Document:

Exhibit 10.1

 

EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is entered into as of the date signed by the Employer, between Activision Blizzard,
Inc. (the “Employer” or “Activision Blizzard” and, together with its subsidiaries,
the “Activision Blizzard Group”), and Daniel Alegre (“you”).

 

R E C I T A L

 

The Employer desires
to employ you, and you desire to be so employed by the Employer, on the terms and subject to the conditions set forth in this Agreement.

 

A G R E E M E N T

 

NOW, THEREFORE, in
consideration of the premises and the mutual promises set forth in this Agreement, the Employer and you hereby agree as follows:

 

1.            Term
of Employment

 

(a)        The
term of your employment under this Agreement (the “Term”) shall commence on April 7, 2020 (the “Effective
Date”) and shall end on March 31, 2022 (the “Expiration Date”) (or such earlier date on
which your employment is terminated under Section 9). The Employer shall have the option to extend the Term by up to one year
by notifying you in writing of its intent to do so at least six (6) months prior to the original Expiration Date. The final date
of any such extended Term shall thereafter be referred to as the “Expiration Date” for purposes of this
Agreement and the Term shall end on such date (or such earlier date on which your employment is terminated). Except as set forth
in Section 11(s), upon the Expiration Date (or such earlier date on which your employment is terminated) all obligations and rights
under this Agreement shall immediately lapse.

 

(b)        You and the Employer each agree to provide the other with at least six (6) months’ notice of any intent not to
continue your employment following the Expiration Date. If your employment continues beyond the Expiration Date, you shall be an
at-will employee whose employment may be terminated by either party to this Agreement at any time for any reason.

 

2.            Compensation

 

(a)        Subject to the provisions of this Agreement, in full consideration for all rights and services provided by you under
this Agreement, during the Term you shall receive only the compensation set forth in this Section 2.

 

(b)       Commencing on the Effective Date, you shall receive an annual base salary (“Base Salary”) of
$1,350,000, which shall be paid in accordance with the Employer’s payroll
policies. Your Base Salary shall be reviewed periodically at the same time as similarly-situated executives of the Employer and
may be increased (but not decreased) by an amount determined by the Employer, in its sole and absolute discretion.

 

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(c)        You will be eligible to receive an annual discretionary bonus (the “Annual Bonus”), including
with respect to your service in 2020. Your target Annual Bonus for each calendar year will be one hundred percent (100%)
of your Base Salary. If, in any year during the Term, the Employer’s non-GAAP Earnings Per Share (“EPS”)
equals or exceeds 10% more than the greater of the immediately preceding year’s (x) EPS objective approved by the Employer’s
Board of Directors (“Board”) in the annual operating plan (“AOP”) for such
preceding year; and (y) the actual EPS for such immediately preceding year, in each case such EPS calculated using the same methodology,
then you will be eligible for a greater target amount for the Annual Bonus as set forth in this Section 2(c). Specifically, if
the EPS growth condition set forth in the immediately preceding sentence is satisfied, then your target Annual Bonus will include
the following additional target Annual Bonus opportunity, such that your maximum total target Annual Bonus opportunity will be
200% of your Base Salary: 

 

	EPS Growth (%)	Percent of Base Salary for Additional 

Target Annual Bonus Opportunity 
	·    >20	·    100
	·    18	·    80
	·    16	·    60
	·    14	·    40
	·    12	·    20
	·    <10	·    0

 

 

If EPS growth falls between any two of
the numbers set forth in the immediately preceding chart (e.g. if EPS growth is 17.5%), then your additional target Annual Bonus
opportunity will be established via straight line interpolation between those two numbers (e.g. in the case of 17.5% EPS growth,
the additional target Annual Bonus opportunity would be 75% of your Base Salary).

 

In all instances,
the actual amount and the form (e.g. cash and/or equity) of the Annual Bonus, if any, shall be determined by the Employer, in its
sole and absolute discretion, and may be based on, among other things, your Base Salary, the portion of the year falling in the
Term (e.g. a partial bonus with respect to your service during 2020 determined in a manner consistent with similarly-situated executives
of the Employer who served during a portion of the year), your overall performance and the performance of the Employer and the
Activision Blizzard Group. The Annual Bonus, if any, will be paid at the same time bonuses for that year are generally paid to
other executives, but in no event earlier than the first day of the first month, or later than the 15th day of the third
month, of the year following the year to which the Annual Bonus relates, and will be subject to applicable taxes and withholdings,
as applicable. In all instances, you must remain continuously employed by the Activision Blizzard Group through the date on which
an Annual Bonus, if any, is paid to be eligible to receive such Annual Bonus.

 

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(d)       Provided that the Effective Date of this Agreement is April 7, 2020 or earlier, then the Employer will provide you with
a sign on bonus in the amount of $2,500,000 (less applicable taxes and withholdings) within three weeks of the Effective Date.
This bonus will not be fully earned by you until you have completed two years of employment under this Agreement. Specifically,
should your employment with the Employer terminate other than pursuant to Section 9(b), 9(c), 9(d) or 9(e) prior to the first anniversary
of the Effective Date, you agree to repay the Employer 100% of this bonus within 60 days of the termination of your employment.
Should your employment with the Employer terminate other than pursuant to Section 9(b), 9(c), 9(d) or 9(e) at any point after the
first anniversary, but prior to the second anniversary, of the Effective Date, you agree to repay the Employer 50% of the bonus
within 60 days of the termination of your employment. If you remain employed by the Activision Blizzard Group through the second
anniversary of the Effective Date, the bonus shall be fully earned as of such date such that if your employment subsequently terminates
for any reason you will not have to repay any portion of the bonus. The fact that you are receiving this bonus and the terms under
which you will be required to repay the bonus in no way affect your other obligations under this Agreement.

 

(e)       Subject to the approval of the Compensation Committee of the Board (the “Compensation Committee”),
Activision Blizzard will grant to you equity awards as follows: 

 

		(i)	Non-qualified stock options to purchase shares of Activision Blizzard’s common stock with
a total grant value of approximately $5,000,000 (the “2020 Options”).  The actual number of stock
options awarded to you on the grant date shall be determined based on the official closing price of Activision Blizzard’s
common stock on the effective date of the grant, as determined by the Employer and reported by NASDAQ (the “Grant Date
Price”), and an applicable binomial factor selected by Activision Blizzard and determined using the same methodology
used with respect to similarly-situated executives of the Employer.  The number of stock options awarded shall be rounded
to the nearest whole number, and Activision Blizzard retains the discretion to modify the methodology for such calculations as
needed, so long as such methodology is the same used with respect to similarly-situated executives of the Employer.  The 2020
Options shall be awarded with an exercise price that is equal to the Grant Date Price. Finally, the 2020 Options shall vest, subject
to your remaining employed by the Activision Blizzard Group through the applicable vesting dates, as follows: 

 

a.      One-third
of the 2020 Options (the “First Tranche 2020 Options”) shall be eligible to vest on March 30, 2022, if,
and only if, the Compensation Committee determines that the non-GAAP operating income (calculated in the same manner as the 2020
AOP OI Objective (as defined below)) for 2020 for Activision Blizzard (“2020 AOP OI”) is 50% or more
of the annual operating plan operating income objective established by the Board for 2020 (the “2020 AOP OI Objective”).

 

If the 2020 AOP OI is 49.99% or
lower of the 2020 AOP OI Objective, then the First Tranche 2020 Options will not vest and shall be forfeited. If the 2020 AOP OI
is 50% or higher of the 2020 AOP OI Objective, then the First Tranche 2020 Options will vest on the applicable date.

 

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b.      One-third
of the 2020 Options (the “Second Tranche 2020 Options”) shall be eligible to vest on March 30, 2022 if,
and only if, the Compensation Committee determines that the non-GAAP operating income (calculated in the same manner as the 2021
AOP OI Objective (as defined below)) for 2021 for Activision Blizzard (“2021 AOP OI”) is 50% or more
of the annual operating plan operating income objective established by the Board for 2021 (the “2021 AOP OI Objective”).

 

If the 2021 AOP OI is 49.99% or
lower of the 2021 AOP OI Objective, then the Second Tranche 2020 Options will not vest and shall be forfeited. If the 2021 AOP
OI is 50% or higher of the 2021 AOP OI Objective, then the Second Tranche 2020 Options will vest on the applicable date.

 

c.      One-third
of the 2020 Options (the “Third Tranche 2020 Options”) shall be eligible to vest on March 30, 2023 if,
and only if, the Compensation Committee determines that the non-GAAP operating income (calculated in the same manner as the 2022
AOP OI Objective (as defined below)) for 2022 for Activision Blizzard (“2022 AOP OI”) is 50% or more
of the annual operating plan operating income objective established by the Board for 2022 (the “2022 AOP OI Objective”).

 

If the 2022 AOP OI is 49.99% or
lower of the 2022 AOP OI Objective, then the Third Tranche 2020 Options will not vest and shall be forfeited. If the 2022 AOP OI
is 50% or higher of the 2022 AOP OI Objective, then the Third Tranche 2020 Options will vest on the applicable date.

 

		(ii)	Performance-vesting restricted share units which represent the conditional right to receive
shares of Activision Blizzard’s common stock (the “2020 Performance Share Units”), with a target
value at the time of grant of approximately $7,000,000 (the “2020 Target PSU Grant Value”). The actual
number of 2020 Performance Share Units awarded to you on the grant date shall be equal to the 2020 Target PSU Grant Value divided
by the Grant Date Price (it being recognized that if the maximum performance objectives are met for all of the 2020 Performance
Share Units, the value of the shares received upon vesting for all of the 2020 Performance Share Units would have been $17,500,000
at the time of grant of the 2020 Performance Share Units, representing the “Maximum Percentage” (which
in this case shall be 250%) of the 2020 Target PSU Grant Value (the “2020 Maximum PSU Grant Value”)).
The number of 2020 Performance Share Units awarded shall be rounded to the nearest whole number and shall be determined by the
Compensation Committee in its sole discretion, and Activision Blizzard retains the discretion to modify the methodology for such
calculations as needed, so long as such methodology is the same used with respect to similarly-situated executives of the Employer. 
Subject to your remaining employed by the Activision Blizzard Group through the applicable vesting dates, the actual number of
shares of Activision Blizzard’s common stock (“Shares”) that shall be received on each of the applicable
vesting dates is determined as follows: 

 

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a.      One-third
of the 2020 Performance Share Units (the “First Tranche 2020 Performance Share Units”) shall be eligible
to vest on March 30, 2021, if, and only if, the Compensation Committee determines that the 2020 AOP OI is 85% or more of the 2020
AOP OI Objective.

 

If the 2020 AOP OI is less than
85% of the 2020 AOP OI Objective, then the First Tranche 2020 Performance Share Units will not vest and shall be forfeited.

 

If the 2020 AOP OI is 85-89.99%
of the 2020 AOP OI Objective, then the number of Shares that shall be received with regard to the First Tranche 2020 Performance
Share Units on the applicable vesting date shall be equal to fifty percent.

 

If the 2020 AOP OI is 90% or more
of the 2020 AOP OI Objective, then the number of Shares that shall be received with regard to the First Tranche 2020 Performance
Share Units on the applicable vesting date shall be equal to the product of (1) the number of First Tranche 2020 Performance Share
Units; and (2) the ratio of the 2020 AOP OI to the 2020 AOP OI Objective, up to a maximum of 250%.

 

b.      One-third
of the 2020 Performance Share Units (the “Second Tranche 2020 Performance Share Units”) shall be eligible
to vest on March 30, 2022 if, and only if, the Compensation Committee determines that the 2021 AOP OI is 85% or more of the 2021
AOP OI Objective.

 

If the 2021 AOP OI is less than
85% of the 2021 AOP OI Objective, then the Second Tranche 2020 Performance Share Units will not vest and shall be forfeited.

 

If the 2021 AOP OI is 85-89.99%
of the 2021 AOP OI Objective, then the number of Shares that shall be received with regard to the Second Tranche 2020 Performance
Share Units on the applicable vesting date shall be equal to fifty percent.

 

If the 2021 AOP OI is 90% or more
of the 2021 AOP OI Objective, then the number of Shares that shall be received with regard to the Second Tranche 2020 Performance
Share Units on the applicable vesting date shall be equal to the product of (1) the number of Second Tranche 2020 Performance Share
Units; and (2) the ratio of the 2021 AOP OI to the 2021 AOP OI Objective, up to a maximum of 250%.

 

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c.      One-third
of the 2020 Performance Share Units (the “Third Tranche 2020 Performance Share Units”) shall be eligible
to vest on March 30, 2023 if, and only if, the Compensation Committee determines that the 2022 AOP OI is 85% or more of the 2022
AOP OI Objective.

 

If the 2022 AOP OI is less than
85% of the 2022 AOP OI Objective, then the Third Tranche 2020 Performance Share Units will not vest and shall be forfeited.

 

If the 2022 AOP OI is 85-89.99%
of the 2022 AOP OI Objective, then the number of Shares that shall be received with regard to the Third Tranche 2020 Performance
Share Units on the applicable vesting date shall be equal to fifty percent.

 

If the 2022 AOP OI is 90% or more
of the 2022 AOP OI Objective, then the number of Shares that shall be received with regard to the Third Tranche 2020 Performance
Share Units on the applicable vesting date shall be equal to the product of (1) the number of Third Tranche 2020 Performance Share
Units; and (2) the ratio of the 2022 AOP OI to the 2022 AOP OI Objective, up to a maximum of 250%.

 

Prior to
the vesting of any portion of the 2020 Performance Share Units, Activision Blizzard, in its sole discretion, may adjust the performance
objective for the relevant fiscal year(s) by substituting the OI and AOP OI objective of one or more new, different or additional
business units or activities for that of the original business unit or activity stated herein or by prorating or otherwise combining
the OI and AOP OI objective of the applicable business units or activities, in each case for purposes of determining whether or
not the conditions of the unvested 2020 Performance Share Units. The Employer agrees that it will in good faith engage in meaningful
consultation with you prior to implementing any such change.

 

		(iii)	Performance-vesting restricted share units which represent the conditional right to receive
shares of Activision Blizzard’s common stock (the “2020 EPS Performance Share Units”), with
a target value at the time of grant of approximately $4,000,000 (the “2020 EPS Target PSU Grant Value”). 
The actual number of 2020 EPS Performance Share Units awarded to you on the grant date shall be equal to the 2020 EPS Target PSU
Grant Value divided by the Grant Date Price (it being recognized that if the maximum performance objectives are met for all of
the 2020 EPS Performance Share Units, the value of the shares received upon vesting for all of the 2020 EPS Performance Share Units
would have been $8,000,000 at the time of grant of the 2020 EPS Performance Share Units, representing the Maximum Percentage (which
in this case shall be 200%) of the 2020 EPS Target PSU Grant Value (the “2020 Maximum EPS PSU Grant Value”)).
The number of 2020 EPS Performance Share Units awarded shall be rounded to the nearest whole number and shall be determined by
the Compensation Committee in its sole discretion, and Activision Blizzard retains the discretion to modify the methodology for
such calculations as needed, so long as such methodology is the same used with respect to similarly-situated executives of the
Employer.  Subject to your remaining employed by the Activision Blizzard Group through the applicable vesting dates, the actual
number of Shares that shall be received on each of the applicable vesting dates is determined as follows:

 

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a.     One-third of the 2020 EPS Performance Share Units (the “First Tranche
2020 EPS Performance Share Units”) shall vest on March 30, 2021, if, and only if, the
Compensation Committee determines that the EPS (calculated in the same manner as the 2020 AOP EPS Objective (as defined below))
for 2020 for Activision Blizzard (“2020 EPS”)
is 85% or more of the annual operating plan EPS objective established by the Board for 2020 (the “2020 AOP
EPS Objective”). 

 

If
the 2020 EPS is less than 85% of the 2020 AOP EPS Objective, then the First Tranche 2020 EPS Performance Share Units will not vest
and shall be forfeited. 

 

If
the 2020 EPS is 85-89.99% of the 2020 AOP EPS Objective, then the number of Shares that shall be received with regard to the First
Tranche 2020 EPS Performance Share Units on the applicable vesting date shall be equal to fifty percent.

 

If
the 2020 EPS is 90% or more of the 2020 AOP EPS Objective, then the number of Shares that shall be received with regard to the
First Tranche 2020 EPS Performance Share Units on the applicable vesting date shall be equal to the product of (1) the number of
First Tranche 2020 EPS Performance Share Units; and (2) the ratio of the 2020 EPS to the 2020 AOP EPS Objective, up to a maximum
of 200%.

 

b.     One-third of the 2020 EPS Performance Share Units (the “Second Tranche
2020 EPS Performance Share Units”) shall vest on March 30, 2022, if, and only if, the
Compensation Committee determines that the EPS (calculated in the same manner as the 2021 AOP EPS Objective (as defined below))
for 2021 for Activision Blizzard (“2021 EPS”)
is 85% or more of the annual operating plan EPS objective established by the Board for 2021 (the “2021 AOP
EPS Objective”). 

 

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If
the 2021 EPS is less than 85% of the 2021 AOP EPS Objective, then the Second Tranche 2020 EPS Performance Share Units will not
vest and shall be forfeited. 

 

If
the 2021 EPS is 85-89.99% of the 2021 AOP EPS Objective, then the number of Shares that shall be received with regard to the Second
Tranche 2020 EPS Performance Share Units on the applicable vesting date shall be equal to fifty percent.

 

If
the 2021 EPS is 90% or more of the 2021 AOP EPS Objective, then the number of Shares that shall be received with regard to the
Second Tranche 2020 EPS Performance Share Units on the applicable vesting date shall be equal to the product of (1) the number
of Second Tranche 2020 EPS Performance Share Units; and (2) the ratio of the 2021 EPS to the 2021 AOP EPS Objective, up to a maximum
of 200%.

 

c.      One-third
of the 2020 EPS Performance Share Units (the “Third Tranche 2020 EPS Performance Share Units”)
shall vest on March 30, 2023, if, and only if, the Compensation Committee determines that the EPS (calculated in the same manner
as the 2022 AOP Objective (as defined below)) for 2022 for Activision Blizzard (“2022 EPS”)
is 85% or more of the annual operating plan operating income objective established by the Board for 2022 (the “2022
AOP EPS Objective”). If the 2022 EPS is less
than 85% of the 2022 AOP EPS Objective, then the Third Tranche 2020 EPS Performance Share Units will not vest and shall be forfeited.

 

If
the 2022 EPS is less than 85% of the 2022 AOP EPS Objective, then the Third Tranche 2020 EPS Performance Share Units will not vest
and shall be forfeited. 

 

If
the 2022 EPS is 85-89.99% of the 2022 AOP EPS Objective, then the number of Shares that shall be received with regard to the Third
Tranche 2020 EPS Performance Share Units on the applicable vesting date shall be equal to fifty percent.

 

If
the 2022 EPS is 90% or more of the 2022 AOP EPS Objective, then the number of Shares that shall be received with regard to the
Third Tranche 2020 EPS Performance Share Units on the applicable vesting date shall be equal to the product of (1) the number of
Third Tranche 2020 EPS Performance Share Units; and (2) the ratio of the 2022 EPS to the 2022 AOP EPS Objective, up to a maximum
of 200%.

 

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		(iv)	Performance-vesting restricted share units which represent the conditional right to receive
shares of Activision Blizzard’s common stock (the “2020 TSR Performance Share Units”), with
a target value at the time of grant of approximately $2,000,000 (the “2020 TSR Target PSU Grant Value”). 
The actual number of 2020 TSR Performance Share Units awarded to you on the grant date shall be equal to the 2020 TSR Target PSU
Grant Value divided by the Grant Date Price (it being recognized that if the maximum performance objectives are met for all of
the 2020 TSR Performance Share Units, the value of the shares received upon vesting for all of the 2020 TSR Performance Share Units
would have been $3,000,000 at the time of grant of the 2020 TSR Performance Share Units, representing the Maximum Percentage (which
in this case shall be 150%) of the 2020 TSR Target PSU Grant Value (the “2020 Maximum TSR PSU Grant Value”)).
The number of 2020 TSR Performance Share Units awarded shall be rounded to the nearest whole number and shall be determined by
the Compensation Committee in its sole discretion, and Activision Blizzard retains the discretion to modify the methodology for
such calculations as needed, so long as such methodology is the same used with respect to similarly-situated executives of the
Employer.  Subject to your remaining employed by the Activision Blizzard Group through the applicable vesting dates, the actual
number of Shares that shall be received on each of the applicable vesting dates is determined as follows:

 

a.      One-half
of the 2020 TSR Performance Share Units (the “First
Tranche 2020 TSR Performance Share Units”)
will be eligible to vest on March 30, 2022, if, and only if, the Compensation Committee determines that that the TSR Performance
is five percent (5%) or more. The specific number of First Tranche 2020 TSR Performance Share Units which will vest will be as
follows: 

 

	TSR Performance	Percent of Target Vesting 
	Greater than or equal to 15% 	150%
	10%	100%
	5%	50%
	4.99% or less 	0%

 

b.     One-half of the 2020 TSR Performance Share Units (the “Second Tranche
2020 TSR Performance Share Units”) will be eligible to vest on March 30, 2023, if,
and only if, the Compensation Committee determines that that the TSR Performance is five percent (5%) or more. The specific number
of Second Tranche 2020 TSR Performance Share Units which will vest will be as follows: 

 

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	TSR Performance	Percent of Target Vesting 
	Greater than or equal to 15% 	150%
	10%	100%
	5%	50%
	4.99% or less 	0%

 

c.      In
all cases under Section 2(e)(iv)(a) and (b), i) if the Compensation Committee determines that the TSR Performance is less than
five percent (5%), then the First Tranche 2020 TSR Performance Share Units and/or the Second Tranche 2020 TSR Performance Share
Units, as applicable, will not vest and shall be forfeited; and ii) if the applicable TSR Performance falls between any two of
the numbers set forth in the charts in Section 2(e)(iv)(a) and (b) (e.g. 12.5%), then the percentage of Shares to be delivered
upon vesting will be established via straight line interpolation between those two numbers (e.g. if the applicable TSR Performance
is 12.5%, then the number of Shares to be delivered will be 125% of the applicable Tranche, subject to any taxes and withholding).

 

For purposes of this Section 2(e)(iv),
the following terms shall have the meanings set forth below:

 

“Company
TSR” means the rate of return on the Shares, assuming the reinvestment of dividends (stock price appreciation
assuming dividend reinvestments, with such dividend reinvestments calculated based on same-day reinvestment into the Shares on
the ex-dividend date) determined by reference to the increase or decrease, as the case may be, between the Initial Company Measurement
Period Price and the Final Company Measurement Period Price, together with the reinvestment of such dividends.

 

“Final
Company Measurement Period Price” means i) with respect to the First Tranche 2020 TSR Performance Share Units,
the average of the Company’s closing stock price per Share as reported by NASDAQ for the thirty trading days ending on December
31, 2021; and ii) with respect to the Second Tranche 2020 TSR Performance Share Units, the average of the Company’s closing
stock price per Share as reported by NASDAQ for the thirty trading days ending on December 31, 2022.

 

“Final
S&P 500 Total Return Index Measurement Period Value” means i) with respect to the First Tranche 2020 TSR Performance
Share Units, the average of the closing value of the S&P 500 Total Return Index for the thirty trading days ending on December
31, 2021; and ii) with respect to the Second Tranche 2020 TSR Performance Share Units, the average of the closing value of the
S&P 500 Total Return Index for the thirty trading days ending on December 31, 2022.

 

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“Initial
Company Measurement Period Price” means i) with respect to the First Tranche 2020 TSR Performance Share Units,
the average of the Company’s closing stock price per Share as reported by NASDAQ for the thirty trading days prior to the
Effective Date; and ii) with respect to the Second Tranche 2020 TSR Performance Share Units, the average of the Company’s
closing stock price per Share as reported by NASDAQ for the thirty trading days ending on December 31, 2020.

 

“Initial
S&P 500 Total Return Index Measurement Period Value” means i) with respect to the First Tranche 2020 TSR Performance
Share Units, the average of the closing value of the S&P 500 Total Return Index for the thirty trading days prior to the Effective
Date; and ii) with respect to the Second Tranche 2020 TSR Performance Share Units, the average of the closing value of the S&P
500 Total Return Index for the thirty trading days ending on December 31, 2020.

 

“S&P
500 Total Return Index” means the index of this name promulgated by S&P Dow Jones Indices, and reflects the
stock price performance of the constituent companies in the index together with the assumed reinvestment of dividends (or, in the
event that the S&P 500 Total Return Index is discontinued or, in the opinion of the Committee, materially changed prior to
December 31, 2022, a substantially equivalent replacement index chosen by the Committee in its sole and absolute discretion; provided,
however, that if the Committee determines that a substantially equivalent replacement index is not available, the Committee shall
have sole and absolute discretion to determine how the calculations related to the index will be conducted, consistent with the
methodology of the S&P 500 Total Return Index).

 

“S&P
TSR” means the rate of return on the S&P 500 Total Return Index, determined by reference to the increase or
decrease, as the case may be, between the Initial S&P 500 Total Return Index Measurement Period Value and the Final S&P
500 Total Return Index Measurement Period Value.

 

“TSR
Performance” means the Company TSR minus the S&P TSR.

 

		(v)	Provided
                                         that the Effective Date of this Agreement is April 7, 2020 or earlier, performance-vesting
                                         restricted share units which represent the conditional right to receive shares of Activision
                                         Blizzard’s common stock (the “2020 Additional Performance Share
                                         Units”), with a target value at the time of grant of approximately $3,000,000
                                         (the “2020 Additional Target PSU Grant Value”).  The actual
                                         number of 2020 Additional Performance Share Units awarded to you on the grant date shall
                                         be equal to the 2020 Additional Target PSU Grant Value divided by the Grant Date Price. 
                                         The number of 2020 Additional Performance Share Units awarded shall be rounded to the
                                         nearest whole number and shall be determined by the Compensation Committee in its sole
                                         discretion, and Activision Blizzard retains the discretion to modify the methodology
                                         for such calculations as needed, so long as such methodology is the same used with respect
                                         to similarly-situated executives of the Employer.  Subject to your remaining employed
                                         by the Activision Blizzard Group through the applicable vesting date, the 2020 Additional
                                         Performance Share Units shall vest in full on January 15, 2021, if, and only if, the
                                         Compensation Committee determines that your strategic objectives approved by the Activision
                                         Blizzard Chief Executive Officer for 2020 were achieved.

 

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(f)         
Subject to the approval of the Compensation Committee beginning in 2020, you will be eligible to receive an annual equity
grant of performance-vesting restricted shares units pursuant to the following target guidelines: (i) performance objectives contingent
upon EPS growth, (ii) a vesting date which will be no later than the last day of the third month following the second full fiscal
year from grant (i.e. if granted in November 2020, the vesting will be no later than March 30, 2022), (iii) a target value at
date of grant of $2,500,000, and (iv) a formula for vesting of the total number of performance-vesting restricted shares as set
forth in the following sentence. If, during the applicable fiscal year, the Employer’s EPS equals or exceeds 10% more than
the greater of the immediately preceding year’s (x) EPS objective approved by the Board in the annual operating plan for
such preceding year (e.g. $2.60 for 2020); and (y) the actual EPS for such immediately preceding year, then you will be eligible
vesting as follows:

 

	EPS Growth (%)	Percent of Target Achievement (%)
	·         >20	·         100
	·         18	·         80
	·         16	·         60
	·         14	·         40
	·         12	·         20
	·         <10	·         0

 

If EPS growth
falls between any two of the numbers set forth in the immediately preceding chart (e.g. if EPS growth is 17.5%), then your vesting
opportunity will be established via straight line interpolation between those two numbers (e.g. in the case of 17.5% EPS growth,
the opportunity would be 75% of the applicable performance vesting restricted share units granted pursuant to this Section 2(f)).

 

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(g)        
Subject to the approval of the Compensation Committee beginning in 2020, you will be eligible to receive an annual equity
grant of performance-vesting restricted share units pursuant to the following target guidelines (i) performance objectives contingent
upon cumulative non-GAAP operating income performance as compared to Activision Blizzard’s three-year plan non-GAAP operating
income, each calculated using the same methodology, (ii) a vesting date which will be no later than the last day of the third
month following the third full fiscal year from grant (i.e. if granted in November 2020, the vesting will be no later than March
30, 2024), (iii) a target value at date of grant of $3,000,000, and (iv) the formula for vesting of the total number of performance-vesting
restricted shares being equal to product of: (a) the target number of performance-vesting restricted share units and (b) the percentage
of achievement, which shall be calculated by dividing the operating income achieved by the operating income performance objective,
with a minimum ratio of 85% (provided that achievement is equal to or greater than 85% of the performance objective, otherwise
no vesting shall occur at all) and a maximum ratio of 125%.

 

(h)         
You acknowledge that the grant of any equity awards pursuant to Sections 2(e)-(g) (the “2020 Equity Awards”)
are expressly conditioned upon approval by the Compensation Committee and that the Compensation Committee has discretion to approve
or disapprove the grants and/or to determine and make modifications to the terms of the grants. The 2020 Equity Awards shall be
subject to all terms of the equity incentive plan pursuant to which they are granted (the “Incentive Plan”),
Activision Blizzard’s standard forms of award agreement, and the Employer’s Executive Stock Ownership Guidelines (including,
but not limited to, all of the limitations on equity awards described therein), which are attached as Exhibit E. In the
event of a conflict between this Agreement and the terms of the Incentive Plan or award agreements, the Incentive Plan or the
award agreements, as applicable, shall govern.

 

(i)           
In connection with your relocation to the Los Angeles area, you shall be entitled to the relocation benefits set forth
in, and determined in accordance with and otherwise subject to the terms and conditions of, the “Relocation Summary”
attached hereto as Exhibit D hereto. Notwithstanding anything to the contrary in this Agreement or in the Relocation Summary,
should your employment with the Employer terminate other than pursuant to Section 9(b), 9(c), 9(d) or 9(e) prior to the first
anniversary of the Effective Date, you agree to repay the Employer 100% of any relocation expenses for which you were reimbursed
by the Employer within 60 days of the termination of your employment.

 

3.            
Title; Location

 

Subject to appointment
by the Board, you shall serve as President and Chief Operating Officer, Activision Blizzard. Your principal place of business initially
shall be the Employer’s headquarters in Santa Monica, California; provided, however, that you acknowledge and
agree that you may be required to travel from time to time for business reasons.

 

4.            
Duties

 

You shall report directly
to the Chief Executive Officer of the Employer (or such other executive of the Activision Blizzard Group as may be determined from
time to time by it in its sole and absolute discretion) and shall have such duties commensurate with your position as may be assigned
to you from time to time by the Chief Executive Officer of the Employer (or, as applicable, such other executive designated by
the Employer). You are also required to read, review and observe all of the Activision Blizzard Group’s policies, procedures,
rules and regulations in effect from time to time during the Term that apply to employees of the Employer, including, without limitation,
the Code of Conduct, as amended from time to time. You shall devote your full-time working time to the performance of your duties
hereunder, shall faithfully serve the Employer, shall in all respects conform to and comply with the lawful directions and instructions
given to you by the Chief Executive Officer of the Employer (or such other executive of the Activision Blizzard Group as may be
determined from time to time by the Employer in its sole and absolute discretion) and shall use your best efforts to promote and
serve the interests of the Activision Blizzard Group. Further, you shall at all times place the Employer’s interests above
your own, not take any actions that would conflict with the Employer’s interests and shall perform all your duties for the
Employer with the highest duty of care. Further, you shall not, directly or indirectly, render services of any kind to any other
person or organization, whether on your own behalf or on behalf of others, without the consent of the Chief Executive Officer of
the Employer or otherwise engage in activities that would interfere with your faithful and diligent performance of your duties
hereunder; provided, however, that you may serve on civic or charitable boards or engage in charitable activities
without remuneration if doing so is not inconsistent with, or adverse to, your employment hereunder.

 

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5.            
Expenses

 

To the extent you incur
necessary and reasonable travel or other business expenses in the course of your employment, you shall be reimbursed for such expenses,
upon presentation of written documentation in accordance with the Employer’s policies in effect from time to time.

 

6.            
Other Benefits

 

(a)         
You shall be eligible to participate in all health, welfare, retirement, pension, life insurance, disability, perquisite
and similar plans, programs and arrangements generally available to executives of the Employer from time to time during the Term,
subject to the then-prevailing terms, conditions and eligibility requirements of each such plan, program, or arrangement. In addition
to the foregoing benefits, Employer will provide you during the Term, at Employer’s expense, with a supplemental term life
insurance policies covering your life, as well as the life of your spouse, in each case, with a face amount of $5,000,000
through a carrier of Employer’s choice (the “Target Face Amount”), subject to your and
your spouse’s insurability, as applicable. If it is determined that you or your spouse are insurable at a higher cost than
a healthy individual of like age, the face amount of such insurance coverage will be reduced to the maximum face amount of coverage
that may be obtained for the cost of coverage of the Target Face Amount for such healthy individual.

 

(b)         
You expressly agree and acknowledge that, after the Expiration Date (or such earlier date on which your employment is terminated),
you shall not be entitled to any additional benefits, except as specifically provided in this Agreement and the benefit plans
in which you participate during the Term, and subject in each case to the then-prevailing
terms and conditions of each such plan.

 

7.              Vacation
and Paid Holidays

 

(a)         
You will generally be entitled to paid vacation days in accordance with the normal vacation policies of the
Employer in effect from time to time; provided, however, that you will be entitled to take and accrue no less than twenty
(20) paid vacation days per year unless your vacation accrual balance exceeds the Employer’s then-current maximum accrual
cap, in which case you shall cease accruing vacation leave until your accrual balance has fallen below the cap again. 

 

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(b)         
You shall be entitled to all paid holidays allowed by the Employer to its full-time employees in the United States.

 

8.              Protection
of the Employer’s Interests

 

(a)         
Duty of Loyalty. During the Term, you will owe a “Duty of Loyalty” to the Employer, which includes,
but is not limited to, you not competing in any manner, whether directly or indirectly, as a principal, employee, agent, owner,
or otherwise, with any entity in the Activision Blizzard Group; provided, however, that nothing in this Section 8(a)
will limit your right to own up to five percent (5%) of any of the debt or equity securities of any business organization that
is then required to file reports with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended.

 

(b)        
Property of the Activision Blizzard Group. All rights worldwide with respect to any and all intellectual or other property
of any nature produced, created or suggested by you, whether on your own time or not, alone or with others, during the term of
your employment or resulting from your services which (i) relate in any manner at the time of conception or reduction to
practice to the actual or demonstrably anticipated business of the Activision Blizzard Group, (ii) result from or are suggested
by any task assigned to you or any work performed by you on behalf of the Activision Blizzard Group, (iii) were created using
the time or resources of the Activision Blizzard Group, or (iv) are based on any property owned or idea conceived by the
Activision Blizzard Group, shall be deemed to be a work made for hire and shall be the sole and exclusive property of the Activision
Blizzard Group. You agree to execute, acknowledge and deliver to the Employer, at the Employer’s request, such further documents,
including copyright and patent assignments, as the Employer finds appropriate to evidence the Activision Blizzard Group’s
rights in such property. Your agreement to assign to the Activision Blizzard Group any of your rights as set forth in this Section
8(b) shall not apply to any invention that qualifies fully under the provisions of California Labor Code Section 2870, where
no equipment, supplies, facility or trade secret information of the Activision Blizzard Group was used, where the invention was
developed entirely upon your own time, where the invention does not relate to the Activision Blizzard Group’s business,
and where the invention does not result from any work performed by you for the Activision Blizzard Group.

 

(c)         
Covenant Not to Shop. Other than during the final six (6) months of the Term, you shall not negotiate for employment with
any entity or person outside of the Activision Blizzard Group. During the search process and thereafter you shall remain strictly
subject to your continuing obligations under this Agreement, including, without limitation, your Duty of Loyalty, compliance with
the Activision Blizzard Group’s policies and your confidentiality obligations.

 

(d)         
Confidentiality. You acknowledge, and the Employer agrees, that during your employment you will have access to and become
informed of confidential and proprietary information concerning the Activision Blizzard Group. During your employment and at all
times following the termination of your employment, confidential or proprietary information of any entity in the Activision Blizzard
Group shall not be used by you or disclosed or made available by you to any person except as required in the course of your employment
with the Activision Blizzard Group or as otherwise provided for in the Employee Confidential Information Agreement attached as
Exhibit A hereto (the “Confidential Information Agreement”). Upon the termination of your employment
(or at any time on the Employer’s request), you shall return to the Activision Blizzard Group all such information that
exists, whether in electronic, written, or other form (and all copies or extracts thereof) under your control and shall not retain
such information in any form, including without limitation on any devices, disks or other media. Without limiting the generality
of the foregoing, you acknowledge signing and delivering to the Employer the Confidential Information Agreement as of the Effective
Date and you agree that all terms and conditions contained in such agreement, and all of your obligations and commitments provided
for in such agreement, shall be deemed, and hereby are, incorporated into this Agreement as if set forth in full herein. 

 

    Page 15

     

    

 

(e)       
Return of Property and Resignation from Office. You acknowledge that, upon termination of your employment for any reason
whatsoever (or at any time on the Employer’s request), you will promptly deliver to the Activision Blizzard Group or surrender
to the Activision Blizzard Group’s representative all property of any entity in the Activision Blizzard Group, including,
without limitation, all documents and other materials (and all copies thereof) relating to the Activision Blizzard Group’s
business, all identification and access cards, all contact lists and third party business cards however and wherever preserved,
and any equipment provided by any entity in the Activision Blizzard Group, including, without limitation, computers, telephones,
personal digital assistants, memory cards and similar devices that you possess or have in your custody or under your control.
You will cooperate with the Activision Blizzard Group by participating in interviews to share any knowledge you may have regarding
the Activision Blizzard Group’s intellectual or other property with personnel designated by the Activision Blizzard Group.
You also agree to resign from any office held by you within the Activision Blizzard Group immediately upon termination of your
employment for any reason whatsoever (or at any time on the Employer’s request) and you irrevocably appoint any person designated
as the Activision Blizzard Group’s representative at that time as your delegate to effect such resignation. 

 

(f)        
Covenant Not to Solicit.

 

		(i)	During
                                         your employment, you shall not, at any time or for any reason, either alone or jointly,
                                         with or on behalf of others, whether as principal, partner, agent, representative, equity
                                         holder, director, employee, consultant or otherwise, directly or indirectly: (a) 
                                         offer employment to, or solicit the employment or engagement of, or otherwise entice
                                         away from the employment or engagement of the Activision Blizzard Group, either for your
                                         own account or for any other person, firm or company, any person employed or otherwise
                                         engaged by any entity in the Activision Blizzard Group, whether or not such person would
                                         commit any breach of a contract by reason of his or her leaving the service of the Activision
                                         Blizzard Group; or (b) solicit, induce or entice any client, customer, contractor, licensor,
                                         agent, supplier, partner or other business relationship of any entity in the Activision
                                         Blizzard Group to terminate, discontinue, renegotiate or otherwise cease or modify its
                                         relationship with the Activision Blizzard Group. 

 

		(ii)	For
                                         a period of two (2) years following the termination of your employment for any reason
                                         whatsoever, you shall not, at any time or for any reason, either alone or jointly, with
                                         or on behalf of others, whether as principal, partner, agent, representative, equity
                                         holder, director, employee, consultant or otherwise, directly or indirectly solicit the
                                         employment or engagement of, either for your own account or for any other person, firm
                                         or company, any person employed or otherwise engaged by any entity in the Activision
                                         Blizzard Group, whether or not such person would commit any breach of a contract by reason
                                         of his or her leaving the service of the Activision Blizzard Group. 

 

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		(iii)	During
                                         your employment and at all times following the termination of your employment for any
                                         reason whatsoever, you shall not, at any time or for any reason, use the confidential,
                                         trade secret information of the Activision Blizzard Group or any other unlawful means
                                         to directly or indirectly solicit, induce or entice any client, customer, contractor,
                                         licensor, agent, supplier, partner or other business relationship of any entity in the
                                         Activision Blizzard Group to terminate, discontinue, renegotiate or otherwise cease or
                                         modify its relationship with the Activision Blizzard Group.

 

		(iv)	You
                                         expressly acknowledge and agree that the restrictions contained in this Section 8(f)
                                         are reasonably tailored to protect the Activision Blizzard Group’s confidential
                                         information and trade secrets and to ensure that you do not violate your Duty of Loyalty
                                         or any other fiduciary duty to the Employer, and are reasonable in all circumstances
                                         in scope, duration and all other respects. The provisions of this Section 8(f) shall
                                         survive the expiration or earlier termination of this Agreement. 

 

9.             
Termination of Employment

 

(a)        
By the Employer for Cause.

 

		(i)	At
                                         any time during the Term, the Employer may terminate your employment for “Cause,”
                                         which shall mean a reasonable and good-faith determination by the Employer that you (i)
                                         engaged in gross negligence in the performance of your duties or willfully and continuously
                                         failed or refused to perform any duties reasonably requested in the course of your employment;
                                         (ii) engaged in fraud, dishonesty, or any other serious misconduct that causes or has
                                         the potential to cause, harm to any entity in the Activision Blizzard Group, including
                                         its business or reputation; (iii) materially violated any applicable lawful directives
                                         or policies of the Activision Blizzard Group or any laws, rules or regulations applicable
                                         to your employment with the Activision Blizzard Group; (iv) materially breached this
                                         Agreement; (v) materially breached any proprietary information or confidentiality agreement
                                         with any entity in the Activision Blizzard Group; (vi) were convicted of, or pled guilty
                                         or no contest to, a felony or crime involving dishonesty or moral turpitude; or (vii)
                                         materially breached your fiduciary duties to the Activision Blizzard Group. 

 

    Page 17

     

    

 

		(ii)	In
                                         the case of any termination for Cause that is curable without any residual damage (financial
                                         or otherwise) to the Employer or any entity in the Activision Blizzard Group, the Employer
                                         shall give you at least thirty (30) days written notice of its intent to terminate your
                                         employment; provided, that in no event shall any termination pursuant to clause
                                         (vi) of the definition of Cause be deemed curable. The notice shall specify (x) the effective
                                         date of your termination and (y) the particular acts or circumstances that constitute
                                         Cause for such termination. You shall be given the opportunity within fifteen (15) days
                                         after receiving the notice to explain why Cause does not exist or to cure any basis for
                                         Cause (other than a termination pursuant to clause (vi) of the definition thereof). Within
                                         fifteen (15) days after any such explanation or cure, the Employer will make its final
                                         determination regarding whether Cause exists and deliver such determination to you in
                                         writing. If the final decision is that Cause exists and no cure has occurred, your employment
                                         with the Employer shall be terminated for Cause as of the date of termination specified
                                         in the original notice. If the final decision is that Cause does not exist or a cure
                                         has occurred, your employment with the Employer shall not be terminated for Cause at
                                         that time.

 

		(iii)	If
                                         your employment terminates for any reason other than a termination by the Employer for
                                         Cause, at a time when the Employer had Cause to terminate you (or would have had Cause
                                         if it then knew all relevant facts) under clauses (i), (ii), (v), (vi) or (vii) of the
                                         definition of Cause, your termination shall be treated as a termination by the Employer
                                         for Cause.

 

(b)       
By the Employer Without Cause. The Employer may terminate your employment without Cause at any time during the Term and
such termination shall not be deemed a breach by the Employer of any term of this Agreement or any other duty or obligation, expressed
or implied, which the Employer may owe to you pursuant to any principle or provision of law.

 

(c)       
By You If Your Principal Place of Business Is Relocated Without Your Consent. At any time during the Term, you may terminate
your employment if, without your written agreement or other voluntary action on your part, the Employer reassigns your principal
place of business to a location that is more than fifty (50) miles from your principal place of business as of the Effective Date
and that materially and adversely affects your commute; provided, however, that you must (i) provide the Employer
with written notice of your intent to terminate your employment under this Section 9(c) and a description of the event you believe
gives you the right to do so within thirty (30) days after the initial existence of the event and (ii) the Employer shall
have ninety (90) days after you provide the notice described above to cure any such default (the “Cure Period”).
You will have five (5) days following the end of the Cure Period to terminate your employment, if the Employer does not cure,
after which your ability to terminate your employment under this Section 9(c) will no longer exist.

 

(d)       
Death. In the event of your death during the Term, your employment shall terminate immediately as of the date of your death.

 

(e)       
Disability. In the event that you are or become “disabled,” the Employer shall, to the extent permitted by
applicable law, have the right to terminate your employment. For purposes of this Agreement, “disabled” shall mean
that either (i) you are receiving benefits under any long-term disability plan of the Employer then in effect or (ii) if there
is no such long-term disability plan of the Employer then in effect, you have a long-term and continuous physical or mental impairment
that renders you unable to perform the duties required of you under this Agreement, even with the Employer providing you a reasonable
accommodation, as determined by a physician mutually acceptable to you and the Employer. You shall cooperate and make yourself
available for any medical examination requested by the Employer with respect to any determination of whether you are disabled
within ten (10) days of such a request. Without limiting the generality of the foregoing, to the extent provided by the Employer’s
policies and practices then in effect, you shall not receive any Base Salary during any period in which you are disabled; provided,
however, that nothing in this Section 9(e) shall impact any right you may have to any payments under the Employer’s short-term
and long-term disability plans, if any.

 

    Page 18

     

    

 

10.         
Termination of Obligations and Severance Payments

 

(a)           
General. Upon the termination of your employment pursuant to Section 9, your rights and the Employer’s obligations
to you under this Agreement shall immediately terminate except as provided in this Section 10 and Section 11(s), and you (or your
heirs or estate, as applicable) shall be entitled to receive any amounts or benefits set forth below (subject in all cases to
Sections 10(f), 11(q) and 11(r)). The payments and benefits provided pursuant to this Section 10 are (x) in lieu of any severance
or income continuation protection under any plan of the Activision Blizzard Group that may now or hereafter exist and (y) deemed
to satisfy and be in full and final settlement of all obligations of the Activision Blizzard Group to you under this Agreement.
You shall have no further right to receive any other compensation benefits following your termination of employment for any reason
except as set forth in this Section 10.

 

For the purposes of
this Agreement, the following terms shall have the following meanings:

 

“Basic
Severance” shall mean payment of (1) any Base Salary earned but unpaid as of the Termination Date; (2) any business
expenses incurred but not reimbursed under Section 5 as of the Termination Date; and (3) payment in lieu of any vacation accrued
under Section 7 but unused as of the Termination Date.

 

“Bonus
Severance” shall mean payment of:

 

		(i)	an
                                         amount equal to the Annual Bonus that the Employer determines, in its sole discretion,
                                         you would have received in accordance with Section 2(c) for any year that ended prior
                                         to the Termination Date had you remained employed through the date such bonus would have
                                         been otherwise been paid (in the event that your Termination Date occurs before such
                                         bonus would have been paid); provided, however, that in the exercise of discretion, to
                                         the extent any other similarly-situated executive has the same objective bonus measurements
                                         or metrics, the Employer will evaluate your achievement of such objective measurements
                                         or metrics in a manner consistent with such other similarly-situated executive; and

 

		(ii)	an
                                         amount equal to the Annual Bonus that the Employer determines, in its sole discretion,
                                         you would have received in accordance with Section 2(c) for the year in which your Termination
                                         Date occurs had you had remained employed through the date such bonus would have been
                                         paid, multiplied by a fraction, the numerator of which is the number corresponding to
                                         the calendar month in which the Termination Date occurs and the denominator of which
                                         is 12, where, for purposes of calculating the amount of such bonus, any goals will be
                                         measured by actual performance; provided, however, that in the exercise of discretion,
                                         to the extent any other similarly-situated executive has the same objective bonus measurements
                                         or metrics, the Employer will evaluate your achievement of such objective measurements
                                         or metrics in a manner consistent with such other similarly-situated executive.

 

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“Termination
Date” shall mean the effective date of your termination of employment pursuant to Sections 9(a)-(e).

 

(b)          
Death. In the event your employment is terminated under Section 9(d): 

 

		(i)	Basic
                                         Severance. Your heirs or estate, as the case may be, shall receive payment of the
                                         Basic Severance in a lump sum within thirty (30) days following the Termination Date
                                         unless a different payment date is prescribed by an applicable compensation, incentive
                                         or benefit plan, in which case payment shall be made in accordance with such plan;

 

		(ii)	Lump
                                         Sum Payment of Two Times Base Salary. Your heirs or estate, as the case may be, shall
                                         receive payment of an amount equal to two (2) times the Base Salary (at the rate in effect
                                         as of the Termination Date) in a lump sum within thirty (30) days following the
                                         Termination Date; provided, however, that this amount shall be reduced
                                         by any payments to which you become entitled upon death under any Employer-sponsored
                                         plan other than the $5,000,000 life insurance policy;

 

		(iii)	Bonus
                                         Severance. Your heirs or estate, as the case may be, shall receive payment of the
                                         Bonus Severance in a lump sum no later than the 15th day of the third month
                                         of the year following the year to which the underlying amount relates; and

 

		(iv)	Impact
                                         on Equity Awards. All outstanding equity awards shall cease to vest. All
                                         vested equity shall be handled in accordance with the applicable incentive plans and
                                         award agreements. Any equity awards that are not vested as of your Termination Date will
                                         be cancelled immediately.

 

		(v)	Additional
                                         Severance and PSU Termination Consideration. The Additional Severance and PSU Termination
                                         Consideration provisions set forth in Sections 10(c)(iv) and 10(c)(v)b. shall apply,
                                         subject to Section 10(c)(vi).

 

(c)         
Termination by the Employer Without Cause, by You if Your Principal Place of Business Is Relocated Without Your Consent
or by the Employer if You Become Disabled. In the event the Employer terminates your employment under Section 9(b), you terminate
your employment under Section 9(c) or the Employer terminates your employment under Section 9(e):

 

		(i)	Basic
                                         Severance. You or your legal representative, as the case may be, shall receive payment
                                         of the Basic Severance in a lump sum within thirty (30) days following the Termination
                                         Date unless a different payment date is prescribed by an applicable compensation, incentive
                                         or benefit plan, in which case payment shall be made in accordance with such plan;

 

    Page 20

     

    

 

 

		(ii)	Salary
                                         Continuation. You or your legal representative,
                                         as the case may be, shall receive the payment of an amount equal to the Base Salary (at
                                         the rate in effect on the Termination Date) that you would have received had you remained
                                         employed through the Expiration Date, which amount shall be paid in equal installments
                                         commencing on the first payroll date following the 60th day following the
                                         Termination Date in accordance with the Employer’s payroll practices as in effect
                                         from time to time, provided that the first such payment shall include any installments
                                         relating to the 60 day period following the Termination Date; provided,
                                         however, that, to the extent doing so will
                                         not result in the imposition of additional taxes under Section
                                         409A (“Section
                                         409A”)
                                         of the Internal Revenue Code of 1986, as amended and the rules and regulations promulgated
                                         thereunder (the “Code”),
                                         this amount shall be reduced by any payments which you have received or to which you
                                         become entitled under any Employer-sponsored long-term disability plan;

 

		(iii)	Bonus
                                         Severance. You or your legal representative,
                                         as the case may be, shall receive payment of the Bonus Severance in a lump sum no later
                                         than the 15th day of the third month of the year following the year to which
                                         the underlying amount relates; 

 

		(iv)	Additional Severance.

