Document:

First Amendment to Credit Agreement and Foreign Guaranty

 Exhibit 10.10 
 EXECUTION VERSION 
 FIRST AMENDMENT 

TO 

CREDIT AGREEMENT 
 AND 
 FOREIGN GUARANTY 

This FIRST AMENDMENT, dated as of March 7, 2011 (this “First Amendment”), is entered into among Diversey, Inc., a
Delaware corporation formerly named JohnsonDiversey, Inc. (the “Company”), Diversey Holdings II B.V., a Dutch corporation formerly named JohnsonDiversey Holdings II B.V. (the “Euro Term Borrower”), Diversey Canada,
Inc., an Ontario corporation formerly named JohnsonDiversey Canada, Inc. (the “Canadian Term Borrower” and, collectively with the Company and the Euro Term Borrower, the “Term Borrowers”), Diversey Holdings, Inc., a
Delaware corporation formerly named JohnsonDiversey Holdings, Inc. (“Holdings”), Citibank, N.A., (“CBNA”), as administrative agent for the Lenders and the Issuers (in such capacity, the “Administrative
Agent”), and the other parties signatory hereto. 
 W I T N E S S
E T H: 
 WHEREAS, the Borrowers have entered into that certain Credit Agreement, dated as of
November 24, 2009 (the “Credit Agreement”) among the Term Borrowers, the Revolving Credit Borrowers (as defined in the Credit Agreement) from time to time party thereto, Holdings, the Lenders (as defined in the Credit
Agreement), the Issuers (as defined in the Credit Agreement), the Administrative Agent, General Electric Capital Corporation, Goldman Sachs Lending Partners LLC and JPMorgan Chase Bank, N.A. as co-syndication agents for the Lenders and the Issuers,
Citigroup Global Markets Inc., GE Capital Markets, Inc., Goldman Sachs Lending Partners LLC and J.P. Morgan Securities Inc., as joint lead arrangers, and Citigroup Global Markets Inc., GE Capital Markets, Inc., Goldman Sachs Lending Partners LLC,
J.P. Morgan Securities Inc., Barclays Capital, the investment banking division of Barclays Capital PLC, HSBC Securities (USA) Inc., Morgan Stanley, Natixis New York Branch, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank
Nederland”, New York Branch, RBC Capital Markets and Scotia Capital, as joint bookrunning managers; 
 WHEREAS, certain
Foreign Subsidiaries (as defined in the Credit Agreement) have entered into that certain Guaranty, dated as of November 24, 2009 (the “Foreign Guaranty”), by each Foreign Subsidiary from time to time party thereto, in favor of the
Administrative Agent, each Lender, each Issuer and each other holder of an Obligation; and 
 WHEREAS, the Borrowers, the
Administrative Agent and the Lenders who have executed a Lender Consent (as defined in Section 3.1(a) below) have agreed to amend certain provisions of the Credit Agreement and the Foreign Guaranty on the terms and conditions contained
herein. 

 NOW, THEREFORE, it is agreed as follows: 

ARTICLE I 

Definitions 
 Section 1.1 Defined Terms. Terms defined in the Credit Agreement and used herein shall have the meanings assigned to such terms in the Credit Agreement, unless otherwise defined herein or the
context otherwise requires. 
 ARTICLE II 
 Amendments 
 As of the First Amendment Effective Date (as defined in
Article III hereof), the Credit Agreement is hereby amended as set forth in this Article II. 
 Section 2.1 Amendments
to Section 1 of the Credit Agreement. 
 (a) The definition of “Applicable Margin” is hereby amended as
follows: 
 (i) clause (v) of the definition of “Applicable Margin” is amended and restated in its
entirety as follows: 
 (v) with respect to (i) Tranche B Canadian Dollar Loans, as of any date of determination, a per
annum rate equal to 3.00%, (ii) Tranche B Euro Loans, as of any date of determination, a per annum rate equal to 3.50%, and (iii) Tranche B Dollar Loans, as of any date of determination, a per annum rate equal to the rate
set forth below opposite the then applicable Leverage Ratio (determined for the most recent Financial Covenant Period for which Financial Statements have been delivered pursuant to Section 6.1 (Financial Statements)) set forth below:

  

									
	 LEVERAGE RATIO
	  	BASE RATE
LOANS	 	 	LIBO RATE
LOANS	 
	 Greater than 2.25 to 1
	  	 	2.00	% 	 	 	3.00	% 
	 Less than or equal to 2.25 to 1
	  	 	1.75	% 	 	 	2.75	% 

  
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 (ii) the last paragraph of the definition of “Applicable Margin” is amended and
restated in its entirety as follows: 
 Subsequent changes in the Applicable Margin with respect to Tranche
B Dollar Loans resulting from a change in the Leverage Ratio shall become effective 3 Business Days after delivery by the Company to the Administrative Agent of new financial statements pursuant to Section 6.1(a) (Quarterly Reports) for
each of the first three Fiscal Quarters of each Fiscal Year and Section 6.1(b) (Annual Reports) for each Fiscal Year. Notwithstanding anything to the contrary set forth in this Agreement (including the then effective Leverage Ratio), if
the Company shall fail to deliver such financial statements within the time periods specified in Section 6.1(a) or (b), as applicable, the Applicable Margin in respect of Tranche B Dollar Loans from and including the 49th day after the end of such Fiscal Quarter or the 94th day after the end of such Fiscal Year, as the case may be, to but
not including the date the Company delivers to the Administrative Agent such financial statements shall conclusively equal the highest possible Applicable Margin provided for in this definition. 

(b) Clause (c) of the definition of “Available Amount” is hereby amended and restated in its entirety to read as follows:

 (c) the sum of the aggregate amount of (i) Restricted Payments made after the Closing Date using
the Available Amount pursuant to Section 8.5(c), (ii) the Dollar Equivalent of Investments made using the Available Amount after the Closing Date pursuant to Section 8.3(u), (iii) the Dollar Equivalent of payments,
prepayments, repurchases or redemptions made using the Available Amount after the Closing Date pursuant to Section 8.12(a) and (iv) the Dollar Equivalent of Discounted Term Loan Prepayment made using the Available Amount pursuant to
Section 2.8(c). 
 (c) The definition of “Available Excluded Contribution Amount” is hereby amended and
restated in its entirety to read as follows: 
 “Available Excluded Contribution Amount”
means with respect to (i) Investments, the Net Proceeds from Excluded Contributions designated for application to an Investment to be made pursuant to Section 8.3(v) and not yet so applied, (ii) Permitted Acquisitions or
Permitted Joint Ventures, the Net Proceeds from Excluded Contributions designated for application for Permitted Acquisitions or Permitted Joint Ventures, as applicable, to be made pursuant to Section 8.3 and not yet so applied,
(iii) payments, prepayments, repurchases or redemptions of Indebtedness, the Net Proceeds from Excluded Contributions designated for application to payments, prepayments, repurchases or redemptions to be made pursuant to Section 8.12(a)
and not yet so applied and (iv) Discounted Voluntary Term Loan Prepayments, the Net Proceeds from Excluded Contributions designated for application to Discounted Voluntary Term Loan 

  
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Prepayments pursuant to Section 2.9(b), in each case with respect to clauses (i) through (iv) above, less the amount of any Restricted Payment pursuant to
Section 8.5(j) with respect to any such Excluded Contribution. 
 (d) Clause (a) of the definition of “BA
Rate” is hereby amended and restated in its entirety to read as follows: 
 (a) (i) with respect to Tranche
B Canadian Dollar Loans 1.00% or (ii) with respect to Revolving Credit Loans denominated in Canadian Dollars, 0.00%; and 

(e) Clause (e) of the definition of “Base Rate” is hereby amended and restated in its entirety to read as follows:

 (e) (i) with respect to Tranche B Dollar Loans, 2.00% or (ii) with respect to Revolving Credit Loans
denominated in Dollars, 0.00%. 
 (f) The definition of “Change in Tax Law” 

“Change in Tax Law” means, with respect to the Administrative Agent, any Lender or any Issuer, any change in
treaty, law, regulation, Revenue Ruling, Revenue Procedure or Notice in respect of Taxes, in each case, that occurred after such Person became a party to this Agreement (or, if such Person is an intermediary or flow-through entity for U.S. federal
income tax purposes, after the relevant beneficiary or member of such Person became such a beneficiary or member, if later); provided, however, that Change in Tax Law shall not include FATCA or any regulations thereunder or any Revenue Ruling,
Revenue Procedure or Notice relating thereto. As used herein, the term “FATCA” means Sections 1471 through 1474 of the Code (and any amended or successor version that is substantively comparable). 

(g) The definition of “Change of Control” is hereby amended and restated in its entirety to read as follows: 

“Change of Control” means the occurrence of any of the following events: (i)(x) the Permitted
Holders shall in the aggregate be the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of less than 35% of the total voting power of all outstanding Voting Stock of the Relevant
Parent Entity and (y) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, shall be the “beneficial owner”, directly or
indirectly, of more than 35% of the total voting power of all outstanding Voting Stock of the Relevant Parent Entity, (ii) the Continuing Directors shall cease to constitute a majority of the members of the board of directors of the Company,
(iii) the Relevant Parent Entity shall cease to own and control, directly or indirectly, 100% of the Stock 

  
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(other than the Consumer Share) of the Company and (iv) a “Change of Control” (or any comparable term), as defined in the Senior Note Indenture or in any financing documentation
relating to any Ratio Indebtedness with an aggregate outstanding principal amount exceeding $45,000,000 shall occur. As used herein, the term “Relevant Parent Entity” means (i) Holdings so long as Holdings is not a
Subsidiary of a Parent Entity, and (ii) any Parent Entity so long as Holdings is a direct or indirect Wholly-Owned Subsidiary thereof and such Parent Entity is not a Subsidiary of any other Parent Entity. Notwithstanding anything in this
definition to the contrary, “Change of Control” shall not be construed to permit any transaction otherwise prohibited pursuant to the terms of Section 8.6 (Restrictions on Fundamental Changes; Permitted
Acquisitions). 
 (h) The definition of “Collateral Coverage Requirement” is hereby amended and restated in its
entirety to read as follows: 
 “Collateral Coverage Requirement” means (i) Coverage
EBITDA for the most recently completed Financial Covenant Period for which Financial Statements have been delivered pursuant to Section 6.1 (Financial Statements) is at least 75% of EBITDA of the Company and its Subsidiaries for such
Financial Covenant Period and (ii) Coverage Assets as of the end of the most recently completed Financial Covenant Period for which Financial Statements have been delivered pursuant to Section 6.1 (Financial Statements) is at least
75% of the Consolidated Total Assets of the Company and its Subsidiaries as of the end of such Financial Covenant Period. 
 (i)
Clause (a) of the definition of “EURIBO Rate” is hereby amended and restated in its entirety to read as follows: 
 (a) (i) with respect to Tranche B Euro Loans, 1.50% or (ii) with respect to Revolving Credit Loans denominated in Euros or Sterling, 0.00%; and 

(j) The definition of “Excluded Contribution” is hereby amended and restated in its entirety to read as follows: 

“Excluded Contribution” means Net Proceeds received by the Company as capital contributions to the
Company after the Closing Date or from the issuance or sale (other than to a Subsidiary) of Stock or Stock Equivalents by Holdings or any Parent Entity, in each case not included in the calculation of Available Amount and to the extent designated
for purposes of (i) Investments pursuant to Section 8.3(v), (ii) Permitted Acquisitions or Permitted Joint Ventures pursuant to Section 8.3, (iii) payments, prepayments, repurchases or redemptions to be made
pursuant to Section 8.12(a) or (iv) Discounted Voluntary Term Loan Prepayments pursuant to Section 2.8(c). 

  
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 (k) Clause (a) of the definition of “LIBO Base Rate” is hereby amended and
restated in its entirety to read as follows: 
 (a) (i) with respect to Tranche B Dollar Loans, 1.00% or
(ii) with respect to Revolving Credit Loans denominated in Dollars, 0.00%; and 
 (l) The definition of “Material
Subsidiary” is hereby amended and restated in its entirety to read as follows: 
 “Material
Subsidiary” means any Subsidiary of Holdings (other than a Securitization Subsidiary or a Holdings Permitted Subsidiary) that is located in a Material Jurisdiction. 

