Document:

Exhibit 10.31
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CONFIDENTIAL
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135
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EQUITY CONTRIBUTION AGREEMENT
by and among
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GBT JERSEYCO LIMITED,
JUWEEL INVESTORS LIMITED
and
EXPEDIA, INC.
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Dated as of August 11, 2021
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CONTENTS
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	Article I

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	CONTRIBUTION OF ELM INTERESTS

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	Section 1.01
	Evergreen Contribution
	2

	Section 1.02
	Juniper Contribution
	3

	Section 1.03
	Purchase Price; Post-Closing Adjustment
	3

	Section 1.04
	Public Transaction Closing; Public Transaction Post-Closing Adjustment
	8

	Section 1.05
	Tax Withholding
	9

	Section 1.06
	Transferred Assets
	9

	Section 1.07
	Excluded Assets
	10

	Section 1.08
	Assumed Liabilities
	10

	Section 1.09
	Excluded Liabilities
	10

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	Article II
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	REPRESENTATIONS AND WARRANTIES OF EVERGREEN
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	Section 2.01
	Organization and Organizational Power
	11

	Section 2.02
	Authorization; Valid and Binding Obligation
	11

	Section 2.03
	Title to Shares; Transferred Subsidiaries
	11

	Section 2.04
	No Defaults or Conflicts
	13

	Section 2.05
	Governmental Consents
	14

	Section 2.06
	Financial Statements
	14

	Section 2.07
	Absence of Certain Developments
	15

	Section 2.08
	Elm Specified Contracts
	16

	Section 2.09
	Properties
	19

	Section 2.10
	Intellectual Property
	20

	Section 2.11
	Data Privacy and Cybersecurity
	23

	Section 2.12
	Insurance
	24

	Section 2.13
	Litigation
	25

	Section 2.14
	Compliance with Laws
	25

	Section 2.15
	Permits
	25

	Section 2.16
	Environmental Matters
	25

	Section 2.17
	Employee Benefit Plans
	26

	Section 2.18
	Labor Matters
	29

	Section 2.19
	Tax Matters
	30

	Section 2.20
	Elm Affiliate Agreements
	32

	Section 2.21
	Anti-Corruption
	33

	Section 2.22
	Suppliers
	35

	Section 2.23
	Elm Material Customers
	36

	Section 2.24
	Sufficiency of Assets
	36

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	Section 2.25
	COVID-19
	36

	Section 2.26
	Brokers
	37

	Section 2.27
	Evergreen Debt and Lien Releases
	37

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	Section 2.28
	Products and Services
	37

	Section 2.29
	No Other Assets or Liabilities
	37

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	Article III
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	REPRESENTATIONS AND WARRANTIES OF SEQUOIA
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	Section 3.01
	Organization and Organizational Power
	38

	Section 3.02
	Authorization; Valid and Binding Obligation
	38

	Section 3.03
	Juniper Contribution Consideration Interests; Title to Sequoia Group Equity Interests; Sequoia’s Subsidiaries
	38

	Section 3.04
	No Defaults or Conflicts
	40

	Section 3.05
	Governmental Consents
	41

	Section 3.06
	Financial Statements
	41

	Section 3.07
	Absence of Certain Developments
	42

	Section 3.08
	Sequoia Specified Contracts
	42

	Section 3.09
	Intellectual Property
	44

	Section 3.10
	Data Privacy and Cybersecurity
	45

	Section 3.11
	Insurance
	47

	Section 3.12
	Litigation
	47

	Section 3.13
	Compliance with Laws
	48

	Section 3.14
	Permits
	48

	Section 3.15
	Environmental Matters
	48

	Section 3.16
	Employee Benefit Plans
	49

	Section 3.17
	Labor Matters
	51

	Section 3.18
	Tax Matters
	51

	Section 3.19
	Affiliated Transactions
	53

	Section 3.20
	Anti-Corruption
	53

	Section 3.21
	Suppliers
	55

	Section 3.22
	Sequoia Material Customers
	56

	Section 3.23
	COVID-19
	56

	Section 3.24
	Brokers
	56

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	Article IV
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	REPRESENTATIONS AND WARRANTIES OF JUNIPER
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	Section 4.01
	Organization and Organizational Power
	56

	Section 4.02
	Authorization; Valid and Binding Obligation
	57

	Section 4.03
	Evergreen Contribution Consideration Interests; Title to Shares of Sequoia
	57

	Section 4.04
	No Defaults or Conflicts
	58

	Section 4.05
	Governmental Consents
	59

	Section 4.06
	Brokers
	59

	Section 4.07
	Affiliated Transactions
	59

	Section 4.08
	Absence of Certain Developments
	59

	Section 4.09
	No Other Assets or Liabilities
	59

	Section 4.10
	Intended Tax Treatment
	60

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	Article V
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	CLOSING; CLOSING DELIVERABLES
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	Section 5.01
	The Closing
	60

	Section 5.02
	Deliverables by Evergreen
	60

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	Section 5.03
	Deliverables by Juniper and Sequoia
	61

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	Article VI
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	COVENANTS OF THE PARTIES
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	Section 6.01
	Conduct of the Elm Business
	62

	Section 6.02
	Conduct of the Business of Sequoia and its Subsidiaries
	68

	Section 6.03
	Conduct of the Juniper’s Business
	71

	Section 6.04
	Inspection Rights
	73

	Section 6.05
	HSR Act and Foreign Antitrust Approvals
	73

	Section 6.06
	Indemnification and Insurance
	75

	Section 6.07
	Tax Matters
	77

	Section 6.08
	Employment Matters
	79

	Section 6.09
	Retention of Books and Records
	83

	Section 6.10
	Support of Transaction; Further Assurances
	84

	Section 6.11
	Exclusivity
	87

	Section 6.12
	Public Disclosure; Confidentiality
	87

	Section 6.13
	Restructuring
	88

	Section 6.14
	Wrong-Pockets
	89

	Section 6.15
	Receipt of Monies
	92

	Section 6.16
	Guarantees
	92

	Section 6.17
	Non-Transferable Assets; Shared Contracts
	93

	Section 6.18
	Obligations of the Evergreen Group
	95

	Section 6.19
	Notification of Certain Matters
	95

	Section 6.20
	Intercompany Accounts and Agreements
	96

	Section 6.21
	Restrictive Covenants
	96

	Section 6.22
	R&W Insurance Policy
	98

	Section 6.23
	Elm Financial Information
	98

	Section 6.24
	Netherlands Works Council
	99

	Section 6.25
	Public Transaction
	101

	Section 6.26
	Reimbursement
	102

	Section 6.27
	Reverse TSA
	102

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	Article VII
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	CLOSING CONDITIONS
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	Section 7.01
	Conditions to the Obligations of the Parties
	103

	Section 7.02
	Conditions to the Obligations of Juniper and Sequoia
	104

	Section 7.03
	Conditions to the Obligations of Evergreen
	105

	Section 7.04
	Waiver of Conditions; Frustration of Conditions
	107

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	Article VIII
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	TERMINATION
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	Section 8.01
	Termination
	107

	Section 8.02
	Effect of Termination
	108

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	Article IX
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	MISCELLANEOUS
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	Section 9.01
	Survival
	109

	Section 9.02
	Waiver
	109

	Section 9.03
	Notices
	109

	Section 9.04
	Assignment
	110

	Section 9.05
	Rights of Third Parties
	111

	Section 9.06
	Expenses
	111

	Section 9.07
	Governing Law
	111

	Section 9.08
	Captions; Counterparts
	111

	Section 9.09
	Schedules and Exhibits
	111

	Section 9.10
	Entire Agreement
	112

	Section 9.11
	Amendments
	112

	Section 9.12
	Severability
	112

	Section 9.13
	Jurisdiction; Waiver of Jury Trial
	112

	Section 9.14
	Enforcement
	113

	Section 9.15
	Non-Recourse
	113

	Section 9.16
	Waiver and Release
	114

	Section 9.17
	Waiver of Conflicts Regarding Representations; Non-Assertion of Attorney-Client Privilege
	116

	Section 9.18
	No Other Representations or Warranties; Non-Reliance
	117

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	Article X
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	CERTAIN DEFINITIONS
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	Section 10.01
	Interpretation
	118

	Section 10.02
	Certain Definitions
	119

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	EXHIBITS
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	Resignation Letters
	Exhibit A