 

a.                  
You or your legal representative, as the case may be, shall receive payment of $1,666,667,
if and only if, (i) your employment is terminated pursuant to Section 9(b), 9(c), 9(d) or 9(e), (ii) your Termination Date is after
December 31, 2020 but before March 30, 2022, and (iii) the Compensation Committee determines, in its sole discretion, that Activision
Blizzard’s 2020 OI is 90% or greater than the 2020 AOP OI Objective; 

 

b.                  
You or your legal representative, as the case may be, shall receive payment of $1,666,667,
if an only if, (i) your employment is terminated pursuant to Section 9(b), 9(c), 9(d) or 9(e), (ii) your Termination Date is after
December 31, 2021 but before March 30, 2022, and (iii) the Compensation Committee determines, in its sole discretion, that Activision
Blizzard’s 2021 OI is 90% or greater than the 2021 AOP OI Objective; and

 

c.                  
You or your legal representative, as the case may be, shall receive payment of $1,666,667,
if an only if, (i) your employment is terminated pursuant to Section 9(b),9(c), 9(d) or 9(e), (ii) your Termination Date is after
December 31, 2022 but before March 30, 2023, and (iii) the Compensation Committee determines, in its sole discretion, that Activision
Blizzard’s 2022 OI is 90% or greater than the 2022 AOP OI Objective. 

 

The amounts set forth in Sections
10(c)(iv)a. through 10(c)(iv)c. are intended to be cumulative to the extent the applicable conditions are satisfied. All amounts
owed pursuant to this Section 10(c)(iv) will be paid within 30 days after the date the Compensation Committee determines that
the applicable OI conditions have been achieved (if any), provided that this is no sooner than the 60th day following the Termination
Date, and will be subject to applicable taxes and withholdings.

 

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		(v)	Impact on Equity Awards. 

 

a.                  
All outstanding equity awards shall cease to vest. All
vested equity shall be handled in accordance with the applicable incentive plans and award agreements. Any equity awards that are
not vested as of your Termination Date will be cancelled immediately; and

 

b.                  
In the event the Employer terminates your employment under Section 9(b), 9(d) or 9(e)
or you terminate your employment under Section 9(c), all unvested equity awards, including the 2020 Performance Share Units, the
2020 EPS Performance Share Units, the 2020 TSR Performance Share Units, the 2020 Additional Performance Share Units, and any outstanding
annual awards, will cease to vest and be cancelled immediately. Notwithstanding the foregoing, in the event that (i) your Termination
Date occurs after the completion of one or more applicable performance periods (i.e. fiscal years 2020, 2021, 2022, and/or any
TSR measurement period), (ii) your employment is terminated pursuant to Section 9(b), 9(c), 9(d) or 9(e)); (iii) the
Compensation Committee determines that the applicable performance objective(s) (i.e. 2020 AOP OI Objective, 2021 AOP OI Objective,
2022 AOP OI Objective, 2020 AOP EPS Objective, 2021 AOP EPS Objective, 2022 AOP EPS Objective, 2020 TSR Objective and/or the 2021
TSR Objective) have been achieved for a performance period completed prior to your Termination Date, and (iv) the applicable tranche
(i.e. the First Tranche 2020 Performance Share Units, the Second Tranche 2020 Performance Share Units, the Third Tranche 2020 Performance
Share Units, the First Tranche 2020 EPS Performance Share Units, the Second Tranche 2020 EPS Performance Share Units, the Third
Tranche 2020 EPS Performance Share Units, the First Tranche 2020 TSR Performance Share Units and/or the Second Tranche 2020 TSR
Performance Share Units) has not vested as of the Termination Date, then an amount to be calculated as provided for below in Paragraph
10(c)(iv)b.[i] shall be paid to you, (the “PSU Termination Consideration”).
This amount shall be paid within 30 days after the date the Compensation Committee determines that the applicable performance objective(s)
(i.e. 2020 AOP OI Objective, 2021 AOP OI Objective, 2022 AOP
OI Objective, 2020 AOP EPS Objective, 2021 AOP EPS Objective, 2022 AOP EPS Objective, 2020 TSR Objective and/or the 2021 TSR Objective)
have been achieved (if any), provided that this is no sooner than the 60th day following the Termination Date, and will be subject
to applicable taxes and withholdings. 

 

[i]
The formula for determining the PSU Termination Consideration for each applicable tranche
of cancelled the 2020 Performance Share Units, the 2020 EPS Performance Share Units and/or the 2020 TSR Performance Share Units,
if any, (i.e. the First Tranche 2020 Performance Share Units, the Second Tranche 2020 Performance Share Units, the Third Tranche
2020 Performance Share Units, the First Tranche 2020 EPS Performance Share Units, the Second Tranche 2020 EPS Performance Share
Units, the Third Tranche 2020 EPS Performance Share Units, the First Tranche 2020 TSR Performance Share Units and/or the Second
Tranche 2020 TSR Performance Share Units) is as follows: multiply the Grant Date Price by the product of the number of performance
share units for the applicable tranche by the ratio, as determined by the Compensation Committee, in its discretion, of the non-GAAP
operating income or the EPS for the applicable fiscal year or the TSR for the applicable time period to the AOP OI Objective or
AOP EPS Objective or TSR Objective, respectively, for the applicable fiscal year (e.g. the performance objective for the applicable
fiscal year) or applicable time period, up to the applicable Maximum Percentage.

 

    Page 22 

     

    

 

For
clarity, the following examples are provided as illustration, but not by way of limitation:

 

(x)
in the event that your employment terminates on January 1, 2021, pursuant to Section 9(b), 9(c), 9(d) or 9(e), the Compensation
Committee determines that 84% of the 2020 AOP OI Objective is achieved, 95% of the 2020 AOP EPS Objective is achieved, the number
of performance share units granted for the First Tranche 2020 Performance Share Units is 38,889, the number of performance share
units granted for the First Tranche 2020 EPS Performance Share Units is 22,222 and the Grant Date Price is $60, then $1,266,654
(less applicable taxes and withholdings) will be paid using the following calculation: $60 x [22,222 x .95] = $1,266,654. You will
receive no payment with respect to the cancelled First, Second or Third Tranche 2020 Performance Share Units, the cancelled Second
or Third Tranche 2020 EPS Performance Share Units, or the cancelled First Tranche 2020 TSR Performance Share Units and/or
the Second Tranche 2020 TSR Performance Share Units because
the applicable performance period has not been completed and/or the applicable
objectives have not been achieved. 

 

(y)
in the event that your employment terminates on January 1, 2022, pursuant to Section 9(b), 9(c), 9(d) or 9(e), the Compensation
Committee determines that 255% of the 2021 AOP OI Objective is achieved, 205% of the 2021 AOP EPS Objective is achieved, and 155%
of the 2020 TSR Objective is achieved, the Grant Date Price is $60, the number of performance share units granted for the Second
Tranche 2020 Performance Share Units is 38,889, the number
of performance share units granted for the Second Tranche 2020 EPS Performance Share Units is 22,222,
and the number of performance share units granted for the First Tranche 2020 TSR Performance Share Units is 16,667,
then $10,000,020 (less applicable taxes and withholdings) will be
paid using the following calculation: $60 x [38,889 x 2.50] + $60 x [22,222 x 2.00] + $60 x [16,667 x 1.5] = $10,000,020. You will
receive no payment with respect to the First Tranche 2020 Performance Share Units or the First Tranche 2020 EPS Performance Share
Units because such units will have already vested, if eligible. You will receive no payment with respect to the cancelled Third
Tranche 2020 Performance Share Units, the cancelled Third Tranche 2020 EPS Performance Share Units, or the cancelled Second
Tranche 2020 TSR Performance Share Units because
the applicable performance period has not been completed nor the objectives achieved.

 

    Page 23 

     

    

 

		(vi)	Severance Conditioned Upon Release.
Payments and benefits described in Sections 10(c)(ii)-10(c)(v) are conditioned upon your or your legal representative’s
execution of a waiver and release in a form prepared by the Employer and that release becoming effective and irrevocable in its
entirety within 60 days of the Termination Date. Unless otherwise
provided by the Employer, if the release referenced above does not become effective and irrevocable on or prior to the 60th
day following the Termination Date, you shall not be entitled to any payments under this Section 10(c) other than the Basic Severance.

 

(d)        
Termination by the Employer For Cause. In the event your employment is terminated by the Employer under Section 9(a),
then:

 

		(i)	Basic
                                         Severance. You shall receive payment of the Basic
                                         Severance in a lump sum within thirty (30) days following the Termination Date unless
                                         a different payment date is prescribed by an applicable compensation, incentive or benefit
                                         plan, in which case payment shall be made in accordance with such plan; and 

 

		(ii)	Impact
                                         on Equity Awards. All outstanding equity awards
                                         shall cease to vest and, whether or not vested, shall no longer be exercisable and shall
                                         be cancelled immediately.

 

(e)         
Termination on the Expiration Date. In the event your employment terminates on the Expiration Date, then:

 

		(i)	Basic
                                         Severance. You shall receive payment of the Basic
                                         Severance in a lump sum within thirty (30) days following the Termination Date unless
                                         a different payment date is prescribed by an applicable compensation, incentive or benefit
                                         plan, in which case payment shall be made in accordance with such plan; 

 

		(ii)	Bonus
                                         Severance. You shall receive payment of the Bonus
                                         Severance in a lump sum no later than the 15th day of the third month of the
                                         year following the year to which the underlying amount relates; and

 

		(iii)	Impact
                                         on Equity Awards. All outstanding equity awards
                                         shall cease to vest. All
                                         vested equity shall be handled in accordance with the applicable incentive plans and
                                         award agreements. Any equity awards that are not vested as of your Termination Date will
                                         be cancelled immediately.

 

    Page 24 

     

    

 

(f)         
Breach of Post-termination Obligations or Subsequent Employment. 

 

		(i)	Breach
                                         of Post-termination Obligations. In the event
                                         that you materially breach any of your obligations under Section 8, the Employer’s
                                         obligation, if any, to make payments and provide benefits under Section 10 (other than
                                         payment of the Basic Severance) shall immediately and permanently cease and you shall
                                         not be entitled to any such payments or benefits.

 

		(ii)	Subsequent
                                         Employment. Notwithstanding anything to the contrary
                                         contained herein, if, at any time during the Salary Continuation Period, you obtain subsequent
                                         employment and/or provide services of any kind for compensation, whether as principal,
                                         owner, partner, agent, shareholder, director, employee, consultant, advisor or otherwise,
                                         to any person, company, venture or other person or business entity, you must promptly
                                         notify the Employer and payments under Section 10(c)(ii) shall be refunded by you to
                                         the Employer (to the extent already paid) and shall be offset (to the extent payable
                                         in the future) by the amount of Base Compensation (as defined below) earned by, paid
                                         to, or granted to you during or with respect to the Salary Continuation Period. “Base
                                         Compensation” shall mean the amount of your base salary or, if applicable,
                                         wages you earn (or are paid or granted) during or with respect to any subsequent employment
                                         or services arrangement; provided,
                                         however, such base salary or wages shall be deemed, in all cases, to equal no less than
                                         35% of the total compensation (including, without limitation, any and all amounts of
                                         salary, bonus and all other kinds of cash or in-kind or equity-based compensation) you
                                         earn, are paid, or are granted during or with respect to such subsequent employment or
                                         services arrangement and which are paid to you, vest or otherwise accrue with respect
                                         to services performed by you, during or with respect to the Salary Continuation Period.

 

11.        
General Provisions

 

(a)        
Entire Agreement. This Agreement, together with the Confidential Information Agreement, the Activision Blizzard Group
Dispute Resolution Agreement (the “Dispute Resolution Agreement”, as referenced in Section 11(k) below),
and the New Employee Letter and Certification (as defined in Section 11(d)), and the Employer’s Executive Stock Ownership
Guidelines, supersede all prior or contemporaneous agreements and statements, whether written or oral, concerning the terms of
your employment with the Activision Blizzard Group, and no amendment or modification of these agreements shall be binding unless
it is set forth in a writing signed by both the Employer and you. To the extent that this Agreement conflicts with any of the Employer’s
policies, procedures, rules or regulations, this Agreement shall supersede the other policies, procedures, rules or regulations.

 

(b)        
Use of Employee’s Name and Likeness. You hereby irrevocably grant the Activision Blizzard Group the right, but
not the obligation, to use your name or likeness in any product made by the Activision Blizzard Group or for any publicity or advertising
purpose in any medium now known or hereafter existing.

 

    Page 25 

     

    

 

(c)        
Assignment. This Agreement and the rights and obligations hereunder shall not be assignable or transferable by you without
the prior written consent of the Employer. The Employer may assign this Agreement or all or any part of its rights and obligations
under this Agreement at any time to any member of the Activision Blizzard Group or to a successor to all or substantially all of
the business or assets of the Employer and following such assignment all references to the Employer shall be deemed to refer to
such assignee and the Employer shall thereafter have no obligation under this Agreement.

 

(d)        
No Conflict with Prior Agreements. You represent to the Employer that neither your
commencement of employment under this Agreement nor the performance of your duties under this Agreement conflicts or will conflict
with any contractual or legal commitment on your part to any third party, nor does it or will it violate or interfere with any
rights of any third party. If you have acquired any confidential or proprietary information in the course of your prior employment
or otherwise in connection with your provision of services to any entity outside the Activision Blizzard Group, during the Term
you will fully comply with any duties to such entity then-applicable to you not to disclose or otherwise use such information.
Without limiting the generality of the foregoing, you acknowledge signing and delivering to the Employer the New Employee Letter
and Certification attached as Exhibit C hereto (the “New Employee
Letter and Certification”) as of the Effective Date and you agree that all terms and conditions contained in such
agreement, and all of your obligations and commitments provided for in such agreement, shall be deemed, and hereby are, incorporated
into this Agreement as if set forth in full herein.

 

(e)        
Successors. This Agreement shall be binding on and inure to the benefit of the Employer and its successors and assigns,
including successors by merger and operation of law. This Agreement shall also be binding on and inure to the benefit of you and
your heirs, executors, administrators and legal representatives. 

 

(f)         Waiver. No waiver by you or the Employer at any time of any breach by the other party of, or compliance with, any condition
or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same or at any prior or subsequent time. No waiver of any provision of this Agreement shall be implied from
any course of dealing between or among the parties hereto or from any failure by any party hereto to assert its rights hereunder
on any occasion or series of occasions. 

 

(g)        
Expiration. This Agreement does not constitute a commitment of the Employer with regard to your employment, express or
implied, other than to the extent expressly provided for herein. Upon the Expiration Date, or, if earlier, the termination of this
Agreement pursuant to Section 9, neither the Employer nor you shall have any obligation to the other with respect to your continued
employment. 

 

(h)        
Taxation. The Employer may withhold from any payments made under the Agreement all federal, state, city or other applicable
taxes or amounts as shall be required or permitted pursuant to any law, governmental regulation or ruling or agreement with you.

 

    Page 26 

     

    

 

(i)          
Immigration and Background Check. In accordance with the Immigration Reform and Control Act of 1986, employment under
this Agreement is conditioned upon satisfactory proof of your identity and legal ability to work in the United States. In addition,
this contract of employment is conditioned upon your successful completion of a background check (as determined by the Employer
in its discretion). Honesty during the hiring process and throughout an employee’s tenure is required, and any suspected
misrepresentations, falsifications or material omissions, no matter when discovered by the Employer, may result in disqualification
from any or continued employment. Accordingly, you acknowledge and agree that pursuant to the conditions articulated in this Section
11(i) that failure to provide proof of your identity and legal ability to work in the United States pursuant to U.S. law or failure
to successfully complete the Employer’s background check process shall constitute a material breach of this Agreement pursuant
to Section 9(a)(i) of this Agreement.

 

(j)          
Choice of Law. Except to the extent governed by federal law, this Agreement shall be governed by and construed in accordance
with the laws of the State of California or whatever other state in which you were last employed by the Employer, without regard
to conflict of law principles. 

 

(k)        
Arbitration. Except as otherwise provided in this Agreement, both parties agree that
any dispute or controversy between them will be settled by final and binding arbitration pursuant to the terms of the Dispute
Resolution Agreement (attached hereto as Exhibit B).

 

(l)         
Severability. It is expressly agreed by the parties that each of the provisions included in Section 8(f) is separate,
distinct, and severable from the other and remaining provisions of Section 8(f), and that the invalidity or unenforceability of
any Section 8(f) provision shall not affect the validity or enforceability of any other provision or provisions of this Agreement.
If any provision of this Agreement is held to be illegal, invalid or unenforceable under, or would require the commission of any
act contrary to, existing or future laws effective during the Term, such provisions shall be fully severable, the Agreement shall
be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement,
and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal,
invalid or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable
provision, there shall be added automatically as part of this Agreement a legal and enforceable provision as similar in terms to
such illegal, invalid or unenforceable provision as may be possible. 

 

(m)         Services Unique. You recognize that the services being performed by you under this Agreement are of a special, unique,
unusual, extraordinary and intellectual character giving them a peculiar value, the loss of which cannot be reasonably or adequately
compensated for in damages in the event of a breach of this Agreement by you.

 

(n)        
Injunctive Relief. In the event of a breach of or threatened breach of the provisions of this Agreement regarding the
exclusivity of your services and the provisions of Section 8, you agree that any remedy at law would be inadequate.  Accordingly,
you agree that the Employer is entitled to obtain injunctive relief for such breaches or threatened breaches in any court of competent
jurisdiction. The injunctive relief provided for in Exhibit B and this Section 11(n) is in addition to, and is not in limitation
of, any and all other remedies at law or in equity otherwise available to the applicable party. The parties agree to waive the
requirement of posting a bond in connection with a court or arbitrator’s issuance of an injunction. 

 

    Page 27 

     

    

 

(o)        
Remedies Cumulative. The remedies in this Agreement are not exclusive, and the parties shall have the right to pursue
any other legal or equitable remedies to enforce the terms of this Agreement.

 

(p)         Headings. The headings set forth herein are included solely for the purpose of identification and shall not be used for
the purpose of construing the meaning of the provisions of this Agreement.

 

(q)         Section
409A. To the extent applicable, it is intended that the Agreement comply with the provisions of Section 409A. The Agreement will
be administered and interpreted in a manner consistent with this intent, and any provision that would cause the Agreement to fail
to satisfy Section 409A will have no force and effect until amended to comply therewith (which amendment may be retroactive to
the extent permitted by Section 409A). Notwithstanding anything contained herein to the contrary, to the extent any payment under
this Agreement is subject to Section 409A, you shall not be considered to have terminated employment with the Employer for purposes
of the Agreement and no payments shall be due to you under the Agreement which are payable upon your termination of employment
unless you would be considered to have incurred a “separation from service” from the Employer within the meaning of
Section 409A. To the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that
would otherwise be payable and benefits that would otherwise be provided pursuant to the Agreement during the six-month period
immediately following your termination of employment shall instead be paid on the first business day after the date that is six
months following your termination of employment (or upon your death, if earlier). In addition, for purposes of the Agreement,
each amount to be paid or benefit to be provided to you pursuant to the Employment Agreement shall be construed as a separate
identified payment for purposes of Section 409A. With respect to expenses eligible for reimbursement under the terms of the Agreement,
(i) the amount of such expenses eligible for reimbursement in any taxable year shall not affect the expenses eligible for reimbursement
in another taxable year and (ii) any reimbursements of such expenses shall be made no later than the end of the calendar year
following the calendar year in which the related expenses were incurred, except, in each case, to the extent that the right to
reimbursement does not provide for a “deferral of compensation” within the meaning of Section 409A; provided,
however that with respect to any reimbursements for any taxes to which you become
entitled under the terms of the Agreement, the payment of such reimbursements shall be made by the Employer no later than the
end of the calendar year following the calendar year in which you remit the related taxes.

 

(r)           Section
280G and Section 162(m). Notwithstanding anything herein to the contrary, in the event that you receive any payments or distributions,
whether payable, distributed or distributable pursuant to the terms of this Agreement or otherwise, that constitute “parachute
payments” within the meaning of Section 280G of the Code, and the net after-tax amount of the parachute payment is
less than the net after-tax amount if the aggregate payment to be made to you were three times your “base amount”
(as defined in Section 280G(b)(3) of the Code), less $1.00, then the aggregate of the amounts constituting the parachute
payment shall be reduced to an amount that will equal three times your base amount, less $1.00. To the extent the aggregate of
the amounts constituting the parachute payments are required to be so reduced, the amounts provided under Section 10 of this Agreement
shall be reduced (if necessary, to zero) with amounts that are payable first reduced first; provided,
however, that, in all events the payments provided under Section 10 of this
Agreement which are not subject to Section 409A shall be reduced first. Similarly, you agree that no payments or distributions,
whether payable, distributed or distributable pursuant to the terms of this Agreement or otherwise, shall be made to you if the
Employer reasonably anticipates that Section 162(m) of the Code would prevent the Employer from receiving a deduction for such
payment. If, however, any payment is not made pursuant to the previous sentence, the Employer shall make such payment as soon
as practicable in the first calendar year that it reasonably determines that it can do so and still receive a deduction for such
payment. The determinations to be made with respect to this Section 11(r) shall be made by a certified public accounting
firm designated by the Employer.

 

    Page 28 

     

    

 

(s)          Survivability. The provisions of Sections 2(d), 2(i), 8, 10, 11 and 12, as well as Exhibits A through E, the shall survive
the termination or expiration of this Agreement

 

(t)         
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and both of which
together shall constitute one and the same instrument.

 

(u)        
Legal Counsel. You acknowledge that you have been given the opportunity to consult with legal counsel or any other advisor
of your own choosing regarding this Agreement. The Employer shall pay the reasonable costs and expenses of such legal counsel not
to exceed $33,000, and you shall bear any applicable taxes with respect to such payment. You understand and agree that any attorney
retained by the Employer, the Activision Blizzard Group or any member of management who has discussed any term or condition of
this Agreement with you or your advisor is only acting on behalf of the Employer and not on your behalf.

 

(v)        
Right to Negotiate. You hereby acknowledge that you have been given the opportunity to participate in the negotiation
of the terms of this Agreement. You acknowledge and confirm that you have read this Agreement and fully understand its terms and
contents.

 

(w)       
No Broker. You have given no indication, representation or commitment of any nature to any broker, finder, agent or other
third party to the effect that any fees or commissions of any nature are, or under any circumstances might be, payable by the Activision
Blizzard Group in connection with your employment under this Agreement.

 

12.         
Indemnification

 

The Employer agrees
that it shall indemnify and hold you harmless to the fullest extent permitted by Delaware law from and against any and all third-party
liabilities, costs and claims, and all expenses actually and reasonably incurred by you in connection therewith by reason of the
fact that you are or were employed by the Activision Blizzard Group, including, without limitation, all costs and expenses actually
and reasonably incurred by you in defense of litigation arising out of your employment hereunder.

 

13.        
Notices

 

All notices which either
party is required or may desire to give the other shall be in writing and given either personally, via email, or by depositing
the same in the United States mail or Federal Express, and addressed to the party to be given notice at the applicable addresses
as follows:

 

    Page 29 

     

    

 

	To the Employer:	
        Activision Blizzard, Inc.

        3100 Ocean Park Boulevard

        Santa Monica, California 90405

        Attention: Chief Legal Officer

         

        By email:

        EmploymentAgreements@activision.com

	 	 
	To You:	
        Daniel Alegre

        (use last known address on file)

         

        By email:

        (use last known email address on file)

 

Either party may by
written notice designate a different address for giving of notices. The date of mailing of any such notices shall be deemed to
be the date on which such notice is given.

 

ACCEPTED AND AGREED TO:

 

	Employer	 	Employee
	 	 	 
	Activision BLIZZARD, Inc.	 	 
	 	 	 
	By:	 	 	 
	 	Claudine Naughton	 	Daniel Alegre
	 	Chief People Officer	 	 
	 	 	 	 
	Date:	 	 	Date:	 

 

    Page 30 

     

    

 

 

Exhibit A

 

Confidential Information Agreement

 

 

     Page 31

     

    

Exhibit B

 

Dispute Resolution Agreement

 

     Page 32

     

    

 

Exhibit C

 

New Employee Letter and Certification

 

 

     Page 33

     

    

 

Exhibit D

 

Relocation Summary

     Page 34

     

    

 

Exhibit E

 

Executive Stock Ownership Guidelines

 

     Page 35EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED CREDIT AGREEMENT 

by and among 
 JOHN B.
SANFILIPPO & SON, INC. 
 as Borrower, 

THE LENDERS THAT ARE SIGNATORIES HERETO 

as the Lenders, 
 and

 WELLS FARGO CAPITAL FINANCE, LLC 

as the Arranger and Administrative Agent, 

Dated as of March 5, 2020 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 1. DEFINITIONS AND CONSTRUCTION
	  	 	1	 
			
	 1.1.
	 	Definitions	  	 	1	 
	 1.2.
	 	Accounting Terms	  	 	1	 
	 1.3.
	 	Code	  	 	2	 
	 1.4.
	 	Construction	  	 	2	 
	 1.5.
	 	Time References	  	 	3	 
	 1.6.
	 	Schedules and Exhibits	  	 	3	 
	 1.7.
	 	Divisions	  	 	3	 
	 1.8.
	 	Effect of Amendment and Restatement; No Novation	  	 	3	 
		
	 2. LOAN AND TERMS OF PAYMENT
	  	 	4	 
			
	 2.1.
	 	Revolver Advances	  	 	4	 
	 2.2.
	 	[Reserved.]	  	 	5	 
	 2.3.
	 	Borrowing Procedures and Settlements	  	 	5	 
	 2.4.
	 	Payments	  	 	12	 
	 2.5.
	 	Overadvances	  	 	15	 
	 2.6.
	 	Interest Rates and Letter of Credit Fee: Rates, Payments, and Calculations	  	 	16	 
	 2.7.
	 	Cash Management	  	 	17	 
	 2.8.
	 	Crediting Payments	  	 	18	 
	 2.9.
	 	Designated Account	  	 	19	 
	 2.10.
	 	Maintenance of Loan Account; Statements of Obligations	  	 	19	 
	 2.11.
	 	Fees	  	 	19	 
	 2.12.
	 	Letters of Credit	  	 	20	 
	 2.13.
	 	LIBOR Option	  	 	28	 
	 2.14.
	 	Capital Requirements	  	 	31	 
	 2.15.
	 	Maximum Revolver Amount Increases	  	 	31	 
	 2.16.
	 	Extensions of Revolver Commitments	  	 	33	 
		
	 3. CONDITIONS; TERM OF AGREEMENT
	  	 	35	 
			
	 3.1.
	 	Conditions Precedent to the Initial Extension of Credit	  	 	35	 
	 3.2.
	 	Conditions Precedent to all Extensions of Credit	  	 	36	 
	 3.3.
	 	Term	  	 	36	 
	 3.4.
	 	Effect of Termination	  	 	36	 
	 3.5.
	 	Early Termination by Borrower	  	 	37	 
		
	 4. REPRESENTATIONS AND WARRANTIES
	  	 	37	 
			
	 4.1.
	 	No Encumbrances	  	 	37	 
	 4.2.
	 	Eligible Accounts	  	 	37	 
	 4.3.
	 	Eligible Inventory	  	 	38	 
	 4.4.
	 	Equipment	  	 	38	 
	 4.5.
	 	[Reserved.]	  	 	38	 
	 4.6.
	 	Inventory Records	  	 	38	 
	 4.7.
	 	Jurisdiction of Organization; Location of Chief Executive Office; Organizational Identification Number; Commercial Tort Claims	  	 	38	 
	 4.8.
	 	Due Organization and Qualification; Subsidiaries	  	 	39	 
	 4.9.
	 	Due Authorization; No Conflict	  	 	39	 

  
 -i- 

							
	 4.10.
	 	Litigation	  	 	40	 
	 4.11.
	 	Financial Statements and Condition	  	 	41	 
	 4.12.
	 	Fraudulent Transfer	  	 	41	 
	 4.13.
	 	Employee Benefits	  	 	41	 
	 4.14.
	 	Environmental Condition	  	 	41	 
	 4.15.
	 	Intellectual Property	  	 	41	 
	 4.16.
	 	Leases	  	 	42	 
	 4.17.
	 	Deposit Accounts and Securities Accounts	  	 	42	 
	 4.18.
	 	Complete Disclosure	  	 	42	 
	 4.19.
	 	Indebtedness	  	 	43	 
	 4.20.
	 	Growers’ Liens	  	 	43	 
	 4.21.
	 	OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws	  	 	43	 
	 4.22.
	 	Margin Stock	  	 	43	 
	 4.23.
	 	Hedge Agreements	  	 	43	 
	 4.24.
	 	Patriot Act	  	 	44	 
		
	 5. AFFIRMATIVE COVENANTS
	  	 	44	 
			
	 5.1.
	 	Books and Records	  	 	44	 
	 5.2.
	 	Collateral Reporting	  	 	44	 
	 5.3.
	 	Financial Statements, Reports, Certificates	  	 	44	 
	 5.4.
	 	Guarantor Reports	  	 	44	 
	 5.5.
	 	Inspection	  	 	45	 
	 5.6.
	 	Maintenance of Properties	  	 	45	 
	 5.7.
	 	Taxes	  	 	45	 
	 5.8.
	 	Insurance	  	 	45	 
	 5.9.
	 	Location of Inventory	  	 	46	 
	 5.10.
	 	Compliance with Laws	  	 	46	 
	 5.11.
	 	[Reserved.]	  	 	46	 
	 5.12.
	 	Existence	  	 	46	 
	 5.13.
	 	Environmental	  	 	47	 
	 5.14.
	 	Disclosure Updates	  	 	47	 
	 5.15.
	 	Control Agreements	  	 	47	 
	 5.16.
	 	Formation of Subsidiaries	  	 	47	 
	 5.17.
	 	Further Assurances	  	 	48	 
	 5.18.
	 	[Intentionally Omitted]	  	 	48	 
	 5.19.
	 	Growers’ Liens	  	 	48	 
	 5.20.
	 	OFAC; Sanctions; Anti-Corruption Laws; Anti-Money Laundering Laws	  	 	48	 
		
	 6. NEGATIVE COVENANTS
	  	 	49	 
			
	 6.1.
	 	Indebtedness	  	 	49	 
	 6.2.
	 	Liens	  	 	50	 
	 6.3.
	 	Restrictions on Fundamental Changes	  	 	50	 
	 6.4.
	 	Disposal of Collateral	  	 	51	 
	 6.5.
	 	Change Name	  	 	51	 
	 6.6.
	 	Nature of Business	  	 	51	 
	 6.7.
	 	Prepayments and Amendments	  	 	51	 
	 6.8.
	 	[Reserved]	  	 	52	 
	 6.9.
	 	[Reserved]	  	 	52	 
	 6.10.
	 	Distributions	  	 	52	 
	 6.11.
	 	Accounting Methods	  	 	52	 
	 6.12.
	 	Investments	  	 	52	 
	 6.13.
	 	Transactions with Affiliates	  	 	52	 

  
 -ii- 

							
	 6.14.
	 	Use of Proceeds	  	 	53	 
	 6.15.
	 	[Reserved]	  	 	53	 
	 6.16.
	 	Fixed Charge Coverage Ratio	  	 	53	 
		
	 7. EVENTS OF DEFAULT
	  	 	54	 
		
	 8. THE LENDER GROUP’S RIGHTS AND REMEDIES
	  	 	56	 
			
	 8.1.
	 	Rights and Remedies	  	 	56	 
	 8.2.
	 	Remedies Cumulative	  	 	56	 
		
	 9. TAXES AND EXPENSES
	  	 	56	 
		
	 10. WAIVERS; INDEMNIFICATION
	  	 	57	 
			
	 10.1.
	 	Demand; Protest; Etc.	  	 	57	 
	 10.2.
	 	The Lender Group’s Liability for Collateral	  	 	57	 
	 10.3.
	 	Indemnification	  	 	57	 
		
	 11. NOTICES
	  	 	58	 
		
	 12. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER
	  	 	59	 
		
	 13. ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS
	  	 	60	 
			
	 13.1.
	 	Assignments and Participations	  	 	60	 
	 13.2.
	 	Successors	  	 	63	 
		
	 14. AMENDMENTS; WAIVERS
	  	 	63	 
			
	 14.1.
	 	Amendments and Waivers	  	 	63	 
	 14.2.
	 	Replacement of Holdout Lender	  	 	65	 
	 14.3.
	 	No Waivers; Cumulative Remedies	  	 	66	 
		
	 15. AGENT; THE LENDER GROUP
	  	 	66	 
			
	 15.1.
	 	Appointment and Authorization of Agent	  	 	66	 
	 15.2.
	 	Delegation of Duties	  	 	67	 
	 15.3.
	 	Liability of Agent	  	 	67	 
	 15.4.
	 	Reliance by Agent	  	 	68	 
	 15.5.
	 	Notice of Default or Event of Default	  	 	68	 
	 15.6.
	 	Credit Decision	  	 	68	 
	 15.7.
	 	Costs and Expenses; Indemnification	  	 	69	 
	 15.8.
	 	Agent in Individual Capacity	  	 	69	 
	 15.9.
	 	Successor Agent	  	 	70	 
	 15.10.
	 	Lender in Individual Capacity	  	 	70	 
	 15.11.
	 	Collateral Matters	  	 	70	 
	 15.12.
	 	Restrictions on Actions by Lenders; Sharing of Payments	  	 	71	 
	 15.13.
	 	Agency for Perfection	  	 	72	 
	 15.14.
	 	Payments by Agent to the Lenders	  	 	72	 
	 15.15.
	 	Concerning the Collateral and Related Loan Documents	  	 	72	 
	 15.16.
	 	Field Audits and Examination Reports; Confidentiality; Disclaimers by Lenders; Other Reports and Information	  	 	73	 
	 15.17.
	 	Several Obligations; No Liability	  	 	74	 

  
 -iii- 

							
		
	 16. WITHHOLDING TAXES
	  	 	74	 
			
	 16.1.
	 	Payments	  	 	74	 
	 16.2.
	 	Exemptions	  	 	75	 
	 16.3.
	 	Reductions	  	 	77	 
	 16.4.
	 	Refunds	  	 	77	 
		
	 17. GENERAL PROVISIONS
	  	 	78	 
			
	 17.1.
	 	Effectiveness	  	 	78	 
	 17.2.
	 	Section Headings	  	 	78	 
	 17.3.
	 	Interpretation	  	 	78	 
	 17.4.
	 	Severability of Provisions	  	 	78	 
	 17.5.
	 	Bank Product Providers	  	 	78	 
	 17.6.
	 	Lender-Creditor Relationship	  	 	79	 
	 17.7.
	 	Counterparts; Electronic Execution	  	 	79	 
	 17.8.
	 	Revival and Reinstatement of Obligations	  	 	80	 
	 17.9.
	 	Confidentiality	  	 	80	 
	 17.10.
	 	Lender Group Expenses	  	 	82	 
	 17.11.
	 	USA PATRIOT Act	  	 	82	 
	 17.12.
	 	Integration	  	 	82	 
	 17.13.
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	82	 
	 17.14.
	 	Acknowledgement Regarding Any Supported QFCs	  	 	83	 

  
 -iv- 

 EXHIBITS AND SCHEDULES 

 

			
	Exhibit A-1	  	Form of Assignment and Acceptance
	Exhibit B-1	  	Form of Borrowing Base Certificate
	Exhibit B-2	  	Form of Bank Product Provider Agreement
	Exhibit C-1	  	Form of Compliance Certificate
	Exhibit G-1	  	Form of Guaranty
	Exhibit L-1	  	Form of LIBOR Notice
		
	Schedule A-1	  	Agent’s Account
	Schedule A-2	  	Authorized Persons
	Schedule C-1	  	Commitments
	Schedule D-1	  	Designated Account
	Schedule E-1	  	Eligible Inventory Locations
	Schedule P-1	  	Permitted Holders
	Schedule P-2	  	Permitted Liens
	Schedule 1.1	  	Definitions
	Schedule 2.7(a)	  	Cash Management Banks
	Schedule 3.1	  	Conditions Precedent
	Schedule 4.7(a)	  	States of Organization
	Schedule 4.7(b)	  	Chief Executive Offices
	Schedule 4.7(c)	  	Organizational Identification Numbers
	Schedule 4.7(d)	  	Commercial Tort Claims
	Schedule 4.8(b)	  	Capitalization of Borrower
	Schedule 4.8(c)	  	Capitalization of Borrower’s Subsidiaries
	Schedule 4.10	  	Litigation
	Schedule 4.13	  	Employee Benefits
	Schedule 4.14	  	Environmental Matters
	Schedule 4.15	  	Intellectual Property
	Schedule 4.17	  	Deposit Accounts and Securities Accounts
	Schedule 4.19	  	Permitted Indebtedness
	Schedule 5.2	  	Collateral Reporting
	Schedule 5.3	  	Financial Statements, Reports, Certificates

  

  
 -v- 

 AMENDED AND RESTATED CREDIT AGREEMENT 

THIS AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”), dated as of March 5, 2020, is by and among the
lenders identified on the signature pages hereof (such lenders, together with their respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and collectively as the
“Lenders”), WELLS FARGO CAPITAL FINANCE, LLC (f/k/a Wells Fargo Foothill, LLC), a Delaware limited liability company, as the arranger and administrative agent for the Lenders (in such capacity, together with its successors
and assigns in such capacity, “Agent”), and JOHN B. SANFILIPPO & SON, INC., a Delaware corporation (“Borrower”). 

WHEREAS, Borrower, Agent and certain Lenders are party to that certain Credit Agreement (as amended, supplemented or otherwise modified
from time to time, the “Original Credit Agreement”) dated as of February 7, 2008 (the “Original Closing Date”); and 

WHEREAS, the parties to the Original Credit Agreement desire to amend and restate the Original Credit Agreement in its entirety
pursuant to this Agreement; 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1.
DEFINITIONS AND CONSTRUCTION. 
 1.1. Definitions. 

Capitalized terms used in this Agreement shall have the meanings specified therefor on Schedule 1.1. 

1.2. Accounting Terms. 

All accounting terms not specifically defined herein shall be construed in accordance with GAAP; provided, that if Borrower notifies
Agent that Borrower requests an amendment to any provision hereof to eliminate the effect of any Accounting Change occurring after the Closing Date or in the application thereof on the operation of such provision (or if Agent notifies Borrower that
the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such Accounting Change or in the application thereof, then Agent and Borrower agree that they will
negotiate in good faith amendments to the provisions of this Agreement that are directly affected by such Accounting Change with the intent of having the respective positions of the Lenders and Borrower after such Accounting Change conform as nearly
as possible to their respective positions immediately before such Accounting Change took effect and, until any such amendments have been agreed upon and agreed to by the Required Lenders, the provisions in this Agreement shall be calculated as if no
such Accounting Change had occurred. When used herein, the term “financial statements” shall include the notes and schedules thereto. Whenever the term “Borrower” is used in respect of a financial covenant or a related
definition, it shall be understood to mean the Borrower and its Subsidiaries on a consolidated basis, unless the context clearly requires otherwise. Notwithstanding anything to the contrary contained herein, all financial

 
statements delivered hereunder shall be prepared, and all financial covenants contained herein shall be calculated, without giving effect to any election under the Statement of Financial
Accounting Standards Board’s Accounting Standards Codification Topic 825 (or any similar accounting principle) permitting a Person to value its financial liabilities or Indebtedness at the fair value thereof. Notwithstanding any changes in GAAP
after the Closing Date, any lease of Borrower or any of its Subsidiaries that would be characterized as an operating lease under GAAP in effect on the Closing Date (whether such lease is entered into before or after the Closing Date) shall be
treated as an operating lease and shall not constitute a Capital Lease under this Agreement and the other Loan Documents as a result of such changes in GAAP unless otherwise agreed to in writing by the Borrower and Agent. 

1.3. Code. 
 Any
terms used in this Agreement that are defined in the Code shall be construed and defined as set forth in the Code unless otherwise defined herein; provided, however, that to the extent that the Code is used to define any term herein
and such term is defined differently in different Articles of the Code, the definition of such term contained in Article 9 of the Code shall govern. 

1.4. Construction. 

Unless the context of this Agreement or any other Loan Document clearly requires otherwise, references to the plural include the singular,
references to the singular include the plural, the terms “includes” and “including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase
“and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement or any other Loan Document refer to this Agreement or such other Loan Document, as the case may be,
as a whole and not to any particular provision of this Agreement or such other Loan Document, as the case may be. Section, subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified. Any reference in
this Agreement or in any other Loan Document to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and
thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein). Any reference herein or in any other Loan
Document to the satisfaction, repayment, or payment in full of the Obligations shall mean (a) the payment or repayment in full in immediately available funds of (i) the principal amount of, and interest accrued and unpaid with respect to,
all outstanding Loans, together with the payment of any premium applicable to the repayment of the Loans, (ii) all Lender Group Expenses that have accrued and are unpaid regardless of whether demand has been made therefor, and (iii) all
fees or charges that have accrued hereunder or under any other Loan Document (including the Letter of Credit Fee and the Unused Line Fee) and are unpaid, (b) in the case of contingent reimbursement obligations with respect to Letters of Credit,
providing Letter of Credit Collateralization, (c) in the case of obligations with respect to Bank Products (other than Hedge Obligations), providing Bank Product Collateralization, (d) the receipt by Agent of cash collateral in order to
secure any other contingent Obligations for which a claim or demand for payment has been made on or prior to such time, such cash collateral to be in such amount as Agent reasonably determines is appropriate to secure such contingent Obligations,
(e) the payment or repayment in full in immediately available funds of all 

  
 -2- 

 
other outstanding Obligations (including the payment of any termination amount then applicable (or which would or could become applicable as a result of the repayment of the other Obligations)
under Hedge Agreements provided by Hedge Providers) other than (i) unasserted contingent indemnification Obligations, (ii) any Bank Product Obligations (other than Hedge Obligations) that, at such time, are allowed by the applicable Bank
Product Provider to remain outstanding without being required to be repaid or cash collateralized, and (iii) any Hedge Obligations that, at such time, are allowed by the applicable Hedge Provider to remain outstanding without being required to
be repaid, and (f) the termination of all of the Commitments of the Lenders.    Any reference herein to any Person shall be construed to include such Person’s successors and assigns. Any requirement of a writing
contained herein or in any other Loan Document shall be satisfied by the transmission of a Record and any Record so transmitted shall constitute a representation and warranty as to the accuracy and completeness of the information contained therein.
Any reference herein to the knowledge of Borrower and/or its Subsidiaries shall mean the knowledge of the Responsible Officers. 
 1.5.
Time References. 
 Unless the context of this Agreement or any other Loan Document clearly requires otherwise, all
references to time of day refer to Eastern standard time or Eastern daylight saving time, as in effect in Atlanta, Georgia on such day. For purposes of the computation of a period of time from a specified date to a later specified date, unless
otherwise expressly provided, the word “from” means “from and including” and the words “to” and “until” each means “to and including”; provided, that with respect to a computation of fees or
interest payable to Agent or any Lender, (i) fees and interest shall be payable for the actual number of days elapsed (including the first day of such period but excluding the last day of such period) and (ii) such period shall in any
event consist of at least one full day. 
 1.6. Schedules and Exhibits. 

All of the schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference. 

1.7. Divisions. 

For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event
under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original
Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Stock at such time. 

1.8. Effect of Amendment and Restatement; No Novation. 

Upon the effectiveness of this Agreement, the Original Credit Agreement shall be amended and restated in its entirety by this Agreement. The
Original Obligations outstanding on the Closing Date shall continue in full force and effect as Obligations under this Agreement, and the effectiveness of this Agreement shall not constitute a novation or repayment of the Original

  
 -3- 

 
Obligations. Without limiting the foregoing, upon the effectiveness of this Agreement, the outstanding “Revolving Advances” (as defined in the Original Credit Agreement) shall
constitute Advances and the outstanding “Swing Line Advances” (as defined in the Original Credit Agreement) shall constitute Swing Loans. Such Original Obligations, together with any and all additional Obligations incurred by Borrower
under this Agreement or under any of the other Loan Documents, shall continue to be secured by the Collateral, whether now existing or hereafter acquired and wheresoever located, all as more specifically set forth in the Loan Documents. Borrower
hereby reaffirms its obligations, liabilities, grants of security interests, pledges and the validity of all covenants by it contained in any and all Loan Documents, as amended, supplemented or otherwise modified by this Agreement and by the other
Loan Documents delivered on the Closing Date. Any and all references in any Loan Documents to the Original Credit Agreement shall be deemed to be amended to refer to this Agreement. 

2. LOAN AND TERMS OF PAYMENT. 
 2.1.
Revolver Advances. 
 (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, each
Lender with a Revolver Commitment agrees (severally, not jointly or jointly and severally) to make advances (“Advances”) to Borrower in an amount at any one time outstanding not to exceed such Lender’s Pro Rata Share of an
amount equal to the lesser of (i) the Maximum Revolver Amount less the Letter of Credit Usage at such time, and (ii) the Borrowing Base at such time less the Letter of Credit Usage at such time. The Lenders with Revolver Commitments shall
have no obligation to make additional Advances hereunder to the extent that such additional Advances would cause Revolver Usage to exceed the Maximum Revolver Amount. 

(b) Anything to the contrary in this Section 2.1 notwithstanding, Agent shall have the right to establish reserves
against the Borrowing Base (including, without limitation, reserves in the amount of any taxes or tax liens that are the subject of a Permitted Protest) in such amounts, and with respect to such matters, as Agent in its Permitted Discretion shall
deem necessary or appropriate, including reserves with respect to (i) sums that Borrower or its Subsidiaries are required to pay under any Section of this Agreement or any other Loan Document (such as taxes, assessments, insurance premiums, or,
in the case of leased assets, rents or other amounts payable under such leases) and has failed to pay, and (ii) amounts owing by Borrower or its Subsidiaries to any Person to the extent secured by a Lien on, or trust over, any of the Collateral
(other than a Permitted Lien), which Lien or trust, in the Permitted Discretion of Agent likely would have a priority superior to the Agent’s Liens (such as Liens or trusts in favor of landlords, warehousemen, carriers, mechanics, materialmen,
laborers, suppliers or growers of agricultural products, or Liens or trusts for ad valorem, excise, sales, or other taxes where given priority under applicable law) in and to such item of the Collateral, except, in the case of any landlord or
warehouseman, to the extent that Agent shall have received a Collateral Access Agreement from such Person. 
 (c) Amounts borrowed pursuant
to this Section 2.1 may be repaid and, subject to the terms and conditions of this Agreement, reborrowed at any time during the term of this Agreement. The outstanding principal amount of the Advances, together with
interest accrued thereon, shall be due and payable on the Latest Maturity Date or, if earlier, on the date on which they are declared due and payable pursuant to the terms of this Agreement. 

  
 -4- 

 2.2. [Reserved.] 

2.3. Borrowing Procedures and Settlements. 

(a) Procedure for Borrowing. Each Borrowing shall be made by a written request by an Authorized Person delivered to Agent (which may be
delivered through Agent’s electronic platform or portal) and received by Agent no later than 2:00 p.m. (i) on the Business Day that is the requested Funding Date in the case of a request for a Swing Loan, (ii) on the Business Day that
is one Business Day prior to the requested Funding Date in the case of a request for a Base Rate Loan, and (iii) on the Business Day that is three Business Days prior to the requested Funding Date in the case of all other requests, specifying
(A) the amount of such Borrowing, and (B) the requested Funding Date (which shall be a Business Day); provided, that Agent may, in its sole discretion, elect to accept as timely requests that are received later than 2:00 p.m. on the
applicable Business Day. All Borrowing requests which are not made on-line via Agent’s electronic platform or portal shall be subject to (and unless Agent elects otherwise in the exercise of its sole
discretion, such Borrowings shall not be made until the completion of) Agent’s authentication process (with results satisfactory to Agent) prior to the funding of any such requested Advance. 

(b) Making of Swing Loans. In the case of an Advance (other than an Advance requested to be a LIBOR Rate Loan in accordance with
Section 2.13) and so long as any of (i) the aggregate amount of Swing Loans made since the last Settlement Date, minus all payments or other amounts applied to Swing Loans since the last Settlement Date, plus
the amount of the requested Swing Loan does not exceed $15,000,000, or (ii) Swing Lender, in its sole discretion, agrees to make a Swing Loan notwithstanding the foregoing limitation, Swing Lender shall make an Advance (any such Advance made by
Swing Lender pursuant to this Section 2.3(b) being referred to as a “Swing Loan” and all such Advances being referred to as “Swing Loans”) available to Borrower on the Funding Date
applicable thereto by transferring immediately available funds in the amount of such Borrowing to the Designated Account. Each Swing Loan shall be deemed to be an Advance hereunder and shall be subject to all the terms and conditions (including
Section 3) applicable to other Advances, except that all payments (including interest) on any Swing Loan shall be payable to Swing Lender solely for its own account. Subject to the provisions of
Section 2.3(d)(ii), Swing Lender shall not make and shall not be obligated to make any Swing Loan if Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in
Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender shall not otherwise be
required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making any Swing Loan. The Swing Loans shall be secured by
Agent’s Liens, constitute Advances and Obligations, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans. 

  
 -5- 

 (c) Making of Advances. 

(i) In the event that Swing Lender is not obligated to make a Swing Loan, then promptly after receipt of a request for a Borrowing pursuant to
Section 2.3(a)(i), Agent shall notify the Lenders by telecopy, telephone, email, or other electronic form of transmission, of the requested Borrowing; such notification to be sent on the Business Day that is (A) in the
case of a Base Rate Loan, at least one Business Day prior to the requested Funding Date, or (B) in the case of a LIBOR Rate Loan, prior to 2:00 p.m. at least three (3) Business Days prior to the requested Funding Date. If Agent has
notified the Lenders of a requested Borrowing on the Business Day that is one Business Day prior to the Funding Date, then each Lender shall make the amount of such Lender’s Pro Rata Share of the requested Borrowing available to Agent in
immediately available funds, to Agent’s Account, not later than 1:00 p.m. on the Business Day that is the requested Funding Date. After Agent’s receipt of the proceeds of such Advances from the Lenders, Agent shall make the proceeds
thereof available to Borrower on the applicable Funding Date by transferring immediately available funds equal to such proceeds received by Agent to the Designated Account; provided, that subject to the provisions of
Section 2.3(d)(ii), no Lender shall have an obligation to make any Advance, if (1) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the
requested Funding Date for the applicable Borrowing unless such condition has been waived, or (2) the requested Borrowing would exceed the Availability on such Funding Date. 

