with the settlement of the TCPA Action, (vii) up to $295,000,000 in the aggregate of cash charges associated
with the settlement of the MDL Contract Action, (viii) up to $5,000,000 in the aggregate of cash charges related to legal fees and expenses associated with (x) the MDL Contract Action, (y) the First Amendment and (z) the
corresponding amendments to the Bank Credit Agreement, the Term Loan Agreement and Other Note Agreements, (ix) as to any period, up to $10,000,000 in the aggregate of extraordinary and non-recurring cash
expenses or charges in such period and (x) solely for purposes of determining compliance with Section 10.1 and Section 10.2 for any fiscal quarter ending during the period from March 31,
2018 through December 31, 2019 (and for no other purposes hereunder) up to $200,000,000 in the aggregate in any four-fiscal quarter period of cash charges associated with (A) implementation of the Company’s Business Transformation and
Operational Optimization Expenses (each, as described in the Company’s Form 10-K for the fiscal year ended December 31, 2017), (B) internal control remediation, accounting pronouncements and related
professional and consulting expenses, (C) legal and settlement related expenses and (D) up to $25,000,000 of other cash charges minus (b) the following to the extent included in calculating such Consolidated Net Income:
(i) federal, state, local and foreign income tax credits of the Company and its Subsidiaries for such period and (ii) all non-cash items increasing Consolidated Net Income for such period; provided,
however, that Consolidated EBITDA shall be increased by the amount of Transaction Costs incurred during such period to the extent such amount was deducted in determining Consolidated Net Income for such period. For purposes of calculating
Consolidated EBITDA for any period of four consecutive quarters, if during such period the Company or any Subsidiary shall have made any Acquisition or disposed of any Person or of all or substantially all of the operating assets of any Person,
Consolidated EBITDA for such period shall be calculated after giving pro forma effect thereto as if such transaction occurred on the first day of such period. 

“Increased Interest Rate” means the occurrence of a MDL Leverage Increased Interest Rate or a Primary Elevated
Interest Rate, as applicable. 

  
 - 5 - 

					
	Stericycle, Inc.	  		  	Third Amendment

  

 SECTION 2. REPRESENTATIONS AND WARRANTIES
OF THE COMPANY. 
 Section 2.1. To induce the Noteholders to execute
and deliver this Agreement, the Company represents and warrants (which representations shall survive the execution and delivery of this Agreement) to the Noteholders that: 

(a) this Agreement has been duly authorized, executed and delivered by the Company and, upon execution and delivery thereof by
the parties hereto, this Agreement constitutes the legal, valid and binding obligation, contract and agreement of the Company enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’ rights generally; 

(b) the Note Purchase Agreement, as amended by this Agreement, constitutes the legal, valid and binding obligation, contract
and agreement of the Company enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting
creditors’ rights generally; 
 (c) the execution, delivery and performance by the Company of this Agreement
(i) has been duly authorized by all requisite corporate actions on the part of the Company, (ii) does not require the consent or approval of any governmental or regulatory body or agency, and (iii) will not (A) violate
(1) any provision of law, statute, rule or regulation applicable to the Company or its certificate of incorporation or bylaws, (2) any order of any court or any rule, regulation or order of any other agency or government binding upon it,
or (3) any provision of any material indenture, agreement or other instrument to which it is a party or by which its properties or assets are or may be bound, or (B) result in a breach or constitute (alone or with due notice or lapse of
time or both) a default under any indenture, agreement or other instrument referred to in clause (iii)(A)(3) of this Section 2.1(c); 

(d) as of the date hereof and after giving effect to this Agreement, no Default or Event of Default has occurred which is
continuing; and 
 (e) the representations and warranties contained in Section 5 of the Note Purchase Agreement are true
and correct in all material respects with the same force and effect as if made by the Company on and as of the date hereof, except to the extent that any such representation or warranty expressly relates to an earlier date. 

  
 - 6 - 

					
	Stericycle, Inc.	  		  	Third Amendment

  

 SECTION 3. CONDITIONS TO EFFECTIVENESS
OF AMENDMENTS AND WAIVERS. 
 Section 3.1. The
amendments to the Note Purchase Agreement set forth herein shall not become effective until, and shall become effective when (the “Effective Date”), each of the following conditions shall have been satisfied: 

(a) executed counterparts of this Agreement, duly executed by the Company and the holders of 51% in principal amount of the
outstanding Notes, shall have been delivered to the Noteholders; 
 (b) the representations and warranties of the Company set
forth in Section 2 hereof shall be true and correct on and with respect to the date hereof, and the execution and delivery by the Company of this Agreement shall constitute certification by the Company of the same; 

(c) the Company shall have paid a fee to each holder of Notes equal to five basis points (.05%) on the outstanding principal
amount of Notes held by each such holder of a Note as of the Effective Date; 
 (d) the Company shall have paid the fees and
expenses of Chapman and Cutler LLP, special counsel to the Noteholders, incurred in connection with the negotiation, preparation, approval, execution and delivery of this Agreement for which an invoice has been provided; 

(e) the Company shall have delivered copies of an amendment to each of the Bank Credit Agreement amending such agreements in
substance consistent with the amendments to the Note Purchase Agreement as contemplated by this Agreement; and 
 (f) the
Company shall have delivered copies of an amendment to each of the Other Note Agreements (as defined in the Note Purchase Agreement after giving effect to this Agreement) between the Company and the purchasers named therein, each amending such
agreements in substance consistent with the amendments to the Note Purchase Agreement as contemplated by this Agreement. 
 Upon receipt and satisfaction of
all of the foregoing, such amendments shall become effective. 
 SECTION 4. MISCELLANEOUS. 