	Transition Services Agreement
	Exhibit B

	Juniper Support Agreement
	Exhibit C-1

	Sequoia Support Agreement
	Exhibit C-2

	Supporting Equityholders
	Exhibit D

	Restructuring Steps Paper
	Exhibit E

	Elm Net Working Capital Example Calculation
	Exhibit F-1

	Sequoia Net Working Capital Example Calculation
	Exhibit F-2

	Amended & Restated Sequoia SHA
	Exhibit G-1

	Amended & Restated Juniper SHA
	Exhibit G-2

	EPS Agreement
	Exhibit H

	Communications Plan
	Exhibit I

	Software License Agreement
	Exhibit J

	Elm Debt Example Calculation
	Exhibit K-1

	Sequoia Debt Example Calculation
	Exhibit K-2

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	Exhibit L

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EQUITY CONTRIBUTION AGREEMENT
This EQUITY CONTRIBUTION AGREEMENT (this “Agreement”) is made as of August 11, 2021, by and among Expedia, Inc., a Washington State, United States corporation (“Evergreen”), Juweel Investors Limited, a company incorporated as an exempted company with limited liability under the laws of the Cayman Islands (“Juniper”) and GBT JerseyCo Limited, a company limited by shares incorporated under the laws of Jersey (“Sequoia”).  Each of Evergreen, Juniper and Sequoia are sometimes referred to herein individually as a “Party” and collectively as the “Parties”.
WHEREAS, prior to the Closing, Evergreen shall have caused the steps set forth on the Restructuring Steps Paper (collectively, the “Restructuring”) to have been consummated;
WHEREAS, on May 4, 2021, Evergreen, Juniper and Sequoia entered into a put option agreement (the “Put Option Agreement”) relating to the Restructuring and the consummation of the Transactions, and on August 4, 2021 Evergreen exercised the put option in accordance with the provisions of the Put Option Agreement;
WHEREAS, Evergreen will, following the Restructuring, own, directly or indirectly, 100% of the issued and outstanding membership interests of Egencia LLC, a Nevada limited liability company (“Elm U.S.”, and such interests, the “Elm U.S. Interests”) and 100% of the issued and outstanding capital stock of a newly-formed wholly-owned direct subsidiary (together with Elm U.S., the “Companies” and each a “Company”, and such interests, together with the Elm U.S. Interests, the “Elm Interests”), which Companies will, following the Restructuring own, directly or indirectly, all of the Transferred Subsidiary Interests (other than the Elm Interests);
WHEREAS, contemporaneously with the execution and delivery of the Put Option Agreement, each equityholder of Juniper and Sequoia listed on Exhibit D (the “Supporting Equityholders”) has entered into Support Agreements in the form attached hereto as Exhibit C-1 and Exhibit C-2, respectively (the “Support Agreement”), pursuant to which the Supporting Equityholders have agreed with Evergreen that the Supporting Equityholders will cause, with effect from the Closing, the amendment and restatement of (a) the Sequoia SHA and (b) the Juniper SHA (together with the Sequoia SHA, the “Equityholder Agreements”) such that, as of the Closing, such Equityholder Agreements shall be in the forms attached hereto as Exhibit G-1 (the “Amended & Restated Sequoia SHA”) and Exhibit G-2 (the “Amended & Restated Juniper SHA” and, together with the Amended & Restated Sequoia SHA, the “Amended & Restated Equityholder Agreements”), respectively;
WHEREAS, subject to the terms and conditions set forth herein, Evergreen desires to contribute, assign and transfer to Juniper, and Juniper desires to acquire and take assignment from Evergreen of, the Elm Interests, and Juniper desires to immediately thereafter contribute, assign and transfer to Sequoia, and Sequoia desires to acquire and take assignment from Juniper of, the Elm Interests; and
WHEREAS, the Parties intend that (i) the transfer of the Elm Interests by Evergreen to Juniper pursuant to Section 1.01 of this Agreement is to be treated for U.S. federal income tax purposes as either (A) a contribution by Evergreen of the Elm Interests to Juniper in exchange for
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the Evergreen Contribution Consideration Interests in an exchange governed by Section 721(a) of the Code or (B) a disregarded transaction for U.S. federal income Tax purposes and (ii) the transfer of the Elm Interests by Juniper to Sequoia pursuant to Section 1.02 of this Agreement is to be treated for U.S. federal income tax purposes as a contribution by Juniper of the Elm Interests to Sequoia in exchange for the Juniper Contribution Consideration Interests in an exchange governed by Section 721(a) of the Code (the treatment described in the foregoing clauses (i) and (ii), collectively, the “Intended Tax Treatment”).
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
ARTICLE I
CONTRIBUTION OF ELM INTERESTS
Section 1.01Evergreen Contribution.
(a)On the terms and subject to the conditions set forth in this Agreement, at the Closing, (i) Evergreen shall contribute, assign, transfer, convey and deliver to Juniper, and Juniper will acquire and accept from Evergreen, all of Evergreen’s right, title and interest in and to the Elm Interests, free and clear of all Liens (other than restrictions on transfer imposed by applicable securities Laws), and (ii) in consideration for such contribution, assignment, transfer, conveyance and delivery of the Elm Interests, Juniper shall validly issue to Evergreen the Estimated Evergreen Contribution Consideration Interests, as adjusted pursuant to the terms of this Agreement, fully paid and free and clear of all Liens (other than restrictions on transfer imposed by applicable securities Laws).
(b)Notwithstanding Section 1.01(a), the Parties agree Sequoia has the right to elect, at its sole option, that, if the number of Estimated Evergreen Contribution Consideration Interests to be issued to Evergreen at Closing pursuant to Section 1.01(a) would otherwise exceed 6,015,865 Common Shares of Juniper (assuming the occurrence of the Closing absent Sequoia’s election under this Section 1.01(b) and subject to adjustment pursuant to Section 1.02(c)), the number of Estimated Evergreen Contribution Consideration Interests shall instead be equal to 6,015,865 Common Shares of Juniper (as may be adjusted pursuant to Section 1.02(c)) (the “Juniper Share Issuance Amount”), and Juniper shall pay to Evergreen, and Evergreen shall accept from Juniper, at Closing, by wire transfer of immediately available funds to an account identified by Evergreen not less than three (3) Business Days prior to the Closing Date, an aggregate amount of cash equal to, for each Common Share of Juniper that would have otherwise been issued to Evergreen absent Sequoia’s election pursuant to this Section 1.01(b), the Estimated Sequoia Non-Voting Ordinary Shares Cash Equivalent; provided, however, that Sequoia shall only be entitled to exercise the option set forth in this Section 1.01(b) if Sequoia also exercises the option set forth in Section 1.02(b).  For the avoidance of doubt, Juniper’s sole obligation with respect to this Section 1.01(b) is to pay to Evergreen any consideration paid by Sequoia to Juniper for the benefit of Evergreen and Juniper shall have no independent obligation to make any payment to Evergreen and shall have no liability whatsoever for any insufficiency of any amount paid to Evergreen on behalf of Sequoia or the calculation of any amounts determined by Sequoia to be paid to Evergreen. For administrative convenience, any payment of cash under this Article I to be made (1) by Sequoia
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to Juniper, followed by an equal cash payment by Juniper to Evergreen or (2) by Evergreen to Juniper, followed by an equal cash payment by Juniper to Sequoia, shall be made, in the case of clause (1), directly by Sequoia to Evergreen and, in the cause of clause (2), directly by Evergreen to Sequoia.
Section 1.02Juniper Contribution.
(a)On the terms and subject to the conditions set forth in this Agreement, at the Closing and immediately following the transactions described in Section 1.01, (i) Juniper shall contribute, assign, transfer, convey and deliver to Sequoia, and Sequoia will acquire and accept from Juniper, all of Juniper’s right, title and interest in and to the Elm Interests, free and clear of all Liens (other than restrictions on transfer imposed by applicable securities Laws), and (ii) in consideration for such contribution, assignment, transfer, conveyance and delivery of the Elm Interests, Sequoia shall validly issue to Juniper the Estimated Juniper Contribution Consideration Interests, as adjusted pursuant to the terms of this Agreement, fully paid and free and clear of all Liens (other than restrictions on transfer imposed by applicable securities Laws).
(b)Notwithstanding Section 1.02(a), the Parties agree Sequoia has the right to elect, at its sole option, that, if the number of Estimated Juniper Contribution Consideration Interests to be issued to Juniper at Closing pursuant to Section 1.02(a) would otherwise exceed 6,015,865 Non-Voting Ordinary Shares of Sequoia (assuming the occurrence of the Closing absent Sequoia’s election under this Section 1.02(b) and subject to adjustment pursuant to Section 1.02(c)), the number of Estimated Juniper Contribution Consideration Interests shall instead be equal to 6,015,865 Non-Voting Ordinary Shares of Sequoia (as may be adjusted pursuant to Section 1.02(c)) (the “Sequoia Share Issuance Amount”), and Sequoia shall pay to Juniper, and Juniper shall accept from Sequoia, at Closing, by wire transfer of immediately available funds to an account identified by Juniper not less than three (3) Business Days prior to the Closing Date, an aggregate amount of cash equal to, for each Non-Voting Ordinary Share of Sequoia that would have otherwise been issued to Evergreen absent Sequoia’s election pursuant to this Section 1.02(b), the Estimated Sequoia Non-Voting Ordinary Shares Cash Equivalent (the aggregate amount of such cash, the “Closing Cash Payment”); provided, however, that Sequoia shall only be entitled to exercise the option set forth in this Section 1.02(b) if Sequoia also exercises the option set forth in Section 1.01(b).
(c)In the event that, between the date of the Put Option Agreement and the Closing, Sequoia or Juniper effects any recapitalization, combination, redemption, reclassification, equity split, exchange or like change in its capitalization (other than with respect to Preferred Shares of Sequoia), then the Juniper Share Issuance Amount and the Sequoia Share Issuance Amount shall be equitably adjusted to provide Evergreen the same economic effect as contemplated by this Agreement prior to such event.
Section 1.03Purchase Price; Post-Closing Adjustment.
(a)Not less than three (3) Business Days prior to the Closing Date, Evergreen shall deliver to Sequoia and Juniper a written statement setting forth its good faith estimate of (i) Closing Elm Net Working Capital (and, thereby, the Closing Elm Net Working Capital Adjustment Amount), (ii) Closing Elm Debt, (iii) Closing Elm Transaction Expenses, (iv) Closing Elm Cash,
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and (v) based on such estimates, a calculation of the Elm Equity Value (such estimate, “Estimated Elm Equity Value”), in each case, including the individual components thereof, accompanied with reasonable supporting documentation, prepared in accordance with the Elm Accounting Principles and the definitions contained herein.
(b)Not less than three (3) Business Days prior to the Closing Date, Sequoia shall deliver to Evergreen and Juniper a written statement setting forth its good faith estimate of (i) Closing Sequoia Net Working Capital (and, thereby, the Closing Sequoia Net Working Capital Adjustment Amount), (ii) Closing Sequoia Debt, (iii) Closing Sequoia Transaction Expenses, (iv) Closing Sequoia Cash, (v) based on such estimates, a calculation of the Sequoia Equity Value (such estimate, “Estimated Sequoia Equity Value”), and (vi) the Sequoia Fully Diluted Equity Interests Number (such estimate, the “Estimated Sequoia Fully Diluted Equity Interests Number”), in each case, including the individual components thereof, accompanied with reasonable supporting documentation, prepared in accordance with the Sequoia Accounting Principles and the definitions contained herein.
(c)No later than 120 days after the Closing Date, Sequoia shall deliver to Evergreen and Juniper a statement (the “Elm Closing Statement”), setting forth its calculation of (i) Closing Elm Net Working Capital (and, thereby, the Closing Elm Net Working Capital Adjustment Amount), (ii) Closing Elm Debt, (iii) Closing Elm Transaction Expenses, (iv) Closing Elm Cash, and (v) a calculation of the Elm Equity Value, in each case, including the individual components thereof, accompanied with reasonable supporting documentation, prepared in accordance with the Elm Accounting Principles and the definitions contained herein.
(d)No later than 120 days after the Closing Date, Sequoia shall deliver to Evergreen and Juniper a statement (the “Sequoia Closing Statement”, and together with the Elm Closing Statement the “Closing Statements”), setting forth its calculation of (i) Closing Sequoia Net Working Capital (and, thereby, the Closing Sequoia Net Working Capital Adjustment Amount), (ii) Closing Sequoia Debt, (iii) Closing Sequoia Transaction Expenses, (iv) Closing Sequoia Cash, (v) Sequoia Equity Value, and (vi) the Sequoia Fully Diluted Equity Interests Number, in each case, including the individual components thereof, accompanied with reasonable supporting documentation, prepared in accordance with the Sequoia Accounting Principles and the definitions contained herein.
(e)During the ninety (90) day period after delivery of the Closing Statements, Sequoia, its Subsidiaries (including the Transferred Subsidiaries) and their respective Representatives will provide Evergreen with reasonable access, during normal business hours and upon reasonable advance written notice, to review Sequoia’s and its Subsidiaries’ (including the Transferred Subsidiaries’) books and records, work papers (subject to appropriate release letters) and other documentation, in each case, solely to the extent related to the preparation of the Closing Statements and the calculations of the components therein, and provided that such access shall be in a manner that does not (i) unreasonably interfere with the normal business operations of Sequoia or its Subsidiaries (including the Transferred Subsidiaries), (ii) require Sequoia or its Affiliates to waive any privileges, including the attorney-client privilege, or any work product protection or (iii) contravene any applicable Laws, fiduciary duty or Contract to which Sequoia or its Affiliates is a party.  During the ninety (90) day period after delivery of the Closing Statements, Evergreen and its Representatives may make reasonable inquiries of Sequoia and its Subsidiaries (including
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the Transferred Subsidiaries) and their respective Representatives regarding questions concerning or disagreements with the Closing Statements arising in the course of its review thereof, and Sequoia and its Subsidiaries shall use their respective commercially reasonable efforts to cause any such Representatives to cooperate with and respond to such reasonable inquiries.
(f)If Evergreen has any objections to either Closing Statement delivered by Sequoia pursuant to this Section 1.03, Evergreen shall deliver to Sequoia and Juniper a written statement, with reasonable supporting detail and documentation, setting forth its objections thereto and its proposed calculations for such objected amounts (an “Objections Statement”).  If an Objections Statement is not delivered to Sequoia and Juniper within ninety (90) days after delivery of the Closing Statements delivered by Sequoia pursuant to this Section 1.03, such Closing Statement(s) shall be final, binding and non-appealable by such Parties.  If Evergreen delivers an Objections Statement within ninety (90) days after delivery of the Closing Statements by or on behalf of Sequoia, the Parties shall negotiate in good faith after delivery of the Objections Statement(s) to Sequoia and Juniper to resolve any objections set forth in a timely delivered Objections Statement(s), and any offers to compromise relating thereto shall be governed by Rule 408 of the Federal Rules of Evidence and any applicable similar state rule(s) and shall not be admissible in any future proceedings between such Parties.  If such Parties do not reach a final resolution of all matters set forth in a timely delivered Objections Statement within thirty (30) days after the delivery of the applicable Objections Statement, either Party may refer such items from the applicable Objections Statement that remain in dispute (the “Disputed Items”) to Deloitte Touche Tohmatsu Limited or such other mutually acceptable nationally recognized independent accounting firm (the “Dispute Resolution Firm”).  There shall be no ex parte communications with the Dispute Resolution Firm, and any submissions to the Dispute Resolution Firm must be written and delivered contemporaneously to each Party to the dispute.  The Dispute Resolution Firm shall (i) consider only those Disputed Items, (ii) not assign a value to any Disputed Item greater than the greatest value for such Disputed Item assigned by either such Party, or less than the smallest value for such Disputed Item assigned by either such Party and (iii) act as an expert and not as an arbitrator to resolve such Disputed Items.  The Dispute Resolution Firm’s determination will be based solely on such Parties’ written submissions that are in accordance with the terms and procedures set forth in this Agreement (i.e., not on the basis of an independent review), the Elm Accounting Principles or the Sequoia Accounting Principles, as applicable, and the definitions contained herein of (A) with respect to an Objections Statement relating to the Elm Closing Statement, Closing Elm Net Working Capital, Closing Elm Debt, Closing Elm Cash, Closing Elm Transaction Expenses and Elm Equity Value, and (B) with respect to an Objections Statement relating to the Sequoia Closing Statement, Closing Sequoia Net Working Capital, Closing Sequoia Debt, Closing Sequoia Cash, Closing Sequoia Transaction Expenses, Sequoia Equity Value and Sequoia Fully Diluted Equity Interests Number, in each case together with any other terms, definitions or provisions of this Agreement relevant thereto.  Such Parties shall use their commercially reasonable efforts to cause the Dispute Resolution Firm to resolve all Disputed Items as soon as practicable and in any event within forty-five (45) days after they are submitted to the Dispute Resolution Firm.  The resolution of the Disputed Items by the Dispute Resolution Firm shall be final, binding and non-appealable on the Parties, absent manifest error or mathematical error promptly corrected by the Dispute Resolution Firm.  The costs and expenses of the Dispute Resolution Firm shall be borne by Evergreen, on the one hand, and Sequoia, on the other hand, pro rata based on the relative findings of the Dispute Resolution Firm with respect to unresolved items in the applicable Objections Statement.  For example, if (1) Evergreen disputes $1,000 of
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the Sequoia Closing Statement, (2) Sequoia contests only $500 of the amount claimed by Evergreen, and (3) the Dispute Resolution Firm ultimately resolves the dispute by awarding Sequoia $300 of the $500 contested, then the costs and expenses of the Dispute Resolution Firm would be allocated 60% (i.e., 300/500) to Evergreen and 40% (i.e., 200/500) to Sequoia.  Each Closing Statement shall be revised as appropriate to reflect the resolution of any objections thereto pursuant to this Section 1.03(f), and, as so revised (or, if no Objections Statement is delivered with respect thereto, as so delivered by Sequoia pursuant to Section 1.03(d) or Section 1.03(e), as applicable), (x) the Sequoia Closing Statement shall be deemed to set forth the Closing Sequoia Net Working Capital, Closing Sequoia Debt, Closing Sequoia Transaction Expenses, Closing Sequoia Cash, Sequoia Equity Value, and Sequoia Fully Diluted Equity Interests Number, and (y) the Elm Closing Statement shall be deemed to set forth the Closing Elm Net Working Capital, Closing Elm Debt, Closing Elm Transaction Expenses, Closing Elm Cash, and Elm Equity Value, in each case, for all purposes hereunder.  As soon as practicable following receipt of such Closing Statements pursuant to the preceding sentence, such Parties shall calculate the Consideration Equity Interests Number based on the Elm Equity Value and Sequoia Equity Value set forth therein and the Sequoia Non-Voting Ordinary Shares Cash Equivalent.
(g)The “Post-Closing Equity Adjustment” will be an amount, which may be positive or negative, equal to the sum of the Consideration Equity Interests Number minus the Estimated Consideration Equity Interests Number, as finally determined pursuant to this Section 1.03. Promptly following the finalization of the Closing Statements pursuant to this Section 1.03 the following shall occur:
(i)Subject to Sections 1.03(g)(ii) and 1.03(g)(iii) below, (1) if the Post-Closing Equity Adjustment is determined to be a negative number, (x) Evergreen shall relinquish, and Juniper shall redeem, for no additional consideration and as full and complete satisfaction of Evergreen’s obligation to Juniper pursuant to this Section 1.03, a number of Common Shares of Juniper equal to the absolute value of the Post-Closing Equity Adjustment (rounded to the nearest whole Common Share of Juniper), and (y) Juniper shall relinquish, and Sequoia shall redeem (in accordance with its Organizational Documents), for no additional consideration and as full and complete satisfaction of Juniper’s obligation to Sequoia pursuant to this Section 1.03, a number of Non-Voting Ordinary Shares of Sequoia equal to the absolute value of the Post-Closing Equity Adjustment (rounded to the nearest whole Non-Voting Ordinary Share of Sequoia), or (2) if the Post-Closing Equity Adjustment is determined to be a positive number, (x) Juniper shall issue, and Evergreen shall accept, for no additional consideration and as full and complete satisfaction of Juniper’s obligation to Evergreen pursuant to this Section 1.03, a number of Common Shares of Juniper equal to the absolute value of the Post-Closing Equity Adjustment (rounded to the nearest whole Common Share of Juniper) and (y) Sequoia shall issue, and Juniper shall accept, for no additional consideration and as full and complete satisfaction of Sequoia’s obligation to Juniper pursuant to this Section 1.03, a number of Non-Voting Ordinary Shares of Sequoia equal to the absolute value of the Post-Closing Equity Adjustment (rounded to the nearest whole Non-Voting Ordinary Share of Sequoia).
(ii)Notwithstanding Section 1.03(g)(i) above and Section 1.03(g)(iii) below, if Sequoia issued at the Closing fewer Non-Voting Ordinary Shares of Sequoia than
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the Sequoia Share Issuance Amount and the Post-Closing Equity Adjustment is determined to be a positive number and would result in Juniper receiving a total number of Non-Voting Ordinary Shares of Sequoia greater than the Sequoia Share Issuance Amount, then in lieu of issuing such Non-Voting Ordinary Shares of Sequoia in excess of the Sequoia Share Issuance Amount (and in lieu of Juniper issuing to Evergreen a number of Common Shares of Juniper that would result in the issuance to Evergreen of a total number of Common Shares of Juniper in excess of the Juniper Share Issuance Amount), Sequoia has the right to elect, at its sole option, for the number of Common Shares of Juniper in excess of the Juniper Share Issuance Amount and the number of Non-Voting Ordinary Shares of Sequoia in excess of the Sequoia Share Issuance Amount to be settled in cash rather than by issuance of such shares, in which case (1) Sequoia shall pay to Juniper, and Juniper shall accept from Sequoia, an aggregate amount of cash equal to the Sequoia Non-Voting Ordinary Shares Cash Equivalent for the Non-Voting Ordinary Shares of Sequoia that would have otherwise been issued absent Sequoia’s election pursuant to this Section 1.03(g)(ii) and (2) Juniper shall pay to Evergreen, and Evergreen shall accept from Juniper, an aggregate amount of cash equal to the Sequoia Non-Voting Ordinary Shares Cash Equivalent for the Common Shares of Juniper that would have otherwise been issued absent Sequoia’s election pursuant to this Section 1.03(g)(ii) (such payment being the “Post-Closing Cash Adjustment”).
(iii)If Sequoia made the elections pursuant to Sections 1.01(b) and 1.02(b) and the difference of the Post-Closing Cash Adjustment as calculated pursuant to Section 1.03(g)(ii) minus the amount of the Closing Cash Payment (such difference the “Cash True-Up Amount”) is positive (1) Sequoia shall pay to Juniper, and Juniper shall accept from Sequoia, the Cash True-Up Amount and (2) Juniper shall pay to Evergreen, and Evergreen shall accept from Juniper, an aggregate amount of cash equal to the Cash True-Up Amount.  If Sequoia made the elections pursuant to Sections 1.01(b) and 1.02(b) and the Cash True-Up Amount is negative (1) Evergreen shall to pay to Juniper, and Juniper shall accept from Evergreen, the absolute value of the Cash True-Up Amount and (2) Juniper shall pay to Sequoia, and Sequoia shall accept from Juniper, an aggregate amount of cash equal to the absolute value of the Cash True-Up Amount.  If such payment would result in a payment in cash by Evergreen greater than the cash paid to Evergreen pursuant to Section 1.01(b), then such excess cash shall not be settled in cash but instead shall be settled through the redemption of securities pursuant to Section 1.03(g)(i).
All cash payments made pursuant to this Section 1.03(g) shall be made by wire transfer of immediately available funds to an account identified by the applicable recipient thereof not less than three (3) Business Days prior to the payment date. The Parties agree that the issuance or relinquishment of Common Shares of Juniper and Non-Voting Ordinary Shares of Sequoia or payment of cash, as applicable, pursuant to this Section 1.03 shall be treated as an adjustment to the consideration received by Evergreen pursuant to the Transactions.
(h)The Parties agree that the procedures set forth in this Section 1.03 for resolving disputes with respect to the Closing Statements shall be the sole and exclusive method for resolving any such disputes; provided that this provision shall not prohibit any Party from instituting litigation to enforce any final determination of the Dispute Resolution Firm pursuant to Section 1.03(f) in any court of competent jurisdiction in accordance with Section 9.07.  It is the
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intent of the Parties to have any final determination by the Dispute Resolution Firm proceed in an expeditious manner; provided, however, that any deadline or time period contained herein may be extended or modified by the written agreement of the Parties, and the Parties agree that the failure of the Dispute Resolution Firm to strictly conform to any deadline or time period contained herein shall not be a basis for seeking to overturn any determination rendered by the Dispute Resolution Firm which otherwise conforms to the terms of this Section 1.03.  For the avoidance of doubt, Evergreen agrees that it will recuse itself and any members of the Sequoia or Juniper boards of directors nominated by Evergreen (to the extent a designee of Evergreen is then a member thereof) from any discussions at, or decisions made by, the boards of directors of Juniper or Sequoia with respect to post-Closing matters in connection with this Section 1.03.
(i)In the event that, as of the Closing and prior to the consummation of a Public Transaction, the ratio between the total number of Common Shares of Juniper then issued and outstanding and the total number of Ordinary Shares of Sequoia then held by Juniper is not 1:1, the number of Estimated Evergreen Contribution Consideration Interests or Evergreen Contribution Consideration Interests to be issued to Evergreen pursuant to this Article I shall be equitably adjusted so as to ensure that Evergreen shall receive such number of Common Shares of Juniper that results in Evergreen receiving the same indirect beneficial interest in Sequoia that would have been received if such 1:1 ratio had been maintained.
(j)Notwithstanding anything to the contrary herein, prior to the Closing, (1) Sequoia shall use its commercially reasonable efforts to pay, or cause to be paid, all Closing Sequoia Transaction Expenses and (2) Evergreen shall use its commercially reasonable efforts to pay, or cause to be paid, all Closing Elm Transaction Expenses, in each case, incurred or otherwise committed up to and including the Closing.
Section 1.04Public Transaction Closing; Public Transaction Post-Closing Adjustment.  Notwithstanding anything to the contrary herein (but without limiting Section 1.01(b) and Section 1.02(b) other than with respect to the securities to be issued thereunder), if a Public Transaction is consummated prior to (i) the Closing or (ii) the Post-Closing Equity Adjustment or Post-Closing Cash Adjustment (if any) in accordance with Section 1.03, (x) in lieu of receiving (and, if applicable, redeeming for adjustment) the Evergreen Contribution Consideration Interests to be issued (and, if applicable, redeemed), Evergreen will receive (and, if applicable, have redeemed for adjustment), and each of Sequoia and Juniper shall take all actions necessary, and Evergreen shall take all actions reasonably necessary such that Evergreen receives the cash, property, rights or securities, consistent with the Public Transaction Principles, that the holders of Ordinary Shares of Sequoia receive in such Public Transaction, on an Ordinary Share of Sequoia by Ordinary Share of Sequoia basis, as if Juniper Contribution Consideration Interests had been issued to, or redeemed from, Evergreen (instead of Juniper) in connection with this Agreement immediately prior to the consummation of such Public Transaction (including with respect to the Sequoia Fully Diluted Equity Interests Number immediately prior to the issuance of any Equity Interests of Sequoia in connection with the consummation of such Public Transaction) (other than any Equity Interests of Sequoia that are issued to the holders of Preferred Shares on account of any conversion of Preferred Shares in connection with a Public Transaction), (y) in lieu of the transactions contemplated by Section 1.01(a)(i) and Section 1.02(a)(i), Evergreen shall contribute, assign, transfer, convey and deliver to Sequoia, and Sequoia will acquire and accept from Evergreen, all of Evergreen’s right, title and interest in and to the Elm Interests, free and clear of all Liens (other
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than restrictions on transfer imposed by applicable securities Laws) and (z) Juniper shall not issue to Evergreen the securities contemplated under Section 1.01(a)(ii) and Sequoia shall not issue to Juniper the securities contemplated under Section 1.02(a)(ii).  Sequoia shall promptly notice Evergreen of any determination to pursue an Alternative Public Transaction Structure. In the event that an Alternative Public Transaction Structure is adopted, the “Intended Tax Treatment” shall be adjusted appropriately to be consistent therewith.
Section 1.05Tax Withholding.  Each of Juniper, Sequoia, Evergreen and their respective Affiliates and Representatives shall be entitled to deduct and withhold, or cause to be deducted and withheld, from any amounts otherwise payable pursuant to this Agreement, such amounts as it may be required to deduct or withhold therefrom under the Code or under any provision of applicable Tax Law with respect to the making of such payment.  In the event any such Person (the “Payor”) obtains Knowledge of any required Tax deductions or withholdings with respect to payments to be made hereunder, the Payor shall make commercially reasonable efforts to provide such recipient with written notice reasonably prior to withholding and consider in good faith any position or interpretation taken by such recipient as to the applicability or amount of such deduction or withholding.  The Parties shall use commercially reasonable efforts to provide any forms or certificates to reduce or eliminate any such withholding.  To the extent such amounts are so deducted or withheld and paid over to the relevant Governmental Entity, such amounts shall be treated for all purposes under this Agreement as having been paid to the Person to whom such amounts would otherwise have been paid.
Section 1.06Transferred Assets.  On the terms and subject to the conditions set forth in this Agreement, as part of the Restructuring, at or prior to the Closing, unless already held by a Transferred Subsidiary as of the date hereof, Evergreen shall, and shall cause each of the other members of the Evergreen Group to, contribute, assign, transfer, convey and deliver to a Transferred Subsidiary, and Evergreen shall cause the Transferred Subsidiaries to accept from Evergreen and such other members of the Evergreen Group, all of such member of the Evergreen Group’s right, title and interest in and to each of the following (the “Transferred Assets”):
(a)all assets (including Intellectual Property and other intangible assets), properties, rights and Contracts (subject to Section 6.17) and Books and Records of the members of the Evergreen Group, in each case, primarily used in, primarily held for use in or primarily related to the ownership, operation or conduct of the Elm Business or the Transferred Subsidiaries;
(b)any Transferred Shared Contracts;
(c)(i) the Elm Personal Property and (ii) all leaseholds and other interests in real property pursuant to the Elm Real Property Leases;
(d)any and all goodwill associated with acquisition accounting to the extent relating to the Elm Business as a going concern;
(e)any and all claims, causes of action, rights under warranties, indemnities, rights of set-off and all similar rights against third-parties to the extent resulting from, arising out of or relating to any other Transferred Asset or primarily resulting from, primarily arising out of or primarily relating to the Elm Business;
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(f)the Elm Business Permits to the extent transferrable by Law;
(g)the work emails of Business Employees;
(h)any and all insurance proceeds under the Elm Insurance Policies, received or receivable to the extent resulting from, arising out of or relating to (i) the loss or destruction of any asset or property prior to the Closing that would have been included in the Transferred Assets but for such loss or destruction and (ii) any damage to any of the Transferred Assets prior to the Closing, other than such proceeds used to purchase replacement assets or properties that are otherwise included in the Transferred Assets, irrespective of when such insurance claim is made; and
(i)to the extent permitted by Data Protection Laws, any and all records of the Evergreen Group that primarily relate to the Business Employees, including, such records that pertain to (i) work authorization, (ii) salary information, (iii) Occupational Safety and Health Administration reports and records, (iv) active medical restriction forms and (v) performance evaluations.
Section 1.07Excluded Assets.  Notwithstanding anything to the contrary contained herein, Evergreen shall not, and shall cause each of the other members of the Evergreen Group not to, contribute, assign, transfer, convey and deliver to any Transferred Subsidiary, and Evergreen shall cause the Transferred Subsidiaries to not accept from Evergreen and such other members of the Evergreen Group, and the Transferred Assets shall not include (a) any of such member of the Evergreen Group’s right, title and interest in and to all assets of Evergreen and the other members of the Evergreen Group other than the Transferred Assets or (b) the Excluded Shared Contracts (the “Excluded Assets”).
Section 1.08Assumed Liabilities.  On the terms and subject to the conditions set forth in this Agreement, and without limiting Section 6.17, at or prior to the Closing, unless already held by a Transferred Subsidiary as of the date hereof, as part of the Restructuring, the Parties agree that the Transferred Subsidiaries shall assume, satisfy and discharge when due all Liabilities to the extent (a) resulting from, arising out of or relating to the ownership, operation, use or conduct of the Transferred Assets or (b) arising out of any action or failure to take any action by a Transferred Subsidiary or, to the extent primarily related to the Elm Business, any other member of the Evergreen Group, in each case, to the extent relating to the Elm Business (the “Assumed Liabilities”).  For clarity, Assumed Liabilities shall not include any Liabilities relating to current or former Business Employees, individual independent contractors, Transferred Subsidiary Benefit Plans or Evergreen Benefit Plans addressed elsewhere in this Agreement.
Section 1.09Excluded Liabilities.  Notwithstanding anything to the contrary herein (but without limiting Section 6.17), following the Closing, Evergreen and the other members of the Evergreen Group shall retain and be responsible for, or cause its applicable Affiliates to retain and be responsible for all Liabilities (i) to the extent resulting from, arising out of or relating to the ownership, operation, use or conduct of the Excluded Assets or (ii) of Evergreen and the other members of the Evergreen Group other than the Assumed Liabilities (the “Excluded Liabilities”).  For clarity, Excluded Liabilities shall not include any Liabilities relating to current or former
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Business Employees, individual independent contractors, Transferred Subsidiary Benefit Plans or Evergreen Benefit Plans addressed elsewhere in this Agreement.
ARTICLE II
REPRESENTATIONS AND WARRANTIES OF EVERGREEN
Except as set forth in the Evergreen Disclosure Schedule (subject to Section 9.09), Evergreen represents and warrants to Juniper and Sequoia as of the date of the Put Option Agreement and as of the Closing Date:
Section 2.01Organization and Organizational Power.  Evergreen (a) is duly organized and validly existing and in good standing under the Laws of its jurisdiction of incorporation, (b) has all requisite power and authority to own, lease and operate its properties and assets and to carry on the Elm Business to the extent Evergreen carries on such Elm Business, as presently owned or conducted and (c) is qualified or licensed to do business as a foreign corporation or entity in each jurisdiction where the character of the Elm Business properties owned, leased or operated by it or the nature of its business makes such qualification or license necessary, except where the failure to be so qualified or licensed would not, individually or in the aggregate, reasonably be expected to (i) be material to the Elm Business or (ii) prevent, materially impair or materially delay (1) the ability of Evergreen to perform its obligations under the Transaction Documents or (2) the consummation of the Transactions.
Section 2.02Authorization; Valid and Binding Obligation.  Each member of the Evergreen Group that is to be a party to any Transaction Document has all requisite corporate or other power and authority to execute and deliver this Agreement and the Transaction Documents, and to consummate the Transactions, including to dispose of the Transferred Subsidiary Interests.  The execution, delivery and performance by each member of the Evergreen Group that is to be a party to any Transaction Document, and the consummation of the Transactions, has been duly and validly authorized by all required corporate or other similar action on the part of such member of the Evergreen Group, and no other corporate or other similar actions, proceedings or approvals on its part is necessary to authorize the execution, delivery and performance of such Transaction Document by such member of the Evergreen Group, and the consummation of the Transactions.  Each Transaction Document to which a member of the Evergreen Group is a party has been duly executed and delivered by such party, and assuming that such Transaction Document constitutes the legal, valid and binding obligation of each other party thereto that is not a member of the Evergreen Group, such Transaction Document constitutes a legal, valid and binding obligation of such member of the Evergreen Group that is specified to be a party thereto, and is enforceable against such Person in accordance with their respective terms, subject to the Bankruptcy and Equity Exception.  No vote or other approval of the equityholders of Evergreen is required in connection with the execution, delivery and performance by Evergreen of the Transaction Documents or to consummate the Transactions, whether by reason of applicable Law, Evergreen’s Organizational Documents, the rules and requirements of any securities exchange, or otherwise.
Section 2.03Title to Shares; Transferred Subsidiaries.
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(a)Evergreen is, directly or indirectly, the beneficial and legal owner of, and has good and valid title to, the Transferred Subsidiary Interests directly or indirectly held by it as set forth on Schedule 2.03(c) of the Evergreen Disclosure Schedule, free and clear of all Liens (other than Liens created under applicable securities Laws).
(b)Each Transferred Subsidiary and each other member of the Evergreen Group that is specified to be a party to this Agreement or any Transaction Document (i) is a legal entity duly organized and validly existing and in good standing under the Laws of the jurisdiction of its organization or incorporation, (ii) has all requisite corporate or other power and authority to own, lease and operate its properties and assets and to carry on its business as presently owned or conducted and (iii) is qualified or licensed as a foreign corporation or entity to do business and, where applicable, is in good standing, in each jurisdiction where the character of the properties owned, leased or operated by it or the nature of its business makes such qualification or license necessary, except where the failure to be so qualified or licensed or in good standing as set forth in this clause (iii) would not, individually or in the aggregate, reasonably be expected to (A) be material to the Elm Business or (B) prevent, materially impair or materially delay the ability of each Transferred Subsidiary and each other applicable member of the Evergreen Group that is a party to this Agreement or any other Transaction Document to perform its obligations hereunder or thereunder or the consummation of the Transactions.  None of the Transferred Subsidiaries is in violation of, or in default under, its Organizational Documents.
(c)All of the Transferred Subsidiary Interests have been duly authorized and are validly issued, and, to the extent relevant under applicable Law, fully paid and non-assessable, free of Liens (other than Liens imposed under applicable securities Laws), and have not been issued in violation of any preemptive or similar rights or any applicable Law.  Schedule 2.03(c) of the Evergreen Disclosure Schedule sets forth a list of (i) each of the Transferred Subsidiaries, (ii) the number and type of Transferred Subsidiary Interests that are issued and outstanding for each Transferred Subsidiary and (iii) as of the date of the Put Option Agreement, the name of the record holder of each such Transferred Subsidiary Interest that is issued and outstanding.  The Transferred Subsidiary Interests constitute all of the outstanding capital stock of (or comparable interest in) the Transferred Subsidiaries.  Either Evergreen or one or more of the Transferred Subsidiaries or one of Evergreen’s other Subsidiaries holds of record and owns beneficially all of the outstanding shares of capital stock of (or comparable interest in) each Transferred Subsidiary, free and clear of any Liens (other than Liens imposed under applicable securities Laws), and there are, and at all times prior to the Closing there will be, no equity securities of any Transferred Subsidiary issued, reserved for issuance or outstanding other than the Transferred Subsidiary Interests and no outstanding options, conversion rights, warrants or other rights in existence to acquire, or to require any of the Transferred Subsidiaries to issue, purchase or acquire, any shares of the capital stock or other securities of any Transferred Subsidiary or obligate Evergreen or any other member of the Evergreen Group to issue or sell any Transferred Subsidiary Interests, other than pursuant to this Agreement and the other Transaction Documents.
(d)Other than this Agreement (i) there are no voting trusts, proxies, or other agreements or understandings with respect to the Transferred Subsidiary Interests and (ii) there are no agreements or understandings to which Evergreen, any Transferred Subsidiary or other member of the Evergreen Group is a party, by which Evergreen, any Transferred Subsidiary or such other member of the Evergreen Group is bound or of which Evergreen has Knowledge relating to the
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repurchase, redemption, registration, sale or transfer (including agreements relating to rights of first refusal, “co-sale” rights, “drag-along” rights, registration rights or similar rights) of the Transferred Subsidiary Interests, or any other investor rights, including, rights of participation (i.e., pre-emptive rights), co-sale, voting, first refusal, board observation, visitation or information or operational covenants, in each case, with respect to any Transferred Subsidiary.
(e)No Transferred Subsidiary owns, directly or indirectly, any capital stock, membership interest, partnership interest, joint venture interest or other equity interest in any Person other than a Transferred Subsidiary.
(f)None of the Transferred Subsidiaries has any authorized or outstanding bonds, debentures, notes or other indebtedness the holders of which have the right to vote (or are convertible into, exchangeable for or evidencing the right to subscribe for or acquire securities having the right to vote) on any matter on which the stockholders or equityholders of the Transferred Subsidiaries may vote.
(g)At the Closing, the Transferred Subsidiaries will be in possession of all material Books and Records of the Transferred Subsidiaries.  The accounting registers, Books and Records of each Transferred Subsidiary, including for the avoidance of doubt, copies of all Contracts, written correspondence and any other documents of such Transferred Subsidiary relating to the Elm Business, have been maintained in accordance with applicable Law in all material respects, and are maintained in such a way that such materials are, and will be immediately after the Closing, reasonably accessible to the Transferred Subsidiaries in all material respects.
Section 2.04No Defaults or Conflicts.  The execution and delivery by Evergreen and each other applicable member of the Evergreen Group of this Agreement and each Transaction Document to which it will be a party and the consummation of the Transactions do not, and the performance by it of its obligations hereunder and thereunder will not, (a) constitute or result in a conflict, breach or violation of or default under the applicable Organizational Documents of Evergreen or any member of the Evergreen Group that is a party to any Transaction Document (including any Transferred Subsidiary), (b) except as described in Section 2.05, conflict with or violate any existing Law or Order applicable to Evergreen or any member of the Evergreen Group that is a party to any Transaction Document (including any Transferred Subsidiary), (c) require any consent or other action under, result in a violation or breach of, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, give to others (immediately or with notice or lapse of time or both) any right of termination, amendment, suspension, cancellation or acceleration of, result (immediately or with notice or lapse of time or both) in triggering an obligation to pay any consideration, royalties or other amounts in excess of those amounts otherwise owed by any member of the Evergreen Group (as it relates to the Elm Business) or the Transferred Subsidiaries immediately prior to the Closing, or result in the loss of any right or benefit to which any member of the Evergreen Group (as it relates to the Elm Business) or any of the Transferred Subsidiaries is entitled under, any Elm Specified Contract or by which any member of the Evergreen Group (as it relates to the Elm Business) or any property or asset of any member of the Evergreen Group (as it relates to the Elm Business) or any of the Transferred Subsidiaries, is bound or affected or (d) result (immediately or with notice or lapse of time or both) in the creation of any Lien (other than Permitted Liens) on any member of the Evergreen Group (as it relates to the Elm Business) or any of the Transferred Subsidiaries’ properties, rights or
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assets, except, in the case of clauses (b), (c) and (d), for any such violations, conflicts or breaches that would not, individually or in the aggregate, reasonably be expected to (i) be material to the Elm Business or (ii) prevent, materially impair or materially delay (1) the ability of the Contributor Parties and each other applicable member of the Evergreen Group that is a party to a Transaction Document to perform their respective obligations thereunder or (2) the consummation of the Transactions.
Section 2.05Governmental Consents.  Other than the expiration or termination of waiting periods and the filings, notices, reports, consents, registrations, approvals, permits, non-objections and authorizations under the HSR Act and other applicable Antitrust Laws, no authorization, Order or approval or other action by, and no notice to or filing with, any Governmental Entity will be required to be obtained or made by any member of the Evergreen Group in connection with the execution, delivery and performance of this Agreement and the Transaction Documents to which they will be a party and the consummation of the Transactions, except for any authorizations, approvals, notice or filings with any Governmental Entity or other Person that, if not obtained or made, would not, individually or in the aggregate, reasonably be expected to (i) be material to the Elm Business or (ii) prevent, materially impair or materially delay (1) the ability of the Contributor Parties and each other applicable member of the Evergreen Group that is a party to a Transaction Document to perform their respective obligations thereunder or (2) the consummation of the Transactions.
Section 2.06Financial Statements.
(a)The Elm Financial Statements are attached to Schedule 2.06(a) of the Evergreen Disclosure Schedule.  The Elm Financial Statements present fairly, in all material respects, the combined financial condition of the Elm Business (taken as a whole) as of their respective dates, and the results of its combined operations for the periods indicated; provided that the Elm Financial Statements include the T2 Business and no representation or warranty is made pursuant to this Section 2.06(a) regarding the T2 Business or its effect on the Elm Financial Statements.  The Elm Financial Statements have been prepared in accordance with GAAP applied on a consistent basis throughout the period covered thereby, with only such deviations from such accounting principles and/or their consistent application as are referred to in the schedules to the Elm Financial Statements and subject to normal year-end audit adjustments (which would not be material in amount) and the absence of related notes.
(b)Except (i) as reflected and reserved against on the Elm Balance Sheet, (ii) as incurred in the ordinary course of business since the Elm Balance Sheet Date (none of which is a Liability resulting from breach of Contract, breach of warranty, tort, infringement or misappropriation), (iii) as incurred in connection with this Agreement or the Transactions, (iv) for Liabilities that are not required by GAAP to be reflected on a balance sheet of the Elm Business or (v) as disclosed in Schedule 2.06(b) of the Evergreen Disclosure Schedule, none of the Transferred Subsidiaries or, to the extent related to the Elm Business, the other members of the Evergreen Group, has any material Liabilities.
(c)The Evergreen Group maintains a system of internal accounting controls over financial reporting that applies to the Elm Business and provides reasonable assurance that all transactions are (i) executed in accordance with management’s general or specific authorization
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and (ii) recorded as necessary to permit preparation of the financial statements of the Elm Business in accordance with GAAP and to maintain accountability for assets.  The Elm Financial Statements have been prepared from, and are consistent in all material respects with, the Books and Records of the Transferred Subsidiaries and, to the extent applicable to the Elm Business, the other members of the Evergreen Group.  No director or officer or, to Evergreen’s Knowledge, auditor or accountant of any member of the Evergreen Group has received or otherwise had or obtained knowledge of (x) any material weakness or significant deficiency regarding the accounting or auditing practices, procedures, internal controls, methodologies or methods of the Transferred Subsidiaries or, to the extent related to the Elm Business, any other member of the Evergreen Group which has not been remedied or (y) any fraud that involves any director, officer or employee of the Transferred Subsidiaries or, to the extent related to the Elm Business, any other member of the Evergreen Group.
(d)The accounts and notes receivable of the Transferred Subsidiaries or, to the extent related to the Elm Business, the other members of the Evergreen Group represent amounts receivable in respect of bona fide transactions.  Such accounts and notes receivable have been recorded in accordance with GAAP, are collectible in the ordinary course of business and are not subject to any setoff or counterclaim, other than as specifically reflected in the Elm Financial Statements or as would not be material to the Elm Business.  Any accounts payables of (i) the Transferred Subsidiaries (other than those payable to Evergreen Group members other than the Transferred Subsidiaries) or (ii) to the extent related to the Elm Business, the other members of the Evergreen Group that have become due have been paid in the ordinary course of business.  No extension of payment terms has been agreed with any creditor in relation to any accounts payable.
(e)The costs of the services to be provided by Evergreen under the Transition Services Agreement that have historically been allocated to the Elm Business, have been and will be determined in a consistent manner and methodology as the associated cost allocations on the Elm Financial Statements, and the costs of the services to be provided by Evergreen under the Transition Services Agreement shall be subject to the applicable caps set forth in the Transition Services Agreement. Such cost allocations on the Elm Financial Statements were determined on a basis reasonably related to the scope and nature of the services that were provided to the Elm Business during the applicable periods covered by such Elm Financial Statements.
Section 2.07Absence of Certain Developments.
(a)Except in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby, since the Elm Balance Sheet Date and through the date of the Put Option Agreement, the Evergreen Group has conducted the Elm Business in the ordinary course of business in all material respects.
(b)Since the Elm Balance Sheet Date, no Elm Business Material Adverse Effect has occurred.
(c)Since the Elm Balance Sheet Date and through the date of the Put Option Agreement, none of Evergreen, the Transferred Subsidiaries nor, to the extent related to the Elm Business, the other members of the Evergreen Group, has taken any action in the conduct of the
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Elm Business that, if taken during the period from the date of the Put Option Agreement through the Closing, would constitute a breach of Section 6.01.
(d)The Evergreen Group has, in all material respects, made the headcount reductions and vendor expense reductions described in Schedule 2.07(d) of the Evergreen Disclosure Schedule.
Section 2.08Elm Specified Contracts.
(a)Schedule 2.08(a) of the Evergreen Disclosure Schedule contains a list, as of the date of the Put Option Agreement, of all outstanding Contracts (other than Transferred Subsidiary Benefit Plans or Evergreen Benefit Plans), of the following types to which the Transferred Subsidiaries or, to the extent related to the Elm Business and constituting a Transferred Asset or giving rise to an Assumed Liability, any other member of the Evergreen Group are a party to or bound:
(i)any Elm Specified Supply Agreements or Contracts with Elm Material Customers;
(ii)other than Contracts with travel suppliers and travel-related service providers, any Contract (or group of related Contracts) for the purchase, lease or sale of supplies, products or other Elm Personal Property, or for the furnishing or receipt of services, the performance of which will extend over a period of more than one year and involved expenditures in excess of $2,000,000 during the twelve-month period ended December 31, 2019;
(iii)any Elm Real Property Lease required to be set forth on Schedule 2.09(c) of the Evergreen Disclosure Schedule;
(iv)any material Contract concerning a partnership, joint venture or similar agreement involving a sharing of profits or expenses (except for franchise, distributorship, network partner, sales agency or other similar Contracts);
(v)any Contract for the creation, incurrence, assumption or guarantee of any indebtedness in excess of $1,500,000 or under which any Lien (other than Permitted Liens under any clause of the definition thereof other than clause (j)) has been imposed on any of its assets, tangible or intangible;
(vi)any Contract for the advancement or loan of any cash or other property with a value in excess of $100,000 to any of its shareholders, directors, officers or employees;
(vii)any Contract that is material to the Elm Business (A) containing covenants relating to the operation of the Elm Business that would prohibit or materially restrict the ability of the Elm Business or any Transferred Subsidiary from competing in any line of business in any geographical region or with any Person, (B) providing for “exclusivity” or any similar requirement in favor of any other Person, (C) granting “most favored nation” or similar status to any other Person, (D) containing a non-solicitation or
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non-hire provision (other than customary non-solicitation and non-hire restrictions in favor of customers and consultants of the Elm Business in the ordinary course) or (E) granting to the counterparty any rights of first refusal, first negotiation, first offer or similar right, except in the case of clauses (B), (C), (D) and (E) as would not be material to the Elm Business;
(viii)any customer Contract providing for sign on bonuses or other incentives not yet paid exceeding $500,000;
(ix)any Contract (A) entered into since January 1, 2019, for the acquisition or sale of any of the assets (where such assets constitute a material amount of the assets of a business line or entity), equity securities or business lines of the Elm Business having an aggregate book value in excess of $1,000,000 individually or in the aggregate or (B) under which any Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group has any ongoing obligations or Liabilities (including any indemnification, “earn-out” or other payment obligations) that would be material to the Elm Business;
(x)any client agreement to which a Governmental Entity is a party, which involves aggregate revenues for the 12-month period ended December 31, 2019 related to the Elm Business in excess of $2,000,000;
(xi)any Contract with Airlines Reporting Corporation or International Airlines Travel Agent Network or, to the extent such Contract is material to the Elm Business and, to the extent related to the Elm Business, any other member of the Evergreen Group and necessary to conduct the Elm Business in a particular jurisdiction, any Contract with a trade association;
(xii) (A) any license or licensing agreement or other Contract, in each case that is material to the Elm Business and provides for the use of any Intellectual Property (other than Contracts with respect to Off-the-Shelf Software), (B) any license or licensing agreement or other Contract in each case that is material to the Elm Business and under which any third party is permitted to use any Elm Owned Intellectual Property (other than non-exclusive licenses granted to customers of the Elm Business in the ordinary course of business that are limited to the respective customer’s use or receipt of Elm Products) or (C) any Elm IT Systems services agreement, such as an agreement for data centers, or hosting or maintenance of Software, that is material to the Elm Business and for which the spend is an aggregate annual or one-time fee in excess of $500,000 (other than Off-the-Shelf Software);
(xiii)any Contract relating to capital expenditure obligations which exceed $2,000,000 in the aggregate;
(xiv)any Collective Bargaining Agreement or other material labor-related agreement with any Employee Representative applicable to any Business Employee;
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(xv)any (A) Transferred Subsidiary Agreement and (B) Elm Affiliate Arrangement;
(xvi)any Contract involving any resolution or settlement of any actual or, to Evergreen’s Knowledge, threatened (in writing) Action entered into since January 1, 2019, which (A) required or requires payment by any of the Transferred Subsidiaries or, to the extent constituting an Assumed Liability, any other member of the Evergreen Group in excess of $1,500,000 or (B) imposes continuing obligations on the Elm Business that are material to the Elm Business;
(xvii)any other Contract (or group of related Contracts), other than any Contract of the type described in clauses (i) through (xvi) above, which involves payments in excess of $3,000,000;
(xviii)the top ten (10) Contracts with partners (as measured by the revenues earned by the Elm Business during the calendar year ended December 31, 2019) related to the Egencia Global Alliance network; and
(xix)any Contract which contains a legally binding commitment to enter into any Contract of the type described in the foregoing clauses (i) through (xvii).
All Contracts of the type described in the foregoing clauses (i) through (xix) are, collectively, the “Elm Specified Contracts.”
(b)Evergreen (or its Representatives) has made available to Juniper and Sequoia copies of all Elm Specified Contracts (including any material amendments, modifications and supplements thereto), in each case, as in effect as of the date of the Put Option Agreement.  With respect to each Elm Specified Contract, (i) none of the Transferred Subsidiaries nor any other member of the Evergreen Group (if a party to such Elm Specified Contract) nor, to the Knowledge of Evergreen, any other party to any such Contract is in material breach thereof or default thereunder and there does not exist any event which, with the giving of notice or the lapse of time, would constitute such a material breach or default by any Transferred Subsidiary or such other member of the Evergreen Group or, to the Knowledge of Evergreen, any other party to such Contract, (ii) no Transferred Subsidiary has received written notice of any material default or event that with notice or lapse of time, or both, would constitute a material default by any Transferred Subsidiary or any other member of the Evergreen Group (if a party to such Elm Specified Contract) under any of the Elm Specified Contracts, (iii) except in the case of Material Elm Labor Agreements where such cancellation or termination is in the ordinary course of business or as set forth of Schedule 2.08(b) of the Evergreen Disclosure Schedule, none of the Elm Specified Contracts have been canceled or otherwise terminated, and no Transferred Subsidiary has received any written notice from any counterparty to such Elm Specified Contract that it intends to cancel or terminate such Elm Specified Contract and (iv) there is no pending or, to the Knowledge of Evergreen, threatened material dispute or material disagreement involving a Transferred Subsidiary or any other member of the Evergreen Group under any of the Elm Specified Contracts, nor is there any pending request that was made in writing for the material amendment or material modification of any of the Elm Specified Contracts.  Except as set forth on Schedule 2.08(b) of the Evergreen Disclosure Schedule or to the extent any such Elm Specified Contract has expired
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or has been terminated in accordance with its terms, each Elm Specified Contract is in full force and effect and constitutes a legal, valid and binding obligation of the applicable Transferred Subsidiary or such other member of the Evergreen Group (if a party to such Elm Specified Contract) and, to the Knowledge of Evergreen, each other party thereto, subject in each case to the Bankruptcy and Equity Exception.
Section 2.09Properties.
(a)Except for immaterial defects in title or leasehold interests that do not materially interfere with the operation or use of such assets as they are operated or used on the Closing Date, the Transferred Subsidiaries and, to the extent related to the Elm Business, the other members of the Evergreen Group, have good and valid title to, or a valid leasehold interest in, all of the tangible personal property held by the Transferred Subsidiaries and, to the extent constituting Transferred Assets or Assumed Liabilities, the other members of the Evergreen Group, as applicable, free and clear of all Liens (other than Permitted Liens) (such assets, the “Elm Personal Property”).  The Elm Personal Property, taken as a whole, is in all material respects in functional operating condition and repair (normal wear and tear excepted).  The Elm Personal Property is, in all material respects, in the condition necessary to continue the operation of the Elm Business in the manner conducted immediately prior to the Closing.
(b)No Transferred Subsidiary owns any fee simple interest in any real property.
(c)Schedule 2.09(c) of the Evergreen Disclosure Schedule sets forth a true, correct and complete list, as of the date of the Put Option Agreement, of all real property leased or subleased (or the jurisdictional equivalent) by (i) a Transferred Subsidiary or (ii) any other member of the Evergreen Group, to the extent primarily used in or necessary for the conduct of the Elm Business (clauses (i) and (ii) collectively, the “Elm Leased Real Property” and any lease, sublease, license, occupancy agreement or other similar agreement with respect to any such Elm Leased Real Property, an “Elm Real Property Lease”); provided, however, that solely for disclosure purposes and not for the purpose of modifying the definitions of Elm Leased Real Property and Elm Real Property Lease, Schedule 2.09(c) of the Evergreen Disclosure Schedule shall only be required to set forth such real property leased or subleased that provides for payments to or by a Transferred Subsidiary in excess of $170,000 annually.  With respect to each Elm Real Property Lease:
(i)Each Transferred Subsidiary and, to the extent related to the Elm Business, each member of the Evergreen Group that is identified as being a party to any Elm Real Property Lease has a valid, subsisting, binding and enforceable leasehold interest with respect to the applicable Elm Leased Real Property (subject to the Bankruptcy and Equity Exception), unimpaired by any acts or omissions of any of the Transferred Subsidiaries or, to the extent related to the Elm Business, the other members of the Evergreen Group and enjoys peaceful, exclusive and undisturbed possession in all material respects of the applicable Elm Leased Real Property, free and clear of any conditions that would constitute a nuisance or otherwise interfere in any material respect with the operation of the Elm Business.
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(ii)The Elm Leased Real Property is, in all material respects, in good condition and repair and adequate for its current use, and to the Knowledge of Evergreen, there are no facts or conditions affecting any of the Elm Leased Real Property which would interfere in any significant respect with the current use, occupancy or operation thereof which interference would reasonably be expected to have an Elm Business Material Adverse Effect.  All facilities leased or subleased pursuant to an Elm Real Property Lease have received all material approvals of Governmental Entities (including material licenses and permits) required in connection with the operation thereof.
(iii)There are no Liens (other than Permitted Liens) affecting any of Transferred Subsidiaries’ or, to the extent related to the Elm Business, any other member of the Evergreen Group’s interests in any of the Elm Real Property Leases, except as specifically set forth in Schedule 2.09(c)(iii) of the Evergreen Disclosure Schedule.
(d)Evergreen has made available to Juniper and Sequoia copies (together with all amendments and modifications thereto) of all Elm Real Property Leases required to be set forth on Schedule 2.09(c) of the Evergreen Disclosure Schedule.
(e)None of the Elm Leased Real Property has suffered any material damage by fire or other casualty that has not heretofore been restored in all respects to a condition adequate for its current use.
(f)There is no actual or, to the Knowledge of Evergreen, pending imposition or any assessments for public improvements with respect to any of the Elm Leased Real Property, to the extent that any Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group would be responsible for payment thereof under such Elm Real Property Lease, and to the Knowledge of Evergreen, no such improvements have been constructed or planned that would be paid for by means of assessments upon any of the Elm Leased Real Property.
(g)None of the Transferred Subsidiaries or, to the extent related to the Elm Business, the other members of the Evergreen Group has entered into any Contract to assign any of its rights under any Elm Real Property Lease or otherwise grant any right to use, possess, enjoy or occupy any of the Elm Leased Real Property.
Section 2.10Intellectual Property.
(a)Schedule 2.10(a) of the Evergreen Disclosure Schedule lists, as of the date of the Put Option Agreement, all issued Patents and pending Patent applications, all registered Trademarks and pending Trademark applications, all registered Copyrights and all Domain Names that are included in the Elm Owned Intellectual Property, indicating for each item (i) the current owner and in the case of Domain Names, the current recorded registrant, (ii) the jurisdiction where the application, registration or issuance is filed (as applicable) and (iii) the application, registration and issue number (as applicable).  All issued Patents, registered Trademarks and Domain Names included in the Elm Owned Intellectual Property are subsisting.  All issued Patents and registered Trademarks included in the Elm Owned Intellectual Property are, to the Knowledge of Evergreen, valid and enforceable.  All Patent applications and Trademark applications included in the Elm
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Owned Intellectual Property listed on Schedule 2.10(a) of the Evergreen Disclosure Schedule are pending and in good standing, without challenge of any kind.  All filings have been made with, and all fees have been paid to, all Governmental Entities and domain name registrars to the extent due and necessary to prosecute and maintain the applications and registrations included in the Elm Owned Intellectual Property that are material to the Elm Business.
(b)Each item of material Intellectual Property that is used or held for use by the Elm Business is either (i) owned solely by the Transferred Subsidiaries or another member of the Evergreen Group, free and clear of any Liens (other than Permitted Liens), (ii) licensed to the Transferred Subsidiaries or another member of the Evergreen Group pursuant to a written license, or (iii) in the case of Domain Names which require local presence, owned solely by the Transferred Subsidiaries but registered in the name of a local party for the benefit of the Transferred Subsidiaries.  Except as disclosed on Schedule 2.10(b) of the Evergreen Disclosure Schedule, such Intellectual Property (except for material Intellectual Property licensed by a third party to a member of the Evergreen Group, which will be provided to the Transferred Subsidiaries pursuant to the Transition Services Agreement) will be available for use by the Transferred Subsidiaries immediately after the Closing Date on substantially the same or better terms as those under which the Transferred Subsidiaries or another member of the Evergreen Group owned or used such Intellectual Property immediately prior to the Closing Date.