(m) The definition of “Parent Entity” is hereby amended and restated in its entirety to read as follows: 

“Parent Entity” means any Person of which Holdings becomes a direct or indirect Wholly-Owned
Subsidiary after the Closing Date that is designated by the Company as a “Parent Entity,” provided that (i) immediately before Holdings first becomes a Subsidiary of such Person, such Person is a Holdings Permitted Subsidiary,
and Holdings becomes a Subsidiary of such Person pursuant to a merger of another Holdings Permitted Subsidiary with Holdings in which the Voting Stock of Holdings is exchanged for or converted into Voting Stock of such surviving Person (or the right
to receive such Voting Stock), (ii) immediately after Holdings first becomes a Subsidiary of such Person, more than 50% of the Voting Stock of such Person shall be held by one or more Persons that held more than 50% of the Voting Stock of
Holdings or a Parent Entity of Holdings immediately prior to Holdings first becoming such Subsidiary, or (iii) immediately after Holdings first becomes a Wholly-Owned Subsidiary of such Person, Permitted Holders own the requisite percentage of
the Voting Stock of such Person as is necessary to ensure that a Change of Control has not taken place. 
 (n) Clause
(c) of the definition of “Permitted Acquisition” is hereby amended and restated in its entirety to read as follows: 
 (c) the Dollar Equivalent of all consideration paid in connection with such acquisition (including all transaction costs and all Indebtedness, liabilities and Guaranty Obligations incurred or assumed in
connection therewith or otherwise reflected in a consolidated balance sheet of the Company and Target but excluding the aggregate value of any consideration paid in the form of Stock or Stock Equivalents of Holdings or any Parent Entity and an
amount not exceeding any Available Excluded Contribution Amount) shall not exceed, together with all other Permitted Acquisitions, an aggregate of (i) $100,000,000 in any twelve-month period and (ii) $200,000,000 during the term of the
Facilities; 

  
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provided, however, that (x) at any time after the Company has a Leverage Ratio of 3.5 to 1 or less (determined for the most recent Financial Covenant Period for which Financial
Statements have been delivered pursuant to Section 6.1 (Financial Statements)), the foregoing limits shall be increased to (i) $200,000,000 and (ii) $500,000,000, respectively; provided further, however, that any such
increase shall be of no further effect at any time that the Company’s Leverage Ratio exceeds 3.5 to 1 (determined for the most recent Financial Covenant Period for which Financial Statements have been delivered pursuant to Section 6.1
(Financial Statements)) and (y) at any time after the Company has a Leverage Ratio of 3.0 to 1 or less (determined for the most recent Financial Covenant Period for which Financial Statements have been delivered pursuant to
Section 6.1 (Financial Statements)), the foregoing limits shall be eliminated; provided further, however, that any such elimination shall be of no further effect at any time that the Company’s Leverage Ratio exceeds
3.0:1 (determined for the most recent Financial Covenant Period for which Financial Statements have been delivered pursuant to Section 6.1 (Financial Statements)); 
 (o) The last paragraph of the definition of “Permitted Acquisition” is hereby amended and restated in its entirety to read as follows: 

Notwithstanding the foregoing, an acquisition by the Company or any of its Subsidiaries in respect of which the Dollar
Equivalent of the aggregate consideration paid in connection with such acquisition (including all transaction costs and all Indebtedness, liabilities and Guaranty Obligations incurred or assumed in connection therewith or otherwise reflected in a
consolidated balance sheet of the Company and Target) does not exceed $5,000,000 shall be a “Permitted Acquisition” whether or not the conditions set forth in clauses (a) or (e) above are satisfied.

 (p) Clause (e) of the definition of “Permitted Joint Venture” is hereby amended and restated in its entirety
to read as follows: 
 (e) in connection with the acquisition thereof the Dollar Equivalent of all consideration
paid (including all transaction costs and all Indebtedness or other obligations (in each case whether contingent or otherwise)), including any contractually binding commitment to make future capital contributions, incurred or assumed in connection
therewith (collectively, the “Permitted Joint Venture Consideration”) does not exceed, together with all other Permitted Joint Ventures and the aggregate amount Guaranty Obligations pursuant to Section 8.1(e)(ix),
an aggregate of $100,000,000 for each Fiscal Year plus an amount not exceeding the Available Excluded Contribution Amount; 

  
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 (q) The definition of “Term Borrowers” is hereby amended and restated in its
entirety to read as follows: 
 “Term Borrowers” means, collectively, the Company, the
Euro Term Borrower, the Canadian Term Borrower and the Additional Term Borrowers, if any. 
 (r) The definition of “Term
Loans” is hereby amended and restated in its entirety to read as follows: 
 “Term
Loans” means Tranche B Loans and Incremental Term Loans incurred pursuant to Section 2.21 (Incremental Term Loans). 
 (s) The definition of “Weighted Average Yield” is hereby amended and restated in its entirety to read as follows: 

“Weighted Average Yield” means with respect to any Loan, on any date of determination, the
weighted average yield to maturity (on a per annum percentage basis) including (i) the benefit of any increased interest rate floors and (ii) fees and original issue or other discount payable to all Lenders of the applicable tranche, in
each case accruing to the benefit of such Lenders as of the time when such Loans were made (but excluding, with respect to Revolving Loans, any fees and original issue or other discount paid to the Revolving Credit Lenders on the Closing Date).

 (t) Section 1.1 of the Credit Agreement is hereby amended by inserting in alphabetical order new definitions to read as
follows: 
 “Additional Borrower” means, collectively, the Additional Revolving Credit
Borrowers and the Additional Term Borrowers, if any. 
 “Additional Term Borrower” means
any Subsidiary Guarantor of the Company that becomes a Term Borrower hereunder, pursuant to the terms and conditions set forth in Section 2.19. 
 “Borrower Accession Agreement” has the meaning set forth in Section 2.19(a) (Additional Borrowers). 

“First Amendment Effective Date” means March 7, 2011. 

“Holdings Permitted Subsidiary” means a direct or indirect Wholly-Owned Subsidiary of Holdings
having Consolidated Total Assets not exceeding $10,000 and that does not have any Subsidiary except other Holdings Permitted Subsidiaries. 
 “Incremental Term Loan” has the meaning set forth in Section 2.21 (Incremental Term Loans). 

  
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 “Incremental Term Loan Commitment” has the meaning
set forth in Section 2.21 (Incremental Term Loans). 
 “Incremental Term Loan Effective
Date” has the meaning set forth in Section 2.21 (Incremental Term Loans). 

“Joinder Agreement” has the meaning set forth in Section 2.21(b) (Incremental Term
Loans). 
 Section 2.2 Amendments to Section 2.8 of the Credit Agreement. 

(a) Clause (b) of Section 2.8 is hereby amended and restated in its entirety to read as follows: 

(b) Term Loans. Each Term Borrower may, upon (i) at least three Business Days’ prior notice in the case of
Eurocurrency Rate Loans or BA Rate Loans or (ii) at least one Business Day’s prior notice in the case of Base Rate Loans, in each case, to the Administrative Agent stating the proposed date and aggregate principal amount of the prepayment,
prepay the outstanding principal amount of its Term Loans, in whole or in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that if any prepayment of any Eurocurrency Rate Loan or
BA Rate Loan is made by any Term Borrower other than on the last day of an Interest Period for such Loan, such Term Borrower shall also pay any amounts owing pursuant to Section 2.14(e) (Breakage Costs); and, provided, further, that each
partial prepayment shall be in an aggregate amount not less than the Minimum Currency Threshold. Substantially concurrent with any such partial prepayment by any Term Borrower, the other Term Borrowers shall also prepay their Term Loans in
accordance with this Section 2.8(b) such that the aggregate prepayment made at such time shall be pro rata among the Tranche B Loans and Incremental Term Loans; provided, that any such partial prepayment shall be applied to the remaining
installments (on a pro rata basis among Term Loans being repaid) specified by any such Term Borrower of the outstanding principal amount of the Term Loans of such Term Borrower to be repaid; provided, further that, if any such Term Borrower does not
specify which installments such prepayment is to be applied to, such prepayment shall be applied to the remaining installments of the outstanding principal amount of the Term Loans of such Term Borrower to be repaid in the order of their maturities.
Notwithstanding the requirements of the immediately preceding sentence, any Term Borrower may make a prepayment with respect to its Term Loans which is not accompanied by substantially concurrent prepayments by the other Term Borrowers, to the
extent that the aggregate amount of non-pro rata prepayments made pursuant to this Section 2.8(b), together with the aggregate non-pro rata prepayments made pursuant to Section 2.8(c) (Discounted Term Loan Prepayments)
(determined without giving 

  
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any effect to any discounts pursuant to Section 2.8(c) (Discounted Term Loan Prepayments)), shall not exceed $150,000,000. Upon the giving of such notice of prepayment, the principal
amount of the Term Loans specified to be prepaid shall become due and payable on the date specified for such prepayment. 
 (b)
Clause (c)(xi) of Section 2.8 is hereby amended and restated in its entirety to read as follows: 
 (xi)
Notwithstanding anything in any Loan Document to the contrary, in connection with any offer or solicitation of Term Loans pursuant to paragraph (ii), (iii) or (iv) above: 

(A) any Term Borrower may extend offers or solicitations with respect to Tranche B Dollar Loans, Tranche B Canadian Dollar
Loans, Tranche B Euro Loans and Incremental Term Loans or any combination of any tranches; 
 (B) any required
reductions with respect to the Term Loans of any Discount Prepayment Accepting Lender, Participating Lender, or Qualifying Lender, as applicable, resulting from the application of the Specified Discounted Pro-Rata Factor, Discount Range Pro-Rata
Factor or Solicited Discount Pro-Rata Factor, as applicable, shall be made on a proportionate basis based on the relative proportion of Tranche B Dollar Loans, Tranche B Canadian Dollar Loans, Tranche B Euro Loans and Incremental Term Loans, as
applicable, of such Term Lender otherwise subject to repayment; and 
 (C) the aggregate par principal amount of
Term Loans (determined without giving any effect to any discounts pursuant to this Section 2.8(c) (Discounted Term Loan Prepayments)) subject to any Discounted Voluntary Term Loan Prepayment shall be reduced to the extent necessary so
that after giving effect thereto and the aggregate principal amount of any prepayments made pursuant to Section 2.8(b) and this Section 2.8(c) (Discounted Term Loan Prepayments) (determined without giving any effect to any
discounts pursuant to this Section 2.8(c) (Discounted Term Loan Prepayments)) which are made on a non-pro rata basis does not exceed $150,000,000, and the Term Loans of any Discount Prepayment Accepting Lender, Participating Lender, or
Qualifying Lender, as applicable, subject to reduction pursuant to this clause (c) shall be reduced on a proportionate basis based on the relative proportion of Tranche B Dollar Loans, Tranche B Canadian Dollar Loans, Tranche B Euro
Loans and Incremental Term Loans, as applicable, of such Term Lender otherwise subject to repayment. 
 Section 2.3
Amendments to Section 2.19 of the Credit Agreement. Section 2.19 is hereby amended and restated in its entirety to read as follows: 

  
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 Section 2.19 Additional Borrowers. 

(a) The Company at any time and from time to time, upon not less than twenty (20) Business Days’ notice to the Administrative
Agent, each Lender and, in the case of an Additional Revolving Credit Borrower, each Issuer, may designate any Subsidiary Guarantor that is a Foreign Subsidiary to be an Additional Borrower upon the satisfaction of the following: (i) each of
the Company and such Subsidiary shall have executed and delivered to the Administrative Agent a Borrower Accession Agreement substantially in the form of Exhibit L (a “Borrower Accession Agreement”) and (ii) such
Subsidiary shall have complied with the requirements set forth in clauses (i) through (vi) below, whereupon (A) such Subsidiary shall become a party hereto and shall have the rights and obligations of an Additional
Borrower hereunder and (B) the obligations of such Subsidiary hereunder shall (x) become part of the Obligations and (y) each Guaranty shall apply thereto to the same extent that it applies to the Obligations of the initial Borrowers
under this Agreement, subject to Section 7.11 (the date on which any such designation shall occur being called a “Designation Date”). 
 (i) the Administrative Agent shall have received (x) a copy of the articles or certificate of incorporation (or equivalent Constituent Document) of such Additional Borrower, certified as of a recent
date by the Secretary of State of the state of organization (or other appropriate official) of such Additional Borrower, together with certificates (if available) of such official (if available) attesting to the good standing of each such Additional
Borrower, (y) a certificate of the Secretary or an Assistant Secretary (or other appropriate officer) of such Additional Borrower certifying (A) the names and true signatures of each officer of such Additional Borrower that has been
authorized to execute and deliver any Loan Document or other document required hereunder to be executed and delivered by or on behalf of such Additional Borrower, (B) the by-laws (or equivalent Constituent Document) of such Additional Borrower
as in effect on the Designation Date, (C) the resolutions of such Additional Borrower’s Board of Directors (or equivalent governing body) approving and authorizing the execution, delivery and performance of the Borrower Accession Agreement
and the other Loan Documents to which it is to become a party and (D) that there have been no changes in the certificate of incorporation (or equivalent Constituent Document) of such Additional Borrower from the certificate of incorporation (or
equivalent Constituent Document) delivered pursuant to clause (x) above and (z) a favorable opinion of counsel to the Loan Parties, addressed to the Administrative Agent and the Lenders as to the enforceability of the Borrower Accession
Agreement, this Agreement and the other Loan Documents to be executed on the Designation Date; 
 (ii) if the designation of
such Additional Borrower obligates the Administrative Agent or any Lender or, with respect to any Additional Revolving Credit Borrower, any Issuer to comply with “know your customer” or similar identification procedures in circumstances
where the necessary information is not already available to 

