Document:

EX-10.14

 Exhibit 10.14 

QUOTA PLEDGE AGREEMENT 
 This Quota Pledge
Agreement (“Pledge Agreement”) is entered into, on the date herein, by and among the parties identified below (“Parties” or, individually, “Party”): 

(1) BRAZIL COATINGS CO. PARTICIPAÇÕES LTDA., a limited liability company (sociedade limitada) organized under the laws of Brazil,
with its principal place of business located at Avenida Paulista, No. 2,073, Salas 317 a 318, Parte, Horsa I, Bairro Bela Vista, CEP 01.311-300, City of São Paulo, State of São Paulo, enrolled with the Brazilian General
Taxpayers’ Registry – CNPJ under No. 15.762.036/0001-80, herein represented pursuant to its Articles of Association, by its its legal representatives, Mr. Luciano Ruggieri Salmeron, Brazilian citizen, divorced, business
administrator, bearer of the Identity Card RG no. 20.841.022-3 and registered as Individual Taxpayer under CPF/MF no. 248.060.118-86; and Mr. Luiz Alexandre Yoshida, Brazilian, married, attorney at law, bearer of the identity card no.
OAB/SP 146.194 and registered before the CPF/MF under no. 274.495.258-36, both with office at Avenida Lindomar Gomes de Oliveira no 463, Cumbica, CEP 07220-900, in the city of Guarulhos, State of São Paulo, Brazil (hereinafter generally
referred to as the “Quotaholder 1”); 
 (2) AXALTA COATING SYSTEMS DUTCH HOLDING 2 B.V. (formerly Dutch Coatings Co. 3 B.V.),
a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of The Netherlands, with its seat located at Amsterdam, the Netherlands, and its address at 4823 AE Breda, the
Netherlands, Nikkelstraat 45, enrolled with the Brazilian General Taxpayers’ Registry – CNPJ under No. 17.372.847/0001-08, in the capacity of pledgor, herein represented by its attorney-in-fact, Mr. Carlos Alexandre Larque
Lobo de Castro e Silva, Brazilian citizen, married, lawyer, holder of Brazilian ID under No. 84.900 OAB/RJ and enrolled with the CPF/MF under No. 859.955.507-30, with office at Avenida Presidente Wilson no 231, 23 floor, Centro,
CEP 20.030-021, city and State of Rio de Janeiro, Brazil (hereinafter generally referred to as the “Quotaholder 2”) (Quotaholder 1 and Quotaholder 2 hereinafter generally referred to jointly as the
“Pledgors”); 
 (3) BARCLAYS BANK PLC, a public limited company incorporated under the laws of England, having its registered
office at 1 Churchill Place, London E14 5HP and registered with the Companies House under number 1026167, acting in the capacity of collateral agent on its own behalf and for the benefit of the Credit Facility Secured Parties (as defined in Article
I below), herein represented by its undersigned legal representative/attorney-in-fact (in such capacity, together with any successor collateral agent appointed pursuant to the Credit Agreement referred to below, the “Collateral
Agent”); 

  
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 (4) WILMINGTON TRUST, NATIONAL ASSOCIATION, a financial institution with its office at 50 South Sixth
Street, Suite 1290, Minneapolis, MN 55402, United States of America, acting in the capacity of collateral agent on its own behalf and for the benefit of the Noteholder Secured Parties (as defined in Article I below), herein represented by its
undersigned legal representative/attorney-in-fact (in such capacity, together with any successor collateral agent and/or trustee appointed pursuant to the Secured Notes Indenture referred to below, the “Notes Collateral
Agent”) (the Notes Collateral Agent and the Collateral Agent hereinafter generally referred to jointly as the “Pledgees”); and 

as an intervening and consenting party, 
 (5) AXALTA COATING
SYSTEMS BRASIL LTDA., a limited liability company (sociedade limitada) organized under the laws of Brazil, with its principal place of business located at Avenida Lindomar Gomes de Oliveira, No. 463, Cumbica, CEP: 07220-900, City of
Guarulhos, State of São Paulo, enrolled with the Brazilian General Taxpayers’ Registry – CNPJ under No. 15.373.395/0001-45, herein represented pursuant to its Articles of Association, by its legal representatives,
Mr. Luciano Ruggieri Salmeron, Brazilian citizen, divorced, business administrator, bearer of the Identity Card RG no. 20.841.022-3 and registered as Individual Taxpayer under CPF/MF no. 248.060.118-86; and Mr. Luiz Alexandre
Yoshida, Brazilian, married, attorney at law, bearer of the identity card no. OAB/SP 146.194 and registered before the CPF/MF under no. 274.495.258-36, both with office at Avenida Lindomar Gomes de Oliveira no 463, Cumbica, CEP 07220-900,
in the city of Guarulhos, State of São Paulo, Brazil (hereinafter generally referred to as the “Company”). 

WHEREAS 
 (A) On February 01,
2013, Axalta Coating Systems Dutch Holding B B.V. (formerly Flash Dutch 2 B.V.) (“Dutch Borrower”), Axalta Coating Systems U.S. Holdings, Inc. (formerly U.S. Coatings Acquisition Inc.) (“U.S.
Borrower”) (Dutch Borrower and U.S. Borrower hereinafter generally referred to jointly as the “Borrowers”), Axalta Coating Systems Dutch Holding A B.V. (formerly Flash Dutch 1 B.V.)
(“Holdings”), Axalta Coating Systems U.S., Inc. (formerly Coatings Co. U.S. Inc.) (“U.S. Holdings”), the lenders party thereto from time to time (“Lenders”), Barclays Bank PLC,
as the administrative agent and the collateral agent, among other parties thereto, entered into that certain Credit Agreement, as amended, restated, supplemented, replaced, refinanced or otherwise modified from time to time (including any increases
of the principal amount outstanding thereunder), pursuant to which, among other things, the Lenders have agreed, subject to the terms and conditions set forth therein, to make certain loans and financial commitments to the Borrowers (the
“Credit Agreement”). 

  
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 (B) Pursuant to the Credit Agreement, and on the same execution date thereof, certain subsidiaries of the
Borrowers (such persons and the Additional Guarantors (as defined in the Credit Facility Guaranty) being, collectively, the “Credit Facility Guarantors”) entered into that certain Subsidiary Guaranty with Barclays Bank PLC,
as the administrative agent, by means of which each subsidiary party thereto jointly and severally guaranteed, as a primary obligor and not merely as a surety, the payment and performance of all Credit Facility Secured Obligations (as defined in
Article I below) (the “Credit Facility Guaranty”). On September 17, 2013, the Company executed a Subsidiary Guaranty Supplement, by means of which it has agreed to become a Credit Facility Guarantor under the terms and
conditions of the Credit Facility Guaranty and the Credit Agreement. 
 (C) On February 01, 2013, the Borrowers (acting as issuers, hereinafter
generally also referred to jointly as the “Co-Issuers”, as applicable), issued 5.750% Senior Secured Notes due 2021 (the “Secured Notes”), under that certain Indenture executed by and among the
Co-Issuers, the guarantors from time to time party thereto (“Secured Notes Guarantors”) and the Notes Collateral Agent, as trustee and collateral agent, as amended, amended and restated, supplemented, replaced, refinanced or
otherwise modified from time to time (including any increases of the principal amount thereunder) (the “Secured Notes Indenture”). 

(D) On September 17, 2013, the Company executed a supplemental indenture, by means of which it has agreed to become a Secured Notes Guarantor under the
terms and conditions of the Secured Notes Indenture (“Supplemental Indenture”). 
 (E) The Credit Facility Secured Obligations shall
be secured by a first-priority lien over substantially all of the assets of the Borrowers and Credit Facility Guarantors; the Notes Secured Obligations shall be secured by a first-priority lien over substantially all of the assets of the Co-Issuers
and the Secured Notes Guarantors, including, in each case, without limitation, the Company (the “Collateral”). Therefore, on February 01, 2013, the Pledgees and the grantors party thereto executed that certain First Lien
Intercreditor Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, “Intercreditor Agreement”), in order to provide the terms and conditions under which the Pledgees may enforce
their respective security interests in, and share in the proceeds of, the Collateral granted by the grantors in accordance with the applicable security agreements. 

  
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 (F) According to the terms and conditions of the Secured Documents (as defined below), the Pledgors shall pledge
to the Pledgees, as a first-priority security pledge, for the benefit of the Secured Parties (as defined in Article I below), the totality of the quotas held by each of them in the corporate capital of the Company, which all together correspond to
100% (one hundred per cent) of the quotas issued by the Company, in order to secure the Secured Obligations, as defined herein. 
 NOW, THEREFORE,
the Parties have mutually agreed to enter into this Pledge Agreement, which shall be governed by the following terms and conditions: 

ARTICLE I 
 Definitions and
Interpretation 
 SECTION 1.01. 

(a) Capitalized terms used but not defined herein (including Exhibit 1 hereto) shall have the meanings given to them in the Secured Documents.

 (b) In the event of any conflict between the provisions of this Pledge Agreement (including those provided in Exhibit 1 hereto) and the
provisions of the Intercreditor Agreement, the terms of the Intercreditor Agreement shall prevail. 
 SECTION 1.02. As used in this Pledge
Agreement, the following capitalized terms have the meanings specified below: 
 “Additional Quotas” has the meaning
assigned to such term in Section 2.01(b)(i) of this Pledge Agreement; 
 “Amendment” has the meaning assigned to
such term in Section 2.03 of this Pledge Agreement; 
 “Borrowers” has the meaning assigned to such term in the
Recitals of this Pledge Agreement; 
 “Brazil” means the Federative Republic of Brazil; 

“Brazilian Civil Code” has the meaning assigned to such term in Section 2.01(a) of this Pledge Agreement; 

  
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 “Co-Issuers” has the meaning assigned to such term in the Recitals of
this Pledge Agreement; 
 “Collateral” has the meaning assigned to such term in the Recitals of this Pledge
Agreement; 
 “Collateral Agent” has the meaning assigned to such term in the Recitals of this Pledge Agreement;

 “Company” has the meaning assigned to such term in the Recitals of this Pledge Agreement; 

“Credit Agreement” has the meaning assigned to such term in the Recitals of this Pledge Agreement; 

“Credit Facility Documents” means the “Loan Documents” (as defined in the Credit Agreement); 

“Credit Facility Guaranty” has the meaning assigned to such term in the Recitals of this Pledge Agreement; 

“Credit Facility Guarantors” has the meaning assigned to such term in the Recitals of this Pledge Agreement; 

“Credit Facility Secured Obligations” means the collective Obligations of the Loan Parties now or hereafter existing
under the Loan Documents, any Secured Cash Management Agreement or any Secured Hedge Agreement (as such Loan Documents, Secured Cash Management Agreements and/or Secured Hedge Agreements may be amended, amended and restated, supplemented, replaced,
refinanced or otherwise modified from time to time (including any increases of the principal amount outstanding thereunder)), whether direct or indirect, absolute or contingent, and whether for principal, reimbursement obligations, interest, fees,
premiums, penalties, indemnifications, contract causes of action, costs, expenses or otherwise; 
 “Credit Facility Secured
Parties” means the “Secured Parties” (as defined in the Credit Agreement); 
 “Default” has
the meaning assigned to such term in the Secured Documents; 

  
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 “Dutch Borrower” has the meaning assigned to such term in the Recitals of
this Pledge Agreement; 
 “Enforcement Event” means (i) an Event of Default that has occurred and that has not
been cured or waived, and (ii) the exercise of rights under (1) Section 8.02 (Remedies Upon Event of Default) of the Credit Agreement by the Collateral Agent or (2) Section 6.2 (Acceleration) or 6.3 (Other
Remedies) of the Secured Notes Indenture by the Notes Collateral Agent; 
 “Event of Default” has the meaning
assigned to such term in the Intercreditor Agreement; 
 “Holdings” has the meaning assigned to such term in the
Recitals of this Pledge Agreement; 
 “Intercreditor Agreement” has the meaning assigned to such term in the
Recitals of this Pledge Agreement; 
 “Lenders” has the meaning assigned to such term in the Recitals of this Pledge
Agreement; 
 “Noteholder Secured Parties” means, collectively, the Notes Collateral Agent, the Trustee, each Holder
of Secured Notes and each other holder of, or obligee in respect of, any Notes Secured Obligations in respect of the Secured Notes outstanding at such time; 

“Notes Collateral Agent” has the meaning assigned to such term in the Recitals of this Pledge Agreement; 

“Notes Secured Obligations” means any principal, interest (including any interest accruing subsequent to the filing of
a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), premium, penalties,
fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the Secured Notes Indenture. 

“Party(ies)” has the meaning assigned to such term in the Recitals of this Pledge Agreement; 

  
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 “Person” means any natural person, corporation, limited liability
company, trust, joint venture, association, company, partnership, any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or
other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government or other entity; 

“Pledge Agreement” has the meaning assigned to such term in the Recitals of this document; 

“Pledged Assets and Rights” has the meaning assigned to such term in Section 2.01(b)(ii) of this Pledge
Agreement; 
 “Pledgees” has the meaning assigned to such term in the Recitals of this Pledge Agreement; 

“Pledgors” has the meaning assigned to such term in the Recitals of this Pledge Agreement; 

“Quotaholder 1” has the meaning assigned to such term in the Recitals of this Pledge Agreement; 

“Quotaholder 1 Quotas” has the meaning assigned to such term in Section 2.01(a)(i) of this Pledge Agreement; 

“Quotaholder 2” has the meaning assigned to such term in the Recitals of this Pledge Agreement; 

“Quotaholder 2 Quota” has the meaning assigned to such term in Section 2.01(a)(ii) of this Pledge Agreement; 

“Quotas” has the meaning assigned to such term in Section 2.01(a) of this Pledge Agreement; 

“Responsible Officer” of any Person shall mean any executive officer or financial officer or such Person, any other
officer or similar official thereof responsible for the administration of the obligations of such Person in respect of this Pledge Agreement and any other officer of such Person that is reasonably acceptable to the Pledgees; 

  
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 “Rights Related to the Additional Quotas” has the meaning assigned to
such term in Section 2.01(b)(ii) of this Pledge Agreement; 
 “Rights Related to the Quotas” has the meaning
assigned to such term in Section 2.01(a)(iii) of this Pledge Agreement; 
 “Secured Documents” means the Credit
Facility Documents and the Secured Notes Documents, collectively; 
 “Secured Notes” has the meaning assigned to
such term in the Recitals of this Pledge Agreement; 
 “Secured Notes Documents” means (a) the Secured Notes
Indenture, (b) any other related document or instrument executed and delivered pursuant to the Secured Notes Indenture, including, without limitation, the Supplemental Indenture; and (c) any other document or instrument evidencing or
governing any future first-lien debt related to the documents mentioned in items “(a)” and “(b)” above; 

“Secured Notes Guarantors” has the meaning assigned to such term in the Recitals of this Pledge Agreement; 

“Secured Notes Indenture” has the meaning assigned to such term in the Recitals of this Pledge Agreement; 

“Secured Obligations” means the Credit Facility Secured Obligations and the Notes Secured Obligations; 

“Secured Parties” means the Credit Facility Secured Parties and the Noteholder Secured Parties, collectively; 

“Supplemental Indenture” has the meaning assigned to such term in the Recitals of this Pledge Agreement; 

“U.S. Borrower” has the meaning assigned to such term in the Recitals of this Pledge Agreement; and 

“U.S. Holdings” has the meaning assigned to such term in the Recitals of this Pledge Agreement. 