(c)Since January 1, 2019, the operation of the Elm Business has not infringed, misappropriated or otherwise violated any third party’s Intellectual Property rights, except for such infringements, misappropriations or other violations that would not result in a Liability to the Transferred Subsidiaries that is material to the Elm Business.  No claims (i) challenging the validity, enforceability, effectiveness or ownership by the Transferred Subsidiaries or another member of the Evergreen Group of any of the Elm Owned Intellectual Property or (ii) that the operation of the Elm Business, including the sale or license of Elm Products, infringes, misappropriates, or otherwise violates any third party’s Intellectual Property rights have been asserted against the Transferred Subsidiaries or any other member of the Evergreen Group in writing or, to the Knowledge of Evergreen, are threatened (in writing) by any Person.
(d)To the Knowledge of Evergreen, since January 1, 2019, no third party has infringed, misappropriated or otherwise violated rights of the Transferred Subsidiaries or any other members of the Evergreen Group in the Elm Owned Intellectual Property in a manner that was or is material to the Elm Business.
(e)All current and former employees and contractors of the Transferred Subsidiaries and each other member of the Evergreen Group who have developed or contributed to a portion of, or otherwise would have rights in or to, any Elm Owned Intellectual Property for the benefit of the Transferred Subsidiaries or another member of the Evergreen Group and that is material to the Elm Business have done so pursuant to an enforceable agreement (or equivalent provision by operation of Law) that validly and irrevocably assigns to the Transferred Subsidiaries or such other member of the Evergreen Group ownership of such party’s rights in and to such Elm Owned Intellectual Property.  No such current or former employees, or current or former contractors, have any right to payment with respect to the use of, or interest in, any Elm Owned Intellectual Property, other than with respect to ongoing salary or bonus payments to employees or fees payable to contractors under the terms of the applicable Contract or Law which either (i)
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are not past due or (ii) with respect to which the failure to pay would not alter the Elm Business’s ownership in or use of any Elm Owned Intellectual Property.
(f)The Transferred Subsidiaries and each other member of the Evergreen Group have taken commercially reasonable measures to protect the proprietary nature of the Source Code and Trade Secrets included in the Elm Owned Intellectual Property that is material to the Elm Business, including by taking commercially reasonable measures to maintain the confidentiality thereof.  None of the Transferred Subsidiaries or the other members of the Evergreen Group is using any Elm Owned Intellectual Property in a manner that would reasonably be expected to result in the cancellation or unenforceability of such Elm Owned Intellectual Property.
(g)No Elm Software contains or is derived from any Source Code that is subject to the provisions of any open source Software license that (i) requires, or conditions the use or distribution of such Elm Software on the disclosure, licensing or distribution of any Source Code for any portion of such Elm Software or (ii) otherwise imposes any material limitation, restriction or condition on the right or ability of any of the Transferred Subsidiaries or any other member of the Evergreen Group to use or distribute such Elm Software.
(h)Schedule 2.10(h) of the Evergreen Disclosure Schedule contains a true and complete list of the material Elm Software and identifies with respect to such Elm Software all other material Software (i) incorporated in or distributed or licensed with such Elm Software or (ii) necessary for the maintenance or support of such Elm Software (other than Off-the-Shelf Software).
(i)Except as provided in the Software License Agreement, the Transferred Subsidiaries are, or immediately after the Closing will be, in actual possession of and have exclusive control over a complete and correct copy of the Source Code for all Elm Software.  Neither the Transferred Subsidiaries nor, to the extent related to the Elm Business, any other member of the Evergreen Group has disclosed, delivered, licensed or otherwise made available, or has an obligation (whether contingent or otherwise) to disclose, deliver, license or otherwise make available any Source Code for the Elm Software to any Person other than employees of the Transferred Subsidiaries or, to the extent related to the Elm Business, another member of the Evergreen Group, on a need-to-know basis pursuant to valid and binding confidentiality and use restrictions.
(j)To the Knowledge of Evergreen, there has been no unauthorized disclosure of or access to the Source Code for any Elm Software, other than as expressly required by applicable Law, which would be material to the Elm Business.
(k)All Elm Software (i) complies, in all material respects, with all applicable Laws and (ii) conforms in all material respects to all applicable contractual commitments, express and implied warranties (to the extent not subject to legally effective express exclusions thereof), representations and claims in advertising and marketing materials and applicable specifications, user manuals, training materials and other related documentation.
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Section 2.11Data Privacy and Cybersecurity.
(a)The Elm IT Systems do not contain any malware that would reasonably be expected to materially interfere with the ability of the Transferred Subsidiaries or, to the extent related to the Elm Business, the other members of the Evergreen Group to conduct the Elm Business, taken as a whole, or present a risk that is material to the Elm Business, of unauthorized access, Use, corruption, destruction or loss of any Personal Information or other non-public information.
(b)The Elm IT Systems are reasonably sufficient for the current needs of the Elm Business, including as to capacity, scalability and ability to process current peak volumes in a timely manner.
(c)The Transferred Subsidiaries and, to the extent related to the Elm Business, the other members of the Evergreen Group, have implemented, maintained and tested commercially reasonable written information security, business continuity and backup and disaster recovery plans and procedures.  Since January 1, 2019, (i) there has been no failure, breakdown, persistent substandard performance, unauthorized access or Use, bug or virus or other event that, in each case, had or would have been expected to have had a material adverse effect on any of the Elm IT Systems; (ii) none of the Transferred Subsidiaries nor, to the extent related to the Elm Business, any other member of the Evergreen Group, has been notified in writing by any third Person (including pursuant to an audit of the Elm Business by such third Person) of, nor does Evergreen have any Knowledge of, any data security, information security or other technological deficiency with respect to the Elm IT Systems; and (iii) there has been no unauthorized access to Personal Information maintained by or on behalf of the Elm Business, in each case of (i), (ii) and (iii), that has caused or could reasonably be expected to cause any material disruption to the conduct of the Elm Business, taken as a whole, or present a material risk of unauthorized access, Use, corruption, destruction or loss of any Personal Information or other non-public information.  No material Elm Software contains any bug, defect or error that could reasonably be expected to materially adversely affect the value, functionality or performance of such Elm Software.
(d)Since January 1, 2019, (i) privacy statements regarding the Use of the Personal Information of individuals who are visitors to the websites or mobile applications of the Elm Business (“Elm Privacy Statements”) have been and are posted and accessible to individuals on each website or mobile application that is part of the Elm Business; and (ii) the Transferred Subsidiaries and, to the extent related to the Elm Business, the other members of the Evergreen Group, have been and are in compliance in all material respects:  (A) with all Data Protection Laws applicable to such Use and (B) with the Elm Privacy Statements and contractual requirements that apply to such Use.
(e)Since January 1, 2019, the Transferred Subsidiaries and, to the extent related to the Elm Business, the other members of the Evergreen Group have complied in all material respects with Data Protection Laws through the implementation and ongoing monitoring of appropriate written policies, logs, Contracts and procedures, including by safeguarding all transfers of personal data to and from third parties located outside the European Economic Area (“EEA”) or the United Kingdom by way of a valid data transfer mechanism under Data Protection Laws.  The Transferred Subsidiaries and, to the extent related to the Elm Business, the other
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members of the Evergreen Group maintain accurate and up-to-date records of all their personal data processing activities which comply in all material respects with Data Protection Laws.
(f)Since January 1, 2019, none of the Transferred Subsidiaries nor, to the extent related to the Elm Business, any other member of the Evergreen Group nor any third Person working on behalf of any of them, has:
(i)received any material written claims, notices or complaints regarding such Person’s Use of any Personal Information of or pertaining to the Elm Business;
(ii)received any material written claims, notices or complaints alleging a violation of any individual’s privacy, personal or confidentiality rights under the Elm Privacy Statements or otherwise from any Person, including the Federal Trade Commission, any similar foreign bodies, or any other Governmental Entity; or
(iii)suffered any actual or suspected material data breach with respect to Personal Information or cybersecurity incident.
(g)Neither this Agreement nor the transactions contemplated by this Agreement will violate the Elm Privacy Statements or applicable Law, and all Personal Information collected by the Transferred Subsidiaries, or, to the extent related to the Elm Business, any other member of the Evergreen Group, or any third Person working on behalf of any of them, from visitors to its or their websites or mobile applications is subject to such Elm Privacy Statements.
Section 2.12Insurance.
(a)Schedule 2.12(a) of the Evergreen Disclosure Schedule sets forth a true, accurate and complete list of (i) the material insurance programs (other than any Transferred Subsidiary Benefit Plan or Evergreen Benefit Plan) maintained by or for the benefit of any Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group as of the date of the Put Option Agreement (“Elm Insurance Policies”), each of which has been made available to Juniper and Sequoia and (ii) all material claims made under the Elm Insurance Policies that arose out of the operation or conduct of the Elm Business since January 1, 2019.
(b)All the Elm Insurance Policies are in full force and effect and, to the Knowledge of Evergreen, are enforceable against the insurers named therein (subject to the Bankruptcy and Equity Exception), and all premiums that are due and payable with respect thereto have been paid in full.  Neither Evergreen nor any Transferred Subsidiary or any other member of the Evergreen Group has received any written notice of cancellation with respect to any of the Elm Insurance Policies.  No Transferred Subsidiary, Evergreen or, to the Knowledge of Evergreen, any other party to any Elm Insurance Policy is in material breach or default (including with respect to the payment of premiums) with respect to the terms and conditions of any Elm Insurance Policy.  The limits of each Elm Insurance Policy remain fully available, without any exhaustion or erosion, and there is no material claim pending under any Elm Insurance Policy as to which coverage has been questioned, denied or disputed by the insurer of any Elm Insurance Policy as of the date of
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the Put Option Agreement.  All claims and events, occurrences, acts, omissions, circumstances or disputes that would reasonably be expected to lead to a material claim under any Elm Insurance Policy have been properly and timely noticed, tendered or reported to the applicable insurer.
Section 2.13Litigation.  There are no Actions pending or, to the Knowledge of Evergreen, threatened (a) against any Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group, any of their respective officers or directors (in their capacities as such) or any of their respective properties or assets or (b) seeking remedies from any other member of the Evergreen Group in respect of conduct related to the Elm Business, that would in each case, individually or in the aggregate, reasonably be expected to (i) be material to the Elm Business or (ii) prevent or materially impair or materially delay the ability of each Transferred Subsidiary to perform its obligations under this Agreement or the consummation of the Transactions.  No Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group is subject to any outstanding material Order.  There is no pending or, to the Knowledge of Evergreen, threatened material investigation by any Governmental Entity relating to any Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group, or any of their respective properties or assets, that would, individually or in the aggregate, reasonably be expected to be material to the Elm Business.  There is no pending or threatened material Action by any Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group, against any third party.
Section 2.14Compliance with Laws.  Except as would not, individually or in the aggregate, reasonably be expected to be material to the Elm Business, each Transferred Subsidiary and, to the extent related to the Elm Business, each other member of the Evergreen Group is, and since January 1, 2019, has been, in compliance with all Laws.
Section 2.15Permits.  All material approvals, filings, permits, registrations, notifications, authorizations, exemptions, clearances, certifications and licenses issued or granted by Governmental Entities (collectively, “Elm Business Permits”) that are necessary to own or lease, operate and use the Elm Business’s assets and properties, or lawfully conduct the Elm Business, in all material respects, as presently owned, leased, operated, used or conducted are in full force and effect, and are being complied with, and, since January 1, 2019, have been complied with in all material respects.  No Action is pending or, to Evergreen’s Knowledge, threatened, that would reasonably be expected to result in the termination, revocation, cancellation, suspension, withdrawal or modification in any material adverse respect of any such Elm Business Permit or the imposition of any material fine, penalty or other sanction on any Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group for violation of any applicable Elm Business Permit.
Section 2.16Environmental Matters.
(a)Except as would not, individually or in the aggregate, reasonably be expected to be material to the Elm Business:
(i)Each Transferred Subsidiary, the Elm Business and, to the extent related to the Elm Business, any other member of the Evergreen Group, is in and, except
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for matters which have been fully resolved, has been in material compliance with all applicable Environmental Laws.
(ii)Each Transferred Subsidiary (A) possesses all material Environmental Permits necessary for the operation of the Elm Business as currently conducted, each of which is valid, binding, and in full force and effect, with no Actions pending or, to the Knowledge of Evergreen, threatened (in writing) that seek the revocation, cancellation, suspension or materially adverse modification of any such Environmental Permit, and no Environmental Permit will terminate as a result of the Closing and (B) is in material compliance with all terms and conditions of such Environmental Permits.
(iii)There are no material Actions pending or, to the Knowledge of Evergreen, threatened (in writing) against any Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group, pursuant to Environmental Laws.
(iv)No Transferred Subsidiary nor, to the extent related to the Elm Business, any other member of the Evergreen Group is subject to any material Order of any Governmental Entity pursuant to Environmental Laws that remains outstanding.
(v)There has been no Release of Hazardous Substances on any property currently or formerly leased or operated during each of the terms of a Transferred Subsidiary’s nor, to the extent related to the Elm Business, any other member of the Evergreen Group’s leases, in an amount and of a nature which has resulted or would reasonably be expected to result in a material violation of Environmental Laws, material Liability or a material Environmental Claim.
(vi)No Transferred Subsidiary nor, to the extent related to the Elm Business, any other member of the Evergreen Group has engaged in the Handling of Hazardous Substances except in material compliance with applicable Environmental Laws and in a manner that has not resulted in and is not reasonably likely to result in a material Environmental Claim.
(b)Evergreen has provided to Juniper and Sequoia all material written assessments, audits, investigations and sampling or similar reports in its possession relating to the environment or the presence or release of any Hazardous Substances at a property used by any Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group.
Section 2.17Employee Benefit Plans.
(a)Schedule 2.17(a) of the Evergreen Disclosure Schedule contains a true and correct list identifying each material (i) Transferred Subsidiary Benefit Plan and (ii) Evergreen Benefit Plan to the extent applicable to any Business Employee(s), other than, in any case, (x) any plan or program maintained by a Governmental Entity to which a member of the Evergreen Group is required to contribute and which provides only the minimum required benefits pursuant to applicable Law, and (y) any employment or individual service agreement or offer letter that is
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consistent in all material respects with the applicable template made available to Juniper and Sequoia (clauses (x) and (y), the “Elm Excluded Plans”).
(b)Evergreen has made available to Juniper and Sequoia copies of (i) each material Transferred Subsidiary Benefit Plan or, in the case of any Non-U.S. Benefit Plan, a summary of the principal benefits available thereunder, (ii) each material Evergreen Benefit Plan or, in the case of any Non-U.S. Evergreen Benefit Plan, a summary of the principal benefits available thereunder to the extent applicable to any Business Employee(s), (iii) all most recent actuarial reports related to any Transferred Subsidiary Benefit Plan or Evergreen Benefit Plan that is a defined benefit pension plan, (iv) all material correspondence since January 1, 2019 with any Governmental Entity (if any) regarding any Transferred Subsidiary Benefit Plan or, if applicable to any Business Employee, any Evergreen Benefit Plan, other than (in any case) correspondence in the ordinary course and (v) with respect to any Transferred Subsidiary Benefit Plan and any Evergreen Benefit Plan intended to be qualified under Section 401(a) of the Code, the most recent IRS determination or opinion letter and summary plan description, to the extent such summary plan description is required by applicable Law; provided that clauses (i) through (iii) shall not include any Elm Excluded Plans.
(c)Except as set forth on Schedule 2.17(c) of the Evergreen Disclosure Schedule, with respect to each Transferred Subsidiary Benefit Plan and, with respect to each Business Employee and Business Independent Contractor, each Evergreen Benefit Plan, each such Benefit Plan (i) has been maintained, operated and administered in material compliance with its terms and any related documents or agreements and in material compliance with all applicable Law, (ii) there are no actions, suits or claims pending (other than routine claims for benefits), or, to the Knowledge of Evergreen, threatened (in writing) against any such Benefit Plan or against any Transferred Subsidiary or any fiduciary of such Benefit Plan that would reasonably be expected to result in material Liability to the Transferred Subsidiaries, (iii) there is no pending or, to the Knowledge of Evergreen, threatened (in writing) Action involving any such Benefit Plan or any trust related thereto (other than routine claims for benefits) before any Governmental Entity that would reasonably be expected to result in material Liability to the Transferred Subsidiaries, (iv) except as would not have a material effect on the Transferred Subsidiaries, all contributions, reserves or premium payments required to be made or accrued as of the date of the Put Option Agreement to each such Benefit Plan have been timely made or accrued in accordance with GAAP, in each case based on the most recent data and (v) each such Benefit Plan intended to be qualified under Section 401(a) of the Code has received a favorable determination or approval letter from the IRS with respect to such qualification, or may rely on an opinion letter issued by the IRS with respect to a prototype plan adopted in accordance with the requirements for such reliance, and, to the Knowledge of Evergreen, no event has occurred or condition exists that would reasonably be likely to adversely affect the tax-qualified status of each such Benefit Plan.
(d)No Transferred Subsidiary nor any of its ERISA Affiliates sponsors, maintains, contributes to or has any actual or potential Liability with respect to, and no Transferred Subsidiary Benefit Plan is (i) a “multiemployer plan”, as defined in Section 4001(a)(3) of ERISA, (ii) a single employer plan or other pension plan subject to Title IV of ERISA, (iii) a plan subject to the minimum funding standards of Section 412 of the Code or Section 302 of ERISA, or (iv) a “multiple employer welfare arrangement” as defined in Section 3(40) of ERISA.  No material liability under Title IV or Section 302 of ERISA has been incurred by any Transferred Subsidiary
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(including as a result of being the ERISA Affiliate of another entity) that has not been satisfied in full, and no condition exists that presents a material risk to any Transferred Subsidiary (including as a result of being the ERISA Affiliate of another entity) of incurring any such liability, other than any liability for premiums due the Pension Benefit Guaranty Corporation (which premiums have been paid when due).
(e)Except as set forth on Schedule 2.17(e) of the Evergreen Disclosure Schedule, neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated by this Agreement (either alone or in combination with another event) will (i) entitle any Business Employee or any Business Independent Contractor to any payment or compensation from a member of the Evergreen Group, (ii) accelerate the time of payment or vesting, or increase the amount of compensation due to any Business Employee or Business Independent Contractor under any Transferred Subsidiary Benefit Plan or any Evergreen Benefit Plan (as applicable), (iii) require any contributions or payments by any of the Transferred Subsidiaries to fund any obligations under any Transferred Subsidiary Benefit Plan, (iv) limit or restrict the right to amend, terminate or suspend any Transferred Subsidiary Benefit Plan or (v) result in any “excess parachute payment”, as defined in Section 280G(b)(1) of the Code, being made to any Business Employee or Business Independent Contractor.  No Business Employee or Business Independent Contractor is entitled to receive any Tax gross-up payment as a result of any excise taxes imposed under Section 4999 or Section 409A of the Code.
(f)Each material Non-U.S. Benefit Plan (i) complies in all material respects with applicable Law, (ii) is funded and/or book reserved, as appropriate, based upon reasonable actuarial assumptions, to the extent such Non-U.S. Benefit Plan is intended or required to be funded and/or book reserved, (iii) has been registered (to the extent required), and has been maintained in good standing in all material respects, with the applicable Governmental Entity having jurisdiction with respect to such Non-U.S. Benefit Plan, and (iv) if intended to qualify for special Tax treatment, meets all material requirements for such treatment.
(g)During the six (6) years prior to the date of this Agreement, no Transferred Subsidiary in the United Kingdom has ever:
(i)been an employer in relation to, participated in, or had any liability (whether prospective, contingent or otherwise) to or in respect of a pension scheme which is not a money purchase pension scheme, as defined under section 181(1) of the United Kingdom Pension Schemes Act 1993; or
(ii)been an “associate” of or “connected” with (with the meanings given to them in sections 435 and 249 of the United Kingdom Insolvency Act 1986 respectively) any person who is or has been an employer in relation to a pension scheme to which section 32, 43, 47 or 58 of the United Kingdom Pensions Act 2004 applies.
(h)To the Knowledge of Evergreen, no employee has previously transferred to any Transferred Subsidiary pursuant to the Automatic Transfer Laws who prior to such transfer participated, or who participates, in a defined benefit pension scheme that made provision for benefits other than related to old age, invalidity or on death.
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Section 2.18Labor Matters.
(a)Schedule 2.18(a) of the Evergreen Disclosure Schedule sets forth a complete and correct list, as of the date of the Put Option Agreement or an earlier date within the one-month period prior to the date of the Put Option Agreement, of each employee of the Evergreen Group who as an employee of the Evergreen Group, is wholly or primarily assigned to the Elm Business and/or otherwise wholly or principally provides services to, or is otherwise necessary to the operation of, the Elm Business (each, a “Business Employee”), along with each such Business Employee’s employee identification number, date of hire, employing entity, location of employment, job title, annual base salary or hourly wage rate, incentive compensation opportunity and exempt or non-exempt status.  Since January 1, 2021, neither Evergreen nor any other member of the Evergreen Group (including the Transferred Subsidiaries) have modified the terms and conditions of employment of any employee of the Evergreen Group in such a way (including in connection with any employee’s response to an internal job posting) that any such employee (i) who would have qualified as a Business Employee on or immediately prior to January 1, 2021 no longer qualifies as a Business Employee or (ii) who would not have qualified as a Business Employee on or immediately prior to January 1, 2021 now qualifies as a Business Employee.
(b)Schedule 2.18(b) of the Evergreen Disclosure Schedule sets forth a complete and correct list, as of the date of the Put Option Agreement or an earlier date within the one-month period prior to the date of the Put Option Agreement, of each individual independent contractor or contingent worker of the Evergreen Group who wholly or principally provides services to, or is otherwise necessary to the operation of, the Elm Business (each, a “Business Independent Contractor”), along with each such Business Independent Contractor’s identification number, country in which services are performed, and the entity engaging the services.
(c)Each Transferred Subsidiary and, with respect to each Business Employee, each member of the Evergreen Group is, and for the last three (3) years has been, in compliance in all respects with all applicable Laws and any Material Elm Labor Agreements relating to the Business Employees, except where the failure to so comply would not result in a Liability that is material to the Elm Business.
(d)Schedule 2.18(d) of the Evergreen Disclosure Schedules sets forth a list of (i) all Material Elm Labor Agreements (other than employment agreements with Senior Business Employees below the level of Vice President that are consistent in all material respects with the applicable template made available to Juniper and Sequoia) and (ii) each Employee Representative with respect to the employment of the Business Employees with the Transferred Subsidiaries or other member of the Evergreen Group (as applicable).  Except as set forth in Schedule 2.18(d) of the Evergreen Disclosure Schedule, (i) none of the Transferred Subsidiaries or the Evergreen Group (with respect to Business Employees) is a party to or bound by any material Collective Bargaining Agreements with any Employee Representative that pertains to Business Employees, and (ii) no Business Employees are represented by an Employee Representative with respect to their employment with the Transferred Subsidiaries or the Evergreen Group.
(e)Except as set forth in Schedule 2.18(e) of the Evergreen Disclosure Schedule, to the Knowledge of Evergreen, there are no, and since January 1, 2019 there have not
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been any, actual or threatened (in writing) material organizational campaigns, petitions or other unionizing activities involving any of the Business Employees and none of the Transferred Subsidiaries nor, with respect to any Business Employees, any other member of the Evergreen Group is, or has been since January 1, 2019, subject to any strikes, material work stoppages or material labor disputes.
(f)The Transferred Subsidiaries and, with respect to any Business Employees employed by any member of the Evergreen Group, such member of the Evergreen Group (as applicable), has satisfied any pre-signing legal or contractual requirement (in each case, if any) to provide notice to, or to enter into any consultation procedure with, any Employee Representative, which is representing any such Business Employee, in connection with the execution of this Agreement or the Restructuring and shall discharge prior to Closing any such requirement in respect of the transactions contemplated by this Agreement or the Restructuring.
(g)Except as set forth in Schedule 2.18(g) of the Evergreen Disclosure Schedule, since January 1, 2019, no Transferred Subsidiary nor any member of the Evergreen Group has engaged in temporary layoffs or furloughs of Business Employees outside the ordinary course of the Elm Business, including in connection with, or in response to, the COVID-19 pandemic.  No Transferred Subsidiary nor any member of the Evergreen Group has determined to engage in any layoffs or furloughs of Business Employees outside the ordinary course of the Elm Business, including in connection with, or in response to, the COVID-19 pandemic, whether temporary or permanent, within the next-subsequent six months immediately following the date of the Put Option Agreement.
Section 2.19Tax Matters.
(a)All material income and other Tax Returns that were required to be filed by the Transferred Subsidiaries, or otherwise with respect to the Elm Business, have been duly and timely filed, and all such Tax Returns were true, correct and complete in all material respects.  All material income and other Taxes of the Transferred Subsidiaries, or otherwise with respect to the Elm Business (whether or not shown as due on such Tax Returns) have been duly and timely paid.
(b)The Elm Balance Sheet reflects an adequate reserve (excluding any reserve for deferred Taxes) for all material Taxes payable by the Transferred Subsidiaries, or otherwise with respect to the Elm Business, for all Pre-Closing Tax Periods accrued through the Elm Balance Sheet Date, and such reserve, as adjusted for the passage of time through the Closing Date in accordance with past custom and practice of the Transferred Subsidiaries in filing Tax Returns, shall reflect all material Taxes payable by the Transferred Subsidiaries, or otherwise with respect to the Elm Business, for all Pre-Closing Tax Periods accrued through the Closing Date, as determined as of the Closing Date.
(c)There are no Liens for Taxes (other than Permitted Liens) upon any assets of the Transferred Subsidiaries.  The Transferred Subsidiaries and, to the extent related to the Elm Business, each other member of the Evergreen Group, have duly and timely deducted or withheld all material Taxes required to be deducted or withheld with respect to the Elm Business and have paid to the appropriate Governmental Entities all such deducted or withheld amounts in accordance with applicable Law.
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(d)(i) No material Tax or Tax Return of any of the Transferred Subsidiaries, or otherwise with respect to the Elm Business, is the subject of any audit, examination or investigation by any Governmental Entity or otherwise the subject of any Action, (ii) there is no material dispute or claim pending with any Governmental Entity concerning any Tax Liability of any of the Transferred Subsidiaries, or otherwise with respect to the Elm Business, (iii) none of the Transferred Subsidiaries nor, to the extent related to the Elm Business, any other member of the Evergreen Group, has received any written notice of any threatened material dispute or claim with respect to any Tax Liability of any of the Transferred Subsidiaries or otherwise with respect to the Elm Business and (iv) there is no material written claim against any of the Transferred Subsidiaries, or otherwise with respect to the Elm Business, by any Governmental Entity in a jurisdiction where such entity does not file a particular type of Tax Return (or pay or collect a particular type of Tax imposed by that jurisdiction) that such entity is or may be subject to an obligation to file such type of Tax Return (or pay or collect such type of Tax).
(e)None of the Transferred Subsidiaries nor, to the extent related to the Elm Business, any other member of the Evergreen Group, (i) is a party to any Tax allocation or sharing agreement (other than any such agreement entered into in the ordinary course of business the primary purpose of which does not relate to Taxes) or has received or applied for a Tax ruling or entered into a closing agreement pursuant to Section 7121 of the Code, (ii) has been a member of an Affiliated Group filing a consolidated, combined, unitary, group or similar Tax Return other than an Affiliated Group the common parent of which is any Transferred Subsidiary, or (iii) has any material Liability for the Taxes of any other Person other than Taxes of the Transferred Subsidiaries.
(f)None of the Transferred Subsidiaries will be required to include for Tax purposes in a taxable period ending after the Closing Date a material amount of taxable income, or exclude for Tax purposes any material item of deduction, attributable to income that accrued for Tax purposes in a Pre-Closing Tax Period but was not recognized in such period as a result of open transaction treatment, the installment method of accounting, the completed contract method of accounting, Section 481 of the Code (or any corresponding provision of state, local or non-U.S. Law), Section 965 of the Code, or as a result of prepaid amounts or deferred revenue received during a Pre-Closing Tax Period.
(g)Each of the Transferred Subsidiaries and, to the extent related to the Elm Business, each other member of the Evergreen Group, has maintained in all material respects, with respect to transfer pricing, proper intercompany agreements and concurrent and supporting documentation as required under applicable Law to the extent relating to material Taxes with respect to material intercompany transactions.
(h)Each of the Transferred Subsidiaries and, to the extent related to the Elm Business, each other member of the Evergreen Group, has, in all material respects, (i) collected all sales and use Taxes required to be collected under applicable Law and has remitted such amounts to the appropriate Governmental Entity and (ii) timely and properly collected and maintained all resale certificates, exemption certificates and other documentation required to qualify for any exemption from the collection of sales Taxes under applicable Law.
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(i)There are no outstanding agreements extending or waiving the statutory period of limitations applicable to any claim for, or the period for the collection or assessment or reassessment of, material Taxes of the Transferred Subsidiaries, or otherwise with respect to the Elm Business for any taxable period (except for such agreements for which the applicable statutory period of limitations (after giving effect to any extension or waiver) has already expired), and no request for any such waiver or extension made by any Governmental Entity is currently pending.
(j)Within the past two (2) years, none of the Transferred Subsidiaries has been a “controlled corporation” or a “distributing corporation” in a distribution intended to qualify under Section 355 or Section 361 of the Code.
(k)None of the Transferred Subsidiaries has entered into any “listed transaction” within the meaning of Treasury Regulations Section 1.6011-4(b)(2) (or similar provisions of state, local or non-U.S. Law).
(l)Except as set forth on Schedule 2.19(l) of the Evergreen Disclosure Schedule, no Taxes of the Transferred Subsidiaries or otherwise with respect to the Elm Business (including the employer and employee portion of any payroll Taxes) have been deferred under the CARES Act.  None of the Transferred Subsidiaries or, to the extent related to the Elm Business, any member of the Evergreen Group, has applied for or received any “Paycheck Protection Program” payments or other loans, grants or similar financial assistance in connection with the CARES Act, and has not claimed any employee retention credit under the CARES Act.
(m)As of the date of the Put Option Agreement, Elm U.S. is classified as an entity disregarded as separate from its owner for U.S. federal income tax purposes.
(n)As of the date of the Put Option Agreement, (i) the aggregate gross basis of the assets of Elm U.S. is no more than $75,000,000 for U.S. federal income Tax purposes, (ii) the aggregate gross fair market value of the assets of Elm U.S. is no less than $500,000,000, and (iii) at least 75% of the aggregate gross fair market value of the assets of Elm U.S. is attributable to intangible assets that are amortizable under Section 197 of the Code.
(o)Evergreen is not aware of the existence of, nor does it have knowledge of any fact, agreement, plan or circumstance, nor has it taken or agreed to take any action, that could reasonably be expected to prevent or impede the Intended Tax Treatment.
Section 2.20Elm Affiliate Agreements.
(a)Schedule 2.20(a) of the Evergreen Disclosure Schedule sets forth a list, as of the date of the Put Option Agreement, of Contracts exclusively between or among (i) any Transferred Subsidiary and any other member(s) of the Evergreen Group (other than another Transferred Subsidiary) or (ii) any Transferred Subsidiary or, to the extent related to a Transferred Asset or Assumed Liability, any other member of the Evergreen Group, on the one hand, and any of the employees, directors or officers (or their Affiliates) of any member(s) of the Evergreen Group, on the other hand, other than Transferred Subsidiary Benefit Plans or Evergreen Benefit Plans and other compensation arrangements with directors, officers or employees in the ordinary course of business (collectively, the “Transferred Subsidiary Agreements”).
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(b)None of the shareholders (excluding shareholders of Expedia Group, Inc. who hold less than five percent of the total voting power thereof), employees, officers or directors of any member of the Evergreen Group or any of the Transferred Subsidiaries, any member of their respective immediate families or any Affiliate of any of the foregoing is a party to any Contract or material transaction with any of the Transferred Subsidiaries other than (i) this Agreement and the Transaction Documents and Contracts entered into in connection with the Transactions, (ii) the Organizational Documents of the Transferred Subsidiaries, (iii) Contracts solely between or among Evergreen or its Transferred Subsidiaries, (iv) Contracts entered into in the ordinary course of business involving payments made on an arm’s-length basis during the course of any calendar year not in excess of $1,500,000, (v) Contracts terminated upon Closing for services to be provided under the Transaction Documents by the Evergreen Group, and (vi) Transferred Subsidiary Benefit Plans or Evergreen Benefit Plans and other compensation arrangements with directors, officers or employees in the ordinary course of business (the Contracts and arrangements described in the this clause (b) collectively, the “Elm Affiliate Arrangements”).
Section 2.21Anti-Corruption.
(a)Each Transferred Subsidiary and, to the extent related to the Elm Business, every other member of the Evergreen Group have for the past five (5) years, maintained adequate and appropriate written policies and procedures requiring that each such Person and, to the Knowledge of Evergreen, its and their Relevant Persons conduct their businesses in material conformity with Anti-Corruption Laws, Global Trade Laws and Regulations and Anti-Money Laundering Laws.  To the Knowledge of Evergreen, no Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group or any of their respective Relevant Persons, has been notified of an investigation for the past five (5) years, or is, to the Knowledge of Evergreen, subject to a pending investigation, in relation to any applicable Law, including Anti-Money Laundering Laws, Anti-Corruption Laws and Global Trade Laws and Regulations by any Governmental Entity, or, for the past five (5) years, has admitted to or been found to have engaged in any material violation of any Anti-Money Laundering Laws, Anti-Corruption Laws or Global Trade Laws and Regulations.
(b)Neither a Transferred Subsidiary nor, to the extent related to the Elm Business, any other member of the Evergreen Group, nor any of their respective Relevant Persons, has, in the last five years:
(i)materially violated, or directed any third party to perform any activity that would materially violate, any Anti-Corruption Laws, nor to the Knowledge of Evergreen, offered, paid, promised to pay or authorized the payment of any money, or offered, given, promised to give, authorized the giving of anything of value, received or solicited (or, in each case, directed any third party to take such action) to or from any government official or to or from any Person under circumstances such that all or a portion of such money or thing of value would be offered, given or promised, directly or indirectly, to a Person:  (A) for the purpose of (1) influencing any act or decision of a government official in their official capacity, (2) inducing a government official to do or omit to do any act in violation of their lawful duties, (3) securing any improper advantage, (4) inducing a government official to influence or affect any act or decision of any Governmental Entity
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or (5) assisting the Transferred Subsidiaries or, to the extent related to the Elm Business, any other member of the Evergreen Group, or any of their respective Relevant Persons, in obtaining or retaining business for or with, or directing business to, any Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group, or any of their respective Relevant Persons, or (B) in a manner which would constitute or have the purpose or effect of public or commercial bribery, acceptance of, or acquiescence in extortion, kickbacks or other unlawful means of obtaining business, or any unlawful advantage; or
(ii)(A) conducted or initiated any internal investigation or made a voluntary, directed or involuntary disclosure to any Governmental Entity or similar agency with respect to any material alleged act or omission arising under or relating to any non-compliance with any Anti-Corruption Law or (B) to Evergreen’s Knowledge, been the subject of current, pending or threatened investigation, inquiry or enforcement proceedings for material alleged violations of Anti-Corruption Laws, or otherwise received any notice, request or citation for any actual or potential material non-compliance with any Anti-Corruption Law.
(c)With respect to Elm Government Contracts:
(i)except as set forth in Schedule 2.21(c)(i) of the Evergreen Disclosure Schedule, there are no material Actions against the Transferred Subsidiaries or, to the extent related to the Elm Business, any other member of the Evergreen Group, with respect to any material Elm Government Contract;
(ii)no Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group is in material violation of any Law with respect to its services under any material Elm Government Contract to which any Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group is a party; and
(iii)there is no material Action pending nor, to the Knowledge of Evergreen, threatened (in writing) against any Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group, their respective predecessors or any of their respective officers or employees with regard to services performed by such Transferred Subsidiary or other member of the Evergreen Group under any material Elm Government Contract under the U.S. Federal Criminal or Civil False Claims Acts, the U.S. False Statements Act, the U.S. Major Fraud Act or the U.S. Procurement Integrity Act, the U.S. Federal Acquisition Regulations, or the U.S. Defense Federal Acquisition Supplement.
(d)(i) None of the Transferred Subsidiaries or, to the extent related to the Elm Business, any other member of the Evergreen Group, or to the Knowledge of Evergreen any of their respective Relevant Persons, is currently a Restricted Party or is located, organized or resident in a Restricted Country, (ii) except as set forth in Schedule 2.21(d)(ii) of the Evergreen Disclosure Schedule, for the past five (5) years none of the Transferred Subsidiaries or, to the extent related to the Elm Business, any other member of the Evergreen Group, or, to the Knowledge of
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Evergreen, any of their respective Relevant Persons, has conducted or initiated any internal investigation or made a voluntary, directed or involuntary disclosure to any Governmental Entity or similar agency with respect to any alleged act or omission arising under or relating to any material non-compliance with any Global Trade Laws and Regulations, been the subject of current, pending or threatened (in writing) material investigation, inquiry or enforcement proceedings for violations of Global Trade Laws and Regulations, or violated or received any notice, request or citation for any actual or potential material non-compliance with Global Trade Laws and Regulations, (iii) for the past five (5) years, none of the Transferred Subsidiaries or, to the extent related to the Elm Business, any other member of the Evergreen Group, or, to the Knowledge of Evergreen, any of their respective Relevant Persons has engaged in any dealings or transactions in or with a Restricted Party, nor is any Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group currently engaged in any such activities and (iv) the Transferred Subsidiaries and, to the extent related to the Elm Business, any other member of the Evergreen Group, and, to the Knowledge of Evergreen, any of their respective Relevant Persons have obtained all applicable material import and export licenses and all other necessary and material licenses, consents, notices, waivers, approvals, orders, authorizations, registrations, declarations, and all necessary and material registrations and filings required under applicable Global Trade Laws and Regulations.
(e)Except as would not be material to the Elm Business, no Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group, nor, to the Knowledge of Evergreen, any of their respective Relevant Persons, has:
(i)violated any Anti-Money Laundering Laws (or instructed any third party to perform any activity that would violate Anti-Money Laundering Laws); or
(ii) (A) conducted or initiated any internal investigation or made a voluntary, directed or involuntary disclosure to any Governmental Entity or similar agency with respect to any alleged act or omission arising under or relating to any non-compliance with any Anti-Money Laundering Laws or (B) been the subject of current, pending or threatened (in writing) investigation, inquiry or enforcement proceedings for violations of Anti-Money Laundering Laws, or received any notice, request or citation for any actual or potential non-compliance with any Anti-Money Laundering Laws.
Section 2.22Suppliers.  Schedule 2.22 of the Evergreen Disclosure Schedule sets forth a true and correct list of the names of the twenty (20) largest suppliers in the aggregate across air, car, hotel and rail supply to the Elm Business (as measured by the gross booking volume during the calendar year ended December 31, 2019) (the “Elm Material Suppliers”, and agreements where the only members of the Evergreen Group that are party thereto are one or more Transferred Subsidiaries, the “Elm Specified Supply Agreements”).  Since January 1, 2019, none of Evergreen, none of the Transferred Subsidiaries or any other member of the Evergreen Group, has received written notice from any Elm Material Supplier under an Elm Specified Supply Agreement that such supplier will terminate, materially limit the content to which the Elm Business has access or cancel its business relationship with the Elm Business or will increase by more than 20% the price charged by such supplier in a manner that does not involve a contractual modification, and, to the Knowledge of Evergreen, no such Elm Material Supplier has threatened (in writing) to take any of the foregoing actions.
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Section 2.23Elm Material Customers.  Schedule 2.23 of the Evergreen Disclosure Schedule sets forth a true and correct list of the names of the thirty-five (35) largest customers of the Elm Business (as measured by the revenues earned by the Elm Business during the calendar year ended December 31, 2019) (the “Elm Material Customers”).  Since January 1, 2019, none of Evergreen, the Transferred Subsidiaries or, to the extent related to the Elm Business, any other member of the Evergreen Group, has received written notice from any Elm Material Customer that such customer will terminate, materially adversely modify the nature and scope of or cancel its business relationship with the Elm Business and, to the Knowledge of Evergreen, no Elm Material Customer has threatened (in writing) to take any of the foregoing actions.
Section 2.24Sufficiency of Assets.
(a)Except as set forth on Schedule 2.24(a) of the Evergreen Disclosure Schedule, the assets, properties, employees and rights of the Transferred Subsidiaries and the other assets, properties, employees and services provided or made available to Sequoia or the Transferred Subsidiaries pursuant to this Agreement and the Transaction Documents, will, as of the Closing, comprise all of the material assets, properties, employees, rights and services that are necessary to permit Sequoia and the Transferred Subsidiaries to operate the Elm Business immediately following the Closing Date in substantially the same manner in all material respects as the Elm Business is currently being operated.  Subject to Section 6.17 and except as set forth on Schedule 2.24(a) of the Evergreen Disclosure Schedule, at the Closing, the Transferred Subsidiaries will have all material assets, properties and rights that are used in the operation or conduct of the Elm Business as it is currently being conducted.  Subject to Section 6.17, at the Closing, the Transferred Subsidiaries will, in all material respects, (i) have only those Liabilities that are attributable to the Elm Business as it is currently being conducted and (ii) not have any Liabilities that are attributable to the Retained Businesses.
(b)At the Closing, the Transferred Subsidiaries will not have any material assets, properties, employees or rights that are primarily used in the operation or conduct of the Retained Business.
(c)The services provided under the Transition Services Agreement with respect to the Excluded Shared Contracts will provide the Elm Business with the same services, in substantially the same manner in all material respects, that the Elm Business received under the Excluded Shared Contracts immediately prior to the Closing.
(d)The Elm Software used by the Elm Business is capable of scaling to transaction volume consistent with calendar year 2019 levels in all material respects.
Section 2.25COVID-19.  Schedule 2.25 of the Evergreen Disclosure Schedule sets forth a list of each COVID-19 related program offered or maintained by a Governmental Entity that any Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group, has applied for and not withdrawn, or received benefits under, which program imposes restrictions or Liabilities on such applicant, which list includes (a) the status of the application thereof, (b) the estimated amount of any loan, subsidy or other benefit applied for or received under such program and (c) the material restrictions on the equityholders of any Transferred Subsidiary in connection with any such program.
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Section 2.26Brokers.  No broker, finder, investment banker or similar intermediary has acted for or on behalf of Evergreen, the Transferred Subsidiaries or any other member of the Evergreen Group in connection with this Agreement or the Transactions, and no broker, finder, investment banker or similar intermediary is entitled to any broker’s, finder’s or similar fee or other commission or compensation in connection herewith based on any arrangement with Evergreen, the Transferred Subsidiaries or any other member of the Evergreen Group or any action taken by any of them.  None of the Transferred Subsidiaries will incur or be responsible for, directly or indirectly, any Liability based on such arrangements.
Section 2.27Evergreen Debt and Lien Releases.  At or prior to the Closing, Evergreen will have obtained (a) (i) any required consents in connection with the Transactions, including the disposition of the Transferred Subsidiaries contemplated hereby, (ii) termination and release of all guarantees provided by the Transferred Subsidiaries, and (iii) termination and release of all Liens on the assets of, and, or capital stock of (or comparable interest in), the Transferred Subsidiaries and all other Transferred Assets, in each case, from the applicable counterparties relating to the debt documentation listed on Schedule 2.27 of the Evergreen Disclosure Schedule or incurred or guaranteed pursuant to Section 6.01(b)(i)(A), and (b) termination and release of all Liens referred to in clause (j) of the definition of “Permitted Liens” on the assets of, and, or capital stock of (or comparable interest in), the Transferred Subsidiaries and all other Transferred Assets (clauses (a) and (b), collectively, the “Evergreen Debt and Lien Releases”).
Section 2.28Products and Services.  The mapping plan of the Elm Business contained in Schedule 2.28 of the Evergreen Disclosure Schedule (the “Mapping Plan”) reflects and describes (i) all products and services sold or delivered by or on behalf of the Elm Business and includes for each such product and service its features and characteristics and (ii) for every such product and service all money flows behind each of them, to the extent that such flows are within the control of the Evergreen Group.  Except as provided in the Mapping Plan, there are no other products or services sold or delivered by or on behalf of the Transferred Subsidiaries and there is no other money flow behind each such product or service.
Section 2.29No Other Assets or Liabilities.
(a)Since their respective formations, the Companies (other than Elm U.S.) have not conducted any business or operations or employed or engaged any Person, other than to the extent (i) incidental to its formation, (ii) incidental to the acquisition or administration of its ownership of the Transferred Subsidiary Interests, (iii) incidental to the Restructuring Steps Paper or the transactions contemplated thereby or (iv) pursuant to the Transaction Documents and the Transactions.
(b)Since their respective formations, the Companies (other than Elm U.S.) have not had any Liabilities other than (a) those which are incidental to its formation or ownership of the Transferred Subsidiary Interests and which are not, individually or in the aggregate, material, (b) pursuant to the Restructuring Steps Paper or the transactions contemplated thereby, (c) pursuant to the Transaction Documents and the Transactions or (d) as set forth on Schedule 2.29(b) of the Evergreen Disclosure Schedule.
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ARTICLE III
REPRESENTATIONS AND WARRANTIES OF SEQUOIA
Except as set forth in the Sequoia Disclosure Schedule (subject to Section 9.09), Sequoia represents and warrants to Evergreen and Juniper as of the date of the Put Option Agreement and as of the Closing Date:
Section 3.01Organization and Organizational Power.  Sequoia (a) is duly organized and validly existing and in good standing under the Laws of its jurisdiction of incorporation, (b) has all requisite power and authority to own, lease and operate its properties and assets and to carry on its business as presently owned or conducted and (c) is qualified or licensed to do business as a foreign corporation or entity in each jurisdiction where the character of properties owned, leased or operated by it or the nature of its business makes such qualification or license necessary, except where the failure to be so qualified or licensed would not, individually or in the aggregate, reasonably be expected to (i) be material to its business or (ii) prevent, materially impair or materially delay (1) the ability of Sequoia to perform its obligations under the Transaction Documents or (2) the consummation of the Transactions.
Section 3.02Authorization; Valid and Binding Obligation.  The Sequoia Parties have all requisite corporate or other power and authority to execute and deliver this Agreement and the Transaction Documents, and to consummate the Transactions.  The execution, delivery and performance by each Sequoia Party that is a party to any Transaction Document, and the consummation of the Transactions, has been duly and validly authorized by all required corporate or other similar action on the part of such Sequoia Party and no other corporate or other similar actions, proceedings or approvals on its part is necessary to authorize the execution, delivery and performance of such Transaction Document by such Sequoia Party and the consummation of the Transactions.  Each Transaction Document to which a Sequoia Party is a party has been duly executed and delivered by such party, and assuming that such Transaction Document constitutes the legal, valid and binding obligation of each other party thereto that is not a member of the Sequoia Group, such Transaction Document constitutes a legal, valid and binding obligation of such Sequoia Party that is specified to be a party thereto, and is enforceable against such Person in accordance with their respective terms, subject to the Bankruptcy and Equity Exception.  No vote or other approval of the equityholders of Sequoia is required in connection with the execution, delivery and performance by Sequoia of the Transaction Documents or to consummate the Transactions, whether by reason of applicable Law, Sequoia’s Organizational Documents, the rules and requirements of any securities exchange, or otherwise.
Section 3.03Juniper Contribution Consideration Interests; Title to Sequoia Group Equity Interests; Sequoia’s Subsidiaries.
(a)The Juniper Contribution Consideration Interests, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly issued, fully paid and non-assessable and free and clear of all Liens (other than restrictions on transfer imposed by applicable securities Laws).  Assuming the accuracy of the representations of Juniper in Article IV, the Juniper Contribution Consideration Interests will be issued in compliance with all applicable federal and state securities laws.
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(b)Sequoia is, directly or indirectly, the beneficial and legal owner of, and has good and valid title to, the Sequoia Group Equity Interests directly or indirectly held by it as set forth on Schedule 3.03(d) of the Sequoia Disclosure Schedule, free and clear of all Liens (other than Liens created under applicable securities Laws).
(c)Each of Sequoia’s Subsidiaries and each other Sequoia Party (i) is a legal entity duly organized and validly existing and in good standing under the Laws of the jurisdiction of its organization or incorporation, (ii) has all requisite corporate or other power and authority to own, lease and operate its properties and assets and to carry on its business as presently owned or conducted and (iii) is qualified or licensed as a foreign corporation or entity to do business and, where applicable, is in good standing, in each jurisdiction where the character of the properties owned, leased or operated by it or the nature of its business makes such qualification or license necessary, except where the failure to be so qualified or licensed or in good standing would not, individually or in the aggregate, reasonably be expected to (x) constitute a Sequoia Material Adverse Effect or (y) prevent, materially impair or materially delay the ability of each Sequoia Party to perform its obligations hereunder or thereunder or the consummation of the Transactions.  None of Sequoia’s Subsidiaries is in violation of, or in default under, its Organizational Documents.
(d)All of the Sequoia Group Equity Interests have been duly authorized and are validly issued, and, to the extent relevant under applicable Law, fully paid and non-assessable, free of Liens (other than Liens imposed under applicable securities Laws), and have not been issued in violation of any preemptive or similar rights or any applicable Law.  Schedule 3.03(d) of the Sequoia Disclosure Schedule sets forth, as of the date of the Put Option Agreement, a list of (i) each of Sequoia’s Subsidiaries, (ii) the number and type of Sequoia Group Equity Interests that are issued and outstanding for each of Sequoia and its Subsidiaries and for any options or profits interests, the applicable strike price and hurdle and (iii) the name of the record holder of each such Sequoia Group Equity Interest that is issued and outstanding.  The Sequoia Group Equity Interests constitute all of the outstanding capital stock of (or comparable interest in) Sequoia and its Subsidiaries.  Either Sequoia, or one or more of Sequoia’s Subsidiaries holds of record and owns beneficially all of the outstanding shares of capital stock of (or comparable interest in) each of Sequoia’s Subsidiaries, free and clear of any Liens (other than Liens imposed under applicable securities Laws), and there are, and at all times prior to the Closing there will be, no equity securities of any of Sequoia or its Subsidiaries issued, reserved for issuance or outstanding other than as set forth on Schedule 3.03(d) of the Sequoia Disclosure Schedule, and no outstanding options, conversion rights, warrants or other rights in existence to acquire, or to require any of Sequoia or its Subsidiaries to issue, purchase or acquire, any shares of the capital stock or other securities of any of Sequoia or its Subsidiaries or obligate Sequoia or any other member of the Sequoia Group to issue or sell any Sequoia Group Equity Interests, other than pursuant to this Agreement and the other Transaction Documents.
(e)Other than this Agreement and the Sequoia SHA (i) there are no voting trusts, proxies, or other agreements or understandings with respect to the Sequoia Group Equity Interests and (ii) there are no agreements or understandings to which Sequoia, any of its Subsidiaries or other member of the Sequoia Group is a party, by which Sequoia, any of its Subsidiaries or such other member of the Sequoia Group is bound or of which Sequoia has Knowledge relating to the repurchase, redemption, registration, sale or transfer (including
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agreements relating to rights of first refusal, “co-sale” rights, “drag-along” rights, registration rights or similar rights) of the Sequoia Group Equity Interests, or any other investor rights, including, rights of participation (i.e., pre-emptive rights), co-sale, voting, first refusal, board observation, visitation or information or operational covenants, in each case, with respect to any of Sequoia or its Subsidiaries.
(f)None of Sequoia or any of its Subsidiaries owns, directly or indirectly, any capital stock, membership interest, partnership interest, joint venture interest or other equity interest in any Person other than another of Sequoia’s Subsidiaries.
(g)There are no authorized or outstanding bonds, debentures, notes or other indebtedness the holders of which have the right to vote (or are convertible into, exchangeable for or evidencing the right to subscribe for or acquire securities having the right to vote) on any matter on which the stockholders or equityholders of Sequoia or its Subsidiaries may vote.
(h)The accounting registers, Books and Records of Sequoia and each Subsidiary thereof, including for the avoidance of doubt, copies of all Contracts, written correspondence and any other documents of Sequoia or such Subsidiary, have been maintained in accordance with applicable Law in all material respects, and are maintained in such a way that such materials are, and will be immediately after the Closing, reasonably accessible to Sequoia or its Subsidiaries in all material respects.
Section 3.04No Defaults or Conflicts.  The execution and delivery by Sequoia and each other applicable member of the Sequoia Group of this Agreement and each Transaction Document to which it will be a party and the consummation of the Transactions do not, and the performance by it of its obligations hereunder and thereunder will not, (a) constitute or result in a conflict, breach or violation of or default under the applicable Organizational Documents of Sequoia or any member of the Sequoia Group that is a party to any Transaction Document (including any of Sequoia’s Subsidiaries), (b) except as described in Section 3.05, conflict with or violate any existing Law or Order applicable to Sequoia or any member of the Sequoia Group that is a party to any Transaction Document (including any of Sequoia’s Subsidiaries), (c) require any consent or other action under, result in a violation or breach of, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, give to others (immediately or with notice or lapse of time or both) any right of termination, amendment, suspension, cancellation or acceleration of, result (immediately or with notice or lapse of time or both) in triggering an obligation to pay any consideration, royalties or other amounts in excess of those amounts otherwise owed by Sequoia or any of its Subsidiaries immediately prior to the Closing, or result in the loss of any right or benefit to which Sequoia or any of its Subsidiaries is entitled under, any Contract by which any of Sequoia or any of its Subsidiaries, or any property or asset of Sequoia or any of its Subsidiaries, is bound or affected or (d) result (immediately or with notice or lapse of time or both) in the creation of any Lien (other than Permitted Liens) on any of Sequoia or its Subsidiaries’ properties, rights or assets, except, in the case of clauses (b), (c) and (d), for any such violations, conflicts or breaches that would not, individually or in the aggregate, reasonably be expected to (i) be material to Sequoia and its Subsidiaries (taken as a whole) or (ii) prevent, materially impair or materially delay (1) the ability of Sequoia and each other applicable member of the Sequoia Group that is a party to a Transaction Document to perform their respective obligations thereunder or (2) the consummation of the Transactions.
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Section 3.05Governmental Consents.  Other than the expiration or termination of waiting periods and the filings, notices, reports, consents, registrations, approvals, permits, non-objections and authorizations under the HSR Act and other applicable Antitrust Laws, no authorization, Order or approval or other action by, and no notice to or filing with, any Governmental Entity will be required to be obtained or made by any member of the Sequoia Group in connection with the execution, delivery and performance of this Agreement and the Transaction Documents to which they will be a party and the consummation of the Transactions, except for any authorizations, approvals, notice or filings with any Governmental Entity or other Person that, if not obtained or made, would not, individually or in the aggregate, reasonably be expected to (i) be material to Sequoia and its Subsidiaries (taken as a whole) or (ii) prevent, materially impair or materially delay (1) the ability of Sequoia and each other Sequoia Party to perform their respective obligations under the Transaction Documents or (2) the consummation of the Transactions.
Section 3.06Financial Statements.
(a)The Sequoia Financial Statements are attached to Schedule 3.06(a) of the Sequoia Disclosure Schedule.  The Sequoia Financial Statements present fairly, in all material respects, the financial condition of Sequoia and its Subsidiaries (taken as a whole) as of their respective dates, and the results of their consolidated operations for the periods indicated, in each case prepared in accordance with GAAP applied on a consistent basis throughout the period covered thereby, with only such deviations from such accounting principles and/or their consistent application as are referred to in the schedules and notes to the Sequoia Financial Statements.
(b)Except (i) as reflected and reserved against on the Sequoia Most Recent Balance Sheet, (ii) as incurred in the ordinary course of business since the Sequoia Most Recent Balance Sheet Date (none of which is a Liability resulting from breach of Contract, breach of warranty, tort, infringement or misappropriation), (iii) as incurred in connection with this Agreement or the Transactions, (iv) for Liabilities that are not required by GAAP to be reflected on the Sequoia Most Recent Balance Sheet or (v) as disclosed in Schedule 3.06(b) of the Sequoia Disclosure Schedule, neither Sequoia nor any of its Subsidiaries has any material Liabilities.
(c)The Sequoia Group maintains a system of internal accounting controls over financial reporting that applies to the business of Sequoia and its Subsidiaries and provides reasonable assurance that all transactions are (i) executed in accordance with management’s general or specific authorization and (ii) recorded as necessary to permit preparation of the financial statements of the business of Sequoia and its Subsidiaries in accordance with GAAP and to maintain accountability for assets.  The Sequoia Financial Statements have been prepared from, and are consistent in all material respects with, the Books and Records of Sequoia.  No director or officer or, to Sequoia’s Knowledge, auditor or accountant of any member of the Sequoia Group has received or otherwise had or obtained knowledge of (x) any material weakness or significant deficiency regarding the accounting or auditing practices, procedures, internal controls, methodologies or methods of Sequoia or any of its Subsidiaries which has not been remedied or (y) any fraud that involves any director, officer or employee of Sequoia or any of its Subsidiaries.
(d)The accounts and notes receivable of Sequoia and its Subsidiaries represent amounts receivable in respect of bona fide transactions.  Such accounts and notes receivable have been recorded in accordance with GAAP, are collectible in the ordinary course of business and are
