Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
  

 
 SECURITY AGREEMENT 

By 
 Aleris International, Inc.,

 as Borrower 
 and 

THE GUARANTORS PARTY HERETO 
 and

 DEUTSCHE BANK AG NEW YORK BRANCH, 

as Collateral Agent 
  

 
 Dated as of
June 25, 2018 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	 
	
	DEFINITIONS AND INTERPRETATION	 
			
	 SECTION 1.1
	 	 Definitions
	  	 	2	 
	 SECTION 1.2
	 	 Interpretation
	  	 	8	 
	 SECTION 1.3
	 	 Resolution of Drafting Ambiguities
	  	 	8	 
	 SECTION 1.4
	 	 Perfection Certificate
	  	 	8	 
	
	ARTICLE II	 
	
	GRANT OF SECURITY AND SECURED OBLIGATIONS	 
			
	 SECTION 2.1
	 	 Grant of Security Interest
	  	 	8	 
	 SECTION 2.2
	 	 Filings
	  	 	10	 
	
	ARTICLE III	 
	
	PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES; 	 
	USE OF PLEDGED COLLATERAL	 
			
	 SECTION 3.1
	 	 Delivery of Certificated Securities Collateral
	  	 	10	 
	 SECTION 3.2
	 	 Perfection of Uncertificated Securities Collateral
	  	 	11	 
	 SECTION 3.3
	 	 Financing Statements and Other Filings; Maintenance of Perfected Security Interest
	  	 	11	 
	 SECTION 3.4
	 	 Other Actions
	  	 	11	 
	 SECTION 3.5
	 	 Joinder of Additional Guarantors
	  	 	14	 
	 SECTION 3.6
	 	 Supplements; Further Assurances
	  	 	14	 
	
	ARTICLE IV	 
	
	REPRESENTATIONS, WARRANTIES AND COVENANTS	 
			
	 SECTION 4.1
	 	 Title
	  	 	15	 
	 SECTION 4.2
	 	 Validity of Security Interest
	  	 	15	 
	 SECTION 4.3
	 	 Defense of Claims; Transferability of Pledged Collateral
	  	 	15	 
	 SECTION 4.4
	 	 Other Financing Statements
	  	 	15	 
	 SECTION 4.5
	 	 Pledged Securities
	  	 	16	 
	 SECTION 4.6
	 	 Due Authorization and Issuance
	  	 	16	 
	 SECTION 4.7
	 	 Consents, etc.
	  	 	16	 
	 SECTION 4.8
	 	 Pledged Collateral
	  	 	16	 
	 SECTION 4.9
	 	 Insurance
	  	 	16	 
	 SECTION 4.10
	 	 Post-Closing Collateral Matters
	  	 	17	 
	 SECTION 4.11
	 	 Notice of Changes
	  	 	17	 
	 SECTION 4.12
	 	 No Impairment of the Security Interests
	  	 	17	 
	 SECTION 4.13
	 	
Letter-of-Credit Rights
	  	 	17	 
	 SECTION 4.14
	 	 ULC/Partnerships
	  	 	17	 

  
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	 	 	 	  	Page	 
	ARTICLE V	 
	
	CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL	 
			
	 SECTION 5.1
	 	 Pledge of Additional Securities Collateral
	  	 	18	 
	 SECTION 5.2
	 	 Voting Rights; Distributions; etc.
	  	 	18	 
	 SECTION 5.3
	 	 Defaults, etc.
	  	 	19	 
	 SECTION 5.4
	 	 Certain Agreements of Pledgors As Holders of Equity Interests
	  	 	20	 
	
	ARTICLE VI	 
	
	CERTAIN PROVISIONS CONCERNING INTELLECTUAL 	 
	PROPERTY COLLATERAL	 
			
	 SECTION 6.1
	 	 Grant of Intellectual Property License
	  	 	20	 
	 SECTION 6.2
	 	 Protection of Collateral Agent’s Security
	  	 	20	 
	 SECTION 6.3
	 	 After-Acquired Property
	  	 	21	 
	 SECTION 6.4
	 	 Litigation
	  	 	21	 
	
	ARTICLE VII	 
	
	[RESERVED]	 
	
	ARTICLE VIII	 
	
	TRANSFERS	 
			
	 SECTION 8.1
	 	 Transfers of Pledged Collateral
	  	 	22	 
	
	ARTICLE IX	 
	
	REMEDIES	 
			
	 SECTION 9.1
	 	 Remedies
	  	 	22	 
	 SECTION 9.2
	 	 Pledgor’s Obligations Upon Event of Default
	  	 	24	 
	 SECTION 9.3
	 	 Notice of Sale
	  	 	24	 
	 SECTION 9.4
	 	 Waiver of Notice and Claims
	  	 	24	 
	 SECTION 9.5
	 	 Certain Sales of Pledged Collateral
	  	 	25	 
	 SECTION 9.6
	 	 No Waiver; Cumulative Remedies
	  	 	26	 
	 SECTION 9.7
	 	 Certain Additional Actions Regarding Intellectual Property
	  	 	26	 
	
	ARTICLE X	 
	
	APPLICATION OF PROCEEDS	 
	 SECTION 10.1
	 	 Application of Proceeds
	  	 	27	 

  
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	 	 	 	  	Page	 
	
	ARTICLE XI	 
	
	MISCELLANEOUS	 
			
	 SECTION 11.1
	 	 Concerning Collateral Agent
	  	 	27	 
	 SECTION 11.2
	 	 Collateral Agent May Perform; Collateral Agent Appointed Attorney-in-Fact
	  	 	29	 
	 SECTION 11.3
	 	 Continuing Security Interest; Assignment
	  	 	30	 
	 SECTION 11.4
	 	 Termination; Release
	  	 	30	 
	 SECTION 11.5
	 	 Modification in Writing
	  	 	31	 
	 SECTION 11.6
	 	 Notices
	  	 	31	 
	 SECTION 11.7
	 	 Governing Law
	  	 	31	 
	 SECTION 11.8
	 	 Severability of Provisions
	  	 	31	 
	 SECTION 11.9
	 	 Execution in Counterparts
	  	 	31	 
	 SECTION 11.10
	 	 Business Days
	  	 	32	 
	 SECTION 11.11
	 	 [Reserved].
	  	 	32	 
	 SECTION 11.12
	 	 No Claims Against Collateral Agent
	  	 	32	 
	 SECTION 11.13
	 	 No Release
	  	 	32	 
	 SECTION 11.14
	 	 Obligations Absolute
	  	 	32	 
	 SECTION 11.15
	 	 Intercreditor Agreements
	  	 	33	 
	 SECTION 11.16
	 	 Headings
	  	 	33	 
	 SECTION 11.17
	 	 Indemnity
	  	 	33	 
			
	 SIGNATURES
	 		  	 	S-1	 
			
	 SCHEDULE 1
	 	 Pledged Securities
	  			
	 EXHIBIT 1
	 	 Form of Issuer’s Acknowledgment
	  			
	 EXHIBIT 2
	 	 Form of Securities Pledge Amendment
	  			
	 EXHIBIT 3
	 	 Form of Joinder Agreement
	  			
	 EXHIBIT 4
	 	 Form of Copyright Security Agreement
	  			
	 EXHIBIT 5
	 	 Form of Patent Security Agreement
	  			
	 EXHIBIT 6
	 	 Form of Trademark Security Agreement
	  			
	 EXHIBIT 7
	 	 Form of Perfection Certificate
	  			

  
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 SECURITY AGREEMENT 

This SECURITY AGREEMENT dated as of June 25, 2018 (as amended, amended and restated, supplemented or otherwise modified from time to time
in accordance with the provisions hereof, this “Agreement”) made by Aleris International, Inc., a Delaware corporation (the “Borrower”), and the Guarantors from to time to time party hereto (the
“Guarantors”), as pledgors, assignors and debtors (the Borrower, together with the Guarantors, in such capacities and together with any successors in such capacities, the “Pledgors,” and each, a
“Pledgor”), in favor of Deutsche Bank AG New York Branch in its capacity as Collateral Agent pursuant to the Credit Agreement (as hereinafter defined), as pledgee, assignee and secured party (in such capacities and together with any
successors in such capacities, the “Collateral Agent”). 
 R E C I T A L
S: 
 A. The Borrower, the Guarantors, Deutsche Bank AG New York Branch as the Collateral Agent and Administrative Agent (the
“Administrative Agent”) and the lending institutions party thereto, in connection with the execution and delivery of this Agreement, entered into that certain credit agreement, dated as of June 25, 2018 (as amended, amended and
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; which term shall also include and refer to any increase in the amount of indebtedness under the Credit Agreement and any refinancing or
replacement of the Credit Agreement (whether under a bank facility, securities offering or otherwise) or one or more successor or replacement facilities whether or not with a different group of agents or lenders (whether under a bank facility,
securities offering or otherwise) and whether or not with different obligors upon the Administrative Agent’s acknowledgment of the termination of the predecessor Credit Agreement). 

B. Each Guarantor has, pursuant to the Holdings Guaranty or the Subsidiary Guaranty, as applicable, unconditionally guaranteed the Secured
Obligations. 
 C. The Borrower and each Guarantor will receive substantial benefits from the execution, delivery and performance of the
obligations under the Credit Agreement and the other Loan Documents and each is, therefore, willing to enter into this Agreement. 
 D. This
Agreement is given by each Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties (as hereinafter defined) to secure the payment and performance of all of the Secured Obligations (as hereinafter defined). 

E. It is a condition to (i) the obligations of the Lenders to make the Term Loans under the Credit Agreement and (ii) the performance
of the obligations of the Secured Parties under the Secured Hedge Agreements and Secured Cash Management Agreements that constitute Secured Obligations that each Pledgor execute and deliver the applicable Loan Documents, including this Agreement.

 A G R E E M E N T: 

NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, each Pledgor and the Collateral Agent hereby agree as follows: 

 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

SECTION 1.1 Definitions. 

(a) Unless otherwise defined herein or in the Credit Agreement, capitalized terms used herein that are defined in the UCC shall have the
meanings assigned to them in the UCC; provided that in any event, the following terms shall have the meanings assigned to them in the UCC: 

“Bank”; “Chattel Paper”; “Commercial Tort Claims”; “Commodity Account”;
“Contracts”; “Control”; “Documents”; “Equipment”; “Fixtures”; “General Intangibles”; “Goods,” “Inventory”;
“Letter-of-Credit Rights”; “Letters of Credit”; “Money”; “Proceeds”; “ Records”;
“Software”; and “Supporting Obligations.” 
 (b) Terms used but not otherwise defined herein that are
defined in the Credit Agreement shall have the meanings given to them in the Credit Agreement. 
 (c) The following terms shall have the
following meanings: 
 “ABL Intercreditor Agreement” means (i) that certain ABL Intercreditor Agreement, dated as of
June 25, 2018, between JPMorgan Chase Bank, N.A., as ABL Facility Agent and any other Applicable Representative (each as defined therein) in respect of the ABL Obligations, Deutsche Bank AG New York Branch, as First Lien Facility Agent,
Applicable First Lien Agent and First Lien/Junior Lien Intercreditor Representative (each as defined therein), U.S. Bank National Association, as Junior Lien Facility Agent and Applicable Junior Lien Agent (each as defined therein), and the other
parties from time to time party thereto, and acknowledged by the Borrower and certain of its Subsidiaries as it may be amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with the Credit
Agreement or (ii) any replacement or other intercreditor agreement that contains terms not materially less favorable to the Secured Parties than the intercreditor agreement referred to in clause (i). 

“Agreement” shall have the meaning assigned to such term in the Preamble hereof. 

“ABL Priority Collateral” shall have the meaning assigned to the term “ABL Priority Collateral” in the ABL
Intercreditor Agreement. 
 “Account” shall have the meaning set forth in Article 9 of the UCC and in any event shall
include but shall not be limited to any and all rights to payment for the sale or lease of goods, or rendition of services, whether or not they have been earned by performance, and any and all Supporting Obligations in respect thereof. 

“Account Debtor” means any Person obligated on an Account. 

“Administrative Agent” shall have the meaning assigned to such term in Recital A hereof. 

“Agreement” shall have the meaning assigned to such term in the Preamble hereof. 

“Borrower” shall have the meaning assigned to such term in the Preamble hereof. 

  
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 “CFC” shall mean any Subsidiary of the Borrower that is a “controlled
foreign corporation” within the meaning of Section 957 of the Code. 
 “CFC Holdco” shall mean any Subsidiary of
the Borrower that owns, directly or indirectly, no material assets other than equity interests (or equity interests and indebtedness) of one or more CFCs. 

“Closing Date” shall mean June 25, 2018. 

“Collateral Account” means the collateral account maintained with the Collateral Agent required to be established pursuant to
the Credit Agreement and this Agreement. 
 “Collateral Agent” shall have the meaning assigned to such term in the Preamble
hereof. 
 “Copyright Security Agreement” shall mean an agreement substantially in the form of Exhibit 4 hereto.

 “Copyrights” shall mean, collectively, with respect to each Pledgor, all copyrights (whether statutory or common law,
whether established or registered in the United States or any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished) and all copyright registrations and applications made by such
Pledgor, together with any and all (i) rights and privileges arising under applicable law with respect to the foregoing, (ii) renewals, supplements and extensions thereof and amendments thereto, (iii) income, fees, royalties, damages,
claims and payments now or hereafter due and/or payable with respect thereto, including damages and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue
for past, present or future infringements thereof. 
 “Credit Agreement” shall have the meaning assigned to such term in
Recital A hereof. 
 “Deposit Accounts” shall mean, collectively, with respect to each Pledgor, (i) all “deposit
accounts” as such term is defined in the UCC and in any event shall include all accounts and sub-accounts relating to any of the foregoing accounts and (ii) all cash, funds, checks, notes and
instruments from time to time on deposit in any of the accounts or sub-accounts described in clause (i) of this definition. 

“Distributions” shall mean, collectively, with respect to each Pledgor, all dividends, cash, options, warrants, rights,
instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split, revision, reclassification or other like change of the Pledged
Securities, from time to time received, receivable or otherwise distributed to such Pledgor in respect of or in exchange for any or all of the Pledged Securities. 

“Excluded Deposit Accounts” means any zero balance disbursement accounts, any accounts solely holding withheld taxes or sales
tax proceeds, any holding accounts in respect of employee benefit plans, payroll accounts, escrow, defeasance and redemption accounts, fiduciary or trust accounts, other similar accounts, in each case, solely to the extent such accounts are used
exclusively for such purpose, and all assets held in or credited to any such accounts; provided that the Collateral Account shall not be an Excluded Deposit Account. 

“Excluded Assets” shall mean the following assets of the Pledgors: 

(a) any owned real property not constituting Mortgaged Property and any leasehold interest in real property where any Pledgor
is a tenant; 

  
 -3- 

 (b) motor vehicles or other movable goods the perfection of which would require
notation upon or delivery of a certificate of title or similar documentation or registration; 
 (c) (1) any rights or
interests in any contract, lease, permit, license, charter or license agreement, covering real or personal property, as such, if under the terms of such contract, lease, permit, license, or charter or license agreement, or applicable law with
respect thereto, the valid grant of a security interest or Lien therein to the Collateral Agent is prohibited or restricted and such prohibition or restriction has not been or is not waived, or if consent of another party or a governmental agency
with respect to such contract, lease, permit, license, or charter or license agreement, is required and has not been or is not otherwise obtained or under applicable law such prohibition cannot be waived, or (2) any other asset if pursuant to
applicable law with respect thereto the valid grant of a security interest or Lien therein to the Collateral Agent is prohibited or restricted and such prohibition or restriction has not been or is not waived, or if consent of a governmental agency
with respect to such asset is required and has not been or is not otherwise obtained or under applicable law such prohibition cannot be waived, provided that the foregoing exclusions pursuant to subclauses (1) and (2) shall
not apply if any such prohibition is ineffective or unenforceable under Sections 9-406, 9-407, 9-408 or 9-409 of the UCC or other applicable law or so as to limit, impair or otherwise affect the Collateral Agent’s unconditional continuing security interests in and Liens upon any rights or interests of the
Borrower and Guarantors in or to monies due or to become due under any such contract, lease, permit, license, or charter or license agreement, or with respect to such asset; 

(d) any Equity Interests in any Foreign Subsidiary that is a CFC or any Subsidiary that is a CFC Holdco in excess of 100% of
the outstanding non-voting stock (if any) and 65% of the outstanding voting stock of any such Foreign Subsidiary or CFC Holdco; 

(e) Equity Interests in any joint venture or non-wholly owned Subsidiary, in each case,
with a third party that is not an Affiliate, to the extent a pledge of such Equity Interests is prohibited or restricted by the documents covering such joint venture or non-wholly owned Subsidiary;
provided that the foregoing exclusion shall not apply if any such prohibition is ineffective or unenforceable under Sections 9-406, 9-407, 9-408 or 9-409 of the UCC or other applicable law; 

(f) any property subject to a Financing Lease Obligation, a purchase money security interest or a Sale and Lease-Back
Transaction that is permitted under the Credit Agreement; 
 (g) any United States intent-to-use trademark application prior to the filing and acceptance by the United States Patent and Trademark Office of a “Statement of Use” or “Amendment to Allege Use” with respect
thereto to the extent that the grant or perfection of a Lien under the Security Documents will constitute or result in the abandonment, invalidation or rendering unenforceable of any right, title or interest of any grantor therein; provided
that such property or asset will be an Excluded Asset only to the extent and for so long as the consequences specified above will result and will cease to be an Excluded Asset and will become part of the Pledged Collateral immediately and
automatically, at such time as such consequences will no longer result; 
 (h) margin stock (as defined in Regulation U of
the Board of Governors of the Federal Reserve System), Equity Interests in any immaterial Subsidiary (to the extent a Lien thereon cannot be perfected by the filing of a UCC financing statement) and Equity Interests in any Unrestricted Subsidiary,
any captive insurance company or any not-for-profit Subsidiary; 

  
 -4- 

 (i) Excluded Deposit Accounts; and 

(j) any asset to the extent that the adverse tax consequences of providing a security interest therein are excessive in
relation to the benefit afforded thereby as reasonably determined by the Collateral Agent and the Borrower (with respect to Non-ABL Priority Collateral) or the ABL Facility Collateral Agent and the Borrower
and so long as such asset is not subject to a Lien securing any Junior Lien Obligations or ABL Obligations; 
 provided that no asset that is subject
(or purported to be subject) to a Lien securing any Junior Lien Obligations or ABL Obligations shall constitute an Excluded Asset. 

“Governmental Authority” means the government of the United States, Belgium, Germany, Switzerland or any other nation or any
political subdivision thereof, whether state, provincial, territorial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity (including any European supranational body) exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, including the European Central Bank and the Council of Ministers of the European Union. 

“Guarantors” shall have the meaning assigned to such term in the Preamble hereof. 

“Instruments” shall mean, collectively, with respect to each Pledgor, all “instruments,” as such term is defined in
Article 9, rather than Article 3, of the UCC, and shall include all promissory notes, drafts, bills of exchange or acceptances. 

“Intellectual Property Collateral” shall mean, collectively, all Patents, Trademarks, Copyrights, Technology and Intellectual
Property Licenses of each Pledgor, whether now or hereafter owned, licensed or acquired. 
 “Intellectual Property
Licenses” shall mean, collectively, with respect to each Pledgor, all license and distribution agreements with, and covenants not to sue, any other party concerning Intellectual Property or Intellectual Property Collateral, whether such
Pledgor is a licensor or licensee, distributor or distributee under any such license or distribution agreement, together with any and all (i) renewals, supplements, and amendments thereof, (ii) income, fees, royalties, damages, claims and
payments now and hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements, breaches or violations thereof, (iii) rights to sue for past, present and future
infringements, breaches or violations thereof and (iv) other rights to use, exploit or practice any or all of the Intellectual Property or Intellectual Property Collateral. 

“Intercreditor Agreements” means, collectively, the ABL Intercreditor Agreement and the First Lien/Junior Lien Intercreditor
Agreement. 
 “Joinder Agreement” shall mean an agreement substantially in the form of Exhibit 3 hereto. 

“Non-ABL Priority Collateral” shall have the meaning assigned to the term “Non-ABL Priority Collateral” in the ABL Intercreditor Agreement. 
 “Organizational
Documents” shall mean, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any
non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; (c) with respect to any partnership, joint

  
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venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with
respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of
such entity; and (d) in each case, all shareholder or other equity holder agreements, voting trusts and similar arrangements to which such Person is a party or which is applicable to its Equity Interests and all other arrangements relating to
the control or management of such Person. 
 “Patents” shall mean, collectively, with respect to each Pledgor, all patents
and all patent applications (whether issued, applied for or allowed in the United States or any other country or any political subdivision thereof), together with any and all (i) rights and privileges arising under applicable law with respect
to such Pledgor’s rights with respect to the foregoing, (ii) inventions, discoveries, designs and improvements described or claimed therein, (iii) reissues, divisions, continuations, reexaminations, extensions and continuations-in-part thereof and amendments thereto, (iv) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable thereunder and with
respect thereto including damages and payments for past, present or future infringements thereof, (v) rights corresponding thereto throughout the world and (vi) rights to sue for past, present or future infringements thereof. 

“Patent Security Agreement” shall mean an agreement substantially in the form of Exhibit 5 hereto. 

“Perfection Certificate” shall mean that certain perfection certificate to be executed and delivered by the Pledgors in
connection with the execution and delivery of the Credit Agreement, to be dated on or about the Closing Date and substantially identical to the form attached hereto as Exhibit 8. 

“Pledge Amendment” shall have the meaning assigned to such term in Section 5.1 hereof. 

“Pledged Collateral” shall have the meaning assigned to such term in Section 2.1 hereof. 