(ii) Unless Agent receives notice from a Lender prior to 12:30 p.m. on the Business Day that is the requested Funding Date relative to a
requested Borrowing as to which Agent has notified the Lenders of a requested Borrowing that such Lender will not make available as and when required hereunder to Agent for the account of Borrower the amount of that Lender’s Pro Rata Share of
the Borrowing, Agent may assume that each Lender has made or will make such amount available to Agent in immediately available funds on the Funding Date and Agent may (but shall not be so required), in reliance upon such assumption, make available
to Borrower a corresponding amount. If, on the requested Funding Date, any Lender shall not have remitted the full amount that it is required to make available to Agent in immediately available funds and if Agent has made available to Borrower such
amount on the requested Funding Date, then such Lender shall make the amount of such Lender’s Pro Rata Share of the requested Borrowing available to Agent in immediately available funds, to Agent’s Account, no later than 1:00 p.m. on the
Business Day that is the first Business Day after the requested Funding Date (in which case, the interest accrued on such Lender’s portion of such Borrowing for the Funding Date shall be for Agent’s separate account). If any Lender shall
not remit the full amount that it is required to make available to Agent in immediately available funds as and when required hereby and if Agent has made available to Borrower such amount, then that Lender shall be obligated to immediately remit
such amount to Agent, together with interest at the Defaulting Lender Rate for each day until the date on which such amount is so remitted. A notice submitted by Agent to any Lender with respect to amounts owing under this
Section 2.3(c)(ii) shall be conclusive, absent manifest error. If the amount that a Lender is required to remit is made available to Agent, then such payment to Agent shall constitute such Lender’s Advance for all
purposes of this Agreement. If such amount is not made available to Agent on the Business Day following the Funding Date, Agent will notify Borrower of such failure to fund and, upon demand by Agent, Borrower shall pay such amount to Agent for
Agent’s account, together with interest thereon for each day elapsed since the date of such Borrowing, at a rate per annum equal to the interest rate applicable at the time to the Advances composing such Borrowing (it being understood
that the amount of such interest shall be payable only once). The failure of any Lender to make any Advance on any Funding Date shall not relieve any other Lender of any obligation hereunder to make an Advance on any Funding Date, but no Lender be
responsible for the failure of any other Lender to make the Advance to be made by such other Lender on any Funding Date. 

  
 -6- 

 (d) Protective Advances and Optional Overadvances. 

(i) Agent hereby is authorized by Borrower and the Lenders, from time to time in Agent’s sole discretion, (A) after the occurrence
and during the continuance of a Default or an Event of Default, or (B) at any time that any of the other applicable conditions precedent set forth in Section 3 are not satisfied, to make Advances to Borrower on behalf
of the Lenders that Agent, in its Permitted Discretion, deems necessary or desirable (1) to preserve or protect the Collateral, or any portion thereof, but only so long as an Event of Default has occurred and remains continuing, (2) to
enhance the likelihood of repayment of the Obligations (other than the Bank Product Obligations), but only so long as an Event of Default has occurred and remains continuing, or (3) to pay any other amount chargeable to Borrower pursuant to the
terms of this Agreement, including Lender Group Expenses and the costs, fees, and expenses described in Section 9 (any of the Advances described in this Section 2.3(d)(i) shall be referred to as
“Protective Advances”); provided, however, that after giving effect to any such Protective Advance, the total amount of Protective Advances then outstanding shall not exceed $8,000,000, less the amount of any
then outstanding Overadvances. 
 (ii) Any contrary provision of this Agreement notwithstanding, the Lenders hereby authorize Agent or Swing
Lender, as applicable, and either Agent or Swing Lender, as applicable, may, but is not obligated to, knowingly and intentionally, continue to make Advances (including Swing Loans) to Borrower notwithstanding that an Overadvance exists or thereby
would be created, so long as (A) after giving effect to such Advances, the outstanding Revolver Usage does not exceed the Borrowing Base by more than $8,000,000, less the amount of any then outstanding Protective Advances, and
(B) after giving effect to such Advances, the outstanding Revolver Usage (except for and excluding amounts charged to the Loan Account for interest, fees, or Lender Group Expenses) does not exceed the Maximum Revolver Amount. In the event Agent
obtains actual knowledge that the Revolver Usage exceeds the amounts permitted by the immediately foregoing provisions, regardless of the amount of, or reason for, such excess, Agent shall notify the Lenders as soon as practicable (and prior to
making any (or any additional) intentional Overadvances (except for and excluding amounts charged to the Loan Account for interest, fees, or Lender Group Expenses) unless Agent determines that prior notice would result in imminent harm to the
Collateral or its value), and the Lenders with Revolver Commitments thereupon shall, together with Agent, jointly determine the terms of arrangements that shall be implemented with Borrower intended to reduce, within a reasonable time, the
outstanding principal amount of the Advances to Borrower to an amount permitted by the preceding sentence. In such circumstances, if any Lender with a Revolver Commitment objects to the proposed terms of reduction or repayment of any Overadvance,
the terms of reduction or repayment thereof shall be implemented according to the determination of the Required Lenders. Each Lender with a Revolver Commitment shall be obligated to settle with Agent as provided in
Section 2.3(e) for the amount of such Lender’s Pro Rata Share of any unintentional Overadvances by Agent reported to such Lender, any intentional Overadvances made as permitted under this
Section 2.3(d)(ii), and any Overadvances resulting from the charging to the Loan Account of interest, fees, or Lender Group Expenses. 

(iii) Each Protective Advance and each Overadvance shall be deemed to be an Advance hereunder, except that no Protective Advance or
Overadvance shall be eligible to be a LIBOR Rate Loan and, prior to Settlement therefor, all payments on the Protective Advances shall be payable to Agent solely for its own account. The Protective Advances and Overadvances shall be repayable on
demand, secured by the Agent’s Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances that are Base Rate Loans. The provisions of this Section 2.3(d) are for the
exclusive benefit of Agent, Swing Lender, and the Lenders and are not intended to benefit Borrower in any way. 

  
 -7- 

 (e) Settlement. It is agreed that each Lender’s funded portion of the
Advances is intended by the Lenders to equal, at all times, such Lender’s Pro Rata Share of the outstanding Advances. Such agreement notwithstanding, Agent, Swing Lender, and the other Lenders agree (which agreement shall not be for the benefit
of Borrower) that in order to facilitate the administration of this Agreement and the other Loan Documents, settlement among the Lenders as to the Advances, the Swing Loans, and the Protective Advances shall take place on a periodic basis in
accordance with the following provisions: 
 (i) Agent shall request settlement (“Settlement”) with the Lenders on a weekly
basis, or on a more frequent basis if so determined by Agent (1) on behalf of Swing Lender, with respect to the outstanding Swing Loans, (2) for itself, with respect to the outstanding Protective Advances, and (3) with respect to
Borrower’s or its Subsidiaries’ Collections or payments received, as to each by notifying the Lenders by telecopy, telephone, or other similar form of transmission, of such requested Settlement, no later than 5:00 p.m. on the Business Day
immediately prior to the date of such requested Settlement (the date of such requested Settlement being the “Settlement Date”). Such notice of a Settlement Date shall include a summary statement of the amount of outstanding
Advances, Swing Loans, and Protective Advances for the period since the prior Settlement Date. Subject to the terms and conditions contained herein (including Section 2.3(c)(iii)): (y) if a Lender’s balance of the
Advances (including Swing Loans and Protective Advances) exceeds such Lender’s Pro Rata Share of the Advances (including Swing Loans and Protective Advances) as of a Settlement Date, then Agent shall, by no later than 3:00 p.m. on the
Settlement Date, transfer in immediately available funds to a Deposit Account of such Lender (as such Lender may designate), an amount such that each such Lender shall, upon receipt of such amount, have as of the Settlement Date, its Pro Rata Share
of the Advances (including Swing Loans and Protective Advances), and (z) if a Lender’s balance of the Advances (including Swing Loans and Protective Advances) is less than such Lender’s Pro Rata Share of the Advances (including Swing
Loans and Protective Advances) as of a Settlement Date, such Lender shall no later than 3:00 p.m. on the Settlement Date transfer in immediately available funds to the Agent’s Account, an amount such that each such Lender shall, upon transfer
of such amount, have as of the Settlement Date, its Pro Rata Share of the Advances (including Swing Loans and Protective Advances). Such amounts made available to Agent under clause (z) of the immediately preceding sentence shall be applied
against the amounts of the applicable Swing Loans or Protective Advances and, together with the portion of such Swing Loans or Protective Advances representing Swing Lender’s Pro Rata Share thereof, shall constitute Advances of such Lenders. If
any such amount is not made available to Agent by any Lender on the Settlement Date applicable thereto to the extent required by the terms hereof, Agent shall be entitled to recover for its account such amount on demand from such Lender together
with interest thereon at the Defaulting Lender Rate. 
 (ii) In determining whether a Lender’s balance of the Advances, Swing Loans,
and Protective Advances is less than, equal to, or greater than such Lender’s Pro Rata Share of the Advances, Swing Loans, and Protective Advances as of a Settlement Date, Agent shall, as part of the relevant Settlement, apply to such balance
the portion of payments actually received in good funds by Agent with respect to principal, interest, fees payable by Borrower and allocable to the Lenders hereunder, and proceeds of Collateral. To the extent that a net amount is owed to any such
Lender after such application, such net amount shall be distributed by Agent to that Lender as part of such next Settlement. 

  
 -8- 

 (iii) Between Settlement Dates, Agent, to the extent Protective Advances or Swing Loans are
outstanding, may pay over to Agent or Swing Lender, as applicable, any Collections or payments received by Agent, that in accordance with the terms of this Agreement would be applied to the reduction of the Advances, for application to the
Protective Advances or Swing Loans. Between Settlement Dates, Agent, to the extent no Protective Advances or Swing Loans are outstanding, may pay over to Swing Lender any Collections or payments received by Agent, that in accordance with the terms
of this Agreement would be applied to the reduction of the Advances, for application to Swing Lender’s Pro Rata Share of the Advances. If, as of any Settlement Date, Collections or payments of Borrower or its Subsidiaries received since the
then immediately preceding Settlement Date have been applied to Swing Lender’s Pro Rata Share of the Advances other than to Swing Loans, as provided for in the previous sentence, Swing Lender shall pay to Agent for the accounts of the Lenders,
and Agent shall pay to the Lenders, to be applied to the outstanding Advances of such Lenders, an amount such that each Lender shall, upon receipt of such amount, have, as of such Settlement Date, its Pro Rata Share of the Advances. During the
period between Settlement Dates, Swing Lender with respect to Swing Loans, Agent with respect to Protective Advances, and each Lender (subject to the effect of agreements between Agent and individual Lenders) with respect to the Advances other than
Swing Loans and Protective Advances, shall be entitled to interest at the applicable rate or rates payable under this Agreement on the daily amount of funds employed by Swing Lender, Agent, or the Lenders, as applicable. 

(f) Notation. Agent shall record on its books the principal amount of the Advances owing to each Lender, including the Swing
Loans owing to Swing Lender, and Protective Advances owing to Agent, and the interests therein of each Lender, from time to time and such records shall, absent manifest error, conclusively be presumed to be correct and accurate. 

(g) Defaulting Lenders. 

(i) Notwithstanding the provisions of Section 2.4(b)(ii), Agent shall not be obligated to transfer to a Defaulting
Lender any payments made by Borrower to Agent for the Defaulting Lender’s benefit or any proceeds of Collateral that would otherwise be remitted hereunder to the Defaulting Lender, and, in the absence of such transfer to the Defaulting Lender,
Agent shall transfer any such payments (A) first, to Agent to the extent of any Protective Advances that were made by Agent and that were required to be, but were not, paid by Defaulting Lender, (B) second, to Swing Lender to the extent of
any Swing Loans that were made by Swing Lender and that were required to be, but were not, paid by the Defaulting Lender, (C) third, to Issuing Lender, to the extent of the portion of a Letter of Credit Disbursement that was required to be, but
was not, paid by the Defaulting Lender, (D) fourth, to each Non-Defaulting Lender ratably in accordance with their Commitments (but, in each case, only to the extent that such Defaulting Lender’s
portion of an Advance (or other funding obligation) was funded by such other Non-Defaulting Lender), (E) fifth, in Agent’s sole discretion, to a suspense account maintained by Agent, the proceeds of which
shall be retained by Agent and may be made available to be re-advanced to or for the benefit of Borrower (upon the request of Borrower and subject to the conditions set forth in
Section 3.2) as if such Defaulting Lender had made its portion of Advances (or other funding obligations) hereunder, and (F) sixth, from and after the date on which all other

  
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Obligations have been paid in full, to such Defaulting Lender in accordance with tier (L) of Section 2.4(b)(ii). Subject to the foregoing, Agent may hold and, in
its discretion, re-lend to Borrower for the account of such Defaulting Lender the amount of all such payments received and retained by Agent for the account of such Defaulting Lender. Solely for the purposes
of voting or consenting to matters with respect to the Loan Documents (including the calculation of Pro Rata Share in connection therewith) and for the purpose of calculating the fee payable under Section 2.12(b), such
Defaulting Lender shall be deemed not to be a “Lender” and such Lender’s Commitment shall be deemed to be zero; provided, that the foregoing shall not apply to any of the matters governed by
Section 14.1(a) through (c). The provisions of this Section 2.3(g) shall remain effective with respect to such Defaulting Lender until the earlier of (y) the date on which all of the Non-Defaulting Lenders, Agent, Issuing Lender, and Borrower shall have waived, in writing, the application of this Section 2.3(g) to such Defaulting Lender, or (z) the date on which
such Defaulting Lender makes payment of all amounts that it was obligated to fund hereunder, pays to Agent all amounts owing by Defaulting Lender in respect of the amounts that it was obligated to fund hereunder, and, if requested by Agent, provides
adequate assurance of its ability to perform its future obligations hereunder (on which earlier date, so long as no Event of Default has occurred and is continuing, any remaining cash collateral held by Agent pursuant to
Section 2.3(g)(ii) shall be released to Borrower). The operation of this Section 2.3(g) shall not be construed to increase or otherwise affect the Commitment of any Lender, to relieve or excuse the
performance by such Defaulting Lender or any other Lender of its duties and obligations hereunder, or to relieve or excuse the performance by Borrower of its duties and obligations hereunder to Agent, Issuing Lender, or to the Lenders other than
such Defaulting Lender. Any failure by a Defaulting Lender to fund amounts that it was obligated to fund hereunder shall constitute a material breach by such Defaulting Lender of this Agreement and shall entitle Borrower, at its option, upon written
notice to Agent, to arrange for a substitute Lender to assume the Commitment of such Defaulting Lender, such substitute Lender to be reasonably acceptable to Agent. In connection with the arrangement of such a substitute Lender, the Defaulting
Lender shall have no right to refuse to be replaced hereunder, and agrees to execute and deliver a completed form of Assignment and Acceptance in favor of the substitute Lender (and agrees that it shall be deemed to have executed and delivered such
document if it fails to do so) subject only to being paid its share of the outstanding Obligations (other than Bank Product Obligations, but including (1) all interest, fees, and other amounts that may be due and payable in respect thereof, and
(2) an assumption of its Pro Rata Share of its participation in the Letters of Credit); provided, that any such assumption of the Commitment of such Defaulting Lender shall not be deemed to constitute a waiver of any of the Lender
Groups’ or Borrower’s rights or remedies against any such Defaulting Lender arising out of or in relation to such failure to fund. In the event of a direct conflict between the priority provisions of this
Section 2.3(g) and any other provision contained in this Agreement or any other Loan Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible,
to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.3(g) shall control and govern. 

  
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 (ii) If any Swing Loan or Letter of Credit is outstanding at the time that a Lender becomes
a Defaulting Lender then: 
 (A) such Defaulting Lender’s Swing Loan Exposure and Letter of Credit Exposure shall be reallocated among
the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares but only to the extent (x) the sum of all Non-Defaulting Lenders’ Pro Rata Share
of Revolver Usage plus such Defaulting Lender’s Swing Loan Exposure and Letter of Credit Exposure does not exceed the total of all Non-Defaulting Lenders’ Revolver Commitments and
(y) the conditions set forth in Section 3.2 are satisfied at such time; 
 (B) if the reallocation described
in clause (A) above cannot, or can only partially, be effected, Borrower shall within one Business Day following notice by the Agent (x) first, prepay such Defaulting Lender’s Swing Loan Exposure (after giving effect to any partial
reallocation pursuant to clause (A) above), and (y) second, cash collateralize such Defaulting Lender’s Letter of Credit Exposure (after giving effect to any partial reallocation pursuant to clause (A) above), pursuant to a cash
collateral agreement to be entered into in form and substance reasonably satisfactory to the Agent, for so long as such Letter of Credit Exposure is outstanding; provided, that Borrower shall not be obligated to cash collateralize any
Defaulting Lender’s Letter of Credit Exposure if such Defaulting Lender is also Issuing Lender; 
 (C) if Borrower cash collateralize
any portion of such Defaulting Lender’s Letter of Credit Exposure pursuant to this Section 2.3(g)(ii), Borrower shall not be required to pay any Letter of Credit Fees to Agent for the account of such Defaulting Lender
pursuant to Section 2.6(b) with respect to such cash collateralized portion of such Defaulting Lender’s Letter of Credit Exposure during the period such Letter of Credit Exposure is cash collateralized; 

(D) to the extent the Letter of Credit Exposure of the Non-Defaulting Lenders is reallocated pursuant
to this Section 2.3(g)(ii), then the Letter of Credit Fees payable to the Non-Defaulting Lenders pursuant to Section 2.6(b) shall be adjusted in accordance
with such Non-Defaulting Lenders’ Letter of Credit Exposure; 
 (E) to the extent any
Defaulting Lender’s Letter of Credit Exposure is neither cash collateralized nor reallocated pursuant to this Section 2.3(g)(ii), then, without prejudice to any rights or remedies of Issuing Lender or any Lender
hereunder, all Letter of Credit Fees that would have otherwise been payable to such Defaulting Lender under Section 2.6(b) with respect to such portion of such Letter of Credit Exposure shall instead be payable to Issuing
Lender until such portion of such Defaulting Lender’s Letter of Credit Exposure is cash collateralized or reallocated; 
 (F) so long
as any Lender is a Defaulting Lender, the Swing Lender shall not be required to make any Swing Loan and Issuing Lender shall not be required to issue, amend, or increase any Letter of Credit, in each case, to the extent (x) the Defaulting
Lender’s Pro Rata Share of such Swing Loans or Letter of Credit cannot be reallocated pursuant to this Section 2.3(g)(ii), or (y) the Swing Lender or Issuing Lender, as applicable, has not otherwise entered into
arrangements reasonably satisfactory to the Swing Lender or Issuing Lender, as applicable, and Borrower to eliminate the Swing Lender’s or Issuing Lender’s risk with respect to the Defaulting Lender’s participation in Swing Loans or
Letters of Credit; and 
 (G) Agent may release any cash collateral provided by Borrower pursuant to this
Section 2.3(g)(ii) to Issuing Lender and Issuing Lender may apply any such cash collateral to the payment of such Defaulting Lender’s Pro Rata Share of any Letter of Credit Disbursement that is not reimbursed by
Borrower pursuant to Section 2.12(d). Subject to Section 17.13, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender
arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased
exposure following such reallocation. 

  
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 (h) Independent Obligations. All Advances (other than Swing Loans and Protective
Advances) shall be made by the Lenders contemporaneously and in accordance with their Pro Rata Shares. It is understood that (i) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Advance
(or other extension of credit) hereunder, nor shall any Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligations hereunder, and (ii) no failure by any Lender to perform its
obligations hereunder shall excuse any other Lender from its obligations hereunder. 
 2.4. Payments 

(a) Payments by Borrower. 

(i) Except as otherwise expressly provided herein, all payments by Borrower shall be made to Agent’s Account for the account of the
Lender Group and shall be made in immediately available funds, no later than 4:30 p.m. on the date specified herein; provided that, for the avoidance of doubt, any payments deposited into a Controlled Account shall be deemed not to be
received by Agent on any Business Day unless immediately available funds have been credited to Agent’s Account on or prior to 4:30 p.m. on such Business Day. Any payment received by Agent in immediately available funds in Agent’s
Account later than 4:30 p.m. shall be deemed to have been received (unless Agent, in its sole discretion, elects to credit it on the date received) on the following Business Day and any applicable interest or fee shall continue to accrue until
such following Business Day. 
 (ii) Unless Agent receives notice from Borrower prior to the date on which any payment is due to the Lenders
that Borrower will not make such payment in full as and when required, Agent may assume that Borrower has made (or will make) such payment in full to Agent on such date in immediately available funds and Agent may (but shall not be so required), in
reliance upon such assumption, distribute to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent Borrower does not make such payment in full to Agent on the date when due, each Lender severally shall
repay to Agent on demand such amount distributed to such Lender, together with interest thereon at the Defaulting Lender Rate for each day from the date such amount is distributed to such Lender until the date repaid. 

(b) Apportionment and Application. 

(i) So long as no Application Event has occurred and is continuing and except as otherwise provided with respect to Defaulting Lenders, all
principal and interest payments shall be apportioned ratably among the Lenders (according to the unpaid principal balance of the Obligations to which such payments relate held by each Lender) and all payments of fees and expenses (other than fees or
expenses that are for Agent’s separate account) shall be apportioned ratably among the Lenders having a Pro Rata Share of the type of Commitment or Obligation to which a particular fee or expense relates. All payments to be made hereunder by
Borrower shall be remitted to Agent and all (subject to Section 2.4(b)(iv) hereof) such payments, and all proceeds of Collateral received by Agent, shall be applied, so long as no Application Event has occurred and is
continuing, to reduce the balance of the Advances outstanding and, thereafter, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law. 

  
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 (ii) At any time that an Application Event has occurred and is continuing and except as
otherwise provided with respect to Defaulting Lenders, all payments remitted to Agent and all proceeds of Collateral received by Agent shall be applied as follows: 

(A) first, to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then due to Agent under the Loan
Documents, until paid in full, 
 (B) second, to pay any fees or premiums then due to Agent under the Loan Documents until paid in
full, 
 (C) third, to pay interest due in respect of all Protective Advances until paid in full, 

(D) fourth, to pay the principal of all Protective Advances until paid in full, 

(E) fifth, ratably to pay any Lender Group Expenses (including cost or expense reimbursements) or indemnities then due to any of the
Lenders under the Loan Documents, until paid in full, 
 (F) sixth, ratably to pay any fees or premiums then due to any of the
Lenders under the Loan Documents until paid in full, 
 (G) seventh, to pay interest accrued in respect of the Swing Loans, until
paid in full, 
 (H) eighth, to pay the principal of all Swing Loans, until paid in full, 

(I) ninth, ratably, to pay interest accrued in respect of the Advances (other than Protective Advances and Swing Loans), until paid in
full, 
 (J) tenth, ratably (i) ratably, to pay the principal of all Advances until paid in full, (ii) to Agent, to be held
by Agent, for the benefit of Issuing Lender (and for the ratable benefit of each of the Lenders that have an obligation to pay to Agent, for the account of Issuing Lender, a share of each Letter of Credit Disbursement), as cash collateral in an
amount up to 105% of the Letter of Credit Usage (to the extent permitted by applicable law, such cash collateral shall be applied to the reimbursement of any Letter of Credit Disbursement as and when such disbursement occurs and, if a Letter of
Credit expires undrawn, the cash collateral held by Agent in respect of such Letter of Credit shall, to the extent permitted by applicable law, be reapplied pursuant to this Section 2.4(b)(iii), beginning with tier
(A) hereof), and (iii) ratably, up to the lesser of (y) the amount (after taking into account any amounts previously paid pursuant to this clause (iii) during the continuation of the applicable Application Event) of the most
recently 

  
 -13- 

 
established Bank Product Reserve, which amount was established prior to the occurrence of, and not in contemplation of, the subject Application Event, and (z) $3,000,000 (after taking into
account any amounts previously paid pursuant to this clause (iii) during the continuation of the applicable Application Event), to (I) the Bank Product Providers based upon amounts then certified by each applicable Bank Product Provider to
Agent (in form and substance satisfactory to Agent) to be due and payable to such Bank Product Provider on account of Bank Product Obligations (but not in excess of the Bank Product Reserve established for the Bank Product Obligations of such Bank
Product Provider), and (II) with any balance to be paid to Agent, to be held by Agent, for the ratable benefit of the Bank Product Providers, as cash collateral (which cash collateral may be released by Agent to the applicable Bank Product
Provider and applied by such Bank Product Provider to the payment or reimbursement of any amounts due and payable with respect to Bank Product Obligations owed to the applicable Bank Product Provider as and when such amounts first become due and
payable and, if and at such time as all such Bank Product Obligations are paid or otherwise satisfied in full, the cash collateral held by Agent in respect of such Bank Product Obligations shall be reapplied pursuant to this
Section 2.4(b)(ii), beginning with tier (A) hereof), 
 (K) eleventh, to pay any other Obligations
other than Obligations owed to Defaulting Lenders (including being paid, ratably, to the Bank Product Providers on account of all amounts then due and payable in respect of Bank Product Obligations, with any balance to be paid to Agent, to be held
by Agent, for the ratable benefit of the Bank Product Providers, as cash collateral (which cash collateral may be released by Agent to the applicable Bank Product Provider and applied by such Bank Product Provider to the payment or reimbursement of
any amounts due and payable with respect to Bank Product Obligations owed to the applicable Bank Product Provider as and when such amounts first become due and payable and, if and at such time as all such Bank Product Obligations are paid or
otherwise satisfied in full, the cash collateral held by Agent in respect of such Bank Product Obligations shall be reapplied pursuant to this Section 2.4(b)(ii), beginning with tier (A) hereof), 

(L) twelfth, ratably to pay any Obligations owed to Defaulting Lenders, and 

(M) thirteenth, to Borrower (to be wired to the Designated Account) or such other Person entitled thereto under applicable law. 

(iii) Agent promptly shall distribute to each Lender, pursuant to the applicable wire instructions received from each Lender in writing, such
funds as it may be entitled to receive, subject to a Settlement delay as provided in Section 2.3(e). 
 (iv) In
each instance, so long as no Application Event has occurred and is continuing, Section 2.4(b)(i) shall not apply to any payment made by Borrower to Agent and specified by Borrower to be for the payment of specific
Obligations then due and payable (or prepayable) under any provision of this Agreement. 

  
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 (v) For purposes of Section 2.4(b)(ii), “paid in full”
means payment of all amounts owing under the Loan Documents according to the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued after the commencement of any Insolvency
Proceeding), default interest, interest on interest, and expense reimbursements, whether or not any of the foregoing would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding. 

(vi) In the event of a direct conflict between the priority provisions of this Section 2.4 and any other provision
contained in any other Loan Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable
conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.4 shall control and govern. 

(c) Mandatory Prepayments. Within three (3) Business Days after the date of the receipt by Borrower or any of its
Subsidiaries of the proceeds of any voluntary or involuntary sale or disposition (including casualty losses but excluding sales or dispositions which qualify as Permitted Dispositions) by Borrower or any of its Subsidiaries of property or assets
constituting Collateral, Borrower shall prepay the outstanding principal amount of the Obligations in accordance with Section 2.4(d) in an amount equal to 100% of the Net Cash Proceeds received by such Person in connection
with such sales or dispositions; provided, however, that so long as no Event of Default has occurred and is continuing, such Net Cash Proceeds may be reinvested in the business of Borrower and its Subsidiaries within 365 days of
receipt thereof, provided that to the extent such Net Cash Proceeds are not reinvested within 365 days, prepayment of the Obligations shall be required as provided above. Immediately after giving effect to any such prepayment, Agent shall
recalculate the Borrowing Base to reflect that such sale or disposition has occurred. Nothing contained in this Section 2.4(c) shall permit Borrower or any of its Subsidiaries to sell or otherwise dispose of any Collateral
other than in accordance with Section 6.4. 
 (d) Application of Payments. Each prepayment
pursuant to Section 2.4(c) above shall (A) so long as no Application Event shall have occurred and be continuing, be applied, first, to the outstanding principal amount of the Advances (without a corresponding
permanent reduction in the Maximum Revolver Amount), until paid in full, and second, if an Event of Default has occurred and is continuing, to cash collateralize the Letters of Credit in an amount equal to 105% of the then extant Letter of
Credit Usage (without a corresponding permanent reduction in the Maximum Revolver Amount), and (B) if an Application Event shall have occurred and be continuing, be applied in the manner set forth in
Section 2.4(b)(ii). 
 2.5. Overadvances. 

If, at any time or for any reason, the amount of Obligations owed by Borrower to the Lender Group pursuant to
Section 2.1 or Section 2.12 is greater than any of the limitations set forth in Section 2.1 or Section 2.12, as applicable (an
“Overadvance”), Borrower immediately shall pay to Agent, in immediately available funds, the amount of such excess, which amount shall be used by Agent to reduce the Obligations in accordance with the priorities set forth in
Section 2.4(b). Notwithstanding the foregoing, the provisions of the prior sentence shall not apply to optional Overadvances under Section 2.3(d). Borrower promises to pay the Obligations
(including principal, interest, fees, costs, and expenses) in Dollars in full on the Latest Maturity Date or, if earlier, on the date on which the Obligations are declared due and payable pursuant to the terms of this Agreement. 

  
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 2.6. Interest Rates and Letter of Credit Fee: Rates, Payments, and Calculations.

 (a) Interest Rates. Except as provided in Section 2.6(c), all Obligations (except for undrawn
Letters of Credit and except for Bank Product Obligations) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest on the Daily Balance thereof as follows: 

(i) if the relevant Obligation is a LIBOR Rate Loan, at a per annum rate equal to the LIBOR Rate plus the LIBOR Rate Margin, and 

(ii) otherwise, at a per annum rate equal to the Base Rate plus the Base Rate Margin. 

(b) Letter of Credit Fee. Borrower shall pay Agent (for the ratable benefit of the Lenders with a Revolver Commitment, subject to
any agreements between Agent and individual Lenders), a Letter of Credit fee (in addition to the charges, commissions, fees, and costs set forth in Section 2.12(e)) which shall accrue at a rate equal to the L/C Margin times
the Daily Balance of the undrawn amount of all outstanding Letters of Credit. 
 (c) Default Rate. Upon the occurrence
and during the continuation of an Event of Default (and at the written election of the Supermajority Lenders), 
 (i) all Obligations
(except for undrawn Letters of Credit and except for Bank Product Obligations) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest on the Daily Balance thereof at a per annum rate equal to 2 percentage points
above the per annum rate otherwise applicable hereunder, and 
 (ii) the Letter of Credit fee provided for in
Section 2.6(b) shall be increased to 2 percentage points above the per annum rate otherwise applicable hereunder. 

(d) Payment. Except to the extent provided to the contrary in Section 2.11,
Section 2.12(k) or Section 2.13(a), (i) all interest and all other fees payable hereunder or under any of the other Loan Documents (other than Letter of Credit Fees) shall be due and payable, in
arrears, on the first day of each month, (ii) all Letter of Credit Fees payable hereunder, and all fronting fees and all commissions, other fees, charges and expenses provided for in Section 2.12(k) shall be due and
payable, in arrears, on the first Business Day of each month, and (iii) all costs and expenses payable hereunder or under any of the other Loan Documents, and all other Lender Group Expenses shall be due and payable on (x) with respect to
Lender Group Expenses outstanding as of the Closing Date, the Closing Date, and (y) otherwise, the earlier of (A) the first day of the month following the date on which the applicable costs, expenses, or Lender Group Expenses were first
incurred, or (B) the date on which demand therefor is made by Agent (it being acknowledged and agreed that any charging of such costs, expenses or Lender Group Expenses to the Loan Account pursuant to the provisions of the following sentence
shall be deemed to constitute a demand for payment thereof for the purposes of this subclause (y)). Borrower hereby authorizes Agent, from time to time without prior notice to Borrower, to charge to the Loan Account (A) on the first day of each
month, all interest accrued during the prior month on the Advances hereunder, (B) on the first Business Day of each month, all Letter of Credit Fees accrued or chargeable hereunder during the prior month, (C) as and when incurred or
accrued, all fees and costs provided 

  
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for in Section 2.11(a) or (c), (D) on the first day of each month, the Unused Line Fee accrued during the prior month pursuant to
Section 2.11(b), (E) as and when due and payable, all other fees payable hereunder or under any of the other Loan Documents, (F) on the Closing Date and thereafter as and when incurred or accrued, all other Lender
Group Expenses, and (G) as and when due and payable all other payment obligations payable under any Loan Document or any Bank Product Agreement (including any amounts due and payable to the Bank Product Providers in respect of Bank Products).
All amounts (including interest, fees, costs, expenses, Lender Group Expenses, or other amounts payable hereunder or under any other Loan Document or under any Bank Product Agreement) charged to the Loan Account shall thereupon constitute Advances
hereunder, shall constitute Obligations hereunder, and shall initially accrue interest at the rate then applicable to Advances that are Base Rate Loans (unless and until converted into LIBOR Rate Loans in accordance with the terms of this
Agreement). 
 (e) Computation. All interest and fees (other than with respect to Base Rate Loans) chargeable under the
Loan Documents shall be computed on the basis of a 360 day year for the actual number of days elapsed. Interest with respect to Base Rate Loans hereunder shall be calculated on the actual number of days elapsed over a year of 365 or 366 days, as
applicable. In the event the Base Rate is changed from time to time hereafter, the rates of interest hereunder based upon the Base Rate automatically and immediately shall be increased or decreased by an amount equal to such change in the Base Rate.

 (f) Intent to Limit Charges to Maximum Lawful Rate. In no event shall the interest rate or rates payable under this
Agreement, plus any other amounts paid in connection herewith, exceed the highest rate permissible under any law that a court of competent jurisdiction shall, in a final determination, deem applicable. Borrower and the Lender Group, in executing and
delivering this Agreement, intend legally to agree upon the rate or rates of interest and manner of payment stated within it; provided, however, that, anything contained herein to the contrary notwithstanding, if said rate or rates of
interest or manner of payment exceeds the maximum allowable under applicable law, then, ipso facto, as of the date of this Agreement, Borrower is and shall be liable only for the payment of such maximum as allowed by law, and payment received
from Borrower in excess of such legal maximum, whenever received, shall be applied to reduce the principal balance of the Obligations to the extent of such excess. 

2.7. Cash Management. 

(a) Borrower shall and shall cause the Loan Parties to (i) establish and maintain cash management services of a type and on terms
reasonably satisfactory to Agent at Wells Fargo or one or more of the other banks set forth on Schedule 2.7(a) (each a “Cash Management Bank”), and shall take reasonable steps to ensure that all of its and the Loan
Parties’ Account Debtors forward payment of the amounts owed by them directly to a Collection Account at such Cash Management Bank that is not an Excluded Account (a “Cash Management Account”) (by wire transfer to the
applicable Cash Management Bank or to a lockbox maintained by the applicable Cash Management Bank for deposit into such Collection Account), and (ii) deposit or cause to be deposited promptly, and in any event no later than the first Business
Day after the date of receipt thereof, all of their Collections (including those sent directly by their Account Debtors to Borrower or a Loan Party) and proceeds of Collateral into a Cash Management Account. 

  
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 (b) Borrower shall and shall cause each of the Loan Parties to establish and maintain Cash
Management Agreements with Agent and the applicable Cash Management Bank, in form and substance reasonably acceptable to Agent. Each such Cash Management Agreement shall provide, among other things, that (i) the Cash Management Bank will comply
with any instructions originated by Agent directing the disposition of the funds in each applicable Cash Management Account without further consent by Borrower (or any Loan Party, as applicable), (ii) the Cash Management Bank waives, subordinates or
agrees not to exercise any rights of setoff or recoupment or any other claim against each applicable Cash Management Account other than for payment of its service fees and other charges directly related to the administration of such Cash Management
Account and for returned checks or other items of payment, and (iii) the Cash Management Bank will forward by daily sweep all amounts in each applicable Cash Management Account to the Agent’s Account. 

(c) So long as no Event of Default has occurred and is continuing, Borrower may amend Schedule 2.7(a) to add or replace a Cash
Management Bank or Cash Management Account and shall upon such addition or replacement provide to Agent an amended Schedule 2.7(a); provided, however that (i) such prospective Cash Management Bank shall be reasonably
satisfactory to Agent, and (ii) as promptly as practicable and in any event within 45 days (or such longer period as may be acceptable to Agent) after the opening of such Cash Management Account, Borrower (or such Loan Party, as applicable) and
such prospective Cash Management Bank shall have executed and delivered to Agent a Cash Management Agreement. Borrower (or any Loan Party, as applicable) shall close any of its Cash Management Accounts (and establish replacement Cash Management
Accounts in accordance with the foregoing sentence) promptly as practicable and in any event within 45 days (or such longer period as may be acceptable to Agent) after notice from Agent that such Cash Management Bank is in material breach of its
obligations under its Cash Management Agreement with Agent. 
 (d) Other than with respect to Excluded Accounts, Borrower shall not, and
shall not permit the Loan Parties to, make, acquire or permit to exist Permitted Investments consisting of cash, Cash Equivalents, or amounts credited to Deposit Accounts or Securities Accounts unless Borrower or such Loan Party, as applicable, and
the applicable bank or securities intermediary have entered into Cash Management Agreements governing such Permitted Investments in order to perfect (or further establish) Agent’s Liens in such Permitted Investments. 

2.8. Crediting Payments. 

The receipt of any payment item by Agent shall not be required to be considered a payment on account unless such payment item is a wire
transfer of immediately available funds made to the Agent’s Account or unless and until such payment item is honored when presented for payment. Should any payment item not be honored when presented for payment, then Borrower shall be deemed
not to have made such payment. Anything to the contrary contained herein notwithstanding, any payment item shall be deemed received by Agent only if it is received into the Agent’s Account on a Business Day on or before 4:30 p.m. If any payment
item is received into the Agent’s Account on a non-Business Day or after 4:30 p.m. on a Business Day (unless Agent, in its sole discretion, elects to credit it on the date received), it shall be deemed to
have been received by Agent as of the opening of business on the immediately following Business Day. 

  
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 2.9. Designated Account. 

Agent is authorized to make the Advances, and Issuing Lender is authorized to issue the Letters of Credit, under this Agreement based upon
telephonic or other instructions received from anyone purporting to be an Authorized Person or, without instructions, if pursuant to Section 2.6(d). Borrower agrees to establish and maintain the Designated Account with the
Designated Account Bank for the purpose of receiving the proceeds of the Advances requested by Borrower and made by Agent or the Lenders hereunder. Unless otherwise agreed by Agent and Borrower, any Advance, Protective Advance, or Swing Loan
requested by Borrower and made by Agent or the Lenders hereunder shall be made to the Designated Account. 
 2.10. Maintenance of Loan
Account; Statements of Obligations. 
 Agent shall maintain an account on its books in the name of Borrower (the “Loan
Account”) on which Borrower will be charged with all Advances (including Protective Advances and Swing Loans) made by Agent, Swing Lender, or the Lenders to Borrower or for Borrower’s account, the Letters of Credit issued or arranged
by Issuing Lender for Borrower’s account, and with all other payment Obligations hereunder or under the other Loan Documents (except for Bank Product Obligations), including, accrued interest, fees and Lender Group Expenses. In accordance with
Section 2.7, the Loan Account will be credited with all payments received by Agent from Borrower or for Borrower’s account, including all amounts received in the Agent’s Account from any Cash Management Banks.
Agent shall make available to Borrower monthly statements regarding the Loan Account, including the principal amount of the Advances, interest accrued hereunder, fees accrued or charged hereunder or under the other Loan Documents, and a summary
itemization of all charges and expenses constituting Lender Group Expenses accrued hereunder or under the other Loan Documents, and each such statement, absent manifest error, shall be conclusively presumed to be correct and accurate and constitute
an account stated between Borrower and the Lender Group unless, within 30 days after Agent first makes such a statement available to Borrower, Borrower shall deliver to Agent written objection thereto describing the error or errors contained in such
statement. 
 2.11. Fees. 

(a) Agent Fees. Borrower shall pay to Agent, for the account of Agent, as and when due and payable under the terms of the Fee Letter,
the fees set forth in the Fee Letter. 
 (b) Unused Line Fee. Borrower shall pay to Agent, for the ratable account of the Revolving
Lenders, an unused line fee (the “Unused Line Fee”) in an amount equal to 0.25% per annum times the result of (i) the aggregate amount of the Revolver Commitments, less (ii) the Average Revolver Usage during
the immediately preceding month (or portion thereof), which Unused Line Fee shall be due and payable, in arrears, on the first day of each month from and after the Closing Date up to the first day of the month prior to the date on which the
Obligations are paid in full and on the date on which the Obligations are paid in full. 
 (c) Field Examination and Other Fees.
Subject to any limitations set forth in Section 5.5, Borrower shall pay to Agent, field examination fees and charges, as and when incurred or chargeable, as follows: (i) a fee of $1,000 per day, per field examiner,
plus reasonable and documented out-of-pocket expenses (including travel, meals, and lodging) for each field examination of Borrower performed by or on
behalf of Agent, and (ii) the reasonable and documented fees, charges or expenses paid or incurred by Agent if it elects to employ the services of one or more third Persons to perform field examinations of Borrower, appraise the Collateral, or
any portion thereof, or to assess Borrower’s business valuation. 

  
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 2.12. Letters of Credit. 

(a) Subject to the terms and conditions of this Agreement, upon the request of Borrower made in accordance herewith, and prior to the Latest
Maturity Date, Issuing Lender agrees issue L/Cs for the account of Borrower or to purchase participations or execute indemnities or reimbursement obligations (each such undertaking, an “L/C Undertaking”) with respect to letters of
credit issued by an Underlying Issuer (as of the Restatement Effective Date, the prospective Underlying Issuer is to be Wells Fargo) for the account of Borrower. By submitting a request to Issuing Lender for the issuance of a Letter of Credit,
Borrower shall be deemed to have requested that (x) Issuing Lender issue the requested Letter of Credit or (y) in the case in which WFCF is the Issuing Lender, that an Underlying Issuer issue the requested Letter of Credit (and, in such
case, to have requested WFCF to issue a L/C Undertaking with respect to such requested Letter of Credit). Each request for the issuance of a Letter of Credit, or the amendment, renewal, or extension of any outstanding Letter of Credit, shall be
(i) irrevocable, unless otherwise consented to in writing by Issuing Lender, and shall be made in writing by an Authorized Person, (ii) delivered to Agent and Issuing Lender via telefacsimile or other electronic method of transmission
reasonably acceptable to Agent and Issuing Lender and reasonably in advance of the requested date of issuance, amendment, renewal, or extension, and (iii) subject to Issuing Lender’s authentication procedures with results satisfactory to
Issuing Lender. Each such request shall be in form and substance reasonably satisfactory to Issuing Lender and (i) shall specify (A) the amount of such Letter of Credit, (B) the date of issuance, amendment, renewal, or extension of
such Letter of Credit, (C) the proposed expiration date of such Letter of Credit, (D) the name and address of the beneficiary of the Letter of Credit, and (E) such other information (including, the conditions to drawing, and, in the
case of an amendment, renewal, or extension, identification of the Letter of Credit to be so amended, renewed, or extended) as shall be necessary to prepare, amend, renew, or extend such Letter of Credit, and (ii) shall be accompanied by such
Issuer Documents as Agent or Issuing Lender or Underlying Issuer may request or require, to the extent that such requests or requirements are consistent with the Issuer Documents that Issuing Lender or Underlying Issuer generally requests for
Letters of Credit in similar circumstances. Issuing Lender’s records of the content of any such request will be conclusive absent manifest error. Anything contained herein to the contrary notwithstanding, Issuing Lender may, but shall not be
obligated to, issue a Letter of Credit that supports the obligations of Borrower or one of their Subsidiaries in respect of (x) a lease of real property to the extent that the face amount of such Letter of Credit exceeds the highest rent
(including all rent-like charges) payable under such lease for a period of one year, or (y) an employment contract to the extent that the face amount of such Letter of Credit exceeds the highest compensation payable under such contract for a
period of one year. 
 (b) Issuing Lender shall have no obligation to issue a Letter of Credit if any of the following would result after
giving effect to the requested issuance: 
 (i) the Letter of Credit Usage would exceed the Letter of Credit Sublimit, or 

  
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 (ii) the Letter of Credit Usage would exceed the Maximum Revolver Amount less the
outstanding amount of Advances (including Swing Loans), or 
 (iii) the Letter of Credit Usage would exceed the Borrowing Base at such time
less the outstanding principal balance of the Advances (including Swing Loans) at such time. 
 (c) In the event there is a Defaulting
Lender as of the date of any request for the issuance of a Letter of Credit, the Issuing Lender shall not be required to issue or arrange for such Letter of Credit or any applicable L/C Undertaking to the extent (i) the Defaulting Lender’s
Letter of Credit Exposure with respect to such Letter of Credit or any applicable L/C Undertaking may not be reallocated pursuant to Section 2.3(c)(iv), or (ii) the Issuing Lender has not otherwise entered into arrangements reasonably
satisfactory to it and Borrower to eliminate the Issuing Lender’s risk with respect to the participation in such Letter of Credit or any applicable L/C Undertaking of the Defaulting Lender, which arrangements may include Borrower cash
collateralizing such Defaulting Lender’s Letter of Credit Exposure in accordance with Section 2.3(c)(iv). Additionally, Issuing Lender shall have no obligation to issue a Letter of Credit or a L/C Undertaking in respect of a Letter of
Credit if (A) any order, judgment, or decree of any Governmental Authority or arbitrator shall, by its terms, purport to enjoin or restrain Issuing Lender from issuing such Letter of Credit or a L/C Undertaking or Underlying Issuer from issuing
such Letter of Credit, or any law applicable to Issuing Lender or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over Issuing Lender shall prohibit or request that the Issuing
Lender or Underlying Issuer refrain from the issuance of letters of credit generally or such Letter of Credit or L/C Undertaking in particular, (B) the issuance of such Letter of Credit would violate one or more policies of Issuing Lender
applicable to letters of credit generally, or (C) if amounts demanded to be paid under any Letter of Credit will or may not be in Dollars. 

(d) Any Issuing Lender (other than Wells Fargo or any of its Affiliates) shall notify Agent in writing no later than the Business Day prior to
the Business Day on which such Issuing Lender issues any Letter of Credit. In addition, each Issuing Lender (other than Wells Fargo or any of its Affiliates) shall, on the first Business Day of each week, submit to Agent a report detailing the daily
undrawn amount of each Letter of Credit or L/C Undertakings issued by such Issuing Lender during the prior calendar week. Each Letter of Credit shall be in form and substance reasonably acceptable to Issuing Lender and, if applicable, Underlying
Issuer, including the requirement that the amounts payable thereunder must be payable in Dollars. If Issuing Lender makes a payment under a Letter of Credit or L/C Undertakings, Borrower shall pay to Agent an amount equal to the applicable L/C
Disbursement on the Business Day such L/C Disbursement is made and, in the absence of such payment, the amount of the L/C Disbursement immediately and automatically shall be deemed to be an Advance hereunder (notwithstanding any failure to satisfy
any condition precedent set forth in Section 3) and, initially, shall bear interest at the rate then applicable to Advances that are Base Rate Loans. If a L/C Disbursement is deemed to be an Advance hereunder, Borrower’s obligation to pay
the amount of such L/C Disbursement to Issuing Lender shall be automatically converted into an obligation to pay the resulting Advance. Promptly following receipt by Agent of any payment from Borrower pursuant to this paragraph, Agent shall
distribute such payment to Issuing Lender or, to the extent that Lenders have made payments pursuant to Section 2.12(e) to reimburse Issuing Lender, then to such Lenders and Issuing Lender as their interests may appear. 

  
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 (e) Promptly following receipt of a notice of a L/C Disbursement pursuant to
Section 2.12(d), each Lender agrees to fund its Pro Rata Share of any Advance deemed made pursuant to Section 2.12(d) on the same terms and conditions as if Borrower has requested the amount thereof as an Advance and Agent shall promptly
pay to Issuing Lender the amounts so received by it from the Lenders. By the issuance of a Letter of Credit or L/C Undertaking (or an amendment, renewal, or extension of a Letter of Credit or L/C Undertaking) and without any further action on the
part of Issuing Lender or the Lenders, Issuing Lender shall be deemed to have granted to each Lender, and each Lender shall be deemed to have purchased, a participation in each Letter of Credit or L/C Undertaking issued by Issuing Lender, in an
amount equal to its Pro Rata Share of such Letter of Credit or L/C Undertaking, and each such Lender agrees to pay to Agent, for the account of Issuing Lender, such Lender’s Pro Rata Share of any L/C Disbursement made by Issuing Lender under
the applicable Letter of Credit or L/C Undertaking. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to Agent, for the account of Issuing Lender, such Lender’s Pro Rata Share
of each L/C Disbursement made by Issuing Lender and not reimbursed by Borrower on the date due as provided in Section 2.12(d), or of any reimbursement payment that is required to be refunded (or that Agent or Issuing Lender elects, based upon
the advice of counsel, to refund) to Borrower for any reason. Each Lender acknowledges and agrees that its obligation to deliver to Agent, for the account of Issuing Lender, an amount equal to its respective Pro Rata Share of each L/C Disbursement
pursuant to this Section 2.12(e) shall be absolute and unconditional and such remittance shall be made notwithstanding the occurrence or continuation of an Event of Default or Default or the failure to satisfy any condition set forth in
Section 3. If any such Lender fails to make available to Agent the amount of such Lender’s Pro Rata Share of a L/C Disbursement as provided in this Section, such Lender shall be deemed to be a Defaulting Lender and Agent (for the account
of Issuing Lender) shall be entitled to recover such amount on demand from such Lender together with interest thereon at the Defaulting Lender Rate until paid in full. 

(f) Borrower agrees to indemnify, defend and hold harmless each member of the Lender Group (including Issuing Lender and its branches,
Affiliates, and correspondents) and each such Person’s respective directors, officers, employees, attorneys and agents (each, including Issuing Lender, a “Letter of Credit Related Person”) (to the fullest extent permitted by
law) from and against any and all claims, demands, suits, actions, investigations, proceedings, liabilities, fines, costs, penalties, and damages, and all reasonable fees and disbursements of attorneys, experts, or consultants and all other costs
and expenses actually incurred in connection therewith or in connection with the enforcement of this indemnification (as and when they are incurred and irrespective of whether suit is brought), which may be incurred by or awarded against any Letter
of Credit Related Person (other than Taxes, which shall be governed by Section 16) (the “Letter of Credit Indemnified Costs”), and which arise out of or in connection with, or as a result of this Agreement,
any Letter of Credit, any Issuer Document, or any Drawing Document referred to in or related to any Letter of Credit, or any action or proceeding arising out of any of the foregoing (whether administrative, judicial or in connection with
arbitration); in each case, including that resulting from the Letter of Credit Related Person’s own negligence; provided, that such indemnity shall not be available to any Letter of Credit Related Person claiming indemnification to the
extent that such Letter of Credit Indemnified Costs may be finally determined in a final, non-appealable judgment of a court of competent jurisdiction to have resulted directly from the gross negligence or
willful misconduct of the Letter of Credit Related Person claiming indemnity. This indemnification provision shall survive termination of this Agreement and all Letters of Credit. 