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not subject to any setoff or counterclaim, other than as specifically reflected in the Sequoia Financial Statements or as would not be material to Sequoia and its Subsidiaries (taken as a whole).  Any accounts payable of Sequoia and its Subsidiaries that have become due have been paid in the ordinary course of business.  No extension of payment terms has been agreed with any creditor in relation to any accounts payable.
Section 3.07Absence of Certain Developments.
(a)Except in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby, since the Sequoia Most Recent Balance Sheet Date and through the date of the Put Option Agreement, Sequoia and its Subsidiaries have conducted their business in the ordinary course of business in all material respects.
(b)Since the Sequoia Most Recent Balance Sheet Date, no Sequoia Material Adverse Effect has occurred.
(c)Since the Sequoia Most Recent Balance Sheet Date and through the date of the Put Option Agreement, none of Sequoia nor any of its Subsidiaries has taken any action in the conduct of the business of Sequoia and its Subsidiaries that, if taken during the period from the date of the Put Option Agreement through the Closing, would constitute a breach of Section 6.02.
(d)Sequoia and its Subsidiaries have, in all material respects, made the headcount reductions described in Schedule 3.07(d) of the Sequoia Disclosure Schedule.
Section 3.08Sequoia Specified Contracts.
(a)Schedule 3.08(a) of the Sequoia Disclosure Schedule contains a list, as of the date of the Put Option Agreement, of all outstanding Contracts (other than Sequoia Benefit Plans), of the following types to which Sequoia or any of its Subsidiaries are a party to or bound:
(i)Agreements with Sequoia Material Customers;
(ii)any material Contract concerning a partnership, joint venture or similar agreement involving a sharing of profits or expenses (except for franchise, distributorship, network partner, sales agency or other similar Contracts);
(iii)any Contract under which Sequoia or any of its Subsidiaries has created, incurred, assumed or guaranteed any indebtedness in excess of $10,000,000 or under which Sequoia or any of its Subsidiaries has imposed a Lien (other than Permitted Liens) on any of its assets, tangible or intangible;
(iv)any Contract that is material to Sequoia or any of its Subsidiaries (taken as a whole) (A) containing covenants relating to the operation of the business of Sequoia and its Subsidiaries that would prohibit or materially restrict the ability of Sequoia or any of its Subsidiaries from competing in any line of business in any geographical region or with any Person, (B) providing for “exclusivity” or any similar requirement in favor of any other Person, (C) granting “most favored nation” or similar status to any other Person, (D) containing a non-solicitation or non-hire provision (other than customary non
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solicitation and non-hire restrictions in favor of Sequoia customers and consultants in the ordinary course) or (E) granting to the counterparty any rights of first refusal, first negotiation, first offer or similar right, except in the case of clauses (B), (C), (D) and (E) as would not be material to the business of Sequoia and its Subsidiaries (taken as a whole);
(v)any Contract entered into since January 1, 2019, for the acquisition or sale of any of the assets (where such assets constitute all or substantially all of the assets of a business line or entity), equity securities or business lines of the business of Sequoia and its Subsidiaries having an aggregate book value in excess of $5,000,000 individually or in the aggregate or under which Sequoia or any of its Subsidiaries has any ongoing obligations or Liabilities (including any indemnification, “earn-out” or other payment obligations) that would be material to Sequoia and its Subsidiaries, taken as a whole;
(vi)any Contract relating to capital expenditure obligations of Sequoia or any of its Subsidiaries which exceed $6,000,000 in the aggregate;
(vii)any Contract which contains a legally binding commitment to enter into any Contract of the type described in the foregoing clauses (i) through (vi); and
(viii)All Contracts of the type described in the foregoing clauses (i) through (vii) are, collectively, the “Sequoia Specified Contracts.”
(b)Sequoia (or its Representatives) has made available to Evergreen copies of all Sequoia Specified Contracts (including any material amendments, modifications and supplements thereto), in each case, as in effect as of the date of the Put Option Agreement.  With respect to each Sequoia Specified Contract, (i) neither Sequoia nor any of its Subsidiaries nor, to the Knowledge of Sequoia, any other party to any such Contract is in material breach thereof or default thereunder and there does not exist any event which, with the giving of notice or the lapse of time, would constitute such a material breach or default by Sequoia or any of its Subsidiaries or, to the Knowledge of Sequoia, any other party to such Contract, (ii) neither Sequoia nor any of its Subsidiaries has received written notice of any material default or event that with notice or lapse of time, or both, would constitute a material default by Sequoia or any of its Subsidiaries under any of the Sequoia Specified Contracts, (iii) except in the case of Material Sequoia Labor Agreements where such cancellation or termination is in the ordinary course of business or as set forth of Schedule 3.08(b) of the Sequoia Disclosure Schedule, none of the Sequoia Specified Contracts have been canceled or otherwise terminated, and neither Sequoia nor any of its Subsidiaries has received any written notice from any counterparty to such Sequoia Specified Contract that it intends to cancel or terminate such Sequoia Specified Contract and (iv) there is no pending or, to the Knowledge of Sequoia, threatened (in writing) material dispute or material disagreement involving Sequoia or any of its Subsidiaries under any of the Sequoia Specified Contracts, nor is there any pending request that was made in writing for the material amendment or material modification of any of the Sequoia Specified Contracts.  Except as set forth on Schedule 3.08(b) of the Sequoia Disclosure Schedule or to the extent any such Sequoia Specified Contract has expired or has been terminated in accordance with its terms, each Sequoia Specified Contract is in full force and effect and constitutes a legal, valid and binding obligation of Sequoia or its applicable Subsidiary and, to the Knowledge of Sequoia, each other party thereto, subject in each case to the Bankruptcy and Equity Exception.
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Section 3.09Intellectual Property.
(a)Schedule 3.09(a) of the Sequoia Disclosure Schedule lists, as of the date of the Put Option Agreement, all registered Trademarks and pending Trademark applications, all pending Patent applications and all Domain Names that are owned by Sequoia or any of its Subsidiaries, indicating for each item (i) the current owner (ii) the jurisdiction where the application or registration is filed (as applicable) and (iii) the application and registration number (as applicable).  All registered Trademarks included in the Sequoia Owned Intellectual Property are subsisting and, to the Knowledge of Sequoia, valid and enforceable.  All Patent applications and Trademark applications included in the Sequoia Owned Intellectual Property listed on Schedule 3.09(a) of the Sequoia Disclosure Schedule are pending and in good standing without challenge of any kind.  All filings have been made with, and all fees have been paid to, all Governmental Entities and domain name registrars to the extent due and necessary to prosecute and maintain the applications and registrations included in the Sequoia Owned Intellectual Property that are material to the business of Sequoia.
(b)Each item of material Intellectual Property that is used or held for use by Sequoia is either (i) owned solely by Sequoia or any of its Subsidiaries, free and clear of any Liens (other than Permitted Liens), (ii) licensed to Sequoia or any of its Subsidiaries pursuant to a written license, or (iii) in the case of Domain Names which require local presence, owned solely by Sequoia or any of its Subsidiaries but registered in the name of a local party for the benefit of Sequoia or any of its Subsidiaries.
(c)Since January 1, 2019, the operation of the business of Sequoia and its Subsidiaries has not infringed, misappropriated or otherwise violated any third party’s Intellectual Property rights, except for such infringements, misappropriations or other violations that would not result in a Liability to Sequoia or any of its Subsidiaries that is material to Sequoia and its Subsidiaries, taken as a whole.  No claims (i) challenging the validity, enforceability, effectiveness or ownership by Sequoia or any of its Subsidiaries of any of the Sequoia Owned Intellectual Property or (ii) that the operation of the business of Sequoia and its Subsidiaries, including the sale or license of Sequoia Products, infringes, misappropriates, or otherwise violates any third party’s Intellectual Property rights have been asserted against Sequoia or any of its Subsidiaries in writing or, to the Knowledge of Sequoia, are threatened (in writing) by any Person.
(d)To the Knowledge of Sequoia, since January 1, 2019, no third party has infringed, misappropriated or otherwise violated rights of Sequoia or any of its Subsidiaries in the Sequoia Owned Intellectual Property in a manner that was or is material to the business of Sequoia and its Subsidiaries, taken as a whole.
(e)All current and former employees and contractors of Sequoia and any of its Subsidiaries who have developed or contributed to a portion of, or otherwise would have rights in or to, any Sequoia Owned Intellectual Property for the benefit of Sequoia or any of its Subsidiaries and that is material to the business of Sequoia and its Subsidiaries have done so pursuant to an enforceable agreement (or equivalent provision by operation of Law) that validly and irrevocably assigns to Sequoia or any of its Subsidiaries ownership of such party’s rights in and to such Sequoia Owned Intellectual Property. No such current or former employees, or current or former contractors, have any right to payment with respect to the use of, or interest in, any Sequoia Owned
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Intellectual Property, other than with respect to ongoing salary or bonus payments to employees or fees payable to contractors under the terms of the applicable Contract or Law which either (i) are not past due or (ii) with respect to which the failure to pay would not alter Sequoia’s or any of its Subsidiaries’ ownership in or use of any Sequoia Owned Intellectual Property.
(f)Sequoia and each of its Subsidiaries have taken commercially reasonable measures to protect the proprietary nature of the Source Code and Trade Secrets included in the Sequoia Owned Intellectual Property that is material to the business of Sequoia and its Subsidiaries, including by taking commercially reasonable measures to maintain the confidentiality thereof.  Neither Sequoia nor its Subsidiaries are using any Sequoia Owned Intellectual Property in a manner that would reasonably be expected to result in the cancellation or unenforceability of such Sequoia Owned Intellectual Property.
(g)No Sequoia Software contains or is derived from any Source Code that is subject to the provisions of any open source Software license that (i) requires, or conditions the use or distribution of such Sequoia Software on the disclosure, licensing or distribution of any Source Code for any portion of such Sequoia Software or (ii) otherwise imposes any material limitation, restriction or condition on the right or ability of Sequoia or any of its Subsidiaries to use or distribute such Sequoia Software.
(h)Schedule 3.09(h) of the Sequoia Disclosure Schedule contains a true and complete list of the material Sequoia Software and identifies with respect to such Sequoia Software all other material Software (i) incorporated in or distributed or licensed with such Sequoia Software or (ii) necessary for the maintenance or support of such Sequoia Software (other than Off-the-Shelf Software).
(i)Neither Sequoia nor any of its Subsidiaries has disclosed, delivered, licensed or otherwise made available, or has an obligation (whether contingent or otherwise) to disclose, deliver, license or otherwise make available any Source Code for the Sequoia Software to any Person other than employees of Sequoia or its Subsidiaries on a need-to-know basis pursuant to valid and binding confidentiality and use restrictions.
(j)To the Knowledge of Sequoia, there has been no unauthorized disclosure of or access to the Source Code for any Sequoia Software, other than as expressly required by applicable Law, which would be material to the operation of the business of Sequoia and its Subsidiaries.
(k)All Sequoia Software (i) complies, in all material respects, with all applicable Laws and (ii) conforms in all material respects to all applicable contractual commitments, express and implied warranties (to the extent not subject to legally effective express exclusions thereof), representations and claims in advertising and marketing materials and applicable specifications, user manuals, training materials and other related documentation.
Section 3.10Data Privacy and Cybersecurity.
(a)The Sequoia IT Systems do not contain any malware that would reasonably be expected to materially interfere with the ability of Sequoia and its Subsidiaries to conduct the business of Sequoia, taken as a whole, or present a risk that is material to Sequoia and its
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Subsidiaries, taken as a whole, of unauthorized access, Use, corruption, destruction or loss of any Personal Information or other non-public information.
(b)The Sequoia IT Systems are reasonably sufficient for the current needs of Sequoia and its Subsidiaries, including as to capacity, scalability and ability to process current peak volumes in a timely manner.
(c)Sequoia and its Subsidiaries have implemented, maintained and tested commercially reasonable written information security, business continuity and backup and disaster recovery plans and procedures.  Since January 1, 2019, (i) there has been no failure, breakdown, persistent substandard performance, unauthorized access or Use, bug or virus or other event that, in each case, had or would have been expected to have had a material adverse effect on any of the Sequoia IT Systems; (ii) neither Sequoia nor its Subsidiaries have been notified in writing by any third Person (including pursuant to an audit of the business of Sequoia and its Subsidiaries by such third Person) of, nor does Sequoia have any Knowledge of, any data security, information security or other technological deficiency with respect to the Sequoia IT Systems; and (iii) there has been no unauthorized access to Personal Information maintained by or on behalf of Sequoia and its Subsidiaries, in each case of (i), (ii) and (iii), that has caused or could reasonably be expected to cause any material disruption to the conduct of the business of Sequoia and its Subsidiaries, taken as a whole, or present a material risk of unauthorized access, Use, corruption, destruction or loss of any Personal Information or other non-public information.  No material Sequoia Software contains any bug, defect or error that could reasonably be expected to materially adversely affect the value, functionality or performance of such Sequoia Software.
(d)Since January 1, 2019, (i) privacy statements regarding the Use of the Personal Information of individuals who are visitors to the websites or mobile applications of Sequoia and its Subsidiaries (“Sequoia Privacy Statements”) have been and are posted and accessible to individuals on each website or mobile application of Sequoia and its Subsidiaries; and (ii) Sequoia and its Subsidiaries have been and are in compliance in all material respects: (A) with all Data Protection Laws applicable to such Use and (B) with the Sequoia Privacy Statements and contractual requirements that apply to such Use.
(e)Since January 1, 2019, Sequoia and its Subsidiaries have complied in all material respects with Data Protection Laws through the implementation and ongoing monitoring of appropriate written policies, logs, Contracts and procedures, including by safeguarding all transfers of personal data to and from third parties located outside the EEA or the United Kingdom by way of a valid data transfer mechanism under Data Protection Laws.  Sequoia and its Subsidiaries maintain accurate and up-to-date records of all their personal data processing activities which comply in all material respects with Data Protection Laws.
(f)Since January 1, 2019, neither Sequoia nor its Subsidiaries nor any third Person working on behalf of any of them, has:
(i)received any material written claims, notices or complaints regarding such Person’s Use of any Personal Information of or pertaining to Sequoia or its Subsidiaries;
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(ii)received any material written claims, notices or complaints alleging a violation of any individual’s privacy, personal or confidentiality rights under the Sequoia Privacy Statements or otherwise from any Person, including the Federal Trade Commission, any similar foreign bodies, or any other Governmental Entity; or
(iii)suffered any actual or suspected material data breach with respect to Personal Information or cybersecurity incident.
(g)Neither this Agreement nor the transactions contemplated by this Agreement will violate the Sequoia Privacy Statements or applicable Law, and all Personal Information collected by Sequoia and its Subsidiaries or any third Person working on behalf of any of them from visitors to its or their websites or mobile applications is subject to such Sequoia Privacy Statements.
Section 3.11Insurance.
(a)Schedule 3.11(a) of the Sequoia Disclosure Schedule sets forth a true, accurate and complete list of (i) the material insurance programs maintained by or for the benefit of Sequoia and its Subsidiaries as of the date of the Put Option Agreement (the “Sequoia Insurance Policies”), each of which has been made available to Evergreen, and (ii) all material claims made under the Sequoia Insurance Policies that arose out of the operation or conduct of the business of Sequoia and its Subsidiaries since January 1, 2019.
(b)All the Sequoia Insurance Policies are in full force and effect and, to the Knowledge of Sequoia, are enforceable against the insurers named therein (subject to the Bankruptcy and Equity Exception), and all premiums that are due and payable with respect thereto have been paid in full.  Neither Sequoia nor any of its Subsidiaries has received any written notice of cancellation with respect to any of the Sequoia Insurance Policies.  Neither Sequoia nor any of its Subsidiaries or, to the Knowledge of Sequoia, any other party to any Sequoia Insurance Policy is in material breach or default (including with respect to the payment of premiums) with respect to the terms and conditions of any Sequoia Insurance Policy.  The limits of each Sequoia Insurance Policy remain fully available, without any exhaustion or erosion, and there is no material claim pending under any Sequoia Insurance Policies as to which coverage has been questioned, denied or disputed by the applicable insurer of any Sequoia Insurance Policy as of the date of the Put Option Agreement.  All claims and, to the Knowledge of Sequoia, events that would reasonably be expected to lead to a material claim under any Sequoia Insurance Policy have been timely reported to the applicable insurer.
Section 3.12Litigation.  There are no Actions pending or, to the Knowledge of Sequoia, threatened (a) against Sequoia or any of its Subsidiaries or, any of its or their respective officers or directors (in their capacities as such) or any of its or their respective properties or assets or (b) seeking remedies from any other member of the Sequoia Group in respect of conduct related to the business of Sequoia and its Subsidiaries that would in each case, individually or in the aggregate, reasonably be expected to (i) be material to Sequoia and its Subsidiaries, taken as a whole or (ii) prevent or materially impair or materially delay the ability of Sequoia to perform its obligations under this Agreement or the consummation of the Transactions.  Neither Sequoia nor any of its Subsidiaries is subject to any outstanding material Order.  There is no pending or, to the
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Knowledge of Sequoia, threatened material investigation by any Governmental Entity relating to Sequoia or any of its Subsidiaries or its or their properties or assets, that would, individually or in the aggregate, reasonably be expected to be material to Sequoia and its Subsidiaries, taken as a whole.  There is no pending or threatened material Action by Sequoia or any of its Subsidiaries against any third party.
Section 3.13Compliance with Laws.  Except as would not, individually or in the aggregate, reasonably be expected to be material to Sequoia and its Subsidiaries, taken as a whole, Sequoia and its Subsidiaries are, and since January 1, 2019 have been, in compliance with all Laws.
Section 3.14Permits.  All material approvals, filings, permits, registrations, notifications, authorizations, exemptions, clearances, certifications and licenses issued or granted by Governmental Entities (collectively, “Sequoia Business Permits”) that are necessary to own or lease, operate and use its assets and properties, or lawfully conduct the business of Sequoia and its Subsidiaries, in all material respects, as presently owned, leased, operated, used or conducted are in full force and effect, and are being complied with, and, since January 1, 2019, have been complied with in all material respects.  No Action is pending or, to Sequoia’s Knowledge, threatened, that would reasonably be expected to result in the termination, revocation, cancellation, suspension, withdrawal or modification in any material adverse respect of any such Sequoia Business Permit or the imposition of any material fine, penalty or other sanction on Sequoia or any of its Subsidiaries for violation of any applicable Sequoia Business Permit.
Section 3.15Environmental Matters.
(a)Except as would not, individually or in the aggregate, reasonably be expected to be material to Sequoia and its Subsidiaries, taken as a whole:
(i)Each of Sequoia and its Subsidiaries is in and, except for matters which have been fully resolved, has been in material compliance with all applicable Environmental Laws.
(ii)Each of Sequoia and its Subsidiaries (A) possesses all material Environmental Permits necessary for the operation of the business of Sequoia and its Subsidiaries as currently conducted, each of which is valid, binding, and in full force and effect, with no Actions pending or, to the Knowledge of Sequoia, threatened (in writing) that seek the revocation, cancellation, suspension or materially adverse modification of any such Environmental Permit, and no Environmental Permit will terminate as a result of the Closing and (B) is in material compliance with all terms and conditions of such Environmental Permits.
(iii)There are no material Actions pending or, to the Knowledge of Sequoia, threatened (in writing) against Sequoia or any of its Subsidiaries pursuant to Environmental Laws.
(iv)Neither Sequoia nor any of its Subsidiaries is subject to any material Order of any Governmental Entity pursuant to Environmental Laws that remains outstanding.
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(v)There has been no Release of Hazardous Substances on any property currently or formerly leased or operated during each of the terms of any of Sequoia’s or any Subsidiary of Sequoia’s leases, in an amount and of a nature which has resulted or would reasonably be expected to result in a material violation of Environmental Laws, material Liability or a material Environmental Claim.
(vi)Sequoia and its Subsidiaries have not engaged in the Handling of Hazardous Substances except in material compliance with applicable Environmental Laws and in a manner that has not resulted in and is not reasonably likely to result in a material Environmental Claim.
(b)Sequoia has provided to Evergreen all material written assessments, audits, investigations and sampling or similar reports in its possession relating to the environment or the presence or release of any Hazardous Substances at a property used by any of Sequoia or its Subsidiaries.
Section 3.16Employee Benefit Plans.
(a)Schedule 3.16(a) of the Sequoia Disclosure Schedule contains a true and correct list identifying each material Sequoia Benefit Plan other than:  (i) any plan or program maintained by a Governmental Entity to which Sequoia or any of its Subsidiaries is required to contribute and which provides only the minimum required benefits pursuant to applicable Law and (ii) any employment or individual service agreement or offer letter.
(b)Except as set forth on Schedule 3.16(b) of the Sequoia Disclosure Schedule, each Sequoia Benefit Plan: (i) has been maintained, operated and administered in material compliance with its terms and any related documents or agreements and in material compliance with all applicable Law, (ii) there are no actions, suits or claims pending (other than routine claims for benefits) or, to the Knowledge of Sequoia, threatened (in writing) against any such Benefit Plan or against Sequoia or any of its Subsidiaries or any fiduciary of such Benefit Plan that would reasonably be expected to result in material Liability to Sequoia and its Subsidiaries, (iii) there is no pending or, to the Knowledge of Sequoia, threatened (in writing) Action involving any such Benefit Plan or any trust related thereto (other than routine claims for benefits) before any Governmental Entity that would reasonably be expected to result in material Liability to Sequoia and its Subsidiaries, (iv) except as would not have a material effect on Sequoia and its Subsidiaries, all contributions, reserves or premium payments required to be made or accrued as of the date of the Put Option Agreement to each such Benefit Plan have been timely made or accrued in accordance with GAAP, in each case based on the most recent data, and (v) each such Benefit Plan intended to be qualified under Section 401(a) of the Code has received a favorable determination or approval letter from the IRS with respect to such qualification, or may rely on an opinion letter issued by the IRS with respect to a prototype plan adopted in accordance with the requirements for such reliance, and, to the Knowledge of Sequoia, no event has occurred or condition exists that would reasonably be likely to adversely affect the tax-qualified status of each such Benefit Plan.
(c)Neither Sequoia nor its Subsidiaries, nor any of its or their ERISA Affiliates sponsors, maintains, contributes to or has any actual or potential Liability with respect to, and no Sequoia Benefit Plan is (i) a “multiemployer plan”, as defined in Section 4001(a)(3) of ERISA,
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(ii) a single employer plan or other pension plan subject to Title IV of ERISA, (iii) a plan subject to the minimum funding standards of Section 412 of the Code or Section 302 of ERISA, or (iv) a “multiple employer welfare arrangement” as defined in Section 3(40) of ERISA.  No material liability under Title IV or Section 302 of ERISA has been incurred by Sequoia or any of its Subsidiaries (including as a result of being the ERISA Affiliate of another entity) that has not been satisfied in full, and no condition exists that presents a risk to Sequoia or any of its Subsidiaries (including as a result of being the ERISA Affiliate of another entity) of incurring any such liability, other than any liability for premiums due the Pension Benefit Guaranty Corporation (which premiums have been paid when due).
(d)Except as set forth on Schedule 3.16(d) of the Sequoia Disclosure Schedule, neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated by this Agreement (either alone or in combination with another event) will (i) entitle any Sequoia Employee or any Sequoia Independent Contractor to any payment or compensation from Sequoia or any of its Subsidiaries, (ii) accelerate the time of payment or vesting, or increase the amount of compensation due to any Sequoia Employee or Sequoia Independent Contractor under any Sequoia Benefit Plan, (iii) require any contributions or payments by Sequoia or any of its Subsidiaries to fund any obligations under any Sequoia Benefit Plan, (iv) limit or restrict the right to amend, terminate or suspend any Sequoia Benefit Plan, or (v) result in any “excess parachute payment”, as defined in Section 280G(b)(1) of the Code, being made to any Sequoia Employee or Sequoia Independent Contractor.  No Sequoia Employee or Sequoia Independent Contractor is entitled under any Sequoia Benefit Plan to receive from any Transferred Subsidiary any Tax gross-up payment as a result of any excise taxes imposed under Section 4999 or Section 409A of the Code.
(e)Each material Non-U.S. Sequoia Benefit Plan (i) complies in all material respects with applicable Law, (ii) is funded and/or book reserved, as appropriate, based upon reasonable actuarial assumptions, to the extent such Non-U.S. Sequoia Benefit Plan is intended or required to be funded and/or book reserved, (iii) has been registered (to the extent required), and has been maintained in good standing in all material respects, with the applicable Governmental Entity having jurisdiction with respect to such Non-U.S. Sequoia Benefit Plan, and (iv) if intended to qualify for special Tax treatment, meets all material requirements for such treatment.
(f)During the six (6) years prior to the date of this Agreement, other than as would not result in any material liability to Sequoia and its Subsidiaries taken as a whole, neither Sequoia nor any of its Subsidiaries in the United Kingdom has ever:
(i)been an employer in relation to or participated in a pension scheme which is not a money purchase pension scheme, as defined under section 181(1) of the United Kingdom Pension Schemes Act 1993; or
(ii)been an “associate” of or “connected” with (with the meanings given to them in sections 435 and 249 of the United Kingdom Insolvency Act 1986 respectively) any person who is or has been an employer in relation to a pension scheme to which section 32, 43, 47 or 58 of the United Kingdom Pensions Act 2004 applies.
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Section 3.17Labor Matters.
(a)Sequoia and each of its Subsidiaries is, and for the last three (3) years has been, in compliance in all respects with all applicable Laws and any Material Sequoia Labor Agreements relating to the Sequoia Employees, except where the failure to so comply would not result in a material Liability to Sequoia and its Subsidiaries.
(b)Except as set forth in Schedule 3.17(b) of the Sequoia Disclosure Schedule, to the Knowledge of Sequoia, there are no, and since January 1, 2019 there have not been any, actual or threatened (in writing) material organizational campaigns, petitions or other unionizing activities involving any of the Sequoia Employees and neither Sequoia nor any of its Subsidiaries is, or has been since January 1, 2019, subject to any strikes, material work stoppages or material labor disputes.
(c)Sequoia and each of its Subsidiaries have satisfied any pre-signing legal or contractual requirement (in each case, if any) to provide notice to, or to enter into any consultation procedure with, any Employee Representative, which is representing any Sequoia Employee, in connection with the execution of this Agreement and shall discharge prior to Closing any such requirement in respect of the transactions contemplated by this Agreement.
(d)Except as set forth in Schedule 3.17(d) of the Sequoia Disclosure Schedule, since January 1, 2019, neither Sequoia nor any of its Subsidiaries has engaged in temporary layoffs or furloughs of Sequoia Employees outside the ordinary course of the business of Sequoia and its Subsidiaries, including in connection with, or in response to, the COVID-19 pandemic.  Neither Sequoia nor any of its Subsidiaries has determined to engage in any layoffs or furloughs of Sequoia Employees outside the ordinary course of the business of Sequoia and its Subsidiaries, including in connection with, or in response to, the COVID-19 pandemic, whether temporary or permanent, within the six months immediately following the date of the Put Option Agreement.
Section 3.18Tax Matters.
(a)All material income and other Tax Returns that were required to be filed by Sequoia and its Subsidiaries have been duly and timely filed, and all such Tax Returns were true, correct and complete in all material respects.  All material income and other Taxes of Sequoia and its Subsidiaries (whether or not shown as due on such Tax Returns) have been duly and timely paid.
(b)The Sequoia Most Recent Balance Sheet reflects an adequate reserve (excluding any reserve for deferred Taxes) for all material Taxes payable by Sequoia and its Subsidiaries for all Pre-Closing Tax Periods accrued through the Sequoia Most Recent Balance Sheet Date, and such reserve, as adjusted for the passage of time through the Closing Date in accordance with past custom and practice of Sequoia and its Subsidiaries in filing Tax Returns, shall reflect all material Taxes payable by Sequoia and its Subsidiaries for all Pre-Closing Tax Periods accrued through the Closing Date, as determined as of the Closing Date.
(c)There are no Liens for Taxes (other than Permitted Liens) upon any assets of Sequoia or its Subsidiaries.  Sequoia and its Subsidiaries have duly and timely deducted or
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withheld all material Taxes required to be deducted or withheld and have paid to the appropriate Governmental Entities all such deducted or withheld amounts in accordance with applicable Law.
(d) (i) No material Tax or Tax Return of Sequoia or any its Subsidiaries is the subject of any audit, examination or investigation by any Governmental Entity or otherwise the subject of any Action, (ii) there is no material dispute or claim pending with any Governmental Entity concerning any Tax Liability of Sequoia or any of its Subsidiaries, (iii) neither Sequoia nor any of its Subsidiaries has received any written notice of any threatened material dispute or claim with respect to any Tax Liability of Sequoia or any of its Subsidiaries and (iv) there is no material written claim against Sequoia or any of its Subsidiaries by any Governmental Entity in a jurisdiction where such entity does not file a particular type of Tax Return (or pay or collect a particular type of Tax imposed by that jurisdiction) that such entity is or may be subject to an obligation to file such type of Tax Return (or pay or collect such type of Tax).
(e)Neither Sequoia nor any of its Subsidiaries (i) is a party to any Tax allocation or sharing agreement (other than any such agreement entered into in the ordinary course of business the primary purpose of which does not relate to Taxes) or has received or applied for a Tax ruling or entered into a closing agreement pursuant to Section 7121 of the Code, (ii) has been a member of an Affiliated Group filing a consolidated, combined, unitary, group or similar Tax Return other than an Affiliated Group the common parent of which is Sequoia or any of its Subsidiaries or (iii) has any material Liability for the Taxes of any other Person other than Taxes of Sequoia and its Subsidiaries.
(f)Neither Sequoia nor any of its Subsidiaries will be required to include for Tax purposes in a taxable period ending after the Closing Date a material amount of taxable income, or exclude for Tax purposes any material item of deduction, attributable to income that accrued for Tax purposes in a Pre-Closing Tax Period but was not recognized in such period as a result of open transaction treatment, the installment method of accounting, the completed contract method of accounting, Section 481 of the Code (or any corresponding provision of state, local or non-U.S. Law), Section 965 of the Code, or as a result of prepaid amounts or deferred revenue received during a Pre-Closing Tax Period.
(g)Each of Sequoia and its Subsidiaries has maintained in all material respects, with respect to transfer pricing, proper intercompany agreements and concurrent and supporting documentation as required under applicable Law to the extent relating to material Taxes with respect to material intercompany transactions.
(h)Each of Sequoia and its Subsidiaries has, in all material respects, (i) collected all sales and use Taxes required to be collected under applicable Law and has remitted such amounts to the appropriate Governmental Entity and (ii) timely and properly collected and maintained all resale certificates, exemption certificates and other documentation required to qualify for any exemption from the collection of sales Taxes under applicable Law.
(i)There are no outstanding agreements extending or waiving the statutory period of limitations applicable to any claim for, or the period for the collection or assessment or reassessment of, material Taxes of Sequoia or any of its Subsidiaries for any taxable period (except for such agreements for which the applicable statutory period of limitations (after giving effect to
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any extension or waiver) has already expired), and no request for any such waiver or extension made by any Governmental Entity is currently pending.
(j)Within the past two (2) years, neither Sequoia nor any of its Subsidiaries has been a “controlled corporation” or a “distributing corporation” in a distribution intended to qualify under Section 355 or Section 361 of the Code.
(k)Neither Sequoia nor any of its Subsidiaries has entered into any “listed transaction” within the meaning of Treasury Regulations Section 1.6011-4(b)(2) (or similar provisions of state, local or non-U.S. Law).
(l)No Taxes of Sequoia or any of its Subsidiaries (including the employer and employee portion of any payroll Taxes) have been deferred under the CARES Act.  Neither Sequoia nor any of its Subsidiaries has applied for or received any “Paycheck Protection Program” payments or other loans, grants or similar financial assistance in connection with the CARES Act, and has not claimed any employee retention credit under the CARES Act.
(m)Neither Sequoia nor any of its Subsidiaries is aware of the existence of or has knowledge of any fact, agreement, plan or circumstance, or has taken or agreed to take any action, that could reasonably be expected to prevent or impede the Intended Tax Treatment.
Section 3.19Affiliated Transactions.  None of the shareholders (excluding shareholders of Sequoia or any of its Subsidiaries who hold less than five percent of the total voting power thereof), employees, officers or directors of Sequoia or any of its Subsidiaries, any member of their respective immediate families or any Affiliate of any of the foregoing is a party to any Contract or material transaction with any of Sequoia or its Subsidiaries other than (i) this Agreement and the Transaction Documents and Contracts entered into in connection with the Transactions, (ii) the Organizational Documents of Sequoia and its Subsidiaries, (iii) Contracts solely between or among Sequoia and/or its Subsidiaries, (iv) immaterial Contracts that are both (x) unrelated to Alder’s ownership of Sequoia Equity Interests, to the supply, marketing or distribution of travel products and services, or to payments products and services, and (y) entered into in the ordinary course of business involving payments made on an arm’s-length basis during the course of any calendar year not in excess of $5,000,000), and (v) Sequoia Benefit Plans and other compensation arrangements with directors, officers or employees in the ordinary course of business.
Section 3.20Anti-Corruption.
(a)Sequoia and its Subsidiaries have for the past five (5) years, maintained adequate and appropriate written policies and procedures requiring that each such Person and, to the Knowledge of Sequoia, its and their Relevant Persons conduct their businesses in material conformity with Anti-Corruption Laws, Global Trade Laws and Regulations and Anti-Money Laundering Laws.  To the Knowledge of Sequoia, none of Sequoia, its Subsidiaries or any of their respective Relevant Persons, has been notified of an investigation for the past five (5) years, or is, to the Knowledge of Sequoia, subject to a pending investigation, in relation to any applicable Law, including Anti-Money Laundering Laws, Anti-Corruption Laws and Global Trade Laws and Regulations by any Governmental Entity, or, for the past five (5) years, has admitted to or been
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found to have engaged in any material violation of any Anti-Money Laundering Laws, Anti-Corruption Laws or Global Trade Laws and Regulations.
(b)Neither Sequoia nor any of its Subsidiaries, nor any of its or their respective Relevant Persons, is or has, in the last five years:
(i)materially violated, or directed any third party to perform any activity that would materially violate, any Anti-Corruption Laws, nor to the Knowledge of Sequoia, offered, paid, promised to pay or authorized the payment of any money, or offered, given, promised to give, authorized the giving of anything of value, received or solicited (or, in each case, directed any third party to take such action) to or from any government official or to or from any Person under circumstances such that all or a portion of such money or thing of value would be offered, given or promised, directly or indirectly, to a Person:  (A) for the purpose of (1) influencing any act or decision of a government official in their official capacity, (2) inducing a government official to do or omit to do any act in violation of their lawful duties, (3) securing any improper advantage, (4) inducing a government official to influence or affect any act or decision of any Governmental Entity or (5) assisting Sequoia, any of its Subsidiaries or any of their respective Relevant Persons, in obtaining or retaining business for or with, or directing business to, Sequoia, any of its Subsidiaries or its or their respective Relevant Persons, or (B) in a manner which would constitute or have the purpose or effect of public or commercial bribery, acceptance of, or acquiescence in extortion, kickbacks or other unlawful means of obtaining business, or any unlawful advantage; or
(ii)(A) conducted or initiated any internal investigation or made a voluntary, directed or involuntary disclosure to any Governmental Entity or similar agency with respect to any material alleged act or omission arising under or relating to any non-compliance with any Anti-Corruption Law or (B) to Sequoia’s Knowledge, been the subject of current, pending or threatened investigation, inquiry or enforcement proceedings for material alleged violations of Anti-Corruption Laws, or otherwise received any notice, request or citation for any actual or potential material non-compliance with any Anti-Corruption Law.
(c)With respect to Sequoia Government Contracts:
(i)except as set forth in Schedule 3.20(c)(i) of the Sequoia Disclosure Schedule, there are no material Actions against Sequoia or any of its Subsidiaries with respect to any material Sequoia Government Contract;
(ii)neither Sequoia nor any of its Subsidiaries is in material violation of any Law with respect to its services under any material Sequoia Government Contract to which it is a party; and
(iii)there is no material Action pending nor, to the Knowledge of Sequoia, threatened (in writing) against Sequoia, its Subsidiaries, its or their respective predecessors or any of its or their respective officers or employees with regard to services performed by Sequoia or its Subsidiaries under any material Sequoia Government Contract
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under the U.S. Federal Criminal or Civil False Claims Acts, the U.S. False Statements Act, the U.S. Major Fraud Act or the U.S. Procurement Integrity Act, the U.S. Federal Acquisition Regulations, or the U.S. Defense Federal Acquisition Supplement.
(d)(i) Sequoia and its Subsidiaries are not, and to the Knowledge of Sequoia, none of its or their respective Relevant Persons are, currently a Restricted Party or located, organized or resident in a Restricted Country, (ii) except as set forth in Schedule 3.20(d)(ii) of the Sequoia Disclosure Schedule, for the past five (5) years none of Sequoia or its Subsidiaries, or to the Knowledge of Sequoia, any of their respective Relevant Persons, has, conducted or initiated any internal investigation or made a voluntary, directed or involuntary disclosure to any Governmental Entity or similar agency with respect to any alleged act or omission arising under or relating to any material non-compliance with any Global Trade Laws and Regulations, been the subject of current, pending or threatened (in writing) material investigation, inquiry or enforcement proceedings for violations of Global Trade Laws and Regulations, or violated or received any notice, request or citation for any actual or potential material non-compliance with Global Trade Laws and Regulations, (iii) for the past five (5) years, none of Sequoia or any of its Subsidiaries or, and to the Knowledge of Sequoia, any of their respective Relevant Persons has, engaged in any dealings or transactions in or with a Restricted Party, nor is any of Sequoia, its Subsidiaries or any other member of the Sequoia Group currently engaged in any such activities and (iv) Sequoia and its Subsidiaries, and, to the Knowledge of Sequoia, any of their respective Relevant Persons have obtained all applicable material import and export licenses and all other necessary and material licenses, consents, notices, waivers, approvals, orders, authorizations, registrations, declarations, and all necessary and material registrations and filings required under applicable Global Trade Laws and Regulations.
(e)Except as would not be material to the business of Sequoia and its Subsidiaries, taken as a whole, none of Sequoia or any of its Subsidiaries or any other member of the Sequoia Group, nor, to the Knowledge of Sequoia, any of their respective Relevant Persons has:
(i)violated any Anti-Money Laundering Laws (or instructed any third party to perform any activity that would violate Anti-Money Laundering Laws); or
(ii)(A) conducted or initiated any internal investigation or made a voluntary, directed or involuntary disclosure to any Governmental Entity or similar agency with respect to any alleged act or omission arising under or relating to any non-compliance with any Anti-Money Laundering Laws or (B) been the subject of current, pending or threatened (in writing) investigation, inquiry or enforcement proceedings for violations of Anti-Money Laundering Laws, or received any notice, request or citation for any actual or potential non-compliance with any Anti-Money Laundering Laws.
Section 3.21Suppliers.  Since January 1, 2019, none of Sequoia, or any of its Subsidiaries has received written notice from any of the twenty (20) largest suppliers in the aggregate across air, car, hotel and rail supply to the business of Sequoia and its Subsidiaries (as measured by the revenues earned by Sequoia and its Subsidiaries on a consolidated basis during the calendar year ended December 31, 2019) (the “Sequoia Material Suppliers”) that such supplier will terminate, materially limit the content to which the business of Sequoia and its Subsidiaries has access or
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cancel its business relationship with Sequoia or its applicable Subsidiary or will increase by more than 20% the price charged by such supplier in a manner that does not involve a contractual modification, and, to the Knowledge of Sequoia, no such Sequoia Material Supplier has threatened (in writing) to take any of the foregoing actions.
Section 3.22Sequoia Material Customers.  Since January 1, 2019, none of Sequoia or its Subsidiaries has received written notice from any of the thirty-five (35) largest customers of the business of Sequoia and its Subsidiaries (as measured by the revenues earned by Sequoia and its Subsidiaries on a consolidated basis during the calendar year ended December 31, 2019) (the “Sequoia Material Customers”) that such customer will terminate, materially adversely modify the nature and scope or cancel its business relationship with Sequoia or its Subsidiaries and, to the Knowledge of Sequoia, no Sequoia Material Customer has threatened (in writing) to take any of the foregoing actions.
Section 3.23COVID-19.  Schedule 3.23 of the Sequoia Disclosure Schedule sets forth a list of each COVID-19 related program offered or maintained by a Governmental Entity that Sequoia or any of its Subsidiaries has applied for and not withdrawn, or received benefits under, which program imposes restrictions or Liabilities on such applicant, which list includes (a) the status of the application thereof, (b) the estimated amount of any loan, subsidy or other benefit applied for or received under such program and (c) the material restrictions on the equityholders of Sequoia in connection with any such program.
Section 3.24Brokers.  No broker, finder, investment banker or similar intermediary has acted for or on behalf of Sequoia, any of its Subsidiaries or any other member of the Sequoia Group in connection with this Agreement or the Transactions, and no broker, finder, investment banker or similar intermediary is entitled to any broker’s, finder’s or similar fee or other commission or compensation in connection herewith based on any arrangement with Sequoia, any of its Subsidiaries or any other member of the Sequoia Group or any action taken by any of them.  Neither Sequoia nor its Subsidiaries will incur or be responsible for, directly or indirectly, any Liability based on such arrangements.
ARTICLE IV
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REPRESENTATIONS AND WARRANTIES OF JUNIPER
Except as set forth in the Juniper Disclosure Schedule (subject to Section 9.09), Juniper represents and warrants to Evergreen as of the date of the Put Option Agreement and as of the Closing Date:
Section 4.01Organization and Organizational Power.  Juniper (a) is duly organized and validly existing and in good standing under the Laws of its jurisdiction of incorporation, (b) has all requisite power and authority to own, lease and operate its properties and assets and to carry on its business as presently owned or conducted and (c) is qualified or licensed to do business as a foreign corporation or entity in each jurisdiction where the character of properties owned, leased or operated by it or the nature of its business makes such qualification or license necessary, except where the failure to be so qualified or licensed would not, individually or in the aggregate, reasonably be expected to (i) constitute a Juniper Material Adverse Effect or (ii) prevent, materially
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impair or materially delay (1) the ability of Juniper to perform its obligations under the Transaction Documents or (2) the consummation of the Transactions.
Section 4.02Authorization; Valid and Binding Obligation.  Juniper has all requisite corporate or other power and authority to execute and deliver this Agreement and the Transaction Documents, and to consummate the Transactions.  The execution, delivery and performance by Juniper of each Transaction Document to which it is a party, and the consummation of the Transactions, has been duly and validly authorized by all required corporate or other similar action on the part of Juniper and no other corporate or other similar actions, proceedings or approvals on its part is necessary to authorize the execution, delivery and performance of such Transaction Document by Juniper and the consummation of the Transactions.  Each Transaction Document to which Juniper is a party has been duly executed and delivered by Juniper, and assuming that such Transaction Document constitutes the legal, valid and binding obligation of each other party thereto, such Transaction Document constitutes a legal, valid and binding obligation of Juniper, and is enforceable against Juniper in accordance with their respective terms, subject to the Bankruptcy and Equity Exception.  No vote or other approval of the equityholders of Juniper is required in connection with the execution, delivery and performance by Juniper of the Transaction Documents or to consummate the Transactions, whether by reason of applicable Law, Juniper’s Organizational Documents, the rules and requirements of any securities exchange, or otherwise.
Section 4.03Evergreen Contribution Consideration Interests; Title to Shares of Sequoia.
(a)The Evergreen Contribution Consideration Interests, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly issued, fully paid and non-assessable and free and clear of all Liens (other than restrictions on transfer imposed by applicable securities Laws and the Juniper SHA).  Assuming the accuracy of the representations of Evergreen in Article II of this Agreement, the Evergreen Contribution Consideration Interests will be issued in compliance with all applicable federal and state securities laws.
(b)Juniper is directly the beneficial and legal owner of, and has good and valid title to, the Shares of Sequoia directly held by it as set forth on Schedule 3.03(d) of the Sequoia Disclosure Schedule, free and clear of all Liens (other than Liens created under applicable securities Laws and the Juniper SHA).
(c)All of the Equity Interests of Juniper have been duly authorized and are validly issued, and, to the extent relevant under applicable Law, fully paid and non-assessable, free of Liens (other than Liens imposed under applicable securities Laws and the Juniper SHA), and have not been issued in violation of any preemptive or similar rights or any applicable Law.  Schedule 4.03(c) of the Juniper Disclosure Schedule sets forth, as of the date of the Put Option Agreement, a list of each type of outstanding Equity Interests of Juniper that are issued and outstanding, the number of Equity Interests for each such type of Equity Interests (together with the weighted average exercise price, hurdle or similar), and, the name of the record holder of each Equity Interest of Juniper.  The Equity Interests of Juniper constitute all of the outstanding equity interests in Juniper.  There are, and at all times prior to the Closing there will be, no equity securities of Juniper issued, reserved for issuance or outstanding other than as set forth on Schedule 4.03(c) of the Juniper Disclosure Schedule, and no outstanding options, conversion
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rights, warrants or other rights in existence to acquire, or to require Juniper to issue, purchase or acquire, any shares of the capital stock or other securities of Juniper or obligate Juniper to issue or sell any Equity Interests of Juniper, other than pursuant to this Agreement and the other Transaction Documents.
(d)Other than this Agreement and the Juniper SHA (i) there are no voting trusts, proxies, or other agreements or understandings with respect to the Equity Interests of Juniper and (ii) there are no agreements or understandings to which Juniper is a party, by which Juniper is bound or of which Juniper has Knowledge relating to the repurchase, redemption, registration, sale or transfer (including agreements relating to rights of first refusal, “co-sale” rights, “drag-along” rights, registration rights or similar rights) of the Equity Interests of Juniper, or any other investor rights, including, rights of participation (i.e., pre-emptive rights), co-sale, voting, first refusal, board observation, visitation or information or operational covenants, in each case, with respect to Juniper.
(e)Juniper does not own, and has never owned, directly or indirectly, any capital stock, membership interest, partnership interest, joint venture interest or other equity interest in any Person other than the Sequoia Group Equity Interests.
(f)There are no authorized or outstanding bonds, debentures, notes or other indebtedness the holders of which have the right to vote (or are convertible into, exchangeable for or evidencing the right to subscribe for or acquire securities having the right to vote) on any matter on which the stockholders or equityholders of Juniper may vote.
(g)The accounting registers, Books and Records of Juniper, including for the avoidance of doubt, copies of all Contracts, written correspondence and any other documents of Juniper, have been maintained, in accordance with applicable Law in all material respects, and are maintained in such a way that such materials are, and will be immediately after the Closing, reasonably accessible to Juniper in all material respects.
Section 4.04No Defaults or Conflicts.  The execution and delivery by Juniper of this Agreement and each Transaction Document to which it will be a party and the consummation of the Transactions do not, and the performance by it of its obligations hereunder and thereunder will not, (a) constitute or result in a conflict, breach or violation of or default under the applicable Organizational Documents of Juniper, (b) except as described in this Section 4.04, conflict with or violate any existing Law or Order applicable to Juniper, (c) require any consent or other action under, result in a violation or breach of, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, give to others (immediately or with notice or lapse of time or both) any right of termination, amendment, suspension, cancellation or acceleration of, result (immediately or with notice or lapse of time or both) in triggering an obligation to pay any consideration, royalties or other amounts in excess of those amounts otherwise owed by Juniper immediately prior to the Closing, or result in the loss of any right or benefit to which Juniper is entitled under, any Contract to which Juniper or any property or asset of Juniper, is bound or affected or (d) result (immediately or with notice or lapse of time or both) in the creation of any Lien (other than Permitted Liens) on Juniper’s properties, rights or assets, except, in the case of clauses (b), (c) and (d), for any such violations, conflicts or breaches that would not, individually or in the aggregate, reasonably be expected to (i) be material to the business of Juniper or (ii)
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prevent, materially impair or materially delay (1) the ability of Juniper to perform its obligations under any Transaction Document to which it is a party or (2) the consummation of the Transactions.
Section 4.05Governmental Consents.  Other than the expiration or termination of waiting periods and the filings, notices, reports, consents, registrations, approvals, permits, non-objections and authorizations under the HSR Act and other applicable Antitrust Laws, no authorization, Order or approval or other action by, and no notice to or filing with, any Governmental Entity will be required to be obtained or made by Juniper in connection with the execution, delivery and performance of this Agreement and the Transaction Documents to which they will be a party and the consummation of the Transactions, except for any authorizations, approvals, notice or filings with any Governmental Entity or other Person that, if not obtained or made, would not, individually or in the aggregate, reasonably be expected to (i) be material to the business of Juniper or (ii) prevent, materially impair or materially delay (1) the ability of Juniper to perform its obligations under any Transaction Documents to which it is a party or (2) the consummation of the Transactions.
Section 4.06Brokers.  No broker, finder, investment banker or similar intermediary has acted for or on behalf of Juniper in connection with this Agreement or the Transactions, and no broker, finder, investment banker or similar intermediary is entitled to any broker’s, finder’s or similar fee or other commission or compensation in connection herewith based on any arrangement with Juniper or any action taken by Juniper.  Juniper shall not incur or be responsible for, directly or indirectly, any Liability based on such arrangements.
Section 4.07Affiliated Transactions.  None of the shareholders (excluding shareholders of Juniper who hold less than five percent of the total voting power thereof), employees, officers or directors of Juniper, any member of their respective immediate families or any Affiliate of any of the foregoing is a party to any Contract or material transaction with any of Juniper or its Subsidiaries other than (i) this Agreement and the Transaction Documents and Contracts entered into in connection with the Transactions, (ii) the Organizational Documents of Juniper and its Subsidiaries, (iii) Contracts solely between or among Juniper and/or its Subsidiaries, (iv) Contracts entered into in the ordinary course of business involving payments made on an arm’s-length basis during the course of any calendar year not in excess of $2,000,000, and (v) compensation arrangements with directors, officers or employees in the ordinary course of business.
Section 4.08Absence of Certain Developments.  Since December 31, 2020, no Juniper Material Adverse Effect has occurred.
Section 4.09No Other Assets or Liabilities.
(a)Since its formation, Juniper has not conducted any business or operations or employed or engaged any Person, other than to the extent (i) incidental to its formation, (ii) incidental to the investment, acquisition, operation, management or administration of its ownership of Sequoia Group Equity Interests, or (iii) pursuant to the Transaction Documents and the transactions contemplated thereby.
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(b)Since its formation, Juniper has not had any Liabilities other than (i) those held in the ordinary course of business and which are incidental to its formation or the investment, acquisition, operation, management or administration of its ownership of Sequoia Group Equity Interests and which are not, individually or in the aggregate, material, (ii) pursuant to the Transaction Documents and the transactions contemplated thereby or (iii) as set forth on Schedule 4.09(b) of the Juniper Disclosure Schedule.
Section 4.10Intended Tax Treatment.  Juniper is not aware of the existence of, nor does it have knowledge of any fact, agreement, plan or circumstance, nor has it taken or agreed to take any action, that could reasonably be expected to prevent or impede the Intended Tax Treatment.  Juniper is classified as a partnership for United States federal income tax purposes and has not made any election under Treasury Regulation Section 301.7701-3 to be treated as a corporation.
ARTICLE V
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CLOSING; CLOSING DELIVERABLES
Section 5.01The Closing.  Subject to the terms and conditions of this Agreement, the consummation of the Transactions shall be made at a closing (the “Closing”) at 10:00 a.m. (Eastern time) on the date that is the later of (i) three (3) Business Days after the date on which all conditions set forth in Article VII shall have been satisfied or waived (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions) and (ii) subject to the satisfaction or waiver of all conditions set forth in Article VII on such date, November 1, 2021, or such other time and place as the Parties may mutually agree, via the electronic exchange of all applicable documents.  The date on which the Closing actually occurs is referred to in this Agreement as the “Closing Date”; provided, however, that if the Closing Date would occur on a date on which the Cayman National Bank or the financial institutions in Jersey are closed, the Closing Date shall be on the next succeeding Business Day.
Section 5.02Deliverables by Evergreen.  At or prior to the Closing, Evergreen shall execute and/or deliver to Juniper and Sequoia (or shall cause to be executed and delivered to Juniper and Sequoia by the appropriate Persons) the following:
(a)Certificates representing the Transferred Subsidiary Interests, to the extent certificated, duly endorsed in blank or accompanied by stock powers duly endorsed in blank in proper form for transfer, with appropriate transfer stamps, if any, affixed, or to the extent uncertificated, duly executed transfer powers or other form of sale, assignment and transfer with respect to the Transferred Subsidiary Interests;
(b)Evidence reasonably satisfactory to Sequoia and Juniper that the Restructuring has been effected in accordance with the Restructuring Steps Paper;
(c)The certificate required to be delivered by Evergreen in accordance with Section 7.02(c);
(d)The Evergreen Debt and Lien Releases, in form and substance reasonably satisfactory to Sequoia and Juniper;
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(e)Resignation letters in the form of Exhibit A effective upon the Closing, duly executed by each director, officer, manager or equivalent of any Transferred Subsidiary from the Persons requested by Sequoia no later than three (3) Business Days prior to the Closing Date;
(f)The Transition Services Agreement in the form attached hereto as Exhibit B, together with the Services Schedules as determined in accordance with Sections 6.10(c) and (d), duly executed by Evergreen;
(g)(i) If a Public Transaction has not been consummated prior to the Closing, the Amended & Restated Equityholder Agreements to which Evergreen is a party, duly executed by Evergreen, and (ii) if a Public Transaction has been consummated prior to the Closing, the investor rights agreement contemplated by Section 3.1.1(c) of the Sequoia SHA to which Evergreen is a party, duly executed by Evergreen and such other documents reasonably necessary (including, if applicable any Organizational Documents of a Public Acquiror or its Affiliates) for Evergreen to receive the consideration called for by Section 1.04, duly executed by Evergreen; provided that such documents or documents in substantially the same form are executed by Alder and Juniper and are in accordance with the with the Public Transaction Principles;
(h)The EPS Agreement, duly executed by the Affiliate of Evergreen specified therein;
(i)The Amended Commercial Agreement, duly executed by Evergreen and the other members of the Evergreen Group party to the Commercial Agreement;
(j)The Software License Agreement, duly executed by Evergreen;
(k)Copies of the agreements, instruments and other papers required to terminate any Intercompany Contract in accordance with Section 6.20; and
(l)A duly executed IRS Form W-9 of Evergreen.
Section 5.03Deliverables by Juniper and Sequoia.  At or prior to the Closing, each of Juniper and Sequoia, as applicable, shall execute and/or deliver to Evergreen (or shall cause to be executed and delivered to Evergreen by the appropriate Persons) the following:
(a)(i) Certificates representing the Estimated Evergreen Contribution Consideration Interests, to the extent certificated, duly endorsed in blank or accompanied by stock powers duly endorsed in blank in proper form for issuance, or to the extent uncertificated, duly executed transfer powers or other form of issuance, sale, assignment and transfer or (ii) in the event a Public Transaction is consummated prior to the Closing, such other consideration to be delivered to Evergreen pursuant to Section 1.04 of this Agreement, along with any duly executed certificates, stock powers or other documents to effectuate such delivery;
(b)In respect of Sequoia, by wire transfer of immediately available funds to an account specified by Evergreen no later than three (3) Business Days prior to the Closing, the amount required to be paid to Evergreen pursuant to Section 1.01(b) of this Agreement (if any);
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(c)In respect of Juniper, the certificate required to be delivered by Juniper in accordance with Section 7.03(c);
(d)In respect of Sequoia, the certificate required to be delivered by Sequoia pursuant to Section 7.03(d);
(e)(i) If a Public Transaction has not been consummated prior to the Closing, evidence reasonably satisfactory to Evergreen that the Amended & Restated Equityholder Agreements have become effective, and (ii) if a Public Transaction has been consummated prior to the Closing, evidence reasonably satisfactory to Evergreen that the investor rights agreement contemplated by Section 3.1.1(c) of the Sequoia SHA has become effective;
(f)The Transition Services Agreement in the form attached hereto as Exhibit B, together with the Services Schedules as determined in accordance with Sections 6.10(c) and (d), duly executed by Sequoia or one of its Affiliates;
(g)The EPS Agreement, duly executed by Sequoia or one of its Affiliates; and
(h)The Software License Agreement, duly executed by Sequoia or one of its Affiliates.
ARTICLE VI
COVENANTS OF THE PARTIES
Section 6.01Conduct of the Elm Business.
(a)Except (i) as required or expressly permitted by this Agreement, (ii) as required by Law, (iii) as required by the Restructuring, (iv) as otherwise set forth on Schedule 6.01(a) of the Evergreen Disclosure Schedule, or (v) with the prior written consent of Sequoia (which consent shall not be unreasonably withheld, conditioned or delayed; provided that Sequoia shall be deemed to have consented if Sequoia does not object in writing within ten (10) Business Days after a written request for such consent is delivered to Sequoia by Evergreen, unless Sequoia reasonably demonstrates that exigencies require a longer period for consideration), during the period from the date of this Agreement through the earlier of the Closing and the termination of this Agreement in accordance with Article VIII, the Transferred Subsidiaries and, to the extent related to the Elm Business, the other members of the Evergreen Group, shall, and Evergreen shall cause the Transferred Subsidiaries and, to the extent related to the Elm Business, the other members of the Evergreen Group to (A) conduct the Elm Business in all material respects in the ordinary course (it being agreed that those actions taken by the Transferred Subsidiaries and, to the extent related to the Elm Business, the other members of the Evergreen Group, specifically in response to COVID-19 that are consistent in all material respects with the types of actions taken by such Persons in response to COVID-19 since the onset of COVID-19 and prior to the date of this Agreement, shall be deemed to be in all material respects in the ordinary course), (B) use commercially reasonable efforts to preserve intact the business operations, organization and goodwill of the Transferred Subsidiaries and the Elm Business and (C) use commercially reasonable efforts to preserve in all material respects its present relationships with its current
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officers, key employees, customers, suppliers and others having material commercial relationships with the Transferred Subsidiaries and the Elm Business.
(b)Except (i) as required or expressly permitted by this Agreement, (ii) as required by Law, (iii) as required by the Restructuring, (iv) as otherwise set forth on Schedule 6.01(b) of the Evergreen Disclosure Schedule or (v) for actions taken by the Transferred Subsidiaries and, to the extent related to the Elm Business, the other members of the Evergreen Group, specifically in response to COVID-19 that are consistent in all material respects with the types of actions taken by such Persons in response to COVID-19 since the onset of COVID-19 and prior to the date of this Agreement, during the period from the date of this Agreement through the earlier of the Closing and the termination of this Agreement in accordance with Article VIII, the Transferred Subsidiaries and, to the extent related to the Transferred Assets or the Assumed Liabilities, the other members of the Evergreen Group shall not, and Evergreen shall cause the Transferred Subsidiaries and, to the extent related to the Transferred Assets or the Assumed Liabilities, the other members of the Evergreen Group not to, undertake any of the following actions without the prior written consent of Sequoia (which consent shall not be unreasonably withheld, conditioned or delayed; provided that Sequoia shall be deemed to have consented if Sequoia does not object in writing within eight (8) Business Days (except that Sequoia shall be deemed to have consented if Sequoia does not object in writing within five (5) Business Days for the actions in clauses (iii), (v) and (vi) of this Section 6.01(b)) after a written request for such consent is delivered to Sequoia by Evergreen, unless Sequoia reasonably demonstrates that exigencies require a longer period for consideration):