“Pledged Securities” shall mean, collectively, with respect to each Pledgor, (i) all issued and outstanding Equity
Interests (other than any Equity Interests that are Excluded Assets) of each issuer set forth on Schedule 1 hereto as being owned by such Pledgor and all options, warrants, rights, agreements and additional Equity Interests of whatever class
of any such issuer acquired by such Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests in each such issuer or under any Organizational Document of each such
issuer, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such Equity Interests, (ii) all Equity
Interests (other than any Equity Interests that are Excluded Assets) of any issuer, which Equity Interests are hereafter acquired by such Pledgor (including by issuance) and all options, warrants, rights, agreements and additional Equity Interests
of whatever class of any such issuer acquired by such Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests or under any Organizational Document of any such
issuer, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such Equity Interests, from time to time
acquired by such Pledgor in any manner, and (iii) all Equity Interests (other than any Equity Interests that are Excluded Assets) issued in respect of the Equity Interests referred to in clause (i) or (ii) upon any
consolidation or merger of any issuer of such Equity Interests. 
 “Pledgor” shall have the meaning assigned to such term
in the Preamble hereof. 

  
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 “Receivables” means the Accounts and other Collateral relating thereto that
constitute rights or claims to receive money. 
 “Secured Obligations” means all First Lien Obligations, including any
principal, premium, interest (including any interest and fees 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 or fees are an allowed claim under applicable state, federal or foreign law), penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages
and other liabilities, and guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities and obligations, in each case, payable or due under any of the Credit Agreement and the
Loan Documents. 
 “Securities Collateral” shall mean, collectively, the Pledged Securities and the Distributions. 

“Security Documents” shall mean the Collateral Documents (as defined in the Credit Agreement). 

“Technology” shall mean, collectively, all trade secrets, know how, technology (whether patented or not), rights in Software
(including source code and object code), rights in data and databases, rights in Internet web sites, customer and supplier lists, proprietary information, methods, procedures, formulae, descriptions, compositions, technical data, drawings,
specifications, name plates, catalogs, confidential information and the right to limit the use or disclosure thereof by any person, pricing and cost information, business and marketing plans and proposals, together with any and all (i) rights
and privileges arising under applicable law with respect to the foregoing, (ii) income, fees, royalties, damages and payments now and hereafter due and/or payable thereunder and with respect thereto, including damages, claims and payments for
past, present or future misappropriations or violations thereof, (iii) rights corresponding thereto throughout the world and (iv) rights to sue for past, present and future misappropriations or violations thereof. 

“Trademarks” shall mean, collectively, with respect to each Pledgor, all trademarks (including service marks), slogans,
logos, certification marks, trade dress, uniform resource locators (URLs), domain names, corporate names, brand names, and trade names and other identifiers of source or goodwill, whether registered or unregistered, and all registrations and
applications for the foregoing (whether statutory or common law and whether established or registered or applied for in the United States or any other country or any political subdivision thereof), together with any and all (i) rights and
privileges arising under applicable law with respect to any of the foregoing, (ii) extensions and renewals thereof and amendments thereto, (iii) income, fees, royalties, damages and payments now and hereafter due and/or payable thereunder
and with respect thereto, including damages, claims and payments for past, present or future infringements, dilutions or violations thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present and
future infringements, dilutions or violations thereof. 
 “Trademark Security Agreement” shall mean an agreement
substantially in the form of Exhibit 6 hereto. 
 “UCC” shall mean the Uniform Commercial Code as in effect from
time to time in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent’s and the Secured Parties’ security
interest in any item or portion of the Pledged Collateral is governed by the Uniform Commercial Code as in effect in 

  
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a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the
provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 

“ULC/Partnership” shall mean any unlimited company, unlimited liability company or unlimited liability corporation or any
similar entity existing under the laws of any province or territory of Canada and any successor to any such entity. 

“ULC/Partnership Interest” shall mean means a Pledgor’s shares of or other equity interest in any ULC/Partnership or its
interest as a general partner in any ULC/Partnership. 
 SECTION 1.2 Interpretation. The rules of interpretation specified in the
Credit Agreement (including Section 1.02 thereof) shall be applicable to this Agreement. 
 SECTION 1.3 Resolution of Drafting
Ambiguities. Each Pledgor acknowledges and agrees that it was represented by counsel in connection with the execution and delivery hereof, that it and its counsel reviewed and participated in the preparation and negotiation hereof and that any
rule of construction to the effect that ambiguities are to be resolved against the drafting party (i.e., the Collateral Agent) shall not be employed in the interpretation hereof. 

SECTION 1.4 Perfection Certificate. The Collateral Agent and each Secured Party agree that the Perfection Certificate and all
descriptions of Pledged Collateral, schedules, amendments and supplements thereto are and shall at all times remain a part of this Agreement. 

ARTICLE II 
 GRANT OF
SECURITY AND SECURED OBLIGATIONS 
 SECTION 2.1 Grant of Security Interest. 

(a) As collateral security for the payment and performance in full of all the Secured Obligations, each Pledgor hereby pledges and grants to
the Collateral Agent for the benefit of the Secured Parties a Lien on and security interest in all of the right, title and interest of such Pledgor in, to and under the following property, wherever located, and whether now existing or hereafter
arising or acquired from time to time (collectively, the “Pledged Collateral”): 
 (i) all Securities
Collateral and Investment Property; 
 (ii) all Equipment, Goods, Inventory and Fixtures; 

(iii) all Intellectual Property Collateral; 

(iv) all Accounts; 

(v) all General Intangibles 

(vi) all Instruments, Documents and Chattel Paper; 

(vii) the Commercial Tort Claims described on Schedule 12 to the Perfection Certificate; 

  
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 (viii) all Money and all Deposit Accounts; 

(ix) all Letters of Credit and Letter-of-Credit
Rights; 
 (x) all Supporting Obligations; 

(xi) all books and records relating to the Pledged Collateral; and 

(xii) all Proceeds and products of each of the foregoing and all accessions to, substitutions and replacements for, and rents,
profits and products of, each of the foregoing, any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to such Pledgor from time to time with respect to any of the foregoing. 

Notwithstanding anything to the contrary contained in clauses (i) through (x) above, subject to
Section 2.1(b), the security interest created by this Agreement shall not extend to, and the term “Pledged Collateral” shall not include, any Excluded Assets. 

(b) Notwithstanding anything to the contrary herein, the Borrower may elect at any time to include in Pledged Collateral any asset (whether an
Excluded Asset or otherwise) that would not have constituted Pledged Collateral on the Closing Date; provided that (i) the Borrower or applicable Pledgor may amend this Agreement or enter into security agreements, pledges, collateral
assignments, mortgages or other instruments to create and perfect a security interest in favor of the Collateral Agent for the benefit of the Secured Parties in such asset which are on customary terms (and accompanied by customary ancillary
documentation, including, but not limited to, opinions of counsel), in each case as determined by the Borrower in its sole reasonable discretion, which documents shall contain only such obligations, duties, benefits, indemnities and protections on
the part of the Collateral Agent which are reasonably acceptable to it, and (ii) the granting of such Lien to the Collateral Agent over such additional asset(s) shall not trigger a default under any Intercreditor Agreement. 

(c) Notwithstanding anything to the contrary herein, no Pledgor shall be required to make any filings with respect to Patents, Trademarks and
Copyrights other than UCC financing statements and filings in the United States Patent and Trademark Office and the United States Copyright Office. 

(d) Notwithstanding anything to the contrary herein, no actions in any jurisdiction outside the United States will be required in order to
create any security interests in assets located or titled outside of the United States, or to perfect any security interests in such assets, including any intellectual property registered in any jurisdiction outside the United States. Furthermore,
neither the Borrower nor the Guarantors will be required to (a) enter into control agreements or otherwise perfect any security interest by “control” (other than subject to the terms of the Intercreditor Agreements with respect to the
Collateral Account and the delivery of stock certificates or other certificates, if any, constituting Pledged Collateral representing equity interests of the Borrower, the Guarantors and their respective Subsidiaries to the extent possession of such
certificates perfects a security interest therein and intercompany notes (other than between Loan Parties) and other notes in excess of $5,000,000); (b) perfect security interests in
(x) letter-of-credit rights or (y) commercial tort claims with a value less than $5,000,000, except in the case of letter-of-credit rights to the extent such security can be perfected solely by filing of a UCC-1 financing statement; or (c) obtain any landlord, warehouseman or
bailee waivers or collateral access agreements. In addition, there will be no security agreements or pledge agreements governed under the laws of any jurisdiction outside the United States. 

  
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 (e) The Pledgors shall not be required to perfect the security interest in any item of personal
property as to which the Collateral Agent and the Borrower shall determine in their reasonable discretion that the costs of perfecting a security interest in such item are excessive in relation to the value of such security being perfected thereby.

 SECTION 2.2 Filings. 

(a) Each Pledgor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any relevant jurisdiction any
financing statements (including fixture filings) and amendments thereto that contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any financing statement or amendment relating
to the Pledged Collateral, including (i) whether such Pledgor is an organization, the type of organization and any organizational identification number issued to such Pledgor, (ii) any financing or continuation statements or other
documents without the signature of such Pledgor where permitted by law, including the filing of a financing statement describing the Pledged Collateral as “all assets now owned or hereafter acquired by the Pledgor or in which Pledgor otherwise
has rights” and (iii) in the case of a financing statement filed as a fixture filing or covering Pledged Collateral constituting minerals or the like to be extracted or timber to be cut, a sufficient description of the real property to
which such Pledged Collateral relates. Each Pledgor agrees to provide all information described in the immediately preceding sentence to the Collateral Agent promptly upon request by the Collateral Agent. 

(b) Each Pledgor hereby ratifies its authorization for the Collateral Agent to file in any relevant jurisdiction any financing statements
relating to the Pledged Collateral if filed prior to the date hereof. 
 (c) Each Pledgor hereby further authorizes the Collateral Agent to
file filings with the United States Patent and Trademark Office or United States Copyright Office (or any successor office), including this Agreement, the Copyright Security Agreement, the Patent Security Agreement and the Trademark Security
Agreement, or other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the security interest granted by such Pledgor hereunder, without the signature of such Pledgor, and naming such Pledgor, as debtor, and the
Collateral Agent, as secured party. 
 ARTICLE III 

PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES; 

USE OF PLEDGED COLLATERAL 

SECTION 3.1 Delivery of Certificated Securities Collateral. Each Pledgor represents and warrants, except as set forth in
Section 6.14(b) of the Credit Agreement, that all certificates, agreements or instruments representing or evidencing the Securities Collateral in existence on the date hereof have been delivered to the Collateral Agent in suitable form for
transfer by delivery or accompanied by duly executed instruments of transfer or assignment in blank and that the Collateral Agent has a perfected first priority security interest therein subject only to Permitted Liens. Each Pledgor hereby agrees
that all certificates representing or evidencing Securities Collateral acquired by such Pledgor after the date hereof shall promptly (but in any event within forty-five (45) days after receipt thereof by such Pledgor or such later date as the
Collateral Agent may specify) be delivered to and held by or on behalf of the Collateral Agent pursuant hereto. All certificated Securities Collateral shall be in suitable form for transfer by delivery or shall be accompanied by duly executed
instruments of transfer or assignment in blank. The Collateral Agent shall have the right at any time upon the occurrence and during the continuance of any Event of Default, to endorse, assign or otherwise transfer to or to register in the name of
the Collateral Agent or any of its nominees or endorse for negotiation any or all of the Securities Collateral, without any indication that such Securities Collateral is subject to the security interest hereunder. 

  
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 SECTION 3.2 Perfection of Uncertificated Securities Collateral. 

(a) Each Pledgor represents and warrants that the Collateral Agent has a perfected first priority security interest (subject to Permitted Liens
having priority under applicable law) in all uncertificated Pledged Securities pledged by it hereunder that are in existence on the date hereof. Each Pledgor hereby agrees that if any of the Pledged Securities are at any time not evidenced by
certificates of ownership, then each applicable Pledgor shall, to the extent permitted by applicable law, (i) cause the issuer of Pledged Securities that is not a party to this Agreement to execute and deliver to the Collateral Agent an
acknowledgment of the pledge of such Pledged Securities substantially in the form of Exhibit 1, (ii) if necessary or desirable to perfect a security interest in such Pledged Securities, cause such pledge to be recorded on the equityholder
register or the books of such issuer, execute any customary pledge forms or other documents necessary or appropriate to complete the pledge and give the Collateral Agent the right to transfer such Pledged Securities under the terms hereof, and
(iii) subject to the terms of the Intercreditor Agreements, after the occurrence and during the continuance of any Event of Default, upon request by the Collateral Agent, (A) cause the Organizational Documents of each such issuer that is a
Subsidiary of the Borrower to be amended to provide that such Pledged Securities shall be treated as “securities” for purposes of the UCC and (B) cause such Pledged Securities to become certificated and delivered to the Collateral
Agent in accordance with the provisions of Section 3.1. 
 (b) In the case of each Pledgor which is an issuer of
Securities Collateral, such Pledgor agrees (i) to be bound by the terms of this Agreement relating to the Securities Collateral issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) promptly to note
on its books the security interests granted to the Collateral Agent and confirmed under this Agreement and (iii) that it will, subject to the terms of the Intercreditor Agreement, comply with instructions of the Collateral Agent with respect to
the applicable Securities Collateral (including all Equity Interests of such issuer) without further consent by the applicable Pledgor. 

SECTION 3.3 Financing Statements and Other Filings; Maintenance of Perfected Security Interest. Each Pledgor represents and warrants
that all financing statements, agreements, instruments and other documents necessary to perfect the security interest granted by it to the Collateral Agent in respect of the Pledged Collateral have been delivered to the Collateral Agent in completed
and, to the extent necessary or appropriate, duly executed form for filing in each governmental, municipal or other office specified in Schedule 6 to the Perfection Certificate. Each Pledgor agrees that at the sole cost and expense of the Pledgors,
such Pledgor will maintain the security interest created by this Agreement in the Pledged Collateral as a perfected (x) first priority security interest in the Non-ABL Priority Collateral (subject to
Permitted Liens having priority under applicable law) and (y) second priority security interest in the ABL Priority Collateral (subject to Permitted Liens having priority under applicable law and the Liens of the ABL Facility Collateral Agent
in the ABL Priority Collateral). 
 SECTION 3.4 Other Actions. In order to further ensure the attachment, perfection and priority of,
and the ability of the Collateral Agent to enforce, the Collateral Agent’s security interest in the Pledged Collateral, each Pledgor represents and warrants (as to itself) as follows and agrees, in each case at such Pledgor’s own expense,
to take the following actions with respect to the following Pledged Collateral: 

  
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 (a) Collateral Account. 

(i) The Borrower shall take the actions with respect to the First Lien Collateral Account as set forth in Section 6.17 of
the Credit Agreement within the time period prescribed by Section 6.17. Amounts on deposit in the Collateral Account from time to time shall be released or applied by the Collateral Agent, acting at the direction of the Administrative Agent, as
provided in the Credit Agreement. 
 (ii) The Collateral Agent will have a first priority security interest in the Collateral
Account, which security interest is perfected by Control, when the actions set forth in Section 6.17 of the Credit Agreement have been taken. The Collateral Agent agrees with each Pledgor that the Collateral Agent shall not give any
instructions directing the disposition of funds from time to time credited to the First Lien Collateral Account or withhold any withdrawal rights from such Pledgor with respect to funds from time to time credited to the Collateral Account except in
accordance with the Credit Agreement. Each Pledgor agrees that once the Collateral Agent sends an instruction or notice to a Bank exercising its Control over the Collateral Account such Pledgor shall not give any instructions or orders with respect
to the Collateral Account including, without limitation, instructions for distribution or transfer of any funds in the Collateral Account. No Pledgor shall grant Control of the Collateral Account to any person other than any Junior Lien Notes
Collateral Agent or the Other Junior Lien Obligations Agent (each as defined in the ABL Intercreditor Agreement). 
 (b)
Commercial Tort Claims. As of the date hereof, each Pledgor hereby represents and warrants that it holds no Commercial Tort Claims other than those listed in Schedule 12 to the Perfection Certificate. If any Pledgor shall at any time hold or
acquire a Commercial Tort Claim in excess of $5,000,000, such Pledgor shall promptly notify the Collateral Agent in writing signed by such Pledgor of the brief details thereof and grant to the Collateral Agent in such writing a security interest
therein and in the Proceeds thereof, all upon the terms of this Agreement, with such writing to be in such form and substance as is reasonably acceptable to the Collateral Agent to grant a security interest in such Commercial Tort Claim. 

(c) Accounts and Chattel Paper. 

(i) The names of the obligors, amounts owing, due dates and other information with respect to each Pledgor’s Accounts and
Chattel Paper are and will be correctly stated in all records of such Pledgor relating thereto and in all invoices with respect thereto furnished to the Collateral Agent by such Pledgor from time to time, in each case, except as could not reasonably
be expected to result in a Material Adverse Effect. As of the time when each Account or each item of Chattel Paper arises, such Pledgor shall be deemed to have represented and warranted that such Account or Chattel Paper, as the case may be, and all
records relating thereto, are genuine and in all respects what they purport to be, in each case, except as could not reasonably be expected to result in a Material Adverse Effect. 

(ii) With respect to each Pledgor’s Accounts with a value in excess of $5,000,000 individually or in the aggregate:
(i) all Accounts represent bona fide sales of Inventory or rendering of services to Account Debtors in the ordinary course of such Pledgor’s business and are not evidenced by a judgment, Instrument or Chattel Paper; (ii) there are no
setoffs, claims or disputes existing or asserted with respect thereto and such Pledgor has not made any agreement with any Account Debtor for any extension of time for the payment thereof, any compromise or settlement for less than the full amount

  
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thereof, any release of any Account Debtor from liability therefor, or any deduction therefrom except a discount or allowance allowed by such Pledgor in the ordinary course of its business and
consistent with reasonable business judgment; (iii) to such Pledgor’s knowledge, there are no facts, events or occurrences which impair the validity or enforceability thereof in any material respect or could reasonably be expected to
reduce the amount payable thereunder as shown on such Pledgor’s books and records and any invoices and statements with respect thereto in any material respect; (iv) such Pledgor has not received any notice of proceedings or actions which
are threatened or pending against any Account Debtor which might result in any materially adverse change in such Account Debtor’s financial condition; and (v) such Pledgor has no knowledge that any Account Debtor has become insolvent or is
generally unable to pay its debts as they become due, in each case in clauses (i) through (v) above, except as could not reasonably be expected to result in a Material Adverse Effect. 

(d) Inventory. 

(i) With respect to any of a Pledgor’s Inventory with a value in excess of $5,000,000 individually or in the aggregate,
(i) such Pledgor has good, indefeasible and merchantable title to such Inventory and such Inventory is not subject to any Lien or security interest or document whatsoever except for Permitted Liens, (ii) such Inventory is not subject to
any licensing, patent, royalty, trademark, trade name or copyright agreements with any third parties which would require any consent of any third party upon sale or disposition of that Inventory or the payment of any monies to any third party upon
such sale or other disposition, (iii) such Inventory has been produced in compliance in all material respects with the Federal Fair Labor Standards Act of 1938, as amended, and all rules, regulations and orders thereunder and (iv) the
completion of manufacture, sale or other disposition of such Inventory by the Collateral Agent following an Event of Default shall not require the consent of any Person and shall not constitute a breach or default under any contract or agreement to
which such Pledgor is a party or to which such property is subject, in each case in clauses (i) through (iv) above, except as could not reasonably be expected to result in a Material Adverse Effect. 

(ii) Each Pledgor will do all things necessary to maintain, preserve, protect and keep its Inventory in working and saleable
condition, except (i) for damaged or defective goods arising in the ordinary course of such Pledgor’s business or (ii) as could not reasonably be expected to result in a Material Adverse Effect. 

(e) Collateral Records. Each Pledgor will maintain books and records that are complete and accurate in all material respects with
respect to the Collateral owned by it. 
 (f) Instruments, Documents and Tangible Chattel Paper. As of the date hereof, no Pledged
Collateral is evidenced by any Instrument, Document or Tangible Chattel Paper other than such Instruments, Documents and Tangible Chattel Paper listed in Schedule 10 to the Perfection Certificate. Each Instrument and each item of Tangible Chattel
Paper listed in Schedule 10 to the Perfection Certificate has been properly endorsed, assigned and delivered to the Collateral Agent, accompanied by instruments of transfer or assignment duly executed in blank. If any amount then payable under or in
connection with any of the Pledged Collateral shall be evidenced by any Instrument or Tangible Chattel Paper, and such amount, together with all amounts payable evidenced by any Instrument or Tangible Chattel Paper not previously delivered to the
Collateral Agent exceeds $5,000,000 in the aggregate for all Pledgors, the Pledgor acquiring such Instrument or Tangible Chattel Paper shall promptly (but in any event within five days after receipt thereof or such later date as the Collateral Agent
may specify) 

  
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endorse, assign and deliver the same to the Collateral Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time to time
specify. Promptly upon the Collateral Agent’s reasonable request, Pledgors shall deliver to the Collateral Agent (and thereafter hold in trust for the Collateral Agent upon receipt and immediately deliver to the Collateral Agent) any Document
evidencing or constituting Pledged Collateral. 
 SECTION 3.5 Joinder of Additional Guarantors. The Pledgors shall cause each
Subsidiary of the Borrower which, from time to time, after the date hereof shall be required to pledge any assets to the Collateral Agent for the benefit of the Secured Parties pursuant to the provisions of the Credit Agreement, to execute and
deliver to the Collateral Agent (i) a Joinder Agreement substantially in the form of Exhibit 3 hereto and (ii) a Perfection Certificate, in each case, within forty-five (45) days of the date on which it was acquired or created
(or such later date as the Collateral Agent may specify) and, in each case, upon such execution and delivery, such Subsidiary shall constitute a “Guarantor” and a “Pledgor” for all purposes hereunder with the same force and
effect as if originally named as a Guarantor and Pledgor herein. The execution and delivery of such Joinder Agreement shall not require the consent of any Pledgor hereunder. The rights and obligations of each Pledgor hereunder shall remain in full
force and effect notwithstanding the addition of any new Guarantor and Pledgor as a party to this Agreement. 
 SECTION 3.6 Supplements;
Further Assurances. Each Pledgor shall take such further actions, and execute and/or deliver to the Collateral Agent such additional financing statements, amendments, assignments, agreements, supplements, powers and instruments, as reasonably
requested by the Collateral Agent or reasonably necessary or appropriate in order to create, perfect, preserve and protect the security interest in the Pledged Collateral as provided herein and the rights and interests granted to the Collateral
Agent hereunder, to carry into effect the purposes hereof or better to assure and confirm the validity, enforceability and priority of the Collateral Agent’s security interest in the Pledged Collateral or permit the Collateral Agent to exercise
and enforce its rights, powers and remedies hereunder with respect to any Pledged Collateral, including the filing of financing statements, continuation statements and other documents (including this Agreement) under the Uniform Commercial Code (or
other similar laws) in effect in any jurisdiction with respect to the security interest created hereby, all in form reasonably satisfactory to the Collateral Agent, and in such offices (including the United States Patent and Trademark Office and the
United States Copyright Office) wherever required by law to perfect, continue and maintain the validity, enforceability and priority of the security interest in the Pledged Collateral as provided herein and to preserve the other rights and interests
granted to the Collateral Agent hereunder, as against third parties, with respect to the Pledged Collateral. Without limiting the generality of the foregoing, each Pledgor shall make, execute, endorse, acknowledge, file or refile and/or deliver to
the Collateral Agent from time to time upon reasonable request by the Collateral Agent such lists, schedules, descriptions and designations of the Pledged Collateral, copies of warehouse receipts, receipts in the nature of warehouse receipts, bills
of lading, documents of title, vouchers, invoices, schedules, confirmatory assignments, supplements, additional security agreements, conveyances, financing statements, transfer endorsements, powers of attorney, certificates, reports and other
assurances or instruments as the Collateral Agent shall reasonably request. If an Event of Default has occurred and is continuing, subject to the terms of the Intercreditor Agreements, the Collateral Agent may institute and maintain, in its own name
or in the name of any Pledgor, such suits and proceedings as the Collateral Agent may be advised by counsel shall be necessary or expedient to prevent any impairment of the security interest in or the perfection thereof in the Pledged Collateral.
All of the foregoing shall be at the sole cost and expense of the Pledgors. 