Section 4.1. This Agreement shall be construed in connection with and as part of the Note Purchase Agreement, and
except as modified and expressly amended by this Agreement, all terms, conditions and covenants contained in the Note Purchase Agreement are hereby ratified and confirmed and shall be and remain in full force and effect. 

Section 4.2. Any and all notices, requests, certificates and other instruments, including the Notes, may refer to
the “Note Purchase Agreement” or the “Note Purchase Agreement dated as of August 18, 2010” without making specific reference to this Agreement, but nevertheless all such references shall be deemed to include this Agreement
unless the context shall otherwise require. 

  
 - 7 - 

					
	Stericycle, Inc.	  		  	Third Amendment

  

 Section 4.3. The descriptive headings of the various Sections or
parts of this Agreement are for convenience only and shall not affect the meaning or construction of any of the provisions hereof. 

Section 4.4. This Agreement shall be governed by and construed in
accordance with New York law excluding choice-of-law principles of the law of New York that would require the application of the laws of jurisdiction other than New
York. 
 Section 4.5. This Agreement may be executed in any number of counterparts, each executed counterpart
constituting an original, but all together only one agreement. This Agreement, together with the Note Purchase Agreement (as amended hereby) and the Notes, constitutes the entire contract among the parties relating to the subject matter hereof and
supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means shall be
effective as delivery of a manually executed counterpart of this Agreement. 

  
 - 8 - 

 IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the Effective Date. 
  

			
	STERICYCLE, INC.
		
	By	 	 /s/ Daniel Ginnetti

		 	Name: Daniel Ginnetti
		 	Title:   Executive Vice President and Chief
		 	            Financial Officer

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	METROPOLITAN LIFE INSURANCE COMPANY
		
	By	 	 /s/ John A. Wills

		 	Name: John A. Wills
		 	Title:   Senior Vice President and Managing             Director
	
	 UNION FIDELITY LIFE INSURANCE COMPANY 

by MetLife Investment Advisors, LLC, Its

      Investment Manager

		
	By	 	 /s/ Frank O. Monfalcone

		 	Name: Frank O. Monfalcone
		 	Title:   Managing Director
	
	 LINCOLN BENEFIT LIFE COMPANY 

by MetLife Investment Advisors, LLC, Its

      Investment Manager

		
	By	 	 /s/ Frank O. Monfalcone

		 	Name: Frank O. Monfalcone
		 	Title:   Managing Director

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	ALLSTATE LIFE INSURANCE COMPANY OF
	        NEW YORK
		
	By	 	 /s/ Ryan Anderson

		 	Name: Ryan Anderson
		
	By	 	 /s/ Jerry D. Zinkula

		 	Name: Jerry D. Zinkula
		 	Authorized Signatories:
	
	AMERICAN HERITAGE LIFE INSURANCE COMPANY
		
	By	 	 /s/ Ryan Anderson

		 	Name: Ryan Anderson
		
	By	 	 /s/ Jerry D. Zinkula

		 	Name: Jerry D. Zinkula
		 	Authorized Signatories:

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	NEW YORK LIFE INSURANCE COMPANY
		
	By	 	 /s/ Clara Fagan

		 	Name: Clara Fagan
		 	Title:   Corporate Vice President
	
	 NEW YORK LIFE INSURANCE AND ANNUITY

      CORPORATION

		
	By	 	NYL Investors LLC, its Investment Manager
		
	By	 	 /s/ Clara Fagan

		 	Name: Clara Fagan
		 	Title:   Director
	
	 NEW YORK LIFE INSURANCE AND ANNUITY

      CORPORATION INSTITUTIONALLY OWNED LIFE

      INSURANCE SEPARATE ACCOUNT (BOLI 30C)

		
	By	 	NYL Investors LLC, its Investment Manager
		
	By	 	 /s/ Clara Fagan

		 	Name: Clara Fagan
		 	Title:   Director

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	HARTFORD LIFE INSURANCE COMPANY
	HARTFORD LIFE AND ACCIDENT INSURANCE        COMPANY
	HARTFORD FIRE INSURANCE COMPANY
		
	By:	 	Hartford Investment Management Company
	       Their Agent and Attorney-in-Fact
		
	By	 	 /s/ Dawn Crunden

		 	Name: Dawn Crunden
		 	Title:   Senior Vice President

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	NATIONWIDE LIFE INSURANCE COMPANY
	NATIONWIDE LIFE AND ANNUITY INSURANCE       COMPANY
		