  
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 (g) The liability of Issuing Lender (or any other Letter of Credit Related Person) under, in
connection with or arising out of any Letter of Credit (or pre-advice) or L/C Undertaking, regardless of the form or legal grounds of the action or proceeding, shall be limited to direct damages suffered by
Borrower that are caused directly by Issuing Lender’s gross negligence or willful misconduct in (i) honoring a presentation under a Letter of Credit that on its face does not at least substantially comply with the terms and conditions of
such Letter of Credit, (ii) failing to honor a presentation under a Letter of Credit that strictly complies with the terms and conditions of such Letter of Credit, or (iii) retaining Drawing Documents presented under a Letter of Credit.
Borrower’s aggregate remedies against Issuing Lender and any Letter of Credit Related Person for wrongfully honoring a presentation under any Letter of Credit or wrongfully retaining honored Drawing Documents shall in no event exceed the
aggregate amount paid by Borrower to Issuing Lender in respect of the honored presentation in connection with such Letter of Credit under Section 2.12(d), plus interest at the rate then applicable to Advances of Base Rate Loans hereunder.
Borrower shall take action to avoid and mitigate the amount of any damages claimed against Issuing Lender or any other Letter of Credit Related Person, including by enforcing its rights against the beneficiaries of the Letters of Credit. Any claim
by Borrower under or in connection with any Letter of Credit shall be reduced by an amount equal to the sum of (x) the amount (if any) saved by Borrower as a result of the breach or alleged wrongful conduct complained of, and (y) the
amount (if any) of the loss that would have been avoided had Borrower taken all reasonable steps to mitigate any loss, and in case of a claim of wrongful dishonor, by specifically and timely authorizing Issuing Lender and/or or Underlying Issuer to
effect a cure. 
 (h) Borrower is responsible for the final text of the Letter of Credit as issued by Issuing Lender or Underlying Issuer,
irrespective of any assistance Issuing Lender or Underlying Issuer may provide such as drafting or recommending text or by Issuing Lender’s or Underlying Issuer’s use or refusal to use text submitted by Borrower. Borrower understands that
the final form of any Letter of Credit may be subject to such revisions and changes as are deemed necessary or appropriate by Issuing Lender or Underlying Issuer, and Borrower hereby consents to such revisions and changes not materially different
from the application executed in connection therewith. Borrower is solely responsible for the suitability of the Letter of Credit for Borrower’s purposes. If Borrower requests Issuing Lender or Underlying Issuer to issue a Letter of Credit for
an affiliated or unaffiliated third party (an “Account Party”), (i) such Account Party shall have no rights against Issuing Lender or Underlying Issuer; (ii) Borrower shall be responsible for the application and obligations under this
Agreement; and (iii) communications (including notices) related to the respective Letter of Credit shall be among Issuing Lender or Underlying Issuer and Borrower. Borrower will examine the copy of the Letter of Credit and any other documents
sent by Issuing Lender in connection therewith and shall promptly notify Issuing Lender and Underlying Issuer (not later than three (3) Business Days following Borrower’s receipt of documents from Issuing Lender) of any non-compliance with Borrower’s instructions and of any discrepancy in any document under any presentment or other irregularity. Borrower understands and agrees that neither Issuing Lender or Underlying Issuer
is required to extend the expiration date of any Letter of Credit for any reason. With respect to any Letter of Credit containing an “automatic amendment” to extend the expiration date of such Letter of Credit, Issuing Lender and
Underlying Issuer, each in its sole and absolute discretion, may give notice of nonrenewal of such Letter of Credit and, if Borrower does not at any time want the then current expiration date of such Letter of Credit to be extended, Borrower will so
notify Agent and Issuing Lender and Underlying Issuer at least 30 calendar days before Issuing Lender or Underlying Issuer is required to notify the beneficiary of such Letter of Credit or any advising bank of such
non-extension pursuant to the terms of such Letter of Credit. 

  
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 (i) Borrower’s reimbursement and payment obligations under this Section 2.12 are
absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including: 

(i) any lack of validity, enforceability or legal effect of any Letter of Credit, any Issuer Document, any L/C Undertaking, this Agreement, or
any Loan Document, or any term or provision therein or herein; 
 (ii) payment against presentation of any draft, demand or claim for
payment under any Drawing Document that does not comply in whole or in part with the terms of the applicable Letter of Credit or which proves to be fraudulent, forged or invalid in any respect or any statement therein being untrue or inaccurate in
any respect, or which is signed, issued or presented by a Person or a transferee of such Person purporting to be a successor or transferee of the beneficiary of such Letter of Credit; 

(iii) Issuing Lender or Underlying Issuer or any of its branches or Affiliates being the beneficiary of any Letter of Credit; 

(iv) Issuing Lender or any correspondent or Underlying Issuer honoring a drawing against a Drawing Document up to the amount available under
any Letter of Credit even if such Drawing Document claims an amount in excess of the amount available under the Letter of Credit; 
 (v) the
existence of any claim, set-off, defense or other right that any Loan Party or any of its Subsidiaries may have at any time against any beneficiary or transferee beneficiary, any assignee of proceeds, Issuing
Lender, Underlying Issuer or any other Person; 
 (vi) Issuing Lender or any correspondent honoring a drawing upon receipt of an electronic
presentation under a Letter of Credit requiring the same, regardless of whether the original Drawing Documents arrive at Issuing Lender’s counters or are different from the electronic presentation; 

(vii) any other event, circumstance or conduct whatsoever, whether or not similar to any of the foregoing that might, but for this
Section 2.12(i), constitute a legal or equitable defense to or discharge of, or provide a right of set-off against, Borrower’s or any of its Subsidiaries’ reimbursement and other payment
obligations and liabilities, arising under, or in connection with, any Letter of Credit, whether against Issuing Lender, Underlying Issuer, the beneficiary or any other Person; or 

(viii) the fact that any Default or Event of Default shall have occurred and be continuing; 

provided, that subject to Section 2.12(g) above, the foregoing shall not release Issuing Lender or Underlying Issuer from such liability to Borrower as
may be finally determined in a final, non-appealable judgment of a court of competent jurisdiction against Issuing Lender or Underlying Issuer following reimbursement or payment of the obligations and
liabilities, including reimbursement and other payment obligations, of Borrower to Issuing Lender arising under, or in connection with, this Section 2.12 or any Letter of Credit or L/C Undertaking. 

  
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 (j) Without limiting any other provision of this Agreement, Issuing Lender, Underlying
Issuer and each other Letter of Credit Related Person (if applicable) shall not be responsible to Borrower for, and Issuing Lender’s and Underlying Issuer’s rights and remedies against Borrower and the obligation of Borrower to reimburse
Issuing Lender and Underlying Issuer for each drawing under each Letter of Credit and L/C Undertaking shall not be impaired by: 
 (i) honor
of a presentation under any Letter of Credit that on its face substantially complies with the terms and conditions of such Letter of Credit, even if the Letter of Credit requires strict compliance by the beneficiary; 

(ii) honor of a presentation of any Drawing Document that appears on its face to have been signed, presented or issued (A) by any
purported successor or transferee of any beneficiary or other Person required to sign, present or issue such Drawing Document or (B) under a new name of the beneficiary; 

(iii) acceptance as a draft of any written or electronic demand or request for payment under a Letter of Credit, even if nonnegotiable or not
in the form of a draft or notwithstanding any requirement that such draft, demand or request bear any or adequate reference to the Letter of Credit; 

(iv) the identity or authority of any presenter or signer of any Drawing Document or the form, accuracy, genuineness or legal effect of any
Drawing Document (other than Issuing Lender’s or Underlying Issuer’s determination that such Drawing Document appears on its face substantially to comply with the terms and conditions of the Letter of Credit); 

(v) acting upon any instruction or request relative to a Letter of Credit or requested Letter of Credit that Issuing Lender and/or Underlying
Issuer in good faith believes to have been given by a Person authorized to give such instruction or request; 
 (vi) any errors, omissions,
interruptions or delays in transmission or delivery of any message, advice or document (regardless of how sent or transmitted) or for errors in interpretation of technical terms or in translation or any delay in giving or failing to give notice to
Borrower; 
 (vii) any acts, omissions or fraud by, or the insolvency of, any beneficiary, any nominated person or entity or any other
Person or any breach of contract between any beneficiary and Borrower or any of the parties to the underlying transaction to which the Letter of Credit relates; 

(viii) assertion or waiver of any provision of the ISP or UCP that primarily benefits an issuer of a letter of credit, including any
requirement that any Drawing Document be presented to it at a particular hour or place; 
 (ix) payment to any presenting bank (designated
or permitted by the terms of the applicable Letter of Credit) claiming that it rightfully honored or is entitled to reimbursement or indemnity under Standard Letter of Credit Practice applicable to it; 

  
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 (x) acting or failing to act as required or permitted under Standard Letter of Credit
Practice applicable to where Issuing Lender or Underlying Issuer has issued, confirmed, advised or negotiated such Letter of Credit, as the case may be; 

(xi) honor of a presentation after the expiration date of any Letter of Credit notwithstanding that a presentation was made prior to such
expiration date and dishonored by Issuing Lender or Underlying Issuer, as applicable, if subsequently Issuing Lender or Underlying Issuer, as applicable, or any court or other finder of fact determines such presentation should have been honored;

 (xii) dishonor of any presentation that does not strictly comply or that is fraudulent, forged or otherwise not entitled to honor; or

 (xiii) (xiii) honor of a presentation that is subsequently determined by Issuing Lender or Underlying Issuer, as applicable, to have
been made in violation of international, federal, state or local restrictions on the transaction of business with certain prohibited Persons. 

(k) Borrower shall promptly pay upon receipt by Borrower of written demand to Agent for the account of Issuing Lender as non-refundable fees, commissions, and charges (it being acknowledged and agreed that any charging of such fees, commissions, and charges to the Loan Account pursuant to the provisions of Section 2.6(d) shall be
deemed to constitute a demand for payment thereof for the purposes of this Section 2.12(k)): (i) a fronting fee which shall be imposed by Issuing Lender equal to 0.25% per annum times the average amount of the Letter of Credit Usage during the
immediately preceding quarter (or if an Event of Default has occurred, month) (or portion thereof), plus (ii) any and all other customary commissions, fees and charges then in effect imposed by, and any and all reasonable and documented out-of-pocket expenses incurred by, Issuing Lender or Underlying Issuer relating to Letters of Credit, at the time of issuance of any Letter of Credit and upon the occurrence
of any other activity with respect to any Letter of Credit (including transfers, assignments of proceeds, amendments, drawings, renewals or cancellations). 

(l) If by reason of (x) any Change in Law, or (y) compliance by Issuing Lender, Underlying Issuer or any other member of the Lender
Group with any direction, request, or requirement (irrespective of whether having the force of law) of any Governmental Authority or monetary authority including, Regulation D of the Board of Governors as from time to time in effect (and any
successor thereto): 
 (i) any reserve, deposit, or similar requirement is or shall be imposed or modified in respect of any Letter of
Credit or L/C Undertaking issued or caused to be issued hereunder or hereby, or any Loans or obligations to make Loans hereunder or hereby, or 

(ii) there shall be imposed on Issuing Lender, Underlying Issuer or any other member of the Lender Group any other condition regarding any
Letter of Credit, L/C Undertaking, Loans, or obligations to make Loans hereunder, 

  
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 and the result of the foregoing is to increase, directly or indirectly, the cost to Issuing Lender,
Underlying Issuer or any other member of the Lender Group of issuing, making, participating in, or maintaining any Letter of Credit or L/C Undertaking or to reduce the amount receivable in respect thereof, then, and in any such case, Agent may, at
any time within a reasonable period after the additional cost is incurred or the amount received is reduced, notify Borrower, and Borrower shall pay within 30 days after written demand therefor, such amounts as Agent may specify to be necessary to
compensate Issuing Lender or any other member of the Lender Group for such additional cost or reduced receipt, together with interest on such amount from the date of such demand until payment in full thereof at the rate then applicable to Base Rate
Loans hereunder; provided, that (A) Borrower shall not be required to provide any compensation pursuant to this Section 2.12(l) for any such amounts incurred more than 180 days prior to the date on which the demand for payment of such
amounts is first made to Borrower, and (B) if an event or circumstance giving rise to such amounts is retroactive, then the 180-day period referred to above shall be extended to include the period of
retroactive effect thereof. The determination by Agent of any amount due pursuant to this Section 2.12(l), as set forth in a certificate setting forth the calculation thereof in reasonable detail, shall, in the absence of manifest or
demonstrable error, be final and conclusive and binding on all of the parties hereto. 
 (m) Each standby Letter of Credit shall expire not
later than the date that is 12 months after the date of the issuance of such Letter of Credit; provided, that any standby Letter of Credit may provide for the automatic extension thereof for any number of additional periods each of up to one year in
duration; provided further, that with respect to any Letter of Credit which extends beyond the Latest Maturity Date, Letter of Credit Collateralization shall be provided therefor on or before the date that is five Business Days prior to the Latest
Maturity Date. Each commercial Letter of Credit shall expire on the earlier of (i) 120 days after the date of the issuance of such commercial Letter of Credit and (ii) five Business Days prior to the Latest Maturity Date. 

(n) If (i) any Event of Default shall occur and be continuing, or (ii) Availability shall at any time be less than zero, then on the
Business Day following the date when the Borrower receives written notice from Agent or the Required Lenders (or, if the maturity of the Obligations has been accelerated, Lenders with Letter of Credit Exposure representing greater than 50% of the
total Letter Credit Exposure) demanding Letter of Credit Collateralization pursuant to this Section 2.12(n) upon such demand, Borrower shall provide Letter of Credit Collateralization with respect to the then existing Letter of Credit Usage. If
Borrower fails to provide Letter of Credit Collateralization as required by this Section 2.12(n), the Lenders may (and, upon direction of Agent, shall) advance, as Advances the amount of the cash collateral required pursuant to the Letter of
Credit Collateralization provision so that the then existing Letter of Credit Usage is cash collateralized in accordance with the Letter of Credit Collateralization provision (whether or not the Revolver Commitments have terminated, an Overadvance
exists or the conditions in Section 3 are satisfied). 
 (o) Unless otherwise expressly agreed by Issuing Lender and Borrower when a
Letter of Credit is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of Credit. 

(p) Issuing Lender shall be deemed to have acted with due diligence and reasonable care if Issuing Lender’s conduct is in accordance with
Standard Letter of Credit Practice or in accordance with this Agreement. 

  
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 (q) In the event of a direct conflict between the provisions of this Section 2.12 and
any provision contained in any Issuer Document, it is the intention of the parties hereto that such provisions be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual,
irreconcilable conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.12 shall control and govern. 

(r) The provisions of this Section 2.12 shall survive the termination of this Agreement and the repayment in full of the Obligations with
respect to any Letters of Credit or L/C Undertakings that remain outstanding. 
 (s) At Borrower’s costs and expense, Borrower shall
execute and deliver to Issuing Lender such additional certificates, instruments and/or documents and take such additional action as may be reasonably requested by Issuing Lender to enable Issuing Lender to issue any Letter of Credit pursuant to this
Agreement and related Issuer Document, to protect, exercise and/or enforce Issuing Lenders’ rights and interests under this Agreement or to give effect to the terms and provisions of this Agreement or any Issuer Document. Borrower irrevocably
appoints Issuing Lender as its attorney-in-fact and authorizes Issuing Lender, without notice to Borrower, to execute and deliver ancillary documents and letters
customary in the letter of credit business that may include but are not limited to advisements, indemnities, checks, bills of exchange and issuance documents. The power of attorney granted by the Borrower is limited solely to such actions related to
the issuance, confirmation or amendment of any Letter of Credit and to ancillary documents or letters customary in the letter of credit business. This appointment is coupled with an interest. 

2.13. LIBOR Option. 

(a) Interest and Interest Payment Dates. In lieu of having interest charged at the rate based upon the Base Rate, Borrower
shall have the option, subject to Section 2.13(b) below (the “LIBOR Option”) to have interest on all or a portion of the Advances be charged (whether at the time when made (unless otherwise provided herein), upon conversion
from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of
the Interest Period applicable thereto (provided, however, that, subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three (3) months in duration, interest shall be payable at 3
month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the
date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrower has properly exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR
Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, Borrower no longer shall have the option to request
that Advances bear interest at a rate based upon the LIBOR Rate and Borrower shall not have the right to renew or extend any then outstanding LIBOR Rate Loans at the end of the Interest Period applicable thereto unless, in each case, the Required
Lenders shall have provided their written consent thereto. 

  
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 (b) LIBOR Election. 

(i) Borrower may, at any time and from time to time, so long as no Event of Default has occurred and is continuing, elect to exercise the
LIBOR Option by notifying Agent prior to 2:00 p.m. at least 3 Business Days prior to the commencement of the proposed Interest Period (the “LIBOR Deadline”). Notice of Borrower’s election of the LIBOR Option for a permitted
portion of the Advances and an Interest Period pursuant to this Section shall be made by delivery to Agent of a LIBOR Notice received by Agent before the LIBOR Deadline. Promptly upon its receipt of each such LIBOR Notice, Agent shall provide a copy
thereof to each of the affected Lenders. 
 (ii) Each LIBOR Notice shall be irrevocable and binding on Borrower. In connection with each
LIBOR Rate Loan, Borrower shall indemnify, defend, and hold Agent and the Lenders harmless against any loss, cost, or expense actually incurred by Agent or any Lender as a result of (A) the payment or required assignment of any principal of any
LIBOR Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (B) the conversion of any LIBOR Rate Loan other than on the last day of the Interest Period applicable thereto,
or (C) the failure to borrow, convert, continue or prepay any LIBOR Rate Loan on the date specified in any LIBOR Notice delivered pursuant hereto (such losses, costs, or expenses, “Funding Losses”). A certificate of Agent or a
Lender delivered to Borrower setting forth in reasonable detail any amount or amounts that Agent or such Lender is entitled to receive pursuant to this Section 2.13 shall be conclusive absent manifest error. Borrower shall
pay such amount to Agent or the Lender, as applicable, within 30 days of the date of its receipt of such certificate. 
 (iii) Borrower
shall have not more than 5 LIBOR Rate Loans in effect at any given time. Borrower only may exercise the LIBOR Option for LIBOR Rate Loans of at least $500,000 and integral multiples of $500,000. 

(c) Conversion. Borrower may convert LIBOR Rate Loans to Base Rate Loans or prepay LIBOR Rate Loans at any time;
provided, however, that in the event that LIBOR Rate Loans are converted or prepaid on any date that is not the last day of the Interest Period applicable thereto, including as a result of any automatic prepayment through the required
application by Agent of any payments or proceeds of Collateral in accordance with Section 2.4(b) or for any other reason, including early termination of the term of this Agreement or acceleration of all or any portion of
the Obligations pursuant to the terms hereof, Borrower shall indemnify, defend, and hold Agent and the Lenders and their Participants harmless against any and all Funding Losses in accordance with Section 2.13 (b)(ii)
above. 
 (d) Special Provisions Applicable to LIBOR Rate. 

(i) The LIBOR Rate may be adjusted by Agent with respect to any Lender on a prospective basis to take into account any additional or increased
costs to such Lender of maintaining or obtaining any eurodollar deposits or increased costs (other than Taxes which shall be governed by Section 16), in each case, due to changes in applicable law occurring subsequent to
the commencement of the then applicable Interest Period, including any Changes in Law and changes in the reserve requirements imposed by the Board of Governors, which additional or increased costs would increase the cost of funding or maintaining
loans bearing interest at the 

  
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LIBOR Rate. In any such event, the affected Lender shall give Borrower and Agent notice of such a determination and adjustment and Agent promptly shall transmit the notice to each other Lender
and, upon its receipt of the notice from the affected Lender, Borrower may, by notice to such affected Lender (A) require such Lender to furnish to Borrower a statement setting forth in reasonable detail the basis for adjusting such LIBOR Rate
and the method for determining the amount of such adjustment, or (B) repay the LIBOR Rate Loans of such Lender with respect to which such adjustment is made (together with any amounts due under Section 2.13(b)(ii)).

 (ii) In the event that any change in market conditions or any Change in Law shall at any time after the date hereof, in the reasonable
opinion of any Lender, make it unlawful or impractical for such Lender to fund or maintain LIBOR Rate Loans or to continue such funding or maintaining, or to determine or charge interest rates at the LIBOR Rate, such Lender shall give notice of such
changed circumstances to Agent and Borrower and Agent promptly shall transmit the notice to each other Lender and (y) in the case of any LIBOR Rate Loans of such Lender that are outstanding, the date specified in such Lender’s notice shall
be deemed to be the last day of the Interest Period of such LIBOR Rate Loans, and interest upon the LIBOR Rate Loans of such Lender thereafter shall accrue interest at the rate then applicable to Base Rate Loans, and (z) Borrower shall not be
entitled to elect the LIBOR Option until such Lender determines that it would no longer be unlawful or impractical to do so. 
 (iii)
Effect of Benchmark Transition Event. 
 (A) Benchmark Replacement. Notwithstanding anything to the contrary herein or in any
other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, Agent and Borrower may amend this Agreement to replace the LIBOR Rate with a Benchmark
Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after Agent has posted such proposed amendment to all Lenders and Borrower so long as Agent has not
received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. Any such amendment with respect to an Early Opt-in Election will become effective on the date
that Lenders comprising the Required Lenders have delivered to Agent written notice that such Required Lenders accept such amendment. No replacement of the LIBOR Rate with a Benchmark Replacement pursuant to this
Section 2.13(d)(iii) will occur prior to the applicable Benchmark Transition Start Date. 
 (B) Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein
or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement. 

(C) Notices; Standards for Decisions and Determinations. Agent will promptly notify Borrower and the Lenders of (1) any occurrence
of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (2) the implementation of any Benchmark
Replacement, (3) the effectiveness of any Benchmark Replacement Conforming Changes, and (4) the commencement or conclusion of any Benchmark Unavailability Period. Any 

  
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determination, decision or election that may be made by Agent or Lenders pursuant to this Section 2.13(d)(iii) including any determination with respect to a tenor, rate
or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may
be made in its or their reasonable discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.13(d)(iii). 

(D) Benchmark Unavailability Period. Upon Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period,
Borrower may revoke any request for a LIBOR Borrowing of, conversion to or continuation of LIBOR Rate Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, Borrower will be deemed to have converted
any such request into a request for a Borrowing of or conversion to Base Rate Loans. During any Benchmark Unavailability Period, the component of Base Rate based upon the LIBOR Rate will not be used in any determination of the Base Rate. 

(e) No Requirement of Matched Funding. Anything to the contrary contained herein notwithstanding, neither Agent, nor any
Lender, nor any of their Participants, is required actually to acquire eurodollar deposits to fund or otherwise match fund any Obligation as to which interest accrues at the LIBOR Rate. 

2.14. Capital Requirements. 

If, after the date of this Agreement, any Lender determines that (i) the adoption of or change in any law, rule, regulation or guideline
regarding capital requirements for banks or bank holding companies, or any change in the interpretation or application thereof by any Governmental Authority charged with the administration thereof, or (ii) compliance by such Lender or its
parent bank holding company with any guideline, request, or directive of any such entity regarding capital adequacy (whether or not having the force of law), has the effect of reducing the return on such Lender’s or such holding company’s
capital as a consequence of such Lender’s Commitments hereunder to a level below that which such Lender or such holding company could have achieved but for such adoption, change, or compliance (taking into consideration such Lender’s or
such holding company’s then existing policies with respect to capital adequacy and assuming the full utilization of such entity’s capital) by any amount deemed by such Lender to be material, then such Lender may notify Borrower and Agent
thereof. Following receipt of such notice, Borrower agrees to pay such Lender on demand the amount of such reduction of return of capital as and when such reduction is determined, payable within 90 days after presentation by such Lender of a
statement in the amount and setting forth in reasonable detail such Lender’s calculation thereof and the assumptions upon which such calculation was based (which statement shall be deemed true and correct absent manifest error). In determining
such amount, such Lender may use any reasonable averaging and attribution methods. 
 2.15. Maximum Revolver Amount Increases.

 At any time and from time to time during the period commencing on the Closing Date and ending on the Latest Maturity Date, Borrower
may elect to increase the Maximum Revolver Amount (a “Maximum Revolver Amount Increase”); provided that (a) lenders acceptable to the Agent and Borrower shall have committed in writing to provide the Maximum Revolver
Amount Increase being requested; (b) [Intentionally Omitted]; (c) no Default or Event of Default 

  
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shall have occurred and be continuing; provided, however, solely in the event the initial proceeds of such Maximum Revolver Amount Increase are intended to and shall be used to finance a
Limited Condition Acquisition occurring concurrently with such Maximum Revolver Increase, such condition shall be that (x) no Default or Event of Default shall exist at the time at which the agreement relating to such acquisition is executed
and delivered by the parties thereto and (y) no Event of Default under Section 7.1, 7.4 or 7.5 (the “LCA Default Conditions”); and (d) Borrower shall elect Maximum Revolver Amount Increases in increments of no less
than $5,000,000; provided that the aggregate of all Maximum Revolver Amount Increases shall not exceed $50,000,000. Subject to the preceding sentence, any Maximum Revolver Amount Increase may be provided by any existing Lender or by any other
bank or other financial institution (any such other bank or other financial institution being called an “Additional Lender”). Commitments in respect of Maximum Revolver Amount Increases shall become Commitments (or in the case of a
Maximum Revolver Amount Increase to be provided by an existing Lender, an increase in such Lender’s Revolver Commitment) under this Agreement pursuant to an amendment (an “Incremental Amendment”) to this Agreement and, as
appropriate, the other Loan Documents, executed by the Borrower, each Lender agreeing to provide such Commitment, if any, each Additional Lender, if any, and the Agent. The Incremental Amendment may, without the consent of any other Lenders, effect
such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Agent to effect the provisions of this Section. The effectiveness of any Incremental Amendment shall be subject to
the satisfaction on the date thereof of each of the conditions set forth in Section 3.2 (it being understood that all references to “extending credit” or similar language in such
Section 3.2 shall be deemed to refer to the effective date of such Incremental Amendment); provided that, notwithstanding anything to the contrary, solely in the event the initial proceeds of such Maximum Revolver
Amount Increase are intended to and shall be used to finance a Limited Condition Acquisition occurring concurrently with such Maximum Revolver Increase (i) the condition in Section 3.2(b) shall be replaced with the LCA Default Conditions
and (ii) the conditions in Section 3.2(a) and Section 3.2(c) shall be limited to the Specified Representations and such representations and warranties in the purchase or acquisition agreement relating to such Acquisition which are
material to the interests of the Lenders (but only to the extent that Borrower (or any of its Subsidiaries) has the right not to consummate the Limited Condition Acquisition or the right to terminate (or cause the termination of) its obligations
under the relevant acquisition agreement as a result of a breach of such representations). The Borrower will use the proceeds of the Maximum Revolver Amount Increases for any purpose not prohibited by this Agreement. In connection with any Maximum
Revolver Amount Increase, if any Loan Party or any of its Subsidiaries owns or will acquire any Margin Stock, Borrower shall deliver to Agent an updated Form U-1 (with sufficient additional originals thereof
for each Lender), duly executed and delivered by the Borrower, together with such other documentation as Agent shall reasonably request, in order to enable Agent and the Lenders to comply with any of the requirements under Regulations T, U or X of
the Federal Reserve Board. Upon each Maximum Revolver Amount Increase pursuant to this Section, each Lender immediately prior to such increase will automatically and without further act be deemed to have assigned to each Lender providing a portion
of the Maximum Revolver Amount Increase (each a “Revolver Commitment Increase Lender”) in respect of such increase, and each such Revolver Commitment Increase Lender will automatically and without further act be deemed to have
assumed, a portion of such Lender’s participations hereunder in outstanding Letters of Credit and Swing Loans such that, after giving effect to each such deemed assignment and assumption of participations, the percentage of the aggregate
outstanding (i) participations 

  
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hereunder in Letters of Credit and (ii) participations hereunder in Swing Loans held by each Lender (including each such Revolver Commitment Increase Lender) will equal the percentage of the
aggregate Commitments of all Lenders represented by such Lender’s Commitment and if, on the date of such increase, there are any Advances outstanding, such Advances shall on or prior to the effectiveness of such Maximum Revolver Amount Increase
be prepaid from the proceeds of additional Advances made hereunder (reflecting such increase in Commitments), which prepayment shall be accompanied by accrued interest on the Advances being prepaid and any costs incurred by any Lender in accordance
with Section 2.13. This Section 2.15 shall supersede any provisions in Section 15.12(b) or 14.1 to the contrary. 

Agent will use reasonable efforts to work with the Borrower in attempting to syndicate any proposed Maximum Revolver Amount Increase;
provided, however, that the Agent shall not be under any obligation to provide any portion of any Maximum Revolver Amount Increase; nor shall the Agent have any commitment to identify any lenders which are willing to provide all or any
portion of any Incremental Facility. If a Maximum Revolver Amount Increase occurs, the Agent and Lenders will, in good faith, consider the Borrower’s request to increase the Inventory Sublimit. 

2.16. Extensions of Revolver Commitments. 

(a) Notwithstanding anything to the contrary in this Agreement, pursuant to one or more offers (each, an “Extension Offer”)
made from time to time by Borrower to all Lenders with Revolver Commitments with a like maturity date, in each case on a pro rata basis (based on the aggregate outstanding principal amount of such Revolver Commitments with a like maturity date) and
on the same terms to each such Lender, Borrower is hereby permitted to consummate from time to time transactions with individual Lenders that accept the terms contained in such Extension Offers to extend the maturity date of each such Lender’s
Revolver Commitments and otherwise modify the terms of Revolver Commitments pursuant to the terms of the relevant Extension Offer (including by increasing the interest rate margin, interest rate floor, all-in
yield pricing or fees payable in respect of Revolver Commitments (and related outstandings)) (each, an “Extension,” and each portion of Revolver Commitments in each case as so extended, as well as the original Revolver Commitments
(in each case not so extended), being a “tranche”; any Extended Revolver Commitments shall constitute a separate tranche of Revolver Commitments from the tranche of Revolver Commitments from which they were converted), in each case, so
long as each of the following terms is satisfied: (i) no Event of Default shall have occurred and be continuing at the time the offering document in respect of an Extension Offer is delivered to the Lenders, (ii) except as to
interest rate margin, interest rate floor, all-in yield pricing, fees, AHYDO Payments, optional redemption or prepayment terms, final maturity, and after the final maturity date of the other existing Revolver
Commitments, any other covenants and provisions (which shall be determined by Borrower and the Extending Revolver Lenders and set forth in the relevant Extension Offer), the Revolver Commitment of any Lender (an “Extending Revolver
Lender”) extended pursuant to an Extension (an “Extended Revolver Commitment”), and the related outstandings, shall be a Revolver Commitment (or related outstandings, as the case may be) with such other terms substantially
identical to, or not more favorable to the Extending Revolver Lenders than those applicable to the Revolver Commitments not subject to such Extension Offer (and related outstandings); provided, that (1) the borrowing and repayment
(except for (A) payments of interest and fees at different rates on Extended Revolver Commitments (and related outstandings), (B) repayments required upon the maturity date of the non-extending Revolver

  
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Commitments, and (C) repayment made in connection with a permanent repayment and termination of commitments) of Advances with respect to Extended Revolver Commitments after the applicable
Extension date shall be made on a pro rata basis with all other Revolver Commitments, (2) all Swing Loans and Letters of Credit shall be participated on a pro rata basis by all Lenders with Revolver Commitments in accordance with their
percentage of the Revolver Commitments subject to the express terms herein, (3) the permanent repayment of Advances with respect to, and termination of, Extended Revolver Commitments after the applicable Extension date shall be made on a pro
rata basis with all other Revolver Commitments, except that Borrower shall be permitted to permanently repay and terminate commitments of any tranche on a better than a pro rata basis as compared to any other tranche with a later maturity date than
such tranche, (4) assignments and participations of Extended Revolver Commitments and extended Advances shall be governed by the same assignment and participation provisions applicable to Revolver Commitments and Advances, and (5) at no
time shall there be Revolver Commitments hereunder (including Extended Revolver Commitments and any original Revolver Commitments) which have more than three different maturity dates, (iii) to the extent that the interest rate margin,
interest rate floor, all-in yield pricing or fees are increased for the benefit of any Extending Revolver Lender that is payable prior to the payment in full of the Obligations of Lenders that are not
Extending Revolver Lenders under such Extension Offer, such non-extending Lenders have the right to receive the aggregate value of such increase from and after the date that such interest rate margin, interest
rate floor, all-in yield pricing or fees (as applicable) accrues in favor of or is payable to any such Extending Revolver Lenders, (iv) if the aggregate principal amount of Revolver Commitments in respect
of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Revolver Commitments offered to be extended by Borrower pursuant to such Extension Offer, then the Revolver Commitments of such
Lenders shall be extended ratably up to such maximum amount based on the respective principal amounts (but not to exceed actual holdings or commitments of record) with respect to which such Lenders have accepted such Extension Offer,
(v) Borrower shall have delivered to Agent such legal opinions, certificates, resolutions and other documents as Agent shall reasonably request with respect to the transactions contemplated by this Section 2.16, (vi)
all documentation in respect of such Extension shall be consistent with the foregoing, (vii) the Revolver Commitments extended pursuant to any Extension Offer shall be in a minimum amount of $10,000,000 and increments of $1,000,000 in excess
thereof, and (viii) any Extension made pursuant to any Extension Offer must be consummated within 45 days of such Extension Offer. 

(b) With respect to all Extensions consummated by Borrower pursuant to this Section 2.16, such Extension shall not
constitute voluntary or mandatory payments or prepayments for purposes of this Agreement. Agent and the Lenders hereby consent to the Extensions and the other transactions contemplated by this Section 2.16 (including, for
the avoidance of doubt, payment of any interest, fees or premium in respect of any on such terms as may be set forth in the relevant Extension Offer) and hereby waive the requirements of any provision of this Agreement or any other Loan Document
that may otherwise prohibit any such Extension or any other transaction contemplated by this Section 2.16. 
 (c)
No consent of any Lender or Agent shall be required to effectuate any Extension, other than (i) the consent of each Lender agreeing to such Extension with respect to its Revolver Commitments (or a portion thereof), and (ii) with respect to
any Extension of the Revolver Commitments, the consent of the Issuing Lender or Swing Lender to the extent the Letter 

  
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of Credit facility and/or Swing Loan facility is to be extended, which consent shall not be unreasonably withheld, delayed or conditioned. All Extended Revolver Commitments and all obligations in
respect thereof shall be Obligations under this Agreement and the other Loan Documents that are secured by the Collateral on a pari passu basis with all other applicable Obligations under this Agreement and the other Loan Documents. The Lenders
hereby irrevocably authorize Agent to enter into amendments to this Agreement and the other Loan Documents with the Loan Parties as may be necessary or appropriate in order to establish new tranches or
sub-tranches in respect of Revolver Commitments so extended, that reflect the terms and conditions of any such Extension and such technical amendments as may be necessary or appropriate in the reasonable
opinion of Agent and Borrower in connection with the establishment of such new tranches or sub-tranches, in each case on terms consistent with this Section 2.16. All such amendments
entered into with the Loan Parties by Agent hereunder shall be binding and conclusive on the Lenders. In addition, if so provided in such amendment and with the consent of Issuing Lender, participations in Letters of Credit expiring on or after the
Maturity Date in respect of the Advances shall be re-allocated from Lenders holding Revolver Commitments to Lenders holding Extended Revolver Commitments in accordance with the terms of such amendment;
provided, that such participation interests shall, upon receipt thereof by the relevant Lenders holding Extended Revolver Commitments, be deemed to be participation interests in respect of such Extended Revolver Commitments and the terms of
such participation interests (including the fees applicable thereto) shall be adjusted accordingly. On and after the maturity date with respect to the Revolver Commitment and Advances of any Lender that has not extended its Revolver Commitments and
Advances beyond such maturity date pursuant to this Section 2.16, the Letter of Credit Exposure of such Revolving Lender shall be reallocated to Revolving Lenders that have extended their Advances and Revolver Commitments
beyond such maturity date pro rata in accordance with the Revolver Commitments and Advances of all Revolving Lenders that have so extended their Revolver Commitments and Advances. Notwithstanding the provisions of this
Section 2.16, Agent shall have the right to resign on the Maturity Date in accordance with Section 15.9. 

(d) In connection with any Extension, Borrower shall provide Agent at least ten days (or such shorter period as may be agreed by Agent) prior
written notice thereof, and shall agree to such procedures (including rendering timing, rounding and other adjustments and to ensure reasonable administrative management of the credit facilities hereunder after such Extension), if any, as may be
established by, or acceptable to, Agent, in each case acting reasonably to accomplish the purposes of this Section 2.16. 
 3.
CONDITIONS; TERM OF AGREEMENT. 
 3.1. Conditions Precedent to the Initial Extension of Credit. 

The obligation of each Lender to make its initial extension of credit provided for hereunder, is subject to the fulfillment, to the
satisfaction of Agent and each Lender of each of the conditions precedent set forth on Schedule 3.1 (the making of such initial extension of credit by a Lender being conclusively deemed to be its satisfaction or waiver of the conditions
precedent ). 

  
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 3.2. Conditions Precedent to all Extensions of Credit. 

The obligation of the Lender Group (or any member thereof) to make any Advances hereunder (or to extend any other credit hereunder) at any time
shall be subject to the following conditions precedent: 
 (a) the representations and warranties of Borrower or its Subsidiaries contained
in this Agreement or in the other Loan Documents shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by
materiality in the text thereof) on and as of the date of such extension of credit, as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date); 

(b) no Default or Event of Default shall have occurred and be continuing on the date of such extension of credit, nor shall either result from
the making thereof; and 
 (c) no injunction, writ, restraining order, or other order of any nature restricting or prohibiting, directly or
indirectly, the extending of such credit shall have been issued and remain in force by any Governmental Authority against Borrower, Agent, or any Lender. 

3.3. Term. 
 This
Agreement shall continue in full force and effect for a term ending on Latest Maturity Date. The foregoing notwithstanding, the Lender Group, upon the election of the Required Lenders, shall have the right to terminate its obligations under this
Agreement immediately and without notice upon the occurrence and during the continuation of an Event of Default. 
 3.4. Effect of
Termination. 
 On the date of termination of this Agreement, all Obligations (including contingent reimbursement obligations of
Borrower with respect to outstanding Letters of Credit and including all Bank Product Obligations) immediately shall become due and payable without notice or demand (including the requirement that Borrower provide (a) Letter of Credit
Collateralization, and (b) Bank Product Collateralization). No termination of this Agreement, however, shall relieve or discharge Borrower or its Subsidiaries of their duties, Obligations, or covenants hereunder or under any other Loan
Document, and the Agent’s Liens in the Collateral shall remain in effect until all Obligations have been paid in full and the Lender Group’s obligations to provide additional credit hereunder have been terminated. When this Agreement has
been terminated and all of the Obligations have been paid in full and the Lender Group’s obligations to provide additional credit under the Loan Documents have been terminated irrevocably, Agent will, at Borrower’s sole expense, execute
and deliver any termination statements, Lien releases, re-assignments of trademarks, discharges of security interests, and other similar discharge or release documents (and, if applicable, in recordable form)
as are reasonably necessary to release, as of record, the Agent’s Liens and all notices of security interests and Liens previously filed by Agent with respect to the Obligations. 

  
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 3.5. Early Termination by Borrower. 

Borrower has the option, at any time upon three (3) Business Days prior written notice to Agent, to terminate this Agreement and terminate
the Commitments hereunder by paying to Agent, in cash, the Obligations (including (a) providing Letter of Credit Collateralization with respect to the then existing Letter of Credit Usage, and (b) providing Bank Product Collateralization
with respect to the then existing Bank Products), in full. If Borrower has sent a notice of termination pursuant to the provisions of this Section, then the Commitments shall terminate and Borrower shall be obligated to repay the Obligations
(including (a) providing Letter of Credit Collateralization with respect to the then existing Letter of Credit Usage, and (b) providing Bank Product Collateralization with respect to the then existing Bank Products), in full, on the date
set forth as the date of termination of this Agreement in such notice; provided, that (i) a notice of termination may state that such termination is conditioned upon the effectiveness of other credit facilities or the consummation of
other transactions, in which case, such notice may be revoked by Borrower (by notice to Agent on or prior to the specified effective date) if such condition is not satisfied or such transaction is not consummated, and (ii) Borrower may extend
the date of termination at any time with the consent of Agent (which consent shall not be unreasonably withheld or delayed). 
 4. REPRESENTATIONS AND
WARRANTIES. 
 In order to induce the Lender Group to enter into this Agreement, Borrower makes the following representations and
warranties to the Lender Group, which shall be true, correct, and complete, in all material respects, as of the date hereof, and shall be true, correct, and complete, in all material respects, as of the Closing Date and at and as of the date of the
making of each Advance (or other extension of credit) requested by Borrower (and not deemed made by Agent or any Lender) made thereafter, as though made on and as of the date of such Advance (or other extension of credit) (except to the extent that
such representations and warranties relate solely to an earlier date) and such representations and warranties shall survive the execution and delivery of this Agreement: 

4.1. No Encumbrances. 

Borrower and its Subsidiaries have good and marketable title to, or a valid leasehold interest in, their personal property assets and good and
marketable title to, or a valid leasehold interest in, their Real Property, in each case, free and clear of Liens except for Permitted Liens. 

4.2. Eligible Accounts. 

As to each Account (or portion thereof) that is identified by Borrower as an Eligible Account in a borrowing base report (whether weekly or
monthly) submitted to Agent, as of the date of such report, such Account is (a) a bona fide existing payment obligation of the applicable Account Debtor created by the sale and delivery of Inventory or the rendition of services to such Account
Debtor in the ordinary course of Borrower’s business, (b) owed to Borrower without any known defenses, disputes, offsets, counterclaims, or rights of return or cancellation (other than adjustments and discounts given in the ordinary course
of Borrower’s business and other defenses, disputes, offsets and counterclaims, in each case, to the extent the amount of the same is excluded from the value of Accounts represented as Eligible Accounts), and (c) not excluded as ineligible
by virtue of one or more of the excluding criteria set forth in the definition of Eligible Accounts (except to the extent that the applicable eligibility criteria for such Account (or portion thereof) is subject to Agent’s discretion or
satisfaction). 

  
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 4.3. Eligible Inventory. 

As to each item of Inventory that is identified by Borrower as Eligible Inventory in a borrowing base report (other than any weekly inventory
report submitted pursuant to clause (b) of Schedule 5.2) submitted to Agent, as of the date of such report, such Inventory is (a) of good and merchantable quality, free from known defects, and (b) not excluded as
ineligible by virtue of one or more of the excluding criteria set forth in the definition of Eligible Inventory (except to the extent that the applicable eligibility criteria for such Inventory (or portion thereof) is subject to Agent’s
discretion or satisfaction). 
 4.4. Equipment. 

Each material item of Equipment of Borrower and its Subsidiaries is used or held for use in their business and is in good working order,
ordinary wear and tear and damage by casualty excepted. 
 4.5. [Reserved.]. 

4.6. Inventory Records. 

Borrower keeps correct and accurate records in all material respects itemizing and describing the type, quality, and quantity of its and its
Subsidiaries’ Inventory and the book value thereof, subject to normal adjustments and corrections in the ordinary course of business. 

4.7. Jurisdiction of Organization; Location of Chief Executive Office; Organizational Identification Number; Commercial Tort Claims.

 (a) The name of (within the meaning of Section 9-503 of the Code) and jurisdiction of
organization of Borrower and each of its Subsidiaries is set forth on Schedule 4.7(a) (as such Schedule may be updated from time to time to reflect changes permitted to be made under Section 6.5). 

(b) The chief executive office of Borrower and each of its Subsidiaries is located at the address indicated on Schedule 4.7(b) (as such
Schedule may be updated from time to time to reflect changes permitted to be made under Section 5.9). 
 (c)
Borrower’s and each of its Subsidiaries’ tax identification numbers and organizational identification numbers, if any, are identified on Schedule 4.7(c) (as such Schedule may be updated from time to time to reflect changes permitted
to be made under Section 6.5). 
 (d) As of the Closing Date, Borrower and its Subsidiaries do not hold any
commercial tort claims, except as set forth on Schedule 4.7(d). 

  
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 4.8. Due Organization and Qualification; Subsidiaries. 

(a) Borrower is duly organized and existing and in good standing under the laws of the jurisdiction of its organization and qualified to do
business in any state where the failure to be so qualified reasonably could be expected to result in a Material Adverse Change. 
 (b) As of
the Closing Date, Borrower is not subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of its capital Stock or any security convertible into or exchangeable for any of its capital Stock. 

(c) As of the Closing Date, set forth on Schedule 4.8(c) is a complete and accurate list of Borrower’s direct and indirect
Subsidiaries, showing: (i) the jurisdiction of their organization, (ii) the number of shares of each class of common and preferred Stock authorized for each of such Subsidiaries, and (iii) the number and the percentage of the
outstanding shares of each such class owned directly or indirectly by Borrower. All of the outstanding capital Stock of each such Subsidiary has been validly issued and is fully paid and non-assessable, if
applicable. 
 (d) As of the Closing Date, except as set forth on Schedule 4.8(c), there are no subscriptions, options, warrants, or
calls relating to any shares of Borrower’s Subsidiaries’ capital Stock, including any right of conversion or exchange under any outstanding security or other instrument. As of the Closing Date, neither Borrower nor any of its Subsidiaries
is subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of Borrower’s Subsidiaries’ capital Stock or any security convertible into or exchangeable for any such capital Stock. 

4.9. Due Authorization; No Conflict. 

(a) The execution, delivery, and performance by Borrower of this Agreement and the Loan Documents to which it is a party have been duly
authorized by all necessary action on the part of Borrower. 
 (b) The execution, delivery, and performance by Borrower of this Agreement and
the other Loan Documents to which it is a party do not and will not (i) violate any provision of federal, state, or local law or regulation applicable to Borrower, the Governing Documents of Borrower, or any order, judgment, or decree of any
court or other Governmental Authority binding on Borrower, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under, the Term Loan Agreement, (iii) result in or require the
creation or imposition of any Lien of any nature whatsoever upon any properties or assets of Borrower, other than Permitted Liens, or (iv) require any approval of Borrower’s shareholders or any approval or consent of any Person under the
Term Loan Agreement, other than consents or approvals that have been obtained and that are still in force and effect. 
 (c) Other than the
filing of financing statements and other filings or actions necessary to perfect Liens granted to Agent in the Collateral, the execution, delivery, and performance by Borrower of this Agreement and the other Loan Documents to which Borrower is a
party do not and will not require any registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority, other than consents or approvals that have been obtained and that are still in force and effect.

  
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 (d) This Agreement and the other Loan Documents to which Borrower is a party, and all other
documents contemplated hereby and thereby, when executed and delivered by Borrower will be the legally valid and binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms, except as enforcement may be
limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 

(e) The Agent’s Liens are validly created, perfected (other than any Deposit Accounts and Securities Accounts not subject to a Control
Agreement as permitted by Section 6.12, and subject only to the filing of financing statements), and first priority Liens, subject only to Permitted Liens. 

(f) The execution, delivery, and performance by each Guarantor of the Loan Documents to which it is a party have been duly authorized by all
necessary action on the part of such Guarantor. 
 (g) The execution, delivery, and performance by each Guarantor of the Loan Documents to
which it is a party do not and will not (i) violate any provision of federal, state, or local law or regulation applicable to such Guarantor, the Governing Documents of such Guarantor, or any order, judgment, or decree of any court or other
Governmental Authority binding on such Guarantor, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under the Term Loan Agreement, (iii) result in or require the creation or
imposition of any Lien of any nature whatsoever upon any properties or assets of such Guarantor, other than Permitted Liens, or (iv) require any approval of such Guarantor’s interestholders or any approval or consent of any Person under
the Term Loan Agreement, other than consents or approvals that have been obtained and that are still in force and effect. 
 (h) Other than
the filing of financing statements and other filings or actions necessary to perfect Liens granted to Agent in the Collateral, the execution, delivery, and performance by each Guarantor of the Loan Documents to which such Guarantor is a party do not
and will not require any registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority, other than consents or approvals that have been obtained and that are still in force and effect. 

(i) The Loan Documents to which each Guarantor is a party, and all other documents contemplated hereby and thereby, when executed and delivered
by such Guarantor will be the legally valid and binding obligations of such Guarantor, enforceable against such Guarantor in accordance with their respective terms, except as enforcement may be limited by equitable principles or by bankruptcy,
insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 
 4.10.
Litigation. 
 Other than those matters disclosed on Schedule 4.10, there are no actions, suits, or proceedings pending or,
to the best knowledge of Borrower, threatened against Borrower or any of its Subsidiaries that reasonably could be expected to result in a Material Adverse Change. 

  
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 4.11. Financial Statements and Condition. 

All financial statements relating to Borrower and its Subsidiaries that have been delivered by Borrower to the Lender Group have been prepared
in accordance with GAAP (except, in the case of unaudited financial statements, for the lack of footnotes and being subject to year-end audit adjustments) and present fairly in all material respects,
Borrower’s and its Subsidiaries’ financial condition as of the date thereof and results of operations for the period then ended. There has not been a Material Adverse Change with respect to Borrower and its Subsidiaries since June 28,
2018. 
 4.12. Fraudulent Transfer. 

(a) Each of Borrower and each of its Subsidiaries is Solvent. 

(b) No transfer of property is being made by Borrower or its Subsidiaries and no obligation is being incurred by Borrower or its Subsidiaries
in connection with the transactions contemplated by this Agreement or the other Loan Documents with the intent to hinder, delay, or defraud either present or future creditors of Borrower or its Subsidiaries. 

4.13. Employee Benefits. 

None of Borrower, any of its Subsidiaries, or any of their ERISA Affiliates maintains or contributes to any Benefit Plan, except as set forth
on Schedule 4.13. 
 4.14. Environmental Condition. 

Except as set forth on Schedule 4.14 or exceptions to any of the following that would not reasonably be expected to result in a Material
Adverse Change, (a) to Borrower’s knowledge, none of Borrower’s or its Subsidiaries’ properties or assets has ever been used by Borrower, its Subsidiaries, or by previous owners or operators in the disposal of, or to produce,
store, handle, treat, release, or transport, any Hazardous Materials, where such use, production, storage, handling, treatment, release or transport was in violation, in any material respect, of any applicable Environmental Law; (b) to
Borrower’s knowledge, none of Borrower’s or its Subsidiaries’ properties or assets has ever been designated or identified in any manner pursuant to any Environmental Law as a location where Hazardous Materials have been disposed of or
released; (c) neither Borrower nor any of its Subsidiaries has received notice that a Lien arising under any Environmental Law has attached to any revenues or to any Real Property owned or operated by Borrower or its Subsidiaries; and
(d) neither Borrower nor its Subsidiaries has received a summons, citation, notice, or directive from the United States Environmental Protection Agency or any other federal or state governmental agency concerning any action or omission by
Borrower or its Subsidiaries resulting in the releasing or disposing of Hazardous Materials into the environment. 
 4.15.
Intellectual Property. 
 Borrower and its Subsidiaries own, or hold licenses in, all trademarks, trade names, copyrights,
patents, patent rights, and licenses that are necessary to the conduct of its business as currently conducted, and attached hereto as Schedule 4.15 (as updated from time to time) is a true, correct, and complete listing of all material
patents, patent applications, trademarks, trademark 

  
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applications, copyrights, and copyright registrations as to which Borrower or one of its Subsidiaries is the owner or is an exclusive licensee; provided, however, that Borrower may
amend Schedule 4.15 to add additional property so long as such amendment occurs by written notice to Agent promptly after Borrower or any Subsidiary of Borrower acquires any such property after the Closing Date. 

4.16. Leases. 

Except to the extent not reasonably likely to result in a Material Adverse Change, (a) Borrower and its Subsidiaries enjoy peaceful
and undisturbed possession under all leases material to their business and to which they are parties or under which they are operating, (b) all of such material leases are valid and subsisting and (c) no material default by Borrower or its
Subsidiaries exists under any of them. 
 4.17. Deposit Accounts and Securities Accounts. 