  
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 ARTICLE II 

First Lien Pledge of Quotas 

SECTION 2.01. As security for the payment or performance, as the case may be, in full of the Secured Obligations, the Pledgors hereby: 

(a) pledge, as first-priority pledge to (1) the Collateral Agent, its successors and permitted assignees, for the benefit of the Credit
Facility Secured Parties in connection with the Credit Facility Secured Obligations and (2) the Notes Collateral Agent, its successors and permitted assignees, for the benefit of the Noteholder Secured Parties in connection with the Notes
Secured Obligations, the following assets and rights, pursuant to Article 1,431 et seq. of Law No. 10,406 of January 10, 2002 (hereinafter generally referred to as “Brazilian Civil Code”): 

(i) 280,863,237 (two hundred and eighty million, eight hundred and sixty three thousand, two hundred and thirty seven) quotas of the capital
stock of the Company currently held by Quotaholder 1 (hereinafter generally referred to as “Quotaholder 1 Quotas”); 

(ii) 1 (one) quota of the capital stock of the Company currently held by Quotaholder 2 (hereinafter generally referred to as
“Quotaholder 2 Quota”); 
 (Quotaholder 1 Quotas and Quotaholder 2 Quota, together, hereinafter generally referred
to as “Quotas”) (the shares of the capital stock of the Company, if any, resulting from any conversion of the Quotas into shares in connection with the transformation of the Company into a company with its capital stock
divided into shares, also hereinafter generally referred to as the “Quotas”); and 
 (iii) all rights arising from
the Quotas, including without limitation all rights to all profits, dividends, interest on equity, income, distributions, bonuses and any other amounts that may be credited, paid, distributed or otherwise delivered, for any reason, to the Pledgors
in respect of the Quotas (hereinafter generally referred to as “Rights Related to the Quotas”); 

  
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 (b) undertake to, as soon as practicable and in no event later than the term established in
Section 3.02 below, pledge to the Pledgees, their respective successors and permitted assignees, for the benefit of the Secured Parties, in the same order of priority set forth in paragraphs (a) and (b) of this Section 2.01, the
following rights pursuant to Article 1,431 et seq. (including Article 1,451) of the Brazilian Civil Code: 
 (i) all additional quotas or
shares representing the capital stock of the Company, or all quotas or shares of the capital stock of any successor, for any reason, of the Company, which may be at any time subscribed to, bought or otherwise acquired by the Pledgors or transferred
to them (including, without limitation, any quotas or shares transferred to the Pledgors as a result of any merger, consolidation, spin-off, exchange, corporate reorganization or otherwise), even if such quotas or shares may be in addition to, in
replacement of, or a result of a conversion or exchange with respect to, any existing quotas or shares owned by the Pledgors, together with all options, subscription rights and rights of any similar nature owned by the Pledgors in respect of their
equity interest in the Company, for so long as this Pledge Agreement remains in force (hereinafter generally referred to as “Additional Quotas”); and 

(ii) all rights arising from the Additional Quotas, including without limitation all rights to all profits, dividends, interest on equity,
income, distributions, bonuses and any other amounts credited, paid, distributed or otherwise delivered, or to be credited, paid, distributed or otherwise delivered, for any reason, to the Pledgors in respect of the Additional Quotas (hereinafter
generally referred to as “Rights Related to the Additional Quotas”) (the Quotas, the Rights Related to the Quotas, the Additional Quotas and the Rights Related to the Additional Quotas, hereinafter generally referred to as
“Pledged Assets and Rights”). 
 SECTION 2.02. For the purposes of Article 1,424 of the Brazilian Civil Code, the
material terms and conditions of the Secured Obligations on the date hereof are those described in Exhibit 1 hereto. 
 SECTION 2.03. Each
Pledgor agrees to enter into an amendment to this Pledge Agreement (each such amendment, hereinafter generally referred to as an “Amendment”) whenever it is necessary, without limitation, (i) to secure any and all
amounts due to the Pledgees, their respective successors and permitted assignees, for the benefit of the Secured Parties, as a first-priority security; (ii) to include, amend or reduce the financial terms of the Secured Obligations being
secured as per Article 1,424 of the Brazilian Civil Code; (iii) to extend the first-priority lien created herein to the Additional Quotas and to the Rights Related to the Additional Quotas, pursuant to Section 3.02 below, being the
Amendment in such case substantially in accordance with the form of Exhibit 2 hereto; or (iv) to formalize the transformation of the Company into a company with its capital stock divided into shares, pursuant to Section 3.03. In such case,
the procedures established in items (i) and (iii) of Section 3.01(a) below, as well as the annotation of such Amendment as per item (ii) of Section 3.01(a), jointly with the further formalities provided in Sections 3.01 (b),
3.01 (c), 3.01 (d), 3.02, 3.03 and 3.04, as applicable, shall apply. 

  
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 ARTICLE III 

Pledge Registration and Perfection 

SECTION 3.01. 
 (a) The Pledgors
shall within 30 (thirty) calendar days (or such longer date as the Collateral Agent (on behalf of the Pledgees) may agree) of the date hereof or the date of any Amendment hereto, as applicable, perfect the pledge herein or in any Amendment by taking
with respect to this Pledge Agreement or any Amendment hereto, as applicable, the following actions: 
 (i) have this Pledge Agreement or
such Amendment translated into Portuguese by a certified translator; 
 (ii) have this Pledge Agreement or such Amendment, together with its
sworn translation into Portuguese, registered with the competent Registry of Deeds and Documents pursuant to Article 128 of Law No. 6,015 of December 31, 1973; and 

(iii) deliver to the Pledgees an executed copy of this Pledge Agreement or such Amendment duly registered with the competent Registry of Deeds
and Documents as provided for in sub-item (ii) of this Section 3.01(a). 
 (b) The Pledgors shall within 30 (thirty) calendar days
(or such longer date as the Collateral Agent (on behalf of the Pledgees) may agree) of the date hereof or the date of any Amendment hereto, as applicable: 

(i) sign an amendment to the Company’s Articles of Association reflecting the first-priority lien pledge created under this Pledge
Agreement or any Amendment, as applicable, and have such amendment filed for registration with the competent Commercial Registry; and 

(ii) deliver to the Pledgees a copy of the amendment to the Company’s Articles of Association, together with proper evidence that it has
been filed for registration with the competent Commercial Registry. 
 (c) The Pledgors shall within 60 (sixty) calendar days (or such
longer date as the Collateral Agent (on behalf of the Pledgees) may agree) of the date hereof or the date of any Amendment hereto, as applicable, deliver to the Pledgees a copy of the amendment to the Company’s Articles of Association
evidencing that the first-priority lien pledge hereunder or under any Amendment, as applicable, has been duly registered with the competent Commercial Registry. 

  
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 (d) In the event that, as a result of any request for clarification or delivery of documents made
by the competent Registry of Deeds and Documents or Commercial Registry, as applicable, this Pledge Agreement, any Amendment, or the amendment to the Company’s Articles of Association, as applicable, is not registered within the periods
provided in Sections 3.01 (a) or 3.01(b), as applicable, the Pledgors agree to provide the Pledgees with any information or document that the Collateral Agent may reasonably request (on behalf of the Pledgees) to evidence that the Pledgors have
complied with their obligations provided in this section. Notwithstanding the foregoing, the Parties agree that in no event the registrations and formalities provided in Section 3.01 shall take longer than 90 (ninety) calendar days (or such
longer date as the Collateral Agent (on behalf of the Pledgees) may agree) of the date hereof or the date of any Amendment hereto, as applicable. 

SECTION 3.02. The Pledgors and the Company shall, as soon as practicable and in any event within 30 (thirty) days (or such longer period as
the Collateral Agent (on behalf of the Pledgees) may agree) after the acquisition of Additional Quotas, (i) extend the first-priority lien herein created to such Additional Quotas and to the Rights Related to the Additional Quotas by entering
into an Amendment (being the Amendment substantially in accordance with the form of Exhibit 2 hereto), and (ii) perfect such first-priority lien by taking, with respect to such Amendment, the actions provided for in Section 3.01 above
(within the timeframes set forth in Section 3.01 above). 
 SECTION 3.03. If the Quotas become, for any reason, represented by shares
of the capital stock of the Company, the Pledgors shall, together with the applicable formalities described in Section 3.01 above, (i) cause this Pledge Agreement to be filed at the Company’s head office; (ii) cause the Company
to register the first lien pledge created under this Pledge Agreement in the Share Register Book of the Company, in accordance with Article 39 of Law No. 6,404 of December 15, 1976, as follows: “[number of shares] shares issued by
the Company, owned by [name of shareholder] have been pledged to Barclays Bank PLC, its successors and permitted assignees, for its benefit and the benefit of the Credit Facility Secured Parties, and to Wilmington Trust, National Association, its
successors and permitted assignees, for the benefit of the Noteholder Secured Parties, as a first-priority lien under the terms of the Quota Pledge Agreement dated [date of execution], filed at the Company’s head office.”; and
(iii) cause two (2) directors of the Company (or 2 (two) officers (as applicable)) to duly sign such registration, providing to the Collateral Agent (on behalf of the Pledgees) a copy of the Share Register Book of the Company contemplating
the registration provided in this Section 3.03(ii). 

  
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 SECTION 3.04. In order to conduct all formalities provided in this Article III, the Pledgors
shall within 20 (twenty) calendar days (or such longer period as the Collateral Agent (on behalf of the Pledgees) may agree) of the date of this Pledge Agreement or any Amendment hereto, as applicable, have the signature of any Parties who have
signed this Pledge Agreement or any Amendment hereto outside Brazil notarized by a public notary and consularized at the nearest Brazilian consulate. In such case, the time periods used in this Article III for the counting of the terms for the
applicable registration and perfection proceedings shall be understood to be triggered on the date on which the consularization proceeding before the nearest Brazilian consulate is concluded. 

ARTICLE IV 
 Representations
and Warranties of the Pledgors 
 SECTION 4.01. The Pledgors represent and warrant to the Pledgees on the date of this Pledge
Agreement that: 
 (a) each Pledgor has good and valid rights in and title to the Pledged Assets and Rights with respect to which it has
purported to grant the first priority lien pledge hereunder and has full power and authority to pledge such Pledged Assets and Rights pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this Pledge
Agreement, without the consent or approval of any other Person other than any consent or approval that has been obtained and is in full force and effect or has otherwise been disclosed herein or in the Secured Documents; 

(b) the Pledgors have obtained (and have caused the Company to obtain) all necessary corporate authorizations to execute and deliver this
Pledge Agreement and to cause the lien provided for hereunder to be created in accordance with the terms set forth herein; 
 (c) the
execution and performance of this Pledge Agreement by each of the Pledgors does not violate any provision of their respective organizational documents; 

(d) the first-priority lien created by this Pledge Agreement shall constitute, after the formalities required in Article III are fulfilled, a
legal, valid and perfected first- priority lien in favor of the Pledgees, their respective successors and permitted assignees, for the benefit of the Secured Parties; enforceable in accordance with the terms and conditions of this Pledge Agreement
against the Pledgors; and 

  
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 (e) the Pledgors are the legitimate owners of the Pledged Assets and Rights, and such Pledged
Assets and Rights are free and clear of any Liens, claims, options or rights of others, except for the Liens created in this Pledge Agreement and the Liens permitted under the Secured Documents. 

ARTICLE V 
 Representations
and Warranties of the Company 
 SECTION 5.01. The Company represents and warrants to each of the Pledgees on the date of this
Pledge Agreement that: 
 (a) the Company is a limited liability company validly organized and existing under the laws of Brazil, is duly
qualified to do business and is in good standing; and 
 (b) the Quotas (i) represent the entire capital stock of the Company;
(ii) have been validly issued and subscribed for; and (iii) are fully paid up and non-assessable. 
 ARTICLE VI 

Covenants 
 SECTION
6.01. For as long as this Pledge Agreement is in full force and effect and has not been terminated pursuant to Section 9.11, each of the Pledgors irrevocably undertakes to comply with the following obligations, without prejudice to the
obligations attributed to them in the Secured Documents: 
 (a) each Pledgor agrees promptly to notify each of the Pledgees in writing of
any change (i) in its corporate or organization name, (ii) in its identity or type of organization or corporate structure, (iii) in its Federal Taxpayer Identification Number (if any) or organizational identification number (if any)
or (iv) in its jurisdiction of organization. Each Pledgor agrees not to effect or permit any change referred to in the first sentence of this paragraph (a) unless all filings have been made, or will have been made within any applicable
statutory period, under the applicable law or otherwise required in order for each of the Pledgees to continue at all times following such change to have a valid, legal and perfected security interest in all the Pledged Assets and Rights in which a
security interest may be perfected by filing, for the benefit of the Secured Parties, as first-priority security; and 
 (b) each Pledgor
agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as each of the Pledgees may from time to time reasonably request to better assure, preserve,
protect, defend and perfect the first-priority security interest and the rights and 

  
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remedies created hereby, including, without limitation, (i) any amendment or any other action required to extend the pledge created hereunder to any new obligation which shall be secured
under this Pledge Agreement, and (ii) the filing of any financing statements or other documents in connection herewith or therewith, all in accordance with the terms hereof, the Secured Documents, and any other related document. 

ARTICLE VII 
 Voting Rights;
Dividends and Interest; Etc. 
 SECTION 7.01. Unless and until an Enforcement Event has occurred and the Pledgees, as the case may
be, have given notice to the Pledgors of the Pledgees’ intention to exercise its rights hereunder: 
 (a) Each Pledgor shall be
entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of Pledged Assets and Rights or any part thereof for any purpose; provided, that, such rights and powers shall not be exercised in any manner
prohibited by the Secured Documents. 
 (b) Without prejudice to the rights of each Pledgor set forth in subparagraph (a) above,
whenever any Pledgor deems appropriate for the purposes of exercising or evidencing its voting and/or consensual rights and powers pertaining the Pledged Assets and Rights, the Pledgees shall promptly execute and deliver to each Pledgor, or cause to
be executed and delivered to such Pledgor, all such proxies, powers of attorney and other instruments as such Pledgor may reasonably request. 

(c) Each Pledgor shall be entitled to receive and retain any and all dividends, interest and other distributions paid in respect of the
Pledged Assets and Rights to the extent that the payment thereof is not prohibited by the terms of the Secured Documents; provided, that (A) any non-cash dividends, interest, or other distributions, payments or other consideration in respect
thereof, including any rights to receive the same to the extent not so distributed or paid, that would constitute Additional Quotas or Rights Related to Additional Quotas to the extent such Pledgor has the rights to receive such Additional Quotas or
Rights Related to Additional Quotas if they were declared, distributed and paid on the date of this Pledge Agreement, whether resulting from a subdivision, combination or reclassification of the outstanding Quotas of the issuer of any Additional
Quotas, received in exchange for Additional Quotas or any part thereof, or in redemption thereof, as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise or (B) any
non-cash dividends and other distributions paid or payable in respect of any Additional Quotas that would constitute Rights Related to Additional Quotas to the extent such Pledgor has the 

  
 15 

 
rights to receive such Rights Related to Additional Quotas if they were declared, distributed and paid on the date of this Pledge Agreement, in connection with a partial or total liquidation or
dissolution or in connection with a reduction of capital, capital surplus or paid in surplus, shall be and become part of the Pledged Assets and Rights, and, if received by any Pledgor, shall not be commingled by such Pledgor with any of its other
funds or property but shall be held separate and apart therefrom, shall be held in trust (depósito) for the benefit of each of the Pledgees, as the case may be, for the benefit of the Secured Parties, and shall be forthwith delivered
to the Pledgees, for the benefit of the Secured Parties, in the same form as so received (endorsed in a manner reasonably satisfactory to each of the Pledgees, as the case may be). 