	By	 	 /s/ Cristian I. Donoso

		 	Name: Cristian I. Donoso
		 	Title:   Authorized Signatory

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	RIVERSOURCE LIFE INSURANCE COMPANY
		
	By	 	 /s/ Thomas W. Murphy

		 	Name: Thomas W. Murphy
		 	Title:   Vice President—Investments

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	THRIVENT FINANCIAL FOR LUTHERANS
		
	By	 	 /s/ Christopher Patton

		 	Name: Christopher Patton
		 	Title: Managing Director

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	 THE LINCOLN NATIONAL LIFE INSURANCE

       COMPANY

		
	By:	 	Macquarie Investment Management Advisers, a series of Macquarie Investment Management Business Trust, Attorney-In-Fact
		
	By	 	 /s/ Philip Lee

		 	Name: Philip Lee
		 	Title:   Vice President

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	 THE NORTHWESTERN MUTUAL LIFE INSURANCE

       COMPANY

		
	By:	 	Northwestern Mutual Investment Management Company, LLC, its investment adviser
		
	By	 	 /s/ Michael H. Leske

		 	Name: Michael H. Leske
		 	Title: Managing Director

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	JACKSON NATIONAL LIFE INSURANCE COMPANY
		
	By:	 	PPM America, Inc., as attorney in fact,
		 	on behalf of Jackson National Life Insurance Company
		
	By	 	 /s/ Luke S. Stifflear

		 	Name: Luke S. Stifflear
		 	Title:   Sr. Managing Director

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	 ALLIANZ LIFE INSURANCE COMPANY OF
NORTH
        AMERICA

		
	By:	 	Allianz Global Investors U.S. LLC As the authorized signatory and investment manager

 
			
		
	By	 	 /s/ Lawrence Halliday

		 	Name: Lawrence Halliday
		 	Title:   Managing Director

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	 SOUTHERN FARM BUREAU LIFE INSURANCE

      COMPANY

		
	By	 	 /s/ David Divine

		 	Name: David Divine
		 	Title:   Senior Portfolio Manager

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	MODERN WOODMEN OF AMERICA
		
	By	 	 /s/ Aaron R. Birkland

		 	Name: Aaron R. Birkland
		 	Title:   Portfolio Manager, Private Placements
		
	By	 	 /s/ Christopher M. Cramer

		 	Name: Christopher M. Cramer
		 	Title:   Manager, Fixed Income

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	 UNITED OF OMAHA LIFE
INSURANCE COMPANY

		
	 By
	 	 /s/ Justin P. Kavan

		 	 Name: Justin P. Kavan

		 	 Title:   Senior Vice President

	
	 COMPANION LIFE INSURANCE
COMPANY

		
	 By
	 	 /s/ Justin P. Kavan

		 	 Name: Justin P. Kavan

		 	 Title:   An Authorized Signer

	
	 MUTUAL OF OMAHA INSURANCE
COMPANY

		
	 By
	 	 /s/ Justin P. Kavan

		 	 Name: Justin P. Kavan

		 	 Title:   Senior Vice President

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	 WOODMEN OF THE WORLD
LIFE INSURANCE SOCIETY

		
	By	 	 /s/ Shawn Bengtson

		 	Name: Shawn Bengtson
		 	Title:   Vice President, Investment

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	 KNIGHTS OF COLUMBUS

		
	 By
	 	 /s/ Gilles Marchand

		 	 Name: Gilles Marchand

		 	 Title:   VP, Credit Portfolio Manager

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	 COUNTRY LIFE INSURANCE
COMPANY

		
	By	 	 /s/ John A. Jacobs

		 	 Name: John A. Jacobs

		 	 Title:   Director – Fixed Income

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	PHYSICIANS MUTUAL INSURANCE COMPANY
		
	By:	 	Prudential Private Placement Investors, L.P. (as Investment Advisor)
		
	By:	 	Prudential Private Placement Investors, Inc. (as its General Partner)
		
	By	 	 /s/ Dianna Carr

		 	Name: Dianna Carr
		 	Title: Vice President

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2010 Note Purchase AgreementThird Amendment to 2012 Note Purchase Agreement

 Exhibit 10.3 

Execution Version 
  

 
  

STERICYCLE, INC. 
  

 

THIRD AMENDMENT 

Dated as of March 23, 2018 

to 
 NOTE
PURCHASE AGREEMENT 
 Dated as of October 22, 2012 

 
  

Re: 2.68% Senior Notes, Series A, due December 12, 2019 

and 

     3.26% Senior Notes, Series B, due December 12, 2022 

 
  

 

 THIRD AMENDMENT TO NOTE
PURCHASE AGREEMENT 
 THIS THIRD AMENDMENT
dated as of March 23, 2018 (the or this “Agreement”) to the Note Purchase Agreement referred to below is between STERICYCLE, INC., a Delaware corporation (the “Company”), and
each of the institutions which is a signatory to this Agreement (collectively, the “Noteholders”). 