  
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it, the Company shall, promptly upon the request of the Administrative Agent or any Lender or, in the case of an Additional Revolving Credit Borrower, any Issuer, supply such documentation or
other evidence as is reasonably requested by the Administrative Agent or any Lender in order for the Administrative Agent or such Lender, as applicable, to comply with “know your customer” and other applicable laws and regulations;

 (iii) (A) the representations and warranties set forth in Article IV (Representations And Warranties) and in the
other Loan Documents shall be true and correct in all material respects on and as of the Designation Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an
earlier date, in which case such representation and warranties shall have been true and correct in all material respects as of such earlier date and except that the representations and warranties made in Section 4.12 (Environmental
Matters) shall be true and correct in all material respects except for any exceptions thereto that would not be reasonably expected to result in Environmental Liabilities and Costs that would have a Material Adverse Effect; (B) no Default
or Event of Default shall have occurred and be continuing; and (C) the Administrative Agent shall have received a certificate of a Responsible Officer of the Company certifying as to the matters set forth in clauses (A) and
(B) above; and 
 (iv) in the event the Additional Borrower is an Additional Revolving Credit Borrower, the
Administrative Agent has received written confirmation from each Revolving Credit Lender and each Issuer (A) that it consents to the addition of such Additional Revolving Credit Borrower (to the extent such Additional Revolving Credit
Borrower’s Tax Jurisdiction and jurisdiction of incorporation are not each the same as those of at least one of the Revolving Credit Borrowers existing at such time), (B) that it is able to provide Revolving Loans, or Letters of Credit, as
applicable, to such Additional Revolving Credit Borrower and (C) that it is able to fund such Revolving Loans, or Letters of Credit, as applicable, in the currency requested (including to the jurisdiction requested); 

provided that (A) the Requisite Revolving Credit Lenders may impose any limitation on the ability of an Additional Revolving Credit Borrower
to borrow under the Revolving Credit Facility which they deem reasonably necessary, (B) neither Holdings nor any Parent Entity or Holdings Permitted Subsidiary may become an Additional Borrower and (C) until the Administrative Agent
notifies the other Secured Parties and the Company that all documents and evidence required under this Section 2.19 are in form and substance satisfactory to it and if any limitation is imposed pursuant to clause (A), the
Requisite Revolving Credit Lenders, that Additional Revolving Credit Borrower may not use any Revolving Credit Facility. 
 (b)
Any Additional Revolving Credit Borrower that becomes party to this Agreement pursuant to Section 2.19(a) above shall be permitted to borrow under the Revolving Credit Facility pursuant to the terms and conditions of this Agreement, in
the 

  
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same currencies as any Borrower incorporated or formed in the same jurisdiction as such Additional Revolving Credit Borrower. If such Additional Revolving Credit Borrower is not incorporated or
formed in the same jurisdiction as any other Borrower, such Additional Revolving Credit Borrower shall be permitted to borrow under the Revolving Credit Facility only in the currencies (among Dollars and any Alternate Currency) agreed in writing by
all Revolving Credit Lenders at the time such Revolving Credit Lender consent to such Subsidiary becoming an Additional Revolving Credit Borrower pursuant to Section 2.19(a)(iii) above. 

Section 2.4 Additions to Article II of the Credit Agreement. A new Section 2.21 is hereby added to the Credit Agreement
to read as follows: 
 Section 2.21 Incremental Term Loans. 

(a) General. The Company may make up to six requests, in writing, at any time prior to the twelve month period preceding the
Tranche B Maturity Date or, if later the latest maturity date of any Term Loans (the “Latest Term Maturity Date”), to establish a new tranche of term loans (the “Incremental Term Loans”) in an
aggregate principal amount not to exceed, in the aggregate with all other such new tranches of term loans, the greater of (x) $500,000,000 and (y) an amount that, after giving effect to such new tranche, would not cause the Leverage Ratio
of the Company as of the last day of the most recent Financial Covenant Period for which Financial Statements have been delivered pursuant to Section 6.1 (Financial Statements) to exceed 3.00 to 1.00; provided,
however, that (i) such increase must be in a minimum principal amount of at least $10,000,000 and will only become effective if (A) the Company shall have given the Administrative Agent at least 5 Business Days’ notice of its
intention to effect an Incremental Term Loan, the desired amount of such Incremental Term Loan and the currency in which such Incremental Term Loan will be denominated (which may be Dollars or an Alternate Currency), (B) at the time of and
after giving effect to such Incremental Term Loan, the Borrowers are in pro forma compliance with the financial covenants set forth in Article V (Financial Covenants) hereof, (C) no Default or Event of Default has occurred and is
continuing or would result from such Incremental Term Loan, (D) one or more Lenders agree to participate in such Incremental Term Loan (or an Eligible Assignee or Eligible Assignees acceptable to the Company agrees to accept an offer to commit
to such Incremental Term Loan as provided below), (E) the conditions precedent to a Borrowing set forth in Section 3.2 (Conditions Precedent to Each Loan and Letter of Credit) are satisfied as of such date, (F) if required by
the Administrative Agent, execution of amendments to or reaffirmation of any Loan Document to the extent needed to comply with the requirements of Section 7.11 (Additional Collateral and Guaranties), Section 7.12 (Real Property) or
Section 7.13 (Deposit Accounts; Securities Accounts), (G) if requested by the Administrative Agent, Constituent Documents of the Loan Parties, resolutions (or equivalent authorization) of each Loan Party’s Board of Directors
(or equivalent body) approving such Incremental Term Loan and opinions of 

  
 13 

 
counsel to the Loan Parties in form and substance and from counsel satisfactory to the Administrative Agent and addressed to the Administrative Agent and the applicable Lenders and/or Eligible
Assignees and addressing such matters as the Administrative Agent may reasonably request shall be delivered to the Administrative Agent, and (H) the Incremental Term Loans have a final maturity no earlier than the Latest Term Maturity Date and
an average life to maturity no shorter than the remaining average life to maturity of any then outstanding Tranche B Loans; (ii) in the event the Weighted Average Yield applicable to such Incremental Term Loans shall be more than 0.50% per
annum higher than the Weighted Average Yield applicable to the Tranche B Loans denominated in the same currency as such Incremental Term Loans, the interest rates with respect to such Tranche B Loans shall be increased so that the Weighted Average
Yield applicable to such Tranche B Loans following the applicable Incremental Term Loan Effective Date is equal to the Weighted Average Yield applicable to such Incremental Term Loans minus 0.50% and (iii) in the event the Weighted Average
Yield applicable to any such Incremental Term Loans denominated in a currency other than Euros shall be more than 1.00% per annum higher than the Weighted Average Yield applicable to the Tranche B Euro Loans, the interest rate with respect to
the Tranche B Euro Loans shall be increased so that the Weighted Average Yield applicable to the Tranche B Euro Loans following the applicable Incremental Term Loan Effective Date is equal to the Weighted Average Yield applicable to such Incremental
Term Loans minus 1.00%. Incremental Term Loans may be borrowed by such Borrowers and in any Alternate Currency as may be agreed between the Borrowers and the Lenders or Eligible Assignees, as applicable, of the applicable Incremental Term Loan.
Notwithstanding anything to the contrary in this Agreement, if any Lender that makes Incremental Term Loans pursuant to this Section 2.21 (Incremental Term Loans) is an Affiliated Lender, the aggregate principal amount of all Loans held
by Affiliate Lenders after giving effect to the incurrence of such Incremental Term Loans shall not exceed 20% of the aggregate principal amount of all Loans and Commitments outstanding under this Agreement. Each Affiliated Lender that makes
Incremental Term Loans pursuant to this Section 2.21 (Incremental Term Loans) agrees to each of the provisions set forth in Section 11.2(k)(iv) (Assignments and Participations) with respect to itself and its Incremental Term
Loans. 
 (b) Procedures. The Company shall have the right to offer such increase to (x) the existing Lenders or
(y) other Eligible Assignees; provided, however, that the minimum Incremental Term Loan Commitment of each such new Eligible Assignee accepting an Incremental Term Loan Commitment as part of such Incremental Term Loan equals or
exceeds the Minimum Currency Threshhold, and such Lender or Eligible Assignee executes a Joinder Agreement in the form attached hereto as Exhibit N (a “Joinder Agreement”) pursuant to which such Lender agrees to commit to all
or a portion of such Incremental Term Loan (an “Incremental Term Loan Commitment”) and, in the case of an Eligible Assignee, to be bound by the terms of this Agreement as a Lender. The Company and the relevant Borrower may
agree to accept a lesser amount of Incremental Term Loan Commitments than originally requested, provided that the 

  
 14 

 
aggregate amount of accepted Incremental Term Loan Commitments shall be at least $10,000,000. On the effective date provided for in such Joinder Agreement providing for an Incremental Term Loan
(each an “Incremental Term Loan Effective Date”), the Incremental Term Loans will be made to the relevant Borrower in the amount committed to by each Lender or Eligible Assignee as of the Incremental Term Loan Effective Date
in accordance with clause (c) below. In the event there are Lenders and Eligible Assignees that have committed to an Incremental Term Loan in excess of the maximum amount requested (or permitted), then the relevant Borrower shall have the right
to allocate such commitments on whatever basis such Borrower determines is appropriate in consultation with the Administrative Agent. Incremental Term Loans shall become Term Loans under this Agreement pursuant to an amendment to this Agreement and,
as appropriate, the other Loan Documents, executed by Holdings, the Company, each Borrower, each Lender agreeing to provide such Incremental Term Loan, if any, each Eligible Assignee, if any, and the Administrative Agent. Any such amendment may,
without the consent of any other Lenders, effect such amendments to any Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of this Section 2.21 (Incremental Term
Loans). 
 (c) Funding of Incremental Term Loans. On each Incremental Term Loan Effective Date, each Lender and
Eligible Assignee providing a portion of the Incremental Term Loan shall transfer immediately available funds to the Administrative Agent in an amount equal to its Incremental Term Loan Commitment (less any applicable upfront fees or original
issuer’s discount). 
 Section 2.5 Amendments to Section 5.1 of the Credit Agreement. Section 5.1 is
hereby amended and restated in its entirety to read as follows: 
 Section 5.1 Maximum Leverage Ratio.

 The Company shall maintain a Leverage Ratio, as determined as of the last day of each Financial Covenant Period, for
the Financial Covenant Period ending on such day, of not more than 4.75 to 1.00. 
 Section 2.6 Amendments to
Section 5.2 of the Credit Agreement. Section 5.2 is hereby amended and restated in its entirety to read as follows: 
 Section 5.2 Minimum Interest Coverage Ratio. 
 The Company
shall maintain an Interest Coverage Ratio, as determined as of the last day of each Financial Covenant Period, for the Financial Covenant Period ending on such day, of at least 2.75 to 1.00. 

Section 2.7 Amendments to Section 5.3 of the Credit Agreement. Section 5.3 is hereby deleted in its entirety.