SECTION 7.02. Subject to the terms of the Intercreditor Agreement, following the occurrence of an Enforcement Event and after notice by either
Pledgee to the Borrowers and/or to the Co-Issuers and/or to the Pledgors, as the case may be, of the intention to exercise its rights hereunder, all rights of any Pledgor to dividends, interest, principal or other distributions that such Pledgor is
authorized to receive pursuant to Section 7.01(c) shall cease, and all such rights shall thereupon become vested, for the benefit of the Secured Parties, in each of the Pledgees, which shall have the sole and exclusive right and authority to
receive and retain such dividends, interest, principal or other distributions. All dividends, interest, or other distributions received by any Pledgor contrary to the provisions of this Section 7.02 shall not be commingled by such Pledgor with
any of its other funds or property, but shall be held separate and apart therefrom, shall be held in trust (depósito) for the benefit of each of the Pledgees, as the case may be, and shall be forthwith delivered to the Pledgees, their
respective successors and permitted assignees, for the benefit of the Secured Parties, in the same form as so received (with any necessary endorsment). Any and all money and other property paid over to or received by the Pledgees pursuant to the
provisions of this Section 7.02 shall be subject to the provisions of the Secured Documents applicable to the proceeds of a disposition of property. After the cure or wavier of the relevant Enforcement Event and delivery of a certificate to
that effect by the Responsible Officer to the Pledgees, each Pledgee shall promptly repay to each Pledgor (without interest) all dividends, interest, principal or other distributions received by such Pledgee that such Pledgor would otherwise be
permitted to retain pursuant to the terms Section 7.01(c) and that remain in such account. 
 SECTION 7.03. Subject to the terms of the
Intercreditor Agreement, following the occurrence of an Enforcement Event and after notice by either of the Pledgees to the Borrowers and/or to the Pledgors, of the intention to exercise its rights hereunder, all rights of any Pledgor to exercise
the voting and/or consensual rights and powers it is entitled to exercise pursuant to Section 7.01(a) shall remain in force, provided that the prior written consent of the Pledgees shall be required for the approval of the following

  
 16 

 
matters by the Pledgors: (i) merger, spin off, transformation and amalgamation transactions involving the Company; (ii) dissolution of the Company; (iii) liquidation and
appointment of the liquidators of the Company, filing for bankruptcy, judicial or extra judicial reorganization; (iv) incurrence of any indebtedness by the Company, except as permitted by the Secured Documents; (v) creation of any liens
over the Pledged Assets and Rights, except as permitted by the Secured Documents. After the cure or wavier of the relevant Enforcement Event and delivery of a certificate to that effect by the Responsible Officer to the Pledgees, each Pledgor shall
have the right to exercise the voting and/or consensual rights and powers that such Pledgor would otherwise be entitled to exercise pursuant to the terms of Section 7.01(a) without requiring any prior consent of the Pledgees as provided in this
Section 7.03. 
 ARTICLE VIII 

Foreclosure and Collection 

SECTION 8.01. Subject to the terms of the Intercreditor Agreement, without prejudice to the foregoing provisions, upon sending a notice to the
Pledgors of the occurrence of an Enforcement Event, the Pledgees (as the case may be and to the extent permitted by the Secured Documents) are hereby irrevocably authorized to (i) verify under reasonable procedures the quantity, value,
condition and status of, or any other matter relating to, the Pledged Assets and Rights and (ii) dispose of, collect, receive, appropriate (to the extent that may be permitted under the laws of Brazil) and/or seize the Pledged Assets and Rights
(or part thereof), and may promptly amicably sell (pursuant to Section 8.02), assign, or otherwise dispose of and deliver the Pledged Assets and Rights, in full or in part, at the price, in the manner, and under the terms and conditions that
they deem appropriate, pursuant to the applicable law, regardless of any prior or subsequent notice to the Pledgors, with due regard to the provisions of the Secured Documents (including, but not limited to, the provisions of Articles 1,433, item
IV, and 1,435, item V, of the Brazilian Civil Code). 
 SECTION 8.02. Pursuant to the provisions of Article 1,433, item IV, of the Brazilian
Civil Code, and for the purposes of foreclosure of the liens herein constituted and collection of the amounts under the Pledged Assets and Rights, the Pledgors irrevocably appoint the Pledgees (as the case may be and to the extent permitted by the
Secured Documents) as their attorneys-in-fact, with full authority to enter into contracts of assignment or purchase and sale of the Pledged Assets and Rights, as well as to execute any and all documents related to such assignment or purchase and
sale agreements and take any and all actions which each of the Pledgees, jointly or individually (as the case may be and subject to the terms of the Intercreditor Agreement), believes are necessary to accomplish the purposes of this Pledge
Agreement, including 

  
 17 

 
but not limited to, the amicable sale of the Pledged Assets and Rights and the execution of exchange agreements for remittance of funds abroad. Under the terms of Article 684 of the Brazilian
Civil Code, the Pledgors shall maintain the appointment of the Pledgees (as the case may be and subject to the terms of the Intercreditor Agreement) as their attorneys-in-fact until such time as this Pledge Agreement is terminated pursuant to
Section 9.11, and shall abstain from taking any action that could reasonably be expected to adversely affect the fulfillment of their obligations herein or the exercise of the rights set forth in this Article VIII by the Pledgees, as the case
may be. 
 SECTION 8.03. Subject to the terms of the Intercreditor Agreement, the proceeds resulting from the collection, or sale or other
disposition, of the Pledged Assets and Rights shall be applied to the Credit Facility Secured Obligations in accordance with Section 8.04 of the Credit Agreement and applied to the Notes Secured Obligations in accordance with Section 6.10
of the Secured Notes Indenture. 
 SECTION 8.04. Subject to the terms of the Intercreditor Agreement, if the proceeds resulting from the
disposal of the Pledged Assets and Rights as set forth in this Article VIII are sufficient to pay and discharge in full all Secured Obligations (other than contingent indemnification obligations as to which no claim has been asserted), any proceeds
in excess of the then outstanding amount of the Secured Obligations shall be delivered to the respective Pledgors. 
 SECTION 8.05. If the
proceeds resulting from the disposition of a portion of the Pledged Assets and Rights are not sufficient to pay and discharge in full all Secured Obligations (other than contingent indemnification obligations as to which no claim has been asserted)
that have not yet been paid and discharged, all other Pledged Assets and Rights that may not have been disposed of shall remain pledged in favor of the Pledgees, as the case may be, and their successors and permitted assignees, for the benefit of
the Secured Parties, as the case may be, until such time as the Secured Obligations (other than contingent indemnification obligations as to which no claim has been asserted) have been finally and indefeasibly paid in full and this Pledge Agreement
has been terminated pursuant to Section 9.11. 
 SECTION 8.06. For the effectiveness of this Article, the Pledgors hereby authorize the
disposition of their Quotas or Additional Quotas to third parties. The Pledgors acknowledge and agree that any sale of any portion of the Quotas or Additional Quotas may be at prices and on terms less favorable than those that could be obtained
through a regular sale of such quotas under normal circumstances, provided that such sale is conducted in commercially reasonable terms. 

  
 18 

 SECTION 8.07. The Pledgors hereby waive any claims that could arise as a result of a lower price
being obtained at such sale for all or any portion of the Pledged Assets and Rights than the price that might have been obtained at a regular sale or as a result of such price being less than the aggregate amount due of the Secured Obligations, even
if the Pledgees, as the case may be, accept the first offer received and do not offer the Pledged Assets and Rights to more than one offeree, provided that commercially reasonable practices are observed at such sale. 

ARTICLE IX 
 Miscellaneous

 SECTION 9.01. Notices. All communications and notices hereunder shall (except as otherwise expressly permitted
herein) be in writing and given as provided in the Secured Documents, as the case may be. All communications and notices hereunder to the Pledgors shall be given to them in care of the Borrowers, with such notice to be given as provided in the
Secured Documents, as the case may be. 
 SECTION 9.02. Limitation By Law. All rights, remedies and powers provided in this
Pledge 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 Pledge 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 Pledge Agreement invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any
applicable law. 
 SECTION 9.03. Binding Effect; Several Agreement. This Pledge Agreement shall be binding upon the Parties
and their respective permitted successors and assignees, and shall inure to the benefit of the Parties and their respective permitted successors and assignees, except that no Party shall have the right to assign or transfer its rights or obligations
hereunder or any interest herein (and any such assignment or transfer shall be void) except as contemplated or permitted by this Pledge Agreement and the Credit Agreement, in the case of the Collateral Agent, and the Secured Notes Indenture, in the
case of the Notes Collateral Agent. This Pledge Agreement shall be construed as a separate agreement with respect to each Party and may be amended, modified, supplemented, waived or released with respect to any Party without the approval of any
other Party and without affecting the obligations of any other Party hereunder. 
 SECTION 9.04. Successors and Assignees.
Whenever in this Pledge Agreement any of the Parties hereto is referred to, such reference shall be deemed to include the permitted successors and assignees of such Party; and all covenants, promises and

  
 19 

 
agreements by or on behalf of the Pledgors, or the Pledgees that are contained in this Pledge Agreement shall bind and inure to the benefit of their respective permitted successors and assignees;
provided that the Pledgors shall not assign, transfer or delegate any of their rights or obligations under this Pledge Agreement without the prior written consent of the Pledgees. 

SECTION 9.05. Pledgees’ Fees and Expenses; Indemnification. (a) The Parties hereto agree that the Pledgees shall be
entitled to reimbursement of their expenses incurred hereunder as provided in their respective Secured Documents. 
 (b) With respect to
costs and expenses, Section 10.4 of the Credit Agreement and Section 7.6 of the Secured Notes Indenture shall apply and the terms thereof are incorporated herein by reference. 

SECTION 9.06. Governing Law. This Pledge Agreement and the rights and obligations of the Parties under this Pledge Agreement
shall be construed in accordance with and governed by the laws of the Federative Republic of Brazil. 
 SECTION 9.07. Waivers;
Amendments. 
 (a) No failure or delay by a Pledgee in exercising any right, power or remedy hereunder or under any of such
Pledgee’s Secured Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy, or any abandonment or discontinuance of steps to enforce such a right, power or remedy, preclude any
other or further exercise thereof or the exercise of any other right, power or remedy. The rights, powers and remedies of each Pledgee hereunder and under any of such Pledgee’s Secured Documents are cumulative and are not exclusive of any
rights, powers or remedies that they would otherwise have. No waiver of any provision of this Pledge Agreement or consent to any departure by any party under any of the Secured Documents shall in any event be effective unless the same shall be
permitted by paragraph (b) of this Section 9.07, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. 

(b) Subject to the terms of the Intercreditor Agreement, neither this Pledge Agreement nor any provision hereof may be waived, amended or
modified except pursuant to an agreement or agreements in writing entered into by the Parties. 
 SECTION 9.08. Severability.
In the event any one or more of the provisions contained in this Pledge Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained

  
 20 

 
herein and therein shall not in any way be affected or impaired thereby. The Parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 9.09. Headings. Article and Section headings used herein are for convenience of reference only, are not part of this
Pledge Agreement and are not to affect the construction of, or to be taken into consideration in interpreting this Pledge Agreement. 

SECTION 9.10. Jurisdiction. The Parties hereby elect the courts of the City of São Paulo, State of São Paulo, as
competent to judge any lawsuit or proceeding aiming at resolving any dispute or controversy arising from this Pledge Agreement, without prejudice to any other Court that may have jurisdiction over it. 

SECTION 9.11. Termination or Release. 

(a) This Pledge Agreement, the pledges made herein, the security interest and all other security interests granted hereby shall terminate
(i) solely with respect to the Credit Facility Secured Obligations, when the Aggregate Commitments have been terminated and all the Credit Facility Secured Obligations (other than (A) contingent indemnification obligations as to which no
claim has been asserted; (B) obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements; and (C) letters of credit which have been cash collateralized in accordance with the terms and conditions of
the Credit Agreement) have been paid in full in cash or immediately available funds and (ii) solely with respect to Notes Secured Obligations, when all the Notes Secured Obligations (other than contingent indemnification obligations as to which
no claim has been asserted or unliquidated obligations or liabilities not then due) have been paid in full in cash or immediately available funds. 

(b) Upon any sale or other transfer by any Pledgor of any Pledged Assets and Rights that is permitted under any of the Credit Facility
Documents to any person that is not a Loan Party (as defined in the Credit Agreement), or upon the effectiveness of any written consent to the release of the security interest granted hereby in any Pledged Assets and Rights pursuant to the Credit
Agreement, the security interest in such Pledged Assets and Rights shall be automatically released solely with respect to the Credit Facility Secured Obligations. Similarly, upon any sale or other transfer by any Pledgor of any Pledged Assets and
Rights that is permitted under any of the Secured Notes Documents to any person that is not a Co-Issuer or Secured Notes Guarantor, or upon the effectiveness of any written consent to the release of the security interest granted hereby in any
Pledged Assets and Rights pursuant to the Secured Notes Indenture, the security interest in such Pledged Assets and Rights shall be automatically released solely with respect to the Notes Secured Obligations. 