R E C I T A L S: 

WHEREAS, the Company and each of the Noteholders have heretofore entered into the Note Purchase Agreement dated as of October
22, 2012, as amended by that certain First Amendment thereto dated as of August 13, 2015 and that Second Amendment dated as of July 28, 2017 (as so amended, the “Note Purchase Agreement”), pursuant to which the Company
issued on or about October 22, 2012 (a) $125,000,000 aggregate principal amount of its 2.68% Senior Notes, Series A, due December 12, 2019 (as amended, the “Series A Notes”) and (b) $125,000,000
aggregate principal amount of its 3.26% Senior Notes, Series B, due December 12, 2022 (as amended, the “Series B Notes” and together with the Series A Notes, collectively, the
“Notes”); 
 WHEREAS, the Company and the Noteholders now desire to amend the Note Purchase Agreement and
the Notes in the respects, but only in the respects, hereinafter set forth; 
 WHEREAS, all capitalized terms used herein and
not defined herein shall have the meaning specified in the Note Purchase Agreement; 
 WHEREAS, all requirements of law have
been fully complied with and all other acts and things necessary to make this Agreement a valid, legal and binding instrument according to its terms for the purposes herein expressed have been done or performed. 

NOW, THEREFORE, upon the full and complete satisfaction of the conditions precedent to effectiveness set forth
in Section 3.1 hereof, and for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Company and each of the Noteholders do hereby agree as follows: 

SECTION 1. AMENDMENTS. 

Section 1.1. Section 9.9 of the Note Purchase Agreement shall be deleted in its entirety and replaced with the words
“Reserved.”. 
 Section 1.2. Section 9.10 of the Note Purchase Agreement shall be and is hereby amended
in its entirety as follows: 

					
	Stericycle, Inc.	  		  	Third Amendment

  

 Section 9.10. Note Rating. The Company will, at any time during which
(a) (i) the Company’s rating is A- or better by S&P or the equivalent rating by any other Rating Agency, (ii) the Notes do not then have a Private Letter Rating from a Rating Agency and
(iii) the Securities Valuation Office of the National Association of Insurance Commissioners does not currently rate the Notes “1” or (b) (i) the Company’s rating is BBB- or better by
S&P or the equivalent rating by any other Rating Agency, (ii) the Notes do not then have a Private Letter Rating from a Rating Agency and (iii) the Securities Valuation Office of the National Association of Insurance Commissioners does
not currently rate the Notes “2” or “1”, at the request of the Required Holders, obtain a Private Letter Rating with respect to the Notes from one Rating Agency requested by the Required Holders. 

Section 1.3. The following shall be added as new Sections 10.1(a)(iii) to the Note Purchase Agreement as
follows: 
 “(iii) If at the end of any fiscal quarter of the Company ending before or on December 31, 2019, the
Unadjusted Consolidated Leverage Ratio exceeded 3.75 to 1.00, the per annum interest rate (including any Default Rate, if applicable) otherwise applicable to each series of the Notes as specified in the first paragraph thereof shall be increased as
set forth below (the “Primary Elevated Interest Rate”) from the date that such Unadjusted Consolidated Leverage Ratio was in excess of 3.75 to 1.00 to but not including the date that the Unadjusted Consolidated Leverage Ratio is
3.75 to 1.00 or less. The Company shall promptly, and in any event within 10 Business Days after such increase, notify the holders of the Notes in writing and specify the date of such commencement. Payment of the Primary Elevated Interest Rate shall
not constitute a waiver of any Default or Event of Default hereunder. The Primary Elevated Interest Rate is determined as follows: 

(A) if the Company has rating of BBB or better by S&P or the equivalent rating by any other Rating Agency, then the Primary
Elevated Interest Rate shall be an additional 50 basis points (0.50%); 
 (B) if the Company has rating of BBB- by S&P or the equivalent rating by any other Rating Agency, then the Primary Elevated Interest Rate shall be an additional 75 basis points (0.75%); 

(C) if the Company has no rating or a rating of BB+ or worse by S&P or the equivalent rating by any other Rating Agency,
then the Primary Elevated Interest Rate shall be 125 basis points (1.25%); and 
 (D) in the case where the Company has two
ratings from two different Rating Agencies, the lowest such rating shall control and in the case where the Company has three ratings from three different Rating Agencies, then the second lowest rating shall control (even if that rating is equal to
that of the first lowest). 

  
 - 2 - 

					
	Stericycle, Inc.	  		  	Third Amendment

  

 provided that, for the avoidance of doubt, the MDL Leverage Increased Interest Rate and the
Primary Elevated Interest Rate are not cumulative with each other and only the greater of such increase under Section 10.1(a)(ii) and (iii) shall apply at any given time; and further provided that that no such Increased Interest Rate will
be used in calculating the Make-Whole Amount;” 
 Section 1.4. Additional Definitions. Schedule B
to the Note Purchase Agreement is hereby amended to insert the following definitions, each in its respective alphabetical order: 

“Primary Elevated Interest Rate” has the meaning set forth in Section 10.1(a)(iii). 