  
 15 

 Section 2.8 Amendments to Section 7.1 of the Credit Agreement.
Section 7.1 is hereby amended and restated in its entirety to read as follows: 
 Section 7.1
Preservation of Corporate Existence, Etc. Holdings and each Borrower shall, and shall cause each of its respective Subsidiaries to, preserve and maintain its legal existence (as a corporation, limited liability company, partnership or other
entity), rights (charter, statutory and other) and franchises, except as permitted by the Permitted Reorganization Transactions, Sections 8.3 (Investments), 8.4 (Sale of Assets) and 8.6 (Restrictions on Fundamental Changes;
Permitted Acquisitions); provided, however, that this Section 7.1 shall not apply to any Inactive Subsidiary; provided, further that any Non-Loan Party shall not be required to maintain any such rights, privileges or franchises if
the failure to do so would not reasonably be expected to have a Material Adverse Effect. 
 Section 2.9 Amendments to
Section 8.1 of the Credit Agreement. 
 (a) Subclause (e)(iv) of Section 8.1 is hereby amended and restated
in its entirety to read as follows: 
 (iv) a Diversey Entity (other than Holdings) in respect of Indebtedness of
any Person (other than a Diversey Entity) up to a maximum aggregate outstanding principal amount, the Dollar Equivalent of which shall not exceed $25,000,000 at any time; 
 (b) Clause (f) of Section 8.1 is hereby amended and restated in its entirety to read as follows: 
 (f) Capital Lease Obligations and purchase money Indebtedness incurred by the Company or a Subsidiary of the Company to finance the acquisition, leasing, construction or improvement of fixed assets;
provided, however, that the Dollar Equivalent of the aggregate outstanding principal amount of all such Capital Lease Obligations and purchase money Indebtedness (together with any renewal, extension, refinancing or refunding pursuant
to clause (j) below) shall not exceed $50,000,000 at any time; 
 Section 2.10 Amendments to
Section 8.5 of the Credit Agreement. 
 (a) Clause (b) of Section 8.5 is hereby amended and restated in its
entirety to read as follows: 
 (b) cash dividends, payments and distributions in an aggregate amount not to
exceed (i) during the period commencing on the Closing Date and ending on the First Amendment Effective Date, $50,000,000 and (ii) after the First Amendment Effective Date, $50,000,000; provided that, in the case of each of clauses
(i) and (ii), no Default or Event of Default has occurred and is continuing or would result therefrom; 

  
 16 

 (b) Clause (c) of Section 8.5 is hereby amended and restated in its entirety to
read as follows: 
 (c) after the Fiscal Year ended on or about December 31, 2010, the Company may pay or
make any other dividend, payment or distribution to Holdings (including for purposes of making any dividend, payment or distribution to the holders of the Stock or Stock Equivalents of Holdings (and Holdings may pay or make such dividend, payment or
distribution to the holders of its Stock or Stock Equivalents)) in an amount not exceeding an amount equal to (x) the Available Amount minus (y) the Contributed Property Amount immediately prior to the time of the payment or making
of such dividend, payment or distribution; provided that, at the time of such payment, dividend or distribution, (i) no Default or Event of Default has occurred and is continuing or would result therefrom and (ii) immediately after
giving effect to such dividend, payment or distribution, the Leverage Ratio of the Company as of the last day of the most recent Financial Covenant Period for which Financial Statements have been delivered pursuant to Sections 6.1 (Financial
Statements), calculated on a pro forma basis after giving effect to such dividend, payment or distribution, is less than 3.0 to 1.0; 
 (c) Clause (g) of Section 8.5 is hereby amended and restated in its entirety to read as follows: 
 (g) the Company may pay cash dividends in an amount sufficient to allow Holdings to pay all amounts including fees and expenses in connection with the Transactions to the extent (x) set forth in the
funds flow memorandum delivered pursuant to Section 3.1(j) or (y) necessary to enable Holdings to satisfy the receivable payable by Holdings to the Company outstanding on the First Amendment Effective Date in respect of
Transaction related expenses for which the Company advanced funds to Holdings after the Closing Date, provided that such amounts are recontributed in cash to the Company simultaneously therewith; 

(d) Clause (i) of Section 8.5 is hereby amended and restated in its entirety to read as follows: 

(i) (i) the Company may pay cash dividends to Holdings in an amount equal to any prepayment, redemption, purchase or
defeasance of the Holdco Notes to the extent permitted by Section 8.12(a), (ii) to enable Holdings to repay the Existing Seller Notes existing on the Closing Date, (iii) to enable Holdings to make the payments set forth in the
funds flow memorandum delivered pursuant to Section 3.1(j), and (iv) the Company may pay cash dividends to Holdings in an amount equal to regularly scheduled interest payable on the Holdco Notes to the extent such interest is paid
in cash; 

  
 17 

 Section 2.11 Amendments to Section 8.6 of the Credit Agreement.
Section 8.6 is hereby amended and restated in its entirety to read as follows: 
 Section 8.6 Restrictions on
Fundamental Changes. 
 Except in connection with a Permitted Acquisition, Permitted Reorganization Transaction,
Permitted Joint Venture or a Permitted Intercompany Merger, neither Holdings nor the Company shall, or shall permit any of their respective Subsidiaries to, (a) merge or amalgamate with any Person, (b) consolidate with any Person,
(c) acquire all or substantially all of the Stock or Stock Equivalents of any Person, (d) acquire all or substantially all of the assets of any Person or all or substantially all of the assets constituting the business of a division,
branch or other unit operation of any Person, or (e) create any Subsidiary unless, after giving effect thereto, such Subsidiary is a Wholly Owned Subsidiary, the Company is in compliance with Sections 7.11 and 7.12 and the
Investment in such Subsidiary is permitted under Section 8.3(e) (Investments); provided however that (i) in the case of clauses (a), (b), (c) and (d) above the Investment qualifies as a
Permitted Intercompany Transaction (with any merger, amalgamation or consolidation treated as an acquisition by the surviving or successor (by amalgamation or otherwise) Diversey Entity for purposes of such qualification), (ii) the Euro Term
Borrower shall not be merged or consolidated into any other entity and no other Revolving Credit Borrower shall be merged or consolidated into the Euro Term Borrower and (iii) Holdings may be merged or consolidated or amalgamated with or into a
Holdings Permitted Subsidiary; provided that (a) no Default or Event of Default is continuing or would result therefrom, (b) if Holdings is not the surviving entity, (i) such surviving entity undertakes all of the obligations
of Holdings under the Loan Documents, in each case on terms and conditions satisfactory to the Administrative Agent, (ii) such surviving entity becomes a Domestic Loan Party, enters into a Guaranty and pledges its assets and secures such
Guaranty on the same basis as Holdings and (iii) such surviving entity delivers legal opinions and such other documents as reasonably requested by the Administrative Agent with respect to the foregoing (and thereafter, such surviving entity
shall be deemed to be Holdings for all purposes of this Agreement and the other Loan Documents). 
 Section 2.12
Amendments to Section 8.7 of the Credit Agreement. Clause (b) of Section 8.7 is hereby amended and restated in its entirety to read as follows: 

(b) Holdings shall not engage in any business or commercial activity other than (i) holding shares in the Stock or
Stock Equivalents of the Company, (ii) issuing the Holdco Notes and performing its obligations under the Holdco Note Documents, (iii) paying taxes, (iv) preparing reports to Governmental Authorities and to its shareholders,
(v) holding directors and shareholders 

  
 18 

 
meetings, preparing corporate records and other corporate activities required to maintain its separate corporate structure and (vi) any other transaction that Holdings is permitted to
undertake pursuant to the express terms of this Agreement. Holdings shall not be the legal or beneficial owner of any interest in any Person other than the Stock or Stock Equivalents of the Company and any Holdings Permitted Subsidiary. 

Section 2.13 Amendments to Section 8.9 of the Credit Agreement. Section 8.9 is hereby amended and restated in its
entirety to read as follows: 
 Section 8.9 Restrictions on Subsidiary Distributions; No New Negative Pledge.
Other than (a) pursuant to the Loan Documents, the Holdco Note Indenture, the Senior Note Indenture, the Existing Senior Subordinated Note Indenture and the Existing Seller Note, (b) any agreements governing any Securitization Facility,
purchase money Indebtedness or Capital Lease Obligations or working capital indebtedness of Foreign Subsidiaries that are Non-Loan Parties permitted by Section 8.1(d), (f), (g), (h), (t), (u) or
(v) (Indebtedness) or refinancing thereof pursuant to Section 8.1(j) or assumed debt pursuant to Section 8.1(q) or refinancing thereof pursuant to Section 8.1(j) (provided that in the
case of this clause (b), any prohibition or limitation shall only be effective against the assets financed thereby or, in the case of a Securitization Facility, the Securitization Assets, or the applicable entities originally restricted thereby),
(c) any encumbrance, restriction or agreement (A) that restricts in a customary manner the subletting, assignment or transfer of any property or asset that is subject to a lease, license or similar contract, or the assignment or transfer
of any lease, license or other contract, (B) arising by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien on, any property or assets of Holdings, the Company or any of their respective Subsidiaries not
otherwise prohibited by this Agreement, (C) contained in mortgages, pledges or other security agreements securing Indebtedness of Holdings, the Company or any of their respective Subsidiaries to the extent restricting the transfer of the
property or assets subject thereto, (D) pursuant to customary provisions restricting dispositions of real property interests set forth in any reciprocal easement agreements of Holdings, the Company or any of their respective Subsidiaries,
(E) encumbering or restricting cash or other deposits or net worth imposed by customers or suppliers under agreements entered into in the ordinary course of business, (F) pursuant to customary provisions contained in agreements and
instruments entered into in the ordinary course of business (including but not limited to leases and joint venture and other similar agreements entered into in the ordinary course of business), (G) that arises or is agreed to in the ordinary
course of business and does not detract from the value of property or assets of Holdings, the Company or any of their respective Subsidiaries in any manner material to Holdings, the Company or such Subsidiaries, or (H) pursuant to customary
provisions contained in Hedging Contracts, (d) any encumbrance, restriction or agreement with respect to a Subsidiary (or any of its property or assets) imposed in connection with a Disposition or Asset Sale permitted by Section 8.4
(Sale of Assets) pending the closing of such 

  
 19 

 
Disposition or Asset Sale, (e) any encumbrance, restriction or agreement arising by reason of any Requirement of Law, or required by any Governmental Authority having jurisdiction over
Holdings, the Company or any of their respective Subsidiaries or any of their businesses, neither Holdings nor the Company shall, or shall permit any of their respective Subsidiaries to, (i) agree to enter into or suffer to exist or become
effective any consensual encumbrance or restriction of any kind on the ability of such Subsidiary to pay dividends or make any other distribution or transfer of funds or assets or make loans or advances to or other Investments in, or pay any
Indebtedness owed to, any Borrower or any other Subsidiary thereof or (ii) enter into or suffer to exist or become effective any agreement prohibiting or limiting the ability of the Company or any Subsidiary thereof to create, incur, assume or
suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, to secure the Secured Obligations, including any agreement requiring other Indebtedness or Contractual Obligation to be equally and
ratably secured with the Secured Obligations. 
 Section 2.14 Amendments to Section 11.1 of the Credit
Agreement. 
 (a) Clause (e)(i) of Section 11.1 is hereby amended and restated in its entirety to read as follows:

 (e) (i) If any amendment, amendment and restatement or other modification of this Agreement is consummated
after the First Amendment Effective Date and on or prior to the first anniversary of the First Amendment Effective Date and has the effect, at any time on or prior to such first anniversary (such time, the “Applicable Time”),
of decreasing the Applicable Margin with respect to any Tranche B Loans that would otherwise have been in effect at the Applicable Time (a “Repricing Amendment”), the applicable Term Borrower shall pay a fee, at the
Applicable Time, to each Tranche B Lender holding such Tranche B Loans (which shall include any Non-Consenting Lender that is repaid in connection with any such Repricing Amendment but not any Person who may purchase such Non-Consenting
Lender’s Tranche B Loans pursuant to Section 11.1(d)) in an amount equal to 1.0% of the aggregate principal amount of the affected Tranche B Loans held by such Tranche B Lender. 

(b) Clause (e)(ii) of Section 11.1 is hereby amended and restated in its entirety to read as follows: 

(e) (ii) Any prepayment of any Tranche B Loans held by any Tranche B Lender made after the First Amendment Effective Date
and on or prior to the first anniversary of the First Amendment Effective Date effected with the proceeds of any long-term secured bank debt term loan financing that is broadly marketed or syndicated to banks and other institutional investors in
financings similar to the Tranche B Loans being prepaid and incurred for the primary purpose of repaying, refinancing, substituting or replacing such Tranche B Loans 

  
 20 

 
and having a yield to maturity that is less than the yield to maturity of such Tranche B Loans (determined as of the prepayment date) shall be accompanied by a fee payable to such Tranche B
Lender in respect of the prepayment of its Tranche B Loans in an amount equal to 1.0% of the aggregate principal amount of its prepaid Tranche B Loans. For purposes of this clause (ii), the “yield to maturity” applicable to (x) any
Indebtedness the proceeds of which are applied to prepay any Tranche B Loans and (y) the Tranche B Loans shall be determined as of the prepayment date in accordance with accepted financial practice after giving effect to any up front or similar
fees payable with respect to (but excluding such amounts representing underwriting, commitment or arrangement fees that are for the account of any underwriter or arranger and that are not passed on to the applicable lenders or providers of such
Indebtedness), and any original issue discount (other than, solely in the case of the Tranche B Euro Loans, original issue discount in an amount of 2%) applicable to, such Indebtedness. 