  
 21 

 IN WITNESS WHEREOF, the Parties hereto have duly executed this Pledge Agreement in 7 (seven) identical
counterparts in the presence of the two undersigned witnesses. 
 Guarulhos, September 17, 2013 

[Remainder of this page intentionally left blank] 

  
 22 

 (Signature page 1/6 of the Quota Pledge Agreement entered into by and among Brazil Coatings CO.
Participações Ltda., Axalta Coating Systems Dutch Holding 2 B.V., Barclays Bank PLC, Wilmington Trust, National Association, and as an intervening and consenting party, Axalta Coating Systems Brasil Ltda., on September 17, 2013)

  

							
	 BRAZIL COATINGS CO. PARTICIPAÇÕES LTDA.,

as Pledgor,

				
		 	By:	 		 	
			
		 		 	 /s/ Luciano Ruggieri Salmeron

		 		 	Name:	 	Luciano Ruggieri Salmeron
		 		 	Title:	 	Officer
				
		 	By:	 		 	
			
		 		 	 /s/ Luis Alexandra Yoshida

		 		 	Name:	 	Luiz Alexandre Yoshida
		 		 	Title:	 	Officer

  
 23 

 (Signature page 2/6 of the Quota Pledge Agreement entered into by and among Brazil Coatings CO.
Participações Ltda., Axalta Coating Systems Dutch Holding 2 B.V., Barclays Bank PLC, Wilmington Trust, National Association, and as an intervening and consenting party, Axalta Coating Systems Brasil Ltda., on September 17, 2013)

  

													
	 AXALTA COATING SYSTEMS DUTCH HOLDING 2 B.V.,

as Pledgor,
	 		 	
							
		 	By:	 		 		 		 		 	
						
		 		 	 /s/ Carlos Alexandre Larque Lobo de Castro e Silva
	 		 		 	
		 		 	Name:	 	Carlos Alexandre Larque Lobo de Castro e Silva	 		 		 	
		 		 	Title:	 	Attorney-in-fact	 		 		 	

  
 24 

 (Signature page 3/6 of the Quota Pledge Agreement entered into by and among Brazil Coatings CO.
Participações Ltda., Axalta Coating Systems Dutch Holding 2 B.V., Barclays Bank PLC, Wilmington Trust, National Association, and as an intervening and consenting party, Axalta Coating Systems Brasil Ltda., on September 17, 2013)

  

							
	 BARCLAYS BANK PLC,
 as
Collateral Agent,

				
		 	By:	 		 	
			
		 		 	 /s/ Rafael Arsie Contin

		 		 	Name:	 	Rafael Arsie Contin
		 		 	RG: 68.432.18-0
		 		 	OAB/SP 299.983

  
 25 

 (Signature page 4/6 of the Quota Pledge Agreement entered into by and among Brazil Coatings CO.
Participações Ltda., Axalta Coating Systems Dutch Holding 2 B.V., Barclays Bank PLC, Wilmington Trust, National Association, and as an intervening and consenting party, Axalta Coating Systems Brasil Ltda., on September 17, 2013)

  

							
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Notes Collateral Agent,

				
		 	By:	 		 	
			
		 		 	 /s/ Rafael Arsie Contin

		 		 	Name:	 	Rafael Arsie Contin
		 		 	RG: 68.432.18-0
		 		 	OAB/SP 299.983

  
 26 

 (Signature page 5/6 of the Quota Pledge Agreement entered into by and among Brazil Coatings CO.
Participações Ltda., Axalta Coating Systems Dutch Holding 2 B.V., Barclays Bank PLC, Wilmington Trust, National Association, and as an intervening and consenting party, Axalta Coating Systems Brasil Ltda., on September 17, 2013)

  

							
	 AXALTA COATING SYSTEMS BRASIL LTDA.,

as the Company

				
		 	By:	 		 	
			
		 		 	 /s/ Luciano Ruggieri Salmeron

		 		 	Name:	 	Luciano Ruggieri Salmeron
		 		 	Title:	 	Officer
				
		 	By:	 		 	
			
		 		 	 /s/ Luis Alexandra Yoshida

		 		 	Name:	 	Luiz Alexandre Yoshida
		 		 	Title:	 	Officer

  
 27 

 (Signature page 6/6 of the Quota Pledge Agreement entered into by and among Brazil Coatings CO.
Participações Ltda., Axalta Coating Systems Dutch Holding 2 B.V., Barclays Bank PLC, Wilmington Trust, National Association, and as an intervening and consenting party, Axalta Coating Systems Brasil Ltda., on September 17, 2013)

  

							
		 	Witnesses:
			
		 	1.	 	 /s/ Luciana Limeira Vieira

		 		 	Name:	 	Luciana Limeira Vieira
		 		 	CPF:	 	090.978.397-77
		 		 	ID:	 	11343914-5 IFP / RJ
			
		 	2.	 	 /s/ Silbene dos Anjos Brigido

		 		 	Name:	 	Silbene dos Anjos Brigido
		 		 	CPF:	 	811.866.737-53
		 		 	ID:	 	06706123-4 IFP / RJ

  
 28EX-10.15

 Exhibit 10.15 

SECURITY AGREEMENT 
 Dated as of
May 10, 2013 
 among 
 The
Grantors referred to herein, 
 as Grantors, 

and 
 BARCLAYS BANK PLC, 

as Collateral Agent 

 T A B L E O F C O N
T E N T S 
  

							
	Section	  	Page	 
			
	Section 1.	 	 Grant of Security
	  	 	3	  
			
	Section 2.	 	 Security for Obligations
	  	 	7	  
			
	Section 3.	 	 Grantors Remain Liable
	  	 	7	  
			
	Section 4.	 	 Delivery and Control of Security Collateral
	  	 	8	  
			
	Section 5.	 	 Maintaining Collateral Accounts, Letters of Credit
	  	 	10	  
			
	Section 6.	 	 Representations and Warranties
	  	 	10	  
			
	Section 7.	 	 Further Assurances
	  	 	14	  
			
	Section 8.	 	 As to Insurance
	  	 	14	  
			
	Section 9.	 	 Post-Closing Changes; Bailees; Collections on Assigned Agreements and Accounts
	  	 	15	  
			
	Section 10.	 	 As to Intellectual Property Collateral
	  	 	16	  
			
	Section 11.	 	 Voting Rights; Dividends; Etc.
	  	 	17	  
			
	Section 12.	 	 Collateral Agent Appointed Attorney-in-Fact
	  	 	19	  
			
	Section 13.	 	 Collateral Agent May Perform
	  	 	19	  
			
	Section 14.	 	 The Collateral Agent’s Duties
	  	 	19	  
			
	Section 15.	 	 Remedies
	  	 	20	  
			
	Section 16.	 	 Expenses
	  	 	23	  
			
	Section 17.	 	 Amendments; Waivers; Additional Grantors; Etc.
	  	 	23	  
			
	Section 18.	 	 Notices, Etc.
	  	 	24	  
			
	Section 19.	 	 Continuing Security Interest; Assignments under the Credit Agreement
	  	 	24	  
			
	Section 20.	 	 Amalgamation
	  	 	24	  
			
	Section 21.	 	 Release; Termination
	  	 	25	  
			
	Section 22.	 	 Execution in Counterparts
	  	 	25	  
			
	Section 23.	 	 The Mortgages
	  	 	26	  
			
	Section 24.	 	 Governing Law; Jurisdiction; Etc.
	  	 	26	  
			
	Section 25.	 	 Intercreditor Agreement
	  	 	27	  

 Schedules: 
  

					
	Schedule I	 	-        	 	 Names, Type of Organization, Jurisdiction of Organization, Organizational Identification Number, Tax Identification Number, Trade
Names, Locations, Predecessor Entities

	Schedule II	 	-        	 	Pledged Interests
	Schedule III	 	-        	 	Intellectual Property Collateral
	Schedule IV	 	-        	 	Letters of Credit
	Schedule V	 	-        	 	Equipment and Inventory
	Schedule VI	 	-        	 	Real Property

 Exhibits: 
  

					
	Exhibit A	 	-        	 	Form of Security Agreement Supplement
	Exhibit B	 	-        	 	Form of Intellectual Property Security Agreement
	Exhibit C	 	-        	 	Form of Intellectual Property Security Agreement Supplement

 SECURITY AGREEMENT dated as of May 10, 2013 (as amended, amended and restated, supplemented
or otherwise modified from time to time, this “Agreement”), between Axalta Coating Systems Canada Company (formerly known as DuPont Performance Coatings Canada Company), a Nova Scotia unlimited company (“Axalta”),
the Additional Grantors (as hereinafter defined) from time to time party hereto (Axalta and such Additional Grantors being, collectively, the “Grantors”), and BARCLAYS BANK PLC, (“Barclays”) as collateral agent (in
such capacity, together with any successor collateral agent appointed pursuant to the Credit Agreement referred to below, the “Collateral Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below). 

PRELIMINARY STATEMENTS 
 (1)
Flash Dutch 2 B.V. and U.S. Coatings Acquisition Inc., as Borrowers, Flash Dutch 1 B.V., as Holdings, and Coatings Co. U.S. Inc, as U.S. Holdings, have entered into that certain Credit Agreement dated as of February 1, 2013 (as it may hereafter
be amended, amended and restated, supplemented, replaced, refinanced or otherwise modified from time to time, including any increases of the principal amount outstanding thereunder, the “Credit Agreement”), with Barclays, as
Administrative Agent and Collateral Agent, and the other parties thereto. 
 (2) Pursuant to the Credit Agreement, the Grantors are entering
into this Agreement in order to grant to the Collateral Agent, for the benefit of the Secured Parties, a security interest in, and pledge and assign to the Collateral Agent, for the benefit of the Secured Parties, as continuing collateral security,
the Collateral (as hereinafter defined). 
 (3) It is a condition precedent to the making of Loans by the Lenders from time to time and the
issuance of Letters of Credit by the L/C Issuers from time to time, the entry into Secured Hedge Agreements by the Hedge Banks from time to time and the entry into Secured Cash Management Agreements by the Cash Management Banks from time to time
that the Grantors shall have guaranteed the Obligations of each other Loan Party pursuant to the Subsidiary Guaranty and granted the security interests and made the assignments and pledges contemplated by this Agreement pursuant to Section 6.16
of the Credit Agreement. 
 (4) Each Grantor will derive substantial direct and indirect benefit from the transactions contemplated by the
Loan Documents and the other Secured Documents (as defined herein). 
 (5) Terms defined in the Credit Agreement and not otherwise defined
in this Agreement are used in this Agreement as defined in the Credit Agreement. Further, unless otherwise defined in this Agreement or in the Credit Agreement, terms defined in the Personal Property Security Act (Ontario) as in effect from
time to time in the Province of Ontario (“PPSA”) shall have the meanings specified therein; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the validity, perfection or
priority of the Collateral Agent’s and the Secured Parties’ security interest in any item or portion of the 

  
 1 

 
Collateral is governed by the personal property security laws as in effect in a jurisdiction other than the Province of Ontario, the term “PPSA” shall mean the personal property
security laws as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such validity, perfection or priority and for purposes of definitions relating to such provisions. 

NOW, THEREFORE, in consideration of the premises and in order to induce the Lenders to make Loans from time to time, the L/C Issuers to issue
Letters of Credit from time to time, the Hedge Banks to enter into Secured Hedge Agreements from time to time and the Cash Management Banks to enter into Secured Cash Management Agreements from time to time, each Grantor hereby agrees with the
Collateral Agent for the benefit of the Secured Parties as follows: 
 Section 1a. Definitions. 

“Dollar” and “$” means the lawful currency of the United States. 

“Excluded Property” means, with respect to any Grantor, (a) any fee-owned real property not constituting Material Real
Property and any leased real property, (b) motor vehicles and other Goods subject to certificates of title, letters of credit (other than letters of credit that can be perfected by the filing of a PPSA financing statement) with a value not in
excess of $7,500,000 in the aggregate, (c) Goods, Intangibles, Investment Property, Instruments, Documents of Title, Chattel Paper and Money, to the extent a security interest in such assets would result in material adverse tax consequences,
(d) pledges of, and security interests in, certain Goods, Intangibles, Investment Property, Instruments, Documents of Title, Chattel Paper and Money, in favor of the Collateral Agent which are prohibited by applicable Law; provided, that
(i) any such limitation described in this clause (d) on the security interests granted hereunder shall only apply to the extent that any such prohibition could not be rendered ineffective pursuant to the PPSA or any other applicable Law or
principles of equity and shall not apply to any proceeds or receivables thereof, the assignment of which is expressly deemed effective under the PPSA notwithstanding such prohibition and (ii) in the event of the termination or elimination of
any such prohibition contained in any applicable Law, a security interest in such assets shall be automatically and simultaneously granted under the applicable Collateral Documents and shall be included as Collateral, (e) any governmental
licenses (but not the proceeds thereof) or state or local franchises, charters and authorizations, to the extent security interests in favor of the Collateral Agent in such licenses, franchises, charters or authorizations are prohibited or
restricted thereby after giving effect to the applicable anti-assignment provisions of the PPSA other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the PPSA notwithstanding such prohibition;
provided that (i) any such limitation described in this clause (e) on the security interests granted hereunder shall only apply to the extent that any such prohibition or restriction could not be rendered ineffective pursuant to the
PPSA or any other applicable Law or principles of equity and (ii) in the event of the termination or elimination of any such prohibition or restriction contained in any applicable license, franchise, charter or authorization, a security
interest in such licenses, franchises, charters or authorizations shall be automatically and simultaneously granted under the applicable Collateral Documents and shall be included as Collateral, (f) Equity Interests in any Person other than
wholly owned Restricted Subsidiaries of the Borrowers to the extent not permitted by the terms of such Person’s Organization Documents (excluding any private company restriction contained therein that may be satisfied by resolutions or consents
of the directors or shareholders of such 

  
 2 

 
Person), (g) any lease, license or other agreement or any Goods subject to a purchase money security interest or similar arrangement in each case permitted to be incurred under this
Agreement, to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or purchase money arrangement or create a right of termination in favor of any other party thereto (other than a
Grantor or their wholly owned Subsidiaries), (h) “intent-to-use” trademark applications, (i) any Accounts, Chattel Paper or Instruments sold pursuant to a Permitted Receivables Financing, and (j) Equity Interests in excess
of 65% of the voting capital stock of (A) any Controlled Foreign Subsidiary or (B) any FSHCO. Other Goods, Intangibles, Investment Property, Instruments, Documents of Title, Chattel Paper and Money shall be deemed to be “Excluded
Property” if the Administrative Agent and the Borrowers agree in writing that the cost of obtaining or perfecting a security interest in such assets is excessive in relation to the value of such assets as Collateral. Notwithstanding anything
herein or the Collateral Documents to the contrary, Excluded Property shall not include any Proceeds, substitutions or replacements of any Excluded Property (unless such Proceeds, substitutions or replacements would otherwise constitute Excluded
Property referred to above). 
 “Material Real Property” means any parcel of real property (other than a parcel with a fair
market value of less than $10,000,000) owned in fee by a Grantor and located in Canada; provided, however, that one or more parcels owned in fee by a Grantor and located adjacent to, contiguous with, or in close proximity to, and
comprising one property with a common street address, may, in the reasonable discretion of the Administrative Agent, be deemed to be one parcel for the purposes of this definition. 

“Perfection Exception” means that no Grantor shall be required to (i) enter into control agreements with respect to, or
otherwise perfect any security interest by “control” (or similar arrangements) over securities accounts and deposit accounts of such Grantor, (ii) perfect the security interest in the following other than by the filing of a PPSA
financing statement in respect of letters of credit, (iii) so long as no Event of Default shall have occurred and be continuing, send notices to account debtors or other contractual third-parties, (iv) enter into any security documents to
be governed by the law of any jurisdiction in which assets are located unless such jurisdiction is also the jurisdiction of organization of the person granting such lien or any other grantor or Canada or any province thereof, (v) take any
actions contrary to the Guaranty and Security Principles to the extent applicable to such Grantor, or (vi) deliver landlord waivers, estoppels or collateral access letters. 