As of the Closing Date, set forth on Schedule 4.17 is a listing of all of Borrower’s and its Domestic Subsidiaries’ Deposit
Accounts and Securities Accounts, including, with respect to each bank or securities intermediary (a) the name and address of such Person, and (b) the account numbers of the Deposit Accounts or Securities Accounts maintained with such
Person. 
 4.18. Complete Disclosure. 

All factual information (other than any financial projections, other forward-looking information, budgets, forecasts and estimates and
information of a general economic or industry specific nature) (taken as a whole) furnished by or on behalf of Borrower or its Subsidiaries in writing to Agent or any Lender (including all information contained in the Schedules hereto or in the
other Loan Documents) for purposes of or in connection with this Agreement, the other Loan Documents, or any transaction contemplated herein or therein is, and all other such factual information (taken as a whole) hereafter furnished by or on behalf
of Borrower or its Subsidiaries in writing to Agent or any Lender will be, true and accurate, in all material respects, on the date as of which such information is dated or certified and not incomplete by omitting to state any fact necessary to make
such information (taken as a whole) not misleading in any material respect at such time in light of the circumstances under which such information was provided, except as permitted by Sections 4.3 and 5.14. Any Projections delivered to
Agent represent Borrower’s good faith estimate of its and its Subsidiaries future performance for the periods covered thereby based upon assumptions believed by Borrower to be reasonable at the time of the delivery thereof to Agent (it being
recognized and understood that any such Projections are not to be viewed as facts or a guarantee of performance and are subject to uncertainties and contingencies, many of which are beyond the control of Borrower and its Subsidiaries and no
assurances can be given that any such Projections will be realized, that actual results may differ from projected results and that such differences may be material). As of the Closing Date, the information included in the Beneficial Ownership
Certification is true and correct in all respects. 

  
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 4.19. Indebtedness. 

Set forth on Schedule 4.19 is a true and complete list of all Indebtedness of Borrower and its Subsidiaries outstanding immediately
prior to the Closing Date that is to remain outstanding after the Closing Date, and such Schedule accurately sets forth the aggregate principal amount of such Indebtedness as of the Closing Date. 

4.20. Growers’ Liens. 

Borrower and its Subsidiaries are in compliance with all notifications and instructions received from creditors of Protected Vendors delivered
pursuant to Growers’ Lien Laws. Borrower has registered with the Secretary of State (or other designated individual or office) in each FSA State in which a Protected Vendor from whom Borrower purchases agricultural products is located and is
entitled to receive centrally compiled lists of secured creditors published by each such State. 
 4.21. OFAC; Sanctions;
Anti-Corruption Laws; Anti-Money Laundering Laws. 
 No Loan Party or any of its Subsidiaries is in violation of any
Sanctions. No Loan Party nor any of its Subsidiaries nor, to the knowledge of such Loan Party, any director, officer, employee, agent or Affiliate of such Loan Party or such Subsidiary (a) is a Sanctioned Person or a Sanctioned Entity,
(b) has any assets located in Sanctioned Entities, or (c) derives revenues from investments in, or transactions with Sanctioned Persons or Sanctioned Entities. Each of the Loan Parties and its Subsidiaries has implemented and maintains in
effect policies and procedures designed to ensure compliance with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. Each of the Loan Parties and its Subsidiaries, and to the knowledge of each such Loan Party, each director,
officer, employee, agent and Affiliate of each such Loan Party and each such Subsidiary, is in compliance with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. No proceeds of any Loan made or Letter of Credit issued hereunder will
be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity, or otherwise used in any manner that would result in a violation of any Sanction, Anti-Corruption Law
or Anti-Money Laundering Law by any Person (including any Lender, Bank Product Provider, or other individual or entity participating in any transaction). 

4.22. Margin Stock. 

Neither any Loan Party nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending
credit for the purpose of purchasing or carrying any Margin Stock or, as of the Closing Date, owns any Margin Stock. No part of the proceeds of the Advances made to Borrower will be used to purchase or carry any Margin Stock or to extend credit to
others for the purpose of purchasing or carrying any Margin Stock or for any purpose that violates the provisions of Regulation T, U or X of the Board of Governors. Neither any Loan Party nor any of its Subsidiaries expects to acquire any Margin
Stock. 
 4.23. Hedge Agreements. 

On each date that any Hedge Agreement is executed by any Hedge Provider, Borrower and each other Loan Party satisfy all eligibility,
suitability and other requirements under the Commodity Exchange Act (7 U.S.C. § 1, et seq., as in effect from time to time) and the Commodity Futures Trading Commission regulations. 

  
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 4.24. Patriot Act. 

To the extent applicable, each Loan Party is in compliance, in all material respects, with the (a) Trading with the Enemy Act, as amended,
and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (b) Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001, as amended) (the “Patriot Act”). 

5. AFFIRMATIVE COVENANTS. 
 Borrower
covenants and agrees that, until termination of all of the Commitments and payment in full of the Obligations, Borrower shall and shall cause each of its Subsidiaries to do all of the following: 

5.1. Books and Records. 

Keep proper books and records in a manner to allow financial statements to be prepared in conformity with GAAP as required hereunder in respect
of all material financial transactions and matters involving the material assets and business of Borrower and its Subsidiaries, taken as a whole, and maintain records pertaining to the Collateral in a manner to allow the Borrowing Base Certificate
to be prepared in accordance with this Agreement. 
 5.2. Collateral Reporting. 

Provide Agent with each of the reports set forth on Schedule 5.2 at the times specified therein. In addition, Borrower agrees to
reasonably cooperate with Agent to facilitate and implement a system of electronic collateral reporting in order to provide electronic reporting of each of the items set forth above. 

5.3. Financial Statements, Reports, Certificates. 

Deliver to Agent each of the financial statements, reports, or other items set forth on Schedule 5.3 at the times specified therein. In
addition, Borrower agrees that no Subsidiary of Borrower will have a fiscal year different from that of Borrower except to the extent such Subsidiary is acquired in accordance with the terms of this Agreement and has a different fiscal year from
that of the Borrower at the time of such Acquisition. 
 5.4. Guarantor Reports. 

Cause each Guarantor to deliver its annual financial statements at the time when Borrower provides its audited financial statements to Agent,
but only to the extent such Guarantor’s financial statements are not consolidated with Borrower’s financial statements. 

  
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 5.5. Inspection. 

(a) Permit, upon reasonable prior notice except if an Event of Default has occurred and is continuing (which shall be at least ten
(10) Business Days (or such shorter period agreed to by Borrower)), during regular business hours subject to reasonable scheduling accommodations for appropriate members of management and/or operations, Agent, any Lender, and each of their
respective duly authorized representatives or agents to visit any of its properties and inspect any of its assets or books and records, to examine and make copies of its books and records, and to discuss its affairs, finances, and accounts with, and
to be advised as to the same by, its officers and employees (provided, that representatives of Borrower shall be allowed to be present), at Borrower’s expense in accordance with the provisions of the Fee Letter, subject to the
limitations set forth below in Section 5.5(c). 
 (b) Permit, upon reasonable prior notice except if an Event of
Default has occurred and is continuing (which shall be at least ten (10) Business Days (or such shorter period agreed to by Borrower)), during regular business hours subject to reasonable scheduling accommodations for appropriate members of
management and/or operations, Agent and each of its duly authorized representatives or agents to conduct field examinations, appraisals or valuations, at Borrower’s expense in accordance with the provisions of the Fee Letter, subject to the
limitations set forth below in Section 5.5(c). 
 (c) So long as no Event of Default shall have occurred and be
continuing during a calendar year, Borrower shall not be obligated to reimburse Agent for more than 1 field examinations in such calendar year (increasing to 2 field examinations if Excess Availability is equal to or less than 20% of the
Maximum Revolver Amount at any time during the immediately preceding 12 month period), and 1 inventory appraisal in such calendar year, in each case, except for field examinations and appraisals conducted in connection with a proposed
Permitted Acquisition (whether or not consummated). 
 5.6. Maintenance of Properties. 

Maintain and preserve all of its properties which are necessary or useful in the proper conduct of its business in good working order and
condition, ordinary wear, tear, and casualty, condemnation and Permitted Dispositions excepted (and except where the failure to do so could not reasonably be expected to result in a Material Adverse Change). 

5.7. Taxes. 
 Cause
all state and federal income tax and all other material assessments and taxes, whether real, personal, or otherwise, due or payable by, or imposed, levied, or assessed against Borrower, its Subsidiaries, or any of their respective assets to be paid
in full, before delinquency or before the expiration of any extension period, except to the extent that the validity of such assessment or tax shall be the subject of a Permitted Protest. 

5.8. Insurance. 

(a) At Borrower’s expense, maintain insurance respecting its and its Domestic Subsidiaries’ assets wherever located, covering loss or
damage by fire, theft, explosion, and all other hazards and risks as ordinarily are insured against by other Persons engaged in the same or similar businesses. Borrower also shall maintain business interruption, public liability, and product
liability insurance, as well as insurance against larceny, embezzlement, and criminal misappropriation. All such policies of insurance shall be in such amounts and with such insurance companies as are reasonably satisfactory to Agent. Borrower shall
deliver certificates of insurance 

  
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with respect to such policies (and, upon request of Agent, copies of such policies) to Agent with an endorsement naming Agent, as applicable, as (i) an additional insured with respect to
liability policies, and (ii) as a loss payee, as the interests of the Agent and the Lenders may appear, with respect to each other policy covering the Collateral. Each policy of insurance or endorsement shall contain a clause requiring the
insurer to give not less than 30 days prior written notice to Agent in the event of cancellation of the policy for any reason whatsoever. 

(b) Borrower shall give Agent prompt notice of any loss of any Collateral exceeding $5,000,000 covered by such insurance. So long as no Event
of Default has occurred and is continuing, Borrower shall have the exclusive right to adjust any losses payable under any such insurance policies which are less than $5,000,000. Following the occurrence and during the continuation of an Event of
Default, or in the case of any losses of any Collateral payable under such insurance exceeding $5,000,000, Agent shall have the exclusive right to adjust any losses payable under any such insurance policies, without any liability to Borrower
whatsoever in respect of such adjustments. 
 5.9. Location of Inventory. 

Keep Borrower’s and each other Loan Party’s Inventory only at the locations identified on Schedule
E-1 and their chief executive offices only at the locations identified on Schedule 4.7(b); provided, however, that Borrower may amend Schedule E-1 or
Schedule 4.7(b) so long as such amendment occurs by written notice to Agent not less than 10 Business Days prior to the date on which such Inventory is moved to such new location or such chief executive office is relocated, so long as such
new location is in the continental United States. 
 5.10. Compliance with Laws. 

Comply with the requirements of all applicable laws, rules, regulations, and orders of any Governmental Authority, other than laws, rules,
regulations, and orders the non-compliance with which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Change. 

5.11. [Reserved.] 

5.12. Existence. 

Except as otherwise permitted under Section 6.3 or Section 6.4, at all times
(a) preserve and keep in full force and effect Borrower’s and its Subsidiaries valid existence and good standing in its jurisdiction of organization and (b) preserve and keep in full force and effect Borrower’s and its
Subsidiaries good standing in each other jurisdiction where the failure to be so qualified would reasonably be expected to result in a Material Adverse Change and, except as could not reasonably be expected to result in a Material Adverse Change,
any rights, franchises, permits, licenses, accreditations, authorizations, or other approvals material to their businesses. 

  
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 5.13. Environmental. 

(a) Keep any property either owned or operated by Borrower or its Subsidiaries free of any Environmental Liens or post bonds or other
financial assurances sufficient to satisfy the obligations or liability evidenced by such Environmental Liens, (b) comply with all Environmental Laws other than Environmental Laws the non-compliance with
which could not reasonably be expected to result in a Material Adverse Change, (c) promptly notify Agent of any release of a Hazardous Material in any reportable quantity from or onto property owned or operated by Borrower or its Subsidiaries
and take any Remedial Actions required to abate said release or otherwise to come into compliance with applicable Environmental Law, other than releases which could not reasonably be expected to result in a Material Adverse Change, and
(d) promptly, but in any event within ten (10) Business Days of its receipt thereof, provide Agent with written notice of any of the following (to the extent, in the cases of clauses (ii) and (iii) below, any of the following could
reasonably be expected to result in a Material Adverse Change): (i) notice that an Environmental Lien has been filed against any of the real or personal property of Borrower or its Subsidiaries, (ii) commencement of any Environmental
Action or written notice that an Environmental Action will be filed against Borrower or its Subsidiaries, and (iii) written notice of a violation, citation, or other administrative order from a Governmental Authority. 

5.14. Disclosure Updates. 

Promptly and in no event later than 5 Business Days after obtaining knowledge thereof, notify Agent if any written information, exhibit, or
report furnished to the Lender Group contained, at the time it was furnished, any untrue statement of a material fact or omitted to state any material fact necessary to make the statements contained therein not misleading in light of the
circumstances in which made; provided, however, Borrower shall not have any such obligation with regard to any weekly inventory report submitted pursuant to clause (b) of Schedule 5.2. The foregoing to the contrary notwithstanding, any
notification pursuant to the foregoing provision will not cure or remedy the effect of the prior untrue statement of a material fact or omission of any material fact nor shall any such notification have the effect of amending or modifying this
Agreement or any of the Schedules hereto. 
 5.15. Control Agreements. 

Except for Excluded Accounts, take all reasonable steps in order for Agent to obtain control in accordance with Sections 8-106, 9-104, 9-105, 9-106, and 9-107 of the Code with
respect to (subject to the proviso contained in Section 6.12) all of its Securities Accounts, Deposit Accounts electronic chattel paper, investment property, and letter-of-credit rights of the Loan Parties. 
 5.16. Formation of Subsidiaries. 

At the time that any Loan Party forms any direct or indirect Domestic Subsidiary that constitutes a Material Subsidiary, acquires any direct or
indirect Domestic Subsidiary after the Closing Date that constitutes a Material Subsidiary or at any time when any direct or indirect Subsidiary of a Loan Party that previously was an Immaterial Subsidiary becomes a Material Subsidiary,
Borrower or such Guarantor shall, within thirty (30) days of such event (or such later date as permitted by Agent) (a) cause such new Domestic Subsidiary to provide to Agent a joinder to the Security Agreement and execute and delivery a
Guaranty, together with such other security documents, as well as appropriate financing statements, all in form and substance reasonably satisfactory to Agent (including being sufficient to grant Agent a first priority Lien (subject to Permitted
Liens) in and to the assets of such newly formed or acquired Domestic Subsidiary to the extent such assets are (i) of the type that would normally be included in the Collateral or 

  
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(ii) constitute no more than 65% of the Stock of any Subsidiary that is not a Domestic Subsidiary), and (b) provide to Agent all other documentation, including one or more opinions of
counsel reasonably satisfactory to Agent, which is reasonable with respect to the execution and delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant to this
Section 5.16 shall be a Loan Document. 
 5.17. Further Assurances. 

At any time upon the request of Agent, Borrower shall execute or deliver to Agent, and shall cause each other Loan Party to execute or deliver
to Agent, any and all financing statements, security agreements, pledges, assignments, opinions of counsel, and all other documents (collectively, the “Additional Documents”) that Agent may reasonably request in writing in form and
substance reasonably satisfactory to Agent, to create, perfect, and continue perfected or to better perfect the Agent’s Liens in all of the properties and assets of Borrower and the Loan Parties constituting Collateral (whether now owned or
hereafter arising or acquired, tangible or intangible) to the extent such properties and assets are of the type that would normally be included in the Collateral and in order to fully consummate all of the transactions contemplated hereby and under
the other Loan Documents. To the maximum extent permitted by applicable law, if Borrower or any Subsidiary refuses or fails to execute or deliver any reasonably requested Additional Documents within a reasonable period of time not to exceed ten
(10) days following the request to do so, Borrower authorizes Agent to execute any such Additional Documents in Borrower’s or its Subsidiary’s name, as applicable, and authorizes Agent to file such executed Additional Documents in any
appropriate filing office. Notwithstanding anything to the contrary contained herein (including Section 5.11 hereof and this Section 5.12) or in any other Loan Document, Agent shall not accept
delivery of any joinder to any Loan Document with respect to any Subsidiary of any Loan Party that is not a Loan Party, if such Subsidiary that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation unless such
Subsidiary has delivered a Beneficial Ownership Certification in relation to such Subsidiary and Agent has completed its Patriot Act searches, OFAC/PEP searches and customary individual background checks for such Subsidiary, the results of which
shall be satisfactory to Agent. 
 5.18. [Intentionally Omitted]. 

5.19. Growers’ Liens. 

So long as Borrower purchases agricultural products from Protected Vendors, Borrower shall (i) register with the Secretary of State (or
other designated individual or office) in each FSA State in which Protected Vendors are located so as to receive the centrally complied list of secured creditors published by each such state pursuant to the FSA, (ii) monitor the receipt of
notices of Liens and/or trusts on its assets under any Growers’ Lien Law and, (iii) where the provisions of the FSA are applicable, issue joint checks to growers or suppliers and their respective secured parties or otherwise obtain a
release of such secured party’s Lien in accordance with the FSA. 
 5.20. OFAC; Sanctions; Anti-Corruption Laws; Anti-Money
Laundering Laws. 
 Borrower will, and will cause each of its Subsidiaries to (i) comply with all applicable Sanctions,
Anti-Corruption Laws and Anti-Money Laundering Laws and (ii) implement and maintain in effect policies and procedures designed to ensure compliance by Borrower and its Subsidiaries and their respective directors, officers, employees, agents and
Affiliates with all Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws. 

  
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 6. NEGATIVE COVENANTS. 

Borrower covenants and agrees that, until termination of all of the Commitments and payment in full of the Obligations, Borrower will not and
will not permit any of its Subsidiaries to do any of the following: 
 6.1. Indebtedness. 

Create, incur, assume, suffer to exist, guarantee, or otherwise become or remain, directly or indirectly, liable with respect to any
Indebtedness, except: 
 (a) Indebtedness evidenced by this Agreement and the other Loan Documents, together with Indebtedness owed to
Underlying Issuers with respect to Underlying Letters of Credit; 
 (b) Indebtedness set forth on Schedule 4.19 and any Refinancing
Indebtedness in respect of such Indebtedness; 
 (c) Purchase Money Indebtedness and any Refinancing Indebtedness in respect of such
Indebtedness in an aggregate outstanding principal amount not to exceed at any time $10,000,000; 
 (d) endorsement of instruments or other
payment items for deposit; 
 (e) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or
similar instrument drawn against insufficient funds in the ordinary course of business; 
 (f) guarantees of any Indebtedness permitted
hereunder; 
 (g) Indebtedness incurred in the ordinary course of business in respect of credit cards, credit card processing services, debit
cards, stored value cards, commercial cards (including so-called “commercial cards”, “procurement cards” or “p-cards”), or Cash Management
Services, 
 (h) Indebtedness arising from any Hedge Obligations or other Third Party Derivative Obligations incurred in the ordinary course
of business, for bona fide hedging purposes and not for speculations; 
 (i) Indebtedness owed to any Person providing workers’
compensation, health, disability or other employee benefits or unemployment (including premiums related thereto), property, casualty, or liability insurance or self-insurance and similar obligations, pursuant to reimbursement or indemnification
obligations to such Person, and other types of social security, pension obligations, vacation pay, health, disability or other employee benefits, in each case incurred in the ordinary course of business; 

  
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 (j) Indebtedness consisting of insurance premiums accrued but not yet due and the financing
of insurance premiums; 
 (k) Indebtedness of any Person that becomes a Loan Party or a Subsidiary of Borrower after the date of this
Agreement which was incurred prior to the time such Person becomes a Loan Party or Subsidiary, provided that (i) such Indebtedness is not created in contemplation of or in connection with such acquisition or such Person becoming a Loan
Party or Subsidiary and (ii) such Indebtedness shall not be assumed or guaranteed by any other Loan Party or Subsidiary; 
 (l)
Indebtedness constituting Permitted Investments; 
 (m) Indemnification obligations and obligations in respect of customary purchase price
adjustments, working capital adjustments and other similar obligations incurred in connection with any Permitted Acquisition; 
 (n)
unsecured Subordinated Indebtedness in an aggregate outstanding principal amount not to exceed $10,000,000 at any time; and 
 (o) additional
unsecured Indebtedness in an aggregate outstanding principal amount not to exceed $20,000,000 at any time. 
 6.2. Liens. 

Create, incur, assume, or suffer to exist, directly or indirectly, any Lien on or with respect to any of its assets, of any kind, whether now
owned or hereafter acquired, or any income or profits therefrom, except for Permitted Liens. 
 6.3. Restrictions on Fundamental
Changes. 
 Other than in order to consummate a Permitted Acquisition: 

(a) enter into any merger or consolidation, except (i) for any merger between Loan Parties, provided that Borrower shall be the
surviving entity of any such merger to which it is a party, (ii) for any merger between a Loan Party and a Subsidiary of Borrower that is not a Loan Party so long as such Loan Party is the surviving entity of such merger, (iii) for any
merger between Subsidiaries of any Loan Party that are not Loan Parties and (iv) that any Subsidiary may effect a merger to consummate a Permitted Disposition; 

(b) liquidate, wind up, or dissolve itself (or suffer any liquidation or dissolution), except for (i) the liquidation or dissolution of non-operating Subsidiaries of Borrower with nominal assets and liabilities, (ii) the liquidation or dissolution of any Loan Party (other than Borrower) so long as all of the assets of such liquidating or
dissolving Subsidiary are transferred to a Loan Party that is not liquidating or dissolving, and (iii) the liquidation or dissolution of any Subsidiary of Borrower that is not a Loan Party so long as all of the assets of such liquidating or
dissolving Subsidiary are transferred to a Subsidiary of Borrower that is not liquidating or dissolving; or 

  
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 (c) suspend or cease operating a substantial portion of its or their business, except as
permitted pursuant to clauses (a) or (b) above or in connection with a transaction permitted under Section 6.4. 

6.4. Disposal of Collateral. 

Other than Permitted Dispositions or transactions permitted by Section 6.3 (other than
Section 6.3(a)(iv)), convey, sell, lease, license, assign, transfer, or otherwise dispose of any of Borrower’s or its Subsidiaries assets that constitute Collateral (including by an allocation of assets among newly
divided limited liability companies pursuant to a “plan of division”). 
 6.5. Change Name. 

Change Borrower’s or any Loan Party’s name, organizational identification number, state of organization or organizational identity;
provided, however, that (i) Borrower or any Loan Party may change their names upon at least ten (10) days prior written notice to Agent of such change and so long as, prior to the effectiveness of such change, Borrower
provides any financing statements necessary to perfect and continue perfection of Agent’s Liens, and (ii) any Loan Party (other than Borrower) may change its organizational identification number, state of organization or organizational
identity (provided that any change in a Loan Party’s jurisdiction of organization shall not result in any Loan Party being organized in any jurisdiction other than a state of the United States or Washington D.C.) upon at least ten
(10) days prior written notice to Agent of such change and so long as, prior to the effectiveness of such change, Borrower provides any documents, agreements, instruments and financing statements necessary or reasonably requested by Agent to
perfect and continue perfection of Agent’s Liens. 
 6.6. Nature of Business. 

Make any change in the nature of its or their business as described in Schedule 6.6 or acquire any properties or assets that are not
reasonably related to the conduct of such business activities; provided, that the foregoing shall not prevent Borrower or any Subsidiary from engaging in any business or activity that is reasonably related or ancillary to its or their
business. 
 6.7. Prepayments and Amendments. 

Except in connection with Refinancing Indebtedness permitted by Section 6.1, 

(a) optionally prepay, redeem, defease, purchase, or otherwise acquire Indebtedness under the Term Loan Documents unless at the time of and
immediately after giving effect to such optional prepayment, the Payment Conditions are satisfied; 
 (b) make any payment on account of
Indebtedness that has been contractually subordinated in right of payment to the Obligations if such payment is not permitted at such time under the subordination terms and conditions; or 

(c) directly or indirectly, amend, modify, alter, increase, or change any of the terms or conditions of any Term Loan Document except to the
extent that such amendment, modification, alteration, increase, or change could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. 

  
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 6.8. [Reserved]. 

6.9. [Reserved]. 

6.10. Distributions. 

Make any distribution or declare or pay any dividends (in cash or other property) on, or purchase, acquire, redeem, or retire any of
Borrower’s Stock, of any class, whether now or hereafter outstanding; provided, that, Borrower may make (a) dividends, distributions, repurchases, redemptions and retirements of common stock and other equity interests to the extent payable
solely in the form of Qualified Stock of Borrower or any of its Subsidiaries, (b) non-cash repurchases of common stock and other equity interests deemed to occur upon exercise of stock options or warrants
if it represents a portion of the exercise price thereof or for purposes of tax withholding required to be paid in connection with such exercise, and (c) up to four dividends or distributions on its Stock, or purchase, acquire, redeem or retire
its Stock in any fiscal year so long as (x) the aggregate amount of such dividends, distributions, purchases, acquisitions, redemptions and retirements made in any fiscal year do not exceed $75,000,000 in the aggregate and (y) immediately
before and after giving effect to the making of any such dividend, distribution, purchase, acquisition, redemption or retirement, (i) no Default or Event of Default shall have occurred and be continuing and (ii) Excess Availability shall
exceed $30,000,000. 
 6.11. Accounting Methods. 

Modify or change its fiscal year or its method of accounting (other than as may be required to conform to GAAP), except with the consent of
Agent. 
 6.12. Investments. 

Except for Permitted Investments, directly or indirectly, make or acquire any Investment or incur any liabilities (including contingent
indemnification obligations) for or in connection with any Investment. 
 6.13. Transactions with Affiliates. 

Directly or indirectly enter into or permit to exist any transaction with any Affiliate of Borrower or any of its Subsidiaries, except for:

 (a) transactions (other than payment of management, consulting, monitoring, or advisory fees) between Borrower or its Subsidiaries, on the
one hand, and any Affiliate of Borrower or its Subsidiaries, on the other hand, (i) so long as such transactions (A) are disclosed to and approved by the independent audit committee of the Borrower and (B) are fully disclosed to Agent
if they involve one or more payments by Borrower or its Subsidiaries in excess of $5,000,000 for any single transaction or series of transactions (it being agreed that if such transactions are disclosed by Borrower pursuant to a public filing
pursuant to the Exchange Act or the Securities Act of 1933, as in effect from time to time, the same shall be deemed disclosed to Agent) and (ii) in respect of (including payments under) the lease agreement with respect to the facility located
in Selma, Texas; 

  
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 (b) transactions or payments pursuant to any employee, officer or director compensation or
benefit plans or other compensation and indemnity arrangements entered into in the ordinary course of business; and 
 (c) in the ordinary
course of and pursuant to the reasonable requirements of Borrower’s or its Subsidiary’s business and upon fair and reasonable terms that are no less favorable to Borrower or such Subsidiary that would be obtained in a comparable arm’s
length transaction with a Person not an Affiliate of Borrower or such Subsidiary. 
 6.14. Use of Proceeds. 

Use the proceeds of the Advances for any purpose other than (a) on the Closing Date, to pay transactional fees, costs, and expenses
incurred in connection with this Agreement, the other Loan Documents, and the transactions contemplated hereby and thereby, and (b) thereafter, consistent with the terms and conditions hereof, for its lawful and permitted purposes;
provided that (x) no part of the proceeds of the Advances will be used to purchase or carry any such Margin Stock or to extend credit to others for the purpose of purchasing or carrying any such Margin Stock or for any purpose that
violates the provisions of Regulation T, U or X of the Board of Governors, (y) no part of the proceeds of any Advance or Letter of Credit will be used, directly or indirectly, to make any payments to a Sanctioned Entity or a Sanctioned Person,
to fund any investments, loans or contributions in, or otherwise make such proceeds available to, a Sanctioned Entity or a Sanctioned Person, to fund any operations, activities or business of a Sanctioned Entity or a Sanctioned Person, or in any
other manner that would result in a violation of Sanctions by any Person, and (z) that no part of the proceeds of any Advance or Letter of Credit will be used, directly or indirectly, in furtherance of an offer, payment, promise to pay, or
authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws. 

6.15. [Reserved] 

6.16. Fixed Charge Coverage Ratio. 

Have, on any date on which Average Excess Availability is less than $25,000,000, a Fixed Charge Coverage Ratio, measured on a trailing 12-month-end basis on the last day of each fiscal month of Borrower, less than the required amount set forth in the following table for the applicable period set forth
opposite thereto: 
  

			
	Applicable Ratio	  	Applicable Period
		
	1.00 : 1.00	  	For the trailing 12 months ending on the last day of the then most-recently ended fiscal month of Borrower and the last day of each fiscal month thereafter until such time as Average Excess Availability is equal to or greater than
$25,000,000 for three consecutive fiscal months

  
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 7. EVENTS OF DEFAULT. 

Any one or more of the following events shall constitute an event of default (each, an “Event of Default”) under this
Agreement: 
 7.1 If Borrower fails to pay when due and payable, or when declared due and payable, (a) all or any portion of the
Obligations consisting of interest or fees due the Lender Group, reimbursement of Lender Group Expenses, or other amounts (other than any portion thereof constituting principal) constituting Obligations (including any portion thereof that accrues
after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), and such failure continues for a period of 3 Business Days, or (b) all or any
portion of the principal of the Obligations; 
 7.2 If Borrower or any of its Subsidiaries: 

(a) fails to perform or observe any covenant or other agreement contained in any of Sections 2.7, 5.2, 5.3, 5.4,
5.5, 5.8, 5.12, 5.14, 5.16, 5.20, 5.21 and 6.1 through 6.16 of this Agreement or Section 6 of the Security Agreement; 

(b) fails to perform or observe any covenant or other agreement contained in any of Sections 5.7, 5.9, and 5.15 of this
Agreement and such failure continues for a period of 10 days after the earlier of (i) the date on which such failure shall first become known to any Responsible Officer of Borrower or (ii) written notice thereof is given to Borrower by
Agent; or 
 (c) fails to perform or observe any covenant or other agreement contained in this Agreement, or in any of the other Loan
Documents, in each case, other than any such covenant or agreement that is the subject of another provision of this Section 7 (in which event such other provision of this Section 7 shall govern),
and such failure continues for a period of 30 days after the earlier of (i) the date on which such failure shall first become known to any Responsible Officer of Borrower or (ii) written notice thereof is given to Borrower by Agent; 

7.3 [Reserved]; 
 7.4 If
an Insolvency Proceeding is commenced by Borrower or any of its Subsidiaries; 
 7.5 If an Insolvency Proceeding is commenced against
Borrower or any of its Subsidiaries and any of the following events occur: (a) Borrower or such Subsidiary consents to the institution of such Insolvency Proceeding against it, (b) the petition commencing the Insolvency Proceeding is not
timely controverted, (c) the petition commencing the Insolvency Proceeding is not dismissed within 60 calendar days of the date of the filing thereof, (d) an interim trustee is appointed to take possession of all or any substantial portion
of the properties or assets of, or to operate all or any substantial portion of the business of, Borrower or any of its Subsidiaries, or (e) an order for relief shall have been issued or entered therein; 

7.6 [Reserved]; 

  
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 7.7 If one or more judgments, orders, or awards involving an aggregate amount of $5,000,000,
or more (except to the extent fully covered (other than to the extent of customary deductibles) by insurance pursuant to which the insurer has not denied coverage) is entered or filed against a Loan Party or any of its Subsidiaries, or with respect
to any of their respective assets, and either (a) there is a period of thirty (30) consecutive days at any time after the entry of any such judgment, order, or award during which (i) the same is not discharged, satisfied, vacated, or
bonded pending appeal, or (ii) a stay of enforcement thereof is not in effect, or (b) enforcement proceedings are commenced upon such judgment, order, or award; 

7.8 If there is a default in one or more agreements to which Borrower or any of its Subsidiaries is a party with one or more third Persons
relative to Borrower’s or any of its Subsidiaries’ Indebtedness involving an aggregate amount of $5,000,000 or more, and such default (i) occurs at the final maturity of the obligations thereunder, or (ii) results in a right by
such third Person(s), irrespective of whether exercised, to accelerate the maturity of Borrower’s or the applicable Subsidiary’s obligations thereunder, or if there shall have occurred an “Event of Default” under the Term Loan
Documents and such “Event of Default” shall not have been cured or waived in accordance with the terms of the Term Loan Documents; 

7.9 If any warranty, representation, statement, or Record made herein or in any other Loan Document or delivered to Agent or any Lender in
connection with this Agreement or any other Loan Document proves to be untrue in any material respect (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by
materiality in the text thereof) as of the date of issuance or making or deemed making thereof; provided, however, that no representation or warranty under Section 3.2(a) shall be deemed made when Agent funds
any Overadvance or Protective Advance that has not been requested by Borrower; 
 7.10 If the obligation of any Guarantor under any Guaranty
is limited or terminated by operation of law or by such Guarantor (other than in accordance with the terms of this Agreement) or if any Guarantor repudiates or revokes or purports to repudiate or revoke any such Guaranty; 

7.11 If the Security Agreement or any other Loan Document that purports to create a Lien, shall, for any reason, fail or cease to create a
valid and perfected and, except to the extent permitted by the terms hereof or thereof, first priority Lien on or security interest in the Collateral covered hereby or thereby, except as a result of a disposition of the applicable Collateral in a
transaction permitted under this Agreement; 
 7.12 The validity or enforceability of any Loan Document shall at any time for any reason
(other than solely as the result of an action or failure to act on the part of Agent) be declared to be null and void, or the validity or enforceability thereof shall be contested by Borrower or its Subsidiaries, or a proceeding shall be commenced
by a Loan Party or its Subsidiaries, or by any Governmental Authority having jurisdiction over a Loan Party or its Subsidiaries, seeking to establish the invalidity or unenforceability thereof, or a Loan Party or its Subsidiaries shall deny that
such Loan Party or its Subsidiaries has any liability or obligation purported to be created under any Loan Document; or 
 7.13 A Change of
Control shall occur. 

  
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 8. THE LENDER GROUP’S RIGHTS AND REMEDIES. 

8.1. Rights and Remedies. 

Upon the occurrence, and during the continuation, of an Event of Default, upon prior written notice to Borrower, the Required Lenders may
authorize and instruct Agent to do any one or more of the following on behalf of the Lender Group (and Agent, acting upon the instructions of the Required Lenders, shall do the same on behalf of the Lender Group): 

(a) Declare all or any portion of the Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise,
immediately due and payable; 
 (b) Cease advancing money or extending credit to or for the benefit of Borrower under this Agreement, under
any of the Loan Documents, or under any other agreement between Borrower and the Lender Group; 
 (c) Terminate this Agreement and any of the
other Loan Documents as to any future liability or obligation of the Lender Group, but without affecting any of the Agent’s Liens in the Collateral and without affecting the Obligations; and 

(d) The Lender Group shall have all other rights and remedies available at law or in equity or pursuant to any other Loan Document. 

The foregoing to the contrary notwithstanding, upon the occurrence of any Event of Default described in Section 7.4 or
Section 7.5, in addition to the remedies set forth above, without any notice to Borrower or any other Person or any act by the Lender Group, the Commitments shall automatically terminate and the Obligations then
outstanding, together with all accrued and unpaid interest thereon and all fees and all other amounts due under this Agreement and the other Loan Documents, shall automatically and immediately become due and payable, without presentment, demand,
protest, or notice of any kind, all of which are expressly waived by Borrower. 
 8.2. Remedies Cumulative. 

The rights and remedies of the Lender Group under this Agreement, the other Loan Documents, and all other agreements shall be cumulative. The
Lender Group shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by the Lender Group of one right or remedy shall be deemed an election, and no waiver by the Lender Group
of any Event of Default shall be deemed a continuing waiver. No delay by the Lender Group shall constitute a waiver, election, or acquiescence by it. 

9. TAXES AND EXPENSES. 
 If Borrower or
its Subsidiaries fail to pay any monies (whether taxes, assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish
any required proof of payment or deposit, all as required under the terms of this Agreement, then, Agent, in its sole discretion and without prior notice to Borrower, may do any or all of the following: (a) make payment of the same or any part
thereof whenever an Event of Default has occurred and is continuing or (b) in the case of the failure to comply with Section 5.8 hereof, obtain and maintain 

  
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insurance policies of the type described in Section 5.8 and take any action with respect to such policies as Agent deems prudent. No such payments shall constitute an
agreement by the Lender Group to make similar payments in the future or a waiver by the Lender Group of any Event of Default under this Agreement. Agent need not inquire as to, or contest the validity of, any such expense, tax, or Lien and the
receipt of the usual official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing. 
 10. WAIVERS;
INDEMNIFICATION. 
 10.1. Demand; Protest; Etc. 

Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment, nonpayment at maturity,
release, compromise, settlement, extension, or renewal of documents, instruments, chattel paper, and guarantees at any time held by the Lender Group on which Borrower may in any way be liable. 

10.2. The Lender Group’s Liability for Collateral. 

Borrower hereby agrees that: (a) so long as Agent complies with its obligations, if any, under the Code, the Lender Group shall not in any
way or manner be liable or responsible for: (i) the safekeeping of the Collateral, (ii) any loss or damage thereto occurring or arising in any manner or fashion from any cause, (iii) any diminution in the value thereof, or
(iv) any act or default of any carrier, warehouseman, bailee, forwarding agency, or other Person, and (b) all risk of loss, damage, or destruction of the Collateral shall be borne by Borrower. 

10.3. Indemnification. 

Borrower shall pay, indemnify, defend, and hold the Agent-Related Persons, the Lender-Related Persons, and each Participant (each, an
“Indemnified Person”) harmless (to the fullest extent permitted by law) from and against any and all claims, demands, suits, actions, investigations, proceedings, liabilities, fines, costs, penalties, and damages, and all reasonable
fees and disbursements of attorneys, experts, or consultants and all other costs and expenses actually incurred in connection therewith or in connection with the enforcement of this indemnification (as and when they are incurred and irrespective of
whether suit is brought), at any time asserted against, imposed upon, or incurred by any of them (a) in connection with or as a result of or related to the execution and delivery (provided that Borrower shall not be liable for costs and
expenses (including attorneys’ fees) of any Lender (other than Wells Fargo) incurred in advising, structuring, drafting, reviewing, closings administering or syndicating the Loan Documents) enforcement, performance, or administration (including
any restructuring or workout with respect hereto) of this Agreement, any of the other Loan Documents, or the transactions contemplated hereby or thereby or the monitoring of Borrower’s and its Subsidiaries’ compliance with the terms of the
Loan Documents (provided that the indemnification in this clause (a) shall not extend to (i) disputes solely between or among the Lenders that do not involve any acts or omissions of any Loan Party, or (ii) disputes solely
between or among the Lenders and their respective Affiliates that do not involve any acts or omissions of any Loan Party; it being understood and agreed that the indemnification in this clause (a) shall extend to Agent (but not the Lenders
unless the dispute involves an act or omission of a Loan Party) relative to disputes between or among Agent on the one hand, and one or more Lenders, or one or more of their Affiliates, on the other hand, or (iii)

  
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any claims for Taxes, which shall be governed by Section 16, other than Taxes which relate to primarily non-Tax claims),
(b) with respect to any investigation, litigation, or proceeding related to this Agreement, any other Loan Document, or the use of the proceeds of the credit provided hereunder (irrespective of whether any Indemnified Person is a party
thereto), or any act, omission, event, or circumstance in any manner related thereto, and (c) in connection with or arising out of any presence or release of Hazardous Materials at, on, under, to or from any assets or properties owned, leased
or operated by Borrower or any of its Subsidiaries or any Environmental Actions, Environmental Liabilities and Costs or Remedial Actions related in any way to any such assets or properties of Borrower or any of its Subsidiaries (each and all of the
foregoing, the “Indemnified Liabilities”). The foregoing to the contrary notwithstanding, Borrower shall have no obligation to any Indemnified Person under this Section 10.3 with respect to any Indemnified
Liability that a court of competent jurisdiction finally determines to have resulted from the gross negligence or willful misconduct of such Indemnified Person or its officers, directors, employees, attorneys, or agents. This provision shall survive
the termination of this Agreement and the repayment of the Obligations. If any Indemnified Person makes any payment to any other Indemnified Person with respect to an Indemnified Liability as to which Borrower was required to indemnify the
Indemnified Person receiving such payment, the Indemnified Person making such payment is entitled to be indemnified and reimbursed by Borrower with respect thereto. WITHOUT LIMITATION, THE FOREGOING INDEMNITY SHALL APPLY TO EACH INDEMNIFIED
PERSON WITH RESPECT TO INDEMNIFIED LIABILITIES WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF ANY NEGLIGENT ACT OR OMISSION OF SUCH INDEMNIFIED PERSON OR OF ANY OTHER PERSON. 

11. NOTICES. 
 Unless otherwise provided
in this Agreement, all notices or demands by Borrower or Agent to the other relating to this Agreement or any other Loan Document shall be in writing and (except for financial statements and other informational documents which may be sent by
first-class mail, postage prepaid) shall be personally delivered or sent by registered or certified mail (postage prepaid, return receipt requested), overnight courier, electronic mail (at such email addresses as Borrower or Agent, as applicable,
may designate to each other in accordance herewith), or telefacsimile. In the case of notices or demands to any Loan Party or Agent, as the case may be, they shall be sent to the respective address set forth below: 

 

			
	If to any Loan Party:	  	 JOHN B. SANFILIPPO & SON, INC
 1703
Randall Road
 Elgin, IL 60123
 Attn: Michael Valentine, Chief
Financial Officer
 Fax No. (866) 610-1294

		
	with a copy to:	  	 JENNER & BLOCK LLP
 353 N. Clark
Street
 Chicago, IL 60654
 Attn: Brian S. Hart, Esq.

Fax No.: (312) 923-2718

  
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	If to Agent:	  	 WELLS FARGO CAPITAL FINANCE, LLC
 1100 Abernathy
Road, Suite 1600
 Atlanta, GA 30328
 Attn: Portfolio
Manager
 Fax No. (770) 804-0785

		
	With a copy to:	  	 GOLDBERG KOHN LTD.
 55 East Monroe Street, Suite
3300
 Chicago, IL 60603
 Attn: Keith G. Radner, Esq.

Fax No.: (312) 863-7445

 Any party hereto may change the address at which they are to receive notices hereunder, by notice in
writing in the foregoing manner given to the other party. All notices or demands sent in accordance with this Section 11 shall be deemed received on the earlier of the date of actual receipt or three (3) Business Days
after deposit thereof in the mail; provided that (a) notices sent by overnight courier service shall be deemed to have been given when received, (b) notices by facsimile shall be deemed to have been given when sent (except that, if
not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient) and (c) notices by electronic mail shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended receipt (such as the “return receipt requested” function, as available, return email or other written acknowledgement). 

12. CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. 

(a) THE VALIDITY OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT IN
RESPECT OF SUCH OTHER LOAN DOCUMENT), THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, AND THE RIGHTS OF THE PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO
SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS. 
 (b) THE PARTIES AGREE
THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF COOK, STATE
OF ILLINOIS; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO
BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. BORROWER AND EACH MEMBER OF THE LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM
NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 12(b). 

  
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 (c) BORROWER AND EACH MEMBER OF THE LENDER GROUP HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO
A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY
CLAIMS. BORROWER AND EACH MEMBER OF THE LENDER GROUP REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS
AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 13. ASSIGNMENTS AND PARTICIPATIONS; SUCCESSORS. 

13.1. Assignments and Participations. 

(a) (i) Subject to the conditions set forth in clause (a)(ii) below, any Lender may assign and delegate all or any portion of its rights
and duties under the Loan Documents (including the Obligations owed to it and its Commitments) to one or more assignees so long as such prospective assignee is an Eligible Transferee (each, an “Assignee”), with the prior written
consent (such consent not be unreasonably withheld or delayed) of: 
 (A) Borrower; provided, that no consent of Borrower shall be
required (1) if a Default or Event of Default has occurred and is continuing, or (2) in connection with an assignment to a Person that is a Lender or an Affiliate (other than natural persons) of a Lender; provided further,
that Borrower shall be deemed to have consented to a proposed assignment unless they object thereto by written notice to Agent within ten (10) Business Days after having received notice thereof (it being acknowledged and agreed that such
objection by Borrower may be based on Borrower’s demonstration, to the satisfaction of Agent, in its Permitted Discretion, that the proposed assignee is a direct business competitor (or an Affiliate thereof) of Borrower or any of its
Subsidiaries); and 
 (B) Agent, Swing Lender, and Issuing Lender. 

(ii) Assignments shall be subject to the following additional conditions: 

(A) no assignment may be made to a natural person, 

(B) no assignment may be made to a Loan Party or an Affiliate of a Loan Party, 

  
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 (C) the amount of the Commitments and the other rights and obligations of the assigning
Lender hereunder and under the other Loan Documents subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to Agent) shall be in a minimum amount (unless waived by Agent)
of $5,000,000 (except such minimum amount shall not apply to (I) an assignment or delegation by any Lender to any other Lender, an Affiliate of any Lender, or a Related Fund of such Lender, or (II) a group of new Lenders, each of which is
an Affiliate of each other or a Related Fund of such new Lender to the extent that the aggregate amount to be assigned to all such new Lenders is at least $5,000,000), 

(D) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement, 
 (E) the parties to each assignment shall execute and deliver to Agent an Assignment and Acceptance;
provided, that Borrower and Agent may continue to deal solely and directly with the assigning Lender in connection with the interest so assigned to an Assignee until written notice of such assignment, together with payment instructions,
addresses, and related information with respect to the Assignee, have been given to Borrower and Agent by such Lender and the Assignee, 

(F) unless waived by Agent, the assigning Lender or Assignee has paid to Agent, for Agent’s separate account, a processing fee in the
amount of $3,500, and 
 (G) the assignee, if it is not a Lender, shall deliver to Agent an Administrative Questionnaire in a form approved
by Agent (the “Administrative Questionnaire”). 
 (b) From and after the date that Agent notifies the assigning Lender (with
a copy to Borrower) that it has received an executed Assignment and Acceptance and, if applicable, payment of the required processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations
hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Lender under the Loan Documents, and (ii) the assigning Lender shall, to the extent that rights and obligations hereunder
and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights (except with respect to Section 10.3 hereof) and be released from any future obligations under
this Agreement (and in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement and the other Loan Documents, such Lender shall cease to be a party
hereto and thereto); provided, however, that nothing contained herein shall release any assigning Lender from obligations that survive the termination of this Agreement, including such assigning Lender’s obligations under
Section 15 and Section 17.9(a) of this Agreement. 
 (c) By executing and delivering an
Assignment and Acceptance, the assigning Lender thereunder and the Assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning
Lender makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement or any other Loan Document furnished pursuant hereto, (ii) such assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of Borrower or the
performance or observance by Borrower of any of its obligations under this Agreement or any other Loan Document furnished pursuant hereto, (iii) such Assignee confirms that it has received a copy of this Agreement, together with such other
documents and 

  
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information as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance, (iv) such Assignee will, independently and without
reliance upon Agent, such assigning Lender or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement,
(v) such Assignee appoints and authorizes Agent to take such actions and to exercise such powers under this Agreement as are delegated to Agent, by the terms hereof, together with such powers as are reasonably incidental thereto, and
(vi) such Assignee agrees that it will perform all of the obligations which by the terms of this Agreement are required to be performed by it as a Lender. 

(d) Immediately upon Agent’s receipt of the required processing fee, if applicable, and delivery of notice to the assigning Lender
pursuant to Section 13.1(b), this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising
therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Lender pro tanto. 
 (e) Any
Lender may at any time sell to one or more commercial banks, financial institutions, or other Persons (a “Participant”) participating interests in all or any portion of its Obligations, its Commitment, and the other rights and
interests of that Lender (the “Originating Lender”) hereunder and under the other Loan Documents; provided, however, that (i) the Originating Lender shall remain a “Lender” for all purposes of this
Agreement and the other Loan Documents and the Participant receiving the participating interest in the Obligations, the Commitments, and the other rights and interests of the Originating Lender hereunder shall not constitute a “Lender”
hereunder or under the other Loan Documents and the Originating Lender’s obligations under this Agreement shall remain unchanged, (ii) the Originating Lender shall maintain a written register of each Participant to whom it has sold all or
any portion of its Obligations, such register to reflect the date of sale and face amount or percentage interest sold, and shall not permit any Participant to transfer its interest in the Obligations except through the register maintained by the
Originating Lender, (iii) the Originating Lender shall remain solely responsible for the performance of such obligations, (iv) Borrower, Agent, and the Lenders shall continue to deal solely and directly with the Originating Lender in
connection with the Originating Lender’s rights and obligations under this Agreement and the other Loan Documents, (v) no Lender shall transfer or grant any participating interest under which the Participant has the right to approve any
amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment to, or consent or waiver with respect to this Agreement or of any other Loan Document would (A) extend the
final maturity date of the Obligations hereunder in which such Participant is participating, (B) reduce the interest rate applicable to the Obligations hereunder in which such Participant is participating, (C) release all or substantially
all of the Collateral or guaranties (except to the extent expressly provided herein or in any of the Loan Documents) supporting the Obligations hereunder in which such Participant is participating, (D) postpone the payment of, or reduce the
amount of, the interest or fees payable to such Participant through such Lender, or (E) change the amount or due dates of scheduled principal repayments or prepayments or premiums, and (vi) all amounts payable by Borrower hereunder shall
be determined as if such Lender had not sold such participation, except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of
Default, each Participant shall 

  
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be deemed to have the right of set off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing
directly to it as a Lender under this Agreement. The rights of any Participant only shall be derivative through the Originating Lender with whom such Participant participates and no Participant shall have any rights under this Agreement or the other
Loan Documents or any direct rights as to the other Lenders, Agent, Borrower, the Collections of Borrower or its Subsidiaries, the Collateral, or otherwise in respect of the Obligations. No Participant shall have the right to participate directly in
the making of decisions by the Lenders among themselves. 
 (f) In connection with any such assignment or participation or proposed
assignment or participation, a Lender may, subject to the provisions of Section 17.9, disclose all documents and information which it now or hereafter may have relating to Borrower and its Subsidiaries and their respective
businesses. 
 (g) Any other provision in this Agreement notwithstanding, any Lender may at any time create a security interest in, or
pledge, all or any portion of its rights under and interest in this Agreement in favor of any Federal Reserve Bank in accordance with Regulation A of the Federal Reserve Bank or U.S. Treasury Regulation 31 CFR §203.24, and such Federal Reserve
Bank may enforce such pledge or security interest in any manner permitted under applicable law. 
 13.2. Successors. 

This Agreement shall bind and inure to the benefit of the respective successors and assigns of each of the parties; provided,
however, that Borrower may not assign this Agreement or any rights or duties hereunder without the Lenders’ prior written consent and any prohibited assignment shall be absolutely void ab initio. No consent to assignment by the
Lenders shall release Borrower from its Obligations. A Lender may assign this Agreement and the other Loan Documents and its rights and duties hereunder and thereunder pursuant to Section 13.1 and, except as expressly
required pursuant to Section 13.1, no consent or approval by Borrower is required in connection with any such assignment. 