Section 2.15 Amendments to Schedule 1.1(d) of the Credit Agreement. Item B.10. on Schedule 1.1(d) to the Credit Agreement
(Permitted Reorganization Transactions) is hereby amended and restated in its entirety to read as follows: 
 The Company is pursuing
initiatives to centralize functions and risks within the Europe region by adopting a “central entrepreneur” business model whereby the “EPC” (Netherlands (or other) legal entity (and in any case, a Material Subsidiary), together
with affiliated “holding” entities) will be the central operational entity in Europe. When established, the EPC will own inventory (raw materials, work-in-process and finished goods), make all “strategic” decisions for Europe
region, obtain rights to European intellectual property and hold majority of the operational risks in the Europe region, including forex/inventory/credit risk (above some minimum thresholds). Establishment of the EPC legal entity structure will
include formation of new legal entities, contribution of existing entities to and within the Europe group and other share/ownership restructuring changes (including the moving of certain Foreign Subsidiaries, 65% of whose Stock or Stock Equivalents
has been pledged to secure the Obligations of U.S. Borrowers and 100% of whose Stock or Stock Equivalents has been pledged to secure the Obligations of each Borrower that is a Foreign Subsidiary, from beneath the Domestic Subsidiary which has
pledged such Stock or Stock Equivalents to secure Obligations of the U.S. Borrowers to beneath one or more Foreign Subsidiaries where the Stock or Stock equivalents of such Foreign Subsidiaries will no longer be pledged to secure the Obligations of
any U.S. Borrower but will continue in any case to be pledged to secure the Obligations of each Borrower that is a Foreign Subsidiary, subject in all cases to Section 7.11(h)). Current country “OpCo” legal entities will be
split into separate Sales, Production, and (where relevant) Service entities. Local Sales and Production entities will perform limited risk functions under the direction of the EPC. Service entities will perform specific functions (e.g., finance,
HR) for local entities and the EPC as well as technical services for the EPC. Local Sales, Production and Service entities will receive 

  
 21 

 
a return based on their functionality, risks assumed and assets deployed, with residual profits accruing to EPC. Post “go live” arrangements (including legal agreements, intercompany
transactions and business approach) will be consistent with EPC model. The Stock or Stock Equivalents and the assets of the EPC and the local entities would be pledged as collateral consistent with the requirements of Section 7.11
(Additional Collateral and Guaranties), Section 7.12 (Real Property) and Section 7.13 (Deposit Accounts; Securities Accounts) of the Credit Agreement. 
 The Company intends to investigate the benefits of implementing an EPC business model in Asia, and if warranted expects to implement an EPC business model in Asia in due course with such changes and
modifications as may be necessary or advisable. 
 Section 2.16 Additional Exhibit to the Credit Agreement. A new
Exhibit N is hereby added to the Credit Agreement in the form attached to the First Amendment as Exhibit B. 

Section 2.17 Amendment to the Foreign Guaranty. The first Recital in the Foreign Guaranty is hereby amended and restated in
its entirety to read as follows: 
 1. Pursuant to the Credit Agreement dated as of November 24, 2009 (together with all
exhibits and schedules thereto and as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among DIVERSEY, INC. (formerly named
JohnsonDiversey, Inc.), a Delaware corporation (the “Company”), DIVERSEY HOLDINGS II B.V. (formerly named JohnsonDiversey Holdings II B.V.), a Dutch private company with limited liability (the
“Euro Term Borrower”), DIVERSEY CANADA, INC. (formerly named JohnsonDiversey Canada, Inc.), an Ontario corporation (the “Canadian Term Borrower”), the
Additional Revolving Credit Borrowers from time to time party thereto, the Additional Term Borrowers from time to time party thereto (together with the Euro Term Borrower, the Canadian Term Borrower and the Additional Revolving Credit Borrowers, the
“Non-U.S. Borrowers”, and the Non-U.S. Borrowers together with the Company, the “Borrowers”), DIVERSEY HOLDINGS, INC. (formerly named JohnsonDiversey
Holdings, Inc.), a Delaware corporation (“Holdings”), the Lenders and the Issuers party thereto, CITIBANK, N.A. (“CBNA”), as administrative agent for the Lenders and the Issuers (in such
capacity, and as agent for the Secured Parties under the other Loan Documents, the “Administrative Agent”), GENERAL ELECTRIC CAPITAL CORPORATION,
GOLDMAN SACHS LENDING PARTNERS LLC, and JPMORGAN CHASE BANK, N.A. as co-syndication agents, for the Lenders and the Issuers (in such capacity,
the “Syndication Agents”), CITIGROUP GLOBAL MARKETS INC. (“CGMI”), GE CAPITAL MARKETS, INC.
(“GECM”), GOLDMAN SACHS LENDING PARTNERS LLC (“GSLP”), and J.P. MORGAN SECURITIES INC.
(“JPM Securities”) as joint lead arrangers (in such capacity, the “Joint Lead Arrangers”), and CGMI, GECM, GSLP, JPM Securities, Barclays Capital, the investment banking division of Barclays Bank PLC,
HSBC Securities (USA) Inc., Morgan Stanley, Natixis New York Branch, COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., 

  
 22 

 
“RABOBANK NEDERLAND”, NEW YORK BRANCH, RBC Capital Markets and Scotia Capital as joint bookrunning managers (in such capacity, the “Joint Bookrunning Managers”),
the Lenders and Issuers have severally agreed to make Loans and other extensions of credit to the Borrowers upon the terms and subject to the conditions set forth therein. 
 ARTICLE III  
 Miscellaneous 

Section 3.1 Conditions to Effectiveness. This First Amendment shall become effective as of the date (the “First
Amendment Effective Date”) on which: 
 (a) Amendment. The Administrative Agent shall have
received (i) this First Amendment, executed and delivered by a duly authorized officer of the Borrowers, and (ii) Lender Consents (in the form attached hereto as Annex A, each a “Lender Consent”), executed and
delivered by a duly authorized officer of (A) each of a sufficient number of Lenders constituting the Requisite Lenders and (B) each of the Tranche B Lenders holding Tranche B Euro Loans, each of the Tranche B Lenders holdings Tranche B
Dollar Loans and each of the Tranche B Lenders holdings Tranche B Canadian Dollar Loans; 
 (b) Acknowledgment
and Confirmation. The Administrative Agent shall have received the Acknowledgment and Confirmation, substantially in the form of Exhibit A hereto (the “Consent”), executed and delivered by an authorized officer of each
Guarantor; 
 (c) Payment of Fees. There shall have been paid to the Administrative Agent or its
affiliates all fees due and payable on or before the First Amendment Effective Date; 
 (d) Absence of Default
or Event of Default. No Default or Event of Default shall have occurred and be continuing; 
 (e) Accuracy
of all Representations and Warranties. The representations and warranties set forth in Section 3.2 below and in Article IV (Representations and Warranties) of the Credit Agreement shall be true and correct in all material
respects as of the First Amendment Effective Date (both before and after giving effect to the First Amendment), except to the extent that they relate to a particular date, in which case they will be true and correct as of such particular date and
except that the representations and warranties made in Section 4.12 (Environmental Matters) shall be true and correct in all material respects except for any exceptions thereto that would not be reasonably expected to result in
Environmental Liabilities and Costs that would have a Material Adverse Effect; and 

  
 23 

 (f) Responsible Officer’s Certificate. The Administrative Agent
shall have received a certificate of a Responsible Officer of the Company certifying that each of the conditions to effectiveness set forth in this Section 3.1 have been satisfied. 
 The Administrative Agent shall give prompt notice in writing to the Borrowers of the occurrence of the First Amendment Effective Date. 

Section 3.2 Representations and Warranties. As of the date hereof, the execution, delivery and performance by each of the
Borrowers of this First Amendment are within such Borrower’s corporate, limited liability company, partnership or other powers and has been duly authorized by all necessary action, including the consent of shareholders, partners and members
where required. Neither the Company nor any of its Subsidiaries is in violation of any Requirement of Law or Contractual Obligation of or applicable to the Company or any of its Subsidiaries that would be reasonably expected to have a Material
Adverse Effect. This First Amendment is the legal, valid and binding obligation of each of the Borrowers party hereto, enforceable against such Borrower in accordance with its terms subject only to applicable laws relating to (i) bankruptcy,
insolvency, reorganization, moratorium or creditors’ rights generally and (ii) general equitable principles including the discretion that a court may exercise in the granting of equitable remedies. The Consent, when executed and delivered
by each Guarantor, will constitute the legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms subject only to applicable laws relating to (i) bankruptcy, insolvency,
reorganization, moratorium or creditors’ rights generally and (ii) general equitable principles including the discretion that a court may exercise in the granting of equitable remedies. On the First Amendment Effective Date (both before
and after giving effect to the First Amendment), no Default or Event of Default has occurred and is continuing. 

Section 3.3 Severability. Any provision of this First Amendment which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
 Section 3.4 Continuing Effect; No Other Waivers or
Amendments. This First Amendment shall not constitute an amendment to or waiver of any provision of the Credit Agreement and the other Loan Documents except as expressly stated herein and shall not be construed as a consent to any action on the
part of the Borrowers, or any other Subsidiary of the Borrowers that would require an amendment, waiver or consent of the Administrative Agent or the Lenders except as expressly stated herein. Except as

  
 24 

 
expressly amended or waived hereby, the provisions of the Credit Agreement and the other Loan Documents are and shall remain in full force and effect in accordance with their terms. On and after
the First Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import shall mean and be a reference to the Credit Agreement as
amended hereby, and this First Amendment and the Credit Agreement shall be read together and construed as a single instrument. 

Section 3.5 Counterparts. This First Amendment may be executed in any number of counterparts and by different parties in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to
a single counterpart so that all signature pages are attached to the same document. Delivery of an executed counterpart hereof by telecopy or via electronic mail shall be effective as delivery of a manually executed counterpart hereof. 

Section 3.6 Payment of Fees and Expenses. The Borrowers agree to pay or reimburse the Administrative Agent for (1) all
of its reasonable and documented out-of-pocket costs and expenses incurred in connection with this First Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, and (2) the reasonable and
documented fees, charges and disbursements of (a) Weil, Gotshal & Manges LLP, as US counsel to the Administrative Agent and (b) any local legal counsel to the Administrative Agent in a jurisdiction that is a Material Jurisdiction.

 Section 3.7 Governing Law. This First Amendment and the rights and obligations of the parties hereto shall be
governed by, and construed and interpreted in accordance with, the laws of the State of New York. 
 Section 3.8 Tranche
B Euro Loan Fee. Each Tranche B Lender holding Tranche B Euro Loans, by its signature hereto, waives any right or claim to any fees payable pursuant to Section 11.1(e)(i) of the Credit Agreement in connection with this First Amendment.

 Section 3.9 Loan Document. This First Amendment is a Loan Document (as defined in the Credit Agreement).

 [SIGNATURE PAGES FOLLOW] 

  
 25 

 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Credit Agreement
to be executed and delivered by their respective duly authorized officers as of the date first above written. 
  

					
	Diversey, Inc.
		
	By:	 	 /s/ Scott D. Russell

		 	Name:	 	Scott D. Russell
		 	Title:	 	Secretary
	
	Diversey Holdings II B.V.
		
	By:	 	 /s/ David C. Quast

		 	Name:	 	David C. Quast
		 	Title:	 	Director
	
	Diversey Canada, Inc.
		
	By:	 	 /s/ David C. Quast

		 	Name:	 	David C. Quast
		 	Title:	 	Secretary
	
	Diversey Holdings, Inc.
		
	By:	 	 /s/ Scott D. Russell

		 	Name:	 	Scott D. Russell
		 	Title:	 	Secretary
	
	 Citibank, N.A.
 as
Administrative Agent,

		
	By:	 	 /s/ Christopher Wood

		 	Name:	 	Christopher Wood
		 	Title:	 	Vice President

  
 [Diversey
– Credit Agreement and Foreign Guaranty – First Amendment] 

 EXHIBIT A 
 TO FIRST AMENDMENT 
 FORM OF ACKNOWLEDGMENT AND CONFIRMATION

 1. Reference is made to the First Amendment to Credit Agreement and Foreign Guaranty, dated as of March 7, 2011 (the
“First Amendment”), by and between the Borrowers, Holdings, the Administrative Agent and the Lenders from time to time party thereto. Terms defined in the First Amendment and used herein shall have the meanings assigned to such
terms in the First Amendment, unless otherwise defined herein or the context otherwise requires. 
 2. Certain provisions of the
Credit Agreement and the Foreign Guaranty are being amended pursuant to the First Amendment. Each of the undersigned is a Guarantor of the Guarantied Obligations of certain of the Borrowers as defined in and pursuant to a Guaranty (as defined in the
Credit Agreement) and hereby: 
 (a) consents to the execution, delivery and performance of the foregoing First
Amendment, 
 (b) acknowledges that, notwithstanding the execution and delivery of the foregoing First Amendment,
the Guarantied Obligations of such Guarantor and the obligations of such Guarantor under the Loan Documents to which it is a party are not impaired or affected and all guaranties made by such Guarantor pursuant to a Guaranty and all Liens granted by
such Guarantor as security for the Guarantied Obligations of such Guarantor pursuant to such Loan Documents continue in full force and effect and shall continue to secure such Guarantor’s Guarantied Obligations; and 

(c) confirms and ratifies its obligations under each of the Loan Documents executed by it after giving effect to the First
Amendment. Capitalized terms used herein without definition shall have the meanings given to such terms in the First Amendment to which this Consent is attached or in the Credit Agreement referred to therein or in the Guaranty, as applicable.