Section 1. Grant of Security. As security for the payment or performance, as the case may be, in full of the Secured Obligations
(as defined below), each Grantor hereby assigns (except in the case of ULC Shares (as hereinafter defined) and pledges to the Collateral Agent, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, for the benefit of the
Secured Parties, a security interest in, such Grantor’s right, title and interest in and to the following, in each case, as to each type of property described below, whether now owned or hereafter acquired by such Grantor, wherever located, and
whether now or hereafter existing or arising (collectively, the “Collateral”): 
  

	 	(a)	all Accounts; 

  

	 	(b)	all Money and Cash Equivalents; 

  
 3 

	 	(c)	all Chattel Paper; 

  

	 	(d)	all Documents of Title; 

  

	 	(e)	all Equipment; 

  

	 	(f)	all Goods; 

  

	 	(g)	all Instruments; 

  

	 	(h)	all Intangibles; 

  

	 	(i)	all Inventory; 

  

	 	(j)	all Letters of Credit; 

  

	 	(k)	the following (the “Security Collateral”): 

 (i) all
indebtedness from time to time owed to such Grantor, including, without limitation, the indebtedness set forth opposite such Grantor’s name on and otherwise described on Schedule II (as such Schedule II may be supplemented from
time to time by supplements to this Agreement) (all such indebtedness being the “Pledged Debt”), and the instruments and promissory notes, if any, evidencing such indebtedness, and all interest, cash, instruments and other property
from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Debt; 

(ii) all Equity Interests of any Person from time to time acquired, owned or held directly by such Grantor in any manner,
including, without limitation, the Equity Interests owned or held by each Grantor set forth opposite such Grantor’s name on and otherwise described on Schedule II (as such Schedule II may be supplemented from time to time by
supplements to this Agreement) (all such Equity Interests being the “Pledged Interests”), and the certificates, if any, representing such shares or units or other Equity Interests, and all dividends, distributions, return of
capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares or other Equity Interests and all warrants, rights or options issued thereon or
with respect thereto; provided that such Grantor shall not be required to pledge, and the terms “Pledged Interests” and “Security Collateral” used in this Agreement shall not include, any voting Equity
Interests that constitutes Excluded Property; and 
 (iii) all Investment Property and all Financial Assets, and all
dividends, distributions, return of capital, interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange therefor and all warrants, rights or options issued thereon or
with respect thereto; 

  
 4 

 (l) all contracts and agreements between any Grantor and one or more additional
parties (including, without limitation, any Swap Contracts, licensing agreements and any partnership agreements, joint venture agreements, limited liability company agreements) and the IP Agreements (as hereinafter defined), in each case as such
agreements may be amended, amended and restated, supplemented or otherwise modified from time to time (collectively, the “Assigned Agreements”), including, without limitation, all rights of such Grantor to receive money due and to
become due under or pursuant to the Assigned Agreements (all such Collateral being the “Agreement Collateral”); 

(m) the following (collectively, excluding clauses (viii) and (ix) below, the “Intellectual Property
Collateral”): 
 (i) all patents, patent applications, utility models, statutory invention registrations and all
inventions claimed or disclosed therein and all improvements thereto (“Patents”); 
 (ii) all trade-marks,
trade-mark applications, service marks, domain names, trade dress, logos, designs, slogans, trade names, business names, corporate names and other source identifiers, whether registered or unregistered (provided that no security interest shall be
granted in United States intent-to-use trademark applications to the extent that, and so long as, creation of a security interest therein or the assignment thereof would result in the loss of any material rights therein), together, in each case,
with the goodwill symbolized thereby (“Trade-marks”); 
 (iii) all copyrights, including, without
limitation, copyrights in Computer Software (as hereinafter defined), internet web sites and the content thereof, whether registered or unregistered (“Copyrights”); 

(iv) all computer software, programs and databases (including, without limitation, source code, object code and all related
applications and data files), firmware and documentation and materials relating thereto, and any substitutions, replacements, improvements, error corrections, updates and new versions of any of the foregoing (“Computer Software”);

 (v) all confidential and proprietary information, including, without limitation, know-how, trade secrets, manufacturing
and production processes and techniques, inventions, research and development information, databases and data, including, without limitation, technical data, financial, marketing and business data, pricing and cost information, business and
marketing plans and customer and supplier lists and information, and all other intellectual, industrial and intangible property of any type, including, without limitation, mask works; 

(vi) all industrial designs and intangibles of like nature and all reissues, confirmations, divisions, continuations-in-part,
renewals or extensions thereof, whether registered or unregistered (collectively, “Industrial Designs”); 

  
 5 

 (vii) all registrations and applications for registration for any of the
foregoing, including, without limitation, those registrations, recordings and pending applications for registration at the U.S. Patent and Trademark Office (the “USPTO”) or the U.S. Copyright Office (the “USCO”) and
the Canadian Intellectual Property Office (the “CIPO”) or any similar offices in any other country set forth in Schedule III hereto (as such Schedule III may be supplemented from time to time by supplements to this
Agreement, each such supplement being substantially in the form of Exhibit C hereto (an “IP Security Agreement Supplement”) executed by such Grantor to the Collateral Agent from time to time), together with all reissues, divisions,
continuations, continuations-in-part, extensions, renewals and reexaminations thereof; 
 (viii) all rights in the foregoing
provided by international treaties or conventions, all rights corresponding thereto throughout the world and all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto; 

(ix) all agreements, permits, consents, orders and franchises relating to the license, development, use or disclosure of any of
the foregoing to which such Grantor, now or hereafter, is a party or a beneficiary (“IP Agreements”); and 

(x) any and all claims for damages and injunctive relief for past, present and future infringement, dilution, misappropriation,
violation, misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise recover, such damages; 

(n) all books and records (including, without limitation, customer lists, credit files, printouts and other computer output
materials and records) of such Grantor pertaining to any of the Collateral; 
 (o) all other tangible and intangible personal
property of whatever nature whether or not covered by the PPSA; and 
 (p) all proceeds of, collateral for, income, royalties
and other payments now or hereafter due and payable with respect or relating to any and all of the Collateral (including, without limitation, proceeds and collateral that constitute property of the types described in clauses (a) through
(o) of this Section 1), and, to the extent not otherwise included, all payments under insurance covering any Collateral (whether or not the Collateral Agent is the loss payee thereof), or any indemnity, warranty or guaranty, payable
by reason of loss or damage to or otherwise with respect to any of the foregoing Collateral; 
 provided that notwithstanding anything to the
contrary contained in the foregoing clauses (a) through (p), the security interest created by this Agreement shall not extend to, and the terms “Collateral,” “Security Collateral,” “Agreement
Collateral,” “Intellectual Property Collateral” and other terms defining the components of the Collateral in the foregoing clauses (a) through (p) shall not include Excluded Property; 

  
 6 

 provided, further, that notwithstanding anything to the contrary contained in the foregoing clauses
(a) through (p), no Grantor shall be required to (x) take any action or enter into any agreement in contravention of the Perfection Exceptions (determined, solely for the purposes of this Agreement, as if each Grantor was a Domestic Loan
Party and reading clause (ii) thereof as if “PPSA” replaced “UCC” and excluding clause (iv) thereof) or (y) make any filing with respect to any Intellectual Property Collateral other than filing a financing
statement under applicable personal property security laws and filings at the USPTO or USCO and any other U.S. federal governmental authorities and at the CIPO (or such other filings as agreed to by the Dutch Borrower and the Collateral Agent); 

provided, further, that solely for the purposes of this Agreement, the Collateral shall not include any Equity Interests and the certificates,
if any, representing such Equity Interests of any Subsidiary held by a Grantor that is organized under the laws of any jurisdiction other than the United States of America, any state thereof and the District of Columbia to the extent and for so long
as such Equity Interests are subject to a valid and perfected (or the foreign equivalent) security interest under another Collateral Document; and 

provided, further, that the grant of security hereunder in Trade-marks shall be limited to a grant of a security interest therein (and, for
clarification, shall not include any “assignment” or “pledge” thereof). 
 Section 2. Security for
Obligations. This Agreement secures, in the case of each Grantor, the payment of all Obligations of such Grantor now or hereafter existing under the Loan Documents, any Secured Cash Management Agreement or any Secured Hedge Agreement (the Loan
Documents, Secured Cash Management Agreements and Secured Hedge Agreements, collectively, the “Secured Documents”) (as such Secured Documents may be amended, amended and restated, supplemented, replaced, refinanced or otherwise
modified from time to time (including any increases of the principal amount outstanding thereunder)), whether direct or indirect, absolute or contingent, and whether for principal, reimbursement obligations, interest, fees, premiums, penalties,
indemnifications, contract causes of action, costs, expenses or otherwise (all such Obligations being the “Secured Obligations”). Without limiting the generality of the foregoing, this Agreement secures, as to each Grantor, the
payment of all amounts that constitute part of the Secured Obligations that would be owed by such Grantor to any Secured Party under the Secured Documents but for the fact that they are unenforceable or not allowable due to the existence of a
bankruptcy, reorganization or similar proceeding involving a Loan Party. 
 Each Grantor hereby acknowledges that (1) value has been
given, (2) it has rights in the Collateral (other than after acquired Collateral) in which it grants the security interest, and makes the assignment and pledge, in each case, hereunder, (3) it has not agreed to postpone the time of
attachment of the security interest granted, or the assignment or pledge made, hereunder, and (4) it has received a copy of this Agreement. 

Section 3. Grantors Remain Liable. Anything herein to the contrary notwithstanding, (a) each Grantor shall remain liable
under its contracts and agreements included in the Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the

  
 7 

 
Collateral Agent of any of the rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral and (c) no
Secured Party shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement or any other Secured Document, nor shall any Secured Party be obligated to perform any of the obligations
or duties of any Grantor hereunder or thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 

Section 4. Delivery and Control of Security Collateral. (a) All certificates, if any, representing or evidencing the Pledged
Interests (other than Equity Interests of non-wholly owned Subsidiaries with a fair market value of less than $7,500,000) and all instruments representing or evidencing the Pledged Debt in an aggregate principal amount in excess of $7,500,000 (other
than any short-term intercompany current liabilities incurred in the ordinary course of business and consistent with past practice in connection with the cash management operations of the Dutch Borrower and its Restricted Subsidiaries) shall be
promptly delivered to and held by or on behalf of the Collateral Agent pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and
substance reasonably satisfactory to the Collateral Agent. During the continuation of an Event of Default, the Collateral Agent shall have the right, at any time in its discretion and without notice to any Grantor, unless such Security Collateral is
ULC Shares, in which case prior notice to the applicable Grantor shall be required, to (i) transfer to or to register in the name of the Collateral Agent or any of its nominees any or all of the Security Collateral, subject only to the
revocable rights specified in Section 11(a), (ii) exchange certificates or instruments representing or evidencing Security Collateral for certificates or instruments of smaller or larger denominations and (iii) convert Security
Collateral consisting of Financial Assets credited to any Securities Account to Security Collateral consisting of Financial Assets held directly by the Collateral Agent, and to convert Security Collateral consisting of Financial Assets held directly
by the Collateral Agent to Security Collateral consisting of Financial Assets credited to any Securities Account. 
 (b) Promptly upon the
request of the Collateral Agent, with respect to any Security Collateral (other than Equity Interests of non-wholly owned Subsidiaries with a fair market value of less than $7,500,000) in which any Grantor has any right, title or interest and that
constitutes an uncertificated security of a Subsidiary, such Grantor will cause the issuer thereof either (i) to register the Collateral Agent as the registered owner of such security or (ii) to agree in an authenticated record with such
Grantor and the Collateral Agent that such issuer will comply with instructions with respect to such security originated by the Collateral Agent without further consent of such Grantor, such authenticated record to be in form and substance
reasonably satisfactory to the Collateral Agent. During the continuation of an Event of Default, with respect to any Security Collateral in which any Grantor has any right, title or interest and that is not an uncertificated security, promptly upon
the request of the Collateral Agent, such Grantor will notify each issuer of Pledged Interests that such Pledged Interests are subject to the security interests granted hereunder. 

(c) Each Grantor agrees that (i) to the extent each interest in any limited liability company or limited partnership controlled now or in
the future by such Grantor and pledged hereunder is a “security” within the meaning of the PPSA and is governed by the PPSA, 

  
 8 

 
such interest shall be certificated and (ii) each such interest shall at all times hereafter continue to be such a security and represented by such certificate. Each Grantor further
acknowledges and agrees that with respect to any interest in any limited liability company or limited partnership controlled now or in the future by such Grantor and pledged hereunder that is not a “security” within the meaning of the
PPSA, such Grantor shall at no time elect to treat any such interest as a “security” within the meaning of the PPSA, nor shall such interest be represented by a certificate, unless such Grantor provides written notification to the
Collateral Agent of such election and such interest is thereafter represented by a certificate that is promptly delivered to the Collateral Agent pursuant to the terms hereof. 

(d) During the continuation of an Event of Default, promptly upon the request of the Collateral Agent, such Grantor will notify each issuer of
Pledged Debt that such Pledged Debt is subject to the security interests granted hereunder. 
 (e) Each Grantor acknowledges that certain of
the Collateral may now or in the future consist of shares or other equity interests in the capital stock of an unlimited company or an unlimited liability company (“ULC Shares”), and that it is the intention of the Collateral Agent
and each Grantor that neither the Collateral Agent nor any other Secured Party should under any circumstances prior to realization thereon be held to be a “member” or a “shareholder”, as applicable, of an unlimited company or an
unlimited liability company (“ULC”) for the purposes of the Companies Act (Nova Scotia), the Business Corporations Act (Alberta), the Business Corporations Act (British Columbia), and any other present or future
laws governing ULCs (“ULC Laws”). Therefore, notwithstanding any provisions to the contrary contained in this Agreement, the Credit Agreement or any other Loan Document, where any Grantor is the registered owner of ULC Shares which
are Collateral, such Grantor will remain the sole registered owner of such ULC Shares until such time as such ULC Shares are effectively transferred into the name of the Collateral Agent, any other Secured Party, or any other Person on the books and
records of the applicable ULC. Accordingly, after an Event of Default which shall be continuing, and subject to the terms of the Credit Agreement, such Grantor shall be entitled to receive and retain for its own account any dividend on or other
distribution, if any, in respect of such ULC Shares (except for any dividend or distribution comprised of certificated Pledged Interests, which shall be delivered to the Collateral Agent to hold hereunder) and shall have the right to vote such ULC
Shares and to control the direction, management and policies of the applicable ULC to the same extent as such Grantor would if such ULC Shares were not pledged to the Collateral Agent pursuant hereto. Nothing in this Agreement, the Credit Agreement
or any other Loan Document is intended to, and nothing in this Agreement, the Credit Agreement or any other Loan Document shall, constitute the Collateral Agent, any other Secured Party, or any other Person other than the Grantor, a member or
shareholder (whether listed or unlisted, registered or beneficial), of a ULC for the purposes of any ULC Laws until such time as notice is given to such Grantor and further steps are taken pursuant hereto or thereto so as to register the Collateral
Agent, any other Secured Party, or such other Person, as specified in such notice, as the holder of the ULC Shares. To the extent any provision hereof would have the effect of constituting the Collateral Agent or any other Secured Party as a member
or a shareholder, as applicable, of any ULC prior to such time, such provision shall be severed herefrom and shall be ineffective with respect to ULC Shares which are Collateral without otherwise invalidating or rendering unenforceable this
Agreement or invalidating or rendering unenforceable such provision insofar as it relates to Collateral which is not ULC Shares. Except 

  
 9 

 
upon the exercise of rights of the Collateral Agent to sell, transfer or otherwise dispose of ULC Shares in accordance with this Agreement, the Grantor shall not cause or permit, or enable an
issuer of Pledged Interests that is a ULC to cause or permit, the Collateral Agent or any other Secured Party to: (a) be registered as a shareholder or member of such issuer; (b) have any notation entered in their favour in the share
register of such issuer; (c) be held out as shareholders or members of such issuer; (d) receive, directly or indirectly, any dividends, property or other distributions from such issuer by reason of the Collateral Agent holding the security
interests in the ULC Shares; or (e) act as a shareholder of such issuer, or exercise any rights of a shareholder including the right to attend a meeting of shareholders of such issuer or to vote its ULC Shares. Where the provisions of the
Credit Agreement, the other Loan Documents or the other Secured Documents are inconsistent or contrary to the provisions of this Section 4(e) of this Agreement, the provisions of this Section 4(e) shall govern and apply and such provisions
of such Credit Agreement, such other Loan Documents, and such other Secured Documents shall not apply. 
 Section 5. Maintaining
Collateral Accounts; Letters of Credit. So long as any Secured Obligation of any Loan Party shall remain unpaid (other than contingent indemnification obligations as to which no claim has been asserted and obligations and liabilities under
Secured Cash Management Agreements and Secured Hedge Agreements as to which arrangements satisfactory to the applicable Cash Management Bank or Hedge Bank shall have been made) or any Letter of Credit shall be outstanding (other than Letters of
Credit which have been Cash Collateralized): 
 (a) with respect to any Accounts containing Cash Collateral, each Grantor
will maintain such Accounts only with the Administrative Agent or the Collateral Agent or with another commercial bank reasonably acceptable to the Collateral Agent that has agreed with such Grantor and the Collateral Agent to comply with
instructions originated by the Collateral Agent directing the disposition of funds in such accounts without the further consent of such Grantor, such agreement to be in form and substance reasonably satisfactory to the Collateral Agent; and 

(b) each Grantor, by granting a security interest in Letters of Credit with a stated amount in excess of $7,500,000 to the
Collateral Agent, intends to (and hereby does) collaterally assign to the Collateral Agent its rights (including its contingent rights) to the proceeds of all Letters of Credit of which it is or hereafter becomes a beneficiary or assignee. 