(i)incur or guarantee any indebtedness for borrowed money, including under any letter of credit or any contract for any guaranty or liability or otherwise, other than (A) indebtedness for borrowed money that will be discharged prior to or at the Closing, (B) indebtedness for borrowed money solely among the Transferred Subsidiaries, (C) indebtedness which refinances, extends, defeases or otherwise discharges or replaces indebtedness existing as of the date of the Put Option Agreement and disclosed on Schedule 6.01(b)(i) of the Evergreen Disclosure Schedule, (D) additional indebtedness for borrowed money prior to the Closing Date not to exceed $1,000,000, (E) indebtedness to any Business Employee in the ordinary course of business;
(ii)declare, set aside or pay any non-cash dividend or other non-cash distribution with respect to its equity securities or repurchase any of its equity securities, in all cases other than dividends or other distributions by a Transferred Subsidiary solely to one or more Transferred Subsidiaries (it being understood, for the avoidance of doubt, that nothing in this Section 6.01 shall be deemed to restrict the ability of the Transferred Subsidiaries to declare, set aside or pay any dividend or distribution of Cash); provided, however, that in no event shall any Transferred Subsidiary set aside or pay any cash dividend if after giving effect thereto, the Cash of the Transferred Subsidiaries, taken as a whole, would be less than the Minimum Cash Amount;
(iii)(A) amend or modify in any material respect any Elm Specified Contract (or Contract which if entered into prior to the date of the Put Option Agreement would be an Elm Specified Contract) other than in the ordinary course of business (provided that, except in the case of the Elm Specified Contracts described in
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Sections 2.08(a)(i), 2.08(a)(ii), 2.08(a)(viii), 2.08(a)(x), 2.08(a)(xi) and 2.08(a)(xvii), such amendment or modification (x) does not materially deviate from existing terms under such Elm Specified Contract or (y) impose additional material Liabilities on the Elm Business), (B) cancel or terminate any Elm Specified Contract (or Contract which if entered into prior to the date of the Put Option Agreement would be an Elm Specified Contract) other than terminations of any Elm Specified Contract as a result of the expiration of the term of such Elm Specified Contract and other than termination of any employment agreement with any Senior Business Employee for a reason permitted by Section 6.01(b)(vi), (C) other than in the ordinary course of business, enter into any Contract, which if entered into prior to the date of the Put Option Agreement would be an Elm Specified Contract (other than renewals or replacements of Elm Specified Contracts existing as of the date of the Put Option Agreement on substantially similar terms to those in effect as of the date of the Put Option Agreement) (provided that, except in the case of the Elm Specified Contracts described in Sections 2.08(a)(i), 2.08(a)(ii), 2.08(a)(viii), 2.08(a)(x), 2.08(a)(xi) and 2.08(a)(xvii), such Contract does not materially deviate from terms under substantially similar Elm Specified Contracts or impose material Liabilities on the Elm Business) or (D) waive, release or assign any material rights under any Elm Specified Contract (or any Contract which if entered into prior to the date of the Put Option Agreement would be an Elm Specified Contract); provided that, notwithstanding anything to the contrary, Evergreen shall not amend or modify the Commercial Agreement other than to enter into the Amended Commercial Agreement at Closing;
(iv)issue, transfer, encumber, sell, deliver or otherwise dispose of or authorize the issuance, transfer, encumbrance, sale, delivery or disposition of, any of the Transferred Subsidiaries’ equity securities or issue, grant or sell any securities convertible into, or options with respect to, or warrants to purchase or rights to subscribe for, any of the Transferred Subsidiaries’ equity securities, in each case, other than solely between or among Transferred Subsidiaries;
(v)except as required pursuant to the terms of any Evergreen Benefit Plan or Transferred Subsidiary Benefit Plan in effect as of the date of the Put Option Agreement and made available to Sequoia in the form contemplated by Section 2.17(a), (A) increase the compensation or benefits of any Business Employee (other than with respect to (x) increases in compensation and payments made on a case-by-case basis for the purposes of retention that do not exceed $3,000,000 in the aggregate, (y) if gross booking volume for 2021 is greater than $2,389,627,185, annual salary or wage increases in the ordinary course of business, made in connection with any annual employee review cycle undertaken after the commencement of calendar year 2022, that do not increase annualized compensation expense by more than $3,000,000 in the aggregate (excluding for purposes of such limit any retention payments that fall within the preceding clause (x) limit), and (z) promotions in the ordinary course of business consistent with past practice that are (1) made in Evergreen’s reasonable business judgment and (2) result in cash salary and bonus that are within the existing Evergreen salary and bonus banding); (B) accelerate the vesting or payment of any compensation or benefits payable to any Business Employee or Business Independent Contractor; (C) enter into, amend or terminate any Transferred Subsidiary Benefit Plan or, with respect to any Business Employee or Business Independent Contractor, any Evergreen Benefit Plan (or any plan, program, agreement or
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arrangement that would be an Evergreen Benefit Plan or Transferred Subsidiary Benefit Plan if in effect on the date of the Put Option Agreement) other than (x) amendments or renewals made in the ordinary course of business consistent with past practice that relate to the administration of health and welfare employee benefit plans (other than severance) and that (i) do not increase costs to any Transferred Subsidiary or (ii) are generally applicable to Evergreen Group employees within the applicable jurisdiction, and (y) entry into offer letters with any new Business Employee who is hired in accordance with Section 6.01(b)(vi), in any case, in the ordinary course of business consistent with past practice and which, with respect to any Business Employee earning annual aggregate base salary or annual fees that exceed $150,000, do not provide for benefits (including health, welfare, retirement or similar benefits; severance or other termination rights; and transaction-related or retention incentives), other than those pursuant to plans disclosed on Schedule 2.17(a) of the Evergreen Disclosure Schedule (exclusive of cash retention awards), or required under mandatory provisions of local Law; or (D) fund or secure, using the assets of any Transferred Subsidiary, any compensation or benefits that are payable or to be provided to any Business Employee or Business Independent Contractor (through a grantor trust or otherwise, other than current payments of any such obligations, subject to the restrictions set forth in clauses (A) through (C) above, to the extent applicable);
(vi)except as required pursuant to the terms of any Evergreen Benefit Plan or Transferred Subsidiary Benefit Plan in effect as of the date of the Put Option Agreement and made available to Sequoia in the form contemplated by Section 2.17(a), (A) terminate any Senior Business Employee other than For Cause; (B) hire any new Senior Business Employee other than (x) to replace any Senior Business Employee who resigns or whose employment is terminated For Cause or whose employment ends due to death or ill-health, if, in the case of any such Senior Business Employee at the level of Senior Director or above, such Senior Business Employee is paid a base salary that falls within the employing entities salary bands for such position, as in existence on the date of the Put Option Agreement (a “Backfill Opportunity”), (y) to replace any Senior Business Employee who fills a Backfill Opportunity or (z) to fill open positions as of the date of the Put Option Agreement as set forth in Schedule 6.01(b)(vi) of the Evergreen Disclosure Schedule (any such hiring pursuant to clause (x), (y) or (z) may be an external appointment or internal transfer); (C) modify the terms and conditions of employment (including in connection with receiving a response to an internal job posting) of (1) any Business Employee such that such individual no longer qualifies as a Business Employee or (2) any employee of Evergreen or any of its Affiliates who as of the date of the Put Option Agreement is not a Business Employee such that such individual qualifies as a Business Employee; (D) hire any new Business Employees below the level of Senior Director (including hiring any new Business Employee below the level of Senior Director to replace any Business Employee below the level of Senior Director who resigns or whose employment is terminated or whose employment ends due to death or ill-health) to the extent that any such hirings of Business Employees would, in the aggregate as of the date of such hiring, result in aggregate headcount costs of the Elm Business, as allocated on a “management unit” basis by the Elm Business in the ordinary course of business and in a manner consistent with past practice (such aggregate costs as so allocated, the “MU Headcount Costs”) exceeding an average of $21,000,000 per month based on the shorter of the immediately preceding period beginning July 1, 2021 or the immediately preceding
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3-month period (unless the MU Headcount Costs for the most recent month were less than $21,000,000 and provided that any single month with associated MU Headcount Costs of 5% or more in excess of $21,000,000 shall result in hiring being prohibited by this Section 6.01(b)(vi)(D)), unless any such MU Headcount Costs in excess of the amounts referred to in this Section 6.01(b)(vi)(D) are (1) warranted by over-performance of the Elm Business relative to such amount, as determined by Evergreen in good faith, (2) to fill open positions as of the date of the Put Option Agreement as set forth in Schedule 6.01(b)(vi) of the Evergreen Disclosure Schedule, or (3) solely with respect to calendar year 2021, directly arising out of or resulting from the headcount reductions set forth in Schedules 2.07(c)(3) and (d) and 6.01(b)(vi) of the Evergreen Disclosure Schedule, provided that such costs arising out of or resulting from headcount reductions set forth in Schedules 2.07(c)(3) and (d) and 6.01(b)(vi) of the Evergreen Disclosure Schedule do not, in the case of the foregoing clause (3), exceed $1,600,000 per calendar month in the aggregate; or (E) hire or engage (including for employment or engagement with any member of the Evergreen Group which is not a Transferred Subsidiary or to provide services to any Retained Business) any former Business Employee whose employment is terminated for any reason or no reason (including any former Business Employee whose employment is terminated as permitted by, or in violation of, this Section 6.01(b)(vi)) on or following January 1, 2021;
(vii)effect any recapitalization, combination, redemption, reclassification, equity split, exchange or like change in capitalization or adopt any plan of liquidation, arrangement, dissolution, merger, consolidation or other reorganization (other than solely between or among Transferred Subsidiaries);
(viii)amend their respective Organizational Documents in a manner adverse to Juniper or Sequoia;
(ix)sell, assign, transfer, lease, license, abandon, dedicate to the public, otherwise dispose of, mortgage, pledge, or subject to any Lien (other than a Permitted Lien) any properties or assets (including intangible assets and Elm Leased Real Property) of any of the Transferred Subsidiaries, and, to the extent constituting Transferred Assets, assets of the Evergreen Group, except in the ordinary course of business and sales of other assets not in excess of $5,000,000 in the aggregate;
(x)acquire or agree to acquire any fee interest in any real property;
(xi)acquire, by merger, consolidation, acquisition of equity interests or assets or otherwise, any business, entity or other Person or division or portion thereof or make any investment in excess of an aggregate of $2,000,000 in, or any loans in excess of an aggregate of $2,000,000 to, any other Person (other than between Transferred Subsidiaries);
(xii)make or commit to make any capital expenditures in excess of $2,000,000 in the aggregate or in excess of $500,000 individually, except for capitalized software development in the ordinary course of business or such capital expenditures or
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commitments therefor as specifically set forth on the capital expenditures budget attached to Schedule 6.01(b)(xii) of the Evergreen Disclosure Schedule;
(xiii)(A) refer, divert or reallocate any customer of the Elm Business, any Business Employee, or any Business Independent Contractor, including any customers in the recruitment pipeline of the Elm Business, to any member of the Evergreen Group (other than a Transferred Subsidiary) or any Retained Business, in each case, in a manner which could reasonably be expected to encourage any such Person to withdraw, curtail or cancel any such Person’s business or relationship with the Elm Business, or (B) engage, recruit, solicit for employment with or to be an independent contractor for any member of the Evergreen Group (other than a Transferred Subsidiary), offer employment with or to be independent contractor for any member of the Evergreen Group (other than a Transferred Subsidiary) to, or hire or engage for employment with or to be an independent contractor for any member of the Evergreen Group (other than a Transferred Subsidiary) or to provide services to any Retained Business, or otherwise seek to influence or alter any relationship with, any Business Employee or any Business Independent Contractor, except that the Evergreen Group shall be permitted to continue engaging any Business Independent Contractor who provides services to the Evergreen Group other than the Elm Business so long as such continued engagement does not result in a diminishment in the services provided by the Business Independent Contractor to the Elm Business; provided, however, that this Section 6.01(b)(xiii) shall not, solely with respect to customers of the Elm Business and Business Independent Contractors, prohibit the actions described in the provisos of Sections 6.21(a) and (b) and, solely with respect to the Business Employees, prohibit taking the actions permitted by, and in accordance with, Section 6.01(b)(vi);
(xiv)(A) except as required or permitted pursuant to Section 6.07(d), make or change any entity classification election, (B) make or change any other Tax election, (C) adopt or change any method of accounting or annual accounting period for Tax purposes, (D) settle or compromise any Tax Liability, (E) file any Tax Return outside the ordinary course of business or amend any Tax Return, (F) make any voluntary Tax disclosure, (G) surrender any right to claim a refund, credit or other similar Tax benefit, or (H) waive or extend the statute of limitations in respect of any Tax claim or assessment, in the case of clauses (A) through (H), to the extent such action would reasonably be expected to (x) materially adversely affect the Tax liability of, (y) materially adversely affect the reporting of any material item on a Tax Return of, or (z) result in a material Tax Return filing obligation of, Juniper or Sequoia or any of their respective Affiliates (including the Transferred Subsidiaries) or equityholders for any Tax period (or portion thereof) beginning after the Closing Date;
(xv)(A) enter into a new line of business or discontinue any current line of business, or (B) enter into or discontinue any material joint venture;
(xvi)(A) commence any litigation material to the Elm Business that is either (1) primarily related to the Elm Business or (2) could reasonably be expected to result in an Assumed Liability or (B) enter into any waiver, release, assignment, compromise or settlement of any pending or threatened Action against any Transferred
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Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group, other than settlements solely for money of less than $4,000,000;
(xvii)(A) transfer, pledge or exclusively license to any Person any Elm Owned Intellectual Property that is material to the Elm Business or (B) permit to lapse or fail to preserve any Elm Owned Intellectual Property, except as allowed to lapse as no longer worth pursuing or maintaining in the Transferred Subsidiaries’ reasonable business judgment;
(xviii)enter into or materially amend or modify any Transferred Subsidiary Agreement (to the extent related to the Elm Business) or Elm Affiliate Arrangement (in any case, excluding for clarity, any Transferred Subsidiary Benefit Plan and any Evergreen Benefit Plan);
(xix)make any material change in its accounting policies or procedures, except as required by GAAP, by applicable Law or by a Governmental Entity;
(xx)make any material change in existing credit, collection and payment policies, procedures and practices with respect to any element of the definitions of Closing Elm Net Working Capital, Closing Elm Cash or Closing Elm Debt or make any contribution of Cash to any Transferred Subsidiary that is not in the ordinary course of business consistent with past practice (except as required by Section 6.01(c));
(xxi)fail to use commercially reasonable efforts to maintain in full force and effect any of the Elm Insurance Policies; or
(xxii)agree in writing or commit any Transferred Subsidiary or, to the extent related to the Elm Business, any other member of the Evergreen Group to do any of the foregoing.
(c)If the Transferred Subsidiaries would reasonably be expected to, as of immediately following the Closing (and after giving effect to the obligations required to be performed and actions to be taken at or prior to the Closing by all members of the Evergreen Group under this Agreement), have an aggregate amount of cash (other than Restricted Cash) that is less than the Minimum Cash Amount, then prior to the Closing, Evergreen shall contribute, or cause to be contributed (other than by a Transferred Subsidiary) additional cash (other than Restricted Cash) to the account(s) of the Transferred Subsidiaries identified by Sequoia not less than ten (10) Business Days prior to the Closing Date in an amount sufficient to allow the Transferred Subsidiaries to have an aggregate amount of cash (other than Restricted Cash) that is at least the Minimum Cash Amount immediately following Closing.
Section 6.02Conduct of the Business of Sequoia and its Subsidiaries.
(a)Except (i) as required or expressly permitted by this Agreement, (ii) as required by Law, (iii) as otherwise set forth on Schedule 6.02(a) of the Sequoia Disclosure Schedule, (iv) with the prior written consent of Evergreen (which consent shall not be unreasonably withheld, conditioned or delayed; provided that Evergreen shall be deemed to have consented if Evergreen does not object in writing within ten (10) Business Days after a written
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request for such consent is delivered to Evergreen by Sequoia, unless Evergreen reasonably demonstrates that exigencies require a longer period for consideration), or (v) in connection with effecting a Public Transaction (so long as such action is consistent with the Public Transaction Principles and does not adversely affect in any material respect, the rights of Evergreen in a manner disproportionate to the equityholders of Juniper, as if the Transactions had been consummated immediately prior to a Public Transaction), during the period from the date of this Agreement through the earlier of the Closing and the termination of this Agreement in accordance with Article VIII, Sequoia shall, and shall cause its Subsidiaries to (A) conduct the business of Sequoia and its Subsidiaries in all material respects in the ordinary course (it being agreed that those actions taken by Sequoia and its Subsidiaries specifically in response to COVID-19 that are consistent in all material respects with the types of actions taken by such Persons in response to COVID-19 since the onset of COVID-19 and prior to the date of this Agreement, shall be deemed to be in all material respects in the ordinary course), (B) use commercially reasonable efforts to preserve intact the business operations, organization and goodwill of Sequoia and its Subsidiaries and the business of Sequoia and its Subsidiaries and (C) use commercially reasonable efforts to preserve in all material respects its present relationships with its current officers, key employees, customers, suppliers and others having material commercial relationships with Sequoia and its Subsidiaries and the business of Sequoia and its Subsidiaries.
(b)Except (i) as required or expressly permitted by this Agreement, (ii) as required by Law, (iii) as otherwise set forth on Schedule 6.02(b) of the Sequoia Disclosure Schedule, (iv) in connection with effecting a Public Transaction (so long as such action is consistent with the Public Transaction Principles and does not adversely affect in any material respect, the rights of Evergreen in a manner disproportionate to the equityholders of Juniper, as if the Transactions had been consummated immediately prior to a Public Transaction) or (v) for actions taken by Sequoia or its Subsidiaries specifically in response to COVID-19 that are consistent in all material respects with the types of actions taken by such Persons in response to COVID-19 since the onset of COVID-19 and prior to the date of this Agreement, during the period from the date of this Agreement through the earlier of the Closing and the termination of this Agreement in accordance with Article VIII, Sequoia shall not, and shall cause its Subsidiaries not to, undertake any of the following actions without the prior written consent of Evergreen (which consent shall not be unreasonably withheld, conditioned or delayed; provided that Evergreen shall be deemed to have consented if Evergreen does not object in writing within eight (8) Business Days after a written request for such consent is delivered to Evergreen by Sequoia, unless Evergreen reasonably demonstrates that exigencies require a longer period for consideration):
(i)incur or guarantee any indebtedness for borrowed money, other than (A) $100,000,000 of additional indebtedness per fiscal quarter as contemplated by the Sequoia Equity Commitment Documents and the Morgan Stanley Loan Documents (as such terms are defined in the Sequoia Disclosure Schedule), (B) additional indebtedness as necessary or advisable so that Sequoia’s wholly-owned Subsidiaries would project in good faith to have at least $200,000,000 of unrestricted cash at all times over the succeeding twelve (12) months, (C) indebtedness for borrowed money solely among Sequoia and its wholly-owned Subsidiaries (or any combination thereof), (D) indebtedness which refinances, extends, defeases or otherwise discharges or replaces indebtedness of Sequoia and its Subsidiaries, (E) indebtedness of any Sequoia Employee in the ordinary course of business and (F) ordinary course draws or other extensions of credit under any working
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capital facility or line of credit of Sequoia or any of its Subsidiaries and obligations under cash management services and similar arrangements in the ordinary course of business and (G) indebtedness for borrowed money up to $5,000,000 individually or $15,000,000 in the aggregate incurred in the ordinary course of business consistent with past practice;
(ii)declare, set aside or pay any non-cash dividend or other non-cash distribution with respect to its equity securities or repurchase any of its equity securities, in all cases other than dividends or other distributions by Sequoia or a wholly-owned Subsidiary of Sequoia solely to one or more other wholly-owned Subsidiaries of Sequoia or Sequoia (it being understood, for the avoidance of doubt, that nothing in this Section 6.02 shall be deemed to restrict the ability of Sequoia or its Subsidiaries to declare, set aside or pay any dividend or distribution of Cash);
(iii)issue, transfer, encumber, sell, deliver or otherwise dispose of or authorize the issuance, transfer, encumbrance, sale, delivery or disposition of (other than any authorization of a transfer, encumbrance, sale, delivery or disposition by an existing equityholder of Sequoia), any of Sequoia’s or any Subsidiary of Sequoia’s equity securities or issue, grant or sell any securities convertible into, or options with respect to, or warrants to purchase or rights to subscribe for, any of Sequoia’s or any Subsidiary of Sequoia’s equity securities, in each case, other than (A) solely between or among Sequoia and its wholly-owned Subsidiaries and (B) any transfer, encumbrance (provided such encumbrance is in connection with indebtedness permitted under paragraph (b)(i) above), sale or disposition of equity securities of any Subsidiary of Sequoia;
(iv)effect any recapitalization, combination, redemption, reclassification, equity split, exchange or like change in capitalization or adopt any plan of liquidation, arrangement, dissolution, merger, consolidation or other reorganization (other than solely between or among Sequoia and its wholly-owned Subsidiaries);
(v)amend their respective Organizational Documents in a manner adverse to Evergreen;
(vi)(A) make or change any entity classification election, (B) make or change any other Tax election, (C) adopt or change any method of accounting or annual accounting period for Tax purposes, (D) settle or compromise any Tax Liability, (E) file any Tax Return outside the ordinary course of business or amend any Tax Return, (F) make any voluntary Tax disclosure, (G) surrender any right to claim a refund, credit or other similar Tax benefit, or (H) waive or extend the statute of limitations in respect of any Tax claim or assessment, in the case of clauses (A) through (H), to the extent such action would reasonably be expected to (x) materially adversely affect the Tax liability of, (y) materially adversely affect the reporting of any material item on a Tax Return of, or (z) result in a material Tax Return filing obligation of, Evergreen or any of its Affiliates (including the Transferred Subsidiaries) or owners for any Tax period (or portion thereof) beginning after the Closing Date; or
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(vii)agree in writing or commit Sequoia or any Subsidiary of Sequoia or, to the extent related to Sequoia’s business, any other member of the Sequoia Group to do any of the foregoing.
Section 6.03Conduct of the Juniper’s Business.
(a)Prior to the consummation of a Public Transaction, except (i) as required or expressly permitted by this Agreement, (ii) as required by Law, (iii) as otherwise set forth on Schedule 6.03(a) of the Juniper Disclosure Schedule, (iv) with the prior written consent of Evergreen (which consent shall not be unreasonably withheld, conditioned or delayed; provided that Evergreen shall be deemed to have consented if Evergreen does not object in writing within ten (10) Business Days after a written request for such consent is delivered to Evergreen by Juniper, unless Evergreen reasonably demonstrates that exigencies require a longer period for consideration) or (v) in connection with effecting a Public Transaction (so long as such action is consistent with the Public Transaction Principles and does not adversely affect in any material respect, the rights of Evergreen in a manner disproportionate to the equityholders of Juniper, as if the Transactions had been consummated immediately prior to a Public Transaction), during the period from the date of this Agreement through the earlier of the Closing and the termination of this Agreement in accordance with Article VIII, Juniper shall use commercially reasonable efforts to conduct its business in all material respects in the ordinary course (it being agreed that those actions taken by Juniper specifically in response to COVID-19 that are consistent in all material respects with the types of actions taken by such Persons in response to COVID-19 since the onset of COVID-19 and prior to the date of this Agreement, shall be deemed to be in all material respects in the ordinary course).
(b)Prior to the consummation of a Public Transaction, except (i) as required or expressly permitted by this Agreement, (ii) as required by Law, (iii) as otherwise set forth on Schedule 6.03(b) of the Juniper Disclosure Schedule (iv) in connection with effecting a Public Transaction (so long as such action is consistent with the Public Transaction Principles and does not adversely affect in any material respect, the rights of Evergreen in a manner disproportionate to the equityholders of Juniper, as if the Transactions had been consummated immediately prior to a Public Transaction) or (v) for actions taken by Juniper specifically in response to COVID-19 that are consistent in all material respects with the types of actions taken by such Persons in response to COVID-19 since the onset of COVID-19 and prior to the date of this Agreement, during the period from the date of this Agreement through the earlier of the Closing and the termination of this Agreement in accordance with Article VIII, Juniper shall not undertake any of the following actions without the prior written consent of Evergreen (which consent shall not be unreasonably withheld, conditioned or delayed; provided that Evergreen shall be deemed to have consented if Evergreen does not object in writing within eight (8) Business Days after a written request for such consent is delivered to Evergreen by Juniper, unless Evergreen reasonably demonstrates that exigencies require a longer period for consideration):
(i)incur or guarantee any indebtedness for borrowed money;
(ii)declare, set aside or pay any non-cash dividend or other non-cash distribution with respect to its equity securities or repurchase any of its equity securities;
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(iii)issue, transfer, encumber, sell, deliver or otherwise dispose of or authorize the issuance, transfer, encumbrance, sale, delivery or disposition of, any of Juniper’s equity securities or issue, grant or sell any securities convertible into, or options with respect to, or warrants to purchase or rights to subscribe for, any of Juniper’s equity securities;
(iv)effect any recapitalization, combination, redemption, reclassification, equity split, exchange or like change in capitalization or adopt any plan of liquidation, arrangement, dissolution, merger, consolidation or other reorganization;
(v)amend their respective Organizational Documents;
(vi)sell, assign, transfer, lease, license, abandon, dedicate to the public, otherwise dispose of, mortgage, pledge, or subject to any Lien any properties or assets of Juniper;
(vii)acquire, by merger, consolidation, acquisition of equity interests or assets or otherwise, any business, entity or other Person or division or portion thereof or make any investment in, or any loans to, any other Person (other than between Transferred Subsidiaries);
(viii)(A) make or change any entity classification election, (B) make or change any other Tax election, (C) adopt or change any method of accounting or annual accounting period for Tax purposes, (D) settle or compromise any Tax Liability, (E) file any Tax Return outside the ordinary course of business or amend any Tax Return, (F) make any voluntary Tax disclosure, (G) surrender any right to claim a refund, credit or other similar Tax benefit, or (H) waive or extend the statute of limitations in respect of any Tax claim or assessment, in the case of clauses (A) through (H), to the extent such action would reasonably be expected to (x) materially adversely affect the Tax liability of, (y) materially adversely affect the reporting of any material item on a Tax Return of, or (z) result in a material Tax Return filing obligation of, Evergreen or any of its Affiliates (including the Transferred Subsidiaries) or owners for any Tax period (or portion thereof) beginning after the Closing Date;
(ix)engage in any business activity other than that incidental to the investment, acquisition, operation, management or administration of its ownership of Sequoia;
(x)enter into any waiver, release, assignment, compromise or settlement of any pending or threatened material Action;
(xi)take any action, or fail to take any action, where such action or inaction is not (a) incidental to Juniper’s ownership of Sequoia Group Equity Interests, or (b) required pursuant to the Transaction Documents; or
(xii)agree in writing or commit Juniper to do any of the foregoing.
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Section 6.04Inspection Rights.  From the date of this Agreement until the Closing, subject to confidentiality obligations that may be applicable to information furnished to Evergreen or any of its Subsidiaries by third parties that may be in Evergreen’s or any of its Subsidiaries’ possession from time to time, and except for any information that is subject to work product protection, attorney-client privilege or other similar privilege from disclosure and subject to any restrictions in any Elm Real Property Lease with respect to access to a property, Evergreen shall cause the Transferred Subsidiaries and, to the extent related to the Elm Business, the other members of the Evergreen Group, to afford to each of Juniper and Sequoia and their respective accountants, counsel and other Representatives reasonable access, during normal business hours, in such manner as to not interfere with the normal operation of the Transferred Subsidiaries, to the Transferred Subsidiaries’ properties, books, contracts, commitments, tax returns, records and appropriate officers and employees of the Transferred Subsidiaries, and shall furnish such Representatives with financial and operating data and other information concerning the affairs of the Transferred Subsidiaries and the Elm Business (including with respect to the post-signing due diligence requirements set forth on Schedule 6.10(h) of the Evergreen Disclosure Schedule), in each case, as such Representatives may reasonably request from time to time; provided that (i) such inspection shall be conducted in accordance with all applicable competition Laws, shall only be upon reasonable advance notice and shall be at Juniper’s or Sequoia’s sole cost and expense, as applicable; and (ii) each of Juniper and Sequoia and their respective Representatives shall not be permitted to perform any environmental sampling or testing at any real property owned or leased by Evergreen or any of its Subsidiaries, including sampling or testing of soil, groundwater, surface water, building materials, or air emissions or wastewater discharges; provided, further, that Evergreen shall use commercially reasonable efforts to (a) allow for such disclosure or access (or as much of it as possible) in a manner that does not result in a loss of such privilege or protection, violate the terms of any confidentiality obligations or any Elm Real Property Lease (including by seeking consent) or (b) develop an alternative method of providing any such information or access to each of Juniper and Sequoia.  All information obtained by Juniper and Sequoia and their respective Representatives pursuant to this Section 6.04 shall be subject to the Confidentiality Agreement.
Section 6.05HSR Act and Foreign Antitrust Approvals.
(a)In connection with the transactions contemplated by this Agreement and to the extent not filed between the date of the Put Option Agreement and the date of this Agreement, each Party, to the extent applicable to such Party, shall (and, to the extent required, shall cause its Affiliates to) (i) promptly comply, but in no event later than ten (10) Business Days after the date hereof, with the notification and reporting requirements of the HSR Act, (ii) promptly, but in no event later than fifteen (15) Business Days after the date hereof, file and submit the CMA Briefing Paper to the CMA, and (iii) as soon as practicable and advisable (and in any event within the required time periods for filing under applicable Law), make the filings under any other Antitrust Laws as may be necessary, proper or advisable under any applicable similar foreign Antitrust Laws, including in the jurisdictions set forth on Schedule 7.01(c) of the Evergreen Disclosure Schedule.  Each Party shall use its reasonable best efforts to substantially comply with any Antitrust Information or Document Requests made of such Party or any of its Affiliates. In furtherance of the foregoing, if, after submission of the CMA Briefing Paper, the CMA requests submission of a Merger Notice or otherwise indicates, in the reasonable opinion of any of the Parties, that an investigation is warranted into the Transactions, Sequoia shall make a submission
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of a substantially complete draft Merger Notice (followed by a completed Merger Notice) to the CMA as promptly as practicable after the receipt by Sequoia of such request or indication from the CMA.
(b)Each Party shall exercise its reasonable best efforts to (i) obtain termination or expiration of the waiting period under the HSR Act and such other approvals, consents and clearances as may be necessary, proper or advisable under any foreign Antitrust Laws, in each case, as soon as practicable (but in any event prior to the Termination Date), (ii) furnish to each other all information required for any application or other filing to be made pursuant to any Antitrust Law in connection with the transactions contemplated by this Agreement (including, to the extent permitted by Law, responding to any reasonable requests for copies of documents filed with the other Parties’ prior filings), and (iii) otherwise cooperate with each other in connection with any filing and in connection with resolving any investigation or other inquiry of any Antitrust Authority.  No Party shall, without the written consent of the other Parties, “pull-and-refile” pursuant to 16 C.F.R. 803.12 any filing made under the HSR Act, or take any similar action (including entry into any agreement or arrangement relating to the timing of the Closing Date) without prior written approval from the other Parties with respect to any filing made with any Antitrust Authority.
(c)Without limiting the foregoing, each of Evergreen, Juniper and Sequoia shall, and shall cause its Affiliates to, cooperate in good faith with the Antitrust Authorities and use their reasonable best efforts to undertake promptly (x) any and all actions (including cooperating and negotiating in good faith with the Antitrust Authorities) necessary, proper or advisable to satisfy the conditions set forth in Section 7.01(a), (b), (c) and (d) and to complete lawfully the Transactions as soon as practicable (but in any event prior to the Termination Date) and (y) any and all actions necessary, proper or advisable to avoid or prevent the actual or threatened commencement of any Action in any forum by or on behalf of any Antitrust Authority or the issuance by an Antitrust Authority of any Order that would (or to obtain the agreement or consent of any Antitrust Authority to the Transactions the absence of which would) delay, enjoin, prevent, restrain or otherwise prohibit the consummation of the Transactions.  Notwithstanding anything to the contrary, (i) neither Juniper or Sequoia nor any of their equityholders or any of their respective Affiliates will be required to, and Evergreen shall not be required to (and shall not and shall not cause the other members of the Evergreen Group to, without the prior written consent of Sequoia), take or agree to take any action with respect to, or agree to any limitation on (x) any business, product line, or asset of Juniper or Sequoia or any of their equityholders or any of their respective Affiliates or (y) any Transferred Asset or any business, product line, or asset of the Elm Business, in each case, that would, individually or in the aggregate, reasonably be expected to, have a material impact on Juniper or Sequoia or any of their equityholders or any of their respective Affiliates, or the Transferred Subsidiaries and the Transferred Assets, after the Closing, measured relative to the size of the Elm Business, (ii) none of Evergreen, Juniper, Sequoia or any of their equityholders or any of their respective Affiliates will be required to take or agree to take any action or agree to any limitation on, with respect to Juniper or Sequoia or any of their equityholders or any of their respective Affiliates, itself, its equityholders or any of its Affiliates (including with respect to Sequoia, the Transferred Subsidiaries), and with respect to Evergreen, itself or the other members of the Evergreen Group, which would reasonably be expected to adversely affect the economic benefits to be received by such Party and its equityholders or Affiliates as a result of the Transactions in any material respect, including such adverse changes to the form or nature of the
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consideration to be received by Evergreen and its Affiliates pursuant to the Transaction Documents and (iii) no Party nor any of its Affiliates will be required to take or agree to take any action or agree to any limitation on such Party or its Affiliates which would reasonably be expected to change (adversely to such Party), in any material respect, the terms and conditions of the EPS Agreement.
(d)Each Party shall use its commercially reasonable efforts to cooperate with the other party in connection with (i) any filings with the Antitrust Authorities, (ii) any information requests from any such agency in connection with a filing, and (iii) any investigation or other inquiry of any such agency or other Antitrust Authorities under any Antitrust Laws.  With regard to any communication with any Antitrust Authority regarding such filings, each party will copy the other on all communications with any Antitrust Authority and inform the other party (x) before delivering any communication to an Antitrust Authority; (y) promptly after receiving any communication from an Antitrust Authority; and (z) before entering into any proposed understanding, undertaking, or agreement with any Antitrust Authority regarding any such filings or the Transactions.  Subject to all applicable Laws, prior to submission each of the parties shall have the right to review and comment on any submission before it is made to any Antitrust Authority, with such comments to be considered in good faith by the submitting party.  Neither Party will participate in any meeting with any Antitrust Authority concerning or in connection with the Transactions, filings, investigation, or other inquiry without giving the other party reasonable advance notice of the meeting and, to the extent permitted by such Antitrust Authority, the opportunity to attend and participate.  Notwithstanding anything to the contrary in this Agreement, where Juniper, Sequoia, Evergreen, any of their respective equityholders or, in each case of the foregoing, any respective Affiliates thereof is required or requested to provide information in connection with this Agreement or any applicable Laws, including Antitrust Laws, such information may be provided on an outside counsel-only basis or in the case of Quantum directly to the party, Antitrust Authority and /or other Governmental Entity requesting such information.  Any such materials or information provided on an outside counsel-only basis shall be provided only to a receiving party’s outside counsel and not disclosed by such counsel to any employees (including in-house counsel), officers or directors of the receiving party without the advance written consent of the party supplying such materials or information.  Quantum shall not be required to provide non-public financial information or personal identifying information of any employee, officer or director of Quantum or any of its Affiliates who is a senior government official to any Antitrust Authority or Governmental Entity (or to any party in connection with a request or requirement to provide any information), other than such information of the type and to the extent previously provided in previous applications or responses to any Antitrust Authority or Governmental Entity, other than any Qatari Governmental Entity or Qatari Antitrust Authority, and none of Juniper, Sequoia, Evergreen, any of their respective equityholders or, in each case of the foregoing, any respective Affiliates thereof shall provide non-public Quantum information to any Antitrust Authority or Governmental Entity without the prior written consent of Quantum.
Section 6.06Indemnification and Insurance.
(a)Sequoia shall cause each of the Transferred Subsidiaries for a period of not less than six (6) years from the Closing (i) to maintain provisions in its Organizational Documents concerning the indemnification and exoneration (including provisions relating to expense advancement) of the Transferred Subsidiaries’ former and current directors, managers, officers
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and employees (the “Indemnified Persons”) in respect of the period prior to Closing that are no less favorable to those Indemnified Persons than the provisions of the Organizational Documents of such Transferred Subsidiary, as applicable, in each case, as of the date of the Put Option Agreement, and (ii) not to amend, repeal or otherwise modify such provisions in any respect that would adversely affect the rights of those Indemnified Persons thereunder, in each case, except as required by Law.
(b)Prior to the Closing, Sequoia shall purchase pre-paid and non-cancellable six (6) year run-off directors and officers liability  and fiduciary liability insurance covering the Transferred Subsidiaries and the Indemnified Persons (“Tail Insurance”), in each case, with terms and conditions that are not materially less favorable to the Transferred Subsidiaries and the Indemnified Persons than the directors and officers liability and fiduciary liability insurance maintained by Evergreen as of the date of the Put Option Agreement and with limits of liability and retentions at least as favorable to the insureds thereunder as those set forth on Schedule 6.06(b) of the Evergreen Disclosure Schedule, with respect to acts, omissions, facts or events occurring or alleged to have occurred at or prior to the Closing, including the transactions contemplated hereby; provided, however, that in no event shall Sequoia be required to expend for the Tail Insurance an amount in excess of the maximum amount set forth on Schedule 6.06(b) of the Evergreen Disclosure Schedule (“Maximum Amount”); provided, further, that if such Tail Insurance is not available or the cost of the Tail Insurance exceeds the Maximum Amount, then Sequoia shall obtain Tail Insurance with the greatest coverage available for a cost not exceeding the Maximum Amount.  For the avoidance doubt, Evergreen shall reasonably cooperate with Sequoia in order to facilitate its purchase of the Tail Insurance.
(c)Notwithstanding anything contained in this Agreement to the contrary, this Section 6.06 shall survive the consummation of the Transactions for a period of six (6) years and shall be binding, jointly and severally, on all successors and assigns of Sequoia and its Subsidiaries.  In the event that Sequoia or any of its Subsidiaries or any of their respective successors or assigns consolidates with or merges into any other Person and shall not be the continuing or surviving corporation or entity of such consolidation or merger, or transfers or conveys all or substantially all of its properties and assets to any Person, then, and in each such case, proper provision shall be made so that the successors and assigns of Sequoia or the applicable Subsidiary, as the case may be, shall succeed to the obligations set forth in this Section 6.06.
(d)Sequoia acknowledges that except as provided in this Section 6.06(d), (a) all insurance policies maintained by Evergreen or any of its Subsidiaries (other than the Transferred Subsidiaries) for the benefit of the Transferred Subsidiaries (the “Insurance Policies”) are part of the corporate insurance program maintained by Evergreen, and such coverage shall not be available or transferred to Sequoia or the Transferred Subsidiaries, (b) from and after the Closing, the Transferred Subsidiaries shall cease to be insured by the Insurance Policies, and (c) from and after the Closing, Sequoia shall be responsible for securing all insurance they deem appropriate for the operation of the Transferred Subsidiaries.  Except as provided in this Section 6.06(d), from and after the Closing, Evergreen and its Subsidiaries shall have no obligation to Sequoia or the Transferred Subsidiaries with respect to or under any of the Insurance Policies; provided that from and after the Closing, Evergreen and its Subsidiaries shall use commercially reasonable efforts to not take any measure or fail to take any measure to eliminate or reduce coverage available to the Transferred Subsidiaries under the Insurance Policies other than the
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reduction of policy limits due to claims paid in the ordinary course, and Evergreen and its Subsidiaries shall use commercially reasonable efforts to (i) direct any carriers under the occurrence-based Insurance Policies (“Occurrence Based Policies”) to make any available insurance coverage under the Occurrence Based Policies available to the Transferred Subsidiaries for claims arising out of any actual or alleged occurrences occurring prior to the Closing relating to the Transferred Subsidiaries or the Elm Business, (ii) direct any carriers under any claims-made Insurance Policies (“Claims Made Policies”) to make any available insurance coverage under the Claims Made Policies available to the Transferred Subsidiaries for claims made prior to the Closing that arise out of any actual or alleged act, omission, circumstance, event or incident occurring prior to the Closing relating to the Transferred Subsidiaries or the Elm Business; provided that all deductibles, self-insured retentions, claims handling fees or any other amounts payable under any such Insurance Policies shall be shared equitably between Sequoia and the Transferred Subsidiaries, on the one hand, and Evergreen, on the other hand, relative to claims made by or on behalf of the Transferred Subsidiaries against the Occurrence Based Policies or Claims Made Policies pursuant to this Section 6.06(d).  Following the Closing Date, upon Sequoia or the Transferred Subsidiaries’ reasonable request, and at the Transferred Subsidiaries’ cost and expense, Evergreen and its Subsidiaries shall reasonably cooperate with and assist the Transferred Subsidiaries in issuing notices of such claims under the Occurrence Based Policies and Claims Made Policies, presenting such claims for payment and collecting insurance proceeds under the Insurance Policies.
Section 6.07Tax Matters.
(a)Cooperation.  The Parties agree to furnish or cause to be furnished to the other, upon request, as promptly as practicable, such information and assistance relating to Taxes, including, without limitation, access to Books and Records, as is reasonably necessary for the filing of all Tax Returns by the applicable Party, the making of any election relating to Taxes, the preparation for any audit by any Tax authority and the prosecution or defense of any claim, suit or proceeding relating to any Tax. Without limiting the foregoing, Evergreen agrees that, promptly following the finalization of the Closing Statements pursuant to Section 1.03, it shall furnish Sequoia with a Tax basis balance sheet (current as of the Closing Date) that includes all of the assets that are considered as contributed to Sequoia for U.S. federal income Tax purposes, in order to enable Sequoia to satisfy its Tax reporting and compliance obligations (including preparing IRS Form 1065 and Schedules K-1 attached thereto).
(b)Transfer Taxes.  All transfer, stamp, documentary, sales, use, registration, value-added and other similar Taxes (including all applicable real estate transfer Taxes) (collectively, “Transfer Taxes”) incurred in connection with the Restructuring shall be borne by Evergreen.  Any and all other Transfer Taxes incurred in connection with this Agreement and the transactions contemplated hereby shall be borne 50% by Evergreen, on the one hand, and 50% by Sequoia, on the other.  The Parties shall cooperate to file in a timely manner all necessary documents (including, but not limited to, all Tax Returns) with respect to all such Transfer Taxes.
(c)Intended Tax Treatment.  Notwithstanding anything herein to the contrary, no Party shall (and each Party shall cause their respective Subsidiaries not to) take, or omit to take, any action that could reasonably be expected to prevent or impede the Intended Tax Treatment.  Both prior to and following the Closing, each Party shall use their commercially reasonable efforts,
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and shall cause their respective Subsidiaries to use their commercially reasonable efforts, to take or cause to be taken any action necessary for the Intended Tax Treatment to apply, including by reasonably refraining from any action that such Party knows, or could reasonably be expected to know, is reasonably likely to prevent or impede the Intended Tax Treatment.  Each Party shall report the Transactions in accordance with the Intended Tax Treatment and shall not take any inconsistent position on any Tax Return, in any audit or administrative or court proceeding, or otherwise, unless required pursuant to a “determination” within the meaning of Section 1313(a) of the Code.
(d)U.S. Tax Classifications. Prior to the Closing Date, with respect to each of the Transferred Subsidiaries not listed on Schedule 2.19(m) of the Evergreen Disclosure Schedule (i.e., those that are “foreign entities” within the meaning of Treasury Regulations Section 301.7701-3), Evergreen shall consider in good faith making a valid election under Treasury Regulations Section 301.7701-3, effective prior to the Closing Date, for such Transferred Subsidiary (or, if applicable, for a successor entity to such Transferred Subsidiary following a legal conversion, merger or other similar transaction under applicable Law) to be classified as an entity that is disregarded as separate from its owner for U.S. federal income tax purposes; provided that Evergreen (i) shall confer with Sequoia in good faith prior to making any such election(s), and (ii) shall not make such election(s) without Sequoia’s prior written consent (not to be unreasonably withheld, delayed or conditioned). Evergreen shall cause a valid election under Treasury Regulations Section 301.7701-3 to be made with respect to Elm U.S. to treat Elm U.S. as a corporation for U.S. federal income Tax purposes, effective as of two (2) days following the date of the Step-Up Transaction, and shall not change or revoke such election prior to Closing. Evergreen shall promptly provide Sequoia with a copy of each Form 8832 filed with respect to the foregoing elections.
(e)Evergreen shall cause the basis of each of the assets of Elm U.S. (as determined for U.S. federal income Tax purposes) to be equivalent to such asset’s fair market value as of a date no later than thirty (30) Business Days following the date of the Put Option Agreement (the “Step-Up Transaction”).
(f)Elm U.S. Basis Step-Up Allocation. Within sixty (60) days after the date of the Step-Up Transaction, Evergreen shall provide Sequoia with a schedule setting forth the fair market value of Elm U.S. as of the date of the Step-Up Transaction, and a proposed allocation of such value (and all other amounts properly taken into account under applicable Law) among the assets of Elm U.S. as of such date (the “Proposed Allocation”).  The Proposed Allocation shall be consistent with the provisions of Section 1060 of the Code and the Treasury Regulations thereunder. If, within thirty (30) days after the delivery of the Proposed Allocation, Sequoia notifies Evergreen in writing that Sequoia objects to any item in the Proposed Allocation, Evergreen and Sequoia shall endeavor to resolve such dispute within thirty (30) days in good faith. Any amounts remaining in dispute at the conclusion of such thirty (30) day period shall be submitted to the Dispute Resolution Firm for resolution in accordance with the terms and conditions of Section 1.03(f), mutatis mutandis. The Proposed Allocation, as revised to reflect the resolution of any disputed items (the “Final Allocation”), shall be binding on Evergreen and Sequoia and their respective Affiliates, and neither Evergreen nor Sequoia, nor any of their respective Affiliates, shall take any position that is inconsistent with the Final Allocation on any Tax Return, in any audit or administrative or court proceeding, or otherwise, unless required
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pursuant to a “determination” within the meaning of Section 1313(a) of the Code. Each of the Parties shall promptly notify the other if the IRS or any other Tax authority asserts a position that is inconsistent with the Final Allocation.
Section 6.08Employment Matters.
(a)Subject to the provisions of applicable Law and any applicable Collective Bargaining Agreement, with respect to the Business Employees who are employed by the Transferred Subsidiaries immediately prior to the Closing or who are employed by Sequoia or its Subsidiaries with effect on and from Closing (the “Continuing Employees”), for the period commencing at the Closing and ending on the earlier of (x) the date that is twelve (12) months following the Closing and (y) the date on which the employment of a Continuing Employee terminates, Sequoia shall (or shall cause its Affiliates to) provide each Continuing Employee with (i) an annual base salary or hourly wage rate (as applicable) and annual cash bonus and other short-term incentive opportunities (other than with respect to equity-based compensation) no less favorable in the aggregate than the annual base salary or hourly wage rate, annual cash bonus and other short-term incentive opportunities (as applicable) (other than with respect to equity-based compensation) provided to such Continuing Employee immediately prior to the Closing; and (ii) severance eligibility and employee health, welfare and retirement benefits that are no less favorable in the aggregate than such benefits provided to such Continuing Employee (as applicable) immediately prior to the Closing. Evergreen and Sequoia shall reasonably agree the form of any transfer agreements required to be issued to any Business Employees employed by Evergreen or its Affiliates whose employment it is agreed will be transferred to Sequoia or its Affiliates with effect on and from the Closing.
(b)With respect to each Automatic Transfer Employee whose employment is transferred to a Transferred Subsidiary prior to Closing in connection with the Restructuring, Sequoia shall (or shall cause its Affiliates to) maintain the terms and conditions of employment of each Automatic Transfer Employee in accordance with, and subject to, Automatic Transfer Law.
(c)Sequoia shall, and shall cause its Subsidiaries to, recognize each Continuing Employee’s employment or service with the Evergreen Group (including any current or former Affiliate thereof or any predecessor thereof) prior to the Closing for all purposes, including for purposes of determining, as applicable, eligibility for participation, vesting and benefit accrual of the Continuing Employee under all employee retirement, health, welfare and disability benefit plans and policies (other than with respect to any defined benefit plan, retiree medical or similar payments or benefits) maintained by Sequoia and its Subsidiaries (or, following the Closing, the Transferred Subsidiaries) (“New Benefit Plans”), except to the extent such recognition would result in a duplication of benefits.  In addition, Sequoia shall (or shall cause its Affiliates to) use commercially reasonable efforts to:  (i) cause each Continuing Employee to become immediately eligible to participate in, without any waiting time and waive any pre-existing conditions or limitations, actively at work requirements, evidence of insurability requirements or required physical examinations under, any New Benefit Plan providing medical, dental, hospital, vision or pharmaceutical benefits with respect to Continuing Employees and their eligible dependents, except to the extent that any such exclusions or requirements applied to such Continuing Employee under the comparable Evergreen Benefit Plan in which such Continuing Employee participated immediately before the Closing Date, and (ii) fully credit each Continuing Employee with all
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deductible payments, co-payments and other out-of-pocket expenses incurred by such Continuing Employee and his or her covered dependents prior to the Closing Date during the plan year in which the Closing occurs for the purpose of determining the extent to which such Continuing Employee has satisfied the deductible, co-payments, or maximum out-of-pocket requirements applicable to such Continuing Employee and his or her covered dependents for such plan year under any New Benefit Plan providing medical, dental, hospital, pharmaceutical or vision benefits to such Continuing Employee, as if such amounts had been paid in accordance with such plan.
(d)Except as would not be reasonably expected to result in a material Liability to the Evergreen Group, with respect to each jurisdiction in which a Collective Bargaining Agreement governs the terms of employment of any Continuing Employee, Sequoia shall not, nor shall it permit its Affiliates to, at any time within the 90-day period immediately following the Closing Date, effectuate a mass layoff or collective dismissal as such term (or any similar term) is defined under any applicable Law of Continuing Employees in any such jurisdiction.
(e)Notwithstanding (and without limiting) anything set forth in Section 6.08(a) or Section 6.08(d) and to the extent in compliance with applicable Law and any applicable Collective Bargaining Agreement, (i) Sequoia may, or may cause any of its Subsidiaries to take employee-related actions related to the COVID-19 pandemic or institute any reductions in compensation and benefits that are generally applicable and proportionate to similarly situated employees of Sequoia and its Subsidiaries (including, following the Closing, any Transferred Subsidiary) and (ii) other than as may be required by applicable Law, Sequoia and its Subsidiaries are not required to provide employee health, welfare or retirement benefits to any employee of the Evergreen Group, including any Business Employee and any employee of any Transferred Subsidiary, whose employment is expected to be terminated in connection with Closing or any former such employee, including furloughed employees.
(f)As soon as administratively practicable following the Closing, Sequoia shall (or shall cause any of its Subsidiaries to) cause a defined contribution retirement plan intended to qualify under Section 401(a) of the Code that is maintained by Sequoia or one of its Subsidiaries (including, following the Closing, any Transferred Subsidiary) (each, a “Sequoia 401(k) Plan”) to accept a direct rollover of the account balance (including any promissory notes for associated loans that are outstanding as of immediately prior to Closing) of each Continuing Employee from an Evergreen Benefit Plan that is a tax-qualified defined contribution retirement plan under Section 401(a) of the Code (each, an “Evergreen 401(k) Plan”) if such direct rollover is elected in accordance with applicable Law and the terms of the Evergreen 401(k) Plan by such Continuing Employee.  Evergreen and Sequoia shall cooperate in good faith to take all commercially reasonable actions needed to permit each active Continuing Employee with an outstanding loan balance under an Evergreen 401(k) Plan as of the Closing Date to continue to make scheduled loans payments to the applicable Evergreen 401(k) Plan following the Closing, pending the distribution and in-kind rollover of the promissory notes evidencing such loans from such Evergreen 401(k) Plan to a Sequoia 401(k) Plan, as provided in the preceding sentence, such as to prevent, to the extent reasonably possible, a deemed distribution or loan offset with respect to such outstanding loans.
(g)Effective as of the Closing, Evergreen shall and shall cause its Affiliates to take all actions set forth on Schedule 6.08(g) of the Evergreen Disclosure Schedule in order to
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implement the treatment of each equity and equity-based award held by a Continuing Employee set forth therein.
(h)Nothing contained in this Agreement shall, or shall be construed so as to, (i) prevent or restrict in any way the right of Sequoia to terminate, reassign, promote or demote any Continuing Employee (or to cause any of the foregoing actions) at any time following the Closing Date, or to change (or cause the change of) the title, powers, duties, responsibilities, functions, locations, salaries, other compensation or terms or conditions of employment or service of any such service provider at any time following the Closing Date (subject to Section 6.08(a)); (ii) constitute an amendment or modification of any Benefit Plan or other employee benefit plan; or (iii) create any third-party rights in any such current or former Business Employee (including any beneficiary or dependent thereof).
(i)On or prior to the Closing, Evergreen shall or shall cause its Affiliates to: (i) subject in each case either to the consent of the applicable Business Employee (which provision of consent neither Evergreen nor any other member of the Evergreen Group shall discourage), or, with respect to Automatic Transfer Employees, subject to the applicable Automatic Transfer Employee not objecting to their transfer (which objection neither Evergreen nor any other member of the Evergreen Group shall encourage), to the extent any Business Employee is not directly employed by a Transferred Subsidiary, transfer the employment of each such Business Employee to a Transferred Subsidiary and, where applicable, effectuate such transfer of employment in accordance with the step plans set forth on Schedule 6.08(i)(i) of the Evergreen Disclosure Schedule; (ii) transfer the employment of each employee employed by a Transferred Subsidiary who is not a Business Employee to a member of the Evergreen Group (other than a Transferred Subsidiary) and, where applicable, effectuate such transfer of employment in accordance with the step plans set forth on Schedule 6.08(i)(ii) of the Evergreen Disclosure Schedule; (iii) to the extent any Business Independent Contractor (other than any Business Independent Contractor who is a contingent worker) is not directly engaged by a Transferred Subsidiary, transfer the engagement of each Business Independent Contractor to a Transferred Subsidiary; and (iv) transfer the engagement of each independent contractor engaged by a Transferred Subsidiary who is not a Business Independent Contractor to a member of the Evergreen Group (other than a Transferred Subsidiary).  Evergreen shall, on a monthly basis until the Closing Date, update Schedule 2.18(a) of the Evergreen Disclosure Schedule and Schedule 2.18(b) of the Evergreen Disclosure Schedule to reflect any applicable changes thereto, with a final version of such schedules to be provided to Sequoia on the Closing Date.
(j)Transfer Costs.
(i)In this Section 6.08(j), “Transfer Costs” includes any costs incurred in connection with or related to the employment or appointment of any person or its termination including, the cost of salaries, incentives, benefits or other remuneration, any dismissal or other severance costs and any award, compensation, damages, fine, loss, order, penalty or payment made by way of settlement and out of pocket costs and expenses reasonably incurred in connection with a claim or investigation (including any investigation by any enforcement, regulatory or supervisory body and of implementing any requirements which may arise from any such investigation), legal costs and expenses being assessed on an indemnity basis.
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(ii)Except as otherwise agreed in writing or set forth in this Section 6.08, Evergreen shall (on its own behalf and on behalf of each member of the Evergreen Group) indemnify Sequoia (on its own behalf and on behalf of each of its Affiliates which, following the Closing, will include the Transferred Subsidiaries) for all Transfer Costs incurred by Sequoia or any of its Affiliates or any Transferred Subsidiary in connection with:
(1)any failure by Evergreen or the Evergreen Group (including, prior to the Closing, the Transferred Subsidiaries) to comply with its or their obligations pursuant to Automatic Transfer Laws, including any obligation to inform or consult with any Business Employees or any Employee Representative save to the extent that any failure arises as a result of any act or omission of Sequoia or its Subsidiaries;
(2)the employment or termination of employment of any Business Employee who objects to the transfer of his or her employment to a Transferred Subsidiary pursuant to Automatic Transfer Laws or refuses an offer of employment made by a Transferred Subsidiary save where any such objection arises directly from any actual, proposed or anticipated changes made to the terms and conditions of employment or working conditions of such Business Employee by or at the request of Sequoia or any of its Subsidiaries which are (or are alleged to be) to their material detriment; and
(3)the employment or termination of employment of any person who is not a Business Employee who establishes or asserts that his or her contract of employment has transferred to Sequoia (or any of its Affiliates) or to a Transferred Subsidiary pursuant to Automatic Transfer Laws in connection with the Transactions; provided that Sequoia procures that such person is dismissed within thirty (30) days of Sequoia being made aware in writing of such established or asserted transfer.
For the avoidance of doubt, all liabilities relating to the employment of a Continuing Employee in respect of any period of such individual’s employment with Evergreen or its Affiliates prior to Closing shall be Assumed Liabilities and shall (to the extent permitted by applicable Law) be transferred to the applicable Transferred Subsidiary or Sequoia’s Affiliate which employs such Continuing Employee with effect on and from Closing other than employment costs for the pay period in which Closing occurs which shall be apportioned on a pro-rata basis between (i) Evergreen or its Affiliate which employed such Continuing Employee for the portion of the pay period prior to Closing; and (ii) the Transferred Subsidiary or Sequoia’s Affiliate employing such Continuing Employee on and from Closing for the portion of the pay period on and from Closing.
(k)Sequoia Transfer Costs.
(i)Except as otherwise agreed in writing or set forth in this Agreement, Sequoia shall (on its own behalf and on behalf of each member of the Sequoia Group) indemnify Evergreen (on its own behalf and on behalf of each member of the Evergreen Group excluding the Transferred Subsidiaries) for all Transfer Costs incurred by Evergreen or any of its Affiliates excluding any Transferred Subsidiary in connection with any of the following events occurring prior to the Closing Date:
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(1)any failure by Sequoia or any of its Affiliates (excluding any Transferred Subsidiaries) to comply with its or their obligations pursuant to Automatic Transfer Laws, including any obligation to inform or consult in respect of the transfer of any Business Employees or any Employee Representative directly to Sequoia or any of its Affiliates save to the extent that any failure arises (directly or indirectly) as a result of any act or omission of Evergreen, or any Transferred Subsidiaries; and
(2)the termination of employment of any Business Employee who objects to the transfer of his or her employment to a Transferred Subsidiary pursuant to Automatic Transfer Laws or refuses an offer of employment to a Transferred Subsidiary made by Evergreen or any of its Affiliates, in each case, where any such objection arises directly from any actual, proposed or anticipated changes made to the terms and conditions of employment or working conditions of such person by or at the request of Sequoia or any of its Affiliates which are to their material detriment.
(l)Following the date hereof, but prior to the Closing Date, to the extent that any Shared Contracts with third-party service providers providing for the services of contingent workers to the Elm Business do not become Transferred Shared Contracts, the Parties shall cooperate in good faith to facilitate Sequoia’s or one of its Affiliates’ negotiation of new agreements with such third-party service providers.