14. AMENDMENTS; WAIVERS. 
 14.1.
Amendments and Waivers. 
 (a) No amendment, waiver or other modification of any provision of this Agreement or any other Loan
Document (other than the Fee Letter), and no consent with respect to any departure by Borrower therefrom, shall be effective unless the same shall be in writing and signed by the Required Lenders (or by Agent at the written request of the Required
Lenders) and the Loan Parties that are party thereto and then any such waiver or consent shall be effective, but only in the specific instance and for the specific purpose for which given; provided, that no such waiver, amendment, or consent
shall, unless in writing and signed by all of the Lenders directly affected thereby and all of the Loan Parties that are party thereto, do any of the following: 

(i) increase the amount of or extend the expiration date of any Commitment of any Lender, 

  
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 (ii) postpone or delay any date fixed by this Agreement or any other Loan Document for any
payment of principal, interest, fees, or other amounts due hereunder or under any other Loan Document, 
 (iii) reduce the principal of, or
the rate of interest on, any loan or other extension of credit hereunder, or reduce any fees or other amounts payable hereunder or under any other Loan Document (except (y) in connection with the waiver of applicability of
Section 2.6(c) (which waiver shall be effective with the written consent of the Required Lenders), and (z) that any amendment or modification of defined terms used in the financial covenants in this Agreement shall not
constitute a reduction in the rate of interest or a reduction of fees for purposes of this clause (iii)), 
 (iv) amend, modify, or
eliminate this Section or any provision of this Agreement providing for consent or other action by all Lenders, 
 (v) amend, modify, or
eliminate Section 3.1, 
 (vi) amend, modify, or eliminate Section 15.11, 

(vii) other than as permitted by Section 15.11, release or contractually subordinate Agent’s Lien in and to any
of the Collateral, 
 (viii) amend, modify, or eliminate the definitions of “Required Lenders”, “Supermajority Lenders”
or “Pro Rata Share”, 
 (ix) other than in connection with a merger, liquidation, dissolution or sale of such Person expressly
permitted by the terms hereof or the other Loan Documents, release Borrower or any Guarantor from any obligation for the payment of money or consent to the assignment or transfer by Borrower or any Guarantor of any of its rights or duties under this
Agreement or the other Loan Documents, or 
 (x) amend, modify, or eliminate any of the provisions of
Section 2.4(b)(i) or (ii), 
 (b) No amendment, waiver, modification, or consent shall amend, modify, waive,
or eliminate, 
 (i) the definition of, or any of the terms or provisions of, the Fee Letter, without the written consent of Agent and
Borrower (and shall not require the written consent of any of the Lenders), 
 (ii) any provision of Section 15
pertaining to Agent, or any other rights or duties of Agent under this Agreement or the other Loan Documents, without the written consent of Agent, Borrower, and the Required Lenders; 

(c) No amendment, waiver, modification, elimination, or consent shall amend, modify or eliminate, without written consent of Agent, Borrower
and the Supermajority Lenders, the definition of Borrowing Base or the definitions of “Eligible Accounts,” “Eligible Inventory,” “Governmental Accounts,” “Inventory Sublimit,” “Packaging Inventory,”
“Seed Exchange Accounts” or “Seed Inventory” to the extent that any such change results in more credit being made available to Borrower based upon the Borrowing Base, but not otherwise, or the definition of Maximum Revolver
Amount; 

  
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 (d) No amendment, waiver, modification, elimination, or consent shall amend, modify, or
waive any provision of this Agreement or the other Loan Documents pertaining to Issuing Lender, or any other rights or duties of Issuing Lender under this Agreement or the other Loan Documents, without the written consent of Issuing Lender, Agent,
Borrower, and the Required Lenders; 
 (e) No amendment, waiver, modification, elimination, or consent shall amend, modify, or waive any
provision of this Agreement or the other Loan Documents pertaining to Swing Lender, or any other rights or duties of Swing Lender under this Agreement or the other Loan Documents, without the written consent of Swing Lender, Agent, Borrower, and the
Required Lenders; and 
 (f) Anything in this Section 14.1 to the contrary notwithstanding, (i) any amendment,
modification, elimination, waiver, consent, termination, or release of, or with respect to, any provision of this Agreement or any other Loan Document that relates only to the relationship of the Lender Group among themselves, and that does not
affect the rights or obligations of any Loan Party, shall not require consent by or the agreement of any Loan Party, (ii) any amendment, waiver, modification, elimination, or consent of or with respect to any provision of this Agreement or any
other Loan Document may be entered into without the consent of, or over the objection of, any Defaulting Lender other than any of the matters governed by Section 14.1(a)(i) through (iii) that affect such Lender,
and (iii) any amendment contemplated by Section 2.13(d)(iii) of this Agreement in connection with a Benchmark Transition Event or an Early Opt-in Election shall be effective as
contemplated by such Section 2.13(d)(iii) hereof. 
 14.2. Replacement of Holdout Lender. 

(a) If (i) any action to be taken by the Lender Group or Agent hereunder requires the unanimous consent, authorization, or agreement of
all Lenders or all Lenders affected thereby, and a Lender (“Holdout Lender”) fails to give its consent, authorization, or agreement, or (ii) any Lender makes a claim for compensation under Sections 2.12(l), 2.14
or 16, then Borrower or Agent, upon at least 5 Business Days prior irrevocable notice, may permanently replace any Lender that failed to give its consent, authorization or agreement (a
“Non-Consenting Lender”) or any Lender that made such a claim (a “Claiming Lender”) with one or more substitute Lenders (each, a “Replacement Lender”), and
the Non-Consenting Lender or Claiming Lender, as applicable, shall have no right to refuse to be replaced hereunder. Such notice to replace the Non-Consenting Lender or
Claiming Lender, as applicable, shall specify an effective date for such replacement, which date shall not be later than 15 Business Days after the date such notice is given. 

(b) Prior to the effective date of such replacement, the Non-Consenting Lender or Claiming Lender, as
applicable, and each Replacement Lender shall execute and deliver an Assignment and Acceptance, subject only to the Non-Consenting Lender or Claiming Lender, as applicable, being repaid its share of the
outstanding Obligations (including an assumption of its Pro Rata Share of the Risk Participation Liability) without any premium or penalty of any kind whatsoever. If the Non-Consenting Lender or Claiming
Lender, as applicable, shall refuse or fail 

  
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to execute and deliver any such Assignment and Acceptance prior to the effective date of such replacement, the Non-Consenting Lender or Claiming Lender, as
applicable, shall be deemed to have executed and delivered such Assignment and Acceptance. The replacement of any Non-Consenting Lender or Claiming Lender, as applicable, shall be made in accordance with the
terms of Section 13.1. Until such time as the Replacement Lenders shall have acquired all of the Obligations, the Commitments, and the other rights and obligations of the
Non-Consenting Lender or Claiming Lender, as applicable, hereunder and under the other Loan Documents, the Non-Consenting Lender or Claiming Lender, as applicable, shall
remain obligated to make the Non-Consenting Lender’s or Claiming Lender’s, as applicable, Pro Rata Share of Advances and to purchase a participation in each Letter of Credit, in an amount equal to
its Pro Rata Share of the Risk Participation Liability of such Letter of Credit. 
 14.3. No Waivers; Cumulative Remedies.

 No failure by Agent or any Lender to exercise any right, remedy, or option under this Agreement or any other Loan Document, or delay
by Agent or any Lender in exercising the same, will operate as a waiver thereof. No waiver by Agent or any Lender will be effective unless it is in writing, and then only to the extent specifically stated. No waiver by Agent or any Lender on any
occasion shall affect or diminish Agent’s and each Lender’s rights thereafter to require strict performance by Borrower of any provision of this Agreement. Agent’s and each Lender’s rights under this Agreement and the other Loan
Documents will be cumulative and not exclusive of any other right or remedy that Agent or any Lender may have. 
 15. AGENT; THE LENDER GROUP. 

15.1. Appointment and Authorization of Agent. 

Each Lender hereby designates and appoints WFF as its representative under this Agreement and the other Loan Documents and each Lender hereby
irrevocably authorizes Agent to execute and deliver each of the other Loan Documents on its behalf and to take such other action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and
perform such duties as are expressly delegated to Agent by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto. Agent agrees to act as such on the express conditions contained in
this Section 15. The provisions of this Section 15 are solely for the benefit of Agent and the Lenders, and Borrower and its Subsidiaries shall have no rights as a third party beneficiary of any of
the provisions contained herein. Any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document notwithstanding, Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor
shall Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise
exist against Agent; it being expressly understood and agreed that the use of the word “Agent” is for convenience only, that WFF is merely the representative of the Lenders, and only has the contractual duties set forth herein. Except as
expressly otherwise provided in this Agreement, Agent shall have and may use its sole discretion with respect to exercising or refraining from exercising any discretionary rights or taking or refraining from taking any actions that Agent expressly
is entitled to take or assert under or pursuant to this Agreement and the other Loan Documents. Without limiting the generality of the foregoing, or of any other provision of the Loan 

  
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Documents that provides rights or powers to Agent, Lenders agree that Agent shall have the right to exercise the following powers as long as this Agreement remains in effect: (a) maintain,
in accordance with its customary business practices, ledgers and records reflecting the status of the Obligations, the Collateral, the Collections of Borrower and its Subsidiaries, and related matters, (b) execute or file any and all financing
or similar statements or notices, amendments, renewals, supplements, documents, instruments, proofs of claim, notices and other written agreements with respect to the Loan Documents, (c) make Advances, for itself or on behalf of Lenders as
provided in the Loan Documents, (d) exclusively receive, apply, and distribute the Collections of Borrower and its Subsidiaries as provided in the Loan Documents, (e) open and maintain such bank accounts and cash management arrangements as
Agent deems necessary and appropriate in accordance with the Loan Documents for the foregoing purposes with respect to the Collateral and the Collections of Borrower and its Subsidiaries, (f) perform, exercise, and enforce any and all other
rights and remedies of the Lender Group with respect to Borrower or its Subsidiaries, the Obligations, the Collateral, the Collections of Borrower and its Subsidiaries, or otherwise related to any of same as provided in the Loan Documents, and
(g) incur and pay such Lender Group Expenses as Agent may deem necessary or appropriate for the performance and fulfillment of its functions and powers pursuant to the Loan Documents. 

15.2. Delegation of Duties. 

Agent may execute any of its duties under this Agreement or any other Loan Document by or through agents, employees or attorneys in fact and
shall be entitled to advice of counsel concerning all matters pertaining to such duties. Agent shall not be responsible for the negligence or misconduct of any agent or attorney in fact that it selects as long as such selection was made without
gross negligence or willful misconduct. 
 15.3. Liability of Agent. 

None of the Agent-Related Persons shall (a) be liable for any action taken or omitted to be taken by any of them under or in connection
with this Agreement or any other Loan Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct), or (b) be responsible in any manner to any of the Lenders for any recital, statement,
representation or warranty made by Borrower or any of its Subsidiaries or Affiliates, or any officer or director thereof, contained in this Agreement or in any other Loan Document, or in any certificate, report, statement or other document referred
to or provided for in, or received by Agent under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any
failure of Borrower or its Subsidiaries or any other party to any Loan Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender to ascertain or to inquire as to the observance
or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the books and records or properties of Borrower or its Subsidiaries. 

  
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 15.4. Reliance by Agent. 

Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate,
affidavit, letter, telegram, telefacsimile or other electronic method of transmission, telex or telephone message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent, or made by the
proper Person or Persons, and upon advice and statements of legal counsel (including counsel to Borrower or counsel to any Lender), independent accountants and other experts selected by Agent. Agent shall be fully justified in failing or refusing to
take any action under this Agreement or any other Loan Document unless Agent shall first receive such advice or concurrence of the Lenders as it deems appropriate and until such instructions are received, Agent shall act, or refrain from acting, as
it deems advisable. If Agent so requests, it shall first be indemnified to its reasonable satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.
Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the requisite Lenders and such request and any action taken or failure to
act pursuant thereto shall be binding upon all of the Lenders. 
 15.5. Notice of Default or Event of Default. 

Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, except with respect to defaults in
the payment of principal, interest, fees, and expenses required to be paid to Agent for the account of the Lenders and, except with respect to Events of Default of which Agent has actual knowledge, unless Agent shall have received written notice
from a Lender or Borrower referring to this Agreement, describing such Default or Event of Default, and stating that such notice is a “notice of default.” Agent promptly will notify the Lenders of its receipt of any such notice or of any
Event of Default of which Agent has actual knowledge. If any Lender obtains actual knowledge of any Event of Default, such Lender promptly shall notify the other Lenders and Agent of such Event of Default. Each Lender shall be solely responsible for
giving any notices to its Participants, if any. Subject to Section 15.4, Agent shall take such action with respect to such Default or Event of Default as may be requested by the Required Lenders in accordance with
Section 8; provided, however, that unless and until Agent has received any such request, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such
Default or Event of Default as it shall deem advisable. 
 15.6. Credit Decision. 

Each Lender acknowledges that none of the Agent-Related Persons has made any representation or warranty to it, and that no act by Agent
hereinafter taken, including any review of the affairs of Borrower and its Subsidiaries or Affiliates, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender. Each Lender represents to Agent that it
has, independently and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property, financial
and other condition and creditworthiness of Borrower or any other Person party to a Loan Document, and all applicable bank regulatory laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and
to extend credit to Borrower. Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own
credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property,
financial and other condition and creditworthiness of 

  
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Borrower or any other Person party to a Loan Document. Except for notices, reports, and other documents expressly herein required to be furnished to the Lenders by Agent, Agent shall not have any
duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of Borrower or any other Person party to a Loan Document
that may come into the possession of any of the Agent-Related Persons. 
 15.7. Costs and Expenses; Indemnification. 

Agent may incur and pay Lender Group Expenses to the extent Agent reasonably deems necessary or appropriate for the performance and fulfillment
of its functions, powers, and obligations pursuant to the Loan Documents, including court costs, attorneys fees and expenses, fees and expenses of financial accountants, advisors, consultants, and appraisers, costs of collection by outside
collection agencies, auctioneer fees and expenses, and costs of security guards or insurance premiums paid to maintain the Collateral, whether or not Borrower is obligated to reimburse Agent or Lenders for such expenses pursuant to this Agreement or
otherwise. Agent is authorized and directed to deduct and retain sufficient amounts from the Collections of Borrower and its Subsidiaries received by Agent to reimburse Agent for such
out-of-pocket costs and expenses prior to the distribution of any amounts to Lenders. In the event Agent is not reimbursed for such costs and expenses by Borrower or its
Subsidiaries, each Lender hereby agrees that it is and shall be obligated to pay to Agent such Lender’s Pro Rata Share thereof. Whether or not the transactions contemplated hereby are consummated, the Lenders shall indemnify upon demand the
Agent-Related Persons (to the extent not reimbursed by or on behalf of Borrower and without limiting the obligation of Borrower to do so), according to their Pro Rata Shares, from and against any and all Indemnified Liabilities; provided,
however, that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities resulting solely from such Person’s gross negligence or willful misconduct nor shall any Lender be liable
for the obligations of any Defaulting Lender in failing to make an Advance or other extension of credit hereunder. Without limitation of the foregoing, each Lender shall reimburse Agent upon demand for such Lender’s Pro Rata Share of any costs
or out of pocket expenses (including attorneys, accountants, advisors, and consultants fees and expenses) incurred by Agent in connection with the preparation, execution, delivery, administration, modification, amendment, or enforcement (whether
through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that Agent is not
reimbursed for such expenses by or on behalf of Borrower. The undertaking in this Section shall survive the payment of all Obligations hereunder and the resignation or replacement of Agent. 

15.8. Agent in Individual Capacity. 

WFF and its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in, and
generally engage in any kind of banking, trust, financial advisory, underwriting, or other business with Borrower and its Subsidiaries and Affiliates and any other Person party to any Loan Documents as though WFF were not Agent hereunder, and, in
each case, without notice to or consent of the other members of the Lender Group. The other members of the Lender Group acknowledge that, pursuant to such activities, WFF or its Affiliates may receive information regarding Borrower or its Affiliates
or any other Person party to any Loan Documents that is subject to confidentiality obligations in favor of Borrower or such other Person and that prohibit the disclosure of such information to the Lenders, and the Lenders acknowledge that, in such
circumstances (and in the absence of a waiver of such confidentiality obligations, which waiver Agent will use its reasonable best efforts to obtain), Agent shall not be under any obligation to provide such information to them. The terms
“Lender” and “Lenders” include WFF in its individual capacity. 

  
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 15.9. Successor Agent. 

Agent may resign as Agent upon 45 days notice to the Lenders (unless such notice is waived by the Required Lenders) and Borrower. If Agent
resigns under this Agreement, the Required Lenders shall appoint a successor Agent for the Lenders with the consent of Borrower, so long as no Event of Default shall have occurred and be continuing, which consent shall not be unreasonably withheld.
If no successor Agent is appointed prior to the effective date of the resignation of Agent, Agent shall appoint, after consulting with the Lenders and Borrower, a successor Agent from among the Lenders. If Agent has materially breached or failed to
perform any material provision of this Agreement or of applicable law, the Required Lenders may agree in writing to remove and replace Agent with a successor Agent from among the Lenders with the consent of Borrower so long as no Event of Default
shall have occurred and be continuing, which consent shall not be unreasonably withheld. In any such event, upon the acceptance of its appointment as successor Agent hereunder, such successor Agent shall succeed to all the rights, powers, and duties
of the retiring Agent and the term “Agent” shall mean such successor Agent and the retiring Agent’s appointment, powers, and duties as Agent shall be terminated. After any retiring Agent’s resignation hereunder as Agent, the
provisions of this Section 15 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement. 

15.10. Lender in Individual Capacity. 

Any Lender and its respective Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity
interests in and generally engage in any kind of banking, trust, financial advisory, underwriting, or other business with Borrower and its Subsidiaries and Affiliates and any other Person party to any Loan Documents as though such Lender were not a
Lender hereunder without notice to or consent of the other members of the Lender Group. The other members of the Lender Group acknowledge that, pursuant to such activities, such Lender and its respective Affiliates may receive information regarding
Borrower or its Affiliates or any other Person party to any Loan Documents that is subject to confidentiality obligations in favor of Borrower or such other Person and that prohibit the disclosure of such information to the Lenders, and the Lenders
acknowledge that, in such circumstances (and in the absence of a waiver of such confidentiality obligations, which waiver such Lender will use its reasonable best efforts to obtain), such Lender shall not be under any obligation to provide such
information to them. 
 15.11. Collateral Matters. 

(a) The Lenders hereby irrevocably authorize (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to
authorize) Agent, at its option and in its sole discretion, to release any Lien on any Collateral (i) upon the termination of the Commitments and payment and satisfaction in full by Borrower of all Obligations, (ii) constituting property
being sold or disposed of if a release is required or desirable in connection therewith and 

  
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if Borrower certifies to Agent that the sale or disposition is permitted under Section 6.4 of this Agreement or the other Loan Documents (and Agent may rely conclusively
on any such certificate, without further inquiry), (iii) constituting property in which Borrower or its Subsidiaries owned no interest at the time the Agent’s Lien was granted nor at any time thereafter, or (iv) constituting property
leased or licensed to Borrower or its Subsidiaries under a lease or license that has expired or is terminated in a transaction permitted under this Agreement. Except as provided above, Agent will not execute and deliver a release of any Lien on any
Collateral without the prior written authorization of (y) if the release is of all or substantially all of the Collateral, all of the Lenders (without requiring the authorization of the Bank Product Providers), or (z) otherwise, the
Required Lenders (without requiring the authorization of the Bank Product Providers). Upon request by Agent or Borrower at any time, the Lenders will (and if so requested, the Bank Product Providers will) confirm in writing Agent’s authority to
release any such Liens on particular types or items of Collateral pursuant to this Section 15.11; provided, however, that (1) Agent shall not be required to execute any document necessary to evidence such
release on terms that, in Agent’s opinion, would expose Agent to liability or create any obligation or entail any consequence other than the release of such Lien without recourse, representation, or warranty, and (2) such release shall not
in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly being released) upon (or obligations of Borrower in respect of) all interests retained by Borrower, including, the proceeds of any sale, all of which
shall continue to constitute part of the Collateral. Each Lender further hereby irrevocably authorizes (and by entering into a Bank Product Agreement, each Bank Product Provider shall be deemed to irrevocably authorize) Agent, at its option and in
its sole discretion, to subordinate (by contract or otherwise) any Lien granted to or held by Agent on any property under any Loan Document (A) to the holder of any Permitted Lien on such property if such Permitted Lien secures purchase money
Indebtedness (including Capitalized Lease Obligations) permitted under this Agreement and (B) to the extent Agent has the authority under this Section 15.11 to release its Lien on such property. 

(b) Agent shall have no obligation whatsoever to any of the Lenders to assure that the Collateral exists or is owned by Borrower or its
Subsidiaries or is cared for, protected, or insured or has been encumbered, or that the Agent’s Liens have been properly or sufficiently or lawfully created, perfected, protected, or enforced or are entitled to any particular priority, or to
exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to Agent pursuant to any of the Loan Documents, it being
understood and agreed that in respect of the Collateral, or any act, omission, or event related thereto, subject to the terms and conditions contained herein, Agent may act in any manner it may deem appropriate, in its sole discretion given
Agent’s own interest in the Collateral in its capacity as one of the Lenders and that Agent shall have no other duty or liability whatsoever to any Lender as to any of the foregoing, except as otherwise provided herein. 

15.12. Restrictions on Actions by Lenders; Sharing of Payments. 

(a) Each of the Lenders agrees that it shall not, without the express written consent of Agent and only if an Event of Default shall have
occurred and be continuing, and that it shall, to the extent it is lawfully entitled to do so, upon the written request of Agent and only if an Event of Default shall have occurred and be continuing, set off against the Obligations, any amounts
owing by such Lender to Borrower or its Subsidiaries or any Deposit Accounts of Borrower or its Subsidiaries now or hereafter maintained with such Lender. Each of the Lenders further agrees that it shall not, unless specifically requested to do so
in writing by Agent, take or cause to be taken any action, including, the commencement of any legal or equitable proceedings to enforce any Loan Document against Borrower or any Guarantor or to foreclose any Lien on, or otherwise enforce any
security interest in, any of the Collateral. 

  
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 (b) If, at any time or times any Lender shall receive (i) by payment, foreclosure,
setoff, or otherwise, any proceeds of Collateral or any payments with respect to the Obligations, except for any such proceeds or payments received by such Lender from Agent pursuant to the terms of this Agreement, or (ii) payments from Agent
in excess of such Lender’s Pro Rata Share of all such distributions by Agent, such Lender promptly shall (A) turn the same over to Agent, in kind, and with such endorsements as may be required to negotiate the same to Agent, or in
immediately available funds, as applicable, for the account of all of the Lenders and for application to the Obligations in accordance with the applicable provisions of this Agreement, or (B) purchase, without recourse or warranty, an undivided
interest and participation in the Obligations owed to the other Lenders so that such excess payment received shall be applied ratably as among the Lenders in accordance with their Pro Rata Shares; provided, however, that to the extent
that such excess payment received by the purchasing party is thereafter recovered from it, those purchases of participations shall be rescinded in whole or in part, as applicable, and the applicable portion of the purchase price paid therefor shall
be returned to such purchasing party, but without interest except to the extent that such purchasing party is required to pay interest in connection with the recovery of the excess payment. 

15.13. Agency for Perfection. 

Agent hereby appoints each other Lender as its agent (and each Lender hereby accepts such appointment) for the purpose of perfecting the
Agent’s Liens in assets which, in accordance with Article 8 or Article 9, as applicable, of the Code can be perfected only by possession or control. Should any Lender obtain possession or control of any such Collateral, such Lender shall notify
Agent thereof, and, promptly upon Agent’s request therefor shall deliver possession or control of such Collateral to Agent or in accordance with Agent’s instructions. 

15.14. Payments by Agent to the Lenders. 

All payments to be made by Agent to the Lenders shall be made by bank wire transfer of immediately available funds pursuant to such wire
transfer instructions as each party may designate for itself by written notice to Agent. Concurrently with each such payment, Agent shall identify whether such payment (or any portion thereof) represents principal, premium, fees, or interest of the
Obligations. 
 15.15. Concerning the Collateral and Related Loan Documents. 

Each member of the Lender Group authorizes and directs Agent to enter into this Agreement and the other Loan Documents. Each member of the
Lender Group agrees that any action taken by Agent in accordance with the terms of this Agreement or the other Loan Documents relating to the Collateral and the exercise by Agent of its powers set forth therein or herein, together with such other
powers that are reasonably incidental thereto, shall be binding upon all of the Lenders. 

  
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 15.16. Field Audits and Examination Reports; Confidentiality; Disclaimers by Lenders;
Other Reports and Information. 
 By becoming a party to this Agreement, each Lender: 

(a) is deemed to have requested that Agent furnish such Lender, promptly after it becomes available, a copy of each field audit or examination
report respecting Borrower or its Subsidiaries (each a “Report” and collectively, “Reports”) prepared by or at the request of Agent, and Agent shall so furnish each Lender with such Reports, 

(b) expressly agrees and acknowledges that Agent does not (i) make any representation or warranty as to the accuracy of any Report, and
(ii) shall not be liable for any information contained in any Report, 
 (c) expressly agrees and acknowledges that the Reports are not
comprehensive audits or examinations, that Agent or other party performing any audit or examination will inspect only specific information regarding Borrower and its Subsidiaries and will rely significantly upon Borrower’s and its
Subsidiaries’ books and records, as well as on representations of Borrower’s personnel, 
 (d) agrees to keep all Reports and other
material, non-public information regarding Borrower and its Subsidiaries and their operations, assets, and existing and contemplated business plans in a confidential manner in accordance with
Section 17.9, and 
 (e) without limiting the generality of any other indemnification provision contained in this
Agreement, agrees: (i) to hold Agent and any other Lender preparing a Report harmless from any action the indemnifying Lender may take or fail to take or any conclusion the indemnifying Lender may reach or draw from any Report in connection
with any loans or other credit accommodations that the indemnifying Lender has made or may make to Borrower, or the indemnifying Lender’s participation in, or the indemnifying Lender’s purchase of, a loan or loans of Borrower, and
(ii) to pay and protect, and indemnify, defend and hold Agent, and any such other Lender preparing a Report harmless from and against, the claims, actions, proceedings, damages, costs, expenses, and other amounts (including, attorneys fees and
costs) incurred by Agent and any such other Lender preparing a Report as the direct or indirect result of any third parties who might obtain all or part of any Report through the indemnifying Lender. 

In addition to the foregoing: (x) any Lender may from time to time request of Agent in writing that Agent provide to such Lender a copy of any report or
document provided by Borrower or its Subsidiaries to Agent that has not been contemporaneously provided by Borrower or such Subsidiary to such Lender, and, upon receipt of such request, Agent promptly shall provide a copy of same to such Lender,
(y) to the extent that Agent is entitled, under any provision of the Loan Documents, to request additional reports or information from Borrower or its Subsidiaries, any Lender may, from time to time, reasonably request Agent to exercise such
right as specified in such Lender’s notice to Agent, whereupon Agent promptly shall request of Borrower the additional reports or information reasonably specified by such Lender, and, upon receipt thereof from Borrower or such Subsidiary, Agent
promptly shall provide a copy of same to such Lender, and (z) any time that Agent renders to Borrower a statement regarding the Loan Account, Agent ‘shall send a copy of such statement to each Lender. 

  
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 15.17. Several Obligations; No Liability. 

Notwithstanding that certain of the Loan Documents now or hereafter may have been or will be executed only by or in favor of Agent in its
capacity as such, and not by or in favor of the Lenders, any and all obligations on the part of Agent (if any) to make any credit available hereunder shall constitute the several (and not joint) obligations of the respective Lenders on a ratable
basis, according to their respective Commitments, to make an amount of such credit not to exceed, in principal amount, at any one time outstanding, the amount of their respective Commitments. Nothing contained herein shall confer upon any Lender any
interest in, or subject any Lender to any liability for, or in respect of, the business, assets, profits, losses, or liabilities of any other Lender. Each Lender shall be solely responsible for notifying its Participants of any matters relating to
the Loan Documents to the extent any such notice may be required, and no Lender shall have any obligation, duty, or liability to any Participant of any other Lender. Except as provided in Section 15.7, no member of the
Lender Group shall have any liability for the acts of any other member of the Lender Group. No Lender shall be responsible to Borrower or any other Person for any failure by any other Lender to fulfill its obligations to make credit available
hereunder, nor to advance for it or on its behalf in connection with its Commitment, nor to take any other action on its behalf hereunder or in connection with the financing contemplated herein. 

16. WITHHOLDING TAXES. 
 16.1.
Payments. 
 All payments made by any Loan Party under any Loan Document will be made free and clear of, and without
deduction or withholding for, any Taxes, except as otherwise required by applicable law, and in the event any deduction or withholding of Taxes is required, the applicable Loan Party shall make the requisite withholding, promptly pay over to the
applicable Governmental Authority the withheld tax, and furnish to Agent as promptly as possible after the date the payment of any such Tax is due pursuant to applicable law, original or copies of original tax receipts evidencing such payment by the
Loan Parties.    Furthermore, if any such Tax is an Indemnified Taxes or an Indemnified Tax is so levied or imposed, the Loan Parties agree to pay the full amount of such Indemnified Taxes and such additional amounts as may be
necessary so that every payment of all amounts due under this Agreement, any note, or Loan Document, including any amount paid pursuant to this Section 16.1 after withholding or deduction for or on account of any
Indemnified Taxes, will not be less than the amount provided for herein. The Loan Parties will promptly pay any Other Taxes or reimburse Agent for such Other Taxes upon Agent’s demand. The Loan Parties shall jointly and severally indemnify each
Indemnified Person (as defined in Section 10.3) (collectively a “Tax Indemnitee”) for the full amount of Indemnified Taxes arising in connection with this Agreement or any other Loan Document or breach
thereof by any Loan Party (including any Indemnified Taxes imposed or asserted on, or attributable to, amounts payable under this Section 16) imposed on, or paid by, such Tax Indemnitee and all reasonable costs and expenses
related thereto (including fees and disbursements of attorneys and other tax professionals), as and when they are incurred and irrespective of whether suit is brought, whether or not such Indemnified Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority (other than Indemnified Taxes and additional amounts that a court of competent jurisdiction finally determines to have resulted from the gross negligence or willful misconduct of such Tax Indemnitee).
The obligations of the Loan Parties under this Section 16 shall survive the termination of this Agreement, the resignation and replacement of the Agent, and the repayment of the Obligations. 

  
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 16.2. Exemptions. 

(a) If a Lender or Participant is entitled to claim an exemption or reduction from United States withholding tax, such Lender or Participant
agrees with and in favor of Agent, to deliver to Agent (or, in the case of a Participant, to the Lender granting the participation only) and the Borrower, at the time or times reasonably requested by the Loan Parties or Agent, such properly
completed and executed documentation reasonably requested by the Loan Parties or Agent as will permit such payments to be made without withholding or at a reduced rate of withholding, including without limitation one of the following, before
receiving its first payment under this Agreement: 
 (i) if such Lender or Participant is entitled to claim an exemption from United States
withholding tax pursuant to the portfolio interest exception, (A) a statement of the Lender or Participant, signed under penalty of perjury, that it is not a (I) a “bank” as described in Section 881(c)(3)(A) of the IRC,
(II) a 10% shareholder of Borrower (within the meaning of Section 871(h)(3)(B) of the IRC), or (III) a controlled foreign corporation related to Borrower within the meaning of Section 864(d)(4) of the IRC, and (B) a properly
completed and executed IRS Form W-8BEN, Form W-8BEN-E or Form W-8IMY (with proper
attachments as applicable); 
 (ii) if such Lender or Participant is entitled to claim an exemption from, or a reduction of, withholding tax
under a United States tax treaty, a properly completed and executed copy of IRS Form W-8BEN or Form W-8BEN-E, as applicable; 

(iii) if such Lender or Participant is entitled to claim that interest paid under this Agreement is exempt from United States withholding tax
because it is effectively connected with a United States trade or business of such Lender, a properly completed and executed copy of IRS Form W-8ECI; 

(iv) if such Lender or Participant is entitled to claim that interest paid under this Agreement is exempt from United States withholding tax
because such Lender or Participant serves as an intermediary, a properly completed and executed copy of IRS Form W-8IMY (including a withholding statement and copies of the tax certification documentation for
its beneficial owner(s) of the income paid to the intermediary, if required based on its status provided on the Form W-8IMY); or 

(v) a properly completed and executed copy of any other form or forms, including IRS Form W-9, as may
be required under the IRC or other laws of the United States as a condition to exemption from United States withholding or backup withholding tax. 

(b) Each Lender or Participant shall deliver to the Loan Parties and Agent (in such number of copies as shall be requested by the recipient) on
or about the date on which such Lender becomes a Lender or Participant under this Agreement (and from time to time thereafter upon the reasonable request of the Loan Parties or Agent), executed copies of any other form prescribed by applicable law
as a basis for claiming exemption from or a reduction in U.S. federal withholding and provide new forms (or successor forms) upon the expiration or obsolescence of any previously delivered forms and to promptly notify Agent and Borrower (or, in the
case of a Participant, to the Lender granting the participation only) of any change in circumstances which would modify or render invalid any claimed exemption or reduction. 

  
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 (c) If a Lender or Participant claims an exemption from withholding tax in a jurisdiction
other than the United States, such Lender or such Participant agrees with and in favor of Agent and Borrower, to deliver to Agent and Borrower (or, in the case of a Participant, to the Lender granting the participation only) any such form or forms,
as may be required under the laws of such jurisdiction as a condition to exemption from, or reduction of, foreign withholding or backup withholding tax before receiving its first payment under this Agreement, but only if such Lender or such
Participant is legally able to deliver such forms, or the providing of or delivery of such forms in the Lender’s reasonable judgment would not subject such Lender to any material unreimbursed cost or expense or materially prejudice the legal or
commercial position of such Lender (or its Affiliates); provided, further, that nothing in this Section 16.2(c) shall require a Lender or Participant to disclose any information that it deems to be
confidential (including its tax returns). Each Lender and each Participant shall provide new forms (or successor forms) upon the expiration or obsolescence of any previously delivered forms and promptly notify Agent and Borrower (or, in the case of
a Participant, to the Lender granting the participation only) of any change in circumstances which would modify or render invalid any claimed exemption or reduction. 

(d) If a Lender or Participant claims exemption from, or reduction of, withholding tax and such Lender or Participant sells, assigns, grants a
participation in, or otherwise transfers all or part of the Obligations of Borrower to such Lender or Participant, such Lender or Participant agrees to notify Agent and Borrower (or, in the case of a sale of a participation interest, to the Lender
granting the participation only) of the percentage amount in which it is no longer the beneficial owner of Obligations of Borrower to such Lender or Participant. To the extent of such percentage amount, Agent and Borrower will treat such
Lender’s or such Participant’s documentation provided pursuant to Section 16.2(a) or 16.2(c) as no longer valid. With respect to such percentage amount, such Participant or Assignee may provide new
documentation, pursuant to Section 16.2(a) or 16.2(c), if applicable. Borrower agree that each Participant shall be entitled to the benefits of this Section 16 with respect to its
participation in any portion of the Commitments and the Obligations so long as such Participant complies with the obligations set forth in this Section 16 with respect thereto. 

(e) If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding tax imposed by FATCA if such Lender were
to fail to comply with the applicable due diligence and reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the IRC, as applicable), such Lender shall deliver to Agent (or, in the case of a Participant,
to the Lender granting the participation only) at the time or times prescribed by law and at such time or times reasonably requested by Agent (or, in the case of a Participant, the Lender granting the participation) such documentation prescribed by
applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the IRC) and such additional documentation reasonably requested by Agent (or, in the case of a Participant, the Lender granting the participation) as may be necessary for
Agent or Borrower to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of
this clause (e), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

  
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 (f) Each Lender and Participant agree that if any form or certification such Lender or a
Participant previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Loan Parties and Agent in writing of its legal inability to do so. 

16.3. Reductions. 

(a) If a Lender or a Participant is subject to an applicable withholding tax, Agent (or, in the case of a Participant, the Lender granting the
participation) may withhold from any payment to such Lender or such Participant an amount equivalent to the applicable withholding tax. If the forms or other documentation required by Section 16.2(a) or 16.2(c) are
not delivered to Agent (or, in the case of a Participant, to the Lender granting the participation), then Agent (or, in the case of a Participant, to the Lender granting the participation) may withhold from any payment to such Lender or such
Participant not providing such forms or other documentation an amount equivalent to the applicable withholding tax. 
 (b) If the IRS or any
other Governmental Authority of the United States or other jurisdiction asserts a claim that Agent (or, in the case of a Participant, to the Lender granting the participation) did not properly withhold tax from amounts paid to or for the account of
any Lender or any Participant due to a failure on the part of the Lender or any Participant (because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify Agent (or such Participant failed to
notify the Lender granting the participation) of a change in circumstances which rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason) such Lender shall indemnify and hold Agent harmless (or, in the case
of a Participant, such Participant shall indemnify and hold the Lender granting the participation harmless) for all amounts paid, directly or indirectly, by Agent (or, in the case of a Participant, to the Lender granting the participation), as tax
or otherwise, including penalties and interest, and including any taxes imposed by any jurisdiction on the amounts payable to Agent (or, in the case of a Participant, to the Lender granting the participation only) under this
Section 16, together with all costs and expenses (including attorneys’ fees and expenses). The obligation of the Lenders and the Participants under this subsection shall survive the payment of all Obligations and the
resignation or replacement of Agent. 
 16.4. Refunds. 

If Agent or a Lender determines, in its sole discretion, that it has received a refund of any Indemnified Taxes to which the Loan Parties have
paid additional amounts pursuant to this Section 16, so long as no Default or Event of Default has occurred and is continuing, it shall pay over such refund to the Borrower on behalf of the Loan Parties (but only to the
extent of payments made, or additional amounts paid, by the Loan Parties under this Section 16 with respect to Indemnified Taxes giving rise to such a refund), net of all out-of-pocket expenses of Agent or such Lender and without interest (other than any interest paid by the applicable Governmental Authority with respect to such a refund); provided, that the Loan
Parties, upon the request of Agent or such Lender, agrees to repay the amount paid over to the Loan Parties (plus any penalties, interest or other charges, imposed by the applicable Governmental Authority, other than such penalties,

  
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interest or other charges imposed as a result of the willful misconduct or gross negligence of Agent or Lender hereunder as finally determined by a court of competent jurisdiction) to Agent or
such Lender in the event Agent or such Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything in this Agreement to the contrary, this Section 16 shall not be construed to require
Agent or any Lender to make available its tax returns (or any other information which it deems confidential) to Loan Parties or any other Person or require Agent or any Lender to pay any amount to an indemnifying party pursuant to
Section 16.4, the payment of which would place Agent or such Lender (or their Affiliates) in a less favorable net after-Tax position than such Person would have been in if the Tax
subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. 

17. GENERAL PROVISIONS. 
 17.1.
Effectiveness. 
 This Agreement shall be binding and deemed effective when executed by Borrower, Agent, and each Lender whose
signature is provided for on the signature pages hereof. 
 17.2. Section Headings. 

Headings and numbers have been set forth herein for convenience only. Unless the contrary is compelled by the context, everything contained in
each Section applies equally to this entire Agreement. 
 17.3. Interpretation. 

Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against the Lender Group or Borrower, whether under any rule
of construction or otherwise. On the contrary, this Agreement has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all
parties hereto. 
 17.4. Severability of Provisions. 

Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal
enforceability of any specific provision. 
 17.5. Bank Product Providers. 

Each Bank Product Provider in its capacity as such shall be deemed a third party beneficiary hereof and of the provisions of the other Loan
Documents for purposes of any reference in a Loan Document to the parties for whom Agent is acting. Agent hereby agrees to act as agent for such Bank Product Providers and, by virtue of entering into a Bank Product Agreement, the applicable Bank
Product Provider shall be automatically deemed to have appointed Agent as its agent and to have accepted the benefits of the Loan Documents. It is understood and agreed that the rights and benefits of each Bank Product Provider under the Loan
Documents consist exclusively of such Bank Product Provider’s being a beneficiary of the Liens and security interests (and, if applicable, guarantees) granted to Agent and the right to share in payments and collections

  
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out of the Collateral as more fully set forth herein. In addition, each Bank Product Provider, by virtue of entering into a Bank Product Agreement, shall be automatically deemed to have agreed
that Agent shall have the right, but shall have no obligation, to establish, maintain, relax, or release reserves in respect of the Bank Product Obligations and that if reserves are established there is no obligation on the part of Agent to
determine or insure whether the amount of any such reserve is appropriate or not. In connection with any such distribution of payments or proceeds of Collateral, Agent shall be entitled to assume no amounts are due or owing to any Bank Product
Provider unless such Bank Product Provider has provided a written certification (setting forth a reasonably detailed calculation) to Agent as to the amounts that are due and owing to it and such written certification is received by Agent a
reasonable period of time prior to the making of such distribution. Agent shall have no obligation to calculate the amount due and payable with respect to any Bank Products, but may rely upon the written certification of the amount due and payable
from the applicable Bank Product Provider. In the absence of an updated certification, Agent shall be entitled to assume that the amount due and payable to the applicable Bank Product Provider is the amount last certified to Agent by such Bank
Product Provider as being due and payable (less any distributions made to such Bank Product Provider on account thereof). Borrower may obtain Bank Products from any Bank Product Provider, although Borrower are not required to do so.
Borrower acknowledges and agrees that no Bank Product Provider has committed to provide any Bank Products and that the providing of Bank Products by any Bank Product Provider is in the sole and absolute discretion of such Bank Product Provider.
Notwithstanding anything to the contrary in this Agreement or any other Loan Document, no provider or holder of any Bank Product shall have any voting or approval rights hereunder (or be deemed a Lender) solely by virtue of its status as the
provider or holder of such agreements or products or the Obligations owing thereunder, nor shall the consent of any such provider or holder be required (other than in their capacities as Lenders, to the extent applicable) for any matter hereunder or
under any of the other Loan Documents, including as to any matter relating to the Collateral or the release of Collateral or Guarantors. 

17.6. Lender-Creditor Relationship. 

The relationship between the Lenders and Agent, on the one hand, and Borrower, on the other hand, is solely that of creditor and debtor. No
member of the Lender Group has (or shall be deemed to have) any fiduciary relationship or duty to Borrower arising out of or in connection with, and there is no agency or joint venture relationship between the members of the Lender Group, on the one
hand, and Borrower, on the other hand, by virtue of any Loan Document or any transaction contemplated therein. 
 17.7. Counterparts;
Electronic Execution. 
 This Agreement may be executed in any number of counterparts and by different parties on separate
counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by
telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile or other
electronic method of transmission also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement.
The foregoing shall apply to each other Loan Document mutatis mutandis. 

  
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 17.8. Revival and Reinstatement of Obligations. 

If the incurrence or payment of the Obligations by Borrower or Guarantor or the transfer to the Lender Group of any property should for any
reason subsequently be declared to be void or voidable under any state or federal law relating to creditors’ rights, including provisions of the Bankruptcy Code relating to fraudulent conveyances, preferences, or other voidable or recoverable
payments of money or transfers of property (each, a “Voidable Transfer”), and if the Lender Group is required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to do so upon the reasonable advice of its
counsel, then, as to any such Voidable Transfer, or the amount thereof that the Lender Group is required or elects to repay or restore, and as to all reasonable costs, expenses, and attorneys fees of the Lender Group related thereto, the liability
of Borrower or Guarantor automatically shall be revived, reinstated, and restored and shall exist as though such Voidable Transfer had never been made. 

17.9. Confidentiality. 

(a) Agent and Lenders each individually (and not jointly or jointly and severally) agree that material,
non-public information regarding the Loan Parties and their Subsidiaries, their operations, assets, and existing and contemplated business plans (“Confidential Information”) shall be treated
by Agent and the Lenders in a confidential manner, and shall not be disclosed by Agent and the Lenders to Persons who are not parties to this Agreement, except: (i) to attorneys for and other advisors, accountants, auditors, and consultants to
any member of the Lender Group and to employees, directors and officers of any member of the Lender Group (the Persons in this clause (i), “Lender Group Representatives”) on a “need to know” basis in connection with this
Agreement and the transactions contemplated hereby and on a confidential basis (it being understood that such Persons to whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such
information confidential), (ii) to Subsidiaries and Affiliates of any member of the Lender Group (including the Bank Product Providers); provided, that any such Subsidiary or Affiliate shall have agreed to receive such information hereunder
subject to the terms of this Section 17.9, (iii) as may be required by regulatory authorities so long as such authorities are informed of the confidential nature of such information, (iv) as may be required by statute,
decision, or judicial or administrative order, rule, or regulation; provided, that (x) prior to any disclosure under this clause (iv), the disclosing party agrees to provide Borrower with prior notice thereof, to the extent that it is
practicable to do so and to the extent that the disclosing party is permitted to provide such prior notice to Borrower pursuant to the terms of the applicable statute, decision, or judicial or administrative order, rule, or regulation and
(y) any disclosure under this clause (iv) shall be limited to the portion of the Confidential Information as may be required by such statute, decision, or judicial or administrative order, rule, or regulation, (v) as may be agreed to
in advance in writing by Borrower, (vi) as requested or required by any Governmental Authority pursuant to any subpoena or other legal process; provided, that (x) prior to any disclosure under this clause (vi) the disclosing
party agrees to provide Borrower with prior written notice thereof, to the extent that it is practicable to do so and to the extent that the disclosing party is permitted to provide such prior written notice to Borrower pursuant to the terms of the
subpoena or other legal process and (y) any disclosure under this clause (vi) shall be limited to the portion of the Confidential Information as may be required 

  
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by such Governmental Authority pursuant to such subpoena or other legal process, (vii) as to any such information that is or becomes generally available to the public (other than as a result
of prohibited disclosure by Agent or the Lenders or the Lender Group Representatives), (viii) in connection with any assignment, participation or pledge of any Lender’s interest under this Agreement; provided, that prior to receipt of
Confidential Information any such assignee, participant, or pledgee shall have agreed in writing to receive such Confidential Information either subject to the terms of this Section 17.9 or pursuant to confidentiality
requirements substantially similar to those contained in this Section 17.9 (and such Person may disclose such Confidential Information to Persons employed or engaged by them as described in clause (i) above), (ix) in
connection with any litigation or other adversary proceeding involving parties hereto which such litigation or adversary proceeding involves claims related to the rights or duties of such parties under this Agreement or the other Loan Documents;
provided, that prior to any disclosure to any Person (other than any Loan Party, Agent, any Lender, any of their respective Affiliates, or their respective counsel) under this clause (ix) with respect to litigation involving any Person
(other than Borrower, Agent, any Lender, any of their respective Affiliates, or their respective counsel), the disclosing party agrees to provide Borrower with prior written notice thereof, and (x) in connection with, and to the extent
reasonably necessary for, the exercise of any secured creditor remedy under this Agreement or under any other Loan Document. 
 (b) Anything
in this Agreement to the contrary notwithstanding, Agent may disclose information concerning the terms and conditions of this Agreement and the other Loan Documents to loan syndication and pricing reporting services or in its marketing or
promotional materials, with such information to consist of deal terms and other information customarily found in such publications or marketing or promotional materials and may otherwise use the name, logos, and other insignia of Borrower or the
other Loan Parties and the Commitments provided hereunder in any “tombstone” or other advertisements, on its website or in other marketing materials of the Agent. 

(c) Each Loan Party agrees that Agent may make materials or information provided by or on behalf of Borrower hereunder (collectively,
“Borrower Materials”) available to the Lenders by posting the Communications on IntraLinks, SyndTrak or a substantially similar secure electronic transmission system (the “Platform”). The Platform is provided
“as is” and “as available.” Agent does not warrant the accuracy or completeness of the Borrower Materials, or the adequacy of the Platform and expressly disclaim liability for errors or omissions in the communications. No
warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code
defects, is made by Agent in connection with the Borrower Materials or the Platform. In no event shall Agent or any of the Agent-Related Persons have any liability to the Loan Parties, any Lender or any other person for damages of any kind,
including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Loan Party’s or Agent’s transmission of communications through the Internet, except
to the extent the liability of such person is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from such person’s gross negligence or willful misconduct. Each
Loan Party further agrees that certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Loan Parties or their
securities) (each, a “Public Lender”). The Loan Parties shall be deemed to have authorized Agent and its Affiliates and the Lenders to treat Borrower 

  
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Materials marked “PUBLIC” or otherwise at any time filed with the SEC as not containing any material non-public information with respect to the
Loan Parties or their securities for purposes of United States federal and state securities laws. All Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated as “Public
Investor” (or another similar term). Agent and its Affiliates and the Lenders shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” or that are not at any time filed with the SEC as being suitable only for
posting on a portion of the Platform not marked as “Public Investor” (or such other similar term). 
 17.10. Lender Group
Expenses. 
 Borrower agrees to pay any and all Lender Group Expenses promptly after demand therefor by Agent and agrees that its
obligations contained in this Section 17.10 shall survive payment or satisfaction in full of all other Obligations. 

17.11. USA PATRIOT Act. 

Each Lender that is subject to the requirements of the Patriot Act hereby notifies the Loan Parties that pursuant to the requirements of the
Patriot Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such Lender to identify each Loan Party in
accordance with the Patriot Act. In addition, Agent and each Lender shall have the right to periodically conduct due diligence on all Loan Parties, their senior management and key principals and legal and beneficial owners. Each Loan Party agrees to
cooperate in respect of the conduct of such due diligence and further agrees that the reasonable costs and charges for any such due diligence by Agent shall constitute Lender Group Expenses hereunder and be for the account of Borrower. 

17.12. Integration. 

This Agreement, together with the other Loan Documents, reflects the entire understanding of the parties with respect to the transactions
contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or written, before the date hereof. 
 17.13.
Acknowledgement and Consent to Bail-In of EEA Financial Institutions. 

Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties,
each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA
Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

  
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 (b) the effects of any Bail-in Action on any such
liability, including, if applicable: 
 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its
parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this
Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in connection with the exercise of the
write-down and conversion powers of any EEA Resolution Authority. 
 17.14. Acknowledgement Regarding Any Supported QFCs.

 To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedge Agreements or any other agreement
or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance
Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in
respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United
States or any other state of the United States). In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such
Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such
Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed
by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents
that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties
with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 

[Signature Pages Follow.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
delivered as of the date first above written. 
  

			
	 JOHN B. SANFILIPPO & SON, INC., a Delaware corporation

 

	By:	 	 /s/ Michael J. Valentine

	Name:	 	Michael J. Valentine
	Title:	 	Chief Financial Officer and Secretary

  
 Signature Page to Amended and Restated
Credit Agreement 

 
			
	 WELLS FARGO CAPITAL FINANCE, LLC,

a Delaware limited liability company, as Agent and as a Lender
  

	By:	 	 /s/ Mark Bradford

	Name:	 	Mark Bradford
	Title:	 	Senior Vice President

  
 Signature Page to Amended and Restated
Credit Agreement 

 
			
	 SOUTHWEST GEORGIA FARM CREDIT, ACA

for itself and as agent/nominee for Southwest Georgia Farm Credit, FLCA, as a Lender

 

	By:	 	 /s/ Jared Renfroe

	Name:	 	Jared Renfroe
	Title:	 	Vice President

  

  
 Signature Page to Amended and Restated
Credit Agreement 

 Schedule 1.1 

As used in the Agreement, the following terms shall have the following definitions: 

“Account” means an account (as that term is defined in the Code). 

“Account Debtor” means any Person who is obligated on an Account, chattel paper, or a general intangible. 