Section 6. Representations and Warranties. Each Grantor represents and warrants as follows (it being understood that none of the
foregoing applies to the Excluded Property): 
 (a) as of the date hereof, (i) such Grantor’s exact legal name (as
such name appears in its certificate, articles, or memorandum of incorporation or association, operating agreement, agreement of partnership, or other similar instrument of organization, and including any French form of such name), type of entity,
jurisdiction of organization or incorporation, organizational identification number (if any) and taxpayer identification number (if any), is correctly set forth in Schedule I hereto (as such Schedule I may be supplemented from time to
time by supplements to this Agreement), 

  
 10 

 
(ii) such Grantor has its chief executive office at the address set forth in Schedule I hereto, (iii) such Grantor’s places of business, if different from the location specified
in (a)(ii), are located at the addresses set forth in Schedule I hereto, (iv) such Grantor maintains any books or records relating to any Collateral, if different from the location(s) specified in (a)(ii) and (a)(iii), at the addresses
set forth in Schedule I hereto, (v) such Grantor maintains any tangible property at the address or addresses set forth in Schedule I hereto, along with an indication as to whether each such location is owned, or leased or
subleased, (vi) the jurisdiction(s) in which the place of business was located, if different from the jurisdiction(s) of the locations specified in (a)(ii) and (a)(iii), or, if more than one, the location of the chief executive office, for each
predecessor business, or organization which amalgamated with such Grantor or to which such Grantor became the successor by merger, consolidation, acquisition, change in form, nature or jurisdiction of organization or otherwise
(“Predecessor”), is set forth in Schedule I hereto, and (vii) such Grantor has no trade names other than as listed on Schedule I hereto and, within the 5 years preceding the Closing Date, has not changed its name,
location, chief executive office, type of organization, jurisdiction of organization or incorporation, organizational identification number or taxpayer identification number (if any) from those set forth in Schedule I hereto; 

(b) all of the Equipment and Inventory of such Grantor, in each case, with value (together with the value of all Equipment and
Inventory of all other Grantors located at the same place) in excess of $7,500,000 are located at the places specified therefor in Schedule 5.08(b) to the Credit Agreement and on Schedule VI hereto with respect to owned real property,
and on Schedule I hereto with respect to all other places where any such Equipment and Inventory is located, as of the Closing Date and as of the date each such schedule is required to be updated pursuant to the terms of the Credit Agreement.
All Pledged Interests consisting of certificated securities (other than Equity Interests of non-wholly owned Subsidiaries with a fair market value of less than $7,500,000) and all Pledged Debt consisting of instruments in an aggregate principal
amount in excess of $7,500,000 have been delivered to the Collateral Agent in accordance herewith and with the Credit Agreement; 

(c) such Grantor is the legal and beneficial owner of the Collateral granted or purported to be granted by it free and clear of
any Lien, claim, option or right of others, except for the security interest created, and assignment and pledge made, under this Agreement, and Liens permitted under Section 7.01 of the Credit Agreement; 

(d) the Pledged Interests pledged by such Grantor on the date hereof (after giving effect to the Transactions) constitute the
percentage of the issued and outstanding Equity Interests of the issuers thereof indicated on Schedule II hereto, which schedule correctly represents as of the date hereof (i) the issuer, the issuer’s jurisdiction of formation, the
certificate number, if any, of the Grantor and the record owner, the number and class and the percentage of the issued and outstanding Equity Interests of such class of all Pledged Interests, (ii) no amount payable under or in connection with
any of the Pledged Debt in an aggregate principal amount in excess of $7,500,000 on the date hereof, and assignments of property and liability insurance in an amount in excess of $7,500,000 constituting collateral, is evidenced by an instrument or
tangible Chattel 

  
 11 

 
Paper other than such instruments and tangible Chattel Paper as indicated on Schedule II, which Schedule correctly represents the issuers thereof, the issuers’ jurisdiction, the
initial principal amount, the Grantor and holder, date of issuance and maturity date of all Pledged Debt, and (iii) as of the Closing Date, the Pledged Interests pledged by such Grantor hereunder have been validly issued and, in the case of
Pledged Interests issued by a corporation, are fully paid and non-assessable (to the extent such concepts are applicable in the relevant jurisdiction and subject to the assessability of shares of a Nova Scotia unlimited company under the
Companies Act (Nova Scotia)); 
 (e) such Grantor has full power, authority and legal right to assign and pledge all
the Collateral pledged and assigned by such Grantor pursuant to this Agreement and upon the filing of appropriate financing statements under the PPSA, and the recordation of the Intellectual Property Security Agreement with the USPTO, the USCO, and
the CIPO and the taking of possession or control by the Collateral Agent of such Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to the Collateral Agent
to the extent required by this Agreement) and taking the actions described in Section 8 hereof with respect to the insurance policies described therein, all actions necessary to perfect the security interest, so far as perfection is possible
under relevant law, in the Collateral of such Grantor created under this Agreement with respect to which a Lien may be perfected by filing or possession or control pursuant to the PPSA, and all actions necessary to validly assign the insurance
policies described in Section 8 hereof, shall have been duly made or taken and are in full force and effect, and this Agreement creates in favor of the Collateral Agent for the benefit of the Secured Parties a valid, enforceable and, together
with such filings and other actions, perfected, so far as perfection is possible under relevant law, first priority security interest and assignment in such Collateral of such Grantor and assignments of property and liability insurance constituting
Collateral (subject to the Perfection Exceptions and Liens permitted by Section 7.01 of the Credit Agreement), securing the payment of the Secured Obligations; 

(f) except with respect to Holdings and as could not reasonably be expected to have a Material Adverse Effect: 

(i) to the knowledge of any Grantor, the conduct of the business of such Grantor as currently conducted does not infringe upon,
misappropriate, dilute, misuse or otherwise violate the intellectual property rights of any third party; 
 (ii) such Grantor
is the legal and beneficial owner of all of the Intellectual Property Collateral set forth on Schedule III, free and clear of any Liens, except for any security interest created under this Agreement and any Liens permitted pursuant to
Section 7.01 of the Credit Agreement; 
 (iii) as of the date hereof, the Intellectual Property Collateral set forth on
Schedule III hereto includes (A) all intellectual property owned or applied for by such Grantor and registered or applied for with the CIPO (hereinafter “Registered Intellectual Property Collateral”), as well as the
jurisdiction of 

  
 12 

 
registration, type of intellectual property, name of registered owner, and registration or application number and (B) all domain names owned by any Grantor; 

(iv) the Registered Intellectual Property Collateral is subsisting and none of the Intellectual Property Collateral has been
adjudged invalid or unenforceable in whole or part, and to such Grantor’s knowledge, is valid and enforceable; and such Grantor is not aware of any uses of any item of Intellectual Property Collateral that could be expected to lead to such item
becoming invalid or unenforceable; 
 (v) [reserved]; 

(vi) no claim, action, suit, investigation, litigation or proceeding has been asserted or is pending or, to the knowledge of
such Grantor, is threatened in writing against such Grantor (i) based upon or challenging or seeking to deny or restrict the Grantor’s rights in or use of any of the Intellectual Property Collateral, (ii) alleging that the services
provided by, processes used by, or products manufactured or sold by, such Grantor infringe, misappropriate, dilute, misuse or otherwise violate any patent, trade-mark, copyright, industrial design or any other intellectual property right of any
third party or (iii) alleging that the Intellectual Property Collateral is being licensed or sublicensed in violation or contravention of the terms of any license; and, to the knowledge of any Grantor, no Person is engaging in any activity that
infringes, misappropriates, dilutes, misuses or otherwise violates the Intellectual Property Collateral or the Grantor’s rights in or use thereof; 

(vii) with respect to each material IP Agreement: to the knowledge of any Grantor, such Grantor is not in material default
under or in material breach of any material IP Agreements (other than agreements between or among any of the Grantors and their Subsidiaries), and, to the knowledge of any Grantor, no event has occurred that with or without notice of lapse of time
or both would constitute such a material breach or material default thereunder; 
 (viii) to the knowledge of any such
Grantor, no Grantor or Intellectual Property Collateral is subject to any outstanding decree, order, injunction, judgment or ruling issued or decreed since January 1, 2010 restricting the use of any Intellectual Property Collateral or that
would impair the validity or enforceability of such Intellectual Property Collateral; 
 (g) such Grantor is not the
beneficiary of any Letter of Credit with an individual stated amount in excess of $7,500,000 other than those listed in Schedule IV; and 

(h) such Grantor owns no Material Real Property other than as listed in Schedule VI, which Schedule sets out the street
address, city or town or other relevant jurisdiction, province or territory, and record owner. 

  
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 Section 7. Further Assurances. (a) Each Grantor agrees that from time to time,
at the expense of such Grantor, such Grantor will promptly execute and deliver, or otherwise authenticate, all further instruments and documents, and take all further action, that may be necessary or that the Collateral Agent may reasonably request,
in order to grant, preserve, perfect and/or protect any pledge, assignment, or security interest granted or purported to be granted by such Grantor hereunder or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder
with respect to any Collateral of such Grantor, subject in each case to the Perfection Exceptions. Without limiting the generality of the foregoing, each Grantor will, upon the Collateral Agent’s reasonable request, promptly with respect
to Collateral of such Grantor: (i) if any such Collateral with a value in excess of $7,500,000 shall be evidenced by a promissory note or other instrument or Chattel Paper, deliver and pledge to the Collateral Agent hereunder such note or
instrument or Chattel Paper duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance reasonably satisfactory to the Collateral Agent; (ii) execute or authenticate and file such financing
statements, or financing change statements, and such other instruments or notices, as may be reasonably necessary, or as the Collateral Agent may reasonably request, in order to perfect and preserve the perfected security interest granted or
purported to be granted by such Grantor hereunder; (iii) deliver and pledge to the Collateral Agent for the benefit of the Secured Parties certificates representing Security Collateral that constitutes certificated securities, accompanied by
undated stock or bond powers executed in blank (to the extent required to be pledged pursuant to the Credit Agreement or this Agreement); and (iv) deliver to the Collateral Agent evidence that all other action (subject to the Perfection
Exceptions) that the Collateral Agent may deem reasonably necessary or desirable in order to grant, preserve, perfect and protect the security interest, assignment and pledge granted or made or purported to be granted or made by such Grantor under
this Agreement has been taken. 
 (b) Each Grantor hereby authorizes the Collateral Agent to file one or more financing statements and
financing change statements, including, without limitation, one or more financing statements indicating that such financing statements cover all assets or all personal property (or words of similar effect), whether now owned or hereafter acquired,
of such Grantor, in each case without the signature of such Grantor, and regardless of whether any particular asset described in such financing statements falls within the scope of the PPSA or the granting clause of this Agreement. Each Grantor
ratifies its authorization for the Collateral Agent to have filed such financing statements and financing change statements filed prior to the date hereof. 

(c) Without limiting the other provisions of this Agreement, at the time of delivery of quarterly financial statements (if requested by the
Collateral Agent) or annual financial statements with respect to the preceding fiscal quarter or year pursuant to Section 6.01(a) and (b) of the Credit Agreement, the Grantors shall update Schedules I through VI of this Agreement with any
changes since the Closing Date or the delivery of the previous quarterly or annual financial statements, as applicable, or confirm that there have been no such changes during such period. 

Section 8. As to Insurance. Each general liability (other than director and officer policies) and property insurance policy of
each Grantor shall name the Collateral Agent as loss payee and additional insured thereunder, in each case in a manner reasonably satisfactory to the Collateral Agent, and shall in addition, unless otherwise agreed by the Collateral Agent in its

  
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sole discretion, (i) provide for all losses to be paid on behalf of the Collateral Agent and such Grantor as their interests may appear, (ii) name such Grantor and the Collateral Agent
as insured parties thereunder (without any representation or warranty by or obligation upon the Collateral Agent) as their interests may appear, (iii) provide that there shall be no recourse against the Collateral Agent for payment of premiums
or other amounts with respect thereto and (iv) provide that at least 10 days’ prior written notice of cancellation or of lapse shall be given to the Collateral Agent by the insurer. 

Section 9. Post-Closing Changes; Bailees; Collections on Assigned Agreements and Accounts. (a) No Grantor will change its
name, type of organization, jurisdiction of organization or incorporation, organizational identification number (if any), taxpayer identification number (if any), location of its chief executive office or registered or head office outside the
jurisdiction of such office disclosed in Schedule I, governing law of its partnership agreement if it is a partnership, other than a general partnership, the governing law of the trust instrument governing the trust or, if the immediately foregoing
does not apply, the jurisdiction in which the administration of the trust by the trustees is principally carried out, if the Grantor is one or more trustees acting for a trust, any office in which it maintains books or records relating to Collateral
owned by it (including the establishment of any such new office), corporate structure, or the location of any tangible Collateral (including the establishment of any such new location) outside the jurisdiction (i.e. province or territory) of such
office disclosed in Schedule I, from those referred to in Section 6(a) of this Agreement without first giving at least 3 days’ (or such lesser period of time as the Collateral Agent may agree) prior written notice (or subsequent
written notice if the Collateral Agent agrees in its reasonable discretion) to the Collateral Agent and taking all action required by the Collateral Agent for the purpose of maintaining the perfection and priority of the security interest created by
this Agreement. 
 (b) During the continuation of an Event of Default, if Collateral of any Grantor with an aggregate value in excess of
$7,500,000 is at any time in the possession or control of a warehouseman, bailee or agent, upon the request of the Collateral Agent such Grantor will (i) notify such warehouseman, bailee or agent of the security interest created hereunder and
(ii) instruct such warehouseman, bailee or agent to hold all such Collateral solely for the Collateral Agent’s account subject only to the Collateral Agent’s instructions. 