“Private Letter Rating” means a private letter rating from a Rating Agency which (a) is in the form and
include descriptive elements required by the SVO from time to time (including (i) identifying the Notes by their Private Placement Number issued by Standard & Poor’s CUSIP Bureau Service and (ii) addressing the likelihood of
payment of both principal and interest; provided that such requirement may be deemed satisfied if the rating is silent as to such likelihood and does not otherwise include an indication to the contrary), (b) does not include any prohibition on
sharing such evidence with the SVO or any other regulatory authority having jurisdiction over the holders of Notes and (c) is delivered by the Company to the holders of Notes at least annually and promptly upon any change in such rating. 

“Third Amendment” means the Third Amendment dated as of March 23, 2018 to this Agreement between the
Company and the holders party thereto. 
 “Unadjusted Consolidated EBITDA” means, for any period, for
the Company and its Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period plus (a) the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated
Interest Charges for such period, (ii) the provision for federal, state, local and foreign income taxes payable by the Company and its Subsidiaries for such period, (iii) depreciation and amortization expense, (iv) other non-recurring
expenses of the Company and its Subsidiaries reducing such Consolidated Net Income which do not represent a cash item in such period or any future period, (v) non-cash stock compensation expenses of the
Company and its Subsidiaries incurred in such period, (vi) up to $45,000,000 in the aggregate of 

  
 - 3 - 

					
	Stericycle, Inc.	  		  	Third Amendment

  

 cash charges associated with the settlement of the TCPA Action, (vii) up to $295,000,000
in the aggregate of cash charges associated with the settlement of the MDL Contract Action, (viii) up to $5,000,000 in the aggregate of cash charges related to legal fees and expenses associated with (x) the MDL Contract Action,
(y) the First Amendment and (z) the corresponding amendments to the Bank Credit Agreement, the Term Loan Agreement and Other Note Agreements and (ix) as to any period, up to $10,000,000 in the aggregate of extraordinary and non-recurring cash expenses or charges in such period and minus (b) the following to the extent included in calculating such Consolidated Net Income: (i) federal, state, local and foreign income tax
credits of the Company and its Subsidiaries for such period and (ii) all non-cash items increasing Consolidated Net Income for such period; provided, however, that Unadjusted Consolidated EBITDA shall be
increased by the amount of Transaction Costs incurred during such period to the extent such amount was deducted in determining Consolidated Net Income for such period. For purposes of calculating Unadjusted Consolidated EBITDA for any period of four
consecutive quarters, if during such period the Company or any Subsidiary shall have made any Acquisition or disposed of any Person or of all or substantially all of the operating assets of any Person, Unadjusted Consolidated EBITDA for such period
shall be calculated after giving pro forma effect thereto as if such transaction occurred on the first day of such period. 

“Unadjusted Consolidated Leverage Ratio” means, as of any date of determination, the ratio of
(a)(i) Consolidated Debt as of such date minus (ii) Unrestricted Cash as of such date to (b) Unadjusted Consolidated EBITDA for the period of the four consecutive fiscal quarters most recently ended on or prior to such date.

 Section 1.5. Amended Definitions. Schedule B to the Note Purchase Agreement is hereby amended by
amending and restating each of the following definitions in its entirety to read as follows: 
 “Consolidated
EBITDA” means, for any period, for the Company and its Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period plus (a) the following to the extent deducted in calculating such
Consolidated Net Income: (i) Consolidated Interest Charges for such period, (ii) the provision for federal, state, local and foreign income taxes payable by the Company and its Subsidiaries for such period, (iii) depreciation and
amortization expense, (iv) other non-recurring expenses of the Company and its Subsidiaries reducing such 

  
 - 4 - 

					
	Stericycle, Inc.	  		  	Third Amendment

  

 Consolidated Net Income which do not represent a cash item in such period or any future
period, (v) non-cash stock compensation expenses of the Company and its Subsidiaries incurred in such period, (vi) up to $45,000,000 in the aggregate of cash charges associated with the settlement of
the TCPA Action, (vii) up to $295,000,000 in the aggregate of cash charges associated with the settlement of the MDL Contract Action, (viii) up to $5,000,000 in the aggregate of cash charges related to legal fees and expenses associated
with (x) the MDL Contract Action, (y) the First Amendment and (z) the corresponding amendments to the Bank Credit Agreement, the Term Loan Agreement and Other Note Agreements, (ix) as to any period, up to $10,000,000 in the
aggregate of extraordinary and non-recurring cash expenses or charges in such period and (x) solely for purposes of determining compliance with Section 10.1 and
Section 10.2 for any fiscal quarter ending during the period from March 31, 2018 through December 31, 2019 (and for no other purposes hereunder) up to $200,000,000 in the aggregate in any four-fiscal quarter period
of cash charges associated with (A) implementation of the Company’s Business Transformation and Operational Optimization Expenses (each, as described in the Company’s Form 10-K for the fiscal
year ended December 31, 2017), (B) internal control remediation, accounting pronouncements and related professional and consulting expenses, (C) legal and settlement related expenses and (D) up to $25,000,000 of other cash charges
minus (b) the following to the extent included in calculating such Consolidated Net Income: (i) federal, state, local and foreign income tax credits of the Company and its Subsidiaries for such period and (ii) all non-cash items increasing Consolidated Net Income for such period; provided, however, that Consolidated EBITDA shall be increased by the amount of Transaction Costs incurred during such period to the extent such
amount was deducted in determining Consolidated Net Income for such period. For purposes of calculating Consolidated EBITDA for any period of four consecutive quarters, if during such period the Company or any Subsidiary shall have made any
Acquisition or disposed of any Person or of all or substantially all of the operating assets of any Person, Consolidated EBITDA for such period shall be calculated after giving pro forma effect thereto as if such transaction occurred on the first
day of such period. 
 “Increased Interest Rate” means the occurrence of a MDL Leverage Increased Interest
Rate or a Primary Elevated Interest Rate, as applicable. 