(m)As soon as practicable after the date of the Put Option Agreement, and in no event more than thirty (30) calendar days after the date hereof, Evergreen shall provide Sequoia and its authorized representatives with (i) copies of all Non-U.S. Benefit Plans, (ii) all trust documents, insurance policies and material service agreements related to each Transferred Subsidiary Benefit Plan, as applicable, and (iii) all necessary and appropriate information reasonably requested by Sequoia and its authorized representatives in order to establish employee benefit plans, payroll and human resource systems applicable to Continuing Employees, including information necessary or appropriate to timely conduct an RFP process for potential vendors and conduct an open enrollment process with respect to employee benefit plans prior to the Closing, human resources data extracts in order to coordinate multiple test data loads prior to the Closing, year-to-date payroll information and paid time off and vacation balances. In addition, from and after the date of the Put Option Agreement until the Closing, Evergreen will use commercially reasonable efforts to cooperate in good faith with Sequoia in order for Sequoia to identify, coordinate and implement employee benefit plans, payroll and human resource systems applicable to Continuing Employees and that are intended to be effective immediately upon the Closing.
(n)With respect to each recipient of a retention bonus set forth on Schedule 6.08(n) of the Evergreen Disclosure Schedule, Sequoia shall (or shall cause the applicable Transferred Subsidiary to) timely pay to the applicable recipient any portion of such retention bonus that vests and becomes payable in accordance with its terms on a date following the Closing Date, in the amounts and subject to the terms set forth on Schedule 6.08(n) of the Evergreen Disclosure Schedule.
Section 6.09Retention of Books and Records.  Each of Evergreen and Sequoia shall, and shall cause their respective Subsidiaries to, retain, all books, ledgers, files, reports, plans, records, data and any other documents (the “Books and Records”) pertaining to the Elm Business in
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existence at the Closing with respect to the periods prior to the Closing for a period of seven (7) years from the Closing Date (or, if later with respect to Tax matters, until sixty (60) days after the expiration of the applicable statute of limitations), and make the same available after the Closing for inspection and copying by the other Party or its Representatives at such requesting Party’s expense, during regular business hours and upon reasonable request and upon reasonable advance notice solely in connection with (i) any Action relating to the Elm Business or the Transferred Subsidiaries, (ii) any authorizations, approvals, notice or filings with any Governmental Entity, (iii) the prosecution or defense of any audit or Action that is then pending or threatened, (iv) the preparation of any financial statements (including as reasonably necessary to assist therewith) or (v) in the case of Evergreen’s obligation to make available such Books and Records (subject to appropriate redactions related to the Retained Business), reasonably necessary for Sequoia’s ownership and operation of the Elm Business following the Closing to allow the Elm Business to be operated substantially consistently with the manner in which it is currently operated. Notwithstanding the foregoing, neither Sequoia nor Evergreen (nor any of their Affiliates) shall be required to disclose any information under this Section 6.09 (A) if such disclosure would be reasonably likely to: (1) contain information that in the reasonable, good faith judgment of the disclosing Party (after consultation with outside counsel) is competitively sensitive; (2) jeopardize any attorney-client or other legal privilege or the protections of the work product doctrine; or (3) contravene any applicable Laws, fiduciary duty or Contract to which the disclosing Party or any of its Affiliates is a party; provided that, in any such case, the disclosing Party shall provide such information in redacted form as necessary to preserve such privilege or protections or comply with such Law, fiduciary duty or Contract or otherwise make appropriate substitute disclosure arrangements, to the extent practicable or (B) in connection with any litigation or similar dispute between the Parties; provided, further, that the foregoing shall not limit any of the Parties’ rights of discovery.
Section 6.10Support of Transaction; Further Assurances.
(a)Subject to Section 6.05, each Party shall, and shall cause its Subsidiaries to:  (i) use commercially reasonable efforts to obtain all material consents and approvals of third parties that any of Juniper, Sequoia, Evergreen or their respective Affiliates are required to obtain in order to consummate the Transactions and in respect of any Contracts which are required to be set forth on Schedule 2.04 of the Evergreen Disclosure Schedule, and (ii) take such other action as may reasonably be necessary or as another party may reasonably request to satisfy the conditions of Article VII or otherwise to comply with this Agreement and to consummate the transactions contemplated hereby as soon as practicable (but in any event prior to the Termination Date); provided that any obligations of Juniper under this Section 6.10(a) shall terminate upon the consummation of a Public Transaction.
(b)Subject to Section 6.05, each Party agrees that, from time to time after the Closing Date, it will execute and deliver, or cause their respective Affiliates to execute and deliver, such further instruments, and take (or cause their respective Affiliates to take) such other action, as may be reasonably necessary to carry out the purposes and intents of this Agreement.
(c)The Services Schedules attached to the Transition Services Agreement attached hereto set forth the services contemplated to be provided under the Transition Services Agreement as of the date of the Put Option Agreement. Between the date of the Put Option
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Agreement and the Closing, Evergreen and Sequoia shall cooperate in good faith to (i) finalize the Services Schedules and (ii) add any Services Schedules based on any additional interdependencies identified, in each case consistent the principles set forth in Section 1.2(a) and Section 1.2(b) of the Transition Services Agreement.  Any disputes or discussions with respect to the Services Schedules that have not been resolved as of the date that is ninety (90) days following the date of the Put Option Agreement (which may be extended by either Sequoia or Evergreen, upon notice to the other Party, for up to four successive periods of fifteen (15) days if the Closing is not reasonably anticipated to occur during the fifteen (15) days following such notice) (the date which is the later of (x) fifteen (15) days after the latest such date, and (y) fifteen (15) days prior to the Closing, the “Referral Deadline”) shall be resolved through the process specified in Section 6.10(d).  Any Disputed Service that has not been referred to arbitration in accordance with this Section 6.10(d) by the Referral Deadline shall be excluded from the Services Schedule as of Closing; provided that, for the avoidance of doubt, any such Disputed Service shall still be subject to the provisions of Section 1.2(a) and Section 1.2(b) of the Transition Services Agreement following the Closing. After the Closing, any disputes or unresolved discussions with respect to the Services Schedules (including, for the avoidance of doubt, in any Disputed Service which was not referred to arbitration by the Referral Deadline) shall be resolved as provided in the Transition Services Agreement.
(d)If any disputes or discussions with respect to the Services Schedules are not resolved by the Service Managers or the Transition Leads (in each case, as defined in the Transition Services Agreement) within ninety (90) days after the date of the Put Option Agreement or as so extended in accordance with Section 6.10(c) (collectively “Disputed Services”), Evergreen and Sequoia may refer such Disputed Services to binding arbitration in accordance with this Section 6.10(d).  The arbitration shall be administered by JAMS pursuant to its Streamlined Arbitration Rules and Procedures.  The arbitration shall be conducted in Seattle, Washington, before one arbitrator, who shall be a partner employed by the management consulting division of KPMG International Limited, PricewaterhouseCoopers LLP, Deloitte Touche Tohmatsu Limited or Ernst & Young Global Limited with experience in transition services agreements.  A brief, reasoned award consistent with the principles set forth in Section 1.2(a) and Section 1.2(b) of the Transition Services Agreement is to be rendered by the arbitrator within thirty (30) days of the date the arbitrator is engaged.  The arbitrator must agree to the foregoing deadline before accepting appointment.  The award will be final and non-appealable.  Judgment on the award may be entered in any court having jurisdiction.  Such non-prevailing Party shall pay the fees and expenses of JAMS related to the arbitration (in the manner determined by the arbitrator to reflect relative success and failure of such Parties in such arbitration), and each such Party shall each bear its own expenses and legal fees related to the arbitration; provided, however, that the arbitrator shall have the authority to require any Party (other than Juniper) to pay the expenses and legal fees of another Party to the extent permitted under applicable Law, as a part of any remedy that may be ordered. In the event that the arbitrator has not rendered his or her decision pursuant to this Section 6.10(d) in respect of any Disputed Service referred to arbitration in accordance with this Section 6.10(d) at such time as all of the conditions set forth in Article VII shall have been satisfied or waived (other than those conditions that by their nature are to be satisfied at the Closing), (i) until such time as the arbitrator issues his or her decision, the Services Schedule shall be deemed to include any such Disputed Services (“Included Disputed Services”), upon the terms and conditions contained in Sequoia’s good faith submission to the arbitrator (and, subject to the terms and conditions of this Agreement, Closing shall occur on the basis of such Services Schedule), and (ii)
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once the arbitrator has issued his or her decision pursuant to this Section 6.10(d) the Services Schedule shall be automatically amended to reflect such decision (including, if applicable, to remove or modify the terms and conditions of any Included Disputed Service).  In the event that the arbitrator determines that any Included Disputed Services should not have been included in the Services Schedule, Sequoia shall reimburse Evergreen for any costs or expenses incurred by Evergreen in connection with the provision thereof less any amounts previously paid by Sequoia to Evergreen for such Included Disputed Services.
(e)During the twelve (12) months following the Closing, Evergreen and Sequoia agree to reasonably cooperate with each other in connection with any legal compliance investigation and reporting relating to the Elm Business or the Transferred Assets; provided that such cooperation does not (i) jeopardize any attorney-client or other legal privilege or the protections of the work product doctrine or (ii) contravene any applicable Laws; provided, further, that in any such case, each of Evergreen and Sequoia shall provide such cooperation as necessary to preserve such privilege or protections or comply with such Law or otherwise make appropriate substitute arrangements, to the extent practicable.
(f)With respect to any Domain Names included in the Transferred Assets (i) for any such Domain Names which require a local presence in a jurisdiction in which a Transferred Subsidiary has such a presence, prior to the Closing, Evergreen shall, and shall cause any member of the Evergreen Group to, assign and transfer such Domain Name to such Transferred Subsidiary, (ii) for any such Domain Names which require a local presence in a jurisdiction in which no Transferred Subsidiary has such a presence, immediately after the Closing, Evergreen shall, and shall cause any member of the Evergreen Group to, assign and transfer such Domain Name to a Person designated by Sequoia, and (iii) for all other such Domain Names, prior to the Closing Evergreen shall, and shall cause any member of the Evergreen Group to, assign and transfer such Domain Name to a Transferred Subsidiary designated by Sequoia.
(g)Prior to the Closing, Evergreen shall (i) update its public-facing U.S. privacy notice to reflect current requirements under applicable Data Protection Laws, (ii) update the internal privacy notice applicable to the Elm Business to remove “subject to the employee’s right to consent or to object to it” from the sentence “Workers Council and other employee representatives (including for any disciplinary proceedings), subject to the employee’s right to consent or to object to it”, (iii) update the data processing agreement pertaining to the Elm Business to reflect current requirements under applicable Data Protection Laws, and (iv) update the cookies policy applicable to the Elm Business to (A) set out the duration for which cookies will be placed on users’ devices and (B) amend the mislabeled “essential cookies” in relation to cookies used for the purposes of improving online services.
(h)The parties agree to the actions set forth on Schedule 6.10(h) of the Evergreen Disclosure Schedule.
(i)No later than thirty (30) days after the date of the Put Option Agreement, Evergreen shall, and shall cause the other members of the Evergreen Group to, use commercially reasonable efforts to provide Sequoia with (i) a true and complete list and (ii) copies (including any material amendments, modifications and supplements thereto), to the extent in Evergreen’s possession, of every Contract to which a Transferred Subsidiary is a party, that provides, as of the
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date of the Put Option Agreement, for air, car and rail supply to the Elm Business, provided, that in the case of any Contract for air or car supply, such Contract is with a supplier that was attributed at least $9,600,000 in gross booking value in calendar year 2019.
Section 6.11Exclusivity.  During the period from the date of this Agreement through the Closing, Evergreen will not, and will cause the other members of the Evergreen Group and the Representatives of each of the foregoing not to, directly or indirectly, (i) solicit, initiate, or knowingly encourage, facilitate, cooperate, discuss (or continue any existing discussions in relation to), participate in or otherwise continue any inquiry or indication of interest proposal (an “Acquisition Proposal”) relating to an Alternative Transaction with any other Person other than Sequoia, Juniper or their respective Representatives or Affiliates, (ii) furnish (or continue to make available) any information with respect to any Transferred Subsidiary or the Elm Business to any Person other than Sequoia, Juniper or their respective Representatives or Affiliates in connection with any Acquisition Proposal or Alternative Transaction, (iii) agree to or accept any Acquisition Proposal or Alternative Transaction, or (iv) enter into any letter of intent, contract or other agreement with respect to an Acquisition Proposal or Alternative Transaction.  Evergreen and the other members of the Evergreen Group may only inform such Persons that Evergreen and the other members of the Evergreen Group are unable to engage in any discussions because it is subject to a contractual restriction to another third party.  For the avoidance of doubt, nothing in this Section 6.11 shall prohibit Evergreen, the Transferred Subsidiaries, or any of their respective Affiliates or Representatives from soliciting, participating in, or otherwise entering into any discussions or other arrangements that relate solely to the Retained Business (and do not relate to the Elm Business).
Section 6.12Public Disclosure; Confidentiality.
(a)Except as necessary to comply with applicable Law or stock exchange rules, the Parties agree that, from the date hereof through the earlier of the Closing Date and the termination of this Agreement in accordance with Article VIII, no public disclosure, release or announcement concerning the Transactions shall be issued or made by or on behalf of any Party without the prior consent of the other Parties or pursuant to the Communications Plan attached hereto as Exhibit I (the “Communications Plan”); provided, however, that nothing herein will prohibit any Party from (i) issuing or causing publication of any press release or public announcement to the extent that such disclosure reflects the same information already contained in prior public disclosures by the Parties (or previously approved by the other Parties) regarding the Transactions, (ii) disclosing information concerning the Transactions to the extent and to the Persons to whom disclosure is required by applicable Law or stock exchange rule or requirement or for purposes of compliance with financial reporting obligations or (iii) disclosing information concerning the Transactions to their respective investors, employees, accountants, advisors and other Representatives as necessary in connection with the ordinary conduct of their respective businesses (so long as such Persons agree to, or are bound by Contract or professional or fiduciary obligations to keep the terms of this Agreement confidential and so long as such Parties shall be responsible to the other Parties for breach of this Section 6.12 or such confidentiality obligations by the recipients of its disclosure); provided, further, that if any Party determines a press release or public announcement is required by Law or stock exchange rules, the Party making such determination will, if practicable under the circumstances, use commercially reasonable efforts to
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allow the other Parties reasonable time to comment on such press release or announcement in advance of its issuance.
(b)The Parties further acknowledge and agree that, the Parties may disclose such terms and the existence of this Agreement and the Transactions (and may provide a copy of this Agreement) to such Party’s stockholders; provided that each Party allow the other Parties reasonable time to comment on such disclosure in advance of its issuance.  Notwithstanding anything to the contrary herein, the terms and provisions of the Confidentiality Agreement shall survive the termination of this Agreement in accordance with the terms therein; provided that in the event of a conflict between the terms of the Confidentiality Agreement and this Agreement, the terms of this Agreement shall govern.
(c)From and after the Closing until the date that is four (4) years following the Closing Date, Evergreen shall, and shall cause the other members of the Evergreen Group and direct their respective Representatives to keep strictly confidential all non-public, proprietary and/or confidential information that relates to Sequoia, Juniper and their respective Subsidiaries (including, following the Closing, the Transferred Subsidiaries and the Elm Business) (the “Confidential Information”), and not disclose any such non-public, proprietary or confidential information to any other Person; provided, however, that (i) Evergreen shall be responsible for the failure of its Representatives to comply with such directions and (ii) “Confidential Information” shall not be deemed to include any information which (A) is or becomes generally available to the public other than as a result of the breach of any Transaction Document by Evergreen, the other members of the Evergreen Group or their respective Representatives, (B) is or has been independently acquired or developed by Evergreen, the other members of the Evergreen Group or their respective Representatives without violating any of Evergreen’s obligations under any Transaction Document or (C) is received from a source other than Sequoia or its Affiliates (including the Transferred Subsidiaries) or their respective Representatives after the Closing, to the extent the source of such information was not known by Evergreen, the other members of the Evergreen Group or their respective Representatives, as applicable, to be bound by a confidentiality obligation to any Person with respect to such information; and provided, further, however, that in the event that Evergreen or any of its Affiliates is required by Law, legal process or Governmental Entity to disclose the Confidential Information, Evergreen shall, and shall cause the other members of the Evergreen Group and direct their respective Representatives to provide Sequoia and Juniper with prompt written notice of the existence, terms or circumstances of such event, unless such disclosure is prohibited by Law, legal process or Governmental Entity, so that Sequoia and/or its Affiliates may seek a protective order or other appropriate remedy.  In the event that such protective order or other remedy is not obtained within the time limit of the legally required disclosure, Evergreen or its applicable Affiliates and its and their Representatives shall furnish only that portion of the Confidential Information or take only such action as is required based upon the advice of legal counsel and shall use commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded any Confidential Information so furnished.
Section 6.13Restructuring.  Prior to the Closing, Evergreen shall cause the Restructuring to be consummated in accordance with the Restructuring Steps Paper.  Evergreen shall provide Sequoia reasonable time to review and comment on all of the documents effecting the Restructuring for the purpose of ensuring compliance with the terms of the Restructuring Steps
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Paper, and Evergreen shall incorporate such comments into such documents to the extent necessary to cause the Restructuring to be consummated in accordance with the Restructuring Steps Paper. Each Party shall act reasonably and in good faith in considering any amendments to the Restructuring Steps Paper proposed by any other Party.
Section 6.14Wrong-Pockets.
(a)If at any time after the Closing, any asset held by any Transferred Subsidiary is ultimately determined to be an Excluded Asset, or any member of the Sequoia Group, including any Transferred Subsidiary, is found subject to, or otherwise incurs any Liability in respect of, an Excluded Liability, (i) such Transferred Subsidiary shall return or transfer and convey (without further cost or consideration to or from the Sequoia Group) to Evergreen or the appropriate Subsidiary thereof such Excluded Asset or Excluded Liability, (ii) Evergreen shall, or shall cause an appropriate creditworthy Subsidiary to, assume (without further cost or consideration to or from the Sequoia Group) such Excluded Liability and shall indemnify and hold the Sequoia Group harmless from such Excluded Liability, and (iii) Evergreen and the applicable member of the Sequoia Group shall, and shall cause their appropriate Subsidiaries to, execute such documents or instruments of conveyance or assumption and take such further acts as are reasonably necessary or desirable to effect the transfer of such Excluded Asset or Excluded Liability to Evergreen or its appropriate Subsidiaries, in each case, as if such action had been taken on or prior to the Closing Date.
(b)If, at any time after the Closing, any asset held by Evergreen or its Subsidiaries is ultimately determined to be a Transferred Asset or any member of the Evergreen Group is found subject to, or otherwise incurs any Liability in respect of, an Assumed Liability, (i) Evergreen or its Subsidiary shall return or transfer and convey (without further cost or consideration to or from the Sequoia Group) to the appropriate member of the Sequoia Group such Transferred Asset or Assumed Liability, (ii) an applicable creditworthy member of the Sequoia Group shall assume (without further cost or consideration to or from the Sequoia Group) such Assumed Liability and Sequoia shall indemnify and hold Evergreen and its Subsidiaries harmless from such Assumed Liability, and (iii) Evergreen and the applicable member of the Sequoia Group shall, and shall cause their appropriate Subsidiaries to, execute such documents or instruments of conveyance or assumption and take such further acts as are reasonably necessary or desirable to effect the transfer of such Transferred Asset or Assumed Liability to the applicable member of the Sequoia Group, in each case as if such action had been taken on or prior to the Closing Date.
(c)Claims for indemnification under Section 6.14(a), Section 6.14(b) or Section 6.17(f) shall be asserted and resolved as follows:
(i)The Party seeking indemnification (an “Indemnitee”) shall give notice of any matter that such Indemnitee has determined has given, or would reasonably be expected to give, rise to a right of indemnification under this Agreement (other than a Third-Party Claim which is governed by Section 6.14(c)(ii)) to the Party that is or may be required pursuant to this Agreement to make such indemnification (the “Indemnifying Party”) promptly (and in any event within thirty (30) days) after making such a determination.  Such notice will state the amount of the Liability claimed, if known, and method of computation thereof; provided that the failure to provide such notice will not
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release the Indemnifying Party from any of its obligations except and solely to the extent the Indemnifying Party will have been prejudiced as a result of such failure.
(ii)If a claim or demand is made against an Indemnitee by any third party (a “Third-Party Claim”) as to which such Indemnitee is, or reasonably expects to be, entitled to indemnification pursuant to this Agreement, such Indemnitee will notify the Indemnifying Party in writing, and in reasonable detail, of the Third-Party Claim promptly (and in any event within thirty (30) days) after receipt by such Indemnitee of notice of the Third-Party Claim; provided that the failure to provide notice of any such Third-Party Claim will not release the Indemnifying Party from any of its obligations except and solely to the extent the Indemnifying Party will have been prejudiced as a result of such failure.
(iii)In the case of any Third-Party Claims that would result in a claim for indemnification under Section 6.14(a) or Section 6.14(b), the Indemnifying Party will be entitled (but will not be required) to control the defense, compromise and settlement of such Third-Party Claim, at such Indemnifying Party’s own cost and expense and by such Indemnifying Party’s own counsel, which counsel must be reasonably acceptable to the Indemnitee, if it gives written notice of its intention to do so (including a statement that the Indemnitee is entitled to indemnification under this Section 6.14) to the applicable Indemnitee within thirty (30) days after the receipt of notice from such Indemnitee of the Third-Party Claim (failure of the Indemnifying Party to respond within such thirty (30) day period will be deemed to be an election by the Indemnifying Party not to control the defense, compromise and settlement of such Third-Party Claim). After a notice from an Indemnifying Party to an Indemnitee of its election to control the defense, compromise and settlement of a Third-Party Claim, such Indemnitee will have the right to employ separate counsel and to participate in (but not control) the defense, compromise and settlement thereof, at its own expense and, in any event, will reasonably cooperate with the Indemnifying Party in such defense, compromise and settlement and use its commercially reasonable efforts to make available to the Indemnifying Party all witnesses and information in such Indemnitee’s possession or under such Indemnitee’s control relating thereto as are reasonably required by the Indemnifying Party; provided that such Indemnitee shall not be obligated to provide such information if such disclosure would be reasonably likely to (A) jeopardize any attorney-client or other legal privilege or the protections of the work product doctrine or (B) contravene any applicable Laws, fiduciary duty or Contract to which the disclosing Party or any of its Affiliates is a party; provided, however, that, in any such case, the Indemnitee shall provide such information in redacted form as necessary to preserve such privilege or protections or comply with such Law, fiduciary duty or Contract or otherwise make appropriate substitute disclosure arrangements, to the extent practicable.  For the avoidance of doubt, in the case of any Third-Party Claims that would result in a claim for indemnification under Section 6.17(f), the provisions of this Section 6.14(c)(iii) shall not apply and the Indemnitee shall be entitled to control the defense, compromise and settlement of the claim unless otherwise consented to by the Indemnitee in its sole discretion.
(iv)Notwithstanding anything to the contrary in this Section 6.14(c), in the event that (A) an Indemnifying Party elects not to control the defense, compromise and settlement of a Third-Party Claim, (B) there exists a conflict of interest or potential conflict
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of interest between the Indemnifying Party and the Indemnitee, or (C) any Third-Party Claim seeks an injunction or other equitable relief or relief for other than money damages against the Indemnitee, such Indemnitee will be entitled to control the defense, compromise and settlement of such Third-Party Claim, at the Indemnifying Party’s expense, with one (1) counsel (and any applicable local counsel) of such Indemnitee’s choosing (such counsel to be reasonably acceptable to the Indemnifying Party).  If the Indemnitee is conducting the defense against any such Third-Party Claim, the Indemnifying Party will reasonably cooperate with the Indemnitee in such defense and use its commercially reasonable efforts to make available to the Indemnitee all witnesses and information in such Indemnifying Party’s possession or under such Indemnifying Party’s control relating thereto as are reasonably required by the Indemnitee; provided that such Indemnifying Party shall not be obligated to provide such information if such disclosure would be reasonably likely to (x) jeopardize any attorney-client or other legal privilege or the protections of the work product doctrine or (y) contravene any applicable Laws, fiduciary duty or Contract to which the disclosing Party or any of its Affiliates is a party; provided, however, that, in any such case, the Indemnifying Party shall provide such information in redacted form as necessary to preserve such privilege or protections or comply with such Law, fiduciary duty or Contract or otherwise make appropriate substitute disclosure arrangements, to the extent practicable.
(v)No Indemnitee may settle or compromise any Third-Party Claim without the prior written consent of the Indemnifying Party (not to be unreasonably withheld, conditioned or delayed). If an Indemnifying Party has failed to control the defense, compromise and settlement of the Third-Party Claim, the Indemnitee shall have the right to contest, settle or otherwise dispose of any such Third-Party Claim, but will afford the Indemnifying Party an opportunity to participate in such defense, at its cost and expense, and will consult with the Indemnifying Party prior to settling or otherwise disposing of any of the same.
(vi)In the case of a Third-Party Claim, no Indemnifying Party will consent to entry of any judgment or enter into any compromise or settlement of the Third-Party Claim without the consent of the Indemnitee if the effect thereof is to permit any injunction, declaratory judgment, criminal liability, other adverse non-monetary relief, or monetary relief for which the Indemnitee is not fully indemnified by the Indemnifying Party, to be entered, directly or indirectly, against any Indemnitee, does not unconditionally release the Indemnitee from all Liabilities with respect to such Third-Party Claim or includes an admission of guilt, wrongdoing or misconduct on behalf of the Indemnitee.
(d)Except to the extent otherwise required by applicable Law, each of Evergreen and Sequoia shall, and shall cause its Subsidiaries to, (i) for all applicable tax purposes, treat any Excluded Asset, Excluded Liability, Transferred Asset or Assumed Liability transferred, returned, conveyed, assigned or assumed after the Closing pursuant to Sections 6.14(a) or 6.14(b) as having been so transferred, returned, conveyed, assigned or assumed on or prior to the Closing Date and (ii) file all applicable tax returns in a manner consistent with such treatment and not take any tax position inconsistent therewith.
(e)From and after the Closing, (i) Evergreen shall use commercially reasonable efforts to cause to be delivered to Sequoia the applicable portions of any mail or other
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communications received by Evergreen or its Affiliates that is intended for any Transferred Subsidiary or arising out of the Elm Business and (ii) Sequoia shall use commercially reasonable efforts to cause to be delivered to Evergreen the applicable portions of any mail or other communications received by Sequoia or its Affiliates that is intended for Evergreen or its Affiliates (other than the Transferred Subsidiaries) or arising out of the Retained Businesses.
Section 6.15Receipt of Monies.
(a)After the Closing, should any of the Sequoia Group (i) receive any monies or checks from any customers, suppliers, or other contracting parties of the Retained Businesses to the extent arising out of the Retained Business or an Excluded Asset, Sequoia shall promptly (but in no event later than ten (10) Business Days of receipt) transfer or cause to be transferred such payment to Evergreen, and (ii) make payment on any accounts payable of the Evergreen Group, Evergreen shall reimburse Sequoia promptly (but in no event later than ten (10) Business Days of receipt) for such payment.  If payments received by the Sequoia Group for accounts receivable of the Evergreen Group include deductions in respect of the Sequoia Group that are unrelated to those specific accounts receivable of the Evergreen Group, including deductions for other invoices, future allowances and discounts, and returns for other invoices, Sequoia agrees to apply and to cause to be applied those deductions to the proper invoices in respect of the Sequoia Group so that the Evergreen Group receives full payment for each accounts receivable to which the Evergreen Group is entitled.  Sequoia shall not and shall cause the other members of the Sequoia Group not to, without Evergreen’s prior written consent, in any event compromise, settle or release any amounts receivable of the Evergreen Group.
(b)After the Closing, should any of the Evergreen Group (i) receive any monies or checks from any customers, suppliers, or other contracting parties of the Elm Business or the Transferred Subsidiaries to the extent arising out of the Elm Business or a Transferred Asset, Evergreen shall promptly (but in no event later than ten (10) Business Days of receipt) transfer or cause to be transferred such payment to Sequoia, and (ii) make payment on any accounts payable of the Sequoia Group, Sequoia shall promptly (but in no event later than ten (10) Business Days of receipt) reimburse Evergreen for such payment.  If payments received by the Evergreen Group for accounts receivable of the Sequoia Group include deductions in respect of the Evergreen Group that are unrelated to those specific accounts receivable of the Sequoia Group, including deductions for other invoices, future allowances and discounts, and returns for other invoices, Evergreen agrees to apply and to cause to be applied those deductions in respect of the Evergreen Group to the proper invoices so that the Sequoia Group receives full payment for each accounts receivable to which the Sequoia Group is entitled.  Evergreen shall not, and shall cause the other members of the Evergreen Group not to, without Sequoia’s prior written consent, in any event compromise, settle or release any amounts receivable of the Sequoia Group.
Section 6.16Guarantees.  Each of Evergreen and Sequoia shall use commercially reasonable efforts to take, or cause to be taken, actions to replace and cause to be returned to Evergreen or its Affiliates, as applicable, effective as of the Closing, each guarantee, letter of credit, security deposit, bond or other surety issued to third parties by or on behalf of Evergreen or any of their Affiliates (other than any Transferred Subsidiary) to secure any Liability of the Transferred Subsidiaries that is set forth on Schedule 6.16 of the Evergreen Disclosure Schedule (each a, “Contributor Guaranty”); provided that, to the extent a Contributor Guaranty cannot be
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replaced and returned to Evergreen or its applicable Affiliate (other than a Transferred Subsidiary) on or prior to the Closing Date, Evergreen and Sequoia shall use commercially reasonable efforts to replace and/or cause to be returned to Evergreen, as promptly as practicable, and in any event within ninety (90) days after the Closing, such Contributor Guaranty and Sequoia shall indemnify and hold Evergreen and its Affiliates harmless from and against any and all Liabilities resulting in any payment made by Evergreen or any of its Affiliates to a third party after the Closing, or any draw-down made by the holder of such Contributor Guaranty after the Closing, in each case, in respect of any Contributor Guaranty.
Section 6.17Non-Transferable Assets; Shared Contracts.
(a)Notwithstanding anything in this Agreement to the contrary, this Agreement shall not constitute an agreement to assign or otherwise transfer any Transferred Assets (including any Transferred Shared Contract) or any claim, right, benefit or liability arising thereunder or resulting therefrom, if an attempted contribution, assignment, transfer, conveyance and delivery thereof, without the consent of any third party thereto, would constitute a breach or other contravention thereof, be ineffective with respect to either party thereto or violate any applicable Law; provided, however, that (i) in such case, Evergreen shall, and cause the other members of the Evergreen Group to, continue to use commercially reasonable efforts to obtain such required consents following the Closing, and (ii) Evergreen and Sequoia will accomplish such contribution, assignment, transfer, conveyance and delivery as soon as reasonably practicable following the Closing for no additional consideration.  Subject to applicable Law, Evergreen and Sequoia shall use their respective commercially reasonable efforts to establish arrangements which, from and after the Closing and until such consent is obtained, result in Sequoia receiving all the benefits (including all economic claims, rights and benefits, and dominion and control) and bearing all the costs, Liabilities and burdens with respect to the Transferred Assets that have not been transferred to Sequoia because such consent has not been obtained.
(b)As part of the Restructuring and prior to the Closing, Evergreen shall, and shall cause the applicable members of the Evergreen Group to, use commercially reasonable efforts to effect the separation of any Shared Contract (other than any Excluded Shared Contracts) that is (i) necessary for Sequoia and the Transferred Subsidiaries to operate the Elm Business immediately following the Closing Date in substantially the same manner in all material respects as the Elm Business is operated at Closing, (ii) identified by Evergreen after consulting with Senior Business Employees who would reasonably be expected to have knowledge of such Shared Contracts or (iii) set forth on Schedule 6.17(b) of the Evergreen Disclosure Schedule, effective as of the Closing, such that, following such separation, a Transferred Subsidiary shall be party to a separate agreement with the counterparty of such Shared Contract, which separate agreement shall in substantially the same manner in all material respects govern those rights and obligations previously contained in the Shared Contract that are related to the Elm Business, with all other rights and obligations under such Shared Contract constituting rights and obligations of the Retained Businesses.  Following the Closing, Evergreen shall, and shall cause the applicable members of the Evergreen Group to, continue to use commercially reasonable efforts to effect the separation of any Shared Contract (other than any Excluded Shared Contracts) that is necessary for Sequoia and the Transferred Subsidiaries to operate the Elm Business immediately following the Closing Date in substantially the same manner in all material respects as the Elm Business is operated at Closing.  Evergreen or the applicable member of the Evergreen Group may, at its
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election, make commercially reasonable accommodations or amendments to a Shared Contract to accomplish the foregoing; provided, however, Evergreen shall obtain Sequoia’s written consent (not to be unreasonably withheld, conditioned or delayed) prior to making any accommodations or amendments to any Shared Contract if the effect of such accommodations or amendments related to any such Shared Contract would reasonably be expected to have an adverse economic or Tax impact on the Elm Business, the Transferred Subsidiaries or the portion of any such Shared Contract applicable to the Elm Business.
(c)As part of the Restructuring, to the extent any separation contemplated by Section 6.17(b) is incapable of being completed in accordance therewith, at or prior to the Closing, Evergreen shall, and shall cause the applicable members of the Evergreen Group to, contribute, assign, transfer, convey and deliver to a Transferred Subsidiary each Transferred Shared Contract pursuant to Section 1.06.
(d)To the extent a Transferred Shared Contract is effectively transferred to a Transferred Subsidiary pursuant to Section 6.17(c), then, following the Closing, Sequoia shall (i) use commercially reasonable efforts to cause Evergreen to receive substantially the same benefits of the subject matter of such Transferred Shared Contract as the Retained Businesses received prior to the Closing, in each case, to the extent permissible under applicable Law and (ii) at Evergreen’s request and expense, enforce, or allow Evergreen and its Affiliates to enforce, to the extent relating to the Retained Businesses, any rights of Sequoia or its applicable Affiliate with respect to such Transferred Shared Contract against the other party or parties thereto.
(e)If the separation of any Shared Contract (other than an Excluded Shared Contract or a Transferred Shared Contract) has not been effectuated, or if any necessary consent has not been obtained with respect to the assignment, conveyance and transfer of any Transferred Shared Contract, as of the Closing, then until such time as such transfer or separation is effectuated or such consent is obtained, as applicable, Evergreen shall (i) use commercially reasonable efforts to cause Sequoia to receive substantially the same benefits of the subject matter of such Shared Contract as the Elm Business received prior to the Closing, in each case, for the term of such Shared Contract and to the extent permissible under applicable Law and (ii) at Sequoia’s request and expense, enforce, or allow Sequoia and its Affiliates to enforce, to the extent relating to the Elm Business, any rights of Evergreen or its applicable Affiliate under such Shared Contract against the other party or parties thereto.
(f)To the extent Sequoia or Evergreen (directly or indirectly through its Subsidiaries) receives the same benefits of the subject matter of any Shared Contract pursuant to Section 6.17(e) or Transferred Shared Contract pursuant to Sections 6.17(c) and 6.17(d), respectively, all Liabilities under any such Shared Contract or Transferred Shared Contract shall be allocated between Sequoia and Evergreen as follows:
(i)to the extent a Liability is incurred in respect of the portion of the Shared Contract or Transferred Shared Contract relating to the Elm Business, such Liability shall be allocated to a member of the Sequoia Group (including the Transferred Subsidiaries); and
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(ii)to the extent a Liability is incurred in respect of the portion of the Shared Contract or Transferred Shared Contract relating to the Retained Businesses, such Liability shall be allocated to a member of the Evergreen Group (other than a Transferred Subsidiary).
Each of Evergreen and Sequoia shall indemnify and hold harmless the other from Liabilities allocated to it under this Section 6.17(f).
(g)Evergreen agrees that from and after the Closing Date for a period of eighteen (18) months thereafter, if any Party discovers or identifies any assets, properties or rights of the Elm Business (as operated as of the date of the Put Option Agreement) that are reasonably necessary to permit Sequoia and the Transferred Subsidiaries to operate the Elm Business following the Closing Date in substantially the same manner in all material respects as the Elm Business is being operated as of the Closing Date and such assets, properties or rights of the Elm Business (A) were owned or held by Evergreen or its Affiliates as of the date of the Put Option Agreement or as of the Closing Date and (B) are not otherwise (i) set forth on Schedule 2.24(a) of the Evergreen Disclosure Schedule, (ii) transferred to Sequoia at Closing as Transferred Assets under Section 1.06 or (iii) made available to Sequoia or the Transferred Subsidiaries pursuant to this Agreement or the Transaction Documents (the “Additional Assets”), Evergreen shall either (x) transfer the Additional Assets to Sequoia or (y) provide or license to Sequoia the Additional Assets, in each case, such that Sequoia shall receive substantially the same benefits of such Additional Assets as the Elm Business received prior to the Closing, at no additional cost or expense to Sequoia. Notwithstanding anything to the contrary herein, Evergreen shall only be obligated to transfer, provide or license to Sequoia the Additional Assets as long as such transfer, provision or license does not materially adversely affect the Retained Business.
Section 6.18Obligations of the Evergreen Group.  Evergreen shall take all action necessary to cause each of the other members of the Evergreen Group (including, prior to the Closing, the Transferred Subsidiaries) to perform their respective obligations under the Transaction Documents. Notwithstanding anything herein to the contrary, Evergreen agrees that it will recuse itself and any members of the Sequoia or Juniper boards of directors nominated by Evergreen from any discussions at, or decisions made by, the boards of directors of Juniper or Sequoia with respect to post-Closing matters in connection with the enforcement by Juniper or Sequoia of their rights under the Transaction Documents.
Section 6.19Notification of Certain Matters.  During the period from the date of this Agreement through the earlier of the Closing and the termination of this Agreement in accordance with Article VIII, each of Evergreen, Juniper and Sequoia shall promptly notify the other in writing of (a) subject to applicable Law, any notice or other communication from any Governmental Entity in connection with the Transactions, (b) any Action that shall be instituted or threatened in writing against such Party to restrain, prohibit, delay or otherwise challenge the legality of the Transactions or any Transaction Document and (c) any variances from the representations and warranties made by such party in this Agreement that would cause the conditions set forth in Section 7.02(a) or Section 7.03(a), as applicable, not to be satisfied.  No information or knowledge obtained by Sequoia pursuant to this Section 6.19 shall (x) affect or be deemed to affect or modify any representation, warranty, covenant or agreement contained herein, the conditions to the obligations of the parties hereto to consummate the Closing in Article VII or otherwise prejudice in any way
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the rights and remedies of Sequoia hereunder or (y) be deemed to affect or modify Sequoia’s reliance on the representations, warranties, covenants and agreements made by Evergreen in this Agreement.
Section 6.20Intercompany Accounts and Agreements.
(a)Except as set forth on Schedule 6.20(a) of the Evergreen Disclosure Schedule, immediately prior to the Closing, Evergreen shall, and shall cause the applicable members of the Evergreen Group to, terminate, effective as of the Closing, all Contracts, arrangements, course of dealings or understandings solely between a member of the Evergreen Group (other than the Transferred Subsidiaries), on the one hand, and any Transferred Subsidiary, on the other hand, with no Liability to any Transferred Subsidiary or the Elm Business (each, an “Intercompany Contract”).
(b)At any time prior to the Closing, all intercompany receivables, payables and loans between a member of the Evergreen Group (other than the Transferred Subsidiaries), on the one hand, and any Transferred Subsidiary, on the other hand (each, an “Intercompany Account”), but excluding any Intercompany Account set forth on Schedule 6.20(b) of the Evergreen Disclosure Schedule, shall be terminated or cancelled, with no Liability to any Transferred Subsidiary or the Elm Business, with the result that there shall not be any other intercompany receivables, payables and loans between any member of the Evergreen Group (other than the Transferred Subsidiaries), on the one hand, and any Transferred Subsidiary, on the other hand, upon the Closing.
Section 6.21Restrictive Covenants.
(a)From the Closing Date and for a period of two (2) years thereafter, Evergreen shall not, and shall cause the other members of the Evergreen Group, and each of their respective successors and assigns, to not, directly or indirectly, solicit for employment or engagement or offer employment to or hire any (i) Senior Business Employee as of the date of the Put Option Agreement or who was a Senior Business Employee within six (6) months before the Closing Date or (ii) any Elm Product Development Employee as of the date of the Put Option Agreement or who was an Elm Product Development Employee within six (6) months before the Closing Date; provided, however, that this Section 6.21(a) shall not prohibit (i) general solicitations for employment through advertisements or other means not specifically directed toward employees, independent contractors, consultants or affiliates of Sequoia or its Affiliates, including the Transferred Subsidiaries and (ii) soliciting and hiring any Person who (x) is no longer employed by Sequoia or its Affiliates (including the Transferred Subsidiaries) at least six (6) months prior to the time of any solicitation by the Evergreen Group or (y) Sequoia or its relevant Affiliate has identified as one who will be terminated; provided that the Evergreen Group hiring date is not prior to such Person’s scheduled termination date with Sequoia or the relevant Affiliate.
(b)Except as set forth in the second proviso of this Section 6.21(b), from the Closing Date and for a period of two (2) years thereafter, Evergreen shall not, and shall cause the other members of the Evergreen Group, and each of their respective successors and assigns, to not, directly or indirectly, engage in the business of, or permit its name to be used by, or act as a consultant or advisor to, or render services for, any Person that is engaged in the business of,
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providing managed business or commercial travel, business meetings and events, or providing travel management services to corporations, businesses, governmental agencies and other organizations pursuant to a stand-alone agreement or relationship to arrange for managed business or commercial travel; provided that nothing in this clause (b) or clause (c) shall apply to (i) providing travel content and services to third parties, (ii) providing unmanaged travel services to business entities and business users, (iii) providing travel services to business travel entities for purposes other than business or commercial travel (e.g., leisure travel), (iv) operating trivago, N.V. so long as it remains a public company and (v) owning or operating the T2 Business in substantially the same manner as it is operated as of the date of the Put Option Agreement (any such business other than the foregoing clauses (i) through (v), the “Restricted Business”); provided, however, that notwithstanding the foregoing, (x) from the Closing Date and for a period of three (3) years thereafter, Evergreen shall not, and shall cause the other members of the Evergreen Group, and each of their respective successors and assigns, to not, directly or indirectly, acquire any Person (or assets thereof) engaged in the Restricted Business (which, for the avoidance of doubt, does not restrict the acquisition of a Person (or assets thereof) that does not derive more than 25% of its revenue from the Restricted Business) and (y) nothing in this Section 6.21(b) shall restrict Evergreen from acquiring or holding an interest of up to ten percent (10%) in the aggregate of the equity interests of any Person who engages in a Restricted Business.
(c)From and after the Closing Date and for a period of two (2) years thereafter, Evergreen will not, and will not permit, encourage or instruct any of the members of the Evergreen Group or Representatives acting on its or their behalf or at its or their direction to, directly or indirectly, induce any Person that is a customer of the Elm Business to patronize any Restricted Business, or request or advise any customer or supplier of the Elm Business to withdraw, curtail or cancel any such Person’s business or relationship with Sequoia and its Subsidiaries (including the Transferred Subsidiaries).
(d)From and after the Closing Date and for a period of three (3) years thereafter, Evergreen will not, and will not permit, encourage or instruct any of the members of the Evergreen Group or Representatives acting on its or their behalf or at its or their direction to, directly or indirectly, make any statement or release any information to any third party, or encourage any other Person to make any statement or release any information to any third party, that is designed to embarrass or criticize or otherwise disparage Sequoia or any of its Subsidiaries (including the Transferred Subsidiaries), Juniper or their respective Affiliates or shareholders, unless (i) otherwise compelled to release such information by Law or Order or (ii) involving disclosures to any Governmental Entity concerning possible violations of Law.
(e)In connection with the provisions set forth in this Section 6.21, Evergreen agrees that the limitations set forth in this Section 6.21 (including time and territorial limitations) are reasonable and properly required for the adequate protection of the current and future businesses of Sequoia and its Affiliates, including the Transferred Subsidiaries.  Evergreen acknowledges and agrees that in the event Evergreen or any of its Affiliates violate any of their respective obligations under this Section 6.21, Sequoia may proceed against such Person in Law or in equity for such damages or other relief as a court may deem appropriate.  It is accordingly agreed that Sequoia shall be entitled to an injunction or injunctions to prevent breaches or threatened breaches of this Section 6.21 and to specifically enforce the terms and provisions of this Agreement, without proof of actual damages or otherwise, in addition to any other remedy to
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which Sequoia is entitled at Law or in equity, without the necessity of securing or posting of any bond in connection with such remedy.
Section 6.22R&W Insurance Policy.  Prior to or upon the Closing, Sequoia may procure a representation and warranty insurance policy (the “R&W Insurance Policy”) in connection with this Agreement and the Transactions.  Prior to and after the Closing, Sequoia, Juniper, Evergreen and the Transferred Subsidiaries shall cooperate and use commercially reasonable efforts to complete the applicable conditions in the conditional binder (other than the condition that Closing has occurred, to which this sentence does not apply) to the R&W Insurance Policy within the times set forth therein in order to finally bind and maintain the R&W Insurance Policy in full force and effect.  Following the Closing, Evergreen shall provide, and/or cause the members of the Evergreen Group to provide, such reasonable cooperation to Sequoia and the applicable insurance provider with pursuing any claims under any R&W Insurance Policy as may be reasonably requested by Sequoia or the applicable insurance provider and at the requesting party’s sole expense.  The Parties understand and agree that, for the avoidance of doubt, nothing in the R&W Insurance Policy shall affect any of the terms of this Agreement and Sequoia agrees and covenants that the R&W Insurance Policy shall acknowledge that the insurer has no right of subrogation against Evergreen, other than in the case of Fraud.  Evergreen agrees that it will recuse itself and its Representatives from any discussions at, or decisions made by, Sequoia with respect to the R&W Insurance Policy and post-Closing matters in connection with this Section 6.22.
Section 6.23Elm Financial Information.
(a)As promptly as practicable after the date hereof (and, in any event, no later than five (5) days from the date hereof), Evergreen will, at the joint cost and expense of Evergreen and Sequoia, engage its auditors to perform an audit of the financial statements of the Elm Business and will use reasonable best efforts to deliver to Juniper and Sequoia, no later than July 16, 2021, (1) audited combined balance sheets of the Elm Business as of December 31, 2020 and December 31, 2019 and (2) audited combined statements of earnings, cash flows and parent equity of the Elm Business for the fiscal years ended December 31, 2020 and December 31, 2019 , in each case in accordance with GAAP, together with an audit report, without qualification (for the avoidance of doubt, excluding an emphasis of matter) or exception thereto, on the financial statements from the independent accountants for the Elm Business (the “Elm Audited Financial Statements”).  Upon the request of Juniper or Sequoia, Evergreen will, as promptly as practicable, procure, at the joint cost and expense of Evergreen and Sequoia, the delivery of such consents of such independent accountants as may be required in connection with the Securities Filings. The cost and expenses of Evergreen and Sequoia in this Section 6.23 shall be split fifty percent (50%) each, subject to a maximum aggregate cost and expense payable by Sequoia of $1,500,000.
(b)Evergreen shall deliver to Sequoia and Juniper, (i) as promptly as practicable after the end of any fiscal quarter (other than any fourth fiscal quarter) ending (1) after December 31, 2020 and (2) at least forty (40) days prior to the Closing Date, no more than forty (40) days after the end of such quarter, copies of the unaudited combined balance sheets of the Elm Business as of the end of such fiscal quarter and the corresponding quarter in the prior year and the combined statements of earnings and parent equity of the Elm Business for such fiscal quarter and year-to-date period ended and the corresponding quarter and year to date period in the prior year, including footnotes thereto, prepared on the same basis as the Elm Audited Financial
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Statements (collectively, the “Subsequent Unaudited Elm Financial Statements”), which Subsequent Unaudited Elm Financial Statements shall have been reviewed by the independent accountants for the Elm Business in accordance with the procedures specified by the Public Company Accounting Oversight Board (United States) in AS 4105, Reviews of Interim Financial Information; provided, however, that in the case of the fiscal quarters ended March 31, 2021 and June 30, 2021, Evergreen shall deliver only unreviewed pre-tax combined statements of earnings and combined balance sheets of the Elm Business no later than (1) May 10, 2021, in the case of such March 31 quarter, and (2) July 16, 2021, in the case of such June 30 quarter, and reviewed financial statements for each such quarter no later than July 30, 2021, and (ii) following the delivery of the Elm Audited Financial Statements and for periods subsequent thereto, as promptly as practicable after the end of each fiscal year ending at least ninety (90) days prior to the Closing Date, no more than ninety (90) days after the end of such fiscal year, copies of (1) the audited combined balance sheets as of the end of each fiscal year of the Elm Business and the combined statements of earnings, cash flows and parent equity of the Elm Business for such fiscal year, together with comparable financial statements for the prior fiscal year (collectively, the “Subsequent Audited Elm Financial Statements”) and (2) an audit report, without qualification or exception thereto, on each of the Subsequent Audited Elm Financial Statements from the independent accountants for the Elm Business.
(c)Upon the request of Juniper or Sequoia, Evergreen will, at Sequoia’s expense, (i) reasonably cooperate, and use reasonable best efforts to cause the independent accountants for the Elm Business to reasonably cooperate, with Sequoia, Juniper and their respective Representatives in connection with the preparation of pro forma financial statements that comply with the rules and regulations of the U.S. Securities and Exchange Commission (including the requirements of Regulation S-X) in connection with a Public Transaction and (ii) provide and make reasonably available upon reasonable notice and during regular business hours the appropriate senior management employees of the Elm Business to discuss the materials prepared and delivered pursuant to this Section 6.23.
Section 6.24Netherlands Works Council.
(a)Evergreen shall continue, and shall cause the other members of the Evergreen Group to continue, to take all actions required by Clauses 2 and 4 of the Put Option Agreement with respect to the Netherlands Consultation Process (as defined in the Put Option Agreement).  The Netherlands Consultation Process shall be deemed completed if one of the situations described under (i) through (iv) below has occurred:
(i)The receipt from the Netherlands Employees’ Representative Body (as defined in the Put Option Agreement) of:
(1)an unconditional advice in respect of the Netherlands Restructuring (as defined in the Put Option Agreement);
(2)an advice with conditions reasonably acceptable to Sequoia; or
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(3)an unconditional and irrevocable waiver in writing of the right of the Netherlands Employees’ Representative Body to render advice with respect to the Netherlands Restructuring,
and
(x) in the cases described under (i)(1) and (i)(2), the adoption of a resolution by the member of the Evergreen Group subject to the Netherlands Consultation Process in respect of the Netherlands Restructuring that is compliant with the Netherlands Employees’ Representative Body’s advice; or
(y) in the case described in (i)(3), the adoption of a resolution by the member of the Evergreen Group subject to the Netherlands Consultation Process in respect of the Netherlands Restructuring that is in line with its proposed resolution (voorgenomen besluit) for which advice was requested; or
(ii)to the extent none of the situations described under Section 6.24(a)(i) occur, the adoption of a resolution by the member of the Evergreen Group subject to the Netherlands Consultation Process in respect of the Netherlands Restructuring that deviates from the Netherlands Employees’ Representative Body’s advice, and
(1)receipt in writing from Netherlands Employees’ Representative Body of an unconditional and irrevocable waiver of:
(A)the applicable waiting period in accordance with article 25(6) of the Dutch Works Councils Act; and
(B)its right to initiate legal proceedings pursuant to article 26 of the Dutch Works Councils Act; or
(iii)expiry of the applicable waiting period pursuant to article 25(6) of the Dutch Works Councils Act without the Netherlands Employees’ Representative Body having initiated legal proceedings pursuant to article 26 of the Dutch Works Councils Act; or
(iv)following initiation of legal proceedings by the Works Council pursuant to article 26 of the Dutch Works Councils Act, the Enterprise Chamber of the Amsterdam Court of Appeal (Ondernemingskamer Hof Amsterdam) having dismissed the appeal of the Netherlands Employees’ Representative Body against such resolution with immediate effect (uitvoerbaar bij voorraad).
(b)If the completion date of the Netherlands Consultation Process does not occur on or prior to the earlier of (i) five (5) months following the date of execution and delivery of the Put Option Agreement or (ii) five (5) Business Days prior to the anticipated Closing Date, the Parties agree that the Netherlands Restructuring shall not occur at or prior to the Closing but instead the Parties shall use commercially reasonable efforts to complete the Netherlands
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Restructuring as promptly as practicable following the Closing.  If the Netherlands Restructuring does not occur prior to the Closing, the Parties shall negotiate in good faith to make provisions for Sequoia to receive the benefits and burdens of the portion of the Elm Business not transferred at the Closing because the Netherlands Restructuring shall not have occurred, until the Netherlands Restructuring has occurred.
(c)Evergreen undertakes to keep Sequoia regularly informed of the status of the Netherlands Consultation Process.  Without Sequoia’s prior written consent, Evergreen shall not, and it shall cause the other members of the Evergreen Group not to, enter into any agreement with, or make any commitment to, the Netherlands Employees’ Representative Body which would bind or impose any obligation on Sequoia after the Closing, or would otherwise impact Sequoia’s business plans or have an adverse impact on the Elm Business in any material respect or impair or delay the consummation of the Transactions.  Evergreen shall, and shall cause the other members of the Evergreen Group, to cause the relevant Netherlands Subsidiaries to provide Sequoia promptly and timely with (i) the opportunity to review all material documentation and communications forming part of the Netherlands Consultation Process (in any case including the draft request for advice), with Evergreen and its Subsidiaries acting reasonably and in good faith to consider any comments which Sequoia timely provides in relation to such material documentations and communications including answers to questions regarding Sequoia and its future intentions regarding Business Employees in the Netherlands, (ii) copies of all opinions provided by the Netherlands Employees’ Representative Body and (iii) the opportunity to participate in all meetings where Evergreen acting reasonably considers it would be appropriate to do so.  Evergreen undertakes (and shall cause its Affiliates (including the Transferred Subsidiaries)) not to take any action that would be reasonably likely to prejudice a favorable and expeditious outcome of the Netherlands Consultation Process.
Section 6.25Public Transaction.  Upon Juniper or Sequoia’s determination to engage in a Public Transaction, Evergreen and its Representatives shall use their reasonable best efforts (a) to cooperate as reasonably requested by Juniper, Sequoia and their respective Representatives in connection with such Public Transaction, including (i) providing such business and financial information as is reasonably requested by the underwriters and legal counsel in connection with the preparation of Securities Filings and/or marketing materials, and (ii) causing the independent accountants for the Elm Business to (A) reasonably cooperate with Sequoia in connection with the Public Transaction, including by assisting Sequoia in its preparation of customary and appropriate disclosures and other materials, by providing customary “comfort letters” and consents for use of their reports to the extent required, customary or reasonably appropriate, in connection with Securities Filings and/or marketing of the Public Transaction, and as may otherwise be customary in an offering of equity securities, (B) provide customary assistance with the due diligence activities of Sequoia, its underwriters and their respective legal counsel, and (C) provide customary consents to the use of audit reports in disclosure and marketing materials relating to the Public Transaction or other required or reasonably appropriate government filings, and (b) provide such other cooperation reasonably determined by Juniper, Sequoia or their respective Representatives to be necessary, advisable or appropriate in connection with such Public Transaction at the expense of Sequoia; provided that any such Public Transaction must be consistent with the Public Transaction Principles.  Prior to Closing, Sequoia shall not consummate a Public Transaction except in accordance with the Public Transaction Principles.
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Section 6.26Reimbursement.  The parties agree to the actions set forth on Schedule 6.26 of the Evergreen Disclosure Schedule.
Section 6.27Reverse TSA.
(a)Between the date of the Put Option Agreement and the Closing, the Parties shall cooperate in good faith to prepare, negotiate and finalize (i) a reverse transition services agreement to be executed as of the Closing Date pursuant to which Sequoia will provide certain transition services to the Evergreen Group in support of the Evergreen Group’s retained businesses (the “Reverse Transition Services Agreement”), which Reverse Transition Services Agreement will be substantially in the form of the Transition Services Agreement, with such changes as are necessary or desirable to take into account the reverse nature of such transition services and (ii) all related schedules, including schedules setting forth the reverse transition services, which shall be prepared consistent with the principles set forth in Section 1.2(a) and Section 1.2(b) of the Transition Services Agreement, mutatis mutandis (the “Reverse Services Schedules”).
(b)Any disputes or discussions with respect to the Reverse Services Schedules that have not been resolved as of the date that is ninety (90) days following the date of the Put Option Agreement (which may be extended by either Sequoia or Evergreen, upon notice to the other Party, for up to four successive periods of fifteen (15) days if the Closing is not reasonably anticipated to occur during the fifteen (15) days following such notice) (the date which is the later of (x) fifteen (15) days after the latest such date, and (y) fifteen (15) days prior to the Closing, the “Reverse Referral Deadline”) shall be resolved through the process specified in Section 6.27(c).  Any Disputed Reverse Service that has not been referred to arbitration in accordance with this Section 6.27(b) by the Reverse Referral Deadline shall be excluded from the Reverse Services Schedule as of Closing; provided that, for the avoidance of doubt, any such Disputed Reverse Service shall still be subject to the provisions of the Reverse Transition Services Agreement corresponding to Section 1.2(a) and Section 1.2(b) of the Transition Services Agreement following the Closing. After the Closing, any disputes or unresolved discussions with respect to the Reverse Services Schedules (including, for the avoidance of doubt, in any Disputed Reverse Service which was not referred to arbitration by the Reverse Referral Deadline) shall be resolved as provided in the Reverse Transition Services Agreement.
(c)If any disputes or discussions with respect to the Reverse Services Schedules are not resolved by the Service Managers or the Transition Leads (in each case, as defined in the Transition Services Agreement) within ninety (90) days after the date of the Put Option Agreement or as so extended in accordance with Section 6.27(b) (collectively “Disputed Reverse Services”), each Party may refer such Disputed Reverse Services to binding arbitration in accordance with this Section 6.27(c).  The arbitration shall be administered by JAMS pursuant to its Streamlined Arbitration Rules and Procedures.  The arbitration shall be conducted in Seattle, Washington, before one arbitrator, who shall be a partner employed by the management consulting division of KPMG International Limited, PricewaterhouseCoopers LLP, Deloitte Touche Tohmatsu Limited or Ernst & Young Global Limited with experience in transition services agreements.  A brief, reasoned award consistent with the principles set forth in Section 1.2(a) and Section 1.2(b) of the Transition Services Agreement, mutatis mutandis, is to be rendered by the arbitrator within thirty (30) days of the date the arbitrator is engaged.  The arbitrator must agree to the foregoing deadline before accepting appointment.  The award will be final and non-appealable.