“Accounting Changes” means changes in accounting principles required by the promulgation of any rule, regulation,
pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants (or successor thereto or any agency with similar functions). 

“ACH Transactions” means any cash management or related services (including the Automated Clearing House processing of
electronic fund transfers through the direct Federal Reserve Fedline system) provided by a Bank Product Provider for the account of Borrower or its Subsidiaries. 

“Acquisition” means (a) the purchase or other acquisition by a Person or its Subsidiaries of all or substantially all of
the assets of (or any division or business line of) any other Person, or (b) the purchase or other acquisition (whether by means of a merger, consolidation, or otherwise) by a Person or its Subsidiaries of all or substantially all of the Stock
of any other Person. 
 “Act” has the meaning specified therefor in Section 17.11. 

“Additional Documents” has the meaning specified therefor in Section 5.17. 

“Additional Lender” has the meaning specified therefor in Section 2.15. 

“Advances” has the meaning specified therefor in Section 2.1(a). 

“Affiliate” means, as applied to any Person, any other Person who controls, is controlled by, or is under common control
with, such Person. For purposes of this definition, “control” means the possession, directly or indirectly through one or more intermediaries, of the power to direct the management and policies of a Person, whether through the ownership of
Stock, by contract, or otherwise; provided, however, that, for purposes of the definition of Eligible Accounts and Section 6.13 of the Agreement: (a) any Person which owns directly or indirectly 10% or
more of the Stock having ordinary voting power for the election of directors or other members of the governing body of a Person or 10% or more of the partnership or other ownership interests of a Person (other than as a limited partner of such
Person) shall be deemed an Affiliate of such Person, (b) each director (or comparable manager) of a Person shall be deemed to be an Affiliate of such Person, and (c) each partnership in which a Person is a general partner shall be deemed
an Affiliate of such Person. 
 “Agent” has the meaning specified therefor in the preamble to the Agreement. 

“Agent-Related Persons” means Agent, together with its Affiliates, officers, directors, employees, attorneys, and agents.

 “Agent’s Account” means the Deposit Account of Agent identified on
Schedule A-1 to this Agreement (or such other Deposit Account of Agent that has been designated as such, in writing, by Agent to Borrower and the Lenders). 

“Agent’s Liens” means the Liens granted by Borrower or its Subsidiaries to Agent under the Loan Documents. 

“Agreement” means the Amended and Restated Credit Agreement to which this Schedule 1.1 is attached. 

“Anti-Corruption Laws” means the FCPA, the U.K. Bribery Act of 2010, as amended, and all other applicable laws and
regulations or ordinances concerning or relating to bribery, money laundering or corruption in any jurisdiction in which any Loan Party or any of its Subsidiaries or Affiliates is located or is doing business. 

“Anti-Money Laundering Laws” means the applicable laws or regulations in any jurisdiction in which any Loan Party or any of
its Subsidiaries or Affiliates is located or is doing business that relates to money laundering, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto. 

“Application Event” means the occurrence of (a) a failure by Borrower to repay all of the Obligations on the Latest
Maturity Date, or (b) an Event of Default and the election by the Required Lenders to declare all or any portion of the Obligations to be due and payable, to terminate the Revolver Commitment, or to exercise remedies against the Collateral.

 “Assignee” has the meaning specified therefor in Section 13.1(a). 

“Assignment and Acceptance” means an Assignment and Acceptance Agreement substantially in the form of Exhibit A-1. 
 “Authorized Person” means any one of the individuals identified as an officer
of a Borrower on Schedule A-2 to this Agreement, or any other individual identified by Borrower as an authorized person and authenticated through Agent’s electronic platform or portal in accordance
with its procedures for such authentication. 
 “Availability” means, as of any date of determination, the amount that
Borrower is entitled to borrow as Advances under Section 2.1 of this Agreement (after giving effect to the then outstanding Revolver Usage). 

“Average Excess Availability” means, as of any relevant date of determination in any calendar week, Excess Availability
determined on a seven (7)-day average basis for the immediately preceding week for which a Borrowing Base Certificate has been delivered by Borrower (using weekly adjustments for Accounts and monthly
adjustments for Inventory) in accordance with the Agent’s normal availability tracking procedures; provided that the amount of such Excess Availability shall not be limited by the Maximum Revolver Amount or the Inventory Sublimit. 

 “Average Margin Availability” means, as of any relevant date of
determination in any calendar month, Excess Availability determined on a 30-day average basis for the immediately preceding calendar month for which a Borrowing Base Certificate has been delivered by Borrower
(using weekly adjustments for Accounts and monthly adjustments for Inventory) in accordance with the Agent’s normal availability tracking procedures; provided that the amount of such Excess Availability shall not be limited by the
Maximum Revolver Amount or the Inventory Sublimit. 
 “Average Revolver Usage” means, with respect to any period, the sum
of the aggregate amount of Revolver Usage for each day in such period (calculated as of the end of each respective day) divided by the number of days in such period. 

“Bank Product” means any one or more of the following financial products or accommodations extended to any Loan Party or any
of its Subsidiaries by a Bank Product Provider: (a) credit cards (including commercial cards (including so-called “purchase cards”, “procurement cards” or “p-cards”)), (b) payment card processing services, (c) debit cards, (d) stored value cards, (e) Cash Management Services, or (f) transactions under Hedge Agreements. 

“Bank Product Agreements” means those agreements entered into from time to time by Borrower or its Subsidiaries with a Bank
Product Provider in connection with the obtaining of any of the Bank Products. 
 “Bank Product Collateralization” means
providing cash collateral (pursuant to documentation reasonably satisfactory to Agent) to be held by Agent for the benefit of the Bank Product Providers (other than the Hedge Providers) in an amount determined by Agent as sufficient to satisfy the
reasonably estimated credit exposure, operational risk or processing risk with respect to the then existing Bank Product Obligations (other than Hedge Obligations). 

“Bank Product Obligations” means (a) all obligations, liabilities, reimbursement obligations, fees, or expenses owing by
each Loan Party and its Subsidiaries to any Bank Product Provider pursuant to or evidenced by a Bank Product Agreement and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due,
now existing or hereafter arising, (b) all Hedge Obligations, and (c) all amounts that Agent or any Lender is obligated to pay to a Bank Product Provider as a result of Agent or such Lender purchasing participations from, or executing
guarantees or indemnities or reimbursement obligations to, a Bank Product Provider with respect to the Bank Products provided by such Bank Product Provider to a Loan Party or its Subsidiaries. 

“Bank Product Provider” means any Lender or any of its Affiliates, including each of the foregoing in its capacity, if
applicable, as a Hedge Provider; provided, that no such Person (other than Wells Fargo or its Affiliates) shall constitute a Bank Product Provider with respect to a Bank Product unless and until Agent receives a Bank Product Provider
Agreement from such Person (a) on or prior to the Original Closing Date (or such later date as Agent shall agree to in writing in its sole discretion) with respect to Bank Products provided on or prior to the Original Closing Date, or
(b) on or prior to the date that is 10 days after the provision of such Bank Product to a Loan Party or its Subsidiaries (or such later date as Agent shall agree to in writing in its sole discretion) with respect to Bank Products provided after
the Original Closing Date; provided further, that if, at any time, a Lender ceases to be a Lender under this Agreement (prior to the payment in full of the Obligations), then, from and after the date on which it so ceases to be a
Lender hereunder, neither it nor any of its Affiliates shall constitute Bank Product Providers and the obligations with respect to Bank Products provided by such former Lender or any of its Affiliates shall no longer constitute Bank Product
Obligations. 

 “Bank Product Provider Agreement” means an agreement in substantially the
form attached hereto as Exhibit B-2 to this Agreement, in form and substance satisfactory to Agent, duly executed by the applicable Bank Product Provider, the applicable Loan Parties, and Agent. 

“Bank Product Reserve” means, as of any date of determination, the lesser of (a) $3,000,000 and (b) those reserves
that Agent deems reasonably necessary or appropriate to establish (based upon the Bank Product Providers’ reasonable determination of the credit exposure of Borrower and its Subsidiaries in respect of Bank Products as notified to Agent) in
respect of Bank Products then provided or outstanding. 
 “Bankruptcy Code” means title 11 of the United States Code, as in
effect from time to time. 
 “Base Rate” means the greatest of (a) the Federal Funds Rate plus 1⁄2%, (b) the LIBOR Rate (which rate shall be calculated based upon an Interest Period of one month and shall be determined on a daily basis), plus
one percentage point, and (c) the rate of interest announced, from time to time, within Wells Fargo at its principal office in San Francisco as its “prime rate”, with the understanding that the “prime rate” is one of Wells
Fargo’s base rates (not necessarily the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto and is evidenced by the recording thereof after its
announcement in such internal publications as Wells Fargo may designate (and, if any such announced rate is below zero, then the rate determined pursuant to this clause (c) shall be deemed to be zero). 

“Base Rate Loan” means the portion of the Advances that bears interest at a rate determined by reference to the Base Rate.

 “Base Rate Margin” means, as of any date of determination, the following percentages per annum, based upon
Average Margin Availability: 
  

							
	 Level
	  	 Average Margin Availability
	  	Base Rate Margin	 
	 I
	  	<$20,000,000	  	 	0.75	% 
	 II
	  	3$20,000,000 but < $30,000,000	  	 	0.50	% 
	 III
	  	3$30,000,000	  	 	0.25	% 

 The Base Rate Margin shall be adjusted in accordance with the foregoing on the first day of each calendar
month. 
 “Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR)
that has been selected by Agent and Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or
then-prevailing market convention for determining a rate of interest as a replacement to the LIBOR Rate for United States dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the
Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement shall be deemed to be zero for the purposes of this Agreement. 

 “Benchmark Replacement Adjustment” means, with respect to any replacement
of the LIBOR Rate with an Unadjusted Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been
selected by Agent and Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR Rate with the applicable
Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the
replacement of the LIBOR Rate with the applicable Unadjusted Benchmark Replacement for United States dollar-denominated syndicated credit facilities at such time. 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including changes to the definition of “Base Rate”, the definition of “Interest Period”, timing and frequency of determining rates and making payments of interest and other administrative matters) that Agent
reasonably determines may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by Agent in a manner substantially consistent with market practice (or, if Agent decides that
adoption of any portion of such market practice is not administratively feasible or if Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as Agent reasonably
determines is necessary in connection with the administration of this Agreement). 
 “Benchmark Replacement Date” means the
earlier to occur of the following events with respect to the LIBOR Rate: 
 (a) in the case of clause (a) or (b) of the definition of
“Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the LIBOR Rate permanently or indefinitely ceases to
provide the LIBOR Rate; or 
 (b) in the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the
public statement or publication of information referenced therein. 
 “Benchmark Transition Event” means the occurrence of
one or more of the following events with respect to the LIBOR Rate: 
 (a) a public statement or publication of information by or on behalf
of the administrator of the LIBOR Rate announcing that such administrator has ceased or will cease to provide the LIBOR Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the LIBOR Rate; 
 (b) a public statement or publication of information by the regulatory
supervisor for the administrator of the LIBOR Rate, the Federal Reserve System of the United States (or any successor), an insolvency official with jurisdiction over the administrator for the LIBOR Rate, a resolution authority with jurisdiction over
the administrator for the LIBOR Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBOR Rate, which states that the administrator of the LIBOR Rate has ceased or will cease to provide the
LIBOR Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR Rate; or 

 (c) a public statement or publication of information by the regulatory supervisor for the
administrator of the LIBOR Rate announcing that the LIBOR Rate is no longer representative. 
 “Benchmark Transition Start
Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a
prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date
of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by Agent or the Required Lenders, as applicable, by written notice to Borrower, Agent (in the case of
such notice by the Required Lenders) and the Lenders. 
 “Benchmark Unavailability Period” means, if a Benchmark Transition
Event and its related Benchmark Replacement Date have occurred with respect to the LIBOR Rate and solely to the extent that the LIBOR Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such
Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the LIBOR Rate for all purposes hereunder in accordance with Section 2.13(d)(iii) and (y) ending at the time that a
Benchmark Replacement has replaced the LIBOR Rate for all purposes hereunder pursuant to Section 2.13(d)(iii). 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial
Ownership Regulations. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Benefit Plan” means a “defined benefit plan” (as defined in Section 3(35) of ERISA) for which Borrower or any
Subsidiary or ERISA Affiliate of Borrower has been an “employer” (as defined in Section 3(5) of ERISA) within the past six years. 

“BHC Act Affiliate” of a Person means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such Person. 
 “Board of Directors” means the board of directors (or comparable managers) of
Borrower or any committee thereof duly authorized to act on behalf of the board of directors (or comparable managers). 
 “Board of
Governors” means the Board of Governors of the Federal Reserve System of the United States (or any successor). 

“Borrower” has the meaning specified therefor in the preamble to the Agreement. 

“Borrowing” means a borrowing hereunder consisting of Advances made on the same day by the Lenders (or Agent on behalf
thereof), or by Swing Lender in the case of a Swing Loan, or by Agent in the case of a Protective Advance. 

 “Borrowing Base” means, as of any date of determination, the result of:

 (a) 85% of the amount of Eligible Accounts (other than Seed Exchange Accounts and Governmental Accounts) in respect of which the Account
Debtor is located in the United States or Canada, plus 
 (b) the lesser of 

(i) 85% of the amount of Eligible Accounts (other than Seed Exchange Accounts and Governmental Accounts) in respect of which
the Account Debtor is not located in the United States or Canada, and 
 (ii) $5,000,000, plus 

(c) the lesser of 

(i) 85% of the amount of Eligible Accounts that are Governmental Accounts, and 

(ii) $2,000,000, plus 

(d) the lesser of 

(i) 50% of the amount of Eligible Accounts that are Seed Exchange Accounts, and 

(ii) $4,000,000, plus 

(e) the lowest of 

(i) 70% of the value of Eligible Inventory (excluding Seed Inventory, Packaging Inventory and Inventory in transit from one
location of Borrower to another), less the Grower Payable Reserve, 
 (ii) 85% times the most recently
determined Net Liquidation Percentage times the book value of Borrower’s Inventory (excluding Seed Inventory, Packaging Inventory and Inventory in transit from one location of Borrower to another), less the Grower Payable Reserve
and 
 (iii) (A) at any time during the months of January, February, March, April, May and June, $117,500,000 and,
(B) at all other times, $92,500,000 (in each case, the “Inventory Sublimit”), plus 
 (f) the lowest of 

(i) 35% of the value of Eligible Inventory that is Packaging Inventory, 

(ii) 85% times the most recently determined gross liquidation value of Eligible Inventory constituting Packaging
Inventory, and 
 (iii) $3,500,000, plus 

 (g) the lesser of 

(i) 50% of the value of Eligible Inventory constituting Seed Inventory, and 

(ii) $2,000,000, plus 

(h) the lesser of 

(i) 70% of the value of Eligible Inventory in transit from one location of the Borrower to another, and 

(ii) $1,000,000, plus 

(i) [Reserved], minus 
 (j)
the sum of (i) the Dilution Reserve, if any, (ii) the Bank Product Reserve, and (iii) the aggregate amount of other reserves, if any, established by Agent under Section 2.1(b). 

“Borrowing Base Certificate” means a certificate in the form of Exhibit B-1,
which such form of Borrowing Base Certificate may be amended, restated, supplemented or otherwise modified from time to time (including without limitation changes to the format thereof), as approved by Agent. 

“Business Day” means any day that is not a Saturday, Sunday, or other day on which banks are authorized or required to close
in the state of Illinois or the state of Georgia, except that, if a determination of a Business Day shall relate to a LIBOR Rate Loan, the term “Business Day” also shall exclude any day on which banks are closed for dealings in Dollar
deposits in the London interbank market. 
 “Capital Expenditures” means, with respect to any Person for any period, the
aggregate of all expenditures by such Person and its Subsidiaries during such period that are capital expenditures as determined in accordance with GAAP, whether such expenditures are paid in cash or financed, excluding (a) expenditures paid
with insurance or condemnation proceeds, (b) expenditures which reinvest the proceeds of asset sales, and (c) expenditures for leasehold improvements to the extent reimbursed by the applicable landlord. 

“Capitalized Lease Obligation” means that portion of the obligations under a Capital Lease that is required to be capitalized
in accordance with GAAP. 
 “Capital Lease” means, subject to Section 1.2, a lease that is
required to be capitalized for financial reporting purposes in accordance with GAAP (but excluding, for the avoidance of doubt, any “operating lease”). 

“Cash Equivalents” means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United
States or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within 1 year from the date of acquisition thereof, (b) marketable direct obligations issued by any state of the United
States or any political subdivision of any such state or any public instrumentality thereof maturing within 1 year from the date of acquisition thereof and, at the time of acquisition, having one of the two

 
highest ratings obtainable from either Standard & Poor’s Rating Group (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”),
(c) commercial paper maturing no more than 270 days from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1 from S&P or at least P-1 from Moody’s, (d) certificates of deposit, time deposits, overnight bank deposits or bankers’ acceptances maturing within 1 year from the date of acquisition thereof issued by any bank organized
under the laws of the United States or any state thereof having at the date of acquisition thereof combined capital and surplus of not less than $250,000,000, (e) Deposit Accounts maintained with (i) any bank that satisfies the criteria
described in clause (d) above, or (ii) any other bank organized under the laws of the United States or any state thereof so long as the amount maintained with any such other bank is less than or equal to $100,000 and is insured by the
Federal Deposit Insurance Corporation, (f) repurchase obligations of any commercial bank satisfying the requirements of clause (d) of this definition or of any recognized securities dealer having combined capital and surplus of not less
than $250,000,000, having a term of not more than seven (7) days, with respect to securities satisfying the criteria in clauses (a) or (d) above, (g) debt securities with maturities of six (6) months or less from the date of
acquisition backed by standby letters of credit issued by any commercial bank satisfying the criteria described in clause (d) above, and (h) Investments in money market funds or money market mutual funds substantially all of whose assets
are invested in the types of assets described in clauses (a) through (e) above. 
 “Cash Management Account” has the
meaning specified therefor in Section 2.7(a). 
 “Cash Management Agreements” means those certain
cash management agreements, in form and substance satisfactory to Agent, each of which is among Borrower or one of its Subsidiaries, Agent, and one of the Cash Management Banks, as amended, restated or otherwise modified from time to time. 

“Cash Management Bank” has the meaning specified therefor in Section 2.7(a). 

“Cash Management Services” means any cash management or related services including treasury, depository, return items,
overdraft, controlled disbursement, merchant store value cards, e-payables services, electronic funds transfer, interstate depository network, automatic clearing house transfer (including the Automated
Clearing House processing of electronic funds transfers through the direct Federal Reserve Fedline system) and other cash management arrangements. 

“Change in Law” means the occurrence after the date of this Agreement of: (a) the adoption or effectiveness of any law,
rule, regulation, judicial ruling, judgment or treaty, (b) any change in any law, rule, regulation, judicial ruling, judgment or treaty or in the administration, interpretation, implementation or application by any Governmental Authority of any
law, rule, regulation, guideline or treaty, or (c) the making or issuance by any Governmental Authority of any request, rule, guideline or directive, whether or not having the force of law; provided, that notwithstanding anything in this
Agreement to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith, and (ii) all requests, rules, guidelines or
directives concerning capital adequacy promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities shall, in each
case, be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued. 

 “Change of Control” means that (a) Permitted Holders fail to own and
control, directly or indirectly, 51% or more of the Stock of Borrower having the right to vote for the election of a majority of the members of the Board of Directors, (b) Permitted Holders fail to own and control, directly or indirectly, an
amount of Class A common stock that is at least 12.5% of all of the Stock of Borrower having the right to vote for the election of the members of the Board of Directors, (c) any “person” or “group” (within the meaning
of Sections 13(d) and 14(d) of the Exchange Act), other than Permitted Holders, becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 20%, or more, of the
Stock of Borrower having the right to vote for the election of members of the Board of Directors, or (d) a majority of the members of the Board of Directors do not constitute Continuing Directors. 

“Closing Date” means March 5, 2020. 

“Code” means the Illinois Uniform Commercial Code, as in effect from time to time. 

“Collateral” means all assets and interests in assets and proceeds thereof now owned or hereafter acquired by Borrower or its
Subsidiaries in or upon which a Lien is granted under any of the Loan Documents; provided, that, Collateral shall not include Equipment. 

“Collateral Access Agreement” means a landlord waiver, bailee letter, or acknowledgement agreement of any lessor,
warehouseman, processor, consignee, or other Person in possession of, having a Lien upon, or having rights or interests in any Loan Party’s or its Subsidiaries’ books and records, Accounts, or Inventory, in each case, in form and substance
reasonably satisfactory to Agent, as the same may be amended, restated or otherwise modified from time to time. 
 “Collateral Use
Agreement” means that certain Collateral Use and Access Agreement dated on or about the Original Closing Date among the Borrower, the Term Lender and Agent, as the same may be amended, restated or otherwise modified from time to time. 

“Collection Account” means a Deposit Account of Borrower or any Loan Party, as applicable, which is used exclusively for
deposits of collections and proceeds of Collateral and not as a disbursement or operating account upon which checks or other drafts may be drawn. 

“Collections” means all cash, checks, notes, instruments, and other items of payment (including insurance proceeds,
proceeds of cash sales, rental proceeds, and tax refunds, but excluding cash proceeds of assets that are not Collateral). 

“Commitment” means, with respect to each Lender, its Revolver Commitment, and, with respect to all Lenders, their Revolver
Commitments, in each case as such Dollar amounts are set forth beside such Lender’s name under the applicable heading on Schedule C-1 or in the Assignment and Acceptance pursuant to which such
Lender became a Lender hereunder, as such amounts may be reduced or increased from time to time pursuant to assignments made in accordance with the provisions of Section 13.1. 

“Compliance Certificate” means a certificate substantially in the form of Exhibit
C-1 delivered by the chief financial officer, vice president of finance, comptroller, principal accounting officer, treasurer, or assistant treasurer of Borrower to Agent. 

 “Continuing Director” means (a) any member of the Board of Directors
who was a director (or comparable manager) of Borrower on the Closing Date, and (b) any individual who becomes a member of the Board of Directors after the Closing Date if such individual was appointed or nominated for election to the Board of
Directors by a majority of the Continuing Directors, but excluding any such individual originally proposed for election in opposition to the Board of Directors in office at the Closing Date in an actual or threatened election contest relating to the
election of the directors (or comparable managers) of Borrower and whose initial assumption of office resulted from such contest or the settlement thereof. 

“Control Agreement” means a control agreement, in form and substance reasonably satisfactory to Agent, executed and delivered
by Borrower or one of its Subsidiaries, Agent, and the applicable securities intermediary (with respect to a Securities Account) or bank (with respect to a Deposit Account), as the same may be amended, restated or otherwise modified from time to
time. 
 “Copyright Security Agreement” has the meaning specified therefor in the Security Agreement. 

“Covered Entity” means any of the following: 

(a) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); 

(b) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or 

(c) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 

“Covered Party” has the meaning specified therefor in Section 17.14 of the Agreement. 

“Daily Balance” means, as of any date of determination and with respect to any Obligation, the amount of such Obligation owed
at the end of such day. 
 “Default” means an event, condition, or default that, with the giving of notice, the passage of
time, or both, would be an Event of Default. 
 “Defaulting Lender” means any Lender that (a) has failed to
(i) fund all or any portion of its Borrowings within two (2) Business Days of the date such Borrowings were required to be funded hereunder unless such Lender notifies Agent and Borrower in writing that such failure is the result of such
Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable Default or Event of Default, shall be specifically identified in such writing) has not been satisfied, or
(ii) pay to Agent, Issuing Lender, or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit) within two (2) Business Days of the date when due, (b) has
notified Borrower, Agent or Issuing Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s
obligation to fund a Borrowing hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding 

 
(which condition precedent, together with any applicable Default or Event of Default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has
failed, within three Business Days after written request by Agent or Borrower, to confirm in writing to Agent and Borrower that it will comply with its prospective funding obligations hereunder (provided, that such Lender shall cease to be a
Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by Agent and Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of any Insolvency Proceeding,
(ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit
Insurance Corporation or any other state or federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-in Action; provided, that a Lender shall not be a
Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide
such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or
disaffirm any contracts or agreements made with such Lender. Any determination by Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such
Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination to Borrower, Issuing Lender, and each Lender. 

“Defaulting Lender Rate” means (a) for the first 3 days from and after the date the relevant payment is due, the Base
Rate, and (b) thereafter, the interest rate then applicable to Advances that are Base Rate Loans (inclusive of the Base Rate Margin applicable thereto). 

“Deposit Account” means any deposit account (as that term is defined in the Code). 

“Designated Account” means the Deposit Account of Borrower identified on Schedule
D-1 (or such other Deposit Account of Borrower located at Designated Account Bank that has been designated as such, in writing, by Borrower to Agent). 

“Designated Account Bank” has the meaning specified therefor in Schedule D-1
to this Agreement (or such other bank that is located within the United States that has been designated as such, in writing, by Borrower to Agent). 

“Dilution” means, as of any date of determination, a percentage, based upon the experience of the immediately prior 12
consecutive months, that is the result of dividing the Dollar amount of (a) bad debt write-downs, discounts, advertising allowances, credits, or other dilutive items with respect to Borrower’s Accounts during such period, by
(b) Borrower’s billings with respect to Accounts during such period. 
 “Dilution Reserve” means, as of any date
of determination, an amount sufficient to reduce the advance rate against Eligible Accounts by 1 percentage point for each percentage point by which Dilution is in excess of 5%. 

 “Disqualified Stock” means any Stock that, by their terms (or by the terms
of any security or other Stock into which they are convertible or for which they are exchangeable), or upon the happening of any event or condition (a) matures or are mandatorily redeemable (other than solely for Qualified Stock), pursuant to a
sinking fund obligation or otherwise (except as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of control or asset sale event shall be subject to the prior repayment in full
of the Loans and all other Obligations that are accrued and payable and the termination of the Commitments), (b) are redeemable at the option of the holder thereof (other than solely for Qualified Stock), in whole or in part, (c) provide
for the scheduled payments of dividends in cash, or (d) are or become convertible into or exchangeable for Indebtedness or any other Stock that would constitute Disqualified Stock, in each case, prior to the date that is 180 days after the
Latest Maturity Date. 
 “Dollars” or “$” means United States dollars. 

“Domestic Subsidiary” means any Subsidiary organized under the laws of the United States of America, any State thereof or the
District of Columbia. 
 “Drawing Document” means any Letter of Credit or other document presented for purposes of drawing
under any Letter of Credit, including by electronic transmission such as SWIFT, electronic mail, facsimile or computer generated communication. 

“Early Opt-in Election” means the occurrence of: 

(a) (i) a determination by Agent or (ii) a notification by the Required Lenders to Agent (with a copy to Borrower) that the Required
Lenders have determined, that United States dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in Section 2.13(d)(iii) are being executed or
amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBOR Rate, and 
 (b) (i) the election by
Agent or (ii) the election by the Required Lenders, to declare that an Early Opt-in Election has occurred and the provision, as applicable, by Agent of written notice of such election to Borrower and the
Lenders or by the Required Lenders of written notice of such election to Agent and Borrower. 
 “EBITDA” means, with
respect to any fiscal period, (a) Borrower’s consolidated net earnings (or loss), minus (b)(i) extraordinary gains, and (ii) interest income for such period, plus (c)(i) interest expense, (ii) income taxes,
(iii) depreciation and amortization, (iv) other non-cash expenses, charges and losses (including, without limitation, equity compensation expenses, retirement plan expense, impairment charges and
charges and losses arising from accounting pronouncements), (v) extraordinary or nonrecurring non-cash losses for such period, (vi) fees, costs and expenses (including fees, costs and expenses paid
to Agent and Lenders or the Term Lender) incurred on or prior to the Closing Date in connection with the Loan Documents and the Term Loan Documents, (vii) fees, costs and expenses deducted in the determination of net income for the relevant
period in connection with Project Wild, provided that amounts added back to EBITDA pursuant to this clause shall not exceed $5,000,000 in the aggregate during the term of this Agreement, (viii) [Intentionally Omitted], (ix) fees, costs and
expenses (including fees, costs and expenses paid to Agent and Lenders or the Term Lender) incurred after the Closing Date in connection with the Loan Documents and the Term Loan Documents (in each case, including in connection with any amendment,
consent or other modification (or proposed amendment, consent or modification) thereto) and fees, costs and expenses paid or reimbursed to (or for the benefit of) Agent, the Lenders, Issuing Lender, any Indemnified Person, any Bank Product Provider
or the 

 
Term Lender, provided, that the aggregate amount of all added back to net earnings (or loss) during such fiscal period pursuant to this clause (ix), together with the aggregate amount of all
amounts added back to net earnings (or loss) during such fiscal period pursuant to clauses (x) and (xi) below, shall not exceed twenty percent (20%) of EBITDA calculated before giving effect to such
add-backs, (x) all accruals, payments and expenses (including rationalization, legal, tax, structuring and other fees, costs and expenses (including professional fees, costs and expenses) related
thereto), or any amortization thereof, related to any Permitted Acquisitions (in each case, including any such transaction consummated on or prior to the Closing Date and any such transaction undertaken but not completed), provided, that the
aggregate amount of all added back to net earnings (or loss) during such fiscal period pursuant to this clause (x), together with the aggregate amount of all amounts added back to net earnings (or loss) during such fiscal period pursuant to clauses
(ix) above and (xi) above, shall not exceed twenty percent (20%) of EBITDA calculated before giving effect to such add-backs, and (xi) expenses incurred in connection with earn-outs and other
deferred payments in connection with any Permitted Acquisition or other Permitted Investment (or any acquisition of any Person or assets made on or prior to the Closing Date), any contingent or deferred payments (including earn-outs, non-compete payments and other consulting payments) incurred in connection with any Permitted Acquisition or any Permitted Investment, and earn-out obligation expense
(including adjustments thereto), in each case, to the extent paid, incurred or accrued during such period provided, that the aggregate amount of all added back to net earnings (or loss) during such fiscal period pursuant to this clause (xi),
together with the aggregate amount of all amounts added back to net earnings (or loss) during such fiscal period pursuant to clauses (ix) and (x) above, shall not exceed twenty percent (20%) of EBITDA calculated before giving effect to such add-backs, in each case, determined on a consolidated basis in accordance with GAAP. For the purposes of calculating EBITDA for any period, (a) if, at any time during such period, Borrower or any of its
Subsidiaries shall have made a Permitted Acquisition, EBITDA for such period shall be calculated after giving pro forma effect thereto (including pro forma adjustments arising out of events which are directly attributable to such Permitted
Acquisition, are factually supportable, and are expected to have a continuing impact, in each case to be mutually and reasonably agreed upon by Borrower and Agent) as if any such Permitted Acquisition or adjustment occurred on the first day of such
period). 
 “EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA
Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Accounts” means those Accounts created by Borrower in the ordinary course of its business, that arise out of
Borrower’s sale of goods or rendition of services, that comply with each of the representations and warranties respecting Eligible Accounts made in the Loan Documents, and that are not excluded as ineligible by virtue of one or more of the
excluding criteria set forth below; provided, however, that such criteria may be revised from time to time by Agent in Agent’s Permitted Discretion to address the results of any audit performed by Agent from time to time after the
Closing Date. In determining the amount to be included, Eligible Accounts shall be calculated net of customer deposits and unapplied cash. Eligible Accounts shall not include the following: 

 (a) Accounts (other than Seed Exchange Accounts) that the Account Debtor has failed to pay
within 90 days of original invoice date, and Seed Exchange Accounts that the Account Debtor has failed to pay within 270 days of original invoice date, 

(b) Accounts owed by an Account Debtor (or its Affiliates) where 50% or more of all Accounts owed by that Account Debtor (or its Affiliates)
are deemed ineligible under clause (a) above, 
 (c) Accounts with respect to which the Account Debtor is an Affiliate of Borrower or an
employee or agent of Borrower or any Affiliate of Borrower, 
 (d) Accounts arising in a transaction wherein goods are placed on consignment
or are sold pursuant to a guaranteed sale, a sale or return, a sale on approval, a bill and hold, or any other terms by reason of which the payment by the Account Debtor may be conditional, 

(e) Accounts that are not payable in Dollars or Canadian dollars (it being understood and agreed that the portion of Seed Exchange Accounts
payable in Dollars and not in kind shall not be excluded under this clause (e)), 
 (f) Accounts with respect to which the Account Debtor is
the government of any foreign country or foreign sovereign state, or of any state, province, municipality, or other political subdivision thereof, or of any department, agency, public corporation, or other instrumentality thereof, unless
(x) the Account is supported by an irrevocable letter of credit satisfactory to Agent (as to form, substance, and issuer or domestic confirming bank) that has been delivered to Agent and is directly drawable by Agent, or (y) the Account is
covered by credit insurance in form, substance, and amount, and by an insurer, satisfactory to Agent, 
 (g) [Reserved.], 

(h) Accounts with respect to which the Account Debtor is a creditor of Borrower, has or has asserted a right of setoff, or has disputed its
obligation to pay all or any portion of the Account, to the extent of such claim, right of setoff, or dispute, 
 (i) Accounts with respect
to an Account Debtor whose Eligible Accounts owing to Borrower exceed 10% (or with respect to (i) Wal-Mart Stores, Inc. and its subsidiaries and affiliates, 40%, (ii) Costco Wholesale Corporation,
Whitewave Foods Company or Safeway, Inc. and their respective subsidiaries and affiliates, 15%, (iii) Frito-Lay North America, Inc., 25%, or (iv) Target Corporation and its subsidiaries and affiliates,
20%, each such percentage, as applied to a particular Account Debtor, being subject to reduction by Agent in its Permitted Discretion if the creditworthiness of such Account Debtor deteriorates) of all Eligible Accounts, to the extent of the
obligations owing by such Account Debtor in excess of such percentage; provided, however, that, in each case, the amount of Eligible Accounts that are excluded because they exceed the foregoing percentage shall be determined by Agent based on all of
the otherwise Eligible Accounts prior to giving effect to any eliminations based upon the foregoing concentration limit, 

 (j) Accounts with respect to which the Account Debtor is subject to an Insolvency
Proceeding, is not Solvent, has gone out of business, or as to which Borrower has received notice of an imminent Insolvency Proceeding or a material impairment of the financial condition of such Account Debtor, 

(k) Accounts with respect to which the Account Debtor is located in a state or jurisdiction (e.g., New Jersey, Minnesota, and West Virginia)
that requires, as a condition to access to the courts of such jurisdiction, that a creditor qualify to transact business, file a business activities report or other report or form, or take one or more other actions, unless Borrower has so qualified,
filed such reports or forms, or taken such actions (and, in each case, paid any required fees or other charges), except to the extent that Borrower may qualify subsequently as a foreign entity authorized to transact business in such state or
jurisdiction and gain access to such courts, without incurring any cost or penalty viewed by Agent to be significant in amount, and such later qualification cures any access to such courts to enforce payment of such Account, 

(l) Accounts, the collection of which, Agent, in its Permitted Discretion, believes to be doubtful by reason of the Account Debtor’s
financial condition, 
 (m) Accounts that are not subject to a valid and perfected first priority Agent’s Lien, 

(n) Accounts with respect to which (i) the goods giving rise to such Account have not been shipped and billed to the Account Debtor, or
(ii) the services giving rise to such Account have not been performed and billed to the Account Debtor, or 
 (o) Accounts that
represent the right to receive progress payments or other advance billings that are due prior to the completion of performance by Borrower of the subject contract for goods or services. 

“Eligible Inventory” means Inventory consisting of first quality raw materials and finished goods held for sale in the
ordinary course of Borrower’s business that complies with each of the representations and warranties respecting Eligible Inventory made in the Loan Documents, and that is not excluded as ineligible by virtue of one or more of the excluding
criteria set forth below; provided, however, that such criteria may be revised from time to time by Agent in Agent’s Permitted Discretion to address the results of any audit or appraisal performed by Agent from time to time after
the Closing Date. In determining the amount to be so included, Inventory shall be valued at the lower of cost or market on a basis consistent with Borrower’s historical accounting practices. An item of Inventory shall not be included in
Eligible Inventory if: 
 (a) Borrower does not have good, valid, and marketable title thereto, 

(b) it is not located at one of the locations in the continental United States set forth on Schedule
E-1 (or in-transit from one such location to another such location), as such schedule may be amended from time to time upon written notice to Agent, 

(c) it is located on real property leased by Borrower or in a contract warehouse, in each case, unless, within 90 days after the Closing Date,
it is subject to a Collateral Access Agreement executed by the lessor or warehouseman, as the case may be, and unless it is segregated or otherwise separately identifiable from goods of others, if any, stored on the premises, 

 (d) it is not subject to a valid and perfected first priority Agent’s Lien, subject
only to Permitted Liens of the type described in clauses (b), (c) and (g) of the definition thereof, 
 (e) it consists of goods
returned or rejected by Borrower’s customers, 
 (f) it is Seed Inventory during any period other than February 1 through
June 30 of any year, 
 (g) it consists of goods that are obsolete or slow moving, restrictive or custom items, work-in-process, or goods that constitute spare parts, shipping materials, supplies used or consumed in Borrower’s business (in each case, other than Packaging
Inventory), bill and hold goods, defective goods, “seconds,” or Inventory acquired on consignment, or 
 (h) it was acquired in
connection with a Permitted Acquisition, until the completion of a field examination (and, if required by the Lenders, an appraisal; provided that no such appraisal shall be required in connection with the Orchard Valley Acquisition) of such
Inventory, in each case, reasonably satisfactory to Agent (which field examination (and, if applicable, appraisal) may be conducted prior to the closing of such Permitted Acquisition). 

“Eligible Transferee” means (a) a commercial bank organized under the laws of the United States, or any state thereof,
and having total assets in excess of $250,000,000, (b) a commercial bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development or a political subdivision of any such country
and which has total assets in excess of $250,000,000, provided that such bank is acting through a branch or agency located in the United States, (c) a finance company, insurance company, financial institution, or fund that is engaged in making,
purchasing, or otherwise investing in commercial loans in the ordinary course of its business and having (together with its Affiliates) total assets in excess of $250,000,000, (d) any Affiliate (other than individuals) of a Lender, (e) so
long as no Event of Default has occurred and is continuing, any other Person approved by Agent and Borrower (which approval of Borrower shall not be unreasonably withheld, delayed, or conditioned), and (f) during the continuation of an Event of
Default, any other Person approved by Agent. 
 “Environmental Actions” means any written complaint, summons, citation,
notice, directive, order, claim, litigation, investigation, judicial or administrative proceeding, judgment, letter, or other written communication from any Governmental Authority, or any third party involving violations of Environmental Laws or
releases of Hazardous Materials from (a) any assets, properties, or businesses of Borrower, its Subsidiaries, or any of their predecessors in interest, (b) from adjoining properties or businesses, or (c) from or onto any facilities
which received Hazardous Materials generated by Borrower, its Subsidiaries, or any of their predecessors in interest. 

“Environmental Law” means any applicable federal, state, provincial, foreign or local statute, law, rule, regulation,
ordinance, code, binding and enforceable guideline, binding and enforceable written policy, or rule of common law now or hereafter in effect and in each case as amended, or any judicial or administrative interpretation thereof, including any
judicial or administrative order, consent decree or judgment, in each case, to the extent binding on Borrower or its Subsidiaries, relating to the environment, the effect of the environment on employee health, or Hazardous Materials, in each case as
amended from time to time. 

 “Environmental Liabilities” means all liabilities, monetary obligations,
losses, damages, punitive damages, consequential damages, treble damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation and feasibility studies), fines,
penalties, sanctions, and interest incurred as a result of any claim or demand, or Remedial Action required, by any Governmental Authority or any third party, and which relate to any Environmental Action. 

“Environmental Lien” means any Lien in favor of any Governmental Authority for Environmental Liabilities. 

“Equipment” means equipment (as that term is defined in the Code). 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto. 

“ERISA Affiliate” means (a) any Person subject to ERISA whose employees are treated as employed by the same employer as
the employees of Borrower or its Subsidiaries under IRC Section 414(b), (b) any trade or business subject to ERISA whose employees are treated as employed by the same employer as the employees of Borrower or its Subsidiaries under IRC
Section 414(c), (c) solely for purposes of Section 302 of ERISA and Section 412 of the IRC, any organization subject to ERISA that is a member of an affiliated service group of which Borrower or any of its Subsidiaries is a
member under IRC Section 414(m), or (d) solely for purposes of Section 302 of ERISA and Section 412 of the IRC, any Person subject to ERISA that is a party to an arrangement with Borrower or any of its Subsidiaries and whose
employees are aggregated with the employees of Borrower or its Subsidiaries under IRC Section 414(o). 
 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to
time. 
 “Event of Default” has the meaning specified therefor in Section 7. 

“Excess Availability” means, as of any date of determination, the amount equal to Availability. 

“Exchange Act” means the Securities Exchange Act of 1934, as in effect from time to time. 

“Excluded Account” means (i) payroll accounts, (ii) withholding, tax and employee benefit accounts, (iii) any
escrow, trust or similar accounts, (iv) separate and distinct, non-commingled accounts and deposits held on behalf of customers and Account Debtors, (v) tax accounts (including, without limitation,
sales tax accounts), (vi) any tax benefits, escrow accounts, fiduciary or trust accounts for the benefit of third parties, (vii) zero balance accounts, (ix) the Term Lender Collateral Account, and (x) other accounts with average
monthly balances not in excess of $500,000 in the aggregate for all such accounts, and in each case, any funds and other property held in or maintained in any such accounts. 

“Excluded Collateral” has the meaning specified therefor in the Security Agreement. 

 “Excluded Swap Obligation” means, with respect to any Loan Party, any Swap
Obligation if, and to the extent that, all or a portion of the guaranty of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Swap Obligation (or any guaranty thereof) is or becomes illegal under the Commodity
Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any reason to constitute an “eligible
contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guaranty of such Loan Party or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap
Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guaranty or security interest is or becomes illegal. 

“Excluded Taxes” means (i) any tax imposed on the net income or net profits of any Lender or any Participant (including
any branch profits taxes), in each case imposed by the jurisdiction (or by any political subdivision or taxing authority thereof) in which such Lender or such Participant is organized or the jurisdiction (or by any political subdivision or taxing
authority thereof) in which such Lender’s or such Participant’s principal office is located in each case as a result of a present or former connection between such Lender or such Participant and the jurisdiction or taxing authority
imposing the tax (other than any such connection arising solely from such Lender or such Participant having executed, delivered or performed its obligations or received payment under, or enforced its rights or remedies under the Agreement or any
other Loan Document); (ii) taxes resulting from a Lender’s or a Participant’s failure to comply with the requirements of Section 16(c) of the Agreement, (iii) any United States federal withholding taxes
that would be imposed on amounts payable to a Foreign Lender based upon the applicable withholding rate in effect at the time such Foreign Lender becomes a party to the Agreement (or designates a new lending office), except that Taxes shall include
(A) any amount that such Foreign Lender (or its assignor, if any) was previously entitled to receive pursuant to Section 16(a) of the Agreement, if any, with respect to such withholding tax at the time such Foreign
Lender becomes a party to the Agreement (or designates a new lending office), and (B) additional United States federal withholding taxes that may be imposed after the time such Foreign Lender becomes a party to the Agreement (or designates a
new lending office), as a result of a change in law, rule, regulation, order or other decision with respect to any of the foregoing by any Governmental Authority, and (iv) any United States federal withholding taxes imposed under FATCA. 

“Extension” has the meaning specified therefor in Section 2.16(a) of the Agreement. 

“Extension Offer” has the meaning specified therefor in Section 2.16(a) of the Agreement. 

“Extended Revolver Commitment” has the meaning specified therefor in Section 2.16(a) of the
Agreement. 
 “Extending Revolver Lender” has the meaning specified therefor in Section 2.16(a)
of this Agreement. 

 “FATCA” means Sections 1471 through 1474 of the IRC, as of the date of this
Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), and (a) any current or future regulations or official interpretations thereof, (b) any agreements entered into
pursuant to Section 1471(b)(1) of the IRC, and (c) any intergovernmental agreement entered into by the United States (or any fiscal or regulatory legislation, rules, or practices adopted pursuant to any such intergovernmental agreement
entered into in connection therewith). 
 “FCPA” means the Foreign Corrupt Practices Act of 1977, as amended, and the rules
and regulations thereunder. 
 “Federal Funds Rate” means, for any period, a fluctuating interest rate per annum
equal to, for each day during such period, the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the next succeeding Business Day by the Federal Reserve Bank of New
York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by Agent from three Federal funds brokers of recognized standing selected by it (and, if any
such rate is below zero, then the rate determined pursuant to this definition shall be deemed to be zero). 
 “Federal Reserve Bank
of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source. 

“Fee Letter” means that certain fifth amended and restated fee letter dated as of the Closing Date between Borrower and
Agent, as the same may be amended, restated or otherwise modified from time to time. 
 “First Amendment Effective Date”
means March 8, 2010. 
 “Fixed Charges” means, with respect to any fiscal period and with respect to Borrower
determined on a consolidated basis in accordance with GAAP, the sum, without duplication, of (a) Interest Expense paid in cash during such period, (b) regularly scheduled principal payments of Indebtedness during such period,
(c) earnout payments made during such period on Indebtedness permitted pursuant to Section 6.1(h), and (d) dividends, distributions, purchases, acquisitions, redemptions and retirements on or of its Stock to the
extent paid in cash made during such period in accordance with Section 6.10 (excluding dividends, distributions, purchases, acquisitions, redemptions and retirements in an aggregate amount not to exceed $40,000,000 made during the twelve month
period ending on the last day of such period). 
 “Fixed Charge Coverage Ratio” means, with respect to Borrower for any
period, the ratio of (i) EBITDA for such period, minus Capital Expenditures not financed with the proceeds of Indebtedness and made (to the extent not already incurred in a prior period) or incurred during such period, minus all federal, state,
and local income taxes paid in cash during such period, plus, to the extent not already included in EBITDA, cash tax refunds and receipts for such period to (ii) Fixed Charges for such period. 

“Flood Laws” means the National Flood Insurance Act of 1968, Flood Disaster Protection Act of 1973, and related laws, rules
and regulations, including any amendments or successor provisions. 
 “Foreign Lender” means any Lender or Participant that
is not a United States person within the meaning of IRC section 7701(a)(30). 

 “FSA” means the Food Security Act of 1985, as amended, or any successor
statute thereto. 
 “FSA State” means Alabama, Colorado, Idaho, Louisiana, Minnesota, Mississippi, Montana, Nebraska, New
Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Vermont, West Virginia, Wyoming and any other state of the United States of America that is certified after the date hereof to have a “central filing system” as
defined in the FSA. 
 “Funded Indebtedness” means, as of any date of determination, all Indebtedness for borrowed money or
letters of credit of Borrower, determined on a consolidated basis in accordance with GAAP, that by its terms matures more than one year after the date of calculation, and any such Indebtedness maturing within one year from such date that is
renewable or extendable at the option of Borrower or its Subsidiaries, as applicable, to a date more than one year from such date, including, in any event, but without duplication, with respect to Borrower and its Subsidiaries, the Revolver Usage,
the Term Loan, and the amount of their Capital Lease Obligations. 
 “Funding Date” means the date on which a Borrowing
occurs. 
 “Funding Losses” has the meaning specified therefor in Section 2.13(b)(ii). 

“GAAP” means generally accepted accounting principles as in effect from time to time in the United States, consistently
applied. 
 “Governing Documents” means, with respect to any Person, the certificate or articles of incorporation, by-laws, or other organizational documents of such Person. 
 “Governmental Accounts”
means any Account with respect to which the Account Debtor is either (i) the United States or any department, agency, or instrumentality of the United States (exclusive, however, of Accounts with respect to which Borrower has complied, to the
reasonable satisfaction of Agent, with the Assignment of Claims Act, 31 USC §3727), or (ii) any state of the United States. 

“Governmental Authority” means any federal, state, local, or other governmental or administrative body, instrumentality,
board, department, or agency or any court, tribunal, administrative hearing body, arbitration panel, commission, or other similar dispute-resolving panel or body. 

“Grower Payable Reserve” means, as of any date of determination, the amount of reserves that Agent has established in respect
of accounts payable of Borrower and its Subsidiaries then outstanding to growers or suppliers of agricultural products based upon the then most recently delivered information regarding accounts payable required to be delivered pursuant to
Section 5.3. 
 “Growers’ Lien Laws” means, collectively, state and federal laws of the
United States of America applicable to Borrower’s purchase of agricultural products on credit from any selling party that create a Lien or imposes a trust upon the agricultural products sold and/or the proceeds of such agricultural products for
the benefit of such selling party or a creditor thereof to secure payment for such agricultural products. 

 “Guarantor” means each Person that becomes a guarantor after the Closing
Date pursuant to Section 5.16 of the Agreement. 
 “Guaranty” means a general continuing guaranty
in the form of Exhibit G-1 hereto. 
 “Hazardous Materials” means
(a) substances that are defined or listed in, or otherwise classified pursuant to, any applicable laws or regulations as “hazardous substances,” “hazardous materials,” “hazardous wastes,” “toxic
substances,” or any other formulation intended to define, list, or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, or “EP toxicity”,
(b) oil, petroleum, or petroleum derived substances, natural gas, natural gas liquids, synthetic gas, drilling fluids, produced waters, and other wastes associated with the exploration, development, or production of crude oil, natural gas, or
geothermal resources, (c) any flammable substances or explosives or any radioactive materials, and (d) asbestos in any form or electrical equipment that contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in
excess of 50 parts per million. 
 “Hedge Agreement” means a “swap agreement” as that term is defined in
Section 101(53B)(A) of the Bankruptcy Code. 
 “Hedge Obligations” means any and all obligations or liabilities,
whether absolute or contingent, due or to become due, now existing or hereafter arising, of each Loan Party and its Subsidiaries arising under, owing pursuant to, or existing in respect of Hedge Agreements entered into with one or more of the Hedge
Providers. 
 “Hedge Provider” means any Bank Product Provider that is a party to a Hedge Agreement with a Loan Party or
its Subsidiaries or otherwise provides Bank Products under clause (f) of the definition thereof; provided, that if, at any time, a Lender ceases to be a Lender under this Agreement (prior to the payment in full of the Obligations), then,
from and after the date on which it ceases to be a Lender thereunder, neither it nor any of its Affiliates shall constitute Hedge Providers and the obligations with respect to Hedge Agreements entered into with such former Lender or any of its
Affiliates shall no longer constitute Hedge Obligations. 
 “Holdout Lender” has the meaning specified therefor in
Section 14.2(a). 
 “Immaterial Subsidiary” means each Subsidiary of a Loan Party that is not a
Material Subsidiary (for the avoidance of doubt, JBSS Ventures, LLC shall constitute an Immaterial Subsidiary as of the Closing Date). 

“Incremental Amendment” has the meaning specified therefor in Section 2.15. 