  
 - 5 - 

					
	Stericycle, Inc.	  		  	Third Amendment

  

 SECTION 2. REPRESENTATIONS AND WARRANTIES
OF THE COMPANY. 
 Section 2.1. To induce the Noteholders to execute
and deliver this Agreement, the Company represents and warrants (which representations shall survive the execution and delivery of this Agreement) to the Noteholders that: 

(a) this Agreement has been duly authorized, executed and delivered by the Company and, upon execution and delivery thereof by
the parties hereto, this Agreement constitutes the legal, valid and binding obligation, contract and agreement of the Company enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’ rights generally; 

(b) the Note Purchase Agreement, as amended by this Agreement, constitutes the legal, valid and binding obligation, contract
and agreement of the Company enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting
creditors’ rights generally; 
 (c) the execution, delivery and performance by the Company of this Agreement
(i) has been duly authorized by all requisite corporate actions on the part of the Company, (ii) does not require the consent or approval of any governmental or regulatory body or agency, and (iii) will not (A) violate
(1) any provision of law, statute, rule or regulation applicable to the Company or its certificate of incorporation or bylaws, (2) any order of any court or any rule, regulation or order of any other agency or government binding upon it,
or (3) any provision of any material indenture, agreement or other instrument to which it is a party or by which its properties or assets are or may be bound, or (B) result in a breach or constitute (alone or with due notice or lapse of
time or both) a default under any indenture, agreement or other instrument referred to in clause (iii)(A)(3) of this Section 2.1(c); 

(d) as of the date hereof and after giving effect to this Agreement, no Default or Event of Default has occurred which is
continuing; and 
 (e) the representations and warranties contained in Section 5 of the Note Purchase Agreement are true
and correct in all material respects with the same force and effect as if made by the Company on and as of the date hereof, except to the extent that any such representation or warranty expressly relates to an earlier date. 

SECTION 3. CONDITIONS TO EFFECTIVENESS OF AMENDMENTS
AND WAIVERS. 
 Section 3.1. The amendments to the Note Purchase Agreement set forth
herein shall not become effective until, and shall become effective when (the “Effective Date”), each of the following conditions shall have been satisfied: 

  
 - 6 - 

					
	Stericycle, Inc.	  		  	Third Amendment

  

 (a) executed counterparts of this Agreement, duly executed by the Company and
the holders of 51% in principal amount of the outstanding Notes, shall have been delivered to the Noteholders; 
 (b) the
representations and warranties of the Company set forth in Section 2 hereof shall be true and correct on and with respect to the date hereof, and the execution and delivery by the Company of this Agreement shall constitute
certification by the Company of the same; 
 (c) the Company shall have paid a fee to each holder of Notes equal to five
basis points (.05%) on the outstanding principal amount of Notes held by each such holder of a Note as of the Effective Date; 

(d) the Company shall have paid the fees and expenses of Chapman and Cutler LLP, special counsel to the Noteholders, incurred
in connection with the negotiation, preparation, approval, execution and delivery of this Agreement for which an invoice has been provided; 

(e) the Company shall have delivered copies of an amendment to each of the Bank Credit Agreement amending such agreements in
substance consistent with the amendments to the Note Purchase Agreement as contemplated by this Agreement; and 
 (f) the
Company shall have delivered copies of an amendment to each of the Other Note Agreements (as defined in the Note Purchase Agreement after giving effect to this Agreement) between the Company and the purchasers named therein, each amending such
agreements in substance consistent with the amendments to the Note Purchase Agreement as contemplated by this Agreement. 
 Upon receipt and satisfaction of
all of the foregoing, such amendments shall become effective. 
 SECTION 4. MISCELLANEOUS. 

Section 4.1. This Agreement shall be construed in connection with and as part of the Note Purchase Agreement, and
except as modified and expressly amended by this Agreement, all terms, conditions and covenants contained in the Note Purchase Agreement are hereby ratified and confirmed and shall be and remain in full force and effect. 

Section 4.2. Any and all notices, requests, certificates and other instruments, including the Notes, may refer to
the “Note Purchase Agreement” or the “Note Purchase Agreement dated as of October 22, 2012” without making specific reference to this Agreement, but nevertheless all such references shall be deemed to include this Agreement
unless the context shall otherwise require. 

  
 - 7 - 

					
	Stericycle, Inc.	  		  	Third Amendment

  

 Section 4.3. The descriptive headings of the various Sections or
parts of this Agreement are for convenience only and shall not affect the meaning or construction of any of the provisions hereof. 