(c) Except as otherwise provided in this Section 9(c), each Grantor will continue to collect, at its own expense, all amounts due
or to become due such Grantor under the Accounts. In connection with such collections, such Grantor may take (and, at the Collateral Agent’s direction during the continuation of an Event of Default, shall take) such commercially reasonable
action as such Grantor (or the Collateral Agent) may deem necessary or advisable to enforce collection thereof; provided, however, that the Collateral Agent shall have the right at any time upon the occurrence and during the continuance of an
Event of Default, and upon written notice to such Grantor of its intention to do so, to notify the Debtors under any Accounts of the assignment of such Accounts to the Collateral Agent and to direct such Debtors to make payment of all amounts due or
to become due to such Grantor thereunder directly to the Collateral Agent and, upon such notification and at the expense of such Grantor, to enforce collection of any such Accounts, to adjust, settle or compromise the amount or payment thereof, in
the same manner and to the same extent as such Grantor might have done, and to otherwise exercise all rights with respect to such Accounts, including, without limitation, those set forth in 

  
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the PPSA. After receipt by any Grantor of the notice from the Collateral Agent referred to in the proviso to the preceding sentence, (i) all amounts and proceeds (including, without
limitation, instruments) received by such Grantor in respect of the Accounts of such Grantor shall be received in trust for the benefit of the Collateral Agent hereunder, shall be segregated from other funds of such Grantor and shall be either
(A) released to such Grantor to the extent permitted under the terms of the Credit Agreement so long as no Event of Default shall have occurred and be continuing or (B) if any Event of Default shall have occurred and be continuing, applied
as provided in Section 8.04 of the Credit Agreement and (ii) except with the consent of the Collateral Agent, such Grantor will not adjust, settle or compromise the amount or payment of any Account, release wholly or partly any Debtor
thereof, or allow any credit or discount thereon. No Grantor will permit or consent to the subordination of its right to payment under any of the Accounts to any other indebtedness or obligations of the Debtor thereof. 

Section 10. As to Intellectual Property Collateral. (a) With respect to each item of its Intellectual Property Collateral
registered with, issued by, or applied for with the CIPO, each Grantor agrees to take, at its expense, all commercially reasonable steps, including, without limitation, in the CIPO and any other Canadian federal governmental authority, to
(i) maintain the validity and enforceability of such Intellectual Property Collateral and maintain such Intellectual Property Collateral in full force and effect, and (ii) pursue the registration and maintenance of each patent, industrial
design, Trade-mark, or copyright registration or application, now or hereafter included in such Intellectual Property Collateral of such Grantor, including, without limitation, the payment of required fees and taxes, the filing of responses to
office actions issued by the CIPO or other Canadian federal governmental authorities, the filing of applications for renewal or extension, the filing of affidavits, the filing of divisional, continuation, continuation-in-part, reissue and renewal
applications or extensions, the payment of maintenance fees and the participation in interference, reexamination, opposition, cancellation, infringement and misappropriation proceedings, except, in each case, to the extent failure to do so could not
reasonably be expected to cause a Material Adverse Effect. 
 (b) Except as could not reasonably be expected to have a Material Adverse
Effect, each Grantor shall use proper statutory notice in connection with its use of Intellectual Property Collateral registered with, issued by, or applied for with the CIPO that is material to the business of each Grantor and its Restricted
Subsidiaries. Except as could not be reasonably expected to have a Material Adverse Effect, no Grantor shall do or permit any act or knowingly omit to do any act whereby any of its Intellectual Property Collateral registered with, issued by, or
applied for with the CIPO may lapse or become invalid or unenforceable or placed in the public domain. 
 (c) Except where failure to do so
could not reasonably be expected to cause a Material Adverse Effect, each Grantor shall take all commercially reasonable steps which it or the Collateral Agent (during the continuation of an Event of Default) deems reasonable and appropriate under
the circumstances to preserve and protect each item of its Intellectual Property Collateral registered with, issued by, or applied for with the CIPO, including, without limitation, maintaining the quality of any and all products or services used or
provided in connection with any of the Trade-marks, consistent with the quality of the products and services as of the date hereof, and taking all steps necessary to ensure that all licensed users of any of the Trade-marks use such consistent
standards of quality. 

  
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 (d) Notwithstanding the foregoing, each Grantor may refrain from taking, or shall be permitted to
take, as the case may be, any actions otherwise prohibited or required by the foregoing Section 10 clauses (a) to (c) with respect to Intellectual Property Collateral which it determines in its good faith commercially reasonable
business judgment not to be useful to its business or worth protecting or maintaining (including without limitation by abandoning, failing to defend or maintain or causing any such Intellectual Property Collateral to become unenforceable, abandoned,
invalidated or publicly available). 
 (e) With respect to its Intellectual Property Collateral registered with, issued by, or applied for
with the USPTO or USCO and the CIPO, each Grantor agrees to execute or otherwise authenticate an agreement, in substantially the form set forth in Exhibit B hereto or otherwise in form and substance satisfactory to the Collateral Agent (an
“Intellectual Property Security Agreement”), for recording the security interest granted hereunder to the Collateral Agent in such Intellectual Property Collateral with the CIPO and any other Canadian federal governmental
authorities necessary to perfect or protect in Canada the security interest granted hereunder in such Intellectual Property Collateral. 

(f) Without limiting Section 1, each Grantor agrees that should it obtain an ownership interest in any item of the type set forth in
Section 1(m) that is not, as of the date hereof, a part of the Intellectual Property Collateral (“After-Acquired Intellectual Property”) (i) the provisions of this Agreement shall automatically apply thereto, and
(ii) any such After-Acquired Intellectual Property and, in the case of Trade-marks, the goodwill symbolized thereby, shall automatically become part of the Intellectual Property Collateral subject to the terms and conditions of this Agreement
with respect thereto. Each Grantor shall, as required pursuant to Section 6.12 of the Credit Agreement, execute and deliver to the Collateral Agent, or otherwise authenticate, an agreement substantially in the form of Exhibit C hereto or
otherwise in form and substance satisfactory to the Collateral Agent (an “IP Security Agreement Supplement”) covering such After-Acquired Intellectual Property, which IP Security Agreement Supplement shall be recorded with the CIPO.

 (g) At such time as the Collateral Agent is lawfully entitled to exercise its rights and remedies under Section 15, each Grantor
grants to the Collateral Agent an irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to such Grantor) to use, assign or sublicense any Intellectual Property Collateral in which such Grantor has rights
wherever the same may be located, including, without limitation, in such license access to (i) all media in which any of the licensed items may be recorded or stored, and (ii) all software and computer programs used for compilation or
print-out. The license granted under this Section is to enable the Collateral Agent to exercise its rights and remedies under Section 15 and for no other purpose. 

Section 11. Voting Rights; Dividends; Etc. (a) So long as no Event of Default shall have occurred and be continuing and,
other than in the case of an Event of Default under Section 8.01(f) or (g) of the Credit Agreement, subject to Section 4(e) hereof, the Collateral Agent has not notified such Grantor of its intent to exercise remedies as set forth
below: 
 (i) each Grantor shall be entitled to exercise any and all voting and other consensual rights pertaining to the
Security Collateral of such Grantor or any part thereof for any purpose; provided, however, that such Grantor will not exercise or refrain from exercising any such right in a manner prohibited by the Loan Documents; 

  
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 (ii) each Grantor shall be entitled to receive and retain any and all dividends,
interest and other distributions paid in respect of the Security Collateral of such Grantor if and to the extent that the payment thereof is not otherwise prohibited by the terms of the Loan Documents; provided, however, that any and all:

 (A) dividends, interest and other distributions paid or payable other than in cash in respect of, and instruments and
other property received, receivable or otherwise distributed in respect of, or in exchange for, any Security Collateral, 

(B) dividends and other distributions paid or payable in cash in respect of any Security Collateral in connection with a
partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in-surplus and 

(C) cash paid, payable or otherwise distributed in respect of principal of, or in redemption of, or in exchange for, any
Security Collateral, 
 (x) in the case of the foregoing clause (A), any such property distributed in respect of any Security Collateral
shall be deemed to constitute acquired property and shall be forthwith delivered to the Collateral Agent as Security Collateral in the same form as so received (with any necessary endorsement) in accordance with the provisions of Section 6.12
of the Credit Agreement and (y) in the case of the foregoing clauses (B) and (C), any such cash distributed in respect of any Security Collateral shall be subject to the provisions of the Credit Agreement applicable to the proceeds of a
Disposition of property; and 
 (iii) the Collateral Agent will execute and deliver (or cause to be executed and delivered)
to each Grantor all such proxies and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise the voting and other rights that it is entitled to exercise pursuant to paragraph (i) above and
to receive the dividends or interest payments that it is authorized to receive and retain pursuant to paragraph (ii) above. 

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

(i) upon notice to the applicable Grantor (and automatically in the case of clause (y) below to the extent such Event of
Default is under Section 8.01(f) or (g) of the Credit Agreement, subject to Section 4(e) hereof), all rights of each Grantor (x) to exercise or refrain from exercising the voting and other consensual rights that it
would otherwise be entitled to exercise pursuant to Section 11(a)(i) shall, upon notice to such Grantor by the Collateral Agent, cease and (y) to receive the dividends, interest and other distributions that it would otherwise be
authorized to receive and retain pursuant to Section 11(a)(ii) shall automatically cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole right to exercise or refrain from
exercising such voting and other consensual rights and to receive and hold as Security Collateral such dividends, interest and other distributions; and 

(ii) all dividends, interest and other distributions that are received by any Grantor contrary to the provisions of paragraph
(i) of this Section 11(b) shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Grantor and shall be forthwith paid over to the Collateral Agent as Security Collateral in
the same form as so received (with any necessary endorsement). 

  
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 Section 12. Collateral Agent Appointed Attorney-in-Fact. For valuable consideration,
each Grantor hereby irrevocably appoints the Collateral Agent or any Receiver (as defined in Section 15(a)) appointed by the Collateral Agent pursuant to this Agreement such Grantor’s attorney-in-fact, with full authority in the place and
stead of such Grantor and in the name of such Grantor or otherwise, from time to time, upon the occurrence and during the continuance of an Event of Default, in the Collateral Agent’s or such Receiver’s discretion, to take any action and
to execute any instrument that the Collateral Agent or such Receiver may deem necessary or advisable to accomplish the purposes of this Agreement (in accordance with this Agreement and each other applicable Loan Document), including, without
limitation: 
 (a) to obtain and adjust insurance required to be paid to the Collateral Agent; 

(b) to ask for, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to
become due under or in respect of any of the Collateral; 
 (c) to receive, endorse and collect any drafts or other
instruments, documents and Chattel Paper, in connection with clause (a) or (b) above; and 
 (d) to file any claims
or take any action or institute any proceedings that the Collateral Agent or such Receiver may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce compliance with the terms and conditions of any Assigned
Agreement or the rights of the Collateral Agent with respect to any of the Collateral. 
 Section 13. Collateral Agent May
Perform. If any Grantor fails to perform any agreement contained herein after the expiration or termination of any applicable cure or grace periods, the Collateral Agent may, after providing notice to such Grantor of its intent to do so, but
without any obligation to do so, itself perform, or cause performance of, such agreement, and the expenses of the Collateral Agent incurred in connection therewith shall be payable by such Grantor under Section 16. 

Section 14. The Collateral Agent’s Duties. (a) The powers conferred on the Collateral Agent hereunder are solely to
protect the Secured Parties’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the exercise of reasonable care with respect to the custody of any Collateral in its possession and the
accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative
to any Collateral, whether or not any Secured Party has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral. The
Collateral 

  
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Agent shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that
which it accords its own property. It is expressly understood and agreed that the obligations of the Collateral Agent as holder of the Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement,
are only those expressly set forth in this Agreement and in Article 9 of the Credit Agreement. The Collateral Agent shall act hereunder on the terms and conditions set forth herein and in Article 9 of the Credit Agreement. 

(b) The Secured Parties and the Collateral Agent have no obligation to keep Collateral in their possession identifiable. The Collateral Agent
has no obligation to collect dividends, distributions or interest payable on, or exercise any option or right in connection with, any Collateral. The Collateral Agent has no obligation to protect or preserve any Collateral from depreciating in value
or becoming worthless and is released from all responsibility for any loss of value, whether such Collateral is in the possession of, is a security entitlement of, or is subject to the control of the Collateral Agent, a securities intermediary, the
Grantor or any other Person. 
 (c) The Collateral Agent may from time to time, when the Collateral Agent deems it to be necessary, appoint
one or more subagents (each a “Subagent”) for the Collateral Agent hereunder with respect to all or any part of the Collateral. In the event that the Collateral Agent so appoints any Subagent with respect to any Collateral,
(i) the assignment and pledge of such Collateral and the security interest granted in such Collateral by each Grantor hereunder shall be deemed for purposes of this Security Agreement to have been made to such Subagent, in addition to the
Collateral Agent, for the ratable benefit of the Secured Parties, as security for the Secured Obligations of such Grantor, (ii) such Subagent shall automatically be vested, in addition to the Collateral Agent, with all rights, powers,
privileges, interests and remedies of the Collateral Agent hereunder with respect to such Collateral, and (iii) the term “Collateral Agent,” when used herein in relation to any rights, powers, privileges, interests and remedies of the
Collateral Agent with respect to such Collateral, shall include such Subagent; provided, however, that no such Subagent shall be authorized to take any action with respect to any such Collateral unless and except to the extent expressly authorized
in writing by the Collateral Agent. 
 Section 15. Remedies. If any Event of Default shall have occurred and be continuing: 

(a) The Collateral Agent may appoint or reappoint, by instrument in writing, any Person or Persons, whether an officer or officers or an
employee or employees of the Collateral Agent or not, to be an interim receiver, receiver or receivers (hereinafter called a “Receiver”, which term when used herein shall include a receiver and manager) of the Collateral and may
remove any Receiver so appointed and appoint another in his/her/its stead. Any such Receiver shall, so far as concerns responsibility for his/her/its acts, be deemed the agent of one or more of the Grantors, as applicable, and not of the Collateral
Agent or any other Secured Party, and neither the Collateral Agent nor any other Secured Party shall be in any way responsible for any misconduct, negligence or non-feasance on the part of any such Receiver or his/her/its servants, agents or
employees other than gross negligence or wilful misconduct. Every such Receiver may, in the discretion of the Collateral Agent, be vested with all or any of the rights and powers of the Collateral Agent. The identity of the Receiver, its replacement
and its remuneration shall be within the sole and unfettered discretion of the Collateral Agent. 