“Indebtedness” means (a) all obligations for borrowed money, (b) all obligations evidenced by bonds, debentures,
notes, or other similar instruments and all reimbursement or other obligations in respect of letters of credit, bankers acceptances, or other financial products, (c) all obligations as a lessee under Capital Leases, (d) all obligations or
liabilities of others secured by a Lien on any asset of a Person or its Subsidiaries, irrespective of whether such obligation or liability is assumed, (e) earnouts and all other obligations to pay the deferred purchase price of assets (other
than (i) trade payables incurred in the ordinary course of business and repayable in accordance with customary trade practices and (ii) royalty payments payable in the ordinary course of business in respect of non-exclusive licenses in an aggregate amount not exceeding $1,000,000), (f) all obligations owing under Hedge Agreements, and (g) any obligation guaranteeing or intended to

 
guarantee (whether directly or indirectly guaranteed, endorsed, co-made, discounted, or sold with recourse) any obligation of any other Person that
constitutes Indebtedness under any of clauses (a) through (f) above. For purposes of this definition, (i) the amount of any Indebtedness represented by a guaranty or other similar instrument shall be the lesser of the
principal amount of the obligations guaranteed and still outstanding and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Indebtedness, and (ii) the amount of any
Indebtedness which is limited or is non-recourse to a Person or for which recourse is limited to an identified asset shall be valued at the lesser of (A) if applicable, the limited amount of such
obligations, and (B) if applicable, the fair market value of such assets securing such obligation. 
 “Indemnified
Liabilities” has the meaning specified therefor in Section 10.3. 
 “Indemnified Person”
has the meaning specified therefor in Section 10.3. 
 “Indemnified Taxes” means, (a) Taxes,
other than Excluded Taxes, imposed on or with respect to any payment made by, or on account of any obligation of, any Loan Party under any Loan Document, and (b) to the extent not otherwise described in the foregoing clause (a), Other Taxes.

 “Insolvency Proceeding” means any proceeding commenced by or against any Person under any provision of the Bankruptcy
Code or under any other state or federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or
other similar relief. 
 “Intercompany Subordination Agreement” means a subordination agreement executed and delivered by
Borrower, each of its Subsidiaries, and Agent, the form and substance of which is reasonably satisfactory to Agent. 
 “Interest
Expense” means, for any period, the aggregate of the interest expense of Borrower for such period, determined on a consolidated basis in accordance with GAAP. 

“Interest Period” means, with respect to each LIBOR Rate Loan, a period commencing on the date of the making of such LIBOR
Rate Loan (or the continuation of a LIBOR Rate Loan or the conversion of a Base Rate Loan to a LIBOR Rate Loan) and ending 1 or 2 weeks or 1, 2, 3 or 6 months thereafter; provided, however, that (a) if any Interest Period would
end on a day that is not a Business Day, such Interest Period shall be extended (subject to clauses (c)-(e) below) to the next succeeding Business Day, (b) interest shall accrue at the applicable rate based upon the LIBOR Rate from and
including the first day of each Interest Period to, but excluding, the day on which any Interest Period expires, (c) any Interest Period that would end on a day that is not a Business Day shall be extended to the next succeeding Business Day
unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day, (d) with respect to an Interest Period of 1, 2, 3 or 6 months that begins on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period), the Interest Period shall end on the last Business Day of the calendar month that is 1, 2, 3 or 6 months after
the date on which the Interest Period began, as applicable, and (e) Borrower may not elect an Interest Period which will end after the Latest Maturity Date. 

 “Inventory” means inventory (as that term is defined in the Code). 

“Inventory Sublimit” has the meaning specified in the definition of “Borrowing Base” contained in this Schedule
1.1. 
 “Investment” means, with respect to any Person, any investment by such Person in any other Person (including
Affiliates) in the form of loans, guarantees, advances, capital contributions (excluding (a) commission, travel, and similar advances to officers and employees of such Person made in the ordinary course of business, and (b) bona
fide Accounts arising in the ordinary course of business consistent with past practice), or acquisitions of Indebtedness, Stock, or all or substantially all of the assets of such other Person (or of any division or business line of such other
Person), and any other items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. The amount of any Investment shall be the original cost of such Investment plus the cost of all additions
thereto, without any adjustment for increases or decreases in value, or write-ups, write-downs, or write-offs with respect to such Investment. 

“IRB Documents” means the Trust Indenture dated as of June 1, 1987 between the Decatur County-Bainbridge Industrial
Development Authority, as Issuer, and Trust Company Bank, as Trustee, and the other documents and instruments executed and delivered pursuant to, or in connection with, such Trust Indenture, as the same may be amended, restated or otherwise modified
from time to time. 
 “IRC” means the Internal Revenue Code of 1986, as in effect from time to time. 

“ISP” means, with respect to any Letter of Credit, the International Standby Practices 1998 (International Chamber of
Commerce Publication No. 590) and any version or revision thereof accepted by the Issuing Lender for use. 
 “Issuer
Document” means, with respect to any Letter of Credit, a letter of credit application, a letter of credit agreement, or any other document, agreement or instrument entered into (or to be entered into) by Borrower in favor of Issuing Lender
and relating to such Letter of Credit. 
 “Issuing Lender” means WFCF, Wells Fargo or any other Lender that, at the request
of Borrower and with the consent of Agent, agrees, in such Lender’s sole discretion, to become an Issuing Lender for the purpose of issuing Letters of Credit pursuant to Section 2.12 of the Agreement, and Issuing
Lender shall be a Lender or, if WFCF is the Issuing Lender, L/C Undertakings pursuant to Section 2.12 of the Agreement and Issuing Lender shall be a Lender. 

“Latest Maturity Date” means, as of any date of determination, the latest maturity or expiration date applicable to any Loan
or Commitment hereunder at such time, including the latest maturity of any Extended Revolver Commitment, in each case as extended in accordance with this Agreement from time to time. If no Extension has been consummated pursuant to
Section 2.16 of this Agreement, the Latest Maturity Date is the Maturity Date. 
 “L/C” means a
letter of credit (as that term is defined in the Code) issued by Issuing Lender. 
 “L/C Disbursement” means a payment made
by the Issuing Lender pursuant to a Letter of Credit. 

 “L/C Margin” means, as of any date of determination, the following
percentages per annum, based upon Average Margin Availability: 
  

							
	 Level
	  	 Average Margin Availability
	  	L/C Margin	 
	 I
	  	<$20,000,000	  	 	1.75	% 
	 II
	  	3$20,000,000 but < $30,000,000	  	 	1.50	% 
	 III
	  	3$30,000,000	  	 	1.25	% 

 The L/C Margin shall be adjusted in accordance with the foregoing on the first day of each calendar month.

 “L/C Undertaking” has the meaning specified therefor in Section 2.12(a). 

“Lender” and “Lenders” have the respective meanings set forth in the preamble to the Agreement, and shall
include any other Person made a party to the Agreement in accordance with the provisions of Section 2.15 or 13.1. 

“Lender Group” means, individually and collectively, each of the Lenders (including the Issuing Lender) and Agent. 

“Lender Group Expenses” means all
(a) out-of-pocket costs or expenses (including taxes, and insurance premiums) required to be paid by Borrower or its Subsidiaries under any of the Loan Documents
that are paid, advanced, or incurred by the Lender Group to the extent permitted by the terms of the Loan Documents, (b) out-of-pocket fees or charges paid or
incurred by Agent in connection with the Lender Group’s transactions with Borrower or its Subsidiaries under the Loan Documents, including, fees or charges for photocopying, notarization, couriers and messengers, telecommunication, public
record searches (including tax lien, litigation, and UCC searches and including searches with the patent and trademark office or the copyright office, but not including any internal overhead cost allocations by Agent), filing, recording,
publication, appraisal (including periodic collateral appraisals or business valuations to the extent of the fees and charges (and up to the amount of any limitation) contained in the Agreement or the Fee Letter, including, but not limited to
appraisals of the Borrower’s Equipment), real estate surveys, real estate title policies and endorsements, and environmental audits, (c) Agent’s customary fees and charges imposed or incurred in connection with any background checks
or OFAC/PEP searches related to any Loan Party or its Subsidiaries, (d) Agent’s customary fees and charges (as adjusted from time to time) with respect to the disbursement of funds (or the receipt of funds) to or for the account of
Borrower (whether by wire transfer or otherwise), together with any out-of-pocket costs and expenses incurred in connection therewith, (e) customary charges imposed
or incurred by Agent resulting from the dishonor of checks payable by or to any Loan Party, (f) reasonable, documented out-of-pocket costs and expenses paid or
incurred by the Lender Group to correct any Event of Default or enforce any provision of the Loan Documents, or during the continuance of an Event of Default, in gaining possession of, maintaining, handling, preserving, storing, shipping, selling,
preparing for sale, or advertising to sell the Collateral, or any portion thereof, irrespective of whether a sale is consummated, (g) field examination, appraisal, and valuation fees and expenses of Agent related to any field examinations,
appraisals, or valuation to the extent of the 

 
fees and charges (and up to the amount of any limitation) provided in Section 5.5(c) of this Agreement, (h) Agent’s and Lenders’ reasonable, documented out-of-pocket costs and expenses (including reasonable and documented attorneys’ fees and expenses) relative to third party claims or any other lawsuit or adverse
proceeding paid or incurred, whether in enforcing or defending the Loan Documents or otherwise in connection with the transactions contemplated by the Loan Documents, Agent’s Liens in and to the Collateral, or the Lender Group’s
relationship with any Loan Party or any of its Subsidiaries, (i) Agent’s reasonable and documented out-of-pocket costs and expenses (including reasonable and
documented attorneys’ fees and due diligence expenses) incurred in advising, structuring, drafting, reviewing, administering (including travel, meals, and lodging), syndicating (including reasonable costs and expenses relative to CUSIP,
DXSyndicateTM, SyndTrak or other communication costs incurred in connection with a syndication of the loan facilities), or amending, waiving, or modifying the Loan Documents, and
(j) Agent’s and each Lender’s reasonable and documented out-of-pocket costs and expenses (including reasonable and documented attorneys, accountants,
consultants, and other advisors fees and expenses) incurred in terminating, enforcing (including attorneys, accountants, consultants, and other advisors fees and expenses incurred in connection with a “workout,” a
“restructuring,” or an Insolvency Proceeding concerning any Loan Party or any of its Subsidiaries or in exercising rights or remedies under the Loan Documents), or defending the Loan Documents, irrespective of whether a lawsuit or other
adverse proceeding is brought, or in taking any enforcement action or any Remedial Action with respect to the Collateral. 

“Lender-Related Person” means, with respect to any Lender, such Lender, together with such Lender’s Affiliates,
officers, directors, employees, attorneys, and agents. 
 “Letter of Credit” means a letter of credit (as that term is
defined in the Code) issued by Issuing Lender or a letter of credit (as that term is defined in the Code) issued by Underlying Issuer, as the context requires. 

“Letter of Credit Collateralization” means either (a) providing cash collateral (pursuant to documentation reasonably
satisfactory to Agent (including that Agent has a first priority perfected Lien in such cash collateral), including provisions that specify that the Letter of Credit Fees and all commissions, fees, charges and expenses provided for in
Section 2.12(k) of the Agreement (including any fronting fees) will continue to accrue while the Letters of Credit are outstanding) to be held by Agent for the benefit of the Lenders in an amount equal to 105% of the then
existing Letter of Credit Usage, (b) delivering to Agent documentation executed by all beneficiaries under the Letters of Credit, in form and substance reasonably satisfactory to Agent and Issuing Lender, terminating all of such
beneficiaries’ rights under the Letters of Credit, or (c) providing Agent with a standby letter of credit, in form and substance reasonably satisfactory to Agent, from a commercial bank acceptable to Agent (in its sole discretion) in an
amount equal to 105% of the then existing Letter of Credit Usage (it being understood that the Letter of Credit Fee and all fronting fees set forth in the Agreement will continue to accrue while the Letters of Credit are outstanding and that any
such fees that accrue must be an amount that can be drawn under any such standby letter of credit). 
 “Letter of Credit
Disbursement” means a payment made by Issuing Lender or Underlying Issuer pursuant to a Letter of Credit. 

 “Letter of Credit Exposure” means, as of any date of determination with
respect to any Lender, such Lender’s participation in the Letter of Credit Usage pursuant to Section 2.12(e) on such date. 

“Letter of Credit Fee” means the fee described in Section 2.6(b) of the Agreement. 

“Letter of Credit Indemnified Costs” has the meaning specified therefor in Section 2.12(f) of the
Agreement. 
 “Letter of Credit Related Person” has the meaning specified therefor in
Section 2.12(f) of the Agreement. 
 “Letter of Credit Sublimit” means $10,000,000. 

“Letter of Credit Usage” means, as of any date of determination, the sum of (a) the aggregate undrawn amount of all
outstanding Letters of Credit, plus (b) the aggregate amount of outstanding reimbursement obligations with respect to Letters of Credit which remain unreimbursed or which have not been paid through an Advance. 

“LIBOR Deadline” has the meaning specified therefor in Section 2.13(b)(i). 

“LIBOR Notice” means a written notice in the form of Exhibit L-1. 

“LIBOR Option” has the meaning specified therefor in Section 2.13(a). 

“LIBOR Rate” means the rate per annum as published by ICE Benchmark Administration Limited (or any successor page or
other commercially available source as the Agent may designate from time to time) as of 11:00 a.m., London time, two Business Days prior to the commencement of the requested Interest Period, for a term, and in an amount, comparable to the Interest
Period and the amount of the LIBOR Rate Loan requested (whether as an initial LIBOR Rate Loan or as a continuation of a LIBOR Rate Loan or as a conversion of a Base Rate Loan to a LIBOR Rate Loan) by Borrowers in accordance with this Agreement (and,
if any such published rate is below zero, then the LIBOR Rate shall be deemed to be zero). Each determination of the LIBOR Rate shall be made by the Agent and shall be conclusive in the absence of manifest error. 

“LIBOR Rate Loan” means each portion of an Advance that bears interest at a rate determined by reference to the LIBOR Rate.

 “LIBOR Rate Margin” means, as of any date of determination, the following percentages per annum, based upon Average
Margin Availability: 
  

							
	 Level
	  	 Average Margin Availability
	  	LIBOR Rate Margin	 
	 I
	  	<$20,000,000	  	 	1.75	% 
	 II
	  	3$20,000,000 but < $30,000,000	  	 	1.50	% 
	 III
	  	3$30,000,000	  	 	1.25	% 

 The LIBOR Rate Margin shall be adjusted in accordance with the foregoing on the first day of
each calendar month. 
 “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit
arrangement, encumbrance, easement, lien (statutory or other), security interest, or other security arrangement and any other preference, priority, or preferential arrangement of any kind or nature whatsoever, including any conditional sale contract
or other title retention agreement, the interest of a lessor under a Capital Lease and any synthetic or other financing lease having substantially the same economic effect as any of the foregoing. 

“Limited Condition Acquisition” means any Acquisition by Borrower or one or more of its Subsidiaries permitted pursuant to
the Loan Documents whose consummation (x) is not conditioned on the availability of, or on obtaining, third party financing, (y) is not a simultaneous
sign-and-close transaction, and (z) occurs no later than the one hundred twentieth (120th) day following the date the agreement relating to such acquisition or
investment is executed and delivered by the parties thereto. 
 “Liquidity” means, at any time of determination, the sum of
(a) Availability at such time plus (b) the aggregate amount of Qualified Cash. 
 “Loan Account” has the
meaning specified therefor in Section 2.10. 
 “Loan Documents” means the Agreement, any
Borrowing Base Certificate, the Control Agreements, the Copyright Security Agreement, the Fee Letter, any Guaranty, any Intercompany Subordination Agreement, the Letters of Credit, the Patent Security Agreement, the Security Agreement, the Trademark
Security Agreement, the Side Letter, any note or notes executed by Borrower in connection with the Agreement and payable to a member of the Lender Group, and any other agreement entered into, now or in the future, by Borrower or any of its
Subsidiaries and the Lender Group in connection with the Agreement, as the same may be amended, restated or otherwise modified from time to time. 

“Loan Party” means Borrower or any Guarantor. 

“Margin Stock” as defined in Regulation U of the Board of Governors as in effect from time to time. 

“Material Adverse Change” means (a) a material adverse change in the business, operations, results of operations,
assets, liabilities or financial condition of Borrower and its Subsidiaries, taken as a whole, (b) a material impairment of Borrower’s and its Subsidiaries ability to perform their obligations under the Loan Documents to which they are
parties or of the Lender Group’s ability to enforce the Obligations or realize upon the Collateral, or (c) a material impairment of the enforceability or priority of the Agent’s Liens with respect to the Collateral as a result of an
action or failure to act on the part of Borrower or its Subsidiaries. 
 “Material Subsidiary” means (a) Borrower, and
(b) each Subsidiary of a Loan Party that (i) as of the most recent month for which financial statements were required to be delivered pursuant to Section 5.3, owns at least 2.50% of the consolidated total assets of the Loan Parties
and their Subsidiaries, (ii) as of the most recent month for which financial statements were required to be delivered pursuant to Section 5.3, generates at least 2.50% of the consolidated revenues of

 
the Loan Parties and their Subsidiaries, (iii) is the owner of Equity Interests of any Subsidiary of a Loan Party that otherwise constitutes a Material Subsidiary, or (iv) any group
comprising Subsidiaries of a Loan Party that each would not have been a Material Subsidiary under clauses (i), (ii), or (iii) but that, taken together as of the most recent month for which financial statements were required to be delivered
pursuant to Section 5.3, had revenues or total assets in excess of 5% of the consolidated revenues or total assets, as applicable, of the Loan Parties and their Subsidiaries. 

“Maturity Date” means March 5, 2025. 

“Maximum Revolver Amount” means $117,500,000, as such amount may be increased in accordance with
Section 2.15. 
 “Maximum Revolver Amount Increase” has the meaning specified therefor in
Section 2.15. 
 “Moody’s” has the meaning specified therefor in the definition of Cash Equivalents. 

“Net Cash Proceeds” means, with respect to any sale or disposition by Borrower or any of its Subsidiaries of property or
assets, the amount of cash proceeds received (directly or indirectly) from time to time (whether as initial consideration or through the payment of deferred consideration) by or on behalf of Borrower or its Subsidiaries, in connection therewith
after deducting therefrom only (i) the amount of any Indebtedness secured by any Permitted Lien on any asset (other than (A) Indebtedness owing to Agent or any Lender under the Agreement or the other Loan Documents and
(B) Indebtedness assumed by the purchaser of such asset) which is required to be, and is, repaid in connection with such sale or disposition, (ii) reasonable fees, commissions, and expenses related thereto and required to be paid by
Borrower or such Subsidiary in connection with such sale or disposition and (iii) taxes paid or payable to any taxing authorities by Borrower or such Subsidiary in connection with such sale or disposition, in each case to the extent, but only
to the extent, that the amounts so deducted are, at the time of receipt of such cash, actually paid or payable to a Person that is not an Affiliate of Borrower or any of its Subsidiaries, and are properly attributable to such transaction; and 

“Net Liquidation Percentage” means the percentage of the book value of Borrower’s Inventory or Equipment, as the case
may be, that is estimated to be recoverable in an orderly liquidation of such Inventory or Equipment, as the case may be, net of all associated costs and expenses of such liquidation, such percentage to be as determined from time to time by an
appraisal company selected by Agent. 
 “Obligations” means (a) all loans, Advances, debts, principal, interest
(including any interest that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), contingent reimbursement obligations with respect
to outstanding Letters of Credit, prepayment premiums, liabilities (including all amounts charged to Borrower’s Loan Account pursuant to the Agreement), obligations (including indemnification obligations), fees (including the fees provided for
in the Fee Letter), charges, costs, Lender Group Expenses (including any fees or expenses that accrue after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such
Insolvency Proceeding), guaranties, covenants, and duties of any kind and description, in each case owing by Borrower to the Lender Group 

 
pursuant to or evidenced by the Loan Documents and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or
hereafter arising, and including all interest not paid when due and all other expenses or other amounts that Borrower is required to pay or reimburse by the Loan Documents or by law or otherwise in connection with the Loan Documents, and
(b) all Bank Product Obligations; provided that, anything to the contrary contained in the foregoing notwithstanding, the Obligations shall exclude any Excluded Swap Obligation. Without limiting the generality of the foregoing, the
Obligations of Borrower under the Loan Documents include the obligation to pay (i) the principal of the Advances, (ii) interest accrued on the Advances, (iii) the amount necessary to reimburse Issuing Lender for amounts paid or
payable pursuant to Letters of Credit, (iv) Letter of Credit commissions, fees (including fronting fees) and charges, (v) Lender Group Expenses, (vi) fees payable under this Agreement or any of the other Loan Documents, and
(vii) indemnities and other amounts payable by any Loan Party under any Loan Document. Any reference in the Agreement or in the Loan Documents to the Obligations shall include all or any portion thereof and any extensions, modifications,
renewals, or alterations thereof, both prior and subsequent to any Insolvency Proceeding. 
 “OFAC” means The Office of
Foreign Assets Control of the U.S. Department of the Treasury. 
 “Orchard Valley Acquisition’ means with an Acquisition of
Orchard Valley Harvest, Inc. that constitutes a Permitted Acquisition. 
 “Original Closing Date” has the meaning specified
therefor in the recitals to the Agreement. 
 “Original Credit Agreement” has the meaning specified therefor in the
recitals to the Agreement. 
 “Original Obligations” means the “Obligations” as defined in the Original Credit
Agreement. 
 “Originating Lender” has the meaning specified therefor in Section 13.1(e). 

“Other Taxes” means all present or future stamp, court, excise, value added, or documentary, intangible, recording, filing or
similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document. 

“Overadvance” has the meaning specified therefor in Section 2.5. 

“Packaging Inventory” means Eligible Inventory constituting corrugated boxes, jars, labels, cartons, film and shipping
supplies used in the packaging of nuts and other food products sold by the Borrower. 
 “Patent Security Agreement” has the
meaning specified therefor in the Security Agreement. 
 “Participant” has the meaning specified therefor in
Section 13.1(e). 

 “Payment Conditions” means, at the time of determination with respect to
any applicable transaction, that: 
  

	 	(a)	 no Event of Default shall exist or would result from the consummation of the relevant transaction; and

  

	 	(b)	 Liquidity (i) immediately preceding the date of such proposed payment and the consummation of the relevant
transaction, calculated on a pro forma basis as if such proposed payment was made, and the relevant transaction was consummated, and (ii) immediately after giving effect to such proposed payment and the relevant transaction, in each case, is
not less than $20,000,000. 

 “Permitted Acquisition” means any Acquisition so long as: 

(a) no Default or Event of Default shall have occurred and be continuing or would result from the consummation of the proposed Acquisition and
the proposed Acquisition is consensual, 
 (b) no Indebtedness will be incurred, assumed, or would exist with respect to Borrower or its
Subsidiaries as a result of such Acquisition, other than Indebtedness permitted by Section 6.1 and no Liens will be incurred, assumed, or would exist with respect to the assets of Borrower or its Subsidiaries as a result or
such Acquisition other than Permitted Liens, 
 (c) Borrower either (i) shall have Availability plus Qualified Cash in an amount equal
to or greater than $20,000,000 after giving effect to the consummation of the proposed Acquisition; provided, that, for purposes of this clause (c)(i), the calculation of Availability shall include Accounts and Inventory acquired by the
Borrower pursuant to such Acquisition only to the extent that such Accounts and Inventory constitute Eligible Accounts and Eligible Inventory, respectively, or (ii) (A) shall have Availability plus Qualified Cash in an amount equal to or
greater than $15,000,000 after giving effect to the consummation of the proposed Acquisition; provided, that, for purposes of this clause (c)(ii), the calculation of Availability shall include Accounts and Inventory acquired by the Borrower
pursuant to such Acquisition only to the extent that such Accounts and Inventory constitute Eligible Accounts and Eligible Inventory, respectively and (B) has provided Agent with written confirmation, supported by reasonably detailed
calculations, that on a pro forma basis (including pro forma adjustments arising out of events which are directly attributable to such proposed Acquisition, are factually supportable, and are expected to have a continuing impact, in each case,
determined as if the combination had been accomplished at the beginning of the relevant period; such eliminations and inclusions to be mutually and reasonably agreed upon by Borrower and Agent) created by adding the historical combined financial
statements of Borrower (including the combined financial statements of any other Person or assets that were the subject of a prior Permitted Acquisition during the relevant period) to the historical consolidated financial statements of the Person to
be acquired (or the historical financial statements related to the assets to be acquired) pursuant to the proposed Acquisition, the Fixed Charge Coverage Ratio of Borrower and its Subsidiaries is equal to or greater than 1.00:1.00 for the four
(4) fiscal quarter period reflected in the Compliance Certificate most recently delivered to Agent pursuant to this Agreement prior to the consummation of the Proposed Acquisition (calculated as if such Acquisition and all Loans funded in
connection therewith had been made on the first day of such period), 

 (d) with respect to any Acquisition involving aggregate consideration of $5,000,000 or
greater, Borrower has provided Agent with such due diligence information as reasonably requested by Agent, including, without limitation, forecasted balance sheets, profit and loss statements, and cash flow statements of the Person or assets to be
acquired for the remainder of the fiscal year in which the proposed Acquisition is consummated for such Person or related to such assets, all prepared on a basis consistent with such Person’s (or assets’) historical financial statements,
together with appropriate supporting details and a statement of underlying assumptions, on a quarter by quarter basis, in form and substance (including as to scope and underlying assumptions) reasonably satisfactory to Agent, 

(e) [Intentionally Omitted], 

(f) with respect to any Acquisition involving aggregate consideration of $5,000,000 or greater, Borrower has provided Agent with written notice
of the proposed Acquisition at least 15 Business Days (or such shorter period as may be acceptable to Agent) prior to the anticipated closing date of the proposed Acquisition and, not later than 5 Business Days (or such shorter period as may be
acceptable to Agent) prior to the anticipated closing date of the proposed Acquisition, copies of the acquisition agreement and other material documents relative to the proposed Acquisition, which agreement and documents must be reasonably
acceptable to Agent, 
 (g) the assets being acquired (other than a de minimis amount of assets in relation to Borrower’s and its
Subsidiaries’ total assets), or the Person whose Stock is being acquired, are useful in or engaged in, as applicable, the business of Borrower and its Subsidiaries or are otherwise in compliance with Section 6.6, 

(h) the assets being acquired (other than a de minimis amount of assets in relation to Borrower’s and its Subsidiaries’ total
assets) are located within the United States or Canada or the Person whose Stock is being acquired is organized in a jurisdiction located within the United States or Canada, and 

(i) the subject assets or Stock, as applicable, are being acquired directly by Borrower or one of its Subsidiaries, and, in connection
therewith, Borrower or the applicable Subsidiary shall have complied with Section 5.16 or 5.17, as applicable, of the Agreement. 

“Permitted Discretion” means Agent’s good faith determination made in the exercise of reasonable (from the perspective
of a secured asset-based lender) business judgment. 
 “Permitted Dispositions” means: 

(a) sales, abandonment or other dispositions of assets that are substantially worn, damaged or obsolete or no longer used or useful in the
ordinary course of business and leases and subleases of real property not useful in the conduct of the business of Borrower and its Subsidiaries; 

(b) sales of Inventory to buyers in the ordinary course of business; 

(c) the use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of the Agreement or the other Loan
Documents; 

 (d) the licensing, on a non-exclusive basis, of
patents, trademarks, copyrights, and other intellectual property rights in the ordinary course of business; 
 (e) the granting of Permitted
Liens; 
 (f) the sale or discount, in each case without recourse, of accounts receivable (other than Eligible Accounts) arising in the
ordinary course of business, but only in connection with the compromise or collection thereof; 
 (g) any involuntary loss, damage or
destruction of property; 
 (h) any condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation
or requisition of use of property; 
 (i) the leasing or subleasing of assets in the ordinary course of business; 

(j) (i) the lapse of registered patents, trademarks, copyrights and other intellectual property to the extent not economically desirable
in the conduct of its business, and (ii) the abandonment of patents, trademarks, copyrights or other intellectual property rights in the ordinary course of business; 

(k) the making of Distributions that are permitted to be made pursuant to this Agreement; 

(l) the making of Investments that are permitted to be made pursuant to this Agreement; 

(m) (i) transfers of assets (A) from any Loan Party or any Subsidiary of Borrower to a Loan Party and (B) from any Subsidiary of
Borrower that is not a Loan Party to any other Subsidiary of Borrower, and (ii) the surrender or waiver of contractual rights or settlement, release or surrender of any contract, tort or other litigation claims in the ordinary course of
business; 
 (n) dispositions of assets acquired by Borrower and/or its Subsidiaries pursuant to a Permitted Acquisition consummated within
twelve (12) months of the date of the proposed Disposition (the “Subject Permitted Acquisition”) so long as (i) the consideration received for the assets to be so disposed is at least equal to the fair market value
thereof, (ii) the assets to be so disposed are not necessary or economically desirable in connection with the business of Borrower and its Subsidiaries, and (iii) the assets to be so disposed are readily identifiable as assets acquired
pursuant to the Subject Permitted Acquisition; and 
 (o) sales or other dispositions of Collateral of Borrower not to exceed $2,500,000 in
the aggregate in any calendar year. 
 “Permitted Holders” means the Persons identified on Schedule P-1. 
 “Permitted Intercompany Advances” means loans or advances made by
(a) Borrower to another Loan Party or (b) a Guarantor to another Loan Party so long as, with respect to loans and advances described in clauses (a) and (b), such intercompany Indebtedness, if requested by Agent, is evidenced by a
subordinated demand note in form and substance reasonably satisfactory to Agent and, if requested by Agent, pledged and delivered to Agent pursuant to the Security Agreement as additional Collateral for the Obligations. 

 “Permitted Investments” means: 

(a) Investments in cash and Cash Equivalents; 

(b) Investments in negotiable instruments for collection; 

(c) advances made in connection with purchases of goods or services in the ordinary course of business; (d) Investments received in
settlement of amounts due to Borrower or any of its Subsidiaries effected in the ordinary course of business or owing to Borrower or any of its Subsidiaries as a result of Insolvency Proceedings involving an Account Debtor or upon the foreclosure or
enforcement of any Lien in favor of Borrower or its Subsidiaries; 
 (e) Permitted Acquisitions; 

(f) Investments held by a Person acquired in a Permitted Acquisition to the extent that such Investments were not made in contemplation of
or in connection with such Permitted Acquisition and were in existence on the date of such Permitted Acquisition; 
 (g) guarantees permitted
by Section 6.1; 
 (h) Permitted Intercompany Advances; 

(i) equity interests and other Securities acquired in connection with the satisfaction or enforcement of Indebtedness or claims due or owing to
Borrower or its Subsidiaries (in bankruptcy of customers or suppliers or otherwise outside the ordinary course of business) or as security for any such Indebtedness or claims; 

(j) deposits of cash made in the ordinary course of business to secure performance of operating leases or in connection with asset purchases;

 (k) (i) non-cash loans and advances to employees, officers and directors of Borrower or any
of its Subsidiaries for the purpose of purchasing equity interests in Borrower so long as the proceeds are used solely to purchase such equity interests in Borrower, and (ii) loans and advances to employees and officers of Borrower or any of
its Subsidiaries in the ordinary course of business for any other business purpose and in an aggregate outstanding principal amount not to exceed $1,000,000 at any one time; 

(l) Investments in the form of capital contributions and the acquisition of Equity Interests made by any Loan Party in any other Loan Party
(other than capital contributions to or the acquisition of Equity Interests of Borrower); 
 (m) Investments resulting from entering into
(i) Bank Product Agreements, (ii) agreements relating to obligations permitted under Section 6.1(h) or (iii) trade credit extended to customers in the ordinary course of business; 

 (n) equity investments by any Loan Party in any Subsidiary of such Loan Party which is
required by Law to maintain a minimum net capital requirement or as may be otherwise required by applicable Law; 
 (o) Investments
consisting of non-cash consideration received in connection with Permitted Dispositions or other sales or dispositions of assets (not constituting Collateral), so long as the
non-cash consideration received does not exceed twenty-five percent (25%) of the total consideration (or, in the case of sales or dispositions of assets not constituting Collateral, fifty percent (50%) of the
total consideration) received in connection with such transaction; and 
 (p) other Investments so long as the Payment Conditions are
satisfied at the time such Investment is made. 
 “Permitted Liens” means: 

(a) Liens held by Agent to secure the Obligations; 

(b) Liens for unpaid taxes, assessments, or other governmental charges or levies that either (i) are not yet delinquent, or
(ii) do not have priority over the Agent’s Liens and the underlying taxes, assessments, or charges or levies are the subject of Permitted Protests; 

(c) judgment Liens that do not constitute an Event of Default under Section 7.7; 

(d) Liens set forth on Schedule P-2, provided that any such Lien only secures the
Indebtedness that it secures on the Closing Date and any Refinancing Indebtedness in respect thereof; 
 (e) the interests of lessors
under operating leases; 
 (f) purchase money Liens or the interests of lessors under Capital Leases to the extent that such Liens or
interests secure Purchase Money Indebtedness and Capital Lease Obligations and so long as (i) such Lien attaches only to the assets purchased, acquired, leased, constructed, repaired, improved or installed (and accessions, replacements or
additions thereto and improvements thereon) and the proceeds thereof, and (ii) such Lien only secures the Indebtedness that was incurred to finance the purchase, acquisition, lese, construction, repair, improvement or installation of such
assets or any Refinancing Indebtedness in respect thereof; 
 (g) Liens arising by operation of law in favor of warehousemen, landlords,
carriers, mechanics, materialmen, laborers, or suppliers (“Subject Third Parties”), incurred in the ordinary course of business and not in connection with the borrowing of money, and which Liens either (i) are for sums not yet
delinquent, or (ii) are the subject of Permitted Protests; 
 (i) Liens on amounts deposited in connection with obtaining
worker’s compensation or other unemployment insurance; 
 (j) Liens on amounts deposited in connection with the making or entering
into of bids, tenders, or leases in the ordinary course of business and not in connection with the borrowing of money; 

 (k) Liens on amounts deposited as security for surety or appeal bonds in connection
with obtaining such bonds in the ordinary course of business; 
 (l) easements, rights-of-way, statutory restrictions, reservations, covenants, zoning and other land use regulations, title exceptions or encumbrances affecting real property owned or leased by Borrower or any of its
Subsidiaries, provided that such exceptions do not in the aggregate interfere with the use of such property in the ordinary course of business, except for such interference as could not reasonably be expected to result in a Material Adverse
Change; 
 (m) Liens of lessees of Real Property owned by Borrower or any Subsidiary of Borrower; 

(n) Liens on Deposit Accounts granted or arising in the ordinary course of business in favor of depositary banks maintaining such Deposit
Accounts solely to the extent they secure customary account fees and charges payable in respect of such Deposit Accounts and overdrafts; 

(o) Liens on the Term Lender Collateral Account and Liens arising under the Term Loan Documents; 

(p) Liens solely on any cash earnest money deposits made by Borrower or any of its Subsidiaries in connection with any letter of intent or
purchase agreement with respect to a Permitted Acquisition; 
 (q) Liens on property that is the subject of a Permitted Disposition; 

(r) Liens in connection with any zoning, building or similar Law or right reserved to or vested in any Governmental Authority to control or
regulate the use of any or dimensions of real property or the structure thereon, including Liens in connection with any condemnation or eminent domain proceeding or compulsory purchase order; 

(s) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto; 

(t) Liens securing obligations (including in respect of Banking Services) of the type described in Section 6.1(e) and Hedging Obligations
and other Third Party Derivative Obligations of the type described in Section 6.1(h); and 
 (u) additional Liens on assets other than
Accounts and Inventory securing aggregate obligations not in excess of $2,500,000 at any time outstanding. 
 “Permitted
Protest” means the right of Borrower or any of its Subsidiaries to protest any Lien (other than any Lien that secures the Obligations), taxes (other than payroll taxes), or rental payment; provided that (a) a reserve with
respect to such obligation is established on Borrower’s or its Subsidiaries’ books and records in such amount as is required under GAAP, (b) any such protest is instituted promptly and prosecuted diligently by Borrower or its
Subsidiary, as applicable, in good faith, (c) Agent is satisfied that, while any such protest is pending, there will be no impairment of the enforceability, validity, or priority of any of the Agent’s Liens and, (d) in respect of tax
liens, Agent shall, in its Permitted Discretion, be entitled to institute a reserve in accordance with Section 2.1(b) in an amount equal to the amount of such tax lien. 

 “Person” means natural persons, corporations, limited liability companies,
limited partnerships, general partnerships, limited liability partnerships, joint ventures, trusts, land trusts, business trusts, or other organizations, irrespective of whether they are legal entities, and governments and agencies and political
subdivisions thereof. 
 “Projections” means Borrower’s forecasted (a) balance sheets, (b) profit and loss
statements, and (c) cash flow statements, all prepared on a basis consistent with Borrower’s historical financial statements, together with appropriate supporting details and a statement of underlying assumptions. 

“Project Wild” means the transaction separately identified by Borrower to Agent in March 2019. 

“Pro Rata Share” means, as of any date of determination: 

(a) with respect to a Lender’s obligation to make Advances and right to receive payments of principal, interest, fees, costs, and expenses
with respect thereto, (i) prior to the Revolver Commitments being terminated or reduced to zero, the percentage obtained by dividing (y) such Lender’s Revolver Commitment, by (z) the aggregate Revolver Commitments of all Lenders,
and (ii) from and after the time that the Revolver Commitments have been terminated or reduced to zero, the percentage obtained by dividing (y) the outstanding principal amount of such Lender’s Advances by (z) the outstanding
principal amount of all Advances, 
 (b) with respect to a Lender’s obligation to participate in Letters of Credit, to reimburse the
Issuing Lender, and right to receive payments of fees with respect thereto, (i) prior to the Revolver Commitments being terminated or reduced to zero, the percentage obtained by dividing (y) such Lender’s Revolver Commitment, by
(z) the aggregate Revolver Commitments of all Lenders, and (ii) from and after the time that the Revolver Commitments have been terminated or reduced to zero, the percentage obtained by dividing (y) the outstanding principal amount of
such Lender’s Advances by (z) the outstanding principal amount of all Advances, 
 (c) [Reserved], and 

(d) with respect to all other matters as to a particular Lender (including the indemnification obligations arising under
Section 15.7), the percentage obtained by dividing (i) such Lender’s Revolver Commitment, by (ii) the aggregate amount of Revolver Commitments of all Lenders; provided, however, that in the
event the Revolver Commitments have been terminated or reduced to zero, Pro Rata Share under this clause shall be the percentage obtained by dividing (A) the outstanding principal amount of such Lender’s Advances plus such Lender’s
ratable portion of the Risk Participation Liability with respect to outstanding Letters of Credit, by (B) the outstanding principal amount of all Advances plus the aggregate amount of the Risk Participation Liability with respect to outstanding
Letters of Credit. 
 “Protected Vendor” means any Person that is afforded the benefit of any Lien or trust upon
agricultural products sold to Borrower and/or its Subsidiaries and/or any proceeds of such agricultural products under any Growers’ Lien Law. 

“Protective Advances” has the meaning specified therefor in Section 2.3(d)(i). 

 “Purchase Money Indebtedness” means Indebtedness (other than the
Obligations, but including Capitalized Lease Obligations) incurred at the time of or within ninety (90) days prior to or after the acquisition, lease, completion of construction, repair of, replacement, improvement to or installation of assets
for the purpose of financing all or any part of the acquisition, leasing, construction, repair, replacement, improvement or installation of such assets. 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in
accordance with, 12 U.S.C. § 5390(c)(8)(D). 
 “QFC Credit Support” has the meaning specified therefor in
Section 17.14 of the Agreement. 
 “Qualified Cash” means, as of any date of determination, the
amount of unrestricted cash and Cash Equivalents of Borrower and its Subsidiaries that is in Deposit Accounts or in Securities Accounts, or any combination thereof, and which such Deposit Account or Securities Account is the subject of a Control
Agreement and is maintained by a branch office of the bank or securities intermediary located within the United States. 

“Qualified Stock” means and refers to any Stock issued by Borrower (and not by one or more of its Subsidiaries) that is not a
Disqualified Stock. 
 “Real Property” means any estates or interests in real property now owned or hereafter acquired by
Borrower or its Subsidiaries and the improvements thereto. 
 “Record” means information that is inscribed on a tangible
medium or that is stored in an electronic or other medium and is retrievable in perceivable form. 
 “Refinancing
Indebtedness” means refinancings, renewals, or extensions of Indebtedness so long as: (a) such refinancings, renewals, or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced, renewed, or
extended, (b) such refinancings, renewals, or extensions do not result in an increase in the interest rate with respect to the Indebtedness so refinanced, renewed, or extended, (c) such refinancings, renewals, or extensions do not result
in a shortening of the average weighted maturity of the Indebtedness so refinanced, renewed, or extended, nor are they on terms or conditions that, taken as a whole, are materially more burdensome or restrictive to Borrower, (d) if the
Indebtedness that is refinanced, renewed, or extended was subordinated in right of to the Obligations, then the terms and conditions of the refinancing, renewal, or extension must include subordination terms and conditions that are at least as
favorable to the Lender Group as those that were applicable to the refinanced, renewed, or extended Indebtedness, and (e) the Indebtedness that is refinanced, renewed, or extended is not recourse to any Person that is liable on account of the
Obligations other than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended. 

“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“Remedial Action” means all actions taken to (a) clean up, remove, remediate, contain, treat, monitor, assess, evaluate,
or in any way address Hazardous Materials in the indoor or outdoor environment, (b) prevent or minimize a release or threatened release of Hazardous Materials so they do not migrate or endanger or threaten to endanger public health or welfare
or the indoor or outdoor environment, (c) restore or reclaim natural resources or the environment, (d) perform any pre-remedial studies, investigations, or post-remedial operation and maintenance
activities, or (e) comply with Environmental Laws that pertain to the release of Hazardous Materials. 

 “Replacement Lender” has the meaning specified therefor in
Section 14.2(a). 
 “Report” has the meaning specified therefor in
Section 15.16. 
 “Required Lenders” means, at any time, Lenders whose aggregate Pro Rata Shares
(calculated under clause (d) of the definition of Pro Rata Shares) exceed 50%; provided, however, at any time there are fewer than four (4) Lenders, Required Lenders shall constitute no fewer than two (2) Lenders,
it being understood that, for purposes of this proviso, a Lender and all of its Affiliates that are Lenders shall constitute but one (1) Lender. 

“Reserve Percentage” means, on any day, for any Lender, the maximum percentage prescribed by the Board of Governors of the
Federal Reserve System (or any successor Governmental Authority) for determining the reserve requirements (including any basic, supplemental, marginal, or emergency reserves) that are in effect on such date with respect to eurocurrency funding
(currently referred to as “eurocurrency liabilities”) of that Lender, but so long as such Lender is not required or directed under applicable regulations to maintain such reserves, the Reserve Percentage shall be zero. 

“Responsible Officer” means each of the chief executive officer, president, chief financial officer, vice president of
finance, principal accounting officer, treasurer, assistant treasurer, general counsel and assistant general counsel and each other similar officer of Borrower. 

“Revolver Commitment” means, with respect to each Lender, its Revolver Commitment, and, with respect to all Lenders, their
Revolver Commitments, in each case as such Dollar amounts are set forth beside such Lender’s name under the applicable heading on Schedule C-1 or in the Assignment and Acceptance pursuant to which
such Lender became a Lender hereunder, as such amounts may be reduced or increased from time to time pursuant to assignments made in accordance with the provisions of Section 13.1. 

“Revolver Commitment Increase Lender” has the meaning specified therefor in Section 2.15. 

“Revolver Usage” means, as of any date of determination, the sum of (a) the amount of outstanding Advances, plus
(b) the amount of the Letter of Credit Usage. 
 “Risk Participation Liability” means, as to each Letter of
Credit, all reimbursement obligations of Borrower to the Issuing Lender with respect to an L/C Undertaking, consisting of (a) the amount available to be drawn or which may become available to be drawn, (b) all amounts that have been paid
by the Issuing Lender to the Underlying Issuer to the extent not reimbursed by Borrower, whether by the making of an Advance or otherwise, and (c) all accrued and unpaid interest, fees, and expenses payable with respect thereto. 

“Sanctioned Entity” means (a) a country or territory or a government of a country or territory, (b) an agency of
the government of a country or territory, (c) an organization directly or indirectly controlled by a country or territory or its government, or (d) a Person resident in or determined to be resident in a country or territory, in each case
of clauses (a) through (d) that is a target of Sanctions, including a target of any country sanctions program administered and enforced by OFAC. 

 “Sanctioned Person” means, at any time (a) any Person named on the
list of Specially Designated Nationals and Blocked Persons maintained by OFAC, OFAC’s consolidated Non-SDN list or any other Sanctions-related list maintained by any Governmental Authority, (b) a
Person or legal entity that is a target of Sanctions, (c) any Person operating, organized or resident in a Sanctioned Entity, or (d) any Person directly or indirectly owned or controlled (individually or in the aggregate) by or acting on
behalf of any such Person or Persons described in clauses (a) through (c) above. 
 “Sanctions” means individually and
collectively, respectively, any and all economic sanctions, trade sanctions, financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes anti-terrorism laws and other sanctions laws, regulations or embargoes, including those
imposed, administered or enforced from time to time by: (a) the United States of America, including those administered by OFAC, the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future executive order,
(b) the United Nations Security Council, (c) the European Union or any European Union member state, (d) Her Majesty’s Treasury of the United Kingdom, or (d) any other Governmental Authority with jurisdiction over any member
of Lender Group or any Loan Party or any of their respective Subsidiaries or Affiliates. 
 “SEC” means the United States
Securities and Exchange Commission and any successor thereto. 
 “Securities Account” means a securities account (as that
term is defined in the Code). 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, and any
successor statute. 
 “Security Agreement” means that certain Security Agreement dated as of February 7, 2008, as
amended by that certain First Amendment to Security Agreement dated as of September 30, 2014, by and between Borrower and Agent, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Seed Exchange Accounts” means Eligible Accounts owing from growers in respect of peanut seeds supplied pursuant to
Borrower’s seed exchange program. 
 “Seed Inventory” means Eligible Inventory consisting of peanut seeds held for
sale or exchange in connection with the Borrower’s seed exchange program with growers. 
 “Settlement” has the meaning
specified therefor in Section 2.3(e)(i). 
 “Settlement Date” has the meaning specified therefor
in Section 2.3(e)(i). 
 “Side Letter” means that certain Side Letter executed by Agent and
Lenders in favor of Borrower dated the Original Closing Date. 

 “SOFR” with respect to any day means the secured overnight financing rate
published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website. 

“Solvent” means, with respect to any Person on a particular date, that, at fair valuations, the sum of such Person’s
assets is greater than all of such Person’s debts. 
 “S&P” has the meaning specified therefor in the definition
of Cash Equivalents. 
 “Specified Representations” means the representations and warranties set forth in
Sections 4.8(a), 4.9(a), 4.9(b)(i), (ii) and (iii), 4.9(c), 4.9(d), 4.9(e) (solely as to perfection (solely insofar as perfection may be achieved by the filing of Uniform
Commercial Code financing statements, recordation of intellectual property security agreements for registered intellectual property, or delivery of Equity Interest certificates and undated powers for Equity Interests) and priority),
4.9(f), 4.9(g)(i), (ii) and (iii), 4.9(h), 4.9(i), 4.12(a), 4.21, 4.22, and 4.24 of the Agreement. 

“Standard Letter of Credit Practice” means, for Issuing Lender, any domestic or foreign law or letter of credit practices
applicable in the city in which Issuing Lender issued the applicable Letter of Credit or, for its branch or correspondent, such laws and practices applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as the
case may be, in each case, (a) which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b) which laws or letter of credit practices are required or permitted under ISP or UCP, as
chosen in the applicable Letter of Credit. 
 “Stock” means all shares, options, warrants, interests, participations, or
other equivalents (regardless of how designated) of or in a Person, whether voting or nonvoting, including common stock, preferred stock, or any other “equity security” (as such term is defined in Rule
3a11-1 of the General Rules and Regulations promulgated by the SEC under the Exchange Act). 

“Subordinated Indebtedness” means any Indebtedness of Borrower or its Subsidiaries incurred from time to time that is
subordinated in right of payment to the Obligations on terms and conditions of subordination reasonably acceptable to Agent. 

“Subsidiary” of a Person means a corporation, partnership, limited liability company, or other entity in which that Person
directly or indirectly owns or controls the shares of Stock having ordinary voting power to elect a majority of the board of directors (or appoint other comparable managers) of such corporation, partnership, limited liability company, or other
entity. 
 “Supermajority Lenders” means, at any time, Lenders whose aggregate Pro Rata Shares (calculated under clause
(d) of the definition of Pro Rata Shares) exceed 66 2/3%. 
 “Supported QFC” has the meaning specified therefor in
Section 17.14 of this Agreement. 
 “Swap Obligation” means, with respect to any Loan Party, any
obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 

 “Swing Lender” means WFF or any other Lender that, at the request of
Borrower and with the consent of Agent agrees, in such Lender’s sole discretion, to become the Swing Lender under Section 2.3(b). 

“Swing Loan” has the meaning specified therefor in Section 2.3(b). 

“Taxes” has the meaning specified therefor in Section 16(a). 

“Term Lender” means Transamerica Life Insurance Company, an Iowa corporation, and its successors and assigns under the Term
Loan Documents. 
 “Term Lender Collateral Account” means, collectively, the Deposit Account and/or Securities Account of
the Borrower that have been pledged to the Term Lender and into which proceeds of the Excluded Collateral shall be deposited by the Borrower as and when required pursuant to the terms of the Term Loan Documents. 

“Term Loan” means, collectively, (a) the term loans made to Borrower pursuant to the Term Loan Agreement on
February 7, 2008 in an aggregate outstanding principal amount not to exceed $45,000,000 and (b) additional term loans made to the Borrower pursuant to the Term Loan Agreement on or after the First Amendment Effective Date in an aggregate
principal amount not to exceed $20,000,000. 
 “Term Loan Agreement” means that certain Loan Agreement among
Borrower, the Term Lender and JBSS Properties, LLC, a Delaware limited liability company, dated as of February 7, 2008, as the same may be amended, restated or otherwise modified from time to time. 

“Term Loan Documents” means the Term Loan Agreement and the other documents and instruments executed pursuant thereto or in
accordance therewith, in each case as the same may be amended, restated or otherwise modified from time to time. 
 “Term
SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

“Third Party Derivative Obligations” means obligations of Borrower and its Subsidiaries under any forward contract, futures
contract, exchange contract, swap, option, equity derivative transaction or other financing agreement or arrangement (including, without limitation, caps, floors, collars and similar agreements), the value of which is dependent upon interest rates,
currency exchange rates, equity, commodities or other indices, any which of the foregoing products are provided by a Person other than a Hedge Provider. 

“Trademark Security Agreement” has the meaning specified therefor in the Security Agreement. 

“UCP” means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits 2007 Revision,
International Chamber of Commerce Publication No. 600 and any version or revision thereof accepted by Issuing Lender for use. 

“Underlying Issuer” means a third Person which is the beneficiary of an L/C Undertaking and which has issued a letter of
credit at the request of the Issuing Lender for the benefit of Borrower. 

 “Underlying Letter of Credit” means a letter of credit that has been issued
by an Underlying Issuer. 
 “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark
Replacement Adjustment. 
 “United States” means the United States of America. 

“U.S. Special Resolution Regimes” has the meaning specified therefor in Section 17.14 of this
Agreement. 
 “Voidable Transfer” has the meaning specified therefor in Section 17.8. 

“Wells Fargo” means Wells Fargo Bank, National Association, a national banking association. 

“WFF” means Wells Fargo Capital Finance, LLC, a Delaware limited liability company. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule

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