Section 4.4. This Agreement shall be governed by and construed in
accordance with New York law excluding choice-of-law principles of the law of New York that would require the application of the laws of jurisdiction other than New
York. 
 Section 4.5. This Agreement may be executed in any number of counterparts, each executed counterpart
constituting an original, but all together only one agreement. This Agreement, together with the Note Purchase Agreement (as amended hereby) and the Notes, constitutes the entire contract among the parties relating to the subject matter hereof and
supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means shall be
effective as delivery of a manually executed counterpart of this Agreement. 

  
 - 8 - 

 IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the Effective Date. 
  

					
	 STERICYCLE, INC.

		
	By	 	 /s/ Daniel Ginnetti

		 	Name:	 	Daniel Ginnetti
		 	Title:	 	Executive Vice President and Chief
		 		 	Financial Officer

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

					
	 THE NORTHWESTERN MUTUAL LIFE INSURANCE

       COMPANY

		
	By	 	Northwestern Mutual Investment
Management Company, LLC, its investment adviser
		
	By	 	   /s/ Michael H. Leske

		 	Name: Michael H. Leske
		 	Title: Managing Director

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	 THE LINCOLN NATIONAL LIFE INSURANCE

       COMPANY

		
	By:	 	Macquarie Investment Management Advisers, a series of Macquarie Investment Management Business Trust, Attorney In Fact
		
	By:	 	 /s/ Philip Lee

		 	Name: Philip Lee
		 	Title: Vice President

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	 VOYA RETIREMENT INSURANCE AND ANNUITY

       COMPANY (f/k/a ING Life Insurance and Annuity

       Company)

	 VOYA INSURANCE AND ANNUITY
COMPANY
       (f/k/a ING USA Annuity and Life Insurance

       Company)

	RELIASTAR LIFE INSURANCE COMPANY
	 RELIASTAR LIFE INSURANCE COMPANY OF
NEW
        YORK

		
	By:	 	Voya Investment Management LLC, as Agent
		
	By:	 	 /s/ Justin Stach

		 	Name: Justin Stach
		 	Title: Vice President
		
		 	NN LIFE INSURANCE COMPANY LTD.
		
	By:	 	Voya Investment Management LLC, as Attorney in fact
		
	By:	 	 /s/ Justin Stach

		 	Name: Justin Stach
		 	Title: Vice President

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	SYMETRA LIFE INSURANCE COMPANY
		
	By:	 	MetLife Investment Advisors, LLC, Its
Investment Manager
		
	By:	 	 /s/ Judith A. Gulotta

		 	Name: Judith A. Gulotta
		 	Title: Managing Director

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	JACKSON NATIONAL LIFE INSURANCE COMPANY
		
	By:	 	PPM America, Inc., as attorney in fact, on behalf of Jackson National Life Insurance Company
		
	By	 	 /s/ Luke S. Stifflear

		 	Name: Luke S. Stifflear
		 	Title: Sr. Managing Director

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	THRIVENT FINANCIAL FOR LUTHERANS
		
	By	 	 /s/ Christopher Patton

		 	Name: Christopher Patton
		 	Title: Managing Director

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	MONY LIFE INSURANCE COMPANY 
		
	By	 	 /s/ Philip E Passafiume

		 	Name: Philip E. Passafiume
		 	Title: Director, Fixed Income

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	RIVERSOURCE LIFE INSURANCE COMPANY
		
	By	 	 /s/ Thomas W. Murphy

		 	Name: Thomas W. Murphy
		 	Title: Vice President — Investments
	
	RIVERSOURCE LIFE INSURANCE CO. OF NEW YORK
		
	By	 	 /s/ Thomas W. Murphy

		 	Name: Thomas W. Murphy
		 	Title: Vice President — Investments

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	WESTERN-SOUTHERN LIFE ASSURANCE COMPANY
		
	By	 	 /s/ Daniel R. Larsen

		 	Name: Daniel R. Larsen
		 	Title: Vice President
		
	By	 	 /s/ Jeffrey L. Stainton

		 	Name: Jeffrey L. Stainton
		 	Title: Vice President
	
	COLUMBUS LIFE INSURANCE COMPANY
		
	By	 	 /s/ Daniel R. Larsen

		 	Name: Daniel R. Larsen
		 	Title: Vice President
		
	By	 	 /s/ Kevin L. Howard

		 	Name: Kevin L. Howard
		 	Title: Vice President
	
	INTEGRITY LIFE INSURANCE COMPANY
		
	By	 	 /s/ Daniel R. Larsen

		 	Name: Daniel R. Larsen
		 	Title: Vice President
		
	By	 	 /s/ Kevin L. Howard

		 	Name: Kevin L. Howard
		 	Title: Senior Vice President

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	INTEGRITY LIFE INSURANCE COMPANY SEPARATE ACCOUNT GPO
		
	By	 	 /s/ Daniel R. Larsen

		 	Name: Daniel R. Larsen
		 	Title: Vice President
		
	By	 	 /s/ Kevin L. Howard

		 	Name: Kevin L. Howard
		 	Title: Senior Vice President
	
	NATIONAL INTEGRITY LIFE INSURANCE COMPANY SEPARATE ACCOUNT GPO
		
	By	 	 /s/ Daniel R. Larsen

		 	Name: Daniel R. Larsen
		 	Title: Vice President
		
	By	 	 /s/ Kevin L. Howard

		 	Name: Kevin L. Howard
		 	Title: Senior Vice President

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	 GREAT-WEST LIFE & ANNUITY INSURANCE