 3. Each Foreign Subsidiary party to the Foreign Guaranty hereby agrees to the amendment to the Foreign Guaranty set forth in
the First Amendment. 
 4. This Acknowledgement and Confirmation and the rights and obligations of the parties hereto shall be
governed by, and construed and interpreted in accordance with, the laws of the State of New York. 
 5. This Acknowledgment and
Confirmation may be executed by one or more of the parties hereto on any number of separate counterparts (including by telecopy or electronic mail), and all of said counterparts taken together shall be deemed to constitute one and the same
instrument. 

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

					
	Diversey, Inc.
	Diversey Holdings, Inc.
		
	By:	 	 /s/ Scott D. Russell

		 	Name:	 	Scott D. Russell
		 	Title:	 	Secretary
	
	JD Polymer, LLC
	JDI Cee Holdings, Inc.
	Diversey Puerto Rico, Inc.
	Diversey Shareholdings, Inc.
	Professional Shareholdings, Inc.
	JDI Holdings, Inc.
	Auto-C, LLC
	The Butcher Company
	JWP Investments, Inc.
		
	By:	 	 /s/ David C. Quast

		 	Name:	 	David C. Quast
		 	Title:	 	In the capacities listed on Annex B

  
 [Diversey
– Signature Page to Acknowledgment and Confirmation of First Amendment] 

			
	 FOREIGN GUARANTORS:
  

Brazil
 Diversey Brasil
Indústria Quimica Ltda.
  
 Canada

Diversey Canada, Inc.
  
 Finland
 Diversey Ltd. For and on behalf of its branch

Diversey Limited Suomen sivuliike
  

Germany
 Diversey Deutschland
Management GmbH
 Diversey Deutschland GmbH & Co. OHG
  

Greece
 Diversey Hellas Societe
Anonyme Trading
 Cleaning Systems and Hygiene S.A.
  

Hungary
 Diversey Manufacture and
Trade Limited
 Liability Company

Diversey Hungary Acting Off-shore Capital

Management Limited Liability Company
  

Mexico
 Diversey Mexico, S.A. de
C.V.
	 	  
  
 The Netherlands
 Diversey Professional B.V.

Diversey Europe B.V.
 Diversey Holdings II
B.V.
 Diversey B.V.
 Diversey IP
International B.V.
  
 Portugal

JohnsonDiversey Portugal – Sistemas de

Higiene e Limpeza, S.A.
  
 Spain
 Diversey España S.L.

 
 Sweden
 Diversey Sverige Holdings AB
 Diversey Sverige AB

 
 Switzerland
 Diversey Europe B.V., for and on behalf of its
 branch Diversey Europe B.V., Utrecht,

Zweigniederlassung Münchwilen
  

Turkey
 Diversey Kimya Sanayi ve
Ticaret A.S.
  
 United Kingdom

Diversey Holdings Limited (UK)
 Diversey
Limited
 Diversey (Europe) Limited

DiverseyLever Limited
 Diversey (UK)
Limited
 Diversey Equipment Limited

Diversey Industrial Limited

  

					
	By:	 	 /s/ David C. Quast

		 	Name:	 	David C. Quast
		 	Title:	 	In the capacities listed on Annex C

  
 [Diversey
– Signature Page to Acknowledgment and Confirmation of First Amendment] 

 FOREIGN GUARANTORS: 
 Australia 
 Diversey Australia, Pty. Ltd. 

Hong Kong 
 Diversey Professional
(Hong Kong) Limited 
 Diversey Hong Kong RE Holdings Limited 
 Diversey Asia Holdings Limited 
 Diversey Hong Kong Limited 

Japan 
 Diversey Co., Ltd.

 New Zealand 
 Diversey
New Zealand Limited 
  

					
	By:	 	 /s/ Andrew J. Warren

		 	Name:	 	Andrew J. Warren
		 	Title:	 	In the capacities listed on Annex D

  
 [Diversey
– Signature Page to Acknowledgment and Confirmation of First Amendment] 

 
					
	Belgium
	 Diversey Belgium BVBA
 as a Guarantor

		
	By:	 	 /s/ Scott D. Russell

		 	Name:	 	Scott D. Russell
		 	Title:	 	Manager

  
 [Diversey
– Signature Page to Acknowledgment and Confirmation of First Amendment] 

 
			
	Czech Republic
	Diversey Ceska republika s.r.o.
		
	By:	 	 /s/

		 	Name:
		 	Title:

  
 [Diversey
– Signature Page to Acknowledgment and Confirmation of First Amendment] 

 
					
	France
	Professional Holdings SAS
	Diversey (France) SAS
		
	By:	 	 /s/ Clive Newman

		 	Name:	 	Clive Newman
		 	Title:	 	President

  
 [Diversey
– Signature Page to Acknowledgment and Confirmation of First Amendment] 

 
					
	Germany
	JD SystemServiceDeutschland GmbH
		
	By:	 	 /s/ Hans Peter Muller

		 	Name:	 	Hans Peter Muller
		 	Title:	 	Managing Director

  
 [Diversey
– Signature Page to Acknowledgment and Confirmation of First Amendment] 

 
			
	Russia
	 Diversey LLC,

as a Guarantor

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Diversey
– Signature Page to Acknowledgment and Confirmation of First Amendment] 

 ANNEX B 
 TO ACKNOWLEDGMENT AND CONFIRMATION 
  

					
	 JURISDICTION
	 	 GUARANTOR
	 	 CAPACITY OF DAVID C. QUAST

	 Wisconsin
	 	JD Polymer, LLC	 	Secretary
	 Delaware
	 	JDI CEE Holdings, Inc.	 	Secretary
	 Delaware
	 	Diversey Puerto Rico, Inc.	 	Secretary
	 Delaware
	 	Diversey Shareholdings, Inc.	 	Secretary
	 Delaware
	 	Professional Shareholdings, Inc.	 	Vice President and Secretary
	 Nevada
	 	JDI Holdings, Inc.	 	Vice President and Secretary
	 Delaware
	 	Auto-C, LLC	 	Secretary
	 Delaware
	 	The Butcher Company	 	Vice President and Secretary
	 Nevada
	 	JWP Investments, Inc	 	Vice President

 ANNEX C 
 TO ACKNOWLEDGMENT AND CONFIRMATION 
  

					
	 JURISDICTION
	 	 GUARANTOR
	 	 CAPACITY OF DAVID C. QUAST

	Brazil	 	Diversey Brasil Indústria Quimica Ltda.	 	Authorized Signatory
	Canada	 	Diversey Canada, Inc.	 	Secretary
	Finland	 	Diversey Limited, for and on behalf of its branch Diversey Limited Suomen sivuliike	 	Director
	Germany	 	Diversey Deutschland Management GmbH	 	Managing Director
		 	Diversey Deutschland GmbH & Co. OHG	 	Managing Director
	Greece	 	Diversey Hellas Societe Anonyme Trading Cleaning Systems and Hygiene, S.A.	 	Director
	Hungary	 	Diversey Manufacture and Trade Limited Liability Company	 	Managing Director
		 	Diversey Acting Off-shore Capital Management Limited Liability Company	 	Managing Director
	Mexico	 	Diversey Mexico, S.A. de C.V.	 	Director
	The Netherlands	 	Diversey Professional B.V.	 	Director
		 	Diversey Europe B.V.	 	Director
		 	Diversey Holdings II B.V.	 	Director
		 	Diversey B.V.	 	Director
		 	Diversey IP International B.V.	 	Director
	Portugal	 	Diversey Portugal – Sistemas de Higiene e Limpeza, S.A.	 	Director
	Spain	 	Diversey España S.L.	 	Authorized Signatory
	Sweden	 	Diversey Sverige Holdings AB	 	Board Member
		 	Diversey Sverige AB	 	Board Member
	Switzerland	 	Diversey Europe B.V., for and on behalf of its branch Diversey Europe B.V., Utrecht, Zweigniederlassung Münchwilen	 	Director
	Turkey	 	Diversey Kimya Sanayi ve Ticaret A.S.	 	Authorized Signatory
	United Kingdom	 	Diversey Holdings Limited (UK)	 	Director
		 	DiverseyLever Limited	 	Director
		 	Diversey (Europe) Limited	 	Director
		 	Diversey Limited	 	Director
		 	Diversey (UK) Limited	 	Director
		 	Diversey Equipment Limited	 	Director
		 	Diversey Industrial Limited	 	Director

 ANNEX D 
 TO ACKNOWLEDGMENT AND CONFIRMATION 
  

					
	 JURISDICTION
	 	 GUARANTOR
	 	 CAPACITY OF ANDREW J. WARREN

	Australia	 	Diversey Australia, Pty. Ltd.	 	Director
	Hong Kong	 	Diversey Professional (Hong Kong) Limited	 	Director
		 	Diversey Hong Kong RE Holdings Limited	 	Director
		 	Diversey Asia Holdings Limited	 	Director
		 	Diversey Hong Kong Limited	 	Director
	Japan	 	Diversey Co., Ltd.	 	Director
	New Zealand	 	Diversey New Zealand Limited	 	Director

 EXHIBIT B 
 TO FIRST AMENDMENT 
 EXHIBIT N 

FORM OF JOINDER AGREEMENT 
 [See attached] 

 ANNEX A 
 TO FIRST AMENDMENT 
 FORM OF LENDER CONSENT 

Reference is made to (i) the Credit Agreement, dated as of November 24, 2009 (the “Credit Agreement”), among
Diversey, Inc., a Delaware corporation formerly named JohnsonDiversey, Inc. (the “Company”), Diversey Holdings II B.V., a Dutch corporation formerly named JohnsonDiversey Holdings II B.V. (the “Euro Term Borrower”),
Diversey Canada, Inc., an Ontario corporation formerly named JohnsonDiversey Canada, Inc. (the “Canadian Term Borrower” and, collectively with the Company and the Euro Term Borrower, the “Term Borrowers”), Diversey
Holdings, Inc., a Delaware corporation formerly named JohnsonDiversey Holdings, Inc. (“Holdings”), Citibank, N.A., as administrative agent for the Lenders and the Issuers (in such capacity, the “Administrative
Agent”), the Lenders and Issuers party thereto and the other parties signatory thereto, and (ii) the First Amendment to Credit Agreement and Foreign Guaranty (the “First Amendment”), to be entered into among the Term
Borrowers, Holdings, the Administrative Agent and the other parties signatory thereto. Unless otherwise defined herein, capitalized terms used herein and defined in the Credit Agreement or the First Amendment, as applicable, are used herein as
therein defined. 
 Pursuant to Sections 11.1(a) and 11.1(b) (Amendments, Waivers, Etc.) of the Credit Agreement, the
undersigned Lender hereby consents to the First Amendment and authorizes the Administrative Agent to execute the First Amendment on its behalf. 
 The undersigned Lender hereby confirms that it currently holds Tranche B Loans and/or Revolving Credit Commitments in the aggregate principal amounts listed below: 

 

					
	 Revolving Credit Commitments
	  	$	                     	  
		  	 	 	 
	 Tranche B Dollar Loans
	  	$	 	  
		  	 	 	 
	 Tranche B Canadian Dollar Loans
	  	C$	 	  
		  	 	 	 
	 Tranche B Euro Loans
	  	€	 	  
		  	 	 	 

  

			
	 Consented to and agreed as of
 the First Amendment Effective Date:

	
	  

	[NAME OF LENDER]
		
	By:	 	  

	Name:	 	
	Title:Separation Agreement between Diversey, Inc. and Nabil Shabshab

 Exhibit 10.38 
 SEPARATION AGREEMENT BETWEEN 
 DIVERSEY, INC. AND NABIL SHABSHAB

  

					
	Date:	 	October 18, 2010	  	
			
	From:	 	Edward F. Lonergan	  	PERSONAL & CONFIDENTIAL
			
	To:	 	Nabil Shabshab	  	

 The following sets forth the mutual agreement (“Agreement”) between you and Diversey, Inc.
(the “Company”), formerly known as JohnsonDiversey, Inc., regarding your separation from the Company: 
 1.
Resignation. You hereby submit and the Company hereby accepts your irrevocable written resignation as an officer and employee of the Company, its subsidiaries and affiliates effective October 18, 2010 (such date of resignation being
herein referred to as the “Termination Date”). Your resignation effective on the Termination Date constitutes a “separation from service” (as such phrase is defined under Internal Revenue Code Section 409A and the
regulations promulgated thereunder). Any announcements and communications, both internal and external, concerning your departure shall state that you are resigning from the Company to pursue other opportunities. 