  
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 ARTICLE IV 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Each Pledgor represents, warrants and covenants as follows: 

SECTION 4.1 Title. Except for the security interest granted to the Collateral Agent for the benefit of the Secured Parties pursuant to
this Agreement and Permitted Liens, such Pledgor owns and has rights and, as to Pledged Collateral acquired by it from time to time after the date hereof, will own and have rights in each item of Pledged Collateral pledged by it hereunder, and has
the power to transfer the Collateral, free and clear of any and all Liens or claims of others (other than licenses granted in the ordinary course of business). Such Pledgor has the corporate or other organizational power and authority to grant to
the Collateral Agent the security interest in the Collateral pursuant hereto. In addition, no Liens or claims exist on the Securities Collateral, other than as permitted by Section 7.01 of the Credit Agreement. Schedules 11(a) through 11(d) of
the Perfection Certificate set forth a true, correct and complete list of all Patents, Trademarks and Copyrights registered or applied for in the United States Patent and Trademark Office or the United States Copyright Office, as applicable, that is
owned by each such Pledgor and all Intellectual Property Licenses under which such Pledgor exclusively licenses Copyrights from a third party (each such Intellectual Property License, an “Exclusive Copyright License”). 

SECTION 4.2 Validity of Security Interest. The security interest in and Lien on the Pledged Collateral granted to the Collateral Agent
for the benefit of the Secured Parties hereunder constitutes (a) a legal and valid security interest in all the Pledged Collateral securing the payment and performance of the Secured Obligations, and (b) subject to the filings and other
actions described in Schedule 6 to the Perfection Certificate (to the extent required to be listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed made) and intellectual property filings with the
United States Patent and Trademark Office and the United States Copyright Office, a perfected security interest in all the Pledged Collateral to the extent required to be perfected hereunder. The security interest and Lien granted to the Collateral
Agent for the benefit of the Secured Parties pursuant to this Agreement in and on the Pledged Collateral will at all times constitute a perfected, continuing security interest therein, prior to all other Liens on the Pledged Collateral except for
Permitted Liens. Without limiting the foregoing, this Agreement constitutes a legal valid and binding obligation of each Pledgor, enforceable against such Pledgor, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 4.3 Defense of Claims; Transferability of Pledged Collateral. Each Pledgor shall, at its own cost and expense, use commercially
reasonable efforts to defend title to the Pledged Collateral pledged by it hereunder and the security interest therein and Lien thereon granted to the Collateral Agent and the priority thereof against all claims and demands of all persons, at its
own cost and expense, at any time claiming any interest therein materially adverse to the Collateral Agent or any other Secured Party other than Permitted Liens. There is no agreement, order, judgment or decree, and, except as permitted under the
Credit Agreement, no Pledgor shall enter into any agreement or take any other action, that would restrict the transferability of any of the Pledged Collateral or otherwise impair or conflict with such Pledgor’s obligations or the rights of the
Collateral Agent hereunder. 
 SECTION 4.4 Other Financing Statements. It has not filed, nor authorized any third party to file (nor
will it file or authorize), any valid or effective financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) covering or purporting to cover any interest of any kind in the Pledged
Collateral, except such as have been filed in favor of the 

  
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Collateral Agent pursuant to this Agreement or in favor of any holder of a Permitted Lien with respect to such Permitted Lien or financing statements or public notices relating to the termination
statements listed on Schedule 8 to the Perfection Certificate. No Pledgor shall execute or authorize in any public office any financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction)
relating to any Pledged Collateral, except financing statements and other statements and instruments filed or to be filed in respect of and covering the security interests granted by such Pledgor to the holder of the Permitted Liens. 

SECTION 4.5 Pledged Securities. Attached hereto as Schedule 1 is, as of the Closing Date, a true and correct list of all of the
issued and outstanding stock, partnership interests, limited liability company membership interests or other equity interests owned by any Pledgor (other than Excluded Assets). 

SECTION 4.6 Due Authorization and Issuance. All of the Pledged Securities existing on the date hereof have been, and to the extent any
Pledged Securities are hereafter issued, such Pledged Securities will be, upon such issuance, duly authorized, validly issued and fully paid and (other than in the case of ULC/Partnership Interests)
non-assessable to the extent applicable. There is no amount or other obligation owing by any Pledgor to any issuer of the Pledged Securities in exchange for or in connection with the issuance of the Pledged
Securities or any Pledgor’s status as a partner or a member of any issuer of the Pledged Securities. 
 SECTION 4.7 Consents,
etc.In the event that the Collateral Agent desires to exercise any remedies, voting or consensual rights or attorney-in-fact powers set forth in this Agreement
during the continuance of any Event of Default and determines it necessary to obtain any approvals or consents of any Governmental Authority or any other person therefor, then, upon the reasonable request of the Collateral Agent, such Pledgor agrees
to use its commercially reasonable efforts to assist and aid the Collateral Agent to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies, rights and powers. 

SECTION 4.8 Pledged Collateral. All information set forth herein, including the schedules hereto, and all information contained in any
documents, schedules and lists heretofore delivered to any Secured Party, including the Perfection Certificate and the schedules thereto, in connection with this Agreement, in each case, relating to the Pledged Collateral, is accurate and complete
in all material respects. The Pledged Collateral described on the schedules to the Perfection Certificate constitutes all of the property of such type of Pledged Collateral owned or held by the Pledgors. 

SECTION 4.9 Insurance. 

(a) In the event that the proceeds of any insurance claim are paid to any Pledgor after the Collateral Agent has exercised its right to
foreclose after an Event of Default, such Net Loss Proceeds shall be held in trust for the benefit of the Collateral Agent and immediately after receipt thereof shall, subject to the terms of the Intercreditor Agreements, be paid to the Collateral
Agent for application in accordance with the Section 10.1. 
 (b) Within ninety (90) days following the
Closing Date (or such later date as the Collateral Agent may specify), the Pledgors’ insurance policies shall name the Collateral Agent (for the benefit of the Collateral Agent and the Lenders) as an additional insured or as lender loss payee,
as applicable, and shall contain lender loss payable clauses, through endorsements in form and substance reasonably satisfactory to the Collateral Agent. 

  
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 SECTION 4.10 Post-Closing Collateral Matters. 

(a) The Borrower shall, within ninety (90) days following the Closing Date (or such later date as the Collateral Agent may specify),
establish in its name, and thereafter maintain at all times until the payment in cash in full of the Secured Obligations, the Collateral Account with the Collateral Agent. 

(b) Each Pledgor agrees that, in the event such Pledgor takes any action to grant or perfect a Lien in favor of the Junior Lien Collateral
Agent (or other collateral agent with respect to any Junior Lien Obligations) or the ABL Facility Collateral Agent in any assets, such Pledgor shall also take such action to grant or perfect a Lien (subject to the terms of the Intercreditor
Agreements) in favor of the Collateral Agent to secure the Secured Obligations without request of the Collateral Agent. 
 SECTION 4.11
Notice of Changes. Without limiting the restrictions on mergers involving the Pledgors contained in the Credit Agreement, if any Pledgor shall effect any change in (i) its legal name, (ii) the location of its chief executive office,
(iii) its identity or organizational structure, (iv) its organizational identification number, if any, or (v) its jurisdiction of organization, (A) it shall give the Collateral Agent written notice (in the form of an
Officers’ Certificate) thereof within 30 days (or such later date as the Collateral Agent may specify) following such change and (B) it shall take all action reasonably requested by the Collateral Agent or necessary (including the filing
of financing statement amendments, if applicable) to maintain the perfection and priority of the security interest of the Collateral Agent for the benefit of the Secured Parties in the Pledged Collateral, if applicable. 

SECTION 4.12 No Impairment of the Security Interests. No Pledgor shall take any action, or knowingly or negligently omit to take any
action, which action or omission would have the result of materially impairing the security interest with respect to the Pledged Collateral. 

SECTION 4.13 Letter-of-Credit Rights. If any Pledgor is
or becomes the beneficiary of a letter of credit constituting Collateral in excess of $5,000,000 in face amount, it shall promptly, and in any event within two (2) Business Days after becoming a beneficiary, notify the Collateral Agent thereof
and (i) undertake commercially reasonable efforts to cause the issuer and/or confirmation bank to consent to the assignment of any Letter-of-Credit Rights to the
Collateral Agent and (ii) subject to the terms of the Intercreditor Agreements, use commercially reasonable efforts to cause the issuer and/or confirmation bank to agree to direct all payments thereunder to a Deposit Account at the Collateral
Agent for application to the Secured Obligations, in accordance with Section 10.1 hereof, all in form and substance reasonably satisfactory to the Collateral Agent. 

SECTION 4.14 ULC/Partnerships. Notwithstanding any provisions to the contrary contained in this Agreement or any other document or
agreement among all or some of the parties hereto each Pledgor shall remain registered as the sole registered and beneficial owner of all ULC/Partnership Interests and will remain as registered and beneficial owner until such time as such
ULC/Partnership Interests are effectively transferred into the name of the Collateral Agent or any other Person on the books and records of such ULC/Partnership upon the exercise of rights to sell or otherwise dispose of ULC/Partnership Interests
following the occurrence and during the continuance of an Event of Default. Accordingly, such Pledgor shall be entitled to receive and retain for its own account any dividends, property or other distributions, if any, in respect of such
ULC/Partnership Interests (except insofar as the Pledgor has granted a security interest in such dividends, property or other distributions, and any shares which are ULC/Partnership Interests shall be delivered to the Collateral Agent to hold as
collateral hereunder) and shall have the right to vote such ULC/Partnership Interests and to control the direction, management and policies of the issuer of such ULC/Partnership Interests to the same extent as the Pledgor would if such
ULC/Partnership Interests were not pledged to the Collateral Agent pursuant 

  
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hereto. Nothing in this Agreement is intended to or shall constitute the Collateral Agent, any other Secured Party, or any other Person other than such Pledgor as a shareholder or member of any
ULC/Partnership for the purposes of any applicable law until such time as notice is given to such ULC/Partnership (which has not been withdrawn) and further steps are taken thereunder so as to register the Collateral Agent or other Person as the
holder of the ULC/Partnership Interests of such ULC/Partnership upon the exercise of rights to sell or otherwise dispose of ULC/Partnership Interests following the occurrence and during the continuance of an Event of Default. To the extent any
provision hereof would have the effect of constituting the Collateral Agent or any other Secured Party as a shareholder or member of a ULC/Partnership prior to such time, such provision shall be severed therefrom and ineffective with respect to the
ULC/Partnership Interests of such ULC/Partnership without otherwise invalidating or rendering unenforceable this Agreement or invalidating or rendering unenforceable such provision insofar as it relates to Securities Collateral which are not
ULC/Partnership Interests. Except upon the exercise of rights to sell or otherwise dispose of ULC/Partnership Interests following the occurrence and during the continuance of an Event of Default, no Pledgor shall cause or permit, or enable any
ULC/Partnership in which it holds ULC/Partnership Interests to cause or permit, the Collateral Agent to: (a) be registered as a shareholder or member of such ULC/Partnership; (b) have any notation entered in its favor in the share register
of such ULC/Partnership; (c) be held out as a shareholder or member of such ULC/Partnership; (d) receive, directly or indirectly, any dividends, property or other distributions from such ULC/Partnership by reason of the Collateral Agent
holding a security interest in such ULC/Partnership Interests; or (e) act as a shareholder or member of such ULC/Partnership, or exercise any rights of a shareholder or member of such ULC/Partnership including the right to attend a meeting of,
or to vote the shares of, such ULC/Partnership. 
 ARTICLE V 

CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL 

SECTION 5.1 Pledge of Additional Securities Collateral. Each Pledgor shall, upon obtaining any Pledged Securities of any person, accept
the same in trust for the benefit of the Collateral Agent and promptly (but in any event within forty-five (45) days or such later date as the Collateral Agent may specify) deliver to the Collateral Agent a pledge amendment, duly executed by
such Pledgor, in substantially the form of Exhibit 2 hereto (each, a “Pledge Amendment”), and the certificates and other documents required under Section 3.1 and Section 3.2
hereof in respect of the additional Pledged Securities which are to be pledged pursuant to this Agreement, and confirming the attachment of the Lien hereby created on and in respect of such additional Pledged Securities. Each Pledgor hereby
authorizes the Collateral Agent to attach each Pledge Amendment to this Agreement and agrees that all Pledged Securities listed on any Pledge Amendment delivered to the Collateral Agent shall for all purposes hereunder be considered Pledged
Collateral. 
 SECTION 5.2 Voting Rights; Distributions; etc. 

(a) Subject to the terms of the Intercreditor Agreements, so long as no Event of Default shall have occurred and be continuing: 

(i) each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Securities
Collateral or any part thereof for any purpose not inconsistent with the terms or purposes hereof, the Credit Agreement or any other document evidencing the Secured Obligations. 

  
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 (ii) each Pledgor shall be entitled to receive and retain, and to utilize free
and clear of the Lien hereof, any and all Distributions, but only if and to the extent made in accordance with the provisions of the Credit Agreement; provided, however, that any and all such Distributions consisting of rights or
interests in the form of securities shall be forthwith delivered to the Collateral Agent to hold as Pledged Collateral and shall, if received by any Pledgor, be received in trust for the benefit of the Collateral Agent, be segregated from the other
property or funds of such Pledgor and be promptly (but in any event within forty-five (45) days or such later date as the Collateral Agent may specify) delivered to the Collateral Agent as Pledged Collateral in the same form as so received
(with any necessary endorsement). 
 (b) So long as no Event of Default shall have occurred and be continuing, the Collateral Agent shall be
deemed without further action or formality to have granted to each Pledgor all necessary consents relating to voting rights and shall, if necessary, upon written request of any Pledgor and at the sole cost and expense of the Pledgors, from time to
time execute and deliver (or cause to be executed and delivered) to such Pledgor all such instruments as such Pledgor may reasonably request in order to permit such Pledgor to exercise the voting and other rights which it is entitled to exercise
pursuant to Section 5.2(a)(i) hereof and to receive the Distributions which it is authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof. 

(c) Upon the occurrence and during the continuance of any Event of Default, following one day’s notice by the Collateral Agent to the Loan
Parties (provided that with respect to any default under Section 8.01(a) and (f) of the Credit Agreement, such notice shall have automatically, and without further action, been deemed to have been delivered), subject to the terms of
the Intercreditor Agreements: 
 (i) all rights of each Pledgor set forth in such notice to exercise the voting and other
consensual rights it would otherwise be entitled to exercise pursuant to Section 5.2(a)(i) hereof shall immediately cease, and all such rights shall thereupon immediately become vested in the Collateral Agent, which shall
thereupon have the sole right to exercise such voting and other consensual rights; 
 (ii) all rights of each Pledgor to
receive Distributions which it would otherwise be authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof shall immediately cease and all such rights shall thereupon become vested in the Collateral Agent,
which shall thereupon have the sole right to receive and hold as Pledged Collateral such Distributions; and 
 (iii) the
Collateral Agent may take possession of and sell the Collateral or any part thereof in accordance with the terms of this Agreement and the other Security Documents. 

(d) Each Pledgor shall, at its sole cost and expense, from time to time during the continuance of any Event of Default execute and deliver to
the Collateral Agent appropriate instruments as the Collateral Agent may request in order to permit the Collateral Agent to exercise the voting and other rights which it may be entitled to exercise pursuant to
Section 5.2(c)(i) hereof and to receive all Distributions which it may be entitled to receive under Section 5.2(c)(ii) hereof. 

(e) All Distributions which are received by any Pledgor contrary to the provisions of Section 5.2(a)(ii) hereof shall
be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Pledgor and shall immediately be paid over to the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary
endorsement). 
 SECTION 5.3 Defaults, etc. Each Pledgor hereby represents and warrants that (i) such Pledgor is not in default
in the payment of any portion of any mandatory capital contribution, if any, required to be made under any agreement to which such Pledgor is a party relating to the Pledged 

  
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Securities pledged by it, and such Pledgor is not in violation of any other provisions of any such agreement to which such Pledgor is a party, or otherwise in default or violation thereunder,
(ii) no Securities Collateral pledged by such Pledgor is subject to any defense, offset or counterclaim, nor have any of the foregoing been asserted or alleged against such Pledgor by any person with respect thereto, and (iii) as of the
date hereof, there are no certificates, instruments, documents or other writings (other than the Organizational Documents and certificates representing such Pledged Securities that have been delivered to the Collateral Agent) which evidence any
Pledged Securities of such Pledgor. 
 SECTION 5.4 Certain Agreements of Pledgors As Holders of Equity Interests. In the case of each
Pledgor which is a partner, shareholder or member, as the case may be, in a partnership, limited liability company or other entity, such Pledgor hereby consents to the extent required by the applicable Organizational Document to the pledge by each
other Pledgor, pursuant to the terms hereof, of the Pledged Securities in such partnership, limited liability company or other entity and, upon the occurrence and during the continuance of an Event of Default, to the transfer of such Pledged
Securities to the Collateral Agent or its nominee and to the substitution of the Collateral Agent or its nominee as a substituted partner, shareholder or member in such partnership, limited liability company or other entity with all the rights,
powers and duties of a general partner, limited partner, shareholder or member, as the case may be. 
 ARTICLE VI 

CERTAIN PROVISIONS CONCERNING INTELLECTUAL 

PROPERTY COLLATERAL 

SECTION 6.1 Grant of Intellectual Property License. For the purpose of enabling the Collateral Agent, during the continuance of an
Event of Default, to exercise rights and remedies under Article IX hereof at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, and for no other purpose, each Pledgor hereby grants to the
Collateral Agent, an irrevocable, non-exclusive, worldwide, royalty-free (and free of any other obligation or payment) license to use, assign, license or sublicense any of the Intellectual Property Collateral
now owned, licensed or hereafter acquired by such Pledgor, wherever the same may be located, subject in the case of Trademarks to reasonably sufficient rights to quality control and inspection in favor of such Pledgor to avoid the risk of
invalidation of its Trademarks. Such license shall include access to all media in which any of the licensed items may be recorded or stored and to all computer programs used for the compilation or printout thereof. 

SECTION 6.2 Protection of Collateral Agent’s Security. On a continuing basis, each Pledgor shall, at its sole cost
and expense, (i) promptly following its becoming aware thereof, notify the Collateral Agent of any adverse determination in any proceeding or the institution of any proceeding in any federal, state or local court or administrative body or in
the United States Patent and Trademark Office or the United States Copyright Office regarding any material Intellectual Property Collateral, such Pledgor’s right to register such material Intellectual Property Collateral or its right to keep
and maintain such registration and prosecute applications in full force and effect (excluding, in each case, typical communications in the ordinary course of prosecution, such as office actions and the like), (ii) consistent with commercially
reasonable business judgment, maintain, protect and enforce all material Intellectual Property Collateral as presently used and operated, (iii) not permit to lapse or become abandoned any material Intellectual Property Collateral, and not
settle or compromise any pending or future litigation or administrative proceeding with respect to any such material Intellectual Property Collateral, in either case except as shall be consistent with commercially reasonable business judgment,
(iv) upon such Pledgor obtaining knowledge thereof, promptly notify the Collateral Agent in writing of any event which may be reasonably expected to materially and adversely affect the value or utility of any material Intellectual 

  
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Property Collateral to such Pledgor or the Collateral Agent’s Lien on and security interest therein, including a levy or threat of levy or any legal process against any material Intellectual
Property Collateral, (v) not license any Intellectual Property Collateral, or otherwise disclose any confidential Technology or source code, other than licenses or under nondisclosure agreements (as applicable) entered into by such Pledgor in,
or incidental to, the ordinary course of business, (vi) amend or permit the amendment of any of the licenses in a manner that materially and adversely affects the right to receive payments thereunder, or in any manner that would materially
impair the value of any Intellectual Property Collateral to such Pledgor or the Collateral Agent’s Lien on and security interest therein, in each case, except as shall be consistent with commercially reasonable business judgment,
(vii) diligently keep adequate records respecting all Intellectual Property Collateral and (viii) furnish to the Collateral Agent from time to time upon the Collateral Agent’s request therefor reasonably detailed statements and
amended schedules further identifying and describing the Intellectual Property Collateral and such other materials evidencing or reports pertaining to any Intellectual Property Collateral as the Collateral Agent may from time to time request. 