  
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 (b) [Reserved] 

(c) The Collateral Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise
available to it, all the rights and remedies of a secured party upon default under the PPSA (whether or not the PPSA applies to the affected Collateral) and also may: (i) require each Grantor to, and each Grantor hereby agrees that it will at
its expense and upon request of the Collateral Agent forthwith, assemble all or part of the Collateral as directed by the Collateral Agent and make it available to the Collateral Agent at a place and time to be designated by the Collateral Agent
that is reasonably convenient to both parties; (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent’s offices or elsewhere,
for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent may deem commercially reasonable; (iii) occupy any premises owned or leased by any of the Grantors where the Collateral or any part thereof is
assembled or located for a reasonable period in order to effectuate its rights and remedies hereunder or under law, without obligation to such Grantor in respect of such occupation; and (iv) exercise any and all rights and remedies of any of
the Grantors under or in connection with the Collateral, or otherwise in respect of the Collateral, including, without limitation, (A) any and all rights of such Grantor to demand or otherwise require payment of any amount under, or performance
of any provision of, the Assigned Agreements, the Accounts and the other Collateral, (B) withdraw, or cause or direct the withdrawal of, all funds with respect to accounts containing Cash Collateral (C) exercise all other rights and
remedies with respect to the Assigned Agreements, the Accounts and the other Collateral, in each case in accordance with the other provisions of this Agreement. Each Grantor agrees that, to the extent notice of sale shall be required by law, at
least fifteen days’ notice (or such other notice period required by applicable law) to such Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The
Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. 
 (d) All payments
received by any Grantor under or in connection with any Assigned Agreement or otherwise in respect of the Collateral shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Grantor and shall
be forthwith paid over to the Collateral Agent in the same form as so received (with any necessary indorsement). 
 (e) The Collateral Agent
may, without notice to any Grantor except as required by law and at any time or from time to time, charge, set-off and otherwise apply all or any part of the Secured Obligations against any funds held with respect to any Deposit Account of a Grantor
that is not an Exempt Deposit Account. For purposes of this Agreement, the term “Deposit Account” means a demand, time, savings, passbook or similar account maintained with an organization that is engaged in the business of banking;
and the term “Exempt Deposit Account” shall mean any Deposit Account owned by or in the name of a Loan Party with respect to which such Loan Party is acting as a fiduciary for another Person who is not a Loan Party. 

  
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 (f) Any cash held by or on behalf of the Collateral Agent and all cash proceeds received by or on
behalf of the Collateral Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Collateral Agent, be held by the Collateral Agent as collateral for, and/or then or
at any time thereafter applied (after payment of any amounts payable to the Collateral Agent pursuant to Section 16) in whole or in part by the Collateral Agent against, all or any part of the Secured Obligations, in the manner set forth
in Section 8.04 of the Credit Agreement. Notwithstanding the foregoing, if an intercreditor agreement (including the Intercreditor Agreement) has been entered into in accordance with Section 9.11 of the Credit Agreement among the holders
of the Secured Obligations and holders of any other Indebtedness permitted under the Credit Agreement which provides for the application of proceeds received by the Collateral Agent in respect of any sale of, collection from or other realization
upon all or any part of the Collateral, then such proceeds may be applied pursuant to the terms of such intercreditor agreement (including the Intercreditor Agreement). 

(g) In the event of any sale or other disposition of any of the Intellectual Property Collateral of any Grantor, the goodwill symbolized by
any Trade-marks subject to such sale or other disposition shall be included therein, and such Grantor shall supply to the Collateral Agent or its designee such Grantor’s know-how and expertise, and documents and things relating to any
Intellectual Property Collateral subject to such sale or other disposition, and such Grantor’s customer lists and other records and documents relating to such Intellectual Property Collateral and to the manufacture, distribution, advertising
and sale of products and services of such Grantor. 
 (h) If the Collateral Agent shall determine to exercise its right to sell all or any
of the Security Collateral of any Grantor pursuant to this Section 15, each Grantor agrees that, upon request of the Collateral Agent, such Grantor will, at its own expense, do or cause to be done all such other acts and things as may be
necessary to make such sale of such Security Collateral or any part thereof valid and binding and in compliance with applicable law. 
 (i)
The Collateral Agent is authorized, in connection with any sale of the Security Collateral pursuant to this Section 15, to deliver or otherwise disclose to any prospective purchaser of the Security Collateral: (i) any registration
statement or prospectus, and all supplements and amendments thereto; (ii) any information and projections; and (iii) any other information in its possession relating to such Security Collateral. 

(j) Except as otherwise provided in any Loan Documents, with the written consent of the Administrative Agent and the Required Lenders, to the
extent permitted by any such requirement of Law, the Collateral Agent (or any other Person on its behalf) may bid for and become the purchaser (and may pay all or any portion of the purchase price by crediting Obligations against the purchase price)
of the Collateral or any item thereof, offered for Disposition in accordance with this Section 15 without accountability to the relevant Grantor. 

(k) Each Grantor acknowledges the impossibility of ascertaining the amount of damages that would be suffered by the Secured Parties by reason
of the failure by such Grantor to perform any of the covenants contained in Section 15(h) above and, consequently, agrees that, if such Grantor shall fail to perform any of such covenants, it will pay, as liquidated damages and not as a
penalty, an amount equal to the value of the Security Collateral on the date the Collateral Agent shall demand compliance with Section 15(h) above. 

  
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 Section 16. Expenses. (a) Each Grantor will upon demand pay to the Collateral
Agent the amount of any and all reasonable expenses, including, without limitation, the reasonable fees and expenses of its counsel, that the Collateral Agent may incur in connection with (i) the administration of this Agreement, (ii) the
custody, preservation, use or operation of, or the sale of, collection from or other realization upon, any of the Collateral of such Grantor, (iii) the exercise or enforcement of any of the rights of the Collateral Agent or the other Secured
Parties hereunder or (iv) the failure by such Grantor to perform or observe any of the provisions hereof, in each case, in the manner and to the extent set forth in Section 10.04 of the Credit Agreement. 

(b) The parties hereto agree that the Collateral Agent shall be entitled to the benefits of, and the Grantors shall jointly and severally have
the indemnification obligations described in, Section 10.05 of the Credit Agreement. 
 (c) Any such amounts payable as provided
hereunder shall be additional Secured Obligations secured hereby and by the other Secured Documents. The provisions of this Section 16 shall remain operative and in full force and effect regardless of the termination of this
Agreement or any other Loan Document, the repayment of any of the Secured Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, any resignation of the Collateral Agent, or any
investigation made by or on behalf of the Collateral Agent or any Secured Party. Grantors shall promptly pay or promptly reimburse the Collateral Agent and each Secured Party, as applicable, for all amounts due under this
Section 16. 
 Section 17. Amendments; Waivers; Additional Grantors; Etc. (a) Subject to Section 10.01 of
the Credit Agreement, no amendment or waiver of any provision of this Agreement, and no consent to any departure by any Grantor herefrom, shall in any event be effective unless the same shall be in writing and signed by the Collateral Agent, and
then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No failure on the part of the Collateral Agent or any other Secured Party to exercise, and no delay in exercising any right
hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. 

(b) Upon the execution and delivery, or authentication, by any Person of a security agreement supplement in substantially the form of Exhibit
A hereto (each a “Security Agreement Supplement”), (i) such Person shall be referred to as an “Additional Grantor” and shall be and become a Grantor hereunder, and each reference in this Agreement, the other
Loan Documents and any Secured Cash Management Agreement or Secured Hedge Agreement, to “Grantor” shall also mean and be a reference to such Additional Grantor, and each reference in this Agreement, the other Loan Documents and any Secured
Cash Management Agreement or Secured Hedge Agreement, to “Collateral” shall also mean and be a reference to the Collateral of such Additional Grantor, and (ii) the supplemental schedules I through VI attached to each Security
Agreement Supplement shall be incorporated into and become a part of and supplement 

  
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Schedules I through VI, respectively, hereto, and the Collateral Agent may attach such supplemental schedules to such Schedules; and each reference to such Schedules shall mean and be a reference
to such Schedules as supplemented pursuant to each Security Agreement Supplement. 
 Section 18. Notices, Etc. All notices and
other communications provided for hereunder shall be in writing (including telegraphic, telecopy or telex communication or facsimile transmission) and mailed, telegraphed, telecopied, telexed, faxed or delivered to it, if to any Grantor, addressed
to it in care of the Dutch Borrower’s address specified in Section 10.02 of the Credit Agreement, if to the Collateral Agent, at its address specified in Section 10.02 of the Credit Agreement. All such notices and other communications
shall be deemed to be given or made at such time as shall be set forth in Section 10.02 of the Credit Agreement. Delivery by telecopier or in .pdf or similar format by electronic mail of an executed counterpart of any amendment or waiver of any
provision of this Agreement or of any Security Agreement Supplement or Schedule hereto shall be effective as delivery of an original executed counterpart thereof. 

Section 19. Continuing Security Interest; Assignments under the Credit Agreement. This Agreement shall create a continuing
security interest in, and continuing pledge and assignment by way of security of, the Collateral and shall (a) remain in full force and effect until the termination of the Aggregate Commitments and the payment in full in cash of the Secured
Obligations (other than (A) contingent indemnification obligations as to which no claim has been asserted and (B) obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements as to which arrangements
satisfactory to the applicable Cash Management Bank or Hedge Bank shall have been made) and the termination or expiration of all Letters of Credit (other than Letters of Credit which have been Cash Collateralized), (b) be binding upon each
Grantor, its successors and assigns and (c) inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit of the Secured Parties and their respective successors, transferees and assigns. Without limiting the
generality of the foregoing clause (c), any Lender may assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of its Commitments, the Loans owing to
it and the Note or Notes, if any, held by it) to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender herein or otherwise, in each case as provided in
Section 10.07 of the Credit Agreement. 
 Section 20. Amalgamation. Each Grantor acknowledges and agrees that in the event
it amalgamates with any other corporation or corporations, it is the intention of the parties that (i) the pledge and assignment made in Section 1, and the security interest granted in Section 1, extend to: (A) all
of the property and undertaking that any of the amalgamating corporations then owns, (B) all of the property and undertaking that the amalgamated corporation thereafter acquires, (C) all of the property and undertaking in which any of the
amalgamating corporations then has any interest and (D) all of the property and undertaking in which the amalgamated corporation thereafter acquires any interest; and (ii) secures the payment and performance of all debts, liabilities and
obligations, present or future, direct or indirect, absolute or contingent, matured or unmatured, at any time or from time to time due or accruing due and owing by or otherwise payable by each of the amalgamating corporations and the amalgamated
corporation to 

  
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the Secured Parties in any currency, under, in connection with or pursuant to the Credit Agreement and any other Secured Document to which any of the amalgamating corporations is a party, and
whether incurred alone or jointly with another or others and whether as principal, guarantor or surety and whether incurred prior to, at the time of or subsequent to the amalgamation; provided, notwithstanding anything to the contrary contained in
the foregoing clauses of this Section 20, for clarification, the pledge and assignment made and grant of security interest hereunder shall not apply to Excluded Property. The pledge and assignment made in Section 1, and the
security interest granted in Section 1, attach to the additional Collateral at the time of amalgamation and to any Collateral thereafter owned or acquired by the amalgamated corporation when such becomes owned or is acquired. Upon any
such amalgamation, the defined term “Grantor” means, collectively, each of the amalgamating corporations and the amalgamated corporation, the defined term “Collateral” means all of the property and undertaking
described in (i) of this Section 20, and the defined term “Secured Obligations” means the debts, liabilities and obligations described in (ii) of this Section 20. 

Section 21. Release; Termination. (a) Upon any sale, transfer or other disposition of any item of Collateral of any Grantor
permitted by, and in accordance with, the terms of the Loan Documents to a Person that is not a Loan Party or in connection with any other release of the Liens on the Collateral provided for in Section 9.11 of the Credit Agreement, the
Collateral Agent will, at such Grantor’s expense, execute and deliver without recourse and without any representation or warranty of any kind (either express or implied) to such Grantor such documents as such Grantor shall reasonably request to
evidence the release of such item of Collateral from the assignment and security interest granted hereby; provided, however, that such Grantor shall have delivered to the Collateral Agent a written request for release, together with a form of
release for execution by the Collateral Agent, a certificate of such Grantor to the effect that the transaction is in compliance with the Loan Documents and such other supporting information as the Collateral Agent may reasonably request. 

(b) Upon the termination of the Aggregate Commitments and the payment in full in cash of the Secured Obligations (other than
(A) contingent indemnification obligations as to which no claim has been asserted and (B) obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements as to which arrangements satisfactory to the
applicable Cash Management Bank or Hedge Bank shall have been made) and the termination or expiration of all Letters of Credit (other than Letters of Credit which have been Cash Collateralized), the pledge and assignment made, and security interests
granted, hereby shall automatically terminate and all rights to the Collateral shall revert to the applicable Grantor. Upon any such termination, the Collateral Agent will, at the applicable Grantor’s expense, execute and deliver to such
Grantor such documents as such Grantor shall reasonably request to evidence such termination. 
 Section 22. Execution in
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed
counterpart of a signature page to this Agreement by telecopier or in pdf or similar format by electronic mail shall be effective as delivery of an original executed counterpart of this Agreement. 

  
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 Section 23. The Mortgages. In the event that any of the Collateral hereunder is also
subject to a valid and enforceable Lien under the terms of any Mortgage and the terms of such Mortgage are inconsistent with the terms of this Agreement, then with respect to such Collateral, the terms of such Mortgage shall be controlling in the
case of fixtures and real estate leases, letting and licenses of, and contracts and agreements relating to the lease of, real property, and the terms of this Agreement shall be controlling in the case of all other Collateral. 

Section 24. Governing Law; Jurisdiction; Etc. (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE PROVINCE OF ONTARIO AND CANADA APPLICABLE THEREIN, EXCEPT THOSE PROVISIONS HEREOF RELATING TO THE PLEDGE OF SHARES OR OTHER EQUITY INTERESTS IN THE CAPITAL STOCK OF AXALTA (INCLUDING THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO
RELATING TO SUCH PLEDGE), WHICH PROVISIONS SHALL BE GOVERNED BY THE LAWS OF THE PROVINCE OF NOVA SCOTIA AND CANADA APPLICABLE THEREIN. 

(b) EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE
PROVINCE OF ONTARIO, OR THE COURTS OF THE PROVINCE OF NOVA SCOTIA, WHERE APPLICABLE, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN
RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH COURTS IN THE PROVINCE OF ONTARIO OR IN THE COURTS OF THE PROVINCE OF NOVA SCOTIA, WHERE APPLICABLE. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH
ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT,
ANY LENDER OR ANY L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST THE BORROWERS OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(c) EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(d) EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02 OF THE

  
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CREDIT AGREEMENT. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

(e) EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING
UNDER THIS AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY
FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 24(E) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

Section 25. Intercreditor Agreement. Notwithstanding any provision to the contrary in this Agreement, if any intercreditor
agreement is entered into in accordance with Section 9.11 of the Credit Agreement (including the Intercreditor Agreement), in the event of any conflict or inconsistency between the provisions of such intercreditor agreement (including the
Intercreditor Agreement) and this Agreement, the provisions of such intercreditor agreement (including the Intercreditor Agreement) shall prevail. 

[SIGNATURE PAGES FOLLOW] 

  
 27 

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

					
	AXALTA COATING SYSTEMS CANADA COMPANY
		
	By:	 	 /s/ Mario Trembley

		 	Name:	 	Mario Trembley
		 	Title:	 	Director and President

  
 [Signature Page to
Canadian Security Agreement re Credit Facility] 

 
					
	FLASH LUX CO S.À.R.L.
		
	By:	 	 /s/ Marco Besseling

		 	Name:	 	Marco Besseling
		 	Title:	 	Director
		
	By:	 	 /s/ Christian Thies

		 	Name:	 	Christian Thies
		 	Title:	 	B-Manager

  
 [Signature Page to
Canadian Security Agreement re Credit Facility] 

 
					
	BARCLAYS BANK PLC,
	as Collateral Agent
		
	By:	 	 /s/ Vanessa A. Kurbatskiy

		 	Name:	 	Vanessa A. Kurbatskiy
		 	Title:	 	Vice President

  
 [Signature Page to
Canadian Security Agreement re Credit Facility]

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