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Judgment on the award may be entered in any court having jurisdiction.  The non-prevailing Party shall pay the fees and expenses of JAMS related to the arbitration (in the manner determined by the arbitrator to reflect relative success and failure of the Parties in such arbitration), and each Party shall each bear its own expenses and legal fees related to the arbitration; provided, however, that the arbitrator shall have the authority to require any Party to pay the expenses and legal fees of another Party to the extent permitted under applicable Law, as a part of any remedy that may be ordered. In the event that the arbitrator has not rendered his or her decision pursuant to this Section 6.27(c) in respect of any Disputed Reverse Service referred to arbitration in accordance with this Section 6.27(c) at such time as all of the conditions set forth in Article VII shall have been satisfied or waived (other than those conditions that by their nature are to be satisfied at the Closing), (i) until such time as the arbitrator issues his or her decision, the Reverse Services Schedule shall be deemed to include any such Disputed Reverse Services (the “Included Disputed Reverse Services”), upon the terms and conditions contained in Evergreen’s good faith submission to the arbitrator (and, subject to the terms and conditions of this Agreement, Closing shall occur on the basis of such Reverse Services Schedule), and (ii) once the arbitrator has issued his or her decision pursuant to this Section 6.27(c) the Reverse Services Schedule shall be automatically amended to reflect such decision (including, if applicable, to remove or modify the terms and conditions of any Included Disputed Reverse Service).  In the event that the arbitrator determines that any Included Disputed Reverse Services should not have been included in the Reverse Services Schedule, Evergreen shall reimburse Sequoia for any costs or expenses incurred by Sequoia in connection with the provision thereof less any amounts previously paid by Evergreen to Sequoia for such Included Disputed Reverse Services.
ARTICLE VII
CLOSING CONDITIONS
Section 7.01Conditions to the Obligations of the Parties.  The obligations of each of the Parties to consummate, or cause to be consummated, the Transactions are subject to the satisfaction of the following conditions, any one or more of which may (to the extent permissible under applicable Law) be waived in writing by the Parties:
(a)All waiting periods under the HSR Act applicable to the Transactions shall have expired or been terminated.
(b)The following shall have occurred:
(i)(A) The CMA’s position as most recently communicated to Sequoia or Juniper being that it has no further questions in respect of the Transactions after submission of a CMA Briefing Paper and (B) the CMA not having (1) requested submission of a Merger Notice, (2) given notice to any Party that it is commencing a Phase 1 Investigation, (3) indicated that the statutory review period in which the CMA has to decide whether to make a reference under Section 34A of the Enterprise Act has begun or (4) requested documents or attendance by witness under Section 109 of the Enterprise Act, indicating it is considering commencing the aforementioned review period; or
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(ii)The CMA (A) indicating, on terms reasonably satisfactory to the Parties, following a Phase 1 Investigation, that it does not intend to make a Phase 2 Reference (whether as a result of undertakings in lieu or otherwise), or (B) concluding in a report published in accordance with Section 38 of the Enterprise Act that the transactions contemplated by this Agreement may not be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services or, in the event of a conclusion from the CMA, pursuant to section 36(1) of the Enterprise Act, that an anti-competitive outcome (within the meaning given by section 35(2)(b) of the Enterprise Act) has resulted or may be expected to result in, a decision by the CMA pursuant to section 41(2) and section 82 of the Enterprise Act to accept such undertakings as proposed by the Parties to remedy, mitigate or prevent the anti-competitive outcome and determine the reference.
(c)All permits, approvals, clearances, non-objections and consents of, the Antitrust Authorities listed on Schedule 7.01(c) of the Evergreen Disclosure Schedule shall have been procured or obtained.
(d)There shall not be in force any Law or Order of any court of competent jurisdiction enjoining, making illegal or prohibiting the consummation of the Transactions.
(e)The Restructuring shall have been consummated in accordance with the Restructuring Steps Paper, subject to Section 6.24.
Section 7.02Conditions to the Obligations of Juniper and Sequoia.  The obligations of Juniper and Sequoia to consummate, or cause to be consummated, the Transactions are subject to the satisfaction of the following additional conditions, any one or more of which may (to the extent permissible under applicable Law) be waived in writing by each of Juniper and Sequoia:
(a)Each of the Evergreen Fundamental Representations shall be true and correct in all respects except for de minimis inaccuracies as of the Closing Date, as if made anew at and as of that date, except with respect to any Evergreen Fundamental Representation which expressly speaks as to an earlier date, in which case such Evergreen Fundamental Representation shall be true and correct in all respects except for de minimis inaccuracies at and as of such date. Each of the representations and warranties of Evergreen contained in Section 2.24(a), disregarding all qualifications contained therein relating to materiality, shall be true and correct in all material respects as of the Closing Date, as if made anew at and as of that date, except with respect to any such representations and warranties which expressly speaks as to an earlier date, in which case such representations and warranties shall be true and correct in all material respects at and as of such date. Each of the representations and warranties of Evergreen contained in Article II (other than the Evergreen Fundamental Representations, the representations and warranties contained in Section 2.24(a) and the representation and warranty contained in Section 2.07(b)), disregarding all qualifications contained therein relating to materiality or Elm Business Material Adverse Effect, shall be true and correct as of the Closing Date, as if made anew at and as of that date, except with respect to any such representations and warranties which expressly speaks as to an earlier date, in which case such representations and warranties shall be true and correct at and as of such date, except where the failure of such representations and warranties to be so true and correct would not reasonably be expected to have an Elm Business Material Adverse Effect.  The representation and
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warranty of Evergreen contained in Section 2.07(b) shall be true and correct as of the Closing Date, as if made anew at and as of that date.
(b)Each of the covenants of Evergreen to be performed by Evergreen under the Put Option Agreement and this Agreement at or prior to the Closing shall have been performed in all material respects.
(c)Evergreen shall have delivered to Juniper and Sequoia a certificate signed on behalf of Evergreen by an officer of Evergreen, dated as of the Closing Date, certifying that each of the conditions specified in Section 7.02(a) and Section 7.02(b) have been satisfied.
(d)(i) If a Public Transaction has not been consummated prior to the Closing, Evergreen shall have delivered to Juniper and Sequoia a copy of the Amended & Restated Equityholder Agreements in the forms attached hereto as Exhibit G-1 and Exhibit G-2 to which Evergreen is a party, duly executed by Evergreen, and (ii) if a Public Transaction has been consummated prior to the Closing, Evergreen shall have delivered to Sequoia a copy of the investor rights agreement contemplated by Section 3.1.1(c) of the Sequoia SHA to which Evergreen is a party, duly executed by Evergreen and such other documents reasonably necessary (including, if applicable any Organizational Documents of a Public Acquiror or its Affiliates) for Evergreen to receive the consideration called for by Section 1.04, duly executed by Evergreen; provided that such documents or documents in substantially the same form are executed by Alder and Juniper and are in accordance with the with the Public Transaction Principles.
(e)Evergreen shall have delivered to Sequoia a copy of the EPS Agreement, duly executed by the Affiliate of Evergreen specified therein.
(f)Evergreen shall have delivered to Sequoia a copy of the Transition Services Agreement in the form attached hereto as Exhibit B, together with the Services Schedules as determined in accordance with Sections 6.10(c) and (d), duly executed by Evergreen.
(g)Evergreen shall have delivered to Sequoia the Elm Audited Financial Statements and such of the Subsequent Audited Elm Financial Statements and the Subsequent Unaudited Elm Financial Statements that are required to be delivered pursuant to the terms of Section 6.23.
(h)Evergreen shall have delivered to Sequoia the Amended Commercial Agreement.
Section 7.03Conditions to the Obligations of Evergreen.  The obligations of Evergreen to consummate, or cause to be consummated, the Transactions are subject to the satisfaction of the following additional conditions, any one or more of which may (to the extent permissible under applicable Law) be waived in writing by Evergreen:
(a)Each of the Sequoia Fundamental Representations and (if a Public Transaction has not been consummated prior to the Closing) Juniper Fundamental Representations shall be true and correct in all respects except for de minimis inaccuracies as of the Closing Date, as if made anew at and as of that date, except with respect to any Sequoia Fundamental Representation or Juniper Fundamental Representation which expressly speaks as to an earlier
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date, in which case such Sequoia Fundamental Representation or Juniper Fundamental Representation shall be true and correct in all respects except for de minimis inaccuracies at and as of such date.  Each of the representations and warranties of Sequoia contained in Article III (other than the Sequoia Fundamental Representations and the representation and warranty contained in Section 3.07(b)), disregarding all qualifications contained therein relating to materiality or Sequoia Material Adverse Effect, and (if a Public Transaction has not been consummated prior to the Closing) each of the representations and warranties of Juniper contained in Article IV (other than the Juniper Fundamental Representations and the representation and warranty contained in Section 4.08), disregarding all qualifications contained therein relating to materiality or Juniper Material Adverse Effect, shall be true and correct as of the Closing Date, as if made anew at and as of that date, except with respect to any such representations and warranties which expressly speaks as to an earlier date, in which case such representations and warranties shall be true and correct at and as of such date, except where the failure of such representations and warranties to be so true and correct would not reasonably be expected to have a Sequoia Material Adverse Effect or Juniper Material Adverse Effect, as applicable.  The representation and warranty of Sequoia contained in Section 3.07(b) and (if a Public Transaction has not been consummated prior to the Closing) the representation and warranty of Juniper contained in Section 4.08 shall be true and correct as of the Closing Date, as if made anew at and as of that date.
(b)Each of the covenants of Sequoia and (if a Public Transaction has not been consummated prior to the Closing) Juniper to be performed by Sequoia or (if a Public Transaction has not been consummated prior to the Closing) Juniper, as applicable, under the Put Option Agreement and this Agreement at or prior to the Closing shall have been performed in all material respects.
(c)If a Public Transaction has not been consummated prior to the Closing, Juniper shall have delivered to Evergreen a certificate signed on behalf of Juniper by a director of Juniper, dated as of the Closing Date, certifying that the condition regarding Juniper’s representations and warranties specified in Section 7.03(a) and the condition regarding Juniper’s covenants in Section 7.03(b) have been satisfied.
(d)Sequoia shall have delivered to Evergreen a certificate signed on behalf of Sequoia by an officer of Sequoia, dated as of the Closing Date, certifying that the condition regarding Sequoia’s representations and warranties specified in Section 7.03(a) and the condition regarding Sequoia’s covenants in Section 7.03(b) have been satisfied.
(e)(i) If a Public Transaction has not been consummated prior to the Closing, each of Juniper and Sequoia shall have delivered to Evergreen a copy of the Amended & Restated Equityholder Agreements in the forms attached hereto as Exhibit G-1 and Exhibit G-2, duly executed by Juniper and/or Sequoia, as applicable, and the required third parties thereto, and (ii) if a Public Transaction has been consummated prior to the Closing, Sequoia shall have delivered to Evergreen a copy of the investor rights agreement contemplated by Section 3.1.1(c) of the Sequoia SHA, in each case, duly executed by Juniper and Sequoia, as applicable, and the required third parties thereto.
(f)Sequoia shall have delivered to Evergreen a copy of the EPS Agreement, duly executed by Sequoia or one of its Affiliates.
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(g)Sequoia shall have delivered to Evergreen a copy of the Transition Services Agreement in the form attached hereto as Exhibit B, together with the Services Schedules as determined in accordance with Sections 6.10(c) and (d), duly executed by Sequoia or one of its Affiliates.
Section 7.04Waiver of Conditions; Frustration of Conditions.  All conditions to the Closing shall be deemed to have been satisfied or waived from and after the Closing.  No Party may rely on the failure of any condition set forth in this Article VII to be satisfied if such failure was primarily caused by the breach of this Agreement by such Party.
ARTICLE VIII
TERMINATION
Section 8.01Termination.  This Agreement may be terminated and the Transactions abandoned at any time prior to the Closing:
(a)by written consent of the Parties;
(b)by written notice to Evergreen from Juniper or Sequoia if:
(i)there is any breach of any representation, warranty, covenant or agreement on the part of Evergreen set forth in this Agreement or the Put Option Agreement, such that the conditions specified in Section 7.02(a) or Section 7.02(b) would not be satisfied at the Closing (a “Terminating Evergreen Breach”), except that, if any such Terminating Evergreen Breach is curable by Evergreen through the exercise of its commercially reasonable efforts, then, for a period of up to thirty (30) days after receipt by Evergreen of notice from Juniper or Sequoia of such breach, but only as long as Evergreen continues to use its commercially reasonable efforts to cure such Terminating Evergreen Breach (the “Evergreen Cure Period”), such termination shall not be effective, and such termination shall become effective only if the Terminating Evergreen Breach is not cured within the Evergreen Cure Period; provided, however, that each of Juniper and Sequoia shall not have the right to terminate this Agreement pursuant to this Section 8.01(b)(i) if such Party is then in breach of this Agreement such that the conditions specified in Section 7.03 would not be satisfied at the Closing;
(ii)the Closing has not occurred on or before the date that is nine (9) months after the date of the Put Option Agreement (the “Termination Date”), unless (x) the applicable terminating Party’s breach of any provision of this Agreement or (y) any Supporting Equityholder’s breach of any provision of such Supporting Equityholder’s Support Agreement, in each case is the primary reason for the Closing not occurring on or before such date; provided, however, that if the conditions set forth in Section 7.01(a), 7.01(b), 7.01(c) or 7.01(d) (in the case of Section 7.01(d), only to the extent such Law or Order relates to Antitrust Laws) have not been satisfied or waived on or prior to such date (but are reasonably capable of being satisfied in accordance with this Agreement), but all of the other conditions set forth in Section 7.01 and all of the conditions set forth in Section 7.02 have been satisfied or waived (except for those conditions that by their nature
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are to be satisfied at the Closing), then the Termination Date may be extended by written notice by any Party to the other Parties to a date not beyond the date that is fifteen (15) months after the date of the Put Option Agreement; or
(iii)there is in force any final, non-appealable Order of any court of competent jurisdiction enjoining, making illegal or prohibiting the consummation of the Transactions;
(c)by written notice to Juniper and Sequoia from Evergreen if:
(i)there is any breach of any representation, warranty, covenant or agreement on the part of Juniper or Sequoia set forth in this Agreement or the Put Option Agreement, such that the conditions specified in Section 7.03(a) or Section 7.03(b) would not be satisfied at the Closing (a “Terminating Sequoia Breach”), except that, if any such Terminating Sequoia Breach is curable by Juniper or Sequoia, as applicable, through the exercise of its commercially reasonable efforts, then, for a period of up to thirty (30) days after receipt by Juniper and Sequoia of notice from Evergreen of such breach, but only as long as Juniper or Sequoia, as applicable, continues to use its commercially reasonable efforts to cure such Terminating Sequoia Breach (the “Sequoia Cure Period”), such termination shall not be effective, and such termination shall become effective only if the Terminating Sequoia Breach is not cured within the Sequoia Cure Period; provided, however, that Evergreen shall not have the right to terminate this Agreement pursuant to this Section 8.01(c)(i) if Evergreen is then in breach of this Agreement such that the conditions specified in Section 7.02 would not be satisfied at the Closing;
(ii)the Closing has not occurred on or before the Termination Date, unless Evergreen’s breach of any provision of this Agreement is the primary reason for the Closing not occurring on or before such date;
(iii)there is in force any final, non-appealable Order of any court of competent jurisdiction enjoining, making illegal or prohibiting the consummation of the Transactions; or
(iv)Sequoia gives Evergreen written notice of an intention to pursue, or has implemented, an Alternative Public Transaction Structure which is an Adverse Alternative Public Transaction Structure; provided, that Evergreen may only terminate pursuant to this Section 8.01(c)(iv) during the twenty (20) Business Day period commencing on the earlier of receipt by Evergreen of a written notice from Sequoia of its intention to pursue an Alternative Public Transaction Structure and Evergreen becoming aware of the implementation of an Alternative Public Transaction Structure.
Section 8.02Effect of Termination.  Except as otherwise set forth in this Section 8.02, in the event of the termination of this Agreement pursuant to Section 8.01, this Agreement shall forthwith become void and have no effect, without any liability on the part of any Party or its respective Affiliates, officers, directors, employees or equityholders, other than liability of a Party, as the case may be, for Fraud or any willful breach of this Agreement occurring prior to such termination; provided, however, that the provisions of Section 6.12, this Section 8.02, Article IX,
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Article X (to the extent necessary to give effect to the provisions of Section 6.12, this Section 8.02, Article IX and Article X) and the Confidentiality Agreement shall survive any termination of this Agreement.
ARTICLE IX
MISCELLANEOUS
Section 9.01Survival.  Except in the case of Fraud, (a) all representations and warranties of the Parties set forth in this Agreement and (b) the covenants and agreements of the Parties required to be performed or fulfilled prior to the Closing contained in this Agreement, will, in each case, terminate, expire, and cease to have any further force or effect at the Closing, and no Party (or any Affiliate or Representative of such Party) will have any recourse against the other Party (or its Affiliates or Representatives) with respect to such representations and warranties, covenants and agreements.  The covenants and agreements of the Parties set forth in this Agreement and all claims in respect thereof that require performance on or after the Closing will survive the Closing until fully performed in accordance with their terms.  The foregoing is not intended to limit the survival periods contained in any R&W Insurance Policy Sequoia obtains from a third-party insurance provider in connection with this Agreement, it being understood and agreed that (for the avoidance of doubt), nothing in such policy shall affect any of the terms of this Agreement.
Section 9.02Waiver.  Any Party may, at any time prior to the Closing, waive any of the provisions of this Agreement benefitting such Party; provided that no waiver by any of the Parties of any of the provisions hereof shall be effective unless explicitly set forth in writing and executed by the Party sought to be charged with such waiver.  No waiver by any of the Parties of any default, misrepresentation or breach of representation, warranty, covenant or other agreement hereunder, whether intentional or not, shall be deemed to extend to any other provision hereof (whether or not similar) or any prior or subsequent default, misrepresentation or breach hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.  No failure or delay on the part of any Party in the exercise of any right hereunder will impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty, covenant or agreement herein, nor will any single or partial exercise of any such right preclude any other or future exercise thereof or any other right.
Section 9.03Notices.  All notices and other communications among the Parties hereunder shall be in writing and shall be deemed to have been duly given (a) when delivered in person, (b) on the next Business Day when sent by FedEx or other nationally recognized overnight delivery service, or (c) when delivered by email, addressed as follows:
If to Evergreen:
Expedia, Inc.
1111 Expedia Group Way W
Seattle, WA 98119
Attention:  Robert J. Dzielak
Email Address:  bdzielak@expediagroup.com
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With a copy (which shall not constitute notice) to:
Latham & Watkins LLP
355 South Grand Avenue, Suite 100
Los Angeles, CA 90071
Attention:  Jason Silvera; Jordan Miller
Email:  jason.silvera@lw.com; jordan.miller@lw.com
If to Juniper:
c/o Juweel Investors Limited
350 Madison Avenue, 8th Floor
New York, New York 10017
Attention:  M. Gregory O’Hara
Email:  greg.ohara@certares.com
With a copy (which shall not constitute notice) to:
Dechert LLP
2929 Arch Street
Philadelphia, PA 19104
Attention:  Geraldine Sinatra; Gregory Schernecke
Email:  geraldine.sinatra@dechert.com;gregory.schernecke@dechert.com
If to Sequoia:
c/o GBT US LLC
General Counsel’s Office
666 Third Avenue
New York, NY 10017
Attn:  Eric J. Bock
Email:  eric.j.bock@amexgbt.com
With a copy (which shall not constitute notice) to:
Skadden, Arps, Slate, Meagher & Flom LLP
One Manhattan West
New York, New York 10001
Attn:Peter D. Serating; Thaddeus P. Hartmann 
Email:Peter.Serating@skadden.com; Thaddeus.Hartmann@skadden.com
or to such other address or email address of which any Party may notify the other Parties as provided above.
Section 9.04Assignment.  No Party shall assign this Agreement nor any of the rights, interests or obligations hereunder, in whole or in part, without the prior written consent of the other Parties.  Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. Notwithstanding the foregoing,
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(a) Evergreen shall be permitted to assign its rights, interests and obligations hereunder to a Delaware limited liability company that is a wholly owned Subsidiary of  Expedia Group, Inc. that will be formed in connection with the Restructuring and in accordance with the Restructuring Steps Plan; provided that such assignment shall not relieve Evergreen of its obligations under this Agreement; provided, further, that such newly formed entity shall execute a joinder to this Agreement, in form and substance reasonably acceptable to Sequoia, pursuant to which such assignee will agree to be bound the terms of this Agreement applicable to Evergreen, and (b) Juniper may assign and transfer its rights and obligations hereunder at any time, in whole or in part, to a successor in interest by way conversion or to any segregated portfolio thereof, in each case as may be permitted by Section 6.03(b)(v), without the consent of the other Parties hereto.
Section 9.05Rights of Third Parties.  Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or give any Person, other than the Parties, any right or remedies under or by reason of this Agreement; provided, however, that notwithstanding the foregoing in the event that Closing occurs, (a) each Sequoia Releasee and Evergreen Releasee to whom Section 9.16 applies are intended third-party beneficiaries of, and may enforce, Section 9.16, and (b) Prior Company Counsel and the Designated Persons shall be intended third-party beneficiaries of, and may enforce, Section 9.17.
Section 9.06Expenses.  Except as otherwise expressly provided in this Agreement or any of the other Transaction Documents, each Party shall bear its own expenses incurred in connection with this Agreement and the Transactions whether or not such Transactions shall be consummated, including all fees of its legal counsel, financial advisers and accountants; provided, however, that the fees and expenses of the Dispute Resolution Firm, if any, shall be paid in accordance with Section 1.03(f); provided, further, that Sequoia shall bear 50% and Evergreen shall bear 50% of all amounts due and payable to any Antitrust Authorities in connection with Transactions.
Section 9.07Governing Law.  This Agreement and all claims or causes of action based upon, arising out of, or related to this Agreement or the Transactions shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of Laws of another jurisdiction.
Section 9.08Captions; Counterparts.  The captions in this Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation of any provision of this Agreement.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
Section 9.09Schedules and Exhibits.  The Schedules and Exhibits referenced herein are a part of this Agreement as if fully set forth herein.  All references herein to Schedules and Exhibits shall be deemed references to such parts of this Agreement, unless the context shall otherwise require.  Except in the case of Sections 2.07(b), 3.07(b) or 4.08, any disclosure made by a Party in the Schedules with reference to any section or schedule of this Agreement shall be deemed to be a disclosure with respect to all other sections or schedules to which the relevance of such disclosure is reasonably apparent on the face of such disclosure that such disclosure applies to such other sections or schedules.  Certain information set forth in the Schedules is included solely for
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informational purposes and may not be required to be disclosed pursuant to this Agreement.  The disclosure of any information shall not be deemed to constitute an acknowledgment that such information is required to be disclosed in connection with the representations and warranties made in this Agreement, nor shall such information be deemed to establish a standard of materiality.  In addition, the disclosure of any allegations with respect to any alleged breach, violation or default under any contractual or other obligation, or any Law, is not an admission that such breach, violation or default has occurred.
Section 9.10Entire Agreement.  This Agreement (together with the Schedules and Exhibits to this Agreement) and the other Transaction Documents constitute the entire agreement among the Parties relating to the Transactions and supersede any other agreements, whether written or oral, that may have been made or entered into by or among any of the Parties or any of their respective Subsidiaries relating to the Transactions.  No representations, warranties, covenants, understandings or agreements, oral or otherwise, relating to the Transactions exist among any of the Parties, except as expressly set forth in the Transaction Documents.
Section 9.11Amendments.  This Agreement may be amended or modified in whole or in part, only by a duly authorized agreement in writing executed by the Parties in the same manner as this Agreement and which makes reference to this Agreement.
Section 9.12Severability.  If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, such provision shall be fully separable and all the other provisions of this Agreement shall remain in full force and effect.  The Parties further agree that if any provision contained herein is, to any extent, held invalid or unenforceable in any respect by a court of competent jurisdiction under the Laws governing this Agreement, they shall take any actions necessary to render the remaining provisions of this Agreement valid and enforceable to the fullest extent permitted by Law and, to the extent necessary, shall amend or otherwise modify this Agreement to replace any provision contained herein that is held invalid or unenforceable with a valid and enforceable provision giving effect to the intent of the Parties to the fullest extent possible.
Section 9.13Jurisdiction; Waiver of Jury Trial.
(a)Any Action based upon, arising out of or related to this Agreement or the Transactions shall be brought in the Delaware Chancery Court (or, if the Delaware Chancery Court shall lack jurisdiction, any other court of the State of Delaware or, in the case of claims to which the federal courts have subject matter jurisdiction, any federal court of the United States of America sitting in the State of Delaware), and, in each case, appellate courts therefrom, and each of the Parties irrevocably submits to the exclusive jurisdiction of each such court in any such Action, waives any objection it may now or hereafter have to personal jurisdiction, venue or to convenience of forum, agrees that all claims in respect of such Action shall be heard and determined only in any such court, and agrees not to bring any Action arising out of or relating to this Agreement or the Transactions in any other court.  Nothing herein contained shall be deemed to affect the right of any Party to serve process in any manner permitted by Law or to commence legal proceedings or otherwise proceed against any other Party in any other jurisdiction, in each case, to enforce judgments obtained in any Action brought pursuant to this Section 9.13(a). Without limiting the foregoing, each Party agrees that service of process on such party as provided
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in Section 9.03 shall be deemed effective service of process on such Party.  Sequoia hereby irrevocably designates, appoints and empowers GBT US LLC and Juniper hereby irrevocably designates, appoints and empowers Certares Management LLC, as their respective designee, appointee and agent to receive, accept and acknowledge for and on their respective behalf and in respect of its respective property, service of any and all legal process, summons, notices and documents which may be served in any action or proceeding arising out of or relating to the Transaction Documents.
(b)EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS (IN EACH CASE, WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE).  EACH PARTY (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 9.13(b) AND (III) THAT THE PARTIES TO THIS AGREEMENT MAY FILE A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.
Section 9.14Enforcement.  The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, that the rights of each Party to enforce the provisions hereunder are unique and monetary damages, even if available, would not be an adequate remedy.  It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent breaches or threatened breaches of this Agreement and to specifically enforce the terms and provisions of this Agreement, without proof of actual damages or otherwise, in addition to any other remedy to which any Party is entitled at Law or in equity.  Each Party agrees to waive any requirement for the securing or posting of any bond in connection with such remedy.  The Parties further agree not to assert that a remedy of monetary damages would provide an adequate remedy in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached.  The remedies available to the Parties pursuant to this Section 9.14 shall be in addition to any other remedy to which it is entitled at Law or in equity.
Section 9.15Non-Recourse.  Except, (a) solely as it relates to the exercise of subrogation rights by any applicable insurer, in the case of Fraud or (b) to the extent otherwise set forth in the Confidentiality Agreement, this Agreement may only be enforced against, and any claim or cause of action based upon, arising out of, or related to in any manner this Agreement, or the negotiation, execution or performance of this Agreement or any other Transaction Document (including any representation or warranty made in, in connection with, or as an inducement to this Agreement) may only be brought against, the entities that are expressly named as parties to such Transaction Document and then only with respect to the specific obligations set forth herein and therein with respect to such parties to such Transaction Document; provided, for the avoidance of doubt, that Juniper shall have no obligation to perform any obligation of Sequoia under any Transaction Documents and shall bear no independent responsibility for the obligations or liabilities of Sequoia
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under the Transaction Documents.  Except to the extent a Party to this Agreement (and then only to the extent of the specific obligations undertaken by such Party in this Agreement and not otherwise) or as set forth in the applicable Transaction Document, no past, present or future director, officer, employee, incorporator, member, partner, equityholder, Affiliate, agent, attorney, advisor, or Representative or Affiliate of any of the foregoing shall have any liability (whether in contract, tort, equity or otherwise) for any one or more of the representations, warranties, covenants, agreements or other obligations or liabilities of any one or more of any Party under this Agreement (whether for indemnification or otherwise) or of or for any Action based upon, arising out of, or related to this Agreement, or the negotiation, execution or performance of this Agreement, or the transactions contemplated hereby (including any representation or warranty made in, in connection with, or as an inducement to this Agreement).
Section 9.16Waiver and Release.
(a)Effective as of the Closing, each of Juniper, Sequoia and the Transferred Subsidiaries, for itself and each of its controlled Affiliates and its and their respective former, current and future directors, officers, employees, general and limited partners, managers, controlled Affiliates, attorneys, assignees, agents, advisors, and Representatives, and Representatives and controlled Affiliates of any of the foregoing, and any former, current or future estates, heirs, executors, administrators, trustees, successors and assigns of any of the foregoing (each, a “Sequoia Releasor”), hereby irrevocably, knowingly and voluntarily releases, discharges and forever waives and relinquishes all claims, demands, obligations, liabilities, defenses, affirmative defenses, setoffs, counterclaims, Actions and causes of action of whatever kind or nature, whether known or unknown, which any Sequoia Releasor has, may have, or might have, against Evergreen or any of Evergreen’s Affiliates or any of its or their respective former, current or future directors, officers, employees, general or limited partners, managers, members, direct or indirect equityholders, controlling persons, affiliates, attorneys, assignees, agents, advisors, or Representatives, or Representatives or Affiliates of any of the foregoing, or any former, current or future estates, heirs, executors, administrators, trustees, successors or assigns of any of the foregoing (each, a “Sequoia Releasee”) arising out of, based upon or resulting from any Contract, transaction, event, circumstance, action, failure to act or occurrence of any sort or type, whether known or unknown, and which occurred, existed or was taken or permitted at or prior to the Closing, but in each case, solely to the extent relating to the ownership of the Transferred Subsidiary Interests, the Elm Business or the operation, management, use or control of the Elm Business; provided, however, that nothing contained in this Section 9.16(a) shall release, waive, discharge, relinquish or otherwise affect rights, claims, demands, obligations, liabilities, defenses, affirmative defenses, setoffs or counterclaims of any Person arising under or related to (a) this Agreement or any other Transaction Document, (b) claims for Fraud or (c) the EPS Agreement or any commercial Contract between Evergreen or any of its Affiliates and its and their respective former, current and future directors, officers, employees, general and limited partners, manager, members, direct and indirect equityholders, controlling persons, controlled Affiliates, attorneys, assignees, agents, advisors, and Representatives, and Representatives and controlled Affiliates of any of the foregoing, and any former, current or future estates, heirs, executors, administrators trustees, successors and assigns of any of the foregoing, on the one hand, and Juniper, Sequoia or any of their respective Affiliates (other than the Transferred Subsidiaries) and its and their respective former, current and future directors, officers, employees, general and limited partners, manager, members, direct and indirect equityholders, controlling persons, controlled Affiliates,
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attorneys, assignees, agents, advisors, and Representatives, and Representatives and controlled Affiliates of any of the foregoing, and any former, current or future estates, heirs, executors, administrators trustees, successors and assigns of any of the foregoing, on the other hand, unrelated to the Transactions.  Sequoia shall, and shall cause the Transferred Subsidiaries to, and Juniper shall refrain from, directly or indirectly, asserting any claim or demand, or commencing, instituting or causing to be commenced any legal proceeding of any kind against a Sequoia Releasee based upon any matter released pursuant to this Section 9.16(a).  Each Sequoia Releasee to whom this Section 9.16(a) applies shall be a third-party beneficiary of this Section 9.16(a).
(b)Effective as of the Closing, Evergreen, for itself and each other member of the Evergreen Group and its and their respective former, current and future directors, officers, employees, general and limited partners, managers, members, direct and indirect equityholders, controlling persons, controlled Affiliates, attorneys, assignees, agents, advisors, and Representatives, and Representatives and controlled Affiliates of any of the foregoing, and any former, current or future estates, heirs, executors, administrators, trustees, successors and assigns of any of the foregoing (each, an “Evergreen Releasor”), hereby irrevocably, knowingly and voluntarily releases, discharges and forever waives and relinquishes all claims, demands, obligations, liabilities, defenses, affirmative defenses, setoffs, counterclaims, Actions and causes of action of whatever kind or nature, whether known or unknown, which any Evergreen Releasor has, may have, or might have, against Juniper, Sequoia, the Transferred Subsidiaries or any of their Affiliates or any of its or their respective former, current or future directors, officers, employees, general or limited partners, managers, attorneys, assignees, agents, advisors, or Representatives, or Representatives or Affiliates of any of the foregoing, or any former, current or future estates, heirs, executors, administrators, trustees, successors or assigns of any of the foregoing (each, an “Evergreen Releasee”) arising out of, based upon or resulting from any Contract, transaction, event, circumstance, action, failure to act or occurrence of any sort or type, whether known or unknown, and which occurred, existed or was taken or permitted at or prior to the Closing, but in each case, solely to the extent relating to the ownership of the Transferred Subsidiary Interests, the Elm Business or the operation, management, use or control of the Elm Business; provided, however, that nothing contained in this Section 9.16(b) shall release, waive, discharge, relinquish or otherwise affect rights, claims, demands, obligations, liabilities, defenses, affirmative defenses, setoffs or counterclaims of any Person arising under or related to (a) this Agreement or any other Transaction Document, (b) claims for Fraud or (c) the EPS Agreement or any commercial Contract between Evergreen or any of its Affiliates and its and their respective former, current and future directors, officers, employees, general and limited partners, manager, members, direct and indirect equityholders, controlling persons, controlled Affiliates, attorneys, assignees, agents, advisors, and Representatives, and Representatives and controlled Affiliates of any of the foregoing, and any former, current or future estates, heirs, executors, administrators trustees, successors and assigns of any of the foregoing, on the one hand, and Juniper, Sequoia or any of their respective Affiliates (other than the Transferred Subsidiaries) and its and their respective former, current and future directors, officers, employees, general and limited partners, manager, members, direct and indirect equityholders, controlling persons, controlled Affiliates, attorneys, assignees, agents, advisors, and Representatives, and Representatives and controlled Affiliates of any of the foregoing, and any former, current or future estates, heirs, executors, administrators trustees, successors and assigns of any of the foregoing, on the other hand, unrelated to the Transactions.  Evergreen shall, and shall cause Expedia Group, Inc. to, refrain from, directly or indirectly, asserting any claim or demand, or commencing, instituting or causing to be commenced any legal proceeding of any kind
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against an Evergreen Releasee based upon any matter released pursuant to this Section 9.16(b).  Each Evergreen Releasee to whom this Section 9.16(b) applies shall be a third-party beneficiary of this Section 9.16(b).
Section 9.17Waiver of Conflicts Regarding Representations; Non-Assertion of Attorney-Client Privilege.
(a)Conflicts of Interest.  Each of Juniper and Sequoia acknowledges that Latham & Watkins LLP, Eversheds LLP, Covington & Burling, LLP and Willkie Farr & Gallagher LLP and other legal counsel (“Prior Company Counsel”) have, on or prior to the Closing Date, represented one or more of Evergreen, the Transferred Subsidiaries and other Affiliates of Evergreen, and their respective officers, employees and directors (each such Person, other than the Transferred Subsidiaries, a “Designated Person”) in one or more matters relating to this Agreement or any other agreements or the Transactions (including any matter that may be related to a litigation, claim or dispute arising under or related to this Agreement or such other agreements or in connection with such transactions), and that, in the event of any post-Closing matters (x) involving the Designated Persons and relating to this Agreement or any other agreements or Transactions (including any matter that may be related to a litigation, claim or dispute arising under or related to this Agreement or such other agreements or in connection with such transactions) and (y) in which Juniper, Sequoia or any of their respective Affiliates (including the Transferred Subsidiaries), on the one hand, and one or more Designated Persons, on the other hand, are or may be adverse to each other (each, a “Post-Closing Matters”), the Designated Persons reasonably anticipate that Prior Company Counsel will represent them in connection with such matters.  Accordingly, each of Juniper and Sequoia hereby (i) waives and shall not assert, and agrees after the Closing to cause its Subsidiaries (including the Transferred Subsidiaries) to waive and to not assert, any conflict of interest arising out of or relating to the representation by one or more Prior Company Counsel of one or more Designated Persons in connection with one or more Post-Closing Matters, and (ii) agrees that, in the event that a Post-Closing Matter arises, Prior Company Counsel may represent one or more Designated Persons in such Post-Closing Matter even though the interests of such Person(s) may be directly adverse to Juniper, Sequoia or any of their respective Subsidiaries (including the Transferred Subsidiaries), and even though Prior Company Counsel may have represented the Transferred Subsidiaries in a matter substantially related to such dispute.
(b)Attorney-Client Privilege.  Each of Juniper and Sequoia, on behalf of itself and its Subsidiaries and, after the Closing, on behalf of the Transferred Subsidiaries, agrees that any attorney-client privilege or attorney work-product protection with respect to any communication between any Prior Company Counsel, on the one hand, and any Designated Person or the Transferred Subsidiaries, on the other hand, to the extent related to the negotiation, documentation and consummation of the Transactions (collectively, “Pre-Closing Privileges”) shall be deemed to be retained and owned by Evergreen, shall be controlled by Evergreen and, shall not pass to or be claimed by Juniper, Sequoia, any/or any of the Subsidiaries (including the Transferred Subsidiaries), except as provided in the last sentence of this Section 9.17(b).  Notwithstanding the foregoing, in the event that a dispute arises between Juniper, Sequoia or any of the Transferred Subsidiaries, on the one hand, and a third party other than a Designated Person, on the other hand, each of Juniper and Sequoia shall (and shall cause its Affiliates to) assert the Pre-Closing Privileges on behalf of the Designated Persons to prevent disclosure of any advice or communication that is subject to any Pre-Closing Privilege to such third party; provided, however,
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that such privilege may be waived only with the prior written consent of Evergreen, acting on behalf of the applicable Designated Person.
Section 9.18No Other Representations or Warranties; Non-Reliance.
(a)The Parties agree that the express representations and warranties made by Evergreen in Article II and any Transaction Document (including any certificate delivered hereunder or thereunder) are the exclusive representations and warranties made by Evergreen.  Without limitation to the generality of the foregoing, each of Juniper and Sequoia agrees that Evergreen has not made any other representation or warranty, express or implied, as to the accuracy or completeness of any information regarding Evergreen, the Elm Business, the Transferred Subsidiaries or the Transactions, and, except as expressly set forth in Article II or any Transaction Document (including any certificate delivered hereunder or thereunder), neither Evergreen nor any other Person will have or be subject to any liability to Juniper or Sequoia or any other Person resulting from the distribution to Juniper or Sequoia or any Representative thereof of information, including (a) any confidential information memoranda or management presentations distributed on behalf of Evergreen, the Elm Business or the Transferred Subsidiaries or other publications or data room information provided to Juniper or Sequoia or any Representative thereof, or any other document, information or projection in any form provided to Juniper or Sequoia or any Representative thereof in connection with the Transactions, or (b) the projections or other forward-looking statements of Evergreen, the Elm Business or the Transferred Subsidiaries, in each case in expectation or furtherance of the Transactions.  Evergreen hereby expressly disclaims any representations or warranties of any kind or nature, express or implied, including those which may be contained in any presentation or similar materials regarding Evergreen, the Elm Business or the Transferred Subsidiaries, or any of their businesses or in any materials provided to Juniper or Sequoia during the course of its due diligence investigation of Evergreen, the Elm Business and the Transferred Subsidiaries, except as expressly provided in Article II or any Transaction Document (including any certificate delivered hereunder or thereunder).  Each of Juniper and Sequoia hereby agrees that it shall rely solely on its own examination and investigation of the Elm Business and the representations and warranties set forth in Article II or any Transaction Document (including any certificate delivered hereunder or thereunder).
(b)The Parties agree that the express representations and warranties made by Sequoia in Article III and any Transaction Document (including any certificate delivered hereunder or thereunder) are the exclusive representations and warranties made by Sequoia.  Without limitation to the generality of the foregoing, Evergreen agrees that Sequoia has not made any other representation or warranty, express or implied, as to the accuracy or completeness of any information regarding Sequoia’s business, Sequoia, its Subsidiaries or the Transactions, and, except as expressly set forth in Article III or any Transaction Document (including any certificate delivered hereunder or thereunder), neither Sequoia nor any other Person will have or be subject to any liability to Evergreen or any other Person resulting from the distribution to Evergreen or any Representative thereof of information, including (a) any confidential information memoranda or management presentations distributed on behalf of Sequoia’s business, Sequoia or its Subsidiaries or other publications or data room information provided to Evergreen or any Representative thereof, or any other document, information or projection in any form provided to Evergreen or any Representative thereof in connection with the Transactions, or (b) the projections
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or other forward-looking statements of Sequoia’s business, Sequoia or its Subsidiaries, in each case in expectation or furtherance of the Transactions.  Sequoia hereby expressly disclaims any representations or warranties of any kind or nature, express or implied, including those which may be contained in any presentation or similar materials regarding Sequoia or any of its Subsidiaries, or any of its or their businesses or in any materials provided to Evergreen during the course of its due diligence investigation of Sequoia and its Subsidiaries and their respective businesses, except as expressly provided in Article III or any Transaction Document (including any certificate delivered hereunder or thereunder).  Evergreen hereby agrees that it shall rely solely on its own examination and investigation of Sequoia’s business, Sequoia and its Subsidiaries and the representations and warranties set forth in Article III or any Transaction Document (including any certificate delivered hereunder or thereunder).
(c)The Parties agree that the express representations and warranties made by Juniper in Article IV and any Transaction Document (including any certificate delivered hereunder or thereunder) are the exclusive representations and warranties made by Juniper.  Without limitation to the generality of the foregoing, Evergreen agrees that Juniper has not made any representation or warranty, express or implied, as to the accuracy or completeness of any information regarding Juniper’s business, Juniper or the Transactions, and, except as expressly set forth in Article IV or any Transaction Document (including any certificate delivered hereunder or thereunder), neither Juniper nor any other Person will have or be subject to any liability to Evergreen or any other Person resulting from the distribution to Evergreen or any Representative thereof of information, including (a) any confidential information memoranda or management presentations distributed on behalf of Juniper’s business, Juniper or other publications or data room information provided to Evergreen or any Representative thereof, or any other document, information or projection in any form provided to Evergreen or any Representative thereof in connection with the Transactions, or (b) the projections or other forward-looking statements of Juniper’s business or Juniper, in each case in expectation or furtherance of the Transactions.  Juniper hereby expressly disclaims any representations or warranties of any kind or nature, express or implied, including those which may be contained in any presentation or similar materials regarding Juniper, or any of its or their businesses or in any materials provided to Evergreen during the course of its due diligence investigation of Juniper, except as expressly provided in Article IV or any Transaction Document (including any certificate delivered hereunder or thereunder).  Evergreen hereby agrees that it shall rely solely on its own examination and investigation of Juniper’s business, Juniper and the representations and warranties set forth in Article IV or any Transaction Document (including any certificate delivered hereunder or thereunder).
ARTICLE X
CERTAIN DEFINITIONS
Section 10.01Interpretation.
(a)Where specific language is used to clarify by example a general statement contained herein (such as by using the word “including”), such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates.  The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms.  Whenever required by the context, any pronoun used in this
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Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.  The words “include” and “including,” and other words of similar import when used herein shall not be deemed to be terms of limitation but rather shall be deemed to be followed in each case by the words “without limitation.”  The word “if” and other words of similar import when used herein shall be deemed in each case to be followed by the phrase “and only if.”  The words “herein,” “hereof,” “hereto,” and “hereby” and other words of similar import in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not to any particular Article, Section or other subdivision of this Agreement.  Any reference herein to “dollars” or “$” shall mean United States dollars.  The words “as of the date of this Agreement” and words of similar import shall be deemed in each case to refer to the date this Agreement was fully executed and delivered, and the words “as of the date of the Put Option Agreement” and words of similar import shall be deemed in each case to refer to the date the Put Option Agreement was fully executed and delivered.  Any reference to any particular Code section or any other Law will be interpreted to include any revision of or successor to that section regardless of how it is numbered or classified and any reference herein to a Governmental Entity shall be deemed to include reference to any successor thereto.  The phrase “material to the Elm Business” shall be deemed to be followed in each case by the words “taken as a whole.”  All references to days or months shall be deemed references to calendar days or months unless otherwise specified herein.  Whenever the last day for the delivery of any notice, the exercise of any right or the discharge of any duty under this Agreement falls on a day other than a Business Day, the Party delivering such notice or having such right or duty shall have until the next Business Day to deliver such notice, exercise such right or discharge such duty.
(b)For purposes of this Agreement, without limitation, if (i) Evergreen or a Person acting on its behalf posts a document to the online data room entitled “Oak 2020” hosted on behalf of Evergreen and maintained by Datasite or (ii) Sequoia or a Person acting on its behalf or Juniper or a Person acting on its behalf posts a document to the online data room entitled “Sequoia” hosted on behalf of Sequoia and maintained by Datasite, in each case, at least two (2) days prior to the date of the Put Option Agreement, such document shall be deemed to have been “delivered,” “furnished” or “made available” (or any phrase of similar import) to, in the case of Evergreen, Sequoia and Juniper, and in the case of Sequoia or Juniper, to Evergreen.  Any references to a “copy” of any Contract or other document or instrument are to a true, correct and complete copy thereof.
(c)The Parties have participated jointly in the negotiation and drafting of this Agreement; consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provisions of this Agreement.
Section 10.02Certain Definitions.
“Accrued Income Taxes” means, with respect to any Person, an amount equal to the aggregate of the unpaid income Taxes of such Person for any Pre-Closing Tax Period in each applicable jurisdiction, which shall be determined (i) taking into account the Transactions (including the Restructuring, the transfer of the T2 Entities and the transactions contemplated by Section 6.20), (ii) without regard to deferred Tax assets (except as provided in clause (iv)) and
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liabilities, (iii) as though the taxable year of such Person closes as of 11:59 p.m. (Eastern Time) on the Closing Date regardless of whether such treatment is prescribed by applicable Law, (iv) taking into account (x) applicable estimated Tax payments made prior to Closing and any applicable Tax refunds or overpayments and (y) any net operating losses or other Tax attributes (excluding any such attribute that may be carried back from a taxable period beginning after the Closing Date) to the extent such attributes actually reduce cash Taxes payable in respect of such taxable periods (or would reduce such cash Taxes taking into account clause (iii)) and (v) excluding any Specified Tax Receivables; provided, however, that in no event shall Accrued Income Taxes be less than zero.
“Acquisition Proposal” has the meaning set forth in Section 6.11.
“Action” means any claim, complaint, counterclaim, suit, litigation, demand, dispute, action, notice of violation, citation, summons, subpoena, investigation, arbitration, examination, injunction, hearing, order, mediation or audit or other proceeding (whether civil, criminal, administrative, judicial or investigative) commenced, brought, conducted or heard by or before any Governmental Entity.
“Additional Assets” has the meaning set forth in Section 6.17(g).
“Adverse Alternative Public Transaction Structure” means an Alternative Public Transaction Structure that materially and materially disproportionately adversely affects Evergreen from a Tax perspective as compared to similarly situated U.S. taxpayers.
“Affiliate” of any particular Person means any other Person controlling, controlled by or under common control with such particular Person, where “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person whether through the ownership of voting securities, contract or otherwise; provided that from and after the Closing, (a) none of Juniper, Sequoia nor any of their respective Subsidiaries, including the Transferred Subsidiaries, shall be considered an Affiliate of Evergreen or any of any Evergreen’s Affiliates and (b) none of Evergreen nor any other member of the Evergreen Group shall be considered an Affiliate of Juniper, Sequoia or any Transferred Subsidiary; provided, further, that neither Juniper nor Alder, nor any of their respective Affiliates shall be considered an Affiliate of Sequoia.
“Affiliated Group” means any affiliated group within the meaning of Code Section 1504(a) or any similar group defined under a similar provision of any applicable Law.
“Agreement” has the meaning set forth in the preamble.
“Alder” means American Express Travel Holdings Netherlands Coöperatief U.A.
“Alternative Transaction” means a direct or indirect sale or issuance to a third party of any Transferred Subsidiary Interests or the acquisition, sale, lease, license or other disposition (whether by merger, reorganization, recapitalization, or otherwise) of a material portion of the assets of the Elm Business or any Transferred Subsidiary or any other transaction the consummation of which would reasonably be expected to impair the Transaction; provided that, for the avoidance of doubt, a transaction involving the sale, assignment, transfer or encumbrance of any or all of the equity
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interests of Evergreen, or a merger or recapitalization of Evergreen which transaction does not have the Elm Business as its primary purpose and would not reasonably be expected to prevent, impair or materially delay the Transactions, shall not be considered an Alternative Transaction.
“Amended & Restated Equityholder Agreements” has the meaning set forth in the Recitals.
“Amended & Restated Juniper SHA” has the meaning set forth in the Recitals.
“Amended & Restated Sequoia SHA” has the meaning set forth in the Recitals.
“Amended Commercial Agreement” means the amended Commercial Agreement, in the form attached hereto as Exhibit L.
“Anti-Corruption Laws” means any Law relating to anti-bribery or anti-corruption (governmental or commercial), which applies, as applicable, to the Elm Business, business of Juniper, business of Sequoia and dealings of Juniper, Sequoia, Evergreen or their respective Subsidiaries (including the Transferred Subsidiaries), including the U.S. Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, all national and international laws enacted to implement the OECD Convention on Combating Bribery of Foreign Officials in International Business Transactions and other laws that prohibit the corrupt payment, offer, promise or authorization of the payment or transfer of anything of value (including gifts or entertainment), directly or indirectly, to any government official, commercial entity or any other Person to obtain a business advantage.
“Anti-Money Laundering Laws” means any Law or guideline relating to money laundering, including financial recordkeeping and reporting requirements, which applies, as applicable, to the Elm Business, business of Juniper, business of Sequoia and dealings of Juniper, Sequoia or Evergreen or their respective Subsidiaries (including the Transferred Subsidiaries), including the U.S. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, the U.S. Currency and Foreign Transaction Reporting Act of 1970, the U.S. Money Laundering Control Act of 1986, the UK Proceeds of Crime Act 2002, the UK Terrorism Act 2000, all money laundering-related laws of other jurisdictions where any of Juniper, Sequoia, Evergreen or its Subsidiaries (including the Transferred Subsidiaries) conduct business or own assets, and any related or similar Law issued, administered or enforced by any Governmental Entity.
“Antitrust Authority” means the Antitrust Division of the United States Department of Justice, the United States Federal Trade Commission, the CMA, the Spanish authorities and governmental bodies involved in the process of granting foreign investment authorization including (and as applicable): (i) the Spanish General Directorate for International Trade and Investments (Dirección General de Comercio Internacional e Inversiones); (ii) the Spanish Foreign Investment Board (Junta de Inversiones Exteriores); and (iii) the Council of Ministers (Consejo de Ministros) of the Government of Spain, the New Zealand Overseas Investment Office, and, in the event of a referral of the Transactions to the European Commission pursuant to Article 22 of the EU Merger Regulation, the European Commission, and all other U.S. or non-U.S. Governmental Entities that are charged with enforcing, applying, administering or investigating any Antitrust Laws.
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“Antitrust Information or Document Requests” means any voluntary or compulsory request or demand for the production, delivery or disclosure of documents or other evidence, or any voluntary or compulsory request or demand for the production of witnesses for interviews or depositions or other oral or written testimony, by any Antitrust Authority relating to the transactions contemplated hereby or by any third party challenging the transactions contemplated hereby, including any so called “second request” for additional information or documentary material or any civil investigative demand made or issued by the Antitrust Division of the United States Department of Justice or the United States Federal Trade Commission or any subpoena, interrogatory or deposition by any Antitrust Authority.
“Antitrust Law” means the Sherman Antitrust Act of 1890, the Clayton Act of 1914, the Federal Trade Commission Act of 1914, the HSR Act, the Enterprise Act, Spanish Law 19/2003 (including as modified by Royal Decree Laws 8/2020, 11/2020 and 34/2020), the New Zealand Overseas Investment (Urgent Measures) Amendment Act 2020 and, in the event of a referral of the Transactions to the European Commission pursuant to Article 22 of the EU Merger Regulation, the EU Merger Regulation, and all other U.S. or non-U.S. antitrust, competition or other Laws that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade, affecting competition or market conditions through merger, acquisition or other transaction or effectuating foreign investment, in any case that are applicable to the Transactions.
“Assumed Liabilities” has the meaning set forth in Section 1.08.
“Automatic Transfer Employee” means any Business Employee who is based in a jurisdiction outside of the United States, where local employment Laws, including Automatic Transfer Laws, provide for an automatic transfer of such employees to a Transferred Subsidiary by operation of Law upon the transfer of a business and such business transfer occurs as a result of the Restructuring.
“Automatic Transfer Laws” means (a) all Laws implementing the EU Council Directive 2001/23/EC of 12 March 2001 on the approximation of the Laws of the Member States relating to the safeguarding of employees’ rights in the event of transfers of undertakings, businesses or parts of undertakings or businesses, and (b) any similar laws in any jurisdiction providing for an automatic transfer, by operation of Law, of employment in the event of a transfer of business.
“Backfill Opportunity” has the meaning set forth in Section 6.01(b)(vi).
“Bankruptcy and Equity Exception” means the effect on enforceability of (a) any applicable Law relating to bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance or preferential transfers, or similar Law relating to or affecting creditors’ rights generally and (b) general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law).
“Benefit Plan” means any “employee benefit plan” (within the meaning of Section 3(3) of ERISA, whether or not ERISA applies) and any other written or unwritten, funded or unfunded plan, agreement, policy or other arrangement, and in each case all amendments thereto, providing for employment, compensation, severance, deferred compensation, bonus, change of control,
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employee loan, performance awards, stock or stock-related awards, fringe benefits, disability benefits, supplemental employment benefits, vacation benefits, paid time-off, educational assistance, retirement benefits, profit-sharing, post-retirement benefits, or other employee benefits or remuneration of any kind to any Person, excluding (in each case) any “multiemployer plan” (as defined in Section 3(37) or 4001(a)(3) of ERISA) or any statutory plan to which contributions are mandated by a Governmental Entity or otherwise by applicable Law.
“Books and Records” has the meaning set forth in Section 6.09.
“Business Day” means any day that is not a Saturday, a Sunday or other day on which the Federal Reserve Bank of New York is closed.
“Business Employee” has the meaning set forth in Section 2.18(a).
“Business Independent Contractor” has the meaning set forth in Section 2.18(b).
“Calculation Time” means the close of business on the Business Day immediately prior to the Closing Date.
“CARES Act” means the Coronavirus Aid, Relief, and Economic Security Act.
“Cash” means, without duplication, the aggregate amount of all cash and cash equivalents (which are convertible into cash within thirty (30) days), bank deposits, short-term marketable investments, calculated (i) net of any bank overdrafts, (ii) including cash and checks received but not yet cleared, net of any checks written by, or wires issued by or on behalf of such Person; provided that Cash shall not include (x) Restricted Cash, (y) in the case of Closing Elm Cash, any insurance proceeds received by the Elm Business in connection with Section 1.06(h) or (z) in the case of Closing Sequoia Cash, any insurance proceeds received by Sequoia or its Subsidiaries in connection with any casualty loss of Sequoia or its Subsidiaries after the date hereof and prior to Closing.
“Cash True-Up Amount” has the meaning set forth in Section 1.03(g)(iii).
“Claims Made Policies” has the meaning set forth in Section 6.06(d).
“Clean Team Agreement” means the Clean Team Confidentiality Agreement, dated as of November 2, 2020, between Sequoia and Evergreen.
“Closing” has the meaning set forth in Section 5.01.
“Closing Cash Payment” has the meaning set forth in Section 1.02(b).
“Closing Date” has the meaning set forth in Section 5.01.
“Closing Elm Cash” means the aggregate amount of Cash of the Transferred Subsidiaries as of the Calculation Time (having given effect to the Restructuring), determined on a consolidated basis in accordance with the Elm Accounting Principles.
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“Closing Elm Debt” means the sum of (a) the aggregate amount of Debt of the Transferred Subsidiaries as of the Calculation Time (having given effect to the Restructuring), determined on a consolidated basis in accordance with the Elm Accounting Principles, minus (b) $20,000,000, being the agreed adjustment amount in respect of unvested equity relating to the Elm Business, minus (c) $20,000,000, in the form of the illustrative calculation set forth on the Elm Debt Example Calculation.
“Closing Elm Net Working Capital” means, as of the Calculation Time (having given effect to the Restructuring) (a) the consolidated current assets of the Transferred Subsidiaries as of such date and time, in the form of the illustrative calculation set forth on the Elm Net Working Capital Example Calculation (excluding (x) Closing Elm Cash and any Restricted Cash and (y) income Tax assets and deferred Tax assets), minus (b) the consolidated current Liabilities of the Transferred Subsidiaries as of such date and time, in the form of the illustrative calculation set forth on the Elm Net Working Capital Example Calculation (excluding (x) Closing Elm Debt, (y) income Tax Liabilities and deferred Tax Liabilities and (z) the current portion of operating leases that may be required to be recorded on a balance sheet pursuant to Accounting Standard Codification Topic 840 or 842), in each case, as determined in accordance with the Elm Accounting Principles.  For the avoidance of doubt, “Closing Elm Net Working Capital” shall not include Closing Elm Cash, Closing Elm Debt, Closing Elm Transaction Expenses or Intercompany Accounts.
“Closing Elm Net Working Capital Adjustment Amount” means the amount (which may be positive or negative) equal to:  (a) Closing Elm Net Working Capital, minus (b) $56,600,000.