SECTION 6.3 After-Acquired Property. If any Pledgor shall at any time after the date hereof (i) obtain any rights to any
additional Intellectual Property Collateral or (ii) become entitled to the benefit of any additional Intellectual Property Collateral or any renewal or extension thereof, including any reissue, division, continuation, or continuation-in-part of any Intellectual Property Collateral, or any improvement on any Intellectual Property Collateral, or if any
intent-to use trademark application is no longer subject to clause (g) of the definition of “Excluded Assets,” the provisions hereof shall automatically apply thereto and any such item
enumerated in the preceding clause (i) or (ii) shall automatically constitute Intellectual Property Collateral as if such would have constituted Intellectual Property Collateral at the time of execution hereof and be subject to
the Lien and security interest created by this Agreement without further action by any party. Each Pledgor shall concurrently with the delivery of the financial statements under Section 6.01(a) of the Credit Agreement provide to the Collateral
Agent written notice of any newly filed or acquired Patent, Trademark, Copyright, or Exclusive Copyright License (in each case filed with the United States Copyright Office or United States Patent and Trademark Office) and confirm the attachment of
the Lien and security interest created by this Agreement to any rights described in clauses (i) and (ii) above by execution of an instrument which shall contain such provisions regarding the duties, liabilities, obligations,
indemnities, benefits and protections of the Collateral Agent as are reasonably acceptable to it and shall promptly file and record with the United States Patent and Trademark Office or United States Copyright Office, as applicable, such instrument
as shall be reasonably necessary to create, preserve, protect or perfect the Collateral Agent’s security interest in such Intellectual Property Collateral. 

SECTION 6.4 Litigation. Unless there shall occur and be continuing any Event of Default each Pledgor shall have the right to commence
and prosecute in its own name, as the party in interest, for its own benefit and at the sole cost and expense of the Pledgors, such applications for protection of the Intellectual Property Collateral and suits, proceedings or other actions to
prevent the infringement, counterfeiting, unfair competition, dilution, diminution in value or other damage as are necessary to protect the Intellectual Property Collateral. Upon the occurrence and during the continuance of any Event of Default,
subject to the terms of the Intercreditor Agreements, the Collateral Agent shall have the right but shall in no way be obligated to file applications for protection of the Intellectual Property Collateral and/or bring suit in the name of any
Pledgor, the Collateral Agent or the Secured Parties to enforce the Intellectual Property Collateral and any license thereunder. In the event of such suit, each Pledgor shall, at the reasonable request of the Collateral Agent, do any and all lawful
acts and execute any and all documents reasonably requested by the Collateral Agent in aid of such enforcement and the Pledgors shall promptly reimburse and indemnify the Collateral Agent for all costs and expenses incurred by the Collateral Agent
in the exercise of its rights under this Section 6.4 in accordance with Sections 10.04 and 10.05 of the Credit Agreement. In the event that the Collateral Agent shall elect not to 

  
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bring such suit to enforce the Intellectual Property Collateral, each Pledgor agrees, at the reasonable request of the Collateral Agent, to take all commercially reasonable actions necessary,
whether by suit, proceeding or other action, to prevent the infringement, counterfeiting, unfair competition, dilution, diminution in value of or other damage to any of the Intellectual Property Collateral by any person. 

ARTICLE VII 
 [RESERVED]

 ARTICLE VIII 

TRANSFERS 
 SECTION 8.1
Transfers of Pledged Collateral. No Pledgor shall sell, convey, assign or otherwise dispose of, or grant any option with respect to, any of the Pledged Collateral pledged by it hereunder except as not prohibited by the Credit Agreement. 

ARTICLE IX 
 REMEDIES

 SECTION 9.1 Remedies. 

(a) Upon the occurrence and during the continuance of any Event of Default (subject to the terms of the Intercreditor Agreements), the
Collateral Agent may, but shall not be obligated to, from time to time exercise in respect of the Pledged Collateral, in addition to the other rights and remedies provided for herein or otherwise available to it, the following remedies: 

(i) personally, or by agents or attorneys, immediately take possession of the Pledged Collateral or any part thereof, from any
Pledgor or any other person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter upon any Pledgor’s premises where any of the Pledged Collateral is located, for purposes of
collecting, assembling, processing, removing or otherwise dealing with such Pledged Collateral, and may remain present at such premises to receive copies of all communications and remittances relating to the Pledged Collateral and use in connection
with such purposes any and all services, supplies, aids and other facilities of any Pledgor; 
 (ii) demand, sue for, collect
or receive any money or property at any time payable or receivable in respect of the Pledged Collateral including instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged Collateral to
make any payment required by the terms of such agreement, instrument or other obligation directly to the Collateral Agent, and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with
respect thereto; provided, however, that in the event that any such payments are made directly to any Pledgor, prior to receipt by any such obligor of such instruction, such Pledgor shall segregate all amounts received pursuant thereto
in trust for the benefit of the Collateral Agent and shall promptly (but in no event later than one (1) Business Day after receipt thereof) pay such amounts to the Collateral Agent; 

(iii) sell, assign, grant a license to use or otherwise liquidate, or direct any Pledgor to sell, assign, grant a license to
use or otherwise liquidate, any and all investments made in whole or in part with the Pledged Collateral or any part thereof, and take possession of the proceeds of any such sale, assignment, license or liquidation; 

  
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 (iv) take possession of the Pledged Collateral or any part thereof, by directing
any Pledgor in writing to deliver the same to the Collateral Agent at any place or places so designated by the Collateral Agent, in which event such Pledgor shall at its own expense: (A) forthwith cause the same to be moved to the place or
places designated by the Collateral Agent and therewith delivered to the Collateral Agent, (B) store and keep any Pledged Collateral so delivered to the Collateral Agent at such place or places pending further action by the Collateral Agent and
(C) while the Pledged Collateral shall be so stored and kept, provide such security and maintenance services as shall be necessary to protect the same and to preserve and maintain them in good condition. Each Pledgor’s obligation to
deliver the Pledged Collateral as contemplated in this Section 9.1(a)(iv) is of the essence hereof. Upon application to a court of equity having jurisdiction, the Collateral Agent shall be entitled to a decree requiring
specific performance by any Pledgor of such obligation; 
 (v) withdraw all moneys, instruments, securities and other
property in any bank, financial securities, deposit or other account of any Pledgor constituting Pledged Collateral for application to the Secured Obligations as provided in Article X hereof; 

(vi) retain and apply the Distributions to the Secured Obligations as provided in Article X hereof; 

(vii) exercise any and all rights as beneficial and legal owner of the Pledged Collateral, including perfecting assignment of
and exercising any and all voting, consensual and other rights and powers with respect to any Pledged Collateral; and 

(viii) exercise all the rights and remedies of a secured party available under the UCC (whether or not the UCC applies to the
affected Collateral) or under any other applicable law (including, without limitation, any law governing the exercise of a bank’s right of setoff or bankers’ lien), and the Collateral Agent may also in its sole discretion, without notice
except as specified in Section 9.3 hereof, sell, assign or grant a license to use the Pledged Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s board or at any
of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, and at such price or prices and upon such other terms as are commercially reasonable. The Collateral Agent or any other Secured Party or any of their
respective Affiliates may be the purchaser, licensee, assignee or recipient of the Pledged Collateral or any part thereof at any such sale and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for
all or any portion of the Pledged Collateral sold, assigned or licensed at such sale, to use and apply any of the Secured Obligations owed to such person as a credit on account of the purchase price of the Pledged Collateral or any part thereof
payable by such person at such sale. Each purchaser, assignee, licensee or recipient at any such sale shall acquire the property sold, assigned or licensed absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby
waives, to the fullest extent permitted by law, all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. The Collateral Agent shall not
be obligated to make any sale of the Pledged Collateral or any part thereof 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. Each Pledgor hereby waives, to the fullest extent permitted by law, any claims against the Collateral Agent arising by reason of the
fact that the 

  
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price at which the Pledged Collateral or any part thereof may have been sold, assigned or licensed at such a private sale was less than the price which might have been obtained at a public sale,
even if the Collateral Agent accepts the first offer received and does not offer such Pledged Collateral to more than one offeree. 

(ix) Until the Collateral Agent is able to effect a sale, lease, or other disposition of Collateral, the Collateral Agent shall
have the right to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving Collateral or its value or for any other purpose deemed appropriate by the Collateral Agent. The Collateral Agent
may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of the Collateral Agent’s remedies (for the benefit of the Collateral Agent and the other Secured Parties), with respect to
such appointment without prior notice or hearing as to such appointment. 
 SECTION 9.2 Pledgor’s Obligations Upon Event of
Default. Upon the request of the Collateral Agent after the occurrence and during the continuance of an Event of Default, each Pledgor will: 

(a) assemble and make available to the Collateral Agent the Collateral and all books and records relating thereto at any place or places
specified by the Collateral Agent, whether at such Pledgor’s premises or elsewhere, and undertake each of the other obligations set forth in Section 9.1(a)(iv); and 

(b) permit the Collateral Agent, by the Collateral Agent’s representatives and agents, to enter, occupy and use any premises where all or
any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral or the books and records relating thereto, or both, to remove all or any part of the Collateral or
the books and records relating thereto, or both, and to conduct sales of the Collateral, without any obligation to pay the Pledgor for such use and occupancy. 

SECTION 9.3 Notice of Sale. Each Pledgor acknowledges and agrees that, to the extent notice of sale or other disposition of the Pledged
Collateral or any part thereof shall be required by law, ten (10) days’ prior notice to such Pledgor of the time and place of any public sale or of the time after which any private sale or other intended disposition is to take place shall
be commercially reasonable notification of such matters. No notification need be given to any Pledgor if it has signed, after the occurrence of an Event of Default, a statement renouncing or modifying any right to notification of sale or other
intended disposition. 
 SECTION 9.4 Waiver of Notice and Claims. 

Each Pledgor hereby waives, to the fullest extent permitted by applicable law, notice or judicial hearing in connection with the Collateral
Agent’s taking possession or the Collateral Agent’s disposition of the Pledged Collateral or any part thereof, including any and all prior notice and hearing for any prejudgment remedy or remedies and any such right which such Pledgor
would otherwise have under law, and each Pledgor hereby further waives, to the fullest extent permitted by applicable law: (i) all damages occasioned by such taking of possession, (ii) all other requirements as to the time, place and terms
of sale or other requirements with respect to the enforcement of the Collateral Agent’s rights hereunder, (iii) all rights of redemption, appraisal, valuation, stay, extension or moratorium now or hereafter in force under any applicable
law, and (iv) any and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable to the sale of any Collateral made under the judgment, order or decree of any court, or privately
under the power of sale conferred by 

  
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this Agreement, or otherwise. The Collateral Agent shall not be liable for any incorrect or improper payment made pursuant to this Article IX in the absence of gross negligence or willful
misconduct on the part of the Collateral Agent. Except as otherwise specifically provided herein, each Pledgor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection
with this Agreement or any Collateral. Any sale of, or the grant of options to purchase, or any other realization upon, any Pledged Collateral shall operate to divest all right, title, interest, claim and demand, either at law or in equity, of the
applicable Pledgor therein and thereto, and shall be a perpetual bar both at law and in equity against such Pledgor and against any and all persons claiming or attempting to claim the Pledged Collateral so sold, optioned or realized upon, or any
part thereof, from, through or under such Pledgor. 
 SECTION 9.5 Certain Sales of Pledged Collateral. 

(a) Each Pledgor recognizes that, by reason of certain prohibitions contained in law, rules, regulations or orders of any Governmental
Authority, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who meet the requirements of such Governmental Authority. Each Pledgor acknowledges that any such
sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that any such restricted sale shall be deemed to have
been made in a commercially reasonable manner and that, except as may be required by applicable law, the Collateral Agent shall have no obligation to engage in public sales. 

(b) Each Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act, and applicable state securities laws, the
Collateral Agent may be compelled, with respect to any sale of all or any part of the Securities Collateral, to limit purchasers to persons who will agree, among other things, to acquire such Securities Collateral or Investment Property for their
own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that any such private sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public
sale without such restrictions (including a public offering made pursuant to a registration statement under the Securities Act), and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a
commercially reasonable manner and that the Collateral Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Securities Collateral for the period of time necessary to permit the issuer thereof to
register it for a form of public sale requiring registration under the Securities Act or under applicable state securities laws, even if such issuer would agree to do so. 

(c) Notwithstanding the foregoing, each Pledgor shall, upon the occurrence and during the continuance of any Event of Default, at the
reasonable request of the Collateral Agent, for the benefit of the Collateral Agent, cause any registration, qualification under or compliance with any Federal or state securities law or laws to be effected with respect to all or any part of the
Securities Collateral as soon as practicable and at the sole cost and expense of the Pledgors. Each Pledgor will use its commercially reasonable efforts to cause such registration to be effected (and be kept effective) and will use its commercially
reasonable efforts to cause such qualification and compliance to be effected (and be kept effective) as may be so requested and as would permit or facilitate the sale and distribution of such Securities Collateral including registration under the
Securities Act (or any similar statute then in effect), appropriate qualifications under applicable blue sky or other state securities laws and appropriate compliance with all other requirements of any Governmental Authority. Each Pledgor shall use
its commercially reasonable efforts to cause the Collateral Agent to be kept advised in writing as to the progress of each such registration, qualification or compliance and as to the completion thereof, shall furnish to the Collateral Agent such
number of prospectuses, offering circulars or other documents incident thereto as the Collateral Agent from time to time may request, and shall indemnify and shall 

  
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cause the issuer of the Securities Collateral to indemnify the Collateral Agent and all others participating in the distribution of such Securities Collateral against all claims, losses, damages
and liabilities caused by any untrue statement (or alleged untrue statement) of a material fact contained therein (or in any related registration statement, notification or the like) or by any omission (or alleged omission) to state therein (or in
any related registration statement, notification or the like) a material fact required to be stated therein or necessary to make the statements therein not misleading. 

(d) If the Collateral Agent determines, subject to the terms of the Intercreditor Agreements, to exercise its right to sell any or all of the
Securities Collateral, upon written request, the applicable Pledgor shall determine and inform the Collateral Agent of the number of securities included in the Securities Collateral which may be sold by the Collateral Agent as exempt transactions
under the Securities Act and the rules of the Securities and Exchange Commission thereunder, as the same are from time to time in effect. 

(e) Each Pledgor further agrees that a breach of any of the covenants contained in this Section 9.5 will cause
irreparable injury to the Collateral Agent and the other Secured Parties, that the Collateral Agent and the other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained
in this Section 9.5 shall be specifically enforceable against such Pledgor, and such Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a
defense that no Event of Default has occurred and is continuing. 
 SECTION 9.6 No Waiver; Cumulative Remedies. 

(a) No failure on the part of the Collateral Agent to exercise, no course of dealing with respect to, and no delay on the part of the
Collateral Agent in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, privilege or remedy hereunder preclude any other or further exercise thereof
or the exercise of any other right, power, privilege or remedy; nor shall the Collateral Agent be required to look first to, enforce or exhaust any other security, collateral or guaranties; nor shall it be required to marshal any collateral. All
rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies provided by law or otherwise available. 

(b) In the event that the Collateral Agent shall have instituted any proceeding to enforce any right, power, privilege or remedy under this
Agreement or any other Security Document by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Collateral Agent, then and in every such
case, the Pledgors, the Collateral Agent and each other Secured Party shall be restored to their respective former positions and rights hereunder with respect to the Pledged Collateral, and all rights, remedies, privileges and powers of the
Collateral Agent and the other Secured Parties shall continue as if no such proceeding had been instituted. 
 SECTION 9.7 Certain
Additional Actions Regarding Intellectual Property. If any Event of Default shall have occurred and be continuing (but subject to the terms of the Intercreditor Agreements), upon the written demand of the Collateral Agent, each Pledgor shall
execute and deliver to the Collateral Agent an assignment or assignments of the registered and applied for Intellectual Property Collateral and such other documents as are necessary or appropriate to carry out the intent and purposes hereof. 

  
 -26- 

 ARTICLE X 

APPLICATION OF PROCEEDS 

SECTION 10.1 Application of Proceeds: 

(a) Subject to the terms of the Intercreditor Agreements, the 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 (including, without limitation, with respect to any Pledged Collateral or any Mortgaged Property) pursuant to the exercise by the Collateral Agent of its remedies shall be applied,
together with any other sums then held by the Collateral Agent pursuant to this Agreement or any other Security Document or in the Collateral Account, against the Secured Obligations in the order specified in the Credit Agreement. 

ARTICLE XI 

MISCELLANEOUS 
 SECTION
11.1 Concerning Collateral Agent. 
 (a) The Collateral Agent has been appointed as Collateral Agent pursuant to the Credit Agreement.
The actions of the Collateral Agent hereunder are subject to the provisions of the Credit Agreement and the Intercreditor Agreements. The Collateral Agent shall have the right hereunder to make demands, to give notices, to exercise or refrain from
exercising any rights, and to take or refrain from taking action (including the release or substitution of the Pledged Collateral), in accordance with this Agreement, the Intercreditor Agreements and the Credit Agreement. The Collateral Agent may
employ agents and attorneys-in-fact in connection herewith and shall not be liable for the negligence or misconduct of any such agents or
attorneys-in-fact selected by it in good faith. The Collateral Agent may resign in the manner provided in the Credit Agreement. A successor Collateral Agent may be
appointed in the manner provided in the Credit Agreement. Upon the acceptance of any appointment as the Collateral Agent by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the
rights, powers, privileges and duties of the retiring Collateral Agent under this Agreement, and the retiring Collateral Agent shall thereupon be discharged from its duties and obligations under this Agreement. After any retiring Collateral
Agent’s resignation, the provisions hereof shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was the Collateral Agent. 

(b) The Collateral Agent shall have no obligation to clean-up or otherwise prepare the Collateral for
sale. The Collateral Agent and each other Secured Party shall use reasonable care (such care, in any event, being not more than the care it provides with regards to its own property or possessions) with respect to the Collateral in its possession or
under its control. Neither the Collateral Agent nor any other Secured Party shall have any other duty as to any Collateral in its possession or control or in the possession or control of any agent or nominee of the Collateral Agent or such other
Secured Party, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the
Pledged Collateral in its possession if such Pledged Collateral is accorded treatment substantially equivalent to that which the Collateral Agent, in its individual capacity, accords its own property consisting of similar instruments or interests,
it being understood that neither the Collateral Agent nor any of the Secured Parties shall have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to
any Securities Collateral, whether or not the Collateral Agent or any other Secured Party has or is deemed to have knowledge of such matters or (ii) taking any necessary steps to preserve rights against any person with respect to any Pledged
Collateral. 

  
 -27- 

 (c) To the extent that applicable law imposes duties on the Collateral Agent to exercise remedies
in a commercially reasonable manner, each Pledgor acknowledges and agrees that it is commercially reasonable for the Collateral Agent (i) to fail to incur expenses deemed significant by the Collateral Agent to prepare Collateral for disposition
or otherwise to transform raw material or work in process into finished goods or other finished products for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required
by other law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against Account Debtors or other Persons
obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies against Account Debtors and other Persons obligated on Collateral directly or through the use of collection agencies
and other collection specialists, (v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in
the same business as such Pledgor, for expressions of interest in acquiring all or any portion of the Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of
a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers
of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to insure the
Collateral Agent against risks of loss, collection or disposition of Collateral or to provide to the Collateral Agent a guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by the
Collateral Agent, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist the Collateral Agent in the collection or disposition of any of the Collateral. Each Pledgor acknowledges that the purpose
of this Section 11.1 is to provide non-exhaustive indications of what actions or omissions by the Collateral Agent would be commercially reasonable in the Collateral Agent’s exercise of remedies
against the Collateral and that other actions or omissions by the Collateral Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 11.1. Without limitation upon the foregoing, nothing
contained in this Section 11.1 shall be construed to grant any rights to any Pledgor or to impose any duties on the Collateral Agent that would not have been granted or imposed by this Agreement or by applicable law in the absence of this
Section 11.1. 
 (d) The Pledgors and the Collateral Agent recognize that setoffs, counterclaims, defenses and other claims may be
asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the
amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, each Pledgor agrees that the Collateral Agent may at any time and from time to time, if an Event of Default has occurred and is
continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Collateral Agent in its sole discretion shall determine or abandon any Receivable, and any such action by the Collateral Agent
shall be commercially reasonable so long as the Collateral Agent acts in good faith based on information known to it at the time it takes any such action. 

(e) The Collateral Agent shall be entitled to conclusively rely upon any written notice, statement, certificate, order or other document or any
telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper person, and, with respect to all matters pertaining to this Agreement and its duties hereunder, upon advice of counsel selected by it.

  
 -28- 

 (f) If any item of Pledged Collateral also constitutes collateral granted to the Collateral Agent
under any other deed of trust, mortgage, security agreement, pledge or instrument of any type, in the event of any conflict between the provisions hereof and the provisions of such other deed of trust, mortgage, security agreement, pledge or
instrument of any type in respect of such collateral, the Collateral Agent, in its sole discretion, may select which provision or provisions shall control. 