2. Severance Pay and Benefits. Subject to the terms of this Agreement, the Company will pay or provide to you following your
Termination Date: 
 a. Salary Continuation. The Company will pay you an amount equal to two times the sum
of your current annual rate of Base Salary ($370,800) and your Annual Incentive Plan (“AIP”) bonus opportunity at your 2010 target rate ($241,020) as salary continuation which will be paid over 24 months following the Termination Date.
Payments of this salary continuation amount of $1,223,640 will be paid in equal installments at the times and in the manner consistent with Company payroll practices for executive employees, and each installment payment shall be considered a
separate payment and not one of a series of payments for purposes of Section 409A of the Internal Revenue Code. Payments will have all federal, state and local withholding taxes deducted, as applicable. 

b. Health Benefits. The medical, dental and vision coverage you elected under the Diversey Choice Benefits Program
will cease on your Termination Date. At your option, you may continue your coverage for yourself and your eligible dependents on your Termination Date for a period of 24 months, inclusive of 18 months of COBRA. Please contact the DI Service Center
at (866) 391-0760 for more detailed information. If you elect any such continued coverage, the Company will subsidize the medical, vision and dental rates for the 24 months of continuation coverage following your Termination Date so that for
the same coverage you will pay the same amount of contribution as if you were an active employee; provided, however, that with respect to any such medical, dental and vision benefits provided under a self-insured medical reimbursement plan (within
the meaning of Section 105(h) of the Internal Revenue Code), (a “Self-Insured Medical Plan”), for which you have elected coverage, the reimbursement of an eligible 

 
medical expense must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred, (B) you must pay to the Company the cost, on an
after-tax basis, for the premium payments (both the employee and employer portion) required for such continued coverage under any Self-Insured Medical Plan, and (C) the Company will pay to you or your eligible dependents on the first day of
each month during such period of continuation coverage, an additional severance payment in an amount such that the net amount of such severance pay, after all applicable tax withholding, equals the difference between the full COBRA premium and the
premium charged to active employees, which amount shall be applied towards your foregoing payment obligation of the premium for coverage during such month. 
 c. Choice Benefits. As with the health benefits, the coverage you elected will cease on your Termination Date. 

d. 2010 AIP. You will receive, on a prorated basis, a 2010 AIP bonus payment based on the target bonus rate for
2010 of $241,020, with your prorated entitlement to be determined by multiplying such amount by a fraction, the numerator of which is the number of days in 2010 through your Termination Date and the denominator of which is 365. This payment will be
made after the end of 2010 at the time the Company pays 2010 awards under the AIP but in no event will payment be made later than March 15, 2011 and will be subject to all federal, state and local withholding taxes, as applicable. 

e. Purchased Shares. The 15,000 shares of Diversey Holdings, Inc. common stock (“Common Stock”) that you
have purchased under your Employee Stock Subscription Agreement (Purchased Shares) dated as of February 18, 2010 will be repurchased pursuant the provisions of such agreement following your Termination Date. 

f. Matched Options. You will become vested on your Termination Date in 20.8% of the options for 45,000 shares of
Common Stock granted to you pursuant to your Employee Stock Option Agreement (Matching (non-DSU) and/or Standalone Options) dated as of February 18, 2010 and will be paid in cash within 60 days after your Termination Date an amount equal to the
excess of the Fair Market Value (within the meaning of the Diversey Holdings, Inc. Stock Incentive Plan) (“Fair Market Value”) of such vested option shares on your Termination Date over the aggregate option price thereof. Any remaining
options under such agreement shall be forfeited on your Termination Date, and you shall be entitled to no further benefits under such agreement. You will forfeit on your Termination Date all options granted to you pursuant to your Employee Stock
Option Agreement (2008-2010 DSUs) dated as of January 11, 2010, and Employee Stock Option Agreement (2009-2011 DSUs) dated as of January 11, 2010. 
 g. 2008-10 DSUs. You will receive a cash payment for the 2008-10 performance cycle under your Deferred Share Unit Agreement dated January 11, 2010 equal to the sum of (i) 100% of your
earned 2008-2010 Deferred Share Units (“2008-2010 DSUs”) for the 2008-2009 period based on actual performance and (ii) 83.33% of your unearned DSUs for the 2010 period at target, then multiplied by the Fair Market Value of a share of
Common Stock on your Termination Date. Payment of the amount so 

  
 2 

 
determined will be paid after the end of the 2008-10 performance cycle at the time DSUs of other participants are settled for such cycle. Such payment will be subject to all federal, state, and
local withholding taxes, as applicable. You shall be entitled to no further benefits with respect to your DSUs under your Deferred Share Unit Agreement for the 2008-10 performance cycle. 

h. 2009-11 DSUs. You will receive a cash payment for the 2009-11 performance cycle under your Deferred Share Unit
Agreement dated January 11, 2010 equal to the sum of (i) 100% of your earned 2009-2011 Deferred Share Units (“2009-2011 DSUs”) for the 2009 period based on actual performance but contingent upon attainment of the applicable
three-year EBITDA performance objective set out in such agreement and (ii) 41.66% of the unearned DSUs for the 2010-2011 period based on actual performance results for the 2010-2011 period but not to exceed target but again contingent upon
attainment of the applicable three-year EBITDA performance objective set out in such agreement, then multiplied by the Fair Market Value of a share of Common Stock on your Termination Date. Payment of the amount so determined will be paid after the
end of the 2009-11 performance cycle at the time DSUs for other participants are settled for such cycle. Such payment will be subject to all federal, state, and local withholding taxes, as applicable. You shall be entitled to no further benefits
with respect to your DSUs under your Deferred Share Unit Agreement for the 2009-11 performance cycle. 
 i.
Diversey Retirement Plan/Non-qualified Retirement Plan.Your vested benefits under these plans at your Termination Date will be available to you pursuant to their terms. You will receive more detailed information after your Termination Date.

 j. 401(k) Plan. You will continue to participate in the 401(k) Plan based on your Base Salary up to
your Termination Date. Your Plan account will be based on the date of distribution of your account to you. To access your 401(k) account, please call Fidelity at (800) 890-4015. 

k. Flexible Spending Account. You will be entitled to a lump sum cash payment of $15,000 to be paid within 60 days
following your Termination Date, which amount is equal to the amount of your annual Flexible Benefit Account perquisite in effect at your Termination Date. 
 l. Outplacement Assistance. You will receive a senior executive level outplacement program by an outplacement firm selected by you and paid for by the Company up to $30,000, provided that such
payment shall be completed not later than March 15, 2011. 
 m. All Other Benefits. All other
benefits not specifically mentioned above cease as of your Termination Date, and you will not be entitled to any awards under our annual or long-term bonus or incentive plans (including AIP and the Stock Incentive Plan awards) for 2010 or later
years except as specifically provided above. You will be paid for accrued but unused vacation days in the amount of 12 days in accordance with Company policy and the requirements of Wisconsin law. 

  
 3 

 n. Release. Payment of the payments and benefits described in
Section 2 (other than in the first sentence of Section 2.i and in Section 2.j) are conditioned upon your executing and delivering to the Company within 21 days after the Termination Date and not revoking a Release of Claims Agreement
in the form attached as Exhibit “A”. If you do not execute the Release of Claims Agreement and deliver it to the Company within such period or if you execute and deliver the Release of Claims Agreement to the Company but revoke it before
it becomes effective as provided therein, you will not be entitled to the payments referenced above in this Section 2.n and the aforementioned provisions of this Section 2 of the Agreement providing for such payments will be null and void
and without effect. 
 3. Corporate Credit Card. You agree to file all expense reports on your Company issued credit card
on or before your Termination Date. If any amount remains outstanding, you agree that the Company will withhold said amount from any monies due you under this Agreement that are not subject to Section 409A of the Internal Revenue Code or will
otherwise promptly reimburse the Company on request. 
 4. Return of Company Property. Not later than your Termination
Date, you shall return all Company-owned property in your possession, including but not limited to all keys to buildings or property, credit cards, files, equipment, software and computers, documents and papers (including but not limited to reports,
Rolodexes, sales data, product lists, business plans, financial information, corporate governance materials, notebook entries, and files), telephone cards, cellular telephone(s), and all other Company property in accordance with Company guidelines
and the Non-Compete (as defined below in Section 5). 
 5. Non-Compete. As a material term of this Agreement, you
agree to comply in all respects with the terms of the Non-Competition Agreement with the Company, (ii) the Trade Secret, Invention, and Copyright Agreement with the Company, (iii) the Confidentiality Agreement with the Company and
(iv) the Company’s Code of Ethics and Business Conduct (collectively, the “Non-Compete”), in each case that you signed and is dated April 6, 2007. You acknowledge and agree that the Non-Compete remains in full force and
effect notwithstanding the termination of your employment with the Company. The terms of the Non-Compete are hereby incorporated by reference. You reaffirm the terms of the Non-Compete and agree that (a) by executing this Agreement you are
agreeing to all of the terms of the Non-Compete as if you signed those documents anew, and (b) the payments you are receiving and/or are to receive under this Agreement is consideration for the obligations you have under the Non-Compete.

 6. Confidentiality. The Parties agree that neither party, nor anyone acting in or on his/its behalf shall initiate or
cause to be initiated any publicity or any oral or written communication whatsoever concerning the terms of this Agreement and, with the exceptions stated herein below, shall forever hold confidential and not make public to anyone, in particular,
current and past employees of the Company, whether by oral or written communications or otherwise, said terms, except only: (a) as may be required by the Company to comply with securities laws and regulations; (b) to the extent as may be
necessary to accomplish legal review, financial planning, tax planning and the filing of income tax returns; (c) to the extent as may be necessary to enforce the terms of this Agreement; (d) to the extent as may be compelled by court
order; or (e) to spouses or immediate family members. 

  
 4 

 7. Non-Disparagement. You agree that you will not make any disparaging or derogatory
remarks or statements about the Company, or the Company’s current and former officers, directors, shareholders, principals, attorneys, agents or employees, or your prior employment with the Company. The Company agrees that it will not make any
disparaging or derogatory remarks or statements about you or your prior employment with the Company, and the Company will instruct its corporate officers not to make any such remarks or statements to persons outside the Company. Remarks or
statements made by any officer, director, shareholder, principal or employee of the Company to any other officer, director, shareholder, principal, or employee of the Company shall not be covered by this Section 7. In the event a prospective
employer contacts the Company by any means to verify your employment, the only information that the Company, and its agents or employees will provide will be your hire date, date of resignation and last position held. 

8. Breach of Agreement. The Company shall have the right to terminate any and all payments to be made to you under this Agreement
in the event of your material breach of any of your obligations under Sections 6 and 7 of this Agreement or under the Non-Compete. In the event the Company believes you have breached any other provision of this Agreement, prior to terminating any
payments, the Company will provide written notice to you of the alleged breach and will provide you with forty-five (45) days to cure any such breach (if capable of cure). 

9. Miscellaneous. 
 a. In the event that the Company is involved in any investigation, litigation, arbitration or administrative proceeding subsequent to the Termination Date, you agree that, upon written request, and at a
mutually-convenient date and time, to provide reasonable cooperation (in a manner which enables you to provide the cooperation (if practicable) outside of the normal work hours associated with your seeking employment or your then-current employment
or other business responsibilities) to the Company and its attorneys in the prosecution or defense of any investigation, litigation, arbitration or administrative proceeding, including participation in interviews with the Company’s attorneys,
appearing for depositions, testifying in administrative, judicial or arbitration proceedings, or any other reasonable participation necessary for the prosecution or defense of any such investigation, litigation, arbitration or administrative
proceeding. The Company agrees to reimburse you for your reasonable expenses in participating in the prosecution or defense of any investigation, litigation, arbitration or administrative proceeding as well as to reimburse you for any lost income
resulting from compliance with the obligations of this paragraph, provided that you submit acceptable documentation of all such expenses and lost income. 
 b. This Agreement is made in the State of Wisconsin, and shall in all respects be interpreted, enforced and governed under the laws of the State of Wisconsin (exclusive of any rules pertaining to choice
of law), or by Federal law where applicable. 
 c. The provisions of this Agreement may not be modified by any
subsequent agreement unless the modifying agreement is: (i) in writing; (ii) specifically references this Agreement; (iii) is signed by you; and (iv) is signed and approved by an authorized officer of the Company. 