       COMPANY

		
	By	 	 /s/ Eve Hampton Darrow

		 	Name: Eve Hampton Darrow
		 	Title: Vice President, Investments
		
	By	 	 /s/ Ward Argust

		 	Name: Ward Argust
		 	Title: Assistance Vice President, Investments
	
	 GREAT-WEST LIFE & ANNUITY INSURANCE

       COMPANY OF SOUTH CAROLINA

		
	By	 	 /s/ Eve Hampton Darrow

		 	Name: Eve Hampton Darrow
		 	Title: Authorized Signatory
		
	By	 	 /s/ Ward Argust

		 	Name: Ward Argust
		 	Title: Authorized Signatory

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	HARTFORD LIFE INSURANCE COMPANY
		
	By:	 	 Hartford Investment Management
 Company, its
Agent and Attorney and Attorney-in-Fact

		
	By	 	 /s/ Dawn Crunden

		 	Name: Dawn Crunden
		 	Title: Senior Vice President

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	 THE GUARDIAN LIFE INSURANCE COMPANY
OF
       AMERICA

		
	By	 	 /s/ Amy Carroll

		 	Name: Amy Carroll
		 	Title: Senior Director

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	MODERN WOODMEN OF AMERICA
		
	By	 	 /s/ Aaron R. Birkland

		 	Name: Aaron R. Birkland
		 	Title: Portfolio Manager, Private Placements
		
	By	 	 /s/ Christopher M. Cramer

		 	Name: Christopher M. Cramer
		 	Title: Manager, Fixed Income

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

	
	 TRINITY UNIVERSAL INSURANCE
COMPANY

	 CATHOLIC UNITED FINANCIAL

	 OCCIDENTAL LIFE INSURANCE COMPANY
OF

	       NORTH CAROLINA

	 WESTERN FRATERNAL LIFE
ASSOCIATION

	
	 By: Advantus Capital Management,
Inc.

 
			
		
		 	By: /s/ Thomas B.
Houghton                                
		 	Name: Thomas B. Houghton
		 	Title: Vice President

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	SOUTHERN FARM LIFE INSURANCE COMPANY
		
	By	 	 /s/ David Divine

		 	Name: David Divine
		 	Title: Senior Portfolio Manager

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	 WOODMEN OF THE WORLD LIFE INSURANCE

      SOCIETY

		
	By	 	 /s/ Shawn Bengtson

		 	Name: Shawn Bengtson
		 	Title: Vice President, Investment

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	AMERICAN UNITED LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Michael I. Bullock

		 	Name: Michael I. Bullock
		 	Title: VP, Private Placements

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	 AMERITAS LIFE INSURANCE CORP. SUCCESSOR
BY
     MERGER TO ACACIA LIFE INSURANCE
COMPANY

	 AMERITAS LIFE INSURANCE CORP. SUCCESSOR
BY
     MERGER TO THE UNION CENTRAL
LIFE INSURANCE COMPANY

	AMERITAS LIFE INSURANCE CORP. OF NEW YORK
	
	By : Ameritas Investment Partners, Inc., as Agent
		
	By	 	 /s/ Tina Udell

		 	Name: Tina Udell
		 	Title:   Vice President & Managing Director

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	USAA LIFE INSURANCE COMPANY 
		
	By	 	 /s/ James F. Jackson, Jr.

		 	Name: James F. Jackson, Jr.
		 	Title: Assistant Vice President
	
	UNITED SERVICES AUTOMOBILE ASSOCIATION
		
	By	 	 /s/ James F. Jackson, Jr.

		 	Name: James F. Jackson, Jr.
		 	Title: Assistant Vice President

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	COUNTRY LIFE INSURANCE COMPANY
		
	By	 	 /s/ John A. Jacobs

		 	Name: John A. Jacobs
		 	Title: Director – Fixed Income

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	PROASSURANCE CASUALTY COMPANY
	PROASSURANCE INDEMNITY COMPANY, INC.
	
	By: Prime Advisors, Inc., its Attorney-in-Fact
		
	By:	 	 /s/ Naomi U Joy

		 	Name: Naomi U Joy
		 	Title:   Vice President

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

 Accepted and Agreed to: 

 

			
	STATE OF WISCONSIN INVESTMENT BOARD
		
	By	 	 /s/ Christopher P. Prestigiacomo

		 	Name: Christopher P. Prestigiacomo
		 	Title: Portfolio Manager

  

					
	Stericycle, Inc.	  		  	Third Amendment to
		  		  	2012 Note Purchase Agreement

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