(g) Anything herein contained to the contrary notwithstanding, (i) each Pledgor shall remain liable under this Agreement and under each of
the underlying contracts to which such Pledgor is a party described herein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the Collateral Agent or the
Holders of any of their rights, remedies or powers hereunder shall not release any Pledgor from any of its duties or obligations under this Agreement or such underlying contracts described herein and (iii) neither the Administrative Agent or
the Collateral Agent shall have any obligation or liability under such underlying contracts by reason of or arising out of this Agreement, nor shall the Holders, the Administrative Agent or the Collateral Agent be obligated to perform any of the
obligations or duties of any of the Pledgors hereunder or under any of the contracts described herein. 
 (h) The Collateral Agent shall not
be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or
omission to act on its part hereunder, except to the extent such action or omission constitutes gross negligence or willful misconduct on the part of the Collateral Agent. Nor shall the Collateral Agent be responsible for the validity or sufficiency
of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Pledgors to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or
otherwise as to the maintenance of the Collateral. 
 (i) In acting under and by virtue of this Agreement, the Collateral Agent shall have
all of the rights, protections and immunities granted to the Collateral Agent and the Administrative Agent under the Credit Agreement (including, but not limited to, the right to be indemnified under Section 10.05 of the Credit Agreement), and
all such rights, protections and immunities are incorporated by reference herein, mutatis mutandis. 
 SECTION 11.2 Collateral
Agent May Perform; Collateral Agent Appointed Attorney-in-Fact. If any Pledgor shall fail to perform any covenants contained in this Agreement during the continuance
of any Event of Default (including such Pledgor’s covenants to (i) pay the premiums in respect of all required insurance policies hereunder, (ii) pay and discharge any taxes, assessments and special assessments, levies, fees and
governmental charges imposed upon or assessed against, and landlords’, carriers’, mechanics’, workmen’s, repairmen’s, laborers’, materialmen’s, suppliers’ and warehousemen’s Liens and other claims arising
by operation of law against, all or any portion of the Pledged Collateral, (iii) make repairs, (iv) discharge Liens or (v) pay or perform any obligations of such Pledgor under any Pledged Collateral), subject to the terms of the
Intercreditor Agreements, the Collateral Agent may (but shall not be obligated to and shall have no liability to such Pledgor or any third party for failure to so do or take action) do the same or cause it to be done, and may expend funds for such
purpose; provided, however, that the Collateral Agent shall in no event be bound to inquire into the validity of any tax, Lien, imposition or other obligation which such Pledgor fails to pay or perform as and when required hereby and
which such Pledgor does not contest in accordance with the provisions of the Credit Agreement. Any and all amounts so expended by the Collateral Agent shall be paid by the Pledgors in accordance with the provisions of Section 10.05 of the
Credit Agreement. Neither the provisions of this Section 11.2 nor any action taken by the Collateral Agent pursuant to the provisions of this Section 11.2 shall prevent any such failure to observe
any covenant contained in this Agreement from constituting an Event of Default. Each Pledgor hereby appoints the Collateral Agent its attorney-in-fact, 

  
 -29- 

 
with full power and authority in the place and stead of such Pledgor and in the name of such Pledgor, or otherwise, from time to time in the Collateral Agent’s discretion to take any action
and to execute any instrument consistent with the terms of the Credit Agreement, this Agreement and the other Security Documents which the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof (but the Collateral Agent
shall not be obligated to and shall have no liability to such Pledgor or any third party for failure to so do or take action). The foregoing grant of authority during the continuance of any Event of Default is a power of attorney coupled with an
interest and such appointment shall be irrevocable for the term hereof. Each Pledgor hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof during the continuance of any Event of Default. 

SECTION 11.3 Continuing Security Interest; Assignment. This Agreement shall create a continuing security interest in the Pledged
Collateral and shall (i) be binding upon the Pledgors, their respective successors and assigns, provided that, except as permitted by the Credit Agreement, no Pledgor shall have the right to assign its rights or delegate its obligations under
this Agreement or any interest herein, without the prior written consent of the Collateral Agent and (ii) inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent and the other
Secured Parties and each of their respective successors, transferees and assigns. No other Persons (including any other creditor of any Pledgor) shall have any interest herein or any right or benefit with respect hereto. Without limiting the
generality of the foregoing clause (ii), any Secured Party may assign or otherwise transfer any indebtedness held by it secured by this Agreement to any other person, and such other person shall thereupon become vested with all the benefits
in respect thereof granted to such Secured Party, herein or otherwise, subject however, to the provisions of Credit Agreement and, in the case of a Secured Party that is a party to a Secured Cash Management Agreement or a Secured Hedge Agreement,
such Secured Cash Management Agreement or Secured Hedge Agreement, as applicable. Each of the Pledgors agrees that its obligations hereunder and the security interest created hereunder shall continue to be effective or be reinstated, as applicable,
if at any time payment, or any part thereof, of all or any part of the Secured Obligations is rescinded or must otherwise be restored by the Secured Party upon the bankruptcy or reorganization of any Pledgor or otherwise. 

SECTION 11.4 Termination; Release. 

(a) Upon termination of the Aggregate Commitments and payment in full of all Secured Obligations (other than (A) contingent
indemnification obligations not yet accrued and payable 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 this Agreement shall terminate and the Pledged Collateral shall be automatically and without further action released from the Liens in favor of the Collateral Agent and the other Secured Parties created hereby, and
all obligations (other than those expressly stated to survive such termination) of each Pledgor to the Collateral Agent or any other Secured Party hereunder shall terminate, all without delivery of any instrument or performance of any act by any
party. At the sole expense of any Pledgor following any such termination, the Collateral Agent shall deliver such documents as such Pledgor shall reasonably request to evidence such release and termination. 

(b) If any of the Collateral shall (i) be sold, transferred or otherwise disposed of by any Pledgor in a sale, transfer or other
disposition permitted by the Credit Agreement, other than with respect to a sale, transfer or other disposition to another Pledgor, or (ii) be or become an Excluded Asset pursuant to a transaction not prohibited by the Credit Agreement, then,
in each case such Collateral shall be automatically and without further action released from the security interests created by this Agreement. If a Pledgor is disposed of pursuant to a transaction permitted by the Credit Agreement or is otherwise
released from its guarantee pursuant to (and to the extent permitted by) the Credit Agreement, such Pledgor shall be automatically and without further action released from its obligations under this 

  
 -30- 

 
Agreement. In either case, the Collateral Agent, at the request and sole expense of such Pledgor, shall execute and deliver to such Pledgor all releases or other documents reasonably necessary or
desirable for the termination and release of the Liens created hereby on Collateral of such Pledgor, or such Pledgor, as applicable, subject to, if reasonably requested by the Collateral Agent, the Collateral Agent’s receipt of an
Officers’ Certificate from the Borrower stating that such transaction is in compliance with the Credit Agreement. 
 (c) The Liens
securing the Secured Obligations in respect of the Term Loans will be released or subordinated, in whole or in part, as provided in Section 9.11 of the Credit Agreement. 

(d) The Liens securing the Secured Obligations shall be released when required pursuant to the terms of the ABL Intercreditor Agreement,
following the request of the applicable party or parties thereto, subject to, if reasonably requested by the Collateral Agent, the Collateral Agent’s receipt of an Officer’s Certificate from the Borrower stating that such release is in
compliance with the Credit Agreement and in accordance with the terms of the ABL Intercreditor Agreement. 
 SECTION 11.5 Modification in
Writing. No amendment, modification, supplement, termination or waiver of or to any provision hereof, nor consent to any departure by any Pledgor therefrom, shall be effective unless the same shall be made in accordance with the terms of the
Credit Agreement and unless in writing and signed by each of the parties hereto. Any amendment, modification or supplement of or to any provision hereof, any waiver of any provision hereof and any consent to any departure by any Pledgor from the
terms of any provision hereof in each case shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement or any other document evidencing the
Secured Obligations, no notice to or demand on any Pledgor in any case shall entitle any Pledgor to any other or further notice or demand in similar or other circumstances. 

SECTION 11.6 Notices. Unless otherwise provided herein or in the Credit Agreement, any notice or other communication herein required or
permitted to be given shall be given in the manner and become effective as set forth in the Credit Agreement, as to any Pledgor, addressed to it at the address of the Borrower set forth in the Credit Agreement, and as to the Collateral Agent,
addressed to it at the address set forth in the Credit Agreement, or in each case at such other address as shall be designated by such party in a written notice to the other party complying as to delivery with the terms of this
Section 11.6. 
 SECTION 11.7 Governing Law; Waiver of Jury Trial. Sections 10.15 and 10.16 of the
Credit Agreement are incorporated herein, mutatis mutandis, as if a part hereof. 
 SECTION 11.8 Severability of Provisions.
Any provision hereof which is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without invalidating the remaining provisions hereof
or affecting the validity, legality or enforceability of such provision in any other jurisdiction. 
 SECTION 11.9 Execution in
Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall
be deemed to be an original, but all such counterparts together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic transmission shall be effective
as delivery of a manually executed counterpart of this Agreement. 

  
 -31- 

 SECTION 11.10 Business Days. In the event any time period or any date provided in this
Agreement ends or falls on a day other than a Business Day, then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Business Day, and performance herein may be made on such Business Day, with the
same force and effect as if made on such other day. 
 SECTION 11.11 [Reserved]. 

SECTION 11.12 No Claims Against Collateral Agent.Nothing contained in this Agreement shall constitute any consent or request by the
Collateral Agent, express or implied, for the performance of any labor or services or the furnishing of any materials or other property in respect of the Pledged Collateral or any part thereof, nor as giving any Pledgor any right, power or authority
to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against the Collateral Agent in respect thereof or any claim that any
Lien based on the performance of such labor or services or the furnishing of any such materials or other property is prior to the Lien hereof. 

SECTION 11.13 No Release. Nothing set forth in this Agreement or any other Loan Document, nor the exercise by the Collateral Agent of
any of the rights or remedies hereunder, shall relieve any Pledgor from the performance of any term, covenant, condition or agreement on such Pledgor’s part to be performed or observed under or in respect of any of the Pledged Collateral or
from any liability to any person under or in respect of any of the Pledged Collateral or shall impose any obligation on the Collateral Agent or any other Secured Party to perform or observe any such term, covenant, condition or agreement on such
Pledgor’s part to be so performed or observed or shall impose any liability on the Collateral Agent or any other Secured Party for any act or omission on the part of such Pledgor relating thereto or for any breach of any representation or
warranty on the part of such Pledgor contained in this Agreement, the Credit Agreement or the other Security Documents, or under or in respect of the Pledged Collateral or made in connection herewith or therewith. Anything herein to the contrary
notwithstanding, neither the Collateral Agent nor any other Secured Party shall have any obligation or liability under any contracts, agreements and other documents included in the Pledged Collateral by reason of this Agreement, nor shall the
Collateral Agent or any other Secured Party be obligated to perform any of the obligations or duties of any Pledgor thereunder or to take any action to collect or enforce any such contract, agreement or other document included in the Pledged
Collateral hereunder. The obligations of each Pledgor contained in this Section 11.13 shall survive the termination hereof and the discharge of such Pledgor’s other obligations under this Agreement, the Credit
Agreement and the other Security Documents. 
 SECTION 11.14 Obligations Absolute. All obligations of each Pledgor hereunder shall be
absolute and unconditional irrespective of: 
 (i) any bankruptcy, insolvency, reorganization, arrangement, readjustment,
composition, liquidation or the like of any other Pledgor; 
 (ii) any lack of validity or enforceability of the Credit
Agreement or any other Loan Document, or any other agreement or instrument relating thereto; 
 (iii) any change in the time,
manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement or any Loan Document, or any other agreement or instrument
relating thereto; 

  
 -32- 

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

(v) any exercise, non-exercise or waiver of any right, remedy, power or privilege under
or in respect hereof, the Credit Agreement or any Loan Document, or any other agreement or instrument relating thereto, except as specifically set forth in a waiver granted pursuant to the provisions of Section 11.5 hereof;
or 
 (vi) any other circumstances which might otherwise constitute a defense available to, or a discharge of, any Pledgor.

 SECTION 11.15 Intercreditor Agreements. 

(a) Notwithstanding anything in this Agreement to the contrary, prior to the Discharge of ABL Obligations (as defined in the ABL Intercreditor
Agreement), the requirements of this Agreement to deliver any ABL Priority Collateral and any certificates, instruments, chattel paper, titles or documents of any kind (including, but not limited to, endorsements and stock powers) in relation
thereto to the Collateral Agent shall be deemed satisfied by delivery of such Collateral and such certificates, instruments or documents in relation thereto to the ABL Facility Collateral Agent (as bailee for the Collateral Agent pursuant to the
terms of the ABL Intercreditor Agreement). 
 (b) Notwithstanding anything herein to the contrary, this Agreement and each other Loan
Document are subject to the terms and conditions set forth in the ABL Intercreditor Agreement in all respects and, in the event of any conflict between the terms of the ABL Intercreditor Agreement and this Agreement, the terms of the ABL
Intercreditor Agreement shall govern. Notwithstanding anything herein to the contrary, (i) the priority of the Lien on and security interest in the ABL Priority Collateral granted to the Collateral Agent for the benefit of the Secured Parties
pursuant to any Loan Document are expressly subject and subordinate to the Lien on and security interest in the ABL Priority Collateral granted to the ABL Facility Collateral Agent pursuant to the ABL Facility and (ii) the exercise of any right
or remedy in respect of the Collateral by the Collateral Agent hereunder or under any other Loan Document is subject to the provisions of the ABL Intercreditor Agreement. 

SECTION 11.16 Headings. The title of and Section headings in this Agreement are for convenience of reference only, and shall not govern
the interpretation of any of the terms and provisions of this Agreement. 
 SECTION 11.17 Indemnity. Each Pledgor hereby agrees to
indemnify the Collateral Agent, and its successors, assigns, agents and employees, from and against any and all liabilities, damages, penalties, suits, fees, costs, and expenses of any kind and nature (including, without limitation, all expenses of
litigation or preparation therefor whether or not the Collateral Agent is a party thereto) imposed on, incurred by or asserted against the Collateral Agent, or its successors, assigns, agents and employees, in any way relating to or arising out of
this Agreement, or the manufacture, purchase, acceptance, rejection, ownership, delivery, lease, possession, use, operation, condition, sale, return or other disposition of any Collateral (including, without limitation, latent and other defects,
whether or not discoverable by the Collateral Agent or any Pledgor, and any claim for Patent, Trademark or Copyright infringement) in accordance with Article IX of the Credit Agreement. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 

  
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 IN WITNESS WHEREOF, each Pledgor and the Collateral Agent have caused this Agreement to be duly
executed and delivered by their duly authorized officers as of the date first above written. 
  

			
	ALERIS INTERNATIONAL, INC., as Pledgor
		
	By:	 	 /s/ Eric M. Rychel

		 	Name: Eric M. Rychel
		 	Title: Executive Vice President, Chief Financial           Officer and Treasurer
	
	ALERIS CORPORATION, as Pledgor
		
	By:	 	 /s/ Eric M. Rychel

		 	Name: Eric M. Rychel
		 	Title: Executive Vice President, Chief Financial           Officer and Treasurer
	
	ALERIS ROLLED PRODUCTS, INC., as Pledgor
		
	By:	 	 /s/ Eric M. Rychel

		 	Name: Eric M. Rychel
		 	Title: President
	
	ALERIS ROLLED PRODUCTS, LLC, as Pledgor
		
	By:	 	 /s/ Eric M. Rychel

		 	Name: Eric M. Rychel
		 	Title: President
	
	ALERIS ROLLED PRODUCTS SALES CORPORATION, as Pledgor
		
	By:	 	 /s/ Eric M. Rychel

		 	Name: Eric M. Rychel
		 	Title: President

 [Signature Page to Security Agreement] 

 
			
	IMCO RECYCLING OF OHIO, LLC, as Pledgor
		
	By:	 	 /s/ Eric M. Rychel

		 	Name: Eric M. Rychel
		 	Title: President
	
	ALERIS OHIO MANAGEMENT, INC., as Pledgor
		
	By:	 	 /s/ Eric M. Rychel

		 	Name: Eric M. Rychel
		 	Title: President
	
	NICHOLS ALUMINUM LLC, as Pledgor
		
	By:	 	 /s/ Eric M. Rychel

		 	Name: Eric M. Rychel
		 	Title: President

 [Signature Page to Security Agreement] 

 
					
	DEUTSCHE BANK AG NEW YORK BRANCH,
	as Collateral Agent
		
	By:	 	 /s/ Alicia Schug

		 	Name:	 	 Alicia Schug

		 	Title:	 	Vice President
		
	By:	 	 /s/ Philip Saliba

		 	Name:	 	Philip Saliba
		 	Title:	 	Director

 [Signature Page to Security Agreement] 

 EXHIBIT 1 

[Form of] 
 ISSUER’S
ACKNOWLEDGMENT 
 The undersigned hereby (i) acknowledges receipt of the Security Agreement (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Security Agreement”; capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement), dated as of
June 25, 2018, made by Aleris International, Inc., a Delaware corporation, as Borrower, the Guarantors party thereto and Deutsche Bank AG New York Branch, as Collateral Agent (in such capacity and together with any successors in such capacity,
the “Collateral Agent”), (ii) agrees promptly to note on its books the security interests granted to the Collateral Agent and confirmed under the Security Agreement, (iii) agrees that it will comply with instructions of the
Collateral Agent with respect to the applicable Securities Collateral (including all Equity Interests of the undersigned) without further consent by the applicable Pledgor, (iv) agrees to notify the Collateral Agent upon obtaining knowledge of
any interest in favor of any person in the applicable Securities Collateral that is adverse to the interest of the Collateral Agent therein and (v) waives any right or requirement at any time hereafter to receive a copy of the Security
Agreement in connection with the registration of any Securities Collateral thereunder in the name of the Collateral Agent or its nominee or the exercise of voting rights by the Collateral Agent or its nominee. 

 

			
	[                 ]
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 Exh. 1-1 

 EXHIBIT 2 

[Form of] 
 SECURITIES PLEDGE
AMENDMENT 
 This Securities Pledge Amendment, dated as of
[                ], is delivered pursuant to Section 5.1 of the Security Agreement (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Security Agreement”; capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement), dated as of June 25, 2018, made by Aleris
International, Inc., as Borrower, the Guarantors party thereto and Deutsche Bank AG New York Branch, as Collateral Agent (in such capacity and together with any successors in such capacity, the “Collateral Agent”).The undersigned
hereby agrees that this Securities Pledge Amendment may be attached to the Security Agreement and that the Pledged Securities listed on this Securities Pledge Amendment shall be deemed to be and shall become part of the Pledged Collateral and shall
secure all Secured Obligations. 
 PLEDGED SECURITIES 
  

											
	 ISSUER
	  	 CLASS OF

STOCK OR
INTERESTS
	  	 PAR

VALUE
	  	 CERTIFICATE

NO(S).
	  	 NUMBER OF

SHARES
 OR

INTERESTS
	  	 PERCENTAGE OF

ALL ISSUED CAPITAL
 OR OTHER
EQUITY
 INTERESTS OF ISSUER

  
 Exh. 2-1 

 
			
	[             ], as Pledgor
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	AGREED TO AND ACCEPTED:
	
	DEUTSCHE BANK AG NEW YORK BRANCH,,
	as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 Exh. 2-2 

 EXHIBIT 3 

[Form of] 
 JOINDER AGREEMENT 

[Date] 
 Reference is made to the
Security Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”; capitalized terms used but not otherwise defined herein shall have the meanings assigned to such
terms in the Security Agreement), dated as of June 25, 2018, made by Aleris International, Inc., a Delaware corporation (the “Borrower”), the Guarantors party thereto and Deutsche Bank AG New York Branch,, in its capacity as
Collateral Agent pursuant to the Credit Agreement (in such capacity and together with any successors in such capacity, the “Collateral Agent”). 

This Joinder Agreement supplements the Security Agreement and is delivered by the undersigned,
[                ] (the “New Pledgor”), pursuant to Section 3.5 of the Security Agreement. The New Pledgor hereby agrees to be
bound as a Guarantor and as a Pledgor party to the Security Agreement by all of the terms, covenants and conditions set forth in the Security Agreement to the same extent that it would have been bound if it had been a signatory to the Security
Agreement on the date of the Security Agreement. The New Pledgor also hereby agrees to be bound as a party by all of the terms, covenants and conditions applicable to it set forth in the Credit Agreement to the same extent that it would have been
bound if it had been a signatory to the Credit Agreement on the execution date of the Credit Agreement. Without limiting the generality of the foregoing, the New Pledgor hereby grants and pledges to the Collateral Agent, as collateral security for
the full, prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, a Lien on and security interest in, all of its right, title and interest in, to and under the
Pledged Collateral and expressly assumes all obligations and liabilities of a Guarantor and Pledgor thereunder. The New Pledgor hereby makes each of the representations and warranties and agrees to each of the covenants applicable to the Pledgors
contained in the Security Agreement. 
 Annexed hereto are supplements to each of the schedules to the Perfection Certificate with respect
to the New Pledgor. 
 This Joinder Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page of this Joinder Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 10.15 of the Credit Agreement is incorporated herein, mutatis mutandis, as if a part hereof. 

[Signature page follows] 

  
 Exh. 3-1 

 IN WITNESS WHEREOF, the New Pledgor has caused this Joinder Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

			
	 [NEW PLEDGOR]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

			
	AGREED TO AND ACCEPTED:
	
	DEUTSCHE BANK AG NEW YORK BRANCH,
	as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

 [Schedules to be attached] 
  

  
 Exh. 3-2 

 EXHIBIT 4 

[Form of] 
 COPYRIGHT SECURITY
AGREEMENT 
 Copyright Security Agreement, dated as of
[                ], 2018 by [                ] and
[                    ] (each, individually, a “Pledgor,” and, collectively, the “Pledgors”), in
[                ]in its capacity as Collateral Agent pursuant to the Credit Agreement (in such capacity, the “Collateral Agent”). 

W I T N E S S E T H: 

WHEREAS, the Pledgors are party to a Security Agreement of even date herewith (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required to execute and deliver this Copyright Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the
Credit Agreement, the Pledgors hereby agree with the Collateral Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise
defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION
2. Grant of Security Interest in Copyright Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a Lien on and security interest in and to all of its right, title and interest in, to
and under all the following Pledged Collateral of such Pledgor (the “Copyright Collateral”): 
 (a)
Copyrights and Exclusive Copyright Licenses of such Pledgor, including those listed on Schedule I attached hereto; and 

(b) all Proceeds of any and all of the foregoing (other than Excluded Assets). 

SECTION 3. Security Agreement. The security interest granted pursuant to this Copyright Security Agreement is granted in conjunction
with the security interest granted to the Collateral Agent pursuant to the Security Agreement and the Pledgors hereby acknowledge and affirm that the rights and remedies of the Collateral Agent with respect to the security interest in the Copyright
Collateral made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Copyright Security
Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine. 

SECTION 4. Termination. Upon the payment in full of the Secured Obligations and termination of the Security Agreement, the Collateral
Agent shall execute, acknowledge, and deliver to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, Lien and security interest in the Copyright Collateral under this Copyright Security
Agreement. 

  
 Exh. 4-1 

 SECTION 5. Counterparts. This Copyright Security Agreement may be executed in any number
of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Copyright Security Agreement by signing and delivering one or more counterparts. Delivery of an executed counterpart of a signature
page of this Copyright Security Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Copyright Security Agreement. 

SECTION 6. Governing Law. This Copyright Security Agreement and the transactions contemplated hereby, and all disputes between the
parties under or relating to this Copyright Security Agreement or the facts or circumstances leading to its execution, whether in contract, tort or otherwise, shall be construed in accordance with and governed by the laws (including statutes of
limitation) of the State of New York, without regard to conflicts of law principles that would require the application of the laws of another jurisdiction. 