  
 5 

 d. This Agreement constitutes the entire agreement between the Parties with
respect to the subject matter hereof; the Parties have executed this Agreement based upon the terms set forth herein; the Parties have not relied on any prior agreement or representation, whether oral or written, which is not set forth in this
Agreement; no prior agreement, whether oral or written, shall have any effect on the terms and provisions of this Agreement; and all prior agreements, whether oral or written, are expressly superseded and/or revoked by this Agreement, including,
without limitation, your Employment Agreement dated July 1, 2008, as amended on December 31, 2008, unless otherwise provided herein. 
 e. Each provision of this Agreement shall be enforceable independently of every other provision. Furthermore, in the event that any provision is deemed to be unenforceable for any reason, the remaining
provisions shall remain effective, binding and enforceable. The Parties further acknowledge and agree that the failure of any party to enforce any provision of this Agreement shall not constitute a waiver of that provision, or of any other provision
of this Agreement. 
 f. You agree and understand that this Agreement sets forth and contains all of the
obligations the Company has to you and that you are not entitled to any other compensation of any kind or description. 
 g. We advise you to consult an attorney prior to signing this Agreement, especially in relation to the Release of Claims Agreement stated above. However, each party will bear their own attorney’s
fees and costs in connection with drafting and negotiation of this Agreement. 
 h. This Agreement may be
executed in counterparts, and each counterpart shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 

i. The Company or its affiliates may withhold from any amounts payable under this Agreement all federal, state and local
taxes as is required to withhold pursuant to any law or government regulation or ruling. 
 j. For all purposes
of this Agreement, all communications, including without limitation notices, consents, requests or approvals, required or permitted to be given hereunder will be in writing and will be deemed to have been duly given when hand delivered or dispatched
by electronic facsimile transmission (with receipt thereof confirmed), or five business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid, or three business days after having been
sent by a nationally recognized overnight courier service such as Federal Express, UPS, or Purolator, addressed to the address set forth below for such party or to such other address as any party may have furnished to the other in writing in
accordance herewith: 
 (i) If to The Company: Diversey, Inc., 8310 16th Street, P.O. Box 902, Sturtevant,
Wisconsin 53177-0902, attention Chief Executive Officer. 

  
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 (ii) If to Executive: Nabil Shabshab at his residence as identified in the
Company’s records at the Effective Date. 
 k. To the extent applicable, it is intended that the
compensation arrangements under this Agreement be in full compliance with or exempt from the provisions of Section 409A of the Internal Revenue Code. This Agreement shall be interpreted and administered in a manner consistent with this intent.
Each party is responsible for reviewing this Agreement for compliance with Section 409A. 
 l. The
provisions of this Agreement are not intended, and should not be construed to be legal, business or tax advice. The Company, you and any other party having any interest herein are hereby informed that the U.S. federal tax advice contained in this
document (if any) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to any party any transaction or matter
addressed herein. 
 m. The Company represents that it has not filed any claims, complaints or charges against
you or your heirs, executors, administrators, representatives, successors, predecessors, assigns, agents and all persons acting for, by, through, under or in concert with you, involving any events up to and including the date of this Agreement.

 10. Resignation From Positions. Effective as of the Termination Date, you hereby resign from all your positions with
the Company, its subsidiaries and its affiliates, including as an employee, officer, director, or member of any committee or board thereof, which you hold or in which you serve immediately prior to the Termination Date. From and after the
Termination Date, you shall no longer be an employee, officer or director of the Company or any of its subsidiaries or affiliates. 

  
 7 

 If you are in agreement with all of the terms stated in this Agreement, please sign both copies where
provided below and return one copy to me. 
  

			
	Diversey, Inc.
		
	By:	 	  

 Accepted and agreed to this      day of 

            , 2010 
 
                                        

  
 8 

 Exhibit A 
 Form of Release 
 [See attached] 

  
 1 

 EXHIBIT A 
 RELEASE OF CLAIMS AGREEMENT 
 This Release of Claims Agreement
(“Agreement”) is made by and between Diversey, Inc. (the “Company”) and Nabil Shabshab (“Executive”). 
 WHEREAS, Executive was employed by the Company; 
 WHEREAS, the Company and
Executive have entered into an Agreement dated October 18, 2010 (the “Severance Agreement”). 
 NOW THEREFORE, in
consideration of the mutual promises made herein, the Company and Executive (collectively referred to as the “Parties”) hereby agree as follows: 
 1. Termination. Executive’s employment with the Company terminated on October 18, 2010. 
 2. Consideration. Subject to and in consideration of Executive’s release of claims as provided herein, the Company agrees to pay Executive certain benefits as set forth in the Severance
Agreement. 
 3. Payment of Salary. Executive acknowledges and represents that the Company and its affiliates has paid all
salary, wages, bonuses, accrued vacation, commissions and any and all other benefits due to Executive, other than such payments and benefits remaining to be paid under the terms of the Severance Agreement between Executive and the Company.

 4. Release. In consideration of the Company’s payment of the severance payments provided in the Severance
Agreement, Executive agrees, on behalf of himself, his spouse or any former spouse, dependents, heirs, attorneys, successors and assigns, to release, hold harmless and forever discharge DIVERSEY, INC., as well as its parent companies, subsidiaries,
affiliates, successors, predecessors, employees, agents, directors and officers, past and present, stockholders and estates in their individual and business capacities, jointly and severally, (collectively referenced herein as “the Released
Parties”), from any and all claims, damages, fees, costs or other equitable, legal, statutory or common law relief for any causes of action, obligations, contracts, torts, claims, costs, penalties, fines, liabilities, attorneys’ fees,
demands or suits, of whatever kind or character, known or unknown, fixed or contingent, liquidated or unliquidated, whether asserted or unasserted, arising out of or related to Executive’s prior employment with the Company, his termination from
employment with the Company, any employment agreements, policies or practices governing terms of Executive’s employment, and any acts or omissions by the Company or any of the Company’s current and former officers, directors, shareholders,
principals, attorneys, agents, employees, affiliates, parent companies, subsidiaries, successors and assigns, at any time up through the Effective Date of this Agreement. This Agreement shall specifically apply to, but shall not be limited to,
claims for violation of civil rights, including violations of Title VII of the Civil Rights Act of 1964, the Equal Pay Act, the Americans With Disabilities Act, the Age Discrimination in Employment Act or any other state or federal statute (or
constitution), 

  
 1 

 
including but not limited to any claim based upon race, sex, national origin, ancestry, religion, age, mental or physical disability, marital status, sexual orientation or denial of Family and
Medical Leave; claims arising under the Employee Retirement Income Security Act (“ERISA”), or pertaining to ERISA-regulated benefits; claims arising under the Fair Labor Standards Act, including any claims for wages, vacation pay,
severance pay, bonus compensation, commissions, deferred compensation, other remuneration of any kind or character; claims for violations of any federal, state or local laws governing employment or labor relations; claims for any obligations,
agreements, express or implied contracts; claims for defamation, invasion of privacy, assault and battery, intentional or negligent infliction of emotional distress, negligence, gross negligence, estoppel, conspiracy or misrepresentation; express or
implied duties of good faith and fair dealing; wrongful discharge, violations of public policy; and/or torts for any and all alleged acts, omissions or events up through the Effective Date of this Agreement. Notwithstanding the foregoing provisions
of this Section 4, the release provided in this Agreement shall not cover Executive’s right to indemnification under the by-laws of the Company, or any right of Executive to enforce the terms of the Severance Agreement, including any
claims concerning or relating to Executive’s receipt of vested benefits under the terms of the Company’s benefit plans as provided for under the Severance Agreement. 
 5. Older Worker Benefit Protection Act. This Agreement is intended to comply with the terms of the Older Workers’ Benefit Protection Act. Accordingly, Executive acknowledges that he has been
advised of the following rights: 
 a. Executive understands that state and federal laws, including the AGE
DISCRIMINATION IN EMPLOYMENT ACT, prohibit employment discrimination based upon age, sex, marital status, race, color, national origin, ethnicity, religion, sexual orientation, veteran’s status and disability. He further acknowledges and agrees
that, by signing this Agreement, he agrees to waive any and all such claims, and release the Company as well as the other Released Parties from any and all such claims. 

b. Executive acknowledges that he has been advised in writing to consult with an attorney and has been provided with a
reasonable opportunity to consult with an attorney prior to signing this Agreement, which contains a general release and waiver of claims. 
 c. Executive acknowledges that the consideration required to be paid pursuant to the terms of the Severance Agreement includes certain payments to which he otherwise would not be entitled, and that he is
being paid these additional payments in consideration for signing this Agreement. 
 d. Executive acknowledges
that he has been provided with a minimum of TWENTY-ONE (21) DAYS after receiving this Agreement to consider whether to sign this Agreement. 
 e. Executive has been informed that, in the event that he signs this Agreement, he has another SEVEN (7) DAYS to revoke it. To revoke, Executive agrees to deliver a written notice of revocation to
Edward F. Lonergan, President and Chief 

  
 2 

 
Executive Officer, (with a cc to Scott D. Russell, Senior Vice President, General Counsel), Diversey, Inc., 8310 16th Street, P.O. Box 902, Sturtevant, WI 53177-0902, prior to 5 PM on the seventh
day after signing. THIS AGREEMENT DOES NOT BECOME EFFECTIVE UNTIL EXPIRATION OF THIS SEVEN DAY PERIOD. 
 f. The
consideration required to be paid under the Severance Agreement will not be paid until the aforesaid rescission period has expired without Executive exercising his right of rescission and all terms of this Agreement are fulfilled. 

6. No Pending or Future Lawsuits. Executive represents that he has no lawsuits, claims, or actions pending in his name, or on
behalf of any other person or entity, against the Company or any other person or entity referred to herein. Executive also represents that he does not intend to bring any claims on his own behalf or on behalf of any other person or entity against
the Company or any other person or entity referred to herein with regard to matters released hereunder. 
 7. Costs. The
Parties shall each bear their own costs, expert fees, attorneys’ fees and other fees incurred in connection with this Agreement. 
 8. Authority. Executive represents and warrants that he has the capacity to act on his own behalf and on behalf of all who might claim through him to bind them to the terms and conditions of this
Agreement. 
 9. No Representations. Executive represents that he has had the opportunity to consult with an attorney, and
has carefully read and understands the scope and effect of the provisions of this Agreement. Neither party has relied upon any representations or statements made by the other party hereto which are not specifically set forth in this Agreement.

 10. Severability. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to
be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision. 
 11.
Entire Agreement. This Agreement and the Severance Agreement and the agreements and plans incorporated therein represent the entire agreement and understanding between the Company and Executive concerning Executive’s separation from the
Company, and supersede and replace all prior agreements and understandings concerning Executive’s compensation and relationship with the Company and its affiliates, including, without limitation, the Employment Agreement between the Parties
dated July 1, 2008, as amended by an amendment dated December 30, 2008. This Agreement may only be amended in writing signed by Executive and an executive officer of the Company. 

12. Governing Law. This Agreement shall be governed by the internal substantive laws, but not the choice of law rules, of the State
of Wisconsin. 
 13. Effective Date. The Effective Date of this Agreement shall be (7) calendar days after the date
that Executive signs the Agreement. The date that representatives of the Company sign this Agreement shall not affect the Effective Date for any purpose under this Agreement. 

  
 3 

 14. Counterparts. This Agreement may be executed in counterparts, and each
counterpart shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 
 15. Voluntary Execution of Agreement. This Agreement is executed voluntarily and without any duress or undue influence on the part or behalf of the Parties hereto, with the full intent of releasing
all claims. The Parties acknowledge that: 
 a. They have read this Agreement; 

b. They have been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of their
own choice or that they have voluntarily declined to seek such counsel; 
 They understand the terms and consequences of this
Agreement and of the releases it contains; 
 They are fully aware of the legal and binding effect of the Agreement. 

IN WITNESS WHEREOF, the parties have executed this Agreement on the      day of
                    , 2010. 
  

			
	By:	 	 /s/ Nabil Shabshab

		 	Nabil Shabshab
	
	DIVERSEY, INC.
		
	By:	 	 /s/ Scott D. Russell

		 	    Scott D. Russell
	Title:	 	Senior Vice President, General Counsel

  
 4 

 Exhibit B 
 Confidentiality Agreement 
 Non-Competition Agreement 

Trade Secret, Invention, and Copyright Agreement 
 Code of Ethics and Business Conduct 
 [See Attached] 

  
 1

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