[signature page follows] 

  
 Exh. 4-2 

 IN WITNESS WHEREOF, each Pledgor has caused this Copyright Security Agreement to be executed and
delivered by its duly authorized officer as of the date first set forth above. 
  

			
	Very truly yours,
	
	[PLEDGORS]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Accepted and Agreed:
	
	DEUTSCHE BANK AG NEW YORK BRANCH,
	as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exh. 4-3 

 SCHEDULE I 

to 
 COPYRIGHT SECURITY
AGREEMENT 
 COPYRIGHT REGISTRATIONS AND COPYRIGHT APPLICATIONS 

Copyright Registrations: 
  

					
	 OWNER
	  	 REGISTRATION NUMBER
	  	 TITLE

		  		  	
		  		  	

 Copyright Applications: 
  

			
	 OWNER
	  	 TITLE

		  	
		  	

 Exclusive Copyright Licenses: 
  

  
 Exh. 4-4 

 EXHIBIT 5 

[Form of] 
 PATENT SECURITY
AGREEMENT 
 Patent Security Agreement, dated as of
[                ]2018, by [                    ] and
[                    ] (each, individually, a “Pledgor,” and, collectively, the “Pledgors”), in favor of
[                ], in its capacity as Collateral Agent pursuant to the Credit Agreement (in such capacity, the “Collateral Agent”). 

W I T N E S S E T H: 

WHEREAS, the Pledgors are party to a Security Agreement of even date herewith (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required to execute and deliver this Patent Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the
Credit Agreement, the Pledgors hereby agree with the Collateral Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise
defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION
2. Grant of Security Interest in Patent Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a Lien on and security interest in and to all of its right, title and interest in, to
and under all the following Pledged Collateral of such Pledgor (the “Patent Collateral”): 
 (a) Patents of
such Pledgor, including those listed on Schedule I attached hereto; and 
 (b) all Proceeds of any and all of the
foregoing (other than Excluded Assets). 
 SECTION 3. Security Agreement. The security interest granted pursuant to this Patent
Security Agreement is granted in conjunction with the security interest granted to the Collateral Agent pursuant to the Security Agreement and the Pledgors hereby acknowledge and affirm that the rights and remedies of the Collateral Agent with
respect to the security interest in the Patent Collateral made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event
that any provision of this Patent Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine. 

SECTION 4. Termination. Upon the payment in full of the Secured Obligations and termination of the Security Agreement, the Collateral
Agent shall execute, acknowledge, and deliver to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, Lien and security interest in the Patent Collateral under this Patent Security Agreement.

  
 Exh. 5-1 

 SECTION 5. Counterparts. This Patent Security Agreement may be executed in any number of
counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Patent Security Agreement by signing and delivering one or more counterparts. Delivery of an executed counterpart of a signature page of
this Patent Security Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Patent Security Agreement. 

SECTION 6. Governing Law. This Patent Security Agreement and the transactions contemplated hereby, and all disputes between the parties
under or relating to this Patent Security Agreement or the facts or circumstances leading to its execution, whether in contract, tort or otherwise, shall be construed in accordance with and governed by the laws (including statutes of limitation) of
the State of New York, without regard to conflicts of law principles that would require the application of the laws of another jurisdiction. 

[signature page follows] 

  
 Exh. 5-2 

 IN WITNESS WHEREOF, each Pledgor has caused this Patent Security Agreement to be executed and
delivered by its duly authorized officer as of the date first set forth above. 
  

			
	Very truly yours,
	
	[PLEDGORS]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Accepted and Agreed:
	
	DEUTSCHE BANK AG NEW YORK BRANCH,
	as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exh. 5-3 

 SCHEDULE I 

to 
 PATENT SECURITY
AGREEMENT 
 PATENT REGISTRATIONS AND PATENT APPLICATIONS 

Patent Registrations: 
  

					
	 OWNER
	  	 REGISTRATION NUMBER
	  	 NAME

Patent Applications: 
  

					
	 OWNER
	  	 APPLICATION NUMBER
	  	 NAME

 

  
 Exh. 5-4 

 EXHIBIT 6 

[Form of] 
 TRADEMARK SECURITY
AGREEMENT 
 Trademark Security Agreement, dated as of
[                ],2018 by [                    ] and
[                    ] (each individually, a “Pledgor,” and, collectively, the “Pledgors”), in favor of Deutsche Bank AG
New York Branch, in its capacity as Collateral Agent pursuant to the Credit Agreement (in such capacity, the “Collateral Agent”). 

W I T N E S S E T H: 

WHEREAS, the Pledgors are party to a Security Agreement of even date herewith (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required to execute and deliver this Trademark Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the
Credit Agreement, the Pledgors hereby agree with the Collateral Agent as follows: 
 SECTION 1. Defined Terms. Unless otherwise
defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 
 SECTION
2. Grant of Security Interest in Trademark Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a Lien on and security interest in and to all of its right, title and interest in, to
and under all the following Pledged Collateral of such Pledgor (the “Trademark Collateral”): 
 (a)
Trademarks of such Pledgor, including those listed on Schedule I attached hereto, but excluding any Trademarks that are Excluded Assets; 

(b) all goodwill associated with such Trademarks; and 

(c) all Proceeds of any and all of the foregoing (other than Excluded Assets). 

SECTION 3. Security Agreement. The security interest granted pursuant to this Trademark Security Agreement is granted in conjunction
with the security interest granted to the Collateral Agent pursuant to the Security Agreement and the Pledgors hereby acknowledge and affirm that the rights and remedies of the Collateral Agent with respect to the security interest in the Trademark
Collateral made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Trademark Security
Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine. 

SECTION 4. Termination. Upon the payment in full of the Secured Obligations and termination of the Security Agreement, the Collateral
Agent shall execute, acknowledge, and deliver to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, Lien and security interest in the Trademark Collateral under this Trademark Security
Agreement. 

  
 Exh. 6-1 

 SECTION 5. Counterparts. This Trademark Security Agreement may be executed in any number
of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Trademark Security Agreement by signing and delivering one or more counterparts. Delivery of an executed counterpart of a signature
page of this Trademark Security Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Trademark Security Agreement. 

SECTION 6. Governing Law. This Trademark Security Agreement and the transactions contemplated hereby, and all disputes between the
parties under or relating to this Trademark Security Agreement or the facts or circumstances leading to its execution, whether in contract, tort or otherwise, shall be construed in accordance with and governed by the laws (including statutes of
limitation) of the State of New York, without regard to conflicts of law principles that would require the application of the laws of another jurisdiction. 

[signature page follows] 

  
 Exh. 6-2 

 IN WITNESS WHEREOF, each Pledgor has caused this Trademark Security Agreement to be executed and
delivered by its duly authorized officer as of the date first set forth above. 
  

			
	Very truly yours,
	
	[PLEDGORS]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Accepted and Agreed:
	
	DEUTSCHE BANK AG NEW YORK BRANCH,
	 as Collateral Agent

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 Exh. 6-3 

 SCHEDULE I 

to 
 TRADEMARK SECURITY
AGREEMENT 
 TRADEMARK REGISTRATIONS AND TRADEMARK APPLICATIONS 

Trademark Registrations: 
  

					
	 OWNER
	  	 REGISTRATION NUMBER
	  	 TRADEMARK

		  		  	
		  		  	

 Trademark Applications: 
  

					
	 OWNER
	  	 APPLICATION NUMBER
	  	 TRADEMARK

		  		  	
		  		  	

  

  
 Exh. 6-4 

 EXHIBIT 7 

[Form of] 
 PERFECTION CERTIFICATE

  
 Exh. 7-1EX-10.4

 Exhibit 10.4 

Execution Version 

AMENDMENT NO. 4 TO CREDIT AGREEMENT 

This AMENDMENT NO. 4 TO CREDIT AGREEMENT (this “Amendment”) is dated as of June 25, 2018, and is entered into by
and among ALERIS INTERNATIONAL, INC., a Delaware corporation (the “Company”), the other Domestic Borrowers party hereto, ALERIS ALUMINUM DUFFEL BVBA, a private limited liability company organized under the laws of Belgium (the
“Belgian Borrower”), ALERIS ROLLED PRODUCTS GERMANY GMBH, a company with limited liability organized under the laws of Germany (the “German Borrower A”), ALERIS CASTHOUSE GERMANY GMBH, a company with limited
liability organized under the laws of Germany (the “German Borrower B”), ALERIS SWITZERLAND GMBH, a company with limited liability organized under the laws of Switzerland (the “Swiss Borrower” and, together with the
Company, the other Domestic Borrowers, the Belgian Borrower, the German Borrower A and the German Borrower B, the “Borrowers”), the other Loan Parties party hereto, the Lenders party hereto, JPMORGAN CHASE BANK, N.A., as
administrative agent for the Lenders (the “Administrative Agent”), and J.P. MORGAN EUROPE LIMITED, as the European agent for the Lenders (the “European Agent”). 

W I T N E S S E T H: 

WHEREAS, the Borrowers, the other Loan Parties, the lenders from time to time party thereto (the “Lenders”), the
Administrative Agent and the European Agent are parties to that certain Credit Agreement dated as of June 15, 2015 (as amended by Amendment No. 1 thereto dated as of March 18, 2016, Amendment No. 2 thereto dated as of
February 8, 2017, and Amendment No. 3 thereto dated as of December 22, 2017, and as the same may be further amended, modified and supplemented from time to time, the “Credit Agreement”; capitalized terms not otherwise
defined herein have the definitions provided therefor in the Credit Agreement); 
 WHEREAS, the Company has requested that the Agents and
the Required Lenders agree to certain amendments to the Credit Agreement as set forth herein; and 
 WHEREAS, the Required Lenders party
hereto have agreed to such requests subject to the terms and conditions set forth herein; 
 NOW THEREFORE, in consideration of the mutual
conditions and agreements set forth in the Credit Agreement and this Amendment, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

1. Amendments. Subject to the satisfaction of the conditions set forth in Section 2 below, and in reliance on the representations
set forth in Section 3 below: 
 (a) Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended to add the
following new definitions in appropriate alphabetical order: 
 “2023 Term Loan Agreement” means that
certain First Lien Credit Agreement dated as of June 25, 2018 among the Company, each of the guarantors party thereto, and Deutsche Bank AG New York Branch, as agent, as the same may be from time to time amended, restated or otherwise modified. 

 “2023 Term Loans” means the term loans advanced to the Company
pursuant to the 2023 Term Loan Agreement. 
 “2023 Indenture” means that certain Indenture dated as of
June 25, 2018, among the Company, each of the guarantors party thereto, and U.S. Bank National Association, as Trustee, pursuant to which the 2023 Notes were issued, as the same may be from time to time amended, restated or otherwise modified.

 “2023 Notes” means the 10.750% Senior Secured Junior Priority Notes due 2023 and issued pursuant to the
2023 Indenture. 
 “ABL Priority Collateral” means (i) with respect to the Domestic Loan Parties, the
“ABL Priority Collateral” of such Loan Parties as defined in the ABL/Term Intercreditor Agreement and (ii) with respect to the European Loan Parties, the Collateral of such Loan Parties. 

“ABL/Term Intercreditor Agreement” means the Intercreditor Agreement dated on or about the Fourth Amendment
Effective Date among the Domestic Loan Parties, the Administrative Agent, the collateral agent with respect to the 2023 Term Loans and the collateral agent with respect to the 2023 Notes, as the same may be amended, restated, supplemented or
otherwise modified from time to time. 
 “Beneficial Ownership Certification” means a certification
regarding beneficial ownership as required by the Beneficial Ownership Regulation. 
 “Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230. 

“Co-Investors” means Persons (and their Affiliates) who, on the Fourth
Amendment Date, are limited partners of the Sponsors. 
 “Exchange Act” means the United States Securities
Exchange Act of 1934, as amended from time to time. 
 “Fourth Amendment Effective Date” means June 25,
2018. 
 “Permitted Holders” means Sponsors and members of management of the Company (or its direct parent)
who are holders of Equity Interests of the Company (or any of its direct or indirect parent companies) on the Fourth Amendment Effective Date (the “Management Investors”) and any Co-Investors;
provided that the Sponsors, the Management Investors and the Co-Investors, collectively, have beneficial ownership of at least 50% of the total voting power of the Voting Stock of the Company or any of
its direct or indirect parent companies. 
 “Sponsors” means Oaktree Capital Management L.P., Apollo ALS
Holdings II, L.P., Bain Capital Credit, LP, Caspian Capital Partners LP and their respective Affiliates, but not including any portfolio companies thereof. 

“Voting Stock” of any Person as of any date means the Equity Interests of such Person that is at the time
entitled to vote in the election of the Board of Directors of such Person. 
 (b) Section 1.01 (Defined Terms) of the Credit
Agreement is hereby further amended by amending and restated in their entirety the following definitions: 

“Aggregate Revolving Commitment” means, at any time, the aggregate of the Revolving Commitments of all of the
Lenders, as increased or reduced from time to time pursuant to the terms and conditions hereof. As of the Fourth Amendment Effective Date, the Aggregate Revolving Commitment is the Dollar Equivalent of $750,000,000. 

  
 -2- 

 “Capital Lease Obligation” of any Person means an obligation of
such Person that is required to be accounted for as a financing or capital lease (and, for the avoidance of doubt, not a straight-line or operating lease) on both the balance sheet and income statement for financial reporting purposes in accordance
with GAAP. At the time any determination thereof is to be made, the amount of the liability in respect of a financing or capital lease would be the amount required to be reflected as a liability on such balance sheet (excluding the footnotes
thereto) in accordance with GAAP. 
 “Cash Dominion Period” means any period of time, at the election of the
Administrative Agent or at the direction of the Required Lenders, (a) when an Event of Default has occurred and is continuing, or (b) if Aggregate Availability is less than the greater of (A) 10% of the lesser of (1) the
Aggregate Revolving Commitment and (2) the Aggregate Borrowing Base, and (B) $50,000,000, in either case, for five (5) consecutive days, then commencing on such fifth (5th)
consecutive day and ending on the first (1st) day thereafter on which Aggregate Availability has exceeded the greater of (i) 10% of the lesser of (A) the Aggregate Revolving Commitment
and (B) the Aggregate Borrowing Base and (ii) $50,000,000, in either case, for twenty-one (21) consecutive days. 

“Change in Control” means the occurrence of any of the following: 

(a) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the
Company and its Subsidiaries, taken as a whole, to any Person other than a Permitted Holder, or the Company becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or
otherwise) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing
of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act, or any successor provision), other than the Permitted Holders, in a single transaction or in a series of related transactions, by
way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of 50% or more of the total
voting power of the Voting Stock of the Company or any of its direct or indirect parent companies; provided, however, that (1) a transaction in which Holdings or any direct or indirect parent of the Company becomes a Subsidiary of
another Person (other than a Person that is an individual, such Person that is not an individual, the “Other Person”) shall not constitute a Change in Control if (a) the shareholders of Holdings or such parent immediately prior
to such transaction “beneficially own” (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly through one or
more intermediaries, at least a majority of the voting power of the outstanding voting stock of Holdings or such parent, immediately following the consummation of such transaction or (b) immediately following the consummation of such
transaction, no “person” (as such term is defined above), other than a Permitted Holder and the Other Person (but including the holders of the Equity Interests of the Other Person), “beneficially owns” (as such term is defined
above), directly or indirectly through one or more intermediaries, more than 50% of the voting power of the outstanding Voting Stock of Holdings or the Other Person; (2) any transaction in which the Company remains a Wholly-Owned Subsidiary of
Holdings, but one or more intermediate holding companies between the Company and Holdings are added, liquidated or merged or consolidated out of existence shall not constitute a Change in Control; (3) any holding company whose only

  
 -3- 

 
significant asset is Equity Interests of the Company, Holdings or any direct or indirect parent of the Company shall not itself be considered a “person” or “group” for
purposes of this definition; (4) the transfer of assets between or among Holdings, the Subsidiaries of the Company and the Company in accordance with the terms of this Agreement shall not itself constitute a Change in Control; and (5) a
“person” or “group” shall not be deemed to have beneficial ownership of securities (or “beneficially own” (as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act)) subject to a stock purchase agreement, merger agreement or similar agreement (or voting or option agreement related thereto) until the consummation of the transactions contemplated by
such agreement; or 
 (b) a “Change of Control” (as defined in the 2023 Term Loan Agreement or the 2023 Notes
Indenture) has occurred. 
 “Consolidated Total Assets” means as of any date of determination, the total
assets, net, reflected on the most recent balance sheet of the Company, determined on a consolidated basis in accordance with GAAP, with such pro forma adjustments as are appropriate and consistent with the definition of “Pro Forma Basis”.

 “Domestic Revolving Subcommitment” means, with respect to each Lender, the commitment, if any, of such
Lender to make Domestic Revolving Loans and to acquire participations in Domestic Letters of Credit, Domestic Overadvances and Domestic Swingline Loans hereunder, expressed as an amount representing the maximum aggregate permitted amount of such
Lender’s Domestic Revolving Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to (a) Section 2.09 and (b) assignments by or to such Lender pursuant to Section 9.04. The initial Dollar
Equivalent amount of each Lender’s Domestic Revolving Subcommitment is set forth on the Commitment Schedule, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Domestic Revolving Subcommitment, as
applicable. The aggregate amount of the Revolving Lenders’ Domestic Revolving Subcommitments as of the Fourth Amendment Effective Date is the Dollar Equivalent of $750,000,000. The Domestic Revolving Subcommitments are subcommitments of the
Revolving Commitments and do not represent additional credit exposure. 
 “Domestic Security Agreement”
means that certain Amended and Restated Pledge and Security Agreement (including any and all supplements thereto), dated as of the Fourth Amendment Effective Date, which amends and restates the Pledge and Security Agreement originally dated as of
the date of this Agreement, among the Domestic Loan Parties and the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, and any other pledge or security agreement governed by U.S. law and entered into,
after the Fourth Amendment Effective Date by any Loan Party (as required by this Agreement or any other Loan Document) or any other Person for the benefit of the Administrative Agent and the other Secured Parties, as the same may be amended,
restated, supplemented or otherwise modified from time to time. 
 “EBITDA” means, with respect to the
Company and its Subsidiaries for any period, the sum of (without duplication): 
 (a) net income (or loss) of the Company and
its Subsidiaries on a consolidated basis for such period (excluding extraordinary, non-recurring or unusual gains or losses and excluding the net income (or loss) for such period of any Person that is not a
Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting; provided that net income shall be increased by the amount of dividends or 

  
 -4- 

 
distributions or other payments that are actually paid in cash (or to the extent converted into cash) by any such Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is
accounted for by the equity method of accounting, to the Company or any of its Subsidiaries in respect of such period (whether accrued in respect of such period or a prior period)); plus 

(b) each of the following: 

(i) all cash and non-cash interest expenses of the Company and its Subsidiaries on a
consolidated basis for such period, including, without limitation, noncash interest expense resulting from the application of Accounting Standards Codification Topic 470-20 “Debt—Debt with Conversion
Options—Recognition”; 
 (ii) all cash dividend payments (excluding items eliminated in consolidation) on any
series of preferred Equity Interests or Disqualified Equity Interests made during such period provided, however, that, any charges arising from (x) the application of Accounting Standards Codification Topic 480-10-25-4 “Distinguishing Liabilities from Equity—Overall—Recognition” to any series of preferred Equity Interests other than Disqualified Equity
Interests or (y) the application of Accounting Standards Codification Topic 470-20 “Debt—Debt with Conversion Options—Recognition,” in each case, shall be disregarded; 

(iii) all provision for taxes based on income or profits, plus franchise or similar taxes, of the Company and its Subsidiaries
on a consolidated basis for such period; 
 (iv) depreciation and amortization expenses of the Company and its Subsidiaries
on a consolidated basis for such period (including, without limitation, amortization of goodwill and other intangible assets and amortization of deferred financing fees and other related noncash charges) on a consolidated basis for such period; 

(v) the amount of any cash restructuring charge or reserve deducted in such period in computing net income not to exceed Fifty
Million U.S. Dollars for any twelve- (12) month period and One Hundred Fifty Million U.S. Dollars ($150,000,000) in the aggregate for the term of this Agreement; 

(vi) any costs incurred in connection with the closing of any production or manufacturing facilities; 

(vii) any write offs, write downs or other noncash charges reducing net income for such period, excluding (x) noncash
charges relating to the write off or write down of inventory in excess of 10% of EBITDA (calculated without giving effect to any such write offs and write downs) and (y) any such charge that represents an accrual or reserve for a cash
expenditure for a future period; 
 (viii) the amount of management, monitoring, consulting and advisory fees and related
expenses paid (or any accruals related to such fees or related expenses) during such period to the Sponsors and the Co-Investors and the amount of any directors’ fees or reimbursements, in each case to
the extent permitted under this Agreement; 

  
 -5- 

 (ix) any start-ups costs under Accounting
Standards Codification 720-15; 
 (x) the “run rate” amount of cost
savings, operational improvements and synergies projected by the Company in good faith to be realized as a result of actions taken or expected to be taken, or substantial steps towards which have been taken or are expected to be taken, during such
period (calculated on a Pro Forma Basis as though such cost savings, operational improvements and synergies had been realized on the first day of such period), net of the amount of actual benefits realized during such period from such actions;
provided that (x) such cost savings, operational improvements and synergies are reasonably identifiable and factually supportable, (y) such cost savings, operational improvements and synergies are expected to be realized within 24 months
of the date thereof in connection with such actions and (z) the aggregate amount of cost savings added pursuant to this clause (b)(x), shall not exceed the greater of (A) Fifty Million Dollars ($50,000,000) and (B) 20.0% of EBITDA on a
consolidated basis for the Company’s and its Subsidiaries’ most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of determination (calculated on a pro forma basis
as though such cost savings, operational improvements and synergies had been realized on the first day of such period), for any four consecutive quarter period (which adjustments may be incremental to pro forma adjustments made pursuant to the
definition of “Pro Forma Basis”); 
 (xi) any costs or expenses incurred by the Company or a Subsidiary pursuant to
any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or stockholders agreement, to the extent that such costs or expenses are funded with cash proceeds contributed to
the capital of the Company or net cash proceeds of issuance of Equity Interests of the Company (other than Disqualified Equity Interests that are preferred Equity Interests); 

(xii) any noncash stock-based compensation expense 

(xiii) earn-out obligations and other contingent consideration obligations and purchase
price adjustments, and, in each case, adjustments thereof incurred in connection with any acquisition or other investment and paid or accrued during such period; 

(xiv) any expenses or charges related to any offering of Equity Interests (other than Disqualified Equity Interests) of the
Company (or any direct or indirect parent company thereof), acquisition or other Investment, disposition, recapitalization or the incurrence of Indebtedness including a refinancing thereof (whether or not successful, whether or not permitted under
this Agreement and whether or not relating to the Company and its Subsidiaries or to any parent company of the Company) and any amendment or modification to the terms of any such transactions; 

(xv) all non-cash net after-tax charges,
expenses, gain or income with respect to curtailments, discontinuations or modifications to pension and post-retirement employee benefit plans; 

  
 -6- 

 (xvi) the amount of any non-controlling
interest expense included in computing net income; and 
 (xvii) at the option of the Company, any (x) expenses, charges
or losses that are covered by indemnification or other reimbursement provisions in connection with any Investment, acquisitions or any permitted sale, conveyance, transfer or other disposition of assets or (y) expenses, charges or losses with
respect to liability or casualty events or business interruption covered by insurance, in each case to the extent actually reimbursed, or, so long as the Company has made a determination that reasonable evidence exists that such indemnification or
reimbursement will be made, and only to the extent that such amount is (A) not denied by the applicable indemnifying party, obligor or insurer in writing and (B) in fact indemnified or reimbursed within 365 days after such determination
(with a deduction in the applicable future period for any amount so added back to the extent not so indemnified or reimbursed within such 365 day period); plus or minus 

(c) each of the following (as applicable but without duplication): 

(i) the amount of gain or loss resulting in such period from a sale of receivables and related assets to a Subsidiary in
connection with a non-recourse receivables financing facility; 
 (ii) any net non-cash gain or loss resulting in such period from hedging obligations and the application of Accounting Standards Codification 815; 

(iii) any net gain or loss resulting in such period from currency translation gains or losses related to currency re-measurements of Indebtedness (including intercompany indebtedness); 
 (iv) any net gain
or loss resulting in such period attributable to asset dispositions other than in the ordinary course of business, as determined by Company in good faith; 

(v) the impact of the adjustment of inventory and other items to fair market value through purchase accounting; 

(vi) any gain or loss on the early extinguishment of debt; 

(vii) the cumulative effect of a change in accounting principles during such period, whether effected through a cumulative
effect adjustment or a retroactive application, in each case in accordance with GAAP; 
 (viii) any net after-tax income or loss from disposed or discontinued operations or on disposal of disposed or discontinued operations; and 

(ix) any charges resulting from the application of Accounting Standards Codification Topic 805 “Business
Combinations,” Accounting Standards Codification Topic 350 “Intangibles—Goodwill and Other,” Accounting Standards Codification Topic
360-10-35-15 “Impairment or Disposal of Long-Lived Assets,” Accounting Standards Codification Topic 480-10-25-4 “Distinguishing Liabilities from Equity—Overall—Recognition” or Accounting Standards Codification Topic
820 “Fair Value Measurements and Disclosures”; minus 

  
 -7- 

 (d) the sum (without duplication) of
non-cash gains increasing net income for such period, excluding any gains that represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period (other than such cash
charges that have been added back to net income in computing EBITDA in accordance with this definition). 
 “Equity
Interests” means shares of capital stock; shares, interests, participations, rights or other equivalents (however designated) of capital stock of associations or business entities, partnership interests (whether general or limited),
membership interests in a limited liability company or any other interest or participation on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person and any warrants, options or other
rights entitling the holder thereof to purchase or acquire any of the foregoing, but excluding any debt security that is convertible into, or exchangeable for any of the foregoing. 

“European Revolving Subcommitment” means, with respect to each Lender, the commitment, if any, of such Lender
to make European Revolving Loans and to acquire participations in European Letters of Credit, European Overadvances and European Swingline Loans hereunder, expressed as an amount representing the maximum aggregate permitted amount of such
Lender’s European Revolving Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to (a) Section 2.09 and (b) assignments by or to such Lender pursuant to Section 9.04. The initial Dollar
Equivalent amount of each Lender’s European Revolving Subcommitment is set forth on the Commitment Schedule, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its European Revolving Subcommitment, as
applicable. The aggregate amount of the Lenders’ European Revolving Subcommitment as of the Fourth Amendment Effective Date is the Dollar Equivalent of $375,000,000. The European Revolving Subcommitments are subcommitments of the Revolving
Commitments and do not represent additional credit exposure. 
 “Excluded Domestic Subsidiary” means, at any
date of determination, any Domestic Subsidiary that (a) constitutes an Immaterial Subsidiary, (b) is (or is treated for U.S. federal income tax purposes as a disregarded entity of) a “controlled foreign corporation” as defined in
Section 957 of the Code (a “CFC”) or (c) owns, directly or indirectly, no material assets other than equity interests (or equity interests and indebtedness) of one or more CFCs. The list of Excluded Domestic Subsidiaries
as of the Fourth Amendment Effective Date is set forth on Schedule 1.01(A). 
 “FCCR Test Period” means any
period (a) commencing on the last day of the most recent period of four consecutive fiscal quarters of the Company then ended for which financial statements have been delivered pursuant to Section 5.01(a) or (b) (or, if prior to the date
of the delivery of the first financial statements to be delivered pursuant to Section 5.01(a) or (b), the most recent financial statements referred to in Section 3.04(a)) on or prior to the date Aggregate Availability at any time is less
than the greater of (i) 10% of the lesser of (A) the Aggregate Revolving Commitment and (B) the Aggregate Borrowing Base and (ii) $50,000,000, and (b) ending on the day after Aggregate Availability has exceeded the greater
of (i) 10% of the lesser of (A) the Aggregate Revolving Commitment and (B) the Aggregate Borrowing Base and (ii) $50,000,000, in either case, for twenty-one (21) consecutive days. 

  
 -8- 

 “Material Indebtedness” means Indebtedness (other than the Loans
and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the Loan Parties and their Subsidiaries in an aggregate principal amount exceeding $40,000,000. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations of the Company or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that Company or such
Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 
 “Maturity Date”
means the earliest of (i) June 25, 2023, (ii) the date that is two (2) months prior to the scheduled maturity date of the 2023 Term Loans, (iii) the date that is two (2) months prior to the scheduled maturity date of the
2023 Notes or (iv) any earlier date on which the Commitments are reduced to zero or otherwise terminated pursuant to the terms hereof. 

“Permitted Discretion” means the commercially reasonable exercise of the Administrative Agent’s or
European Agent’s, as applicable, good faith credit judgment in accordance with customary business practices for comparable asset-based lending transactions in the Company’s industry in consideration of any factor which is reasonably likely
to (i) materially and adversely affect the value of any ABL Priority Collateral, the enforceability or priority of the Liens thereon or the amount that the Agents and Lenders would be likely to receive (after giving consideration to delays in
payment and costs of enforcement) in the liquidation thereof, or (ii) suggest that any Collateral report or financial information delivered to any Agent or Lenders by any Person on behalf of any Borrower is incomplete, inaccurate or misleading
in any material respect. In exercising such commercially reasonable credit judgment, such Agent may consider, without duplication, such factors already included in or tested by the definition of Eligible Accounts, Eligible Unbilled Accounts or
Eligible Inventory, as well as any of the following: (i) changes after the Fourth Amendment Effective Date in any material respect in collection history and dilution or collectability with respect to the Accounts; (ii) changes after the
Fourth Amendment Effective Date in any material respect in demand for, pricing of, or product mix of Inventory; (iii) changes after the Fourth Amendment Effective Date in any material respect in any concentration of risk with respect to the
respective Borrower’s Accounts or Inventory; and (iv) any other factors arising after the Fourth Amendment Effective Date that change in any material respect the credit risk of lending to any Borrower on the security of such
Borrower’s Accounts or Inventory. Notwithstanding anything to the contrary, Reserves shall not be imposed after the Fourth Amendment Effective Date with respect to facts and circumstances actually known to the Administrative Agent or European
Agent, as applicable, on the Fourth Amendment Effective Date, absent any changes in such facts or circumstances. 

“Reserves” means any and all reserves which the Administrative Agent deems necessary, in its Permitted
Discretion, and without duplication of any eligibility criteria, to maintain (including, without limitation, reserves for accrued and unpaid interest on the Secured Obligations, Banking Services Reserves, Priority Payables Reserves, Retention of
Title Reserves, volatility reserves, reserves for “extended” or “extendable” retention of title, reserves for rent at locations leased by any Loan Party (not to exceed three months’ rent) and for consignee’s,
warehousemen’s and bailee’s charges (not to exceed three months’ charges), reserves for the reduction in the amount of Domestic Qualified Cash or European Qualified Cash on deposit with the Borrowers after delivery of any Borrowing
Base Certificate, reserves for dilution of Accounts, reserves for Inventory shrinkage, reserves for customs charges and shipping charges related to any Inventory in transit, reserves for 

  
 -9- 

 
registration duties and filing fees with respect to the perfection of additional pledges over commercial business of the Belgian Borrower, reserves for Swap Agreement Obligations, reserves for
taxes, fees, assessments, and other governmental charges with respect to Accounts and/or Inventory of the Borrowers, reserves for VAT and reserves for fees payable to an insolvency administrator pursuant to Section 171 of the German Insolvency
Code (or relevant successor provision)) with respect to the ABL Priority Collateral or any Loan Party. 
 “Secured
Obligations” means all Obligations, together with all (i) Banking Services Obligations, excluding Banking Services Obligations which have been expressly designated in writing by Borrower Representative and the applicable Lender (or
Affiliate of such Lender) to Administrative Agent as “Secured Cash Management Agreements” as defined in and pursuant to the terms of the 2023 Term Loan Agreement and (ii) Swap Agreement Obligations owing to one or more Lenders or
their respective Affiliates, excluding Swap Agreement Obligations which have been expressly designated in writing by Borrower Representative and the applicable Lender (or Affiliate of such Lender) to Administrative Agent as “Secured Hedge
Agreements” as defined in and pursuant to the terms of the 2023 Term Loan Agreement; provided, however, that the definition of “Secured Obligations” shall not create any guarantee by any Loan Guarantor of (or grant of
security interest by any Loan Guarantor to support, as applicable) any Excluded Swap Obligations of such Loan Guarantor for purposes of determining any obligations of any Loan Guarantor. 

(c) The definition of “Net Leverage Ratio” contained in Section 1.01 (Defined terms) of the Credit Agreement is hereby
amended by replacing the phrase “unrestricted cash of the Company and its Subsidiaries as of such date” in clause (a)(ii) thereof with the phrase “cash and Permitted Investments of the Company and its Subsidiaries as of such date that
is free and clear of all Liens, other than Liens in favor of the Administrative Agent or the European Agent for the benefit of the Secured Parties, the collateral agent with respect to the 2023 Term Loans for the benefit of the secured parties under
the 2023 Term Loan Agreement or the collateral agent with respect to the 2023 Notes for the benefit of the secured parties under the 2023 Indenture, not to exceed $100,000,000”. 

(d) The definition of “Prepayment Event” contained in Section 1.01 (Defined Terms) of the Credit Agreement is hereby
amended by replacing each occurrence of the word “Collateral” therein with the phrase “ABL Priority Collateral”. 
 (e)
Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended to delete therefrom the following defined terms: “2018 Indenture” and “2018 Notes”. 

(f) Paragraph (a) of Section 2.04 (Protective Advances) of the Credit Agreement is hereby amended by replacing the word
“Collateral” in the first sentence thereof with the phrase “ABL Priority Collateral”. 
 (g) Section 2.14
(Alternate Rate of Interest) of the Credit Agreement is hereby amended by inserting a new Section 2.14(c) at the end thereof to read as follows: 

(c) If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that
(i) the circumstances set forth in Section 2.14(a)(i) or Section 2.14(b) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Section 2.14(a)(i) or
Section 2.14(b) have not arisen but the supervisor for the administrator of the LIBO Screen Rate, EUROBO Screen Rate or Overnight LIBO Rate, as applicable, or a Governmental Authority having 

  
 -10- 

 
jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate, EUROBO Screen Rate or Overnight LIBO Rate, as applicable,
shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrowers shall endeavor to establish an alternate rate of interest to the LIBO Screen Rate, EUROBO Screen Rate and/or Overnight LIBO Rate, as
applicable, that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States and Europe at such time, and shall enter into an amendment to this Agreement to reflect
such alternate rate of interest and such other related changes (including with respect to the applicable margin) to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the
Applicable Rate). Notwithstanding anything to the contrary in Section 9.02, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have
received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. 

(h) Section 3.05 (Properties) of the Credit Agreement is hereby amended by replacing each occurrence of the phrase “the date
of this Agreement” therein with the words “Fourth Amendment Effective Date”. 
 (i) Section 3.06(c) (Litigation and
Environmental Matters) of the Credit Agreement is hereby amended by replacing the phrase “the date hereof” therein with the words “Fourth Amendment Effective Date”. 

(j) Section 3.11 (Disclosure) of the Credit Agreement is hereby amended to insert a new sentence at the end thereof to read as
follows: 
 As of the Fourth Amendment Effective Date, to the best knowledge of any Borrower, the information included in the Beneficial
Ownership Certification provided on or prior to the Fourth Amendment Effective Date to any Lender in connection with this Agreement is true and correct in all material respects. 

(k) Section 3.14 (Insurance) of the Credit Agreement is hereby amended by replacing the phrase “the Effective Date” in
the first sentence thereof with the words “the Fourth Amendment Effective Date”. 
 (l) Section 3.16 (Security Interest in
Collateral) of the Credit Agreement is hereby amended by replacing the word “and” at the end of clause (a) thereof with a comma (“,”) and inserting the phrase “and (c) in the case of Collateral other than ABL
Priority Collateral, any Liens thereon permitted pursuant to Section 6.02” immediately before the period (“.”) at the end thereof. 

(m) Section 3.22 (Affiliate Transactions) of the Credit Agreement is hereby amended by replacing the phrase “the date of this
Agreement” therein with the words “Fourth Amendment Effective Date”. 
 (n) Section 4.02(d) (Each Credit Event) of
the Credit Agreement is hereby amended and restated to read in full as follows: 
 (d) If the Aggregate Revolving Commitment
at any time exceeds Seven Hundred Fifty Million U.S. Dollars ($750,000,000), such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, may be incurred in compliance with each of the 2020 Indenture
(Exchangeable), the 2023 Term Loan Agreement and the 2023 Indenture (in each case, if in existence at such time). 

  
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 (o) Section 5.01(g) (Financial Statements; Borrowing Base and Other Information) of
the Credit Agreement is hereby amended and restated read in full as follows: 
 (g) as soon as available but in any event
within twenty (20) days of the end of each calendar month (or from and after the date on which Aggregate Availability is less than the greater of (i) twelve and one half of one percent (12.5%) of the lesser of (A) the Aggregate
Revolving Commitment and (B) the Aggregate Borrowing Base and (ii) $56,250,000, in either case, for five (5) consecutive Business Days, until such time as Aggregate Availability has been equal to or greater than the greater of
(i) twelve and one-half of one percent (12.5%) of the lesser of (A) the Aggregate Revolving Commitment and (B) the Aggregate Borrowing Base and (ii) $56,250,000, in either case, for twenty-one (21) consecutive days, on or before Wednesday of each calendar week), and at such other times as may be requested by the Administrative Agent, as of the period then ended, a Borrowing Base
Certificate setting forth each of the Aggregate Borrowing Base, the Belgian Borrowing Base, the Domestic Borrowing Base, the European Borrowing Base, the German Borrowing Base A, the German Borrowing Base B and the Swiss Borrowing Base, and
supporting information in connection therewith, (including, in respect of any Borrowing Base Certificate delivered for a month which is also the end of any fiscal quarter of the Company, a calculation of Average Quarterly Availability for such
quarter then ended and an indication of what the Applicable Rate is as a result of such Average Quarterly Availability); provided, that, if the Aggregate Revolving Commitment at any time exceeds Seven Hundred Fifty Million U.S. Dollars
($750,000,000), the Borrower Representative shall include such additional financial calculations reasonably requested by the Administrative Agent in order to confirm that the Aggregate Revolving Exposure is in compliance with each of the 2020
Indenture, the 2023 Term Loan Agreement and the 2023 Indenture (in each case, if in existence at such time), respectively; 
 (p) Paragraphs
(c), (d) and (e) of Section 5.02 (Notices of Material Events) of the Credit Agreement are hereby amended by replacing each occurrence of the word “Collateral” therein with the phrase “ABL Priority Collateral”.

 (q) Section 5.11 (Casualty and Condemnation) of the Credit Agreement is hereby amended by replacing each occurrence of the
word “Collateral” therein with the phrase “ABL Priority Collateral”. 
 (r) Section 5.12 (Appraisals; Field
Examinations) of the Credit Agreement is hereby amended and restated to read in full as follows: 
 SECTION 5.12 Appraisals; Field
Examinations. 
 (a) Subject to the immediately succeeding sentence, at the time that the Administrative Agent requests,
each Loan Party will provide the Administrative Agent with appraisals or updates thereof of its Inventory from an appraiser selected and engaged by the Administrative Agent, and prepared on a basis satisfactory to the Administrative
Agent, such appraisals and updates to include, without limitation, information required by any applicable material Requirement of Law. Only one (1) such Inventory appraisal shall be conducted in any calendar year; provided that
(i) two (2) such Inventory appraisals may be conducted in any calendar year if the average daily Aggregate Availability for any month is less than the greater of (A) fifteen percent (15%) of the lesser of (y) the Aggregate

  
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Revolving Commitment and (z) the Aggregate Borrowing Base and (B) $56,250,000 and (ii) during the occurrence and continuance of an Event of Default, there shall be no limitation on
the number or frequency of appraisals that may be conducted at the sole expense of the Loan Parties. 
 (b) At any time that
the Administrative Agent requests, each Loan Party will permit, upon reasonable prior notice and during normal business hours, the Administrative Agent to conduct a field examination to ensure adequacy of ABL Priority Collateral included in the
Borrowing Bases and related reporting and control systems. For purposes of this Section 5.12(b), it is understood and agreed that a single field examination may consist of examinations conducted at multiple relevant sites and involve one or
more relevant Loan Parties and their assets. Only one (1) such field examinations shall be conducted in any calendar year; provided that (i) two (2) such field examinations may be conducted in any calendar year if the average
daily Aggregate Availability for any month is less than the greater of (A) fifteen percent (15%) of the lesser of (y) the Aggregate Revolving Commitment and (z) the Aggregate Borrowing Base and (B) $56,250,000 and
(ii) during the occurrence and continuance of an Event of Default, there shall be no limitation on the number or frequency of field examinations that may be conducted at the sole expense of the Loan Parties. 

(s) Section 5.20 (Additional Collateral; Further Assurances) of the Credit Agreement is hereby amended by inserting a new clause
(d) at the end thereof to read as follows: 
 (d) Notwithstanding anything contained in this Agreement or any other
Collateral Document to the contrary, Administrative Agent shall not enter into any mortgage in respect of any Collateral constituting real property until (i) the date that occurs thirty (30) days (or such shorter period agreed to by each
Lender) after Administrative Agent has delivered to the Lenders (which may be delivered electronically) the following documents in respect of such real property: (i) a completed flood hazard determination from a third party vendor; (ii) if
such real property is located in a “special flood hazard area”, (A) a notification to the applicable Borrower (or the applicable Loan Party) of that fact and (if applicable) notification to the applicable Borrower (or the applicable Loan
Party) that flood insurance coverage is not available and (B) evidence of the receipt by the applicable Borrower (or the applicable Loan Party) of such notice; and (iii) if such notice is required to be provided to the applicable Borrower
(or the applicable Loan Party) and flood insurance is available in the community in which such real property is located, evidence of required flood insurance and (2) Administrative Agent shall have received written confirmation from the Lenders
that flood insurance due diligence and flood insurance compliance has been completed by the Lenders (such written confirmation not to be unreasonably conditioned, withheld or delayed). 

(t) Section 6.01 (Indebtedness) of the Credit Agreement is hereby amended by: 

(i) amending clause (b) thereof by replacing the words “date hereof” with the words “Fourth Amendment Effective Date”;

 (ii) amending clause (e) thereof by deleting the phrase “the greater of Two Hundred Million U.S. Dollars ($200,000,000) and ten
percent (10%) of Consolidated Total Assets” and inserting in its place the phrase “the greater of (x) One Hundred Seventy Five Million U.S. Dollars ($175,000,000) and (y) an amount equal to six percent (6.0%) of Consolidated
Total Assets”; 

  
 -13- 

 (iii) amending clause (p) thereof by deleting the phrase “the greater of (x) One
Hundred Seventy Five Million U.S. Dollars ($175,000,000) and (y) an amount equal to ten percent (10%) of Consolidated Total Assets” and inserting in its place the phrase “the greater of (x) One Hundred Million U.S. Dollars
($100,000,000) and (y) an amount equal to three and one-half percent (3.5%) of Consolidated Total Assets”; 

(iv) amending and restating clause (q) thereof to read in full as follows 

(q) Indebtedness in respect of the 2023 Term Loans; 

(v) amending and restating clause (r) thereof to read in full as follows: 

(r) Indebtedness in respect of the 2020 Notes (Exchangeable) and the 2023 Notes; 

(vi) amending and restating clause (u) thereof to read in full as follows: 

(u) other Indebtedness of the Company and its Subsidiaries that is secured by Liens on (x) any assets or property not
constituting ABL Priority Collateral and/or (y) any ABL Priority Collateral to the extent such Liens are subordinate and junior to the Liens created pursuant to any Loan Document, in each case not to exceed a maximum principal amount of such
Indebtedness that may be incurred so long as, at the time of incurrence of such Indebtedness, the Total Secured Leverage Ratio determined on a Pro Forma Basis (based upon the most recent financial statements that have been delivered pursuant to
Section 5.01) after giving effect to such Indebtedness would not be greater than five (5.0) to one (1.0) on the date of such incurrence; provided in each case that such Indebtedness, together with any Indebtedness incurred under clause
(t) above, does not provide for annual amortization of more than one percent (1%) and such debt matures more than sixty (60) days after the Maturity Date; 

and 
 (vii)
amending and restating clause (x) thereof to read in full as follows: 
 (x) other Indebtedness in an amount not to
exceed Two Hundred Million U.S. Dollars ($200,000,000) at any time outstanding, which Indebtedness is either unsecured or secured by Liens on (x) any assets or property not constituting ABL Priority Collateral and/or (y) any ABL Priority
Collateral to the extent such Liens are subordinate and junior to the Liens created pursuant any Loan Document. 
 (u) Section 6.02
(Liens) of the Credit Agreement is hereby amended by: 
 (i) replacing each occurrence of the words “date
hereof” contained in clause (c) thereof with the words “Fourth Amendment Effective Date”; 
 (ii)
replacing the words “Section 6.01(p), (q), (s), (u) or (x)” set forth in clause (m) thereof with the words “Section 6.01(p), (q), (r), (s), (u) or (x)”; 

(iii) amending clauses (c), (m), (n) and (r) thereof by replacing each occurrence of the word “Collateral”
therein with the phrase “ABL Priority Collateral”; and 

  
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 (iv) amending clause (n) by deleting the amount “Twenty Five Million
U.S. Dollars ($25,000,000)” and inserting in its place the phrase “the greater of (x) One Hundred Fifty Million ($150,000,000) and (y) 5.3% of Consolidated Total Assets, in each case”. 

(v) Section 6.03 (Fundamental Changes) of the Credit Agreement is hereby amended by amending and restating clause (c) thereof
to read in full as follows: 
 (c) Holdings will not engage in any business or activity other than (i) the ownership of
all of the outstanding Equity Interests of the Borrowers and activities incidental thereto and (ii) such additional business and activities described in Section 7.15 of the 2023 Term Loan Agreement. Holdings will not own or acquire any
assets other than (i) Equity Interests of the Borrowers and the cash proceeds of any Restricted Payments permitted by Section 6.08 and (ii) such other assets as are permitted to be held by Holdings under Section 7.15 of the 2023
Term Loan Agreement. 
 (w) Section 6.04 (Investments, Loans, Advances, Guarantees and Acquisitions) of the Credit Agreement is
hereby amended by: 
 (i) replacing the words “date hereof” in clause (b) with the words “Fourth
Amendment Effective Date” and by inserting the words “Fourth Amendment” immediately prior to the words “Effective Date” set forth in such clause (b); 

(ii) replacing each occurrence of the word “Collateral” in clauses (c) and (d) thereof with the phrase “ABL
Priority Collateral”; 
 (iii) amended and restating clause (o) thereof to read in full as follows: 

(o) Investments having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (o) that
are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of cash or marketable securities), not to exceed the greater of (x) $150,000,000 and (y) 5.5% of
Consolidated Total Assets (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, that no more than the greater of (x) $100,000,000 and (y) 3.00% of
Consolidated Total Assets (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value) will be invested in reliance on this clause (o) in Unrestricted Subsidiaries
(including, while Unrestricted Subsidiaries, Aleris Asia Pacific Limited, Aleris Aluminum Zhenjiang Co. Ltd. and Aleris (Shanghai) Trading Co. Ltd. and any of their direct and indirect Subsidiaries); 

(iv) by redesignating clause (q) as clause (r) and correcting the cross reference therein to refer to “this
clause (r)”; and 
 (v) by inserting the following as new clause (q): 

(q) Investments constituting loans and advances to, and guarantees of Indebtedness of, employees of the Company (or any of its direct or
indirect parent companies) or a Subsidiary not in excess of the greater of (x) $8,000,000 and (y) 0.30% of Consolidated Total Assets in aggregate outstanding at any one time; and 

  
 -15- 

 (x) Section 6.08 (Restricted Payments; Certain Payments of Indebtedness) of the
Credit Agreement is hereby amended by: 
 (i) amending clause (a)(iii) by replacing the phrase “Five Million U.S.
Dollars ($5,000,000) in respect of all such redemptions, purchases and payments made in any fiscal year” with the phrase “in any fiscal year the greater of (x) $15,000,000 and (y) 0.50% of Consolidated Total Assets (with unused amounts in
any fiscal year being carried over to succeeding fiscal years subject to a maximum (without giving effect to the following proviso) of the greater of (x) $30,000,000 and (y) 1.0% of Consolidated Total Assets in any fiscal year)”; 

(ii) amending clause (a)(v) thereof by replacing the amount “$10,000,000” with the phrase “the greater of (x)
$50,000,000 and (y) 1.75% of Consolidated Total Assets”; and 
 (iii) amending clause (b)(v) thereof by replacing each
occurrence of the phrase “Effective Date” therein with the phrase “Fourth Amendment Effective Date”. 
 (y)
Section 6.10 (Restrictive Agreements) of the Credit Agreement is hereby amended by replacing the words “date hereof” in clause (ii) of the proviso with the words “Fourth Amendment Effective Date”. 

(z) Section 6.11 (Amendment of Material Documents) of the Credit Agreement is hereby amended and restated to read in full as
follows: 
 SECTION 6.11 Amendment of Material Documents. No Loan Party will, nor will it permit any Subsidiary to,
amend, modify or waive any of its rights under (a) any agreement relating to any Subordinated Indebtedness, (b) its charter, articles or certificate of incorporation or organization, by-laws,
operating, management or partnership agreement or other organizational or governing documents or (c) any of the 2020 Indenture (Exchangeable), the 2023 Term Loan Agreement, the 2023 Indenture, any External Receivables Purchase Agreement or any
Internal Receivables Purchase Agreement, in each case with respect to the foregoing clauses (a) and (b), to the extent any such amendment, modification or waiver would be materially adverse to the Lenders. 

(aa) Paragraph (k) of Article VII (Events of Default) of the Credit Agreement is hereby amended by replacing the amount
“Thirty Million U.S. Dollars ($30,000,000)” contained therein with the amount “Forty Million U.S. Dollars ($40,000,000)”. 

(bb) Section 9.02(b) (Waivers and Amendments) of the Credit Agreement is hereby amended by inserting the phrase “and subject
to Section 2.14(c)” immediately following the phrase “Except as provided in the first sentence of Section 2.09(f) (with respect to any commitment increase)” contained in the first sentence therein. 

(cc) Section 9.02(c) (Waivers and Amendments) of the Credit Agreement is hereby amended by amending and restating the third
sentence thereof to read in full as follows: 
 Except as provided in the first sentence of this section, the Agents will not release any
Liens on Collateral without the prior written authorization of the Required Lenders; provided that, the Agents may in the discretion of the Administrative Agent, release its Liens on (i) Collateral constituting ABL Priority Collateral
valued in the aggregate not in excess of Ten Million U.S. Dollars ($10,000,000) during any calendar year and (ii) Collateral not constituting ABL Priority Collateral in accordance with the ABL/Term Intercreditor Agreement, in each case without
the prior written authorization of the Required Lenders (it being agreed that the Administrative Agent may rely conclusively on one or more certificates of the Borrowers as to the value of any Collateral to be so released, without further inquiry).

  
 -16- 

 (dd) The Commitment Schedule to the Credit Agreement is hereby amended and restated to read in
full as set forth on Annex A attached hereto. 
 (ee) Schedule 3.05, 3.06, 3.14, 3.15, 3.22, 6.01, 6.02, 6.04 and 6.10 to the Credit
Agreement are hereby amended to read in full as set forth on Schedule 3.05, 3.06, 3.14, 3.15, 3.22, 6.01, 6.02, 6.04 and 6.10, respectively, attached hereto. 

2. Conditions to Effectiveness. The effectiveness of this Amendment is subject to the following conditions precedent, each to be in form
and substance satisfactory to the Administrative Agent: 
 (a) the Administrative Agent shall have received a copy of this Amendment executed
by each Borrower, each other Loan Party, each Lender, the Administrative Agent and the European Agent; 
 (b) the Administrative Agent shall
have received fully executed copies of each agreement and other delivery item listed on the Closing Checklist attached hereto as Annex B; 

(c) the Administrative Agent shall have received the amounts payable pursuant to the certain Fee Letter of even date herewith between the
Administrative Agent and the Company; 
 (d) the 2023 Term Loans shall have been obtained and the 2023 Notes shall have been issued by the
Company and, in each case, the proceeds thereof shall have been used to repay or defease in full all obligations in respect of the 2020 Notes and the 2021 Notes (Combined); and 

(e) no Default or Event of Default shall have occurred and be continuing. 

3. Representations and Warranties. To induce the Agents and the Lenders to enter into this Amendment, each of the Loan Parties represent
and warrant to the Agents and the Lenders that: 
 (a) the execution, delivery and performance of this Amendment has been duly authorized by
all requisite corporate action on the part of such Loan Party and this Amendment has been duly executed and delivered such Loan Party; 
 (b)
after giving effect to this Amendment, the representations and warranties of the Loan Parties set forth in the Credit Agreement and each other Loan Document are true and correct in all material respects with the same effect as though made on and as
of the date hereof (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date is true and correct in all material respects only as of such specified date, and that any representation or
warranty which is subject to any materiality qualifier is true and correct in all respects); and 
 (c) no Default or Event of Default has
occurred and is continuing. 
 4. Post-Closing Obligations. Each Borrower shall, and shall cause each other Loan Party to, promptly
(and in any event within time periods specified in Annex C (or such longer time as the Administrative Agent shall reasonably agree)) comply with post-closing obligations set forth on Annex C attached hereto. 

  
 -17- 

 5. Acknowledgment of Loan Guarantor; Reaffirmation. Each Loan Guarantor hereby
acknowledges that the Borrowers, the Administrative Agent, the European Agent and the Lenders have amended the Credit Agreement by this Amendment, and such Loan Guarantor acknowledges that the Administrative Agent, the European Agent and the Lenders
would not amend the Credit Agreement in the absence of the agreements of such Loan Guarantor contained herein. Each Loan Guarantor hereby approves of and consents to the Amendment, agrees that its obligations under the applicable Loan Guarantee and
the other Loan Documents to which it is a party shall not be diminished as a result of the execution of the Amendment, and confirms that the applicable Loan Guarantee and all other Loan Documents to which it is a party are in full force and effect.
Each Loan Party hereby reaffirms its obligations under any applicable Security Agreement and each other Collateral Document to which it is a party. Without limiting the foregoing, each Loan Party hereby reaffirms its pledge, assignment and grant of
a Lien on the Collateral to the applicable Agent, on behalf of and for the ratable benefit of the applicable Lenders, to secure the prompt and complete payment and performance of the applicable Obligations. For the avoidance of doubt, the amendments
made to the Credit Agreement pursuant to this Amendment shall not be construed as any form of novation (schuldvernieuwing / novation) under Belgian law. As far as necessary and for the purposes of Article 1271 et seq. of the Belgian Civil
Code, each Party agrees that the Loan Guarantee, the Security Agreement and each other Collateral Document shall continue for the benefit of each Lender, its successors, transferees or assignees, notwithstanding the amendments effected by this
Amendment. 
 6. Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or
unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable. 

7. References; Loan Document. Any reference to the Credit Agreement contained in any document, instrument or Credit Agreement executed
in connection with the Credit Agreement shall be deemed to be a reference to the Credit Agreement as modified by this Amendment. This Amendment constitutes a Loan Document for all purposes of the Credit Agreement and other Loan Documents. 

8. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of
which taken together shall be one and the same instrument. Delivery by telecopy or electronic portable document format (i.e., “pdf”) transmission of executed signature pages hereof from one party hereto to another party hereto shall
be deemed to constitute due execution and delivery by such party. 
 9. Ratification. The terms and provisions set forth in this
Amendment shall modify and supersede all inconsistent terms and provisions of the Credit Agreement and shall not be deemed to be a consent to the modification or waiver of any other term or condition of the Credit Agreement. Except as expressly
modified and superseded by this Amendment, the terms and provisions of the Credit Agreement are ratified and confirmed and shall continue in full force and effect. 

10. Governing Law. This Amendment shall be governed by and construed in accordance with the internal laws (and not the law of conflicts)
of the State of New York, but giving effect to federal laws applicable to national banks. Whenever possible each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Amendment shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this
Amendment. 
 [Signature Page Follows] 

  
 -18- 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

			
	BORROWERS:
	
	 ALERIS INTERNATIONAL, INC.,
 as a
Domestic Borrower

	
	By: /s/ Eric M.
Rychel                                        
          
	Name: Eric M. Rychel
	Title: Executive Vice President, Chief Financial           Officer and Treasurer
	
	 ALERIS ROLLED PRODUCTS, INC.,
 as a
Domestic Borrower

	
	By: /s/ Eric M.
Rychel                                        
          
	Name: Eric M. Rychel
	Title: President
	
	 ALERIS ROLLED PRODUCTS, LLC,
 as a
Domestic Borrower

	
	By: /s/ Eric M.
Rychel                                        
          
	Name: Eric M. Rychel
	Title: President
	
	 ALERIS ROLLED PRODUCTS SALES

CORPORATION, as a Domestic Borrower

	
	By: /s/ Eric M.
Rychel                                        
          
	Name: Eric M. Rychel
	Title: President

 
			
	
	 IMCO RECYCLING OF OHIO, LLC,
 as a
Domestic Borrower

	
	By: /s/ Eric M.
Rychel                                        
          
	Name: Eric M. Rychel
	Title: President

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 ALERIS OHIO MANAGEMENT, INC.,
 as a
Domestic Borrower

	
	By: /s/ Eric M.
Rychel                                        
        
	Name: Eric M. Rychel
	Title: President
	
	 NICHOLS ALUMINUM LLC,
 as a Domestic
Borrower

	
	By: /s/ Eric M.
Rychel                                        
        
	Name: Eric M. Rychel
	Title: President

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 ALERIS ALUMINUM DUFFEL BVBA,
 as the
Belgian Borrower

	
	By: /s/ Geert
Vannuffelen                                       
     
	Name: Geert Vannuffelen
	Title: Manager

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 ALERIS ROLLED PRODUCTS GERMANY GMBH,

as a German Borrower

	
	By: /s/ Mathias Monjé
                                         
        
	Name: Mathias Monjé
	Title: Managing Director
	
	 ALERIS CASTHOUSE GERMANY GMBH,
 as a
German Borrower

	
	By: /s/ Mathias
Monjé                                       
           
	Name: Mathias Monjé
	Title: Managing Director

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 ALERIS SWITZERLAND GMBH,
 as the
Swiss Borrower

	
	By: /s/ Christopher R.
Clegg                                        

	Name: Christopher R. Clegg
	Title: Managing Director

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 JPMORGAN CHASE BANK, N.A.,
 as a
Lender and as Administrative Agent

	
	By: /s/ Eric B.
Bergeson                                        
      
	Name: Eric B. Bergeson
	Title: Authorized Officer
	
	 J.P. MORGAN EUROPE LIMITED,
 as a
Lender and as European Agent

	
	By: /s/ Matthew
Sparkes                                        
       
	Name: Matthew Sparkes
	Title: Authorized Officer

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 BANK OF AMERICA, N.A.,
 as a
Lender

	
	By: /s/ Thomas H.
Herron                                        
    
	Name: Thomas H. Herron
	Title: Senior Vice President

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 WELLS FARGO BANK, NATIONAL

ASSOCIATION, as a Lender

	
	By: /s/ Krista
Mize                                         
             
	Name:  Krista Mize
	Title:  Authorized Signatory
	
	 WELLS FARGO BANK (LONDON BRANCH),

as a Lender

	
	By: /s/ T
Saldanha                                        
                
	Name:  T Saldanha
	Title:  Authorised Signatory

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 BARCLAYS BANK PLC,
 as a
Lender

	
	By: /s/ Joseph
Jordan                                        
            
	Name:  Joseph Jordan
	Title:  Managing Director

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,

as a Lender

	
	By: /s/ Joseph
Devire                                        
            
	Name: Joseph Devire
	Title: Director

  

			
	By: /s/ Joseph
Panzolfo                                        
        
	Name: Joseph Panzolfo
	Title: Director

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 GOLDMAN SACHS BANK USA,
 as a
Lender

	
	By: /s/ Rebecca
Kratz                                        
          
	Name: Rebecca Kratz
	Title: Authorized Signatory

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 CITIBANK, N.A.,
 as a
Lender

	
	By: /s/ David L.
Smith                                        
         
	Name: David L. Smith
	Title: Vice President and Director

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 CREDIT SUISSE AG, CAYMAN ISLANDS

BRANCH, as a Lender

	
	By: /s/ Judith
Smith                                        
             
	Name: Judith Smith
	Title: Authorized Signatory
	
	By: /s/ Brady
Bingham                                        
        
	Name: Brady Bingham
	Title: Authorized Signatory

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 PNC BANK, NATIONAL ASSOCIATION,
 as
a Lender

	
	By: /s/ Gregory J.
Hall                                         
        
	Name: Gregory J. Hall
	Title: Senior Vice President

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 KEYBANK NATIONAL ASSOCIATION,
 as a
Lender

	
	By: /s/ Andrew
Blickensderfer                                    
	Name: Andrew Blickensderfer
	Title: Vice President

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 THE HUNTINGTON NATIONAL BANK,
 as a
Lender

	
	By: /s/ Roger F.
Reeder                                        
        
	Name: Roger F. Reeder
	Title: Vice President

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 SANTANDER BANK, N.A.,
 as a
Lender

	
	By: /s/ Mark
Metsky                                        
             
	Name: Mark Metsky
	Title: SVP
	
	 SANTANDER BANK, N.A.,
 as a
Lender

	
	By: /s/
Jeffrey G. Millman                                     
       
	Name: Jeffrey G. Millman
	Title: Regional Credit Manager

 Signature Page to Amendment No. 4 to Credit Agreement 

 
			
	 SUNTRUST BANK,
 as a
Lender

	
	By: /s/ Amanda Watkins
                                         
    
	Name: Amanda Watkins
	Title: Director

 Signature Page to Amendment No. 4 to Credit Agreement 

 ANNEX A 

COMMITMENT SCHEDULE 
  

													
	 Lender
	  	Domestic
Revolving
Subcommitment	 	  	European
Revolving
Subcommitment	 	  	Aggregate
Revolving
Commitment	 
	 JPMorgan Chase Bank, N.A.
	  	$	145,000,000.00	 	  	$	0.00	 	  	$	145,000,000.00	 
	 J.P. Morgan Europe Limited
	  	$	0.00	 	  	$	72,500,000.00	 	  	$
  
	72,500,000.00
 (subcommitment
	 
 ) 

	 Bank of America, N.A.
	  	$	115,000,000.00	 	  	$	57,500,000.00	 	  	$	115,000,000.00	 
	 Deutsche Bank AG New York Branch
	  	$	85,000,000.00	 	  	$	42,500,000.00	 	  	$	85,000,000.00	 
	 Barclays Bank PLC
	  	$	55,000,000.00	 	  	$	27,500,000.00	 	  	$	55,000,000.00	 
	 Wells Fargo Bank, National Association
	  	 	55,000,000.00	 	  	$	0.00	 	  	$	55,000,000.00	 
	 Wells Fargo Bank (London Branch)
	  	$	0.00	 	  	$	27,500,000.00	 	  	$
  
	27,500,000.00
 (subcommitment
	 
 ) 

	 Credit Suisse AG, Cayman Islands Branch
	  	$	55,000,000.00	 	  	$	27,500,000.00	 	  	$	55,000,000.00	 
	 KeyBank National Association
	  	$	40,000,000.00	 	  	$	20,000,000.00	 	  	$	40,000,000.00	 
	 PNC Bank, National Association
	  	$	40,000,000.00	 	  	$	20,000,000.00	 	  	$	40,000,000.00	 
	 The Huntington National Bank
	  	$	40,000,000.00	 	  	$	20,000,000.00	 	  	$	40,000,000.00	 
	 Santander Bank, N.A.
	  	$	35,000,000.00	 	  	$	17,500,000.00	 	  	$	35,000,000.00	 
	 SunTrust Bank
	  	$	35,000,000.00	 	  	$	17,500,000.00	 	  	$	35,000,000.00	 
	 Citibank, N.A.
	  	$	25,000,000.00	 	  	$	12,500,000.00	 	  	$	25,000,000.00	 
	 Goldman Sachs Bank USA
	  	$	25,000,000.00	 	  	$	12,500,000.00	 	  	$	25,000,000.00	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	$	750,000,000.00	 	  	$	375,000,000.00	 	  	$	750,000,000.00	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

  
 Annex A 

 ANNEX B 

CLOSING CHECKLIST 

  

 ANNEX C 

POST-CLOSING OBLIGATIONS 

1. No later than one hundred fifty (150) days after the Fourth Amendment Effective Date (or, prior to the Discharge of Non-ABL Obligations (as defined in the ABL/Term Intercreditor Agreement), such later date as the Administrative Agent (as defined in the ABL/Term Intercreditor Agreement) may specify pursuant to Schedule 6.14 to the
2023 Term Loan Agreement), the Loan Parties shall use commercially reasonable efforts to deliver duly executed mortgages with respect to the real property constituting “Mortgaged Properties” under and as defined in the 2023 Term Loan
Agreement, together with each of the other deliverables with respect thereto required to be delivered to the Collateral Agent (as defined in the 2023 Term Loan Agreement) pursuant to Schedule 6.14 to the 2023 Term Loan Agreement, in each case, in
form and substance reasonably satisfactory to the Administrative Agent. 
 Notwithstanding anything else in the Loan Documents to the
contrary, (x) “commercially reasonable efforts” as used in this Section 1 to Annex C shall include the Loan Parties taking any necessary ministerial actions to cure defects in title to the extent necessary to obtain a valid mortgage
and Mortgage Policy (as defined in the 2023 Term Loan Agreement), but shall not include the payment of more than de minimis fees and expense to cure any title defects and the payment of more than $300,000 for the procurement of Mortgage
Policies for any Mortgaged Property, and (y) no Default or Event of Default shall be triggered if the Loan Parties fail to deliver a Mortgage or Mortgage Policy in spite of their use of commercially reasonable efforts to do so. 

  
 Annex C 

 Schedules to Credit Agreement

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