“Closing Elm Transaction Expenses” means to the extent an obligation of a Transferred Subsidiary or otherwise constituting Assumed Liabilities, (a) all unpaid fees and expenses incurred or otherwise committed up to and including the Closing and payable in connection with the negotiation, preparation, execution and performance of this Agreement, the other Transaction Documents and the Transactions (including the Restructuring), including all legal, financial advisory, accounting, consulting, third party service providers and other fees and expenses and any broker’s or finder’s fees (in each case, whether or not such amounts have been billed on or before the Closing Date), (b) Employee Transaction Costs, (c) Transfer Costs to the extent the responsibility of Evergreen or its Affiliates pursuant to Section 6.08(j), and (d) subject to the proviso below, fifty-percent (50%) of all costs and expenses of preparing the Elm Audited Financial Statements pursuant to Section 6.23; provided that in no event shall Sequoia be responsible for more than an aggregate of $1,500,000 of such costs and expenses described in this clause (d) and Evergreen shall be responsible for more than fifty-percent (50%) of all costs and expenses described in this clause (d) if the aggregate costs and expenses exceed $3,000,000.
“Closing Sequoia Cash” means the sum of (a) the aggregate amount of Cash of Sequoia and its Subsidiaries as of the Calculation Time, determined on a consolidated basis in accordance with the Sequoia Accounting Principles, minus (b) if a Public Transaction is consummated, the cash proceeds received by Sequoia from the issuance of Equity Interests in such Public Transaction (net of any underwriting discount and other offering expenses), plus (c) the Specified Tax Receivables to the extent outstanding as of the Closing.
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“Closing Sequoia Debt” means the sum of (a) the aggregate amount of Debt of Sequoia and its Subsidiaries as of the Calculation Time, determined on a consolidated basis in accordance with the Sequoia Accounting Principles, minus (b) $40,000,000, plus (c) $3,500,000 and in the form of the illustrative calculation set forth on the Sequoia Debt Example Calculation.
“Closing Sequoia Net Working Capital” means, as of the Calculation Time, (a) the consolidated current assets of Sequoia and its Subsidiaries as of such date and time, in the form of the illustrative calculation set forth on the Sequoia Net Working Capital Example Calculation (excluding (x) Closing Sequoia Cash and any Restricted Cash and (y) income Tax assets and deferred Tax assets), minus (b) the consolidated current Liabilities of Sequoia and its Subsidiaries as of such date and time, in the form of the illustrative calculation set forth on the Sequoia Net Working Capital Example Calculation (excluding (x) Closing Sequoia Debt, (y) income Tax Liabilities and deferred Tax Liabilities and (z) the current portion of operating leases that may be required to be recorded on a balance sheet pursuant to Accounting Standard Codification Topic 840 or 842), in each case, as determined in accordance with the Sequoia Accounting Principles.  For the avoidance of doubt, “Closing Sequoia Net Working Capital” shall not include Closing Sequoia Cash, Closing Sequoia Debt or Closing Sequoia Transaction Expenses.
“Closing Sequoia Net Working Capital Adjustment Amount” means the amount (which may be positive or negative) equal to:  (a) Closing Sequoia Net Working Capital, minus (b) $54,500,000.
“Closing Sequoia Transaction Expenses” means, to the extent an obligation of Sequoia or its Subsidiaries, all unpaid fees and expenses incurred or otherwise committed up to and including the Closing and payable in connection with the negotiation, preparation, execution and performance of this Agreement, the other Transaction Documents and the Transactions, including all legal, financial advisory, accounting, consulting, third party service providers and other fees and expenses and any broker’s or finder’s fees (in each case, whether or not such amounts have been billed on or before the Closing Date).
“Closing Statements” has the meaning set forth in Section 1.03(d).
“CMA” shall mean the UK Competition and Markets Authority.
“CMA Briefing Paper” shall mean the briefing paper submitted to the CMA by the Parties in relation to the Transactions.
“Code” means the Internal Revenue Code of 1986, as amended.
“Collective Bargaining Agreement” means each collective bargaining agreement and each other material agreement with an Employee Representative of any Business Employee, including any national or sector specific collective agreements which are applicable to any Business Employee, in each case in effect immediately prior to Closing that sets forth the terms and conditions of employment of such Business Employee, and all modifications of, or amendments to, such agreements and any rules, procedures, awards or decisions of competent jurisdiction interpreting or applying such agreements.
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“Commercial Agreement” means the Egencia Global Master Services Agreement, effective as of January 1, 2021, between Evergreen and each Egencia entity whose signature appears on the signature page thereto.
“Common Shares of Juniper” means “Common Shares” as defined in the Juniper SHA or, to the extent Juniper is converted into a Cayman segregated portfolio company prior to the Closing, a newly issued class of common shares entitling Evergreen to all of the Equity Interests of Sequoia and cash to be received by Juniper pursuant to this Agreement.
“Communications Plan” has the meaning set forth in Section 6.12(a).
“Company” and “Companies” have the meanings set forth in the Recitals.
“Confidential Information” has the meaning set forth in Section 6.12(c).
“Confidentiality Agreement” means with respect to Sequoia and Evergreen, the Mutual Non-Disclosure Agreement, dated as of November 20, 2014, by and between Evergreen and GBT III B.V. (as subsequently amended and restated, including pursuant to the Mutual-Non Disclosure Agreement – Reinstatement and 3rd Extension letter agreement, dated as of April 6, 2020).
“Consideration Equity Interests Number” means the product of (a) the Grossed Up Juniper Contribution Percentage multiplied by (b) the Sequoia Fully Diluted Equity Interests Number (rounded to the nearest whole Non-Voting Ordinary Share of Sequoia).
“Continuing Employees” has the meaning set forth in Section 6.08(a).
“Contract” means any agreement, contract, license, lease, instrument, note, bond, mortgage, indenture, guarantee, purchase order, letter of credit, undertaking, obligation, commitment, or other legally binding commitment or obligation, each as amended or modified from time to time.
“Contributor Guaranty” has the meaning set forth in Section 6.16.
“Contributor Parties” means, collectively, Evergreen and the Transferred Subsidiaries.
“COVID-19” means SARS-CoV-2 or COVID-19, and any evolutions or mutations thereof or related or associated epidemics, pandemics or disease outbreaks.
“Data Protection Laws” means all applicable Laws in any jurisdiction relating to privacy or the processing or protection of personal data, including (without limitation) the General Data Protection Regulation 2016/679 (“GDPR”), the Directive on Privacy and Electronic Communications 2002/58/EC, the UK GDPR, the UK Data Protection Act 2018 and the Data Protection (Charges and Information) Regulations 2018, the California Consumer Privacy Act, and including any predecessor, successor or implementing legislation in respect of the foregoing, and any amendments or re-enactments of the foregoing.  The terms “controller,” “processor,” “personal data,” “personal data breach,” “process” (and its cognates) and “supervisory authority” shall have the meaning given to them in Data Protection Laws.
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“Debt” means, without duplication, with respect to any Person, (a) all indebtedness for borrowed money, (b) indebtedness evidenced by notes, bonds, debentures, mortgages or similar instruments and including, in the case of Sequoia, the Preferred Shares of Sequoia, (c) all capitalized lease obligations (classified as a capital lease or finance lease on the Elm Financial Statements or Sequoia Financial Statements or in accordance with GAAP) of such Person as of such date and time (which, for the avoidance of doubt, excludes any obligations under any operating leases that may be required to be recorded on a balance sheet pursuant to Accounting Standards Codification Topic 840 or 842), (d) all reimbursement obligations of such Person under letters of credit, performance or surety bonds, or other similar obligations, to the extent drawn, (e) all obligations under commodity swap agreements, commodity cap agreements, interest rate cap agreements, interest rate swap agreements, hedging arrangements, foreign currency exchange agreements and other similar agreements, (f) for clauses (a) through (e) above, all principal and accrued but unpaid interest thereon, if any, preferred yield on Preferred Shares of Sequoia, in the case of Sequoia, and any termination fees, prepayment penalties, “breakage” cost or similar payments or other expenses associated with the actual repayments of such Debt on or prior to the Closing Date, (g) in the case of Sequoia, the MIP/Profit Share Amount, (h) any Taxes payable by such Person or its Subsidiaries that (x) relate to the portion of the “payroll tax deferral period” (as defined in Section 2302(d) of the CARES Act) that occurs prior to the Closing Date, and (y) are payable following the Closing Date as permitted by Section 2302(a) of the CARES Act (or any similar Law in another jurisdiction pursuant to which such Person has deferred payroll Taxes), (i) in the case of the Transferred Subsidiaries, declared and unpaid dividends due to any member of the Evergreen Group (other than a Transferred Subsidiary), (j) all Accrued Income Taxes, (k) all accrued restructuring costs and all accrued severance costs, in each case determined in accordance with GAAP as historically applied by such Person or its Affiliate (as applicable), (l) all accrued profit sharing in France calculated in accordance with methodology used in the preparation of the Elm Balance Sheet (in the case of the Transferred Subsidiaries) and the Sequoia Financial Statements (in the case of Sequoia), (m) with respect to Business Employees, the dollar amount of all payroll deductions made under the Evergreen employee stock purchase plan and not yet applied to the purchase of Evergreen shares or returned to the participant from whom such amounts were deducted, (n) all accrued but unpaid digital services Taxes payable in France, Spain, Italy or the UK in relation to pre-Closing periods, (o) all contingent Tax liabilities which would be more likely than not to be due and payable as determined in accordance with GAAP as historically applied by such Person or its Affiliates (as applicable) (including any reserves required under FIN 48), (p) rent contractually due and payable by such Person prior to the Closing Date which has not been paid by such Person in reliance on rent moratoriums or deferral programs instituted by Governmental Entities in connection with COVID-19, (q) in the case of the Transferred Subsidiaries, Unfunded Pension Liabilities, and in the case of Sequoia, the Sequoia Pension Liabilities and (r) all obligations of such Person in the nature of guarantees of the obligations described in clauses (a) through (q) of this definition of “Debt” of any Person other than such Person.
“Designated Person” has the meaning set forth in Section 9.17(a).
“Dispute Resolution Firm” has the meaning set forth in Section 1.03(f).
“Disputed Items” has the meaning set forth in Section 1.03(f).
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“Disputed Reverse Services” has the meaning set forth in Section 6.27(c).
“Disputed Services” has the meaning set forth in Section 6.10(d).
“Dutch Works Councils Act” means the Dutch Works Councils Act (Wet op de ondernemingsraden).
“EEA” has the meaning set forth in Section 2.11(e).
“Elm Accounting Principles” means GAAP, applied in a manner consistent with the accounting principles and standards, practices, policies, procedures, classifications, judgments and methodologies used in connection with the preparation of the Elm Financial Statements. In the event of a conflict between GAAP and the accounting principles and standards, practices, policies, procedures, classifications, judgments and methodologies as were used in connection with the preparation of the Elm Financial Statements, then GAAP shall prevail.  For purposes of interpreting any provision herein, in the event of a conflict between GAAP and a term that is specifically defined in this Agreement, the definition in this Agreement shall prevail.
“Elm Affiliate Arrangements” has the meaning set forth in Section 2.20(b).
“Elm Audited Financial Statements” has the meaning set forth in Section 6.23(a).
“Elm Business” means all of the Evergreen Group’s travel management platforms that provide managed travel products and services (including providing travel management services and arranging business or commercial travel, meetings and events) to businesses, corporate travelers, governmental agencies and other organizations including under the Egencia, Orbitz for Business, Via Travel, Synergi Canada, Travelforce brands; provided that the Elm Business shall not include the T2 Business.
“Elm Business Material Adverse Effect” means any Effect that, individually or in the aggregate with all other Effects, (a) has had or would reasonably be expected to have a material adverse effect on the business, condition (financial or otherwise), properties, assets, Liabilities, operations or results of operations of the Elm Business, taken as a whole or (b) would or would reasonably be expected to prevent or materially delay or materially impair, the consummation of the Transactions by any member of the Evergreen Group or performance by any member of the Evergreen Group of its obligations under the Transaction Documents; provided, however, that in the case of clause (a), in no event shall any Effect arising out of or resulting from any of the following, alone or in combination, be deemed to constitute, or be taken into account in determining whether there has been or would reasonably be expected to be an Elm Business Material Adverse Effect:  (i) a change in general political, social, geopolitical or regulatory conditions, (ii) any change in economic, financial, credit, banking, currency or capital market conditions, including interest, foreign exchange or exchange rates or any suspension of trading in securities (whether equity, debt, derivative or hybrid securities) on any securities exchange or over-the-counter market, (iii) a change generally affecting the industry in which the Elm Business operates, (iv) any change in accounting requirements or principles required by GAAP (or any authoritative interpretations thereof), (v) any adoption, implementation, promulgation, repeal, modification, change or reinterpretation of any Law, (vi) any seasonal fluctuations affecting the Elm Business, (vii) any plagues, pandemics (including COVID-19) or any escalation or worsening
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or subsequent waves or mutations thereof, epidemics or other outbreaks of diseases or public health events, escalation or acts of terrorism or sabotage, cyberterrorism, armed hostility, war (whether or not declared), military action or any weather-related event, fire, volcanoes, tsunamis, earthquakes, hurricanes, tornadoes, floods, wild fires, or other natural disaster, or the escalation or worsening of any of the occurrences or conditions referred to in this clause (vii), (viii) the announcement of this Agreement and the Transactions or the pendency, performance or consummation of the Transactions, including any impact on the Elm Business’s relationships with employees, customers, suppliers or other business relations (provided that the exception in this clause (viii) shall not apply with respect to any representation or warranty that is intended to address the consequences of the announcement of this Agreement or the pendency, performance or consummation of the Transactions), (ix) the taking of any action expressly required by (other than the requirements of Section 6.01(a)), or the failure to take any action expressly prohibited by, this Agreement, (x) the taking of any action requested by Sequoia or Juniper in writing or (xi) any failure to meet any internal or published projections, forecasts, guidance, estimates, milestones, budgets, operating statistics or internal or published financial or operating predictions of revenue, earnings, cash flow, cash position or other financial or performance measures or operating statistics for any period (provided that, except as otherwise provided in this definition, the underlying causes of such failure referred to in this clause (xi) may be considered in determining whether there is an Elm Business Material Adverse Effect); provided, however, that any Effect resulting from or arising out of the exceptions set forth in clauses (i), (ii), (iii), (iv), (v), (vi) and (vii) will be taken into consideration in determining whether an Elm Business Material Adverse Effect has occurred to the extent that such Effect has a disproportionate impact on the Elm Business, taken as a whole, compared to other Persons or companies that operate in the industry and geographic markets in which the Transferred Subsidiaries operate.
“Elm Business Permits” has the meaning set forth in Section 2.15.
“Elm Closing Statement” has the meaning set forth in Section 1.03(c).
“Elm Debt Example Calculation” means the example calculation of Closing Elm Debt as of December 31, 2020 attached hereto as Exhibit K-1.
“Elm Enterprise Value” means $754,244,967.
“Elm Equity Value” means (a) Elm Enterprise Value, plus (b) Closing Elm Cash, minus (c) Closing Elm Debt, minus (d) Closing Elm Transaction Expenses, plus (e) Closing Elm Net Working Capital Adjustment Amount.
“Elm Excluded Plans” has the meaning set forth in Section 2.17(a).
“Elm Financial Statements” means the unaudited balance sheet and statement of operations of the Elm Business and the T2 Business as of and for the fiscal years ended December 31, 2020 (such balance sheet, the “Elm Balance Sheet”, and the date of such Elm Balance Sheet the “Elm Balance Sheet Date”) and December 31, 2019, as attached to Schedule 2.06(a) of the Evergreen Disclosure Schedule.
“Elm Government Contract” means any Elm Government Prime Contract or Elm Government Subcontract.
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“Elm Government Prime Contract” means any prime contract, basic ordering agreement, letter contract, task order, purchase order, delivery order, change order, arrangement or other commitment of any kind between any Transferred Subsidiary, on the one hand, and the U.S. Government, on the other hand.
“Elm Government Subcontract” means any subcontract, basic ordering agreement, letter subcontract, task order, purchase order, delivery order, change order, arrangement or other commitment of any kind between any Transferred Subsidiary, on the one hand, and any prime contractor to the U.S. Government or any subcontractor with respect to an Elm Government Prime Contract, on the other hand.
“Elm Insurance Policies” has the meaning set forth in Section 2.12(a).
“Elm Interests” has the meaning set forth in the Recitals.
“Elm IT Systems” means the hardware, Software, data, databases, data communication lines, network and telecommunications equipment, Internet-related information technology infrastructure, wide area network and other information technology equipment, owned, leased or licensed by any of the Transferred Subsidiaries or, to the extent related to the Elm Business, any other member of the Evergreen Group.
“Elm Leased Real Property” has the meaning set forth in Section 2.09(c).
“Elm Material Customers” has the meaning set forth in Section 2.23.
“Elm Material Suppliers” has the meaning set forth in Section 2.22.
“Elm Net Working Capital Example Calculation” means the example calculation of Closing Elm Net Working Capital as of December 31, 2020 attached hereto as Exhibit F-1.
“Elm Owned Intellectual Property” means any Intellectual Property owned or purported to be owned by the Transferred Subsidiaries or included in the Transferred Assets.
“Elm Personal Property” has the meaning set forth in Section 2.09(a).
“Elm Privacy Statements” has the meaning set forth in Section 2.11(d).
“Elm Product” means any product or service marketed, distributed, provided, licensed or sold at any time by the Transferred Subsidiaries or, to the extent related to the Elm Business, any other member of the Evergreen Group.
“Elm Product Development Employees” means each Business Employee that is primarily engaged in technical product development on behalf of the Elm Business, including all Business Employees within the Tech Global subdivision of the Elm Business.
“Elm Real Property Lease” has the meaning set forth in Section 2.09(c).
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“Elm Software” means Software owned by the Transferred Subsidiaries or included in the Transferred Assets.
“Elm Specified Contracts” has the meaning set forth in Section 2.08(a).
“Elm Specified Supply Agreements” has the meaning set forth in Section 2.22.
“Elm U.S.” has the meaning set forth in the Recitals.
“Elm U.S. Interests” has the meaning set forth in the Recitals.
“Employee Representative” means any collective bargaining representative, labor union, labor organization, works council, staff association, worker representative, trade union, group of employees or any other employee representative body (whether elected or not).
“Employee Transaction Costs” means any cash success, change of control, retention, severance or other similar cash compensatory payments payable to any current or former Business Employee or any current or former employee or other individual service provider by any Transferred Subsidiary, in any case, to the extent such payments arise, are triggered by, or are payable by any Transferred Subsidiary, or otherwise constitute Assumed Liabilities, as a result of or in connection with the consummation of the transactions contemplated by this Agreement and remain an unpaid obligation of any Transferred Subsidiary as of Closing, including the employer portion of any employment or payroll Taxes in respect thereof (but excluding, for clarity, (i) any severance, termination or similar payment or benefit triggered by any termination of employment occurring after the Closing, and (ii) any payment or benefit which remains by its terms an obligation of any member of the Evergreen Group (other than a Transferred Subsidiary)); provided that, with respect to each retention bonus set forth on Schedule 6.08(n) of the Evergreen Disclosure Schedule, in no event shall “Employee Transaction Costs” include (or be deemed to include) any portion of such retention bonus that vests and becomes payable in accordance with its terms on a date following the Closing Date.
“Enterprise Act” shall mean the Enterprise Act 2002 (UK), as amended.
“Environmental Claims” means any claim, notice of non-compliance or violation, demand, directive, Action, obligation, consent order, consent decree, legal proceedings by any Governmental Entity or Person alleging material liability or responsibility arising out of, based on or resulting from (a) the presence or Release of any Hazardous Substances, (b) the Handling of Hazardous Substances, or (c) circumstances forming the basis of any violation under any Environmental Law.
“Environmental Laws” means any applicable United States federal, state, provincial, local or municipal statute, law, rule, regulation, ordinance, code, or rule of common law, including any judicial or administrative order, consent decree or judgment, relating to pollution or protection of the environment, or to health and safety as they may be effected by exposure to any chemical, material or substance, exposure to which is regulated by any Governmental Entity.
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“Environmental Permit” means any approval, filing, permit, registration, notification, authorization, exemption, clearance, certification and license that is required under or issued, granted, given, authorized, or made by a Governmental Entity under any Environmental Law.
“EPS Agreement” means the Marketing Partner Agreement, in the form attached hereto as Exhibit H.
“Equity Interests” means, with respect to any Person, (a) all of the shares, interests, rights, participations or other equivalents (however designated) of capital stock or share capital of (or other ownership or profit interests or units in) such Person and (b) all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities).
“Equityholder Agreements” has the meaning set forth in the Recitals.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
“ERISA Affiliate” means any entity, trade or business (whether or not incorporated) that, together with another entity, trade or business (whether or not incorporated), is required to be treated as a “single employer” within the meaning of Section 414(b), (c), (m) or (o) of the Code.
“Estimated Consideration Equity Interests Number” means the product of (a) the Estimated Grossed Up Juniper Contribution Percentage multiplied by (b) the Estimated Sequoia Fully Diluted Equity Interests Number (rounded to the nearest whole Non-Voting Ordinary Share of Sequoia).
“Estimated Elm Equity Value” has the meaning set forth in Section 1.03(a).
“Estimated Evergreen Contribution Consideration Interests” means, subject to Section 1.03(i), a number of Common Shares of Juniper (issued in respect of the relevant segregated portfolio, if applicable) equal to the number of Estimated Juniper Contribution Consideration Interests; provided that if Sequoia exercises its rights under Section 1.01(b), the number of Common Shares of Juniper shall equal the number called for by Section 1.01(b) (rounded to the nearest whole Common Share of Juniper).
“Estimated Grossed Up Juniper Contribution Percentage” means (a) the Estimated Juniper Contribution Equity Percentage divided by (b) the difference of (i) 100% minus (ii) the Estimated Juniper Contribution Equity Percentage.
“Estimated Juniper Contribution Consideration Interests” means a number of Non-Voting Ordinary Shares of Sequoia equal to the Estimated Consideration Equity Interests Number; provided that if Sequoia exercises its rights under Section 1.02(b), the number of Non-Voting Ordinary Shares of Sequoia shall equal the number called for by Section 1.02(b) (rounded to the nearest whole Non-Voting Ordinary Share of Sequoia).
“Estimated Juniper Contribution Equity Percentage” means (a) the Estimated Elm Equity Value divided by (b) the sum of (i) the Estimated Elm Equity Value plus (ii) the Estimated Sequoia Equity Value.
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“Estimated Sequoia Equity Value” has the meaning set forth in Section 1.03(b).
“Estimated Sequoia Fully Diluted Equity Interests Number” has the meaning set forth in Section 1.03(b).
“Estimated Sequoia Non-Voting Ordinary Shares Cash Equivalent” means, as of the Closing, (a) if prior to the consummation of a Public Transaction, the Estimated Value Per Sequoia Share, or (b) if after the consummation of a Public Transaction, the VWAP of publicly traded common equity securities of the Public Acquiror for the twenty (20) consecutive Trading Days (or, if such publicly traded common equity securities have not traded for twenty (20) Trading Days, such shorter number of consecutive Trading Days) prior to the date that is two (2) Business Days prior to the Closing.
“Estimated Value Per Sequoia Share” means an amount equal to (a) the Estimated Elm Equity Value divided by (b) the Estimated Consideration Equity Interests Number.
“EU Merger Regulation” means Council Regulation No 139/2004 of 20 January 2004 on the control of concentrations between undertakings.
“Evergreen” has the meaning set forth in the preamble.
“Evergreen 401(k) Plan” has the meaning set forth in Section 6.08(f).
“Evergreen Benefit Plan” means each Benefit Plan that is not a Transferred Subsidiary Benefit Plan and that was entered into or is sponsored, maintained or contributed to or required to be contributed to by a member of the Evergreen Group (excluding, for clarity, any Transferred Subsidiary) for the benefit of the Business Employees, the Business Independent Contractors and/or their respective dependents.
“Evergreen Contribution Consideration Interests” means, subject to Section 1.03(i), a number of Common Shares of Juniper (issued in respect of the relevant segregated portfolio, if applicable) equal to the number of Juniper Contribution Consideration Interests.
“Evergreen Cure Period” has the meaning set forth in Section 8.01(b)(i).
“Evergreen Debt and Lien Releases” has the meaning set forth in Section 2.27.
“Evergreen Disclosure Schedule” means the confidential disclosure schedules dated as of this Agreement and delivered by Evergreen to Sequoia and Juniper in connection with the execution of this Agreement.
“Evergreen Fundamental Representations” means the representations and warranties contained in Sections 2.01 (Organization and Organizational Power) (other than clause (c) of Section 2.01), 2.02 (Authorization; Valid and Binding Obligation), 2.03 (Title to Shares; Transferred Subsidiaries) (other than clause (iii) of Section 2.03(b) and Section 2.03(g)) and 2.26 (Brokers).
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“Evergreen Group” means Expedia Group, Inc. and its Subsidiaries, including, for the avoidance of doubt, prior to the Closing, the Transferred Subsidiaries and excluding, for the avoidance of doubt, after the Closing, the Transferred Subsidiaries.
“Evergreen Releasee” has the meaning set forth in Section 9.16(b).
“Evergreen Releasor” has the meaning set forth in Section 9.16(b).
“Excluded Assets” has the meaning set forth in Section 1.07.
“Excluded Liabilities” has the meaning set forth in Section 1.09.
“Excluded Shared Contracts” means the Contracts designated as such on Schedule 2.24(a) of the Evergreen Disclosure Schedule.
“Final Allocation” has the meaning set forth in Section 6.07(f).
“For Cause” means, with respect to a Senior Business Employee, the meaning ascribed thereto in the applicable service agreement thereof or, in the absence of any such service agreement, in accordance with past practice.
“Fraud” means, with respect to any Person, an actual and intentional fraud with respect to the making of representations and warranties contained in a Transaction Document (including any certificate delivered hereunder or thereunder); provided that Fraud shall only be deemed to exist if (a) such Person had knowledge that any representation or warranty was inaccurate when made, (b) that such representation or warranty was made with the intent to induce the other Person to act or refrain from acting, and (c) such other Person justifiably relied on such inaccurate representation or warranty to such other Person’s detriment.
“GAAP” means United States generally accepted accounting principles, consistently applied.
“Global Trade Laws and Regulations” means (a) export, import, and other trade laws and regulations including the U.S. Export Administration Regulations, the U.S. International Traffic in Arms Regulations, and the import laws administered by U.S. Customs and Border Protection; (b) economic sanctions rules and regulations administered by the U.S. government, including the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) and the U.S. Department of State; (c) anti-boycott laws and regulations, including those administered by the U.S. Departments of Commerce and Treasury; (d) European Union Council Regulations on export controls, including Nos. 428/2009 and 267/2012; (e) other EU Council sanctions regulations, as implemented in EU Member States; (f) Canadian sanctions policies; (g) United Nations sanctions policies; (h) all relevant regulations made under any of the foregoing; and (i) other similar economic and trade sanctions, export or import control, trade, or anti-boycott Laws, in each case to the extent they apply, as applicable, to the Elm Business, business and dealings of Sequoia, Evergreen or their respective Subsidiaries (including the Transferred Subsidiaries).
“Governmental Entity” means any federal, national, supra-national, state, foreign, provincial, local or other government or any governmental, regulatory, administrative or self-
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regulatory authority, agency, bureau, board, commission, court, judicial or arbitral body, department, political subdivision, tribunal or other instrumentality thereof.
“Grossed Up Juniper Contribution Percentage” means (a) the Juniper Contribution Equity Percentage divided by (b) the difference of (i) 100% minus (ii) the Juniper Contribution Equity Percentage.
“Handling of Hazardous Substances” means the production, use, reuse, generation, Release, storage, treatment, formulation, processing, labeling, registration, transportation, reclamation, recycling, disposal, arranging for disposal, discharge or other handling or disposition of Hazardous Substances.
“Hazardous Substance” means (a) any petroleum, petroleum-based substance, radioactive materials, lead-based paint, asbestos containing material, per-and polyfluoroalkyl substances (including PFAs, PFOA, PFOS, Gen X, and PFBs) or PCBs, and (b) any chemical, waste product, pollutant, material or substance defined as a toxic or hazardous substance under any applicable Environmental Law, including the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. §9601 et seq., the Resource Conservation and Recovery Act, 42 U.S.C. §6901 et seq., the Clean Water Act, 33 U.S.C. §1251 et seq., the Clean Air Act, 42 U.S.C. §7401 et seq., the Toxic Substances Control Act, 15 U.S.C. §2601 et seq., the Safe Drinking Water Act, 42 U.S.C. §300f et seq., the Hazardous Materials Transportation Act, 49 U.S.C. §1801 et seq., the Emergency Planning and Community Right to Know Act, 42 U.S.C. §11001 et seq., the Oil Pollution Act, 15 U.S.C. §2601 et seq., and any state or local equivalents thereof.
“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
“Included Disputed Reverse Services” has the meaning set forth in Section 6.27(c).
“Included Disputed Services” has the meaning set forth in Section 6.10(d).
“Indemnified Persons” has the meaning set forth in Section 6.06(a).
“Indemnifying Party” has the meaning set forth in Section 6.14(c)(i).
“Indemnitee” has the meaning set forth in Section 6.14(c)(i).
“Insurance Policies” has the meaning set forth in Section 6.06(d).
“Intellectual Property” means, in any and all jurisdictions throughout the world, all (a) trademarks, trade names, trade dress, tag-lines, slogans, logos and service marks and the goodwill associated with the foregoing (collectively, “Trademarks”), (b) patents and patent applications, including all reissues, divisions, renewals, extensions, provisionals, continuations and continuations-in-part thereof (collectively, “Patents”), (c) inventions, invention disclosures, discoveries and improvements, whether or not patentable, (d) works of authorship and rights in copyrightable subject matter in published and unpublished works of authorship (“Copyrights”), (e) trade secrets and non-public and confidential business and technical information and know-how and rights to limit the use or disclosure thereof by any Person (collectively, “Trade Secrets”), (f) software, including data, files, source code, object code, databases and other software-related
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specifications and documentation (collectively, “Software”), (g) registered domain names and uniform resource locators (“Domain Names”), (h) moral rights, (i) social media usernames (e.g., Facebook account) and other digital identifiers and other indicia of origin and (j) in each case, including any registrations of, applications to register and renewals and extensions of any of the foregoing clauses (a) through (i) with or by any Governmental Entity in any jurisdiction.
“Intended Tax Treatment” has the meaning set forth in the Recitals.
“Intercompany Account” has the meaning set forth in Section 6.20(b).
“Intercompany Contract” has the meaning set forth in Section 6.20(a).
“IRS” means the U.S. Internal Revenue Service.
“Juniper” has the meaning set forth in the preamble.
“Juniper Contribution Consideration Interests” means a number of Non-Voting Ordinary Shares of Sequoia equal to the Consideration Equity Interests Number (rounded to the nearest whole Non-Voting Ordinary Share of Sequoia).
“Juniper Contribution Equity Percentage” means the Elm Equity Value divided by the sum of (a) the Elm Equity Value plus (b) the Sequoia Equity Value.
“Juniper Disclosure Schedule” means the confidential disclosure schedules dated as of this Agreement and delivered by Juniper to Evergreen in connection with the execution of this Agreement.
“Juniper Fundamental Representations” means the representations and warranties contained in Sections 4.01 (Organization and Organizational Power) (other than clause (c) of Section 4.01), 4.02 (Authorization; Valid and Binding Obligation), 4.03 (Evergreen Contribution Consideration Interests; Title to Shares of Sequoia) (other than Section 4.03(g)), Section 4.06 (Brokers) and Section 4.09 (No Other Assets or Liabilities).
“Juniper Material Adverse Effect” means any change, effect, event, occurrence, development, condition or fact (each, an “Effect”) that, individually or in the aggregate with all other Effects, (a) has had or would reasonably be expected to have a material adverse effect on the business, condition (financial or otherwise), properties, assets, Liabilities, operations or results of operations of Juniper, taken as a whole or (b) would or would reasonably be expected to prevent or materially delay or materially impair, the consummation of the Transactions by Juniper or performance by Juniper of its obligations under the Transaction Documents; provided, however, that in the case of clause (a), in no event shall any Effect arising out of or resulting from any of the following, alone or in combination, be deemed to constitute, or be taken into account in determining whether there has been or would reasonably be expected to be a Juniper Material Adverse Effect:  (i) a change in general political, social, geopolitical or regulatory conditions, (ii) any change in economic, financial, credit, banking, currency or capital market conditions, including interest, foreign exchange or exchange rates or any suspension of trading in securities (whether equity, debt, derivative or hybrid securities) on any securities exchange or over-the-counter market, (iii) a change generally affecting the industry in which Juniper operates, (iv) any
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change in accounting requirements or principles required by GAAP (or any authoritative interpretations thereof), (v) any adoption, implementation, promulgation, repeal, modification, change or reinterpretation of any Law, (vi) any seasonal fluctuations affecting the business of Juniper, (vii) any plagues, pandemics (including COVID-19) or any escalation or worsening or subsequent waves or mutations thereof, epidemics or other outbreaks of diseases or public health events, escalation or acts of terrorism or sabotage, cyberterrorism, armed hostility, war (whether or not declared), military action or any weather-related event, fire, volcanoes, tsunamis, earthquakes, hurricanes, tornadoes, floods, wild fires, or other natural disaster, or the escalation or worsening of any of the occurrences or conditions referred to in this clause (vii), (viii) the announcement of this Agreement and the Transactions or the pendency, performance or consummation of the Transactions, including any impact on Juniper’s relationships with employees, customers, suppliers or other business relations (provided that the exception in this clause (viii) shall not apply with respect to any representation or warranty that is intended to address the consequences of the announcement of this Agreement or the pendency, performance or consummation of the Transactions), (ix) the taking of any action expressly required by (other than the requirements of Section 6.03(a)), or the failure to take any action expressly prohibited by, this Agreement, (x) the taking of any action requested by Evergreen in writing or (xi) any failure to meet any internal or published projections, forecasts, guidance, estimates, milestones, budgets, operating statistics or internal or published financial or operating predictions of revenue, earnings, cash flow, cash position or other financial or performance measures or operating statistics for any period (provided that, except as otherwise provided in this definition, the underlying causes of such failure referred to in this clause (xi) may be considered in determining whether there is a Juniper Material Adverse Effect); provided, however, that any Effect resulting from or arising out of the exceptions set forth in clauses (i), (ii), (iii), (iv), (v), (vi) and (vii) will be taken into consideration in determining whether a Juniper Material Adverse Effect has occurred to the extent that such Effect has a disproportionate impact on Juniper compared to other Persons or companies that operate in the industry and geographic markets in which Juniper operates.
“Juniper SHA” means that certain Amended and Restated Investors Agreement dated as of March 15, 2021 by and among Certares GBT Holdings LTD., QH Travel LP, BR Investors Juweel, L.P., Macquarie Juweel Investor LP, Pecosco Limited Partnership, HMC Juweel Holdings, LP and Juniper (as may be amended or supplemented from time to time).
“Juniper Share Issuance Amount” has the meaning set forth in Section 1.01(b).
“Knowledge” means, with respect to Evergreen, the actual knowledge, after reasonable inquiry of direct reports, of the individuals set forth on Schedule 10.02(i) of the Evergreen Disclosure Schedule, with respect to Sequoia, the actual knowledge, after reasonable inquiry of direct reports, of the individuals set forth on Schedule 10.02(i) of the Sequoia Disclosure Schedule, and with respect to Juniper, the actual knowledge, after reasonable inquiry of direct reports, of the individuals set forth on Schedule 10.02(i) of the Juniper Disclosure Schedule.
“Law” means any federal, national, state, provincial or local, whether domestic or foreign, law, code, rule, regulation, restriction, policy, principle of common law, judgment, writ, stipulation, standard, award, injunction, ruling, award, decision, order, ordinance, statute, or decree issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Entity or any rule or requirement of any securities exchange.
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“Liability” means any liability, debt, guarantee, expense, deficiency, commitment, obligation, Tax, penalty, fine, interest, claim, demand, cause of action, judgment or other loss (including loss of benefit or relief), cost or expense, of any kind or nature whatsoever, whether asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, and whether due or to become due and regardless of when asserted, including those arising under any Law, Action or Order and those arising under any Contract.
“Liens” means, with respect to any property or asset, any encumbrance, hypothecation, lien, deed of trust, mortgage, easement, charge (fixed or floating), encroachment, pledge, restriction, security interest, debenture, option, title retention or other security or preferential arrangement, proxies, right of first or last offer or refusal, transfer restriction, or title defect or encumbrance affecting title of any nature whatsoever, or any other adverse right or interest, charge or claim of a similar nature, in or on any asset, property or property interest.
“Mapping Plan” has the meaning set forth in Section 2.28.
“Material Elm Labor Agreement” means (a) any material Collective Bargaining Agreement or other labor-related agreement with any Employee Representative applicable to any Business Employee or (b) any employment agreement with any Senior Business Employee.
“Material Sequoia Labor Agreement” means (a) any material Collective Bargaining Agreement or other labor-related agreement with any Employee Representative applicable to any Sequoia Employee or (b) any employment agreement or offer letter with any Senior Sequoia Employee.
“Maximum Amount” has the meaning set forth in Section 6.06(b).
“Merger Notice” means a notice to the CMA in the prescribed form as contemplated by Section 96 of the Enterprise Act.
“Minimum Cash Amount” means $30,000,000.
“MIP/Profit Share Amount” means the amount outputted in Cell E28 of the sheet labeled “MIP Profit Share Amount” in the Sequoia Debt Example Calculation with the cells on Sequoia Debt Example Calculation updated to reflect the facts as they exist as of the Calculation Time, regardless of the conversion of any MIP or Profit Shares of Sequoia in connection with a Public Transaction.
“MU Headcount Costs” has the meaning set forth in Section 6.01(b)(vi).
“New Benefit Plans” has the meaning set forth in Section 6.08(c).
“Non-U.S. Benefit Plan” means each Transferred Subsidiary Benefit Plan that provides compensation or benefits primarily for the benefit of Business Employees whose principal work location is outside of the United States, and which is governed by the laws of any jurisdiction other than the United States.
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“Non-U.S. Evergreen Benefit Plan” means each Evergreen Benefit Plan that provides compensation or benefits primarily for the benefit of Business Employees whose principal work location is outside of the United States, and which is governed by the laws of any jurisdiction other than the United States.
“Non-U.S. Sequoia Benefit Plan” means each Sequoia Benefit Plan that provides compensation or benefits primarily for the benefit of Sequoia Employees whose principal work location is outside of the United States, and which is governed by the laws of any jurisdiction other than the United States.
“Non-Voting Ordinary Shares of Sequoia” means a new class of non-voting shares of capital stock of Sequoia to be created prior to the Closing that has all of the same rights and preferences as the existing Ordinary Shares of Sequoia in all respects except with respect to voting.
“Objections Statement” has the meaning set forth in Section 1.03(f).
“Occurrence Based Policies” has the meaning set forth in Section 6.06(d).
“Off-the-Shelf Software” means generally available commercial, click-wrap, shrink-wrap, non-customized or similar Software or technology obtained from a third party on general commercial terms.
“Order” means any judgment, order, award, injunction, decree (including consent decree or similar agreed order or judgment), ruling, writ, stipulation, directive, determination, decision or verdict, whether civil, criminal or administrative, in each case, that is entered, issued, made or rendered by any Governmental Entity or any arbitrator of competent jurisdiction.
“Ordinary Shares of Sequoia” means “Ordinary Shares” as defined in the Sequoia SHA.
“Organizational Documents” means a Person’s charter, certificate or articles of association or incorporation or organization or limited partnership or limited liability company, any joint venture, limited liability company, operating, stockholders, equityholders or partnership agreement, bylaws or other similar documents adopted or filed in connection with the creation, formation, organization or operation of such Person.
“Parent Entity” means any Person (which may be organized as, among other things, a partnership) of which Sequoia, is (or, after giving effect to one or more transactions (or series of related transactions) consummated in connection with a Public Transaction, will be) a direct or indirect subsidiary.
“Parties” and “Party” have the meaning set forth in the preamble.
“Payor” has the meaning set forth in Section 1.05.
“Permitted Holders” means any of (a) Alder, (b) Juniper, or any direct or indirect equity owner thereof as of the date of this Agreement or (c) any Affiliate of any of the foregoing.
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“Permitted Liens” means, with respect to any Person, (a) statutory Liens for current Taxes or other governmental charges that are not yet due and payable or that are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been established in accordance with GAAP, (b) Liens for mechanics, materialmen, repairmen, construction contractors, warehousemen, suppliers or similar Liens arising by operation of Law (other than any Lien imposed by ERISA) (i) for sums which are not yet due and payable, (ii) which are being contested in good faith by appropriate proceedings diligently conducted and for which appropriate reserves have been established in accordance with GAAP or (iii) with respect to which arrangements for payments or release have been made and, in the case of this clause (iii), if more than thirty (30) days overdue, are unfiled (or if filed have been discharged or stayed) and no other action has been taken to enforce such Lien, (c) zoning, building, environmental and other land-use regulations imposed by Governmental Entities having jurisdiction over such Person’s owned or leased real property, in each case, that are not violated by the current use and operation of such real property, (d) covenants, conditions, restrictions, easements and other similar non-monetary matters of record affecting title to such Person’s owned or leased real property that do not materially impair the occupancy or use of such real property for the purposes of which it is currently used in connection with such Person’s business (including the Elm Business or business of Juniper or Sequoia), (e) any right of way or easement related to public roads and highways that does not materially impair the occupancy or use of such real property for the purposes of which it is currently used in connection with such Person’s business (including the Elm Business or business of Juniper or Sequoia), (f) Liens arising as a matter of Law in the ordinary course of business in connection with workers’ compensation, unemployment insurance, social security, retirement and similar legislation, (g) in the case of Juniper or Sequoia and the business of Juniper or Sequoia, Liens granted under the Equityholder Agreements, (h) restrictions on transfer resulting from applicable securities Laws, (i) non-exclusive licenses with respect to Intellectual Property entered into the ordinary course of business that do not interfere in any material respect with the ordinary conduct of the business of such Person, (j) Liens that will be discharged at or prior to the Closing and (k) any Liens and other exceptions set forth on Schedule 10.02(ii) of the Evergreen Disclosure Schedule (in the case of Evergreen and the Elm Business) or Schedule 10.02(ii) of the Juniper Disclosure Schedule (in the case of Juniper and the business of Juniper) or Schedule 10.02(ii) of the Sequoia Disclosure Schedule (in the case of Sequoia and the business of Sequoia and its Subsidiaries) under the heading “Permitted Liens.”
“Person” means any individual, partnership, corporation, limited liability company, association, joint stock company, syndicate, estate, trust, joint venture, entity, unincorporated organization, other legal entity of any kind or nature or Governmental Entity or any department, agency or political subdivision thereof.
“Personal Information” means any information that identifies or, alone or in combination with any other information, could reasonably be used to identify a natural Person, including name, street address, telephone number, email address, identification number issued by a Governmental Entity, credit card number, bank information, customer or account number, biometric data, medical or health information, or any other information that is considered “personally identifiable information,” “personal information,” or “personal data” under applicable Law.
“Phase 1 Investigation” shall mean an investigation by the CMA to enable it to determine whether to make a reference under Section 33 of the Enterprise Act.
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“Phase 2 Reference” a reference pursuant to Section 33 of the Enterprise Act to the chair of the CMA for the constitution of a group under Schedule 4 to the Enterprise and Regulatory Reform Act 2013.
“Post-Closing Cash Adjustment” has the meaning set forth in Section 1.03(g)(ii).
“Post-Closing Equity Adjustment” has the meaning set forth in Section 1.03(g).
“Post-Closing Matters” has the meaning set forth in Section 9.17(a).
“Pre-Closing Privileges” has the meaning set forth in Section 9.17(b).
“Pre-Closing Tax Period” means any Tax period ending on or before the Closing Date and the portion of any Straddle Period ending on the Closing Date.
“Preferred Shares of Sequoia” means “Preferred Shares” as defined in the Sequoia SHA.
“Prior Company Counsel” has the meaning set forth in Section 9.17(a).
“Proposed Allocation” has the meaning set forth in Section 6.07(f).
“Public Acquiror” means an entity whose common Equity Interests are referred to in the definition of Public Transaction.
“Public Transaction” means (a) a transaction whereby, or upon the consummation of which, common Equity Interests of Sequoia or any Parent Entity thereof are, or may thereafter be, offered or sold in an underwritten public offering (including pursuant to a secondary public offering, but other than a public offering pursuant to a registration statement on Form S-8) or in a firm commitment underwritten offering (or series of related offerings of securities to the public pursuant to a final prospectus) and listed on a recognized United States securities exchange, (b) a direct or indirect listing by Sequoia or any Parent Entity thereof of its common Equity Interests on a recognized United States securities exchange, (c) a transaction with a special purpose acquisition company or targeted acquisition company or any entity similar to the foregoing in connection with a plan of arrangement, merger, amalgamation, reverse take-over, or other business combination, in the case of this clause (c), in connection with which the common Equity Interests of Sequoia or any Parent Entity (which for the avoidance of doubt, may include such special purpose acquisition company) thereof are listed or continue to be listed on a recognized securities exchange, (d) a sale or distribution by one or more of the Permitted Holders of common Equity Interests in a holding company that directly or indirectly owns any Equity Interests of Sequoia, in connection with which such holding company becomes a Parent Entity of Sequoia and its common Equity Interests are listed on a recognized securities exchange, or (e) any combination or successive occurrences of the foregoing; provided that any Public Transaction must be consistent with the Public Transaction Principles.
“Public Transaction Principles” means each and every one of the following principles, rights, attributes and limitations in connection with a Public Transaction: (a) the consummation of the Public Transaction will not delay in any material respect and is not a condition precedent to the Closing; (b) [reserved]; (c) (i) any quoted equity value of the Public Acquiror will have no
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impact on the calculation of the Sequoia Equity Value, which shall be calculated as prescribed by this Agreement and (ii) any dilution of Evergreen’s interests in the Public Acquiror as a result of the Public Transaction will be the same as the dilution of other direct and indirect Sequoia equityholders on a pro rata basis; (d) [reserved]; (e) the Public Transaction will be structured as a Partial HoldCo structure (as contemplated and defined in the Sequoia SHA), unless, as a result of a change in facts or circumstances following the date of the Put Option Agreement, such structure becomes impractical or disadvantageous from a Tax, legal, or economic perspective in any material respect to Sequoia or the Principal Shareholders (as defined in the Sequoia SHA) or any of their Affiliates, in which case Sequoia may, after consulting in good faith with the Principal Shareholders and Evergreen, adopt an alternative structure (an “Alternative Public Transaction Structure”), in accordance with Section 2.6.1(c) of the Sequoia SHA (treating Evergreen as a Non-Demanding Shareholder (as defined in the Sequoia SHA) solely for purposes of the comparison set forth in Section 2.6.1(c) of the Sequoia SHA); (f) Evergreen will be entitled to receive the same economic benefits in a tax receivables agreement with respect to its interest in Sequoia as Alder and Juniper are entitled to receive with respect to their interests in Sequoia (it being understood that such benefits will vary based on such Persons’ disparate (direct or indirect) equity interests in Sequoia, and the Tax profile of such equity interests); (g) Evergreen will be entitled to receive the same type of Equity Interests, if any, of the Public Acquiror (with all of the same rights as to payment, voting and otherwise) as, and will not be subject to a longer lockup period than, Alder and Juniper; (h) Evergreen will receive board nomination, voting, approval and other governance rights no less favorable than those of Quantum (provided that, so long as any current equityholder of Sequoia or Juniper is entitled to appoint a director from and after the consummation of a Public Transaction, Evergreen will be entitled to appoint at least 1 director); (i) Evergreen will have registration and other liquidity rights no less favorable than those set forth in Section 2.7 of the Sequoia SHA in effect as of the date of this Agreement, and in any event no less favorable than those rights of Alder, Quantum or Certares GBT Holdings Ltd., a company incorporated as an exempted company with limited liability under the laws of the Cayman Islands; (j) Sequoia will consult with Evergreen and afford Evergreen the same rights with respect to the Public Transaction and corporate structure matters as afforded to Quantum; and (k) those certain equity commitment letters by and among Sequoia and its stockholders and Juniper and its stockholders will be terminated in their entirety at or prior to the consummation of the Public Transaction. The Parties acknowledge and agree that a Public Transaction undertaken in the manner consistent with the structure set forth in Schedule 10.02(iii) of the Evergreen Disclosure Schedule shall be deemed to be in accordance with clause (e) of the foregoing Public Transaction Principles.
“Put Option Agreement” has the meaning set forth in the Recitals.
“Quantum” means QH Travel LP, an exempted limited partnership formed under the laws of the Cayman Islands, acting by its general partner, QH Travel GP Co., Ltd., an exempted company with limited liability under the laws of the Cayman Islands.
“R&W Insurance Policy” has the meaning set forth in Section 6.22.
“Referral Deadline” has the meaning set forth in Section 6.10(c).
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“Release” means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching, pouring, emptying, escaping, dumping, placing, discarding, abandonment, movement or migration of Hazardous Substances.
“Relevant Persons” means, with respect to a Person, its current officers, directors and, subject to such Person’s Knowledge, the employees and agents of any of the foregoing.
“Representative” means, with respect to any Person, its Affiliates and its and their officers, directors, employees, managers, financial advisors (including securities underwriters, initial purchasers, placement agents and similar entities), attorneys, accountants, actuaries, consultants and other agents, advisors and representatives.
“Restricted Business” has the meaning set forth in Section 6.21(b).
“Restricted Cash” means Cash (a) which is not freely usable or unavailable for use, in each case, because it is subject to restrictions or limitations on use or distribution by any Law or Contract, (b) which is pledged to or held in escrow by a third party or (c) which is 25% of the Cash of the Transferred Subsidiaries in China, India and South Africa; provided that Restricted Cash shall not include (i) cash of the Elm Business on deposit which is regularly used to satisfy ongoing commercial obligations in the ordinary course of the commercial relationships with eNett or TravelFusion or (ii) 75% of the Cash of the Transferred Subsidiaries in China, India and South Africa.
“Restricted Country” means any country or geographic region subject to comprehensive economic sanctions administered by OFAC, which currently includes:  Crimea, Cuba, Iran, North Korea and Syria.
“Restricted Party” means (a) any Person included on one or more of the Restricted Party Lists, including the Department of Commerce’s Entity List, Denied Persons List, or Unverified List, the Department of State’s Debarred List, (b) a person ordinarily resident in or an entity that is located in or organized under the Laws of a Restricted Country, or (c) any Person owned by or acting on behalf of one or more Persons in (a) or (b).
“Restricted Party List” includes (a) the list of sanctioned entities maintained by the United Nations, (b) all sanctions lists administered by OFAC or the Department of State, including but not limited to the Specially Designated Nationals and Blocked Persons List, the Foreign Sanctions Evaders List, and the Sectoral Sanctions Identifications List, (c) the U.S. Denied Persons List, the U.S. Entity List, and the U.S. Unverified List, all administered by the U.S. Department of Commerce, (d) the consolidated list of Persons, Groups and Entities subject to EU Financial Sanctions, as implemented by the EU Common Foreign & Security Policy and (e) similar lists of restricted parties maintained by other applicable Governmental Entities.
“Restructuring” has the meaning set forth in the Recitals.
“Restructuring Steps Paper” means the steps paper attached hereto as Exhibit E, as it may be amended or modified in accordance with Section 6.13.
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“Retained Business” means, collectively, each business owned, operated, managed or controlled by any one or more members of the Evergreen Group, except for the Elm Business, but including, for the avoidance of doubt, the T2 Business.
“Reverse Referral Deadline” has the meaning set forth in Section 6.27(b).
“Reverse Services Schedule” has the meaning set forth in Section 6.27(a).
“Reverse Transition Services Agreement” has the meaning set forth in Section 6.27(a).
“Schedules” means the Evergreen Disclosure Schedule, Sequoia Disclosure Schedule or Juniper Disclosure Schedule.
“Securities Filings” means the securities related filings with, and submissions to, the U.S. Securities and Exchange Commission, including those made in connection with a Public Transaction.
“Senior Business Employee” any Business Employee at the level of Director or above.
“Senior Sequoia Employee” means executive employees of Sequoia with the internal band of E1 or E2.
“Sequoia” has the meaning set forth in the preamble.
“Sequoia 401(k) Plan” has the meaning set forth in Section 6.08(f).
“Sequoia Accounting Principles” means GAAP, applied in a manner consistent with the accounting principles and standards, practices, policies, procedures, classifications, judgments and methodologies as were used in connection with the preparation of the most recent audited balance sheet included in the Sequoia Financial Statements.  In the event of a conflict between GAAP and the accounting principles and standards, practices, policies, procedures, classifications, judgments and methodologies as were used in connection with the preparation of the most recent audited balance sheet included in the Sequoia Financial Statements, then GAAP shall prevail.  For purposes of interpreting any provision herein, in the event of a conflict between GAAP and a term that is specifically defined in this Agreement, the definition in this Agreement shall prevail.
“Sequoia Benefit Plan” means each Benefit Plan entered into, sponsored, maintained or contributed to or required to be contributed to by Sequoia or any of its Subsidiaries for the benefit of the Sequoia Employees, the Sequoia Independent Contractors and/or their respective dependents.
“Sequoia Business Permits” has the meaning set forth in Section 3.14.
“Sequoia Closing Statement” has the meaning set forth in Section 1.03(d).
“Sequoia Cure Period” has the meaning set forth in Section 8.01(c)(i).
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“Sequoia Debt Example Calculation” means the example calculations of Closing Sequoia Debt as of December 31, 2020 attached hereto as Exhibit K-2.
“Sequoia Disclosure Schedule” means the confidential disclosure schedules dated as of this Agreement and delivered by Sequoia to Evergreen in connection with the execution of this Agreement.
“Sequoia Employee” means each employee of Sequoia and its Subsidiaries.
“Sequoia Enterprise Value” means $4,633,219,082.
“Sequoia Equity Value” means (a) Sequoia Enterprise Value, plus (b) Closing Sequoia Cash, minus (c) Closing Sequoia Debt, minus (d) Closing Sequoia Transaction Expenses, plus (e) Closing Sequoia Net Working Capital Adjustment Amount.
“Sequoia Financial Statements” means (a) the audited balance sheet of Sequoia (the “Sequoia Most Recent Balance Sheet”) for the fiscal year ended December 31, 2020 (the “Sequoia Most Recent Balance Sheet Date”) and the related audited statement of income and statement of cash flows and (b) the audited balance sheet of Sequoia for the fiscal year ended December 31, 2019, and the related audited statement of income and statement of cash flows.
“Sequoia Fully Diluted Equity Interests Number” means the fully diluted number of Equity Interests of Sequoia that are issued and outstanding as of immediately prior to the Closing, but (a) excluding (i) the Preferred Shares of Sequoia, profits shares of Sequoia and MIP shares of Sequoia, in each case to the extent included in the calculation of Closing Sequoia Debt and (ii) for the avoidance of doubt, any Equity Interests issued in connection with a Public Transaction, and (b) including any Equity Interests of Sequoia that are issued to the holders of Preferred Shares on account of any conversion of Preferred Shares in connection with a Public Transaction (and, for the avoidance of doubt, any such converted Preferred Shares will be excluded from the calculation of Closing Sequoia Debt).
“Sequoia Fundamental Representations” means the representations and warranties contained in Sections 3.01 (Organization and Organizational Power) (other than clause (c) of Section 3.01), 3.02 (Authorization; Valid and Binding Obligation), 3.03(a) and 3.03(d) (Juniper Contribution Consideration Interests; Title to Sequoia Group Equity Interests; Sequoia’s Subsidiaries), and 3.24 (Brokers)..
“Sequoia Government Contract” means any Sequoia Government Prime Contract or Sequoia Government Subcontract.
“Sequoia Government Prime Contract” means any prime contract, basic ordering agreement, letter contract, task order, purchase order, delivery order, change order, arrangement or other commitment of any kind between Sequoia or any of its Subsidiaries, on the one hand, and the U.S. Government, on the other hand.
“Sequoia Government Subcontract” means any subcontract, basic ordering agreement, letter subcontract, task order, purchase order, delivery order, change order, arrangement or other commitment of any kind between Sequoia or any of its Subsidiaries, on the one hand, and any
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prime contractor to the U.S. Government or any subcontractor with respect to a Sequoia Government Prime Contract, on the other hand.
“Sequoia Group” means Sequoia and its Affiliates (including, for the avoidance of doubt, following the Closing, the Transferred Subsidiaries).
“Sequoia Group Equity Interests” means the Shares of Sequoia and the issued and outstanding equity interests of Sequoia’s Subsidiaries.
“Sequoia Independent Contractors” means each individual independent contractor of Sequoia and its Subsidiaries in case which provides services to the business of Sequoia and its Subsidiaries.
“Sequoia Insurance Policies” has the meaning set forth in Section 3.11(a).
“Sequoia IT System” means the hardware, Software, data, databases, data communication lines, network and telecommunications equipment, internet-related information technology infrastructure, wide area network and other information technology equipment, owned, leased or licensed by Sequoia or its Subsidiaries.
“Sequoia Material Adverse Effect” means any Effect that, individually or in the aggregate with all other Effects, (a) has had or would reasonably be expected to have a material adverse effect on the business, condition (financial or otherwise), properties, assets, Liabilities, operations or results of operations of Sequoia and its Subsidiaries, taken as a whole or (b) would or would reasonably be expected to prevent or materially delay or materially impair, the consummation of the Transactions by any Sequoia Party of its obligations under the Transaction Documents; provided, however, that in the case of clause (a), in no event shall any Effect arising out of or resulting from any of the following, alone or in combination, be deemed to constitute, or be taken into account in determining whether there has been or would reasonably be expected to be a Sequoia Material Adverse Effect:  (i) a change in general political, social, geopolitical or regulatory conditions, (ii) any change in economic, financial, credit, banking, currency or capital market conditions, including interest, foreign exchange or exchange rates or any suspension of trading in securities (whether equity, debt, derivative or hybrid securities) on any securities exchange or over-the-counter market, (iii) a change generally affecting the industry in which Sequoia or its Subsidiaries operates, (iv) any change in accounting requirements or principles required by GAAP (or any authoritative interpretations thereof), (v) any adoption, implementation, promulgation, repeal, modification, change or reinterpretation of any Law, (vi) any seasonal fluctuations affecting any of the businesses of Sequoia or its Subsidiaries, (vii) any plagues, pandemics (including COVID-19) or any escalation or worsening or subsequent waves or mutations thereof, epidemics or other outbreaks of diseases or public health events, escalation or acts of terrorism or sabotage, cyberterrorism, armed hostility, war (whether or not declared), military action or any weather-related event, fire, volcanoes, tsunamis, earthquakes, hurricanes, tornadoes, floods, wild fires, or other natural disaster, or the escalation or worsening of any of the occurrences or conditions referred to in this clause (vii), (viii) the announcement of this Agreement and the Transactions or the pendency, performance or consummation of the Transactions, including any impact on Sequoia’s or its Subsidiaries’ relationships with employees, customers, suppliers or other business relations (provided that the exception in this clause (viii) shall not apply with respect to any
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representation or warranty that is intended to address the consequences of the announcement of this Agreement or the pendency, performance or consummation of the Transactions), (ix) the taking of any action expressly required by (other than the requirements of Section 6.02(a)), or the failure to take any action expressly prohibited by, this Agreement, (x) the taking of any action requested by Evergreen in writing or (xi) any failure to meet any internal or published projections, forecasts, guidance, estimates, milestones, budgets, operating statistics or internal or published financial or operating predictions of revenue, earnings, cash flow, cash position or other financial or performance measures or operating statistics for any period (provided that, except as otherwise provided in this definition, the underlying causes of such failure referred to in this clause (xi) may be considered in determining whether there is a Sequoia Material Adverse Effect); provided, however, that any Effect resulting from or arising out of the exceptions set forth in clauses (i), (ii), (iii), (iv), (v), (vi) and (vii) will be taken into consideration in determining whether a Sequoia Material Adverse Effect has occurred to the extent that such Effect has a disproportionate impact on Sequoia and its Subsidiaries, taken as a whole, compared to other Persons or companies that operate in the industry and geographic markets in which Sequoia and its Subsidiaries operate.
“Sequoia Material Customers” has the meaning set forth in Section 3.22.
“Sequoia Material Suppliers” has the meaning set forth in Section 3.21.
“Sequoia Net Working Capital Example Calculation” means the example calculation of Closing Sequoia Net Working Capital as of December 31, 2020 attached hereto as Exhibit F-2.
“Sequoia Non-Voting Ordinary Shares Cash Equivalent” means, as of the Closing, (a) if prior to the consummation of a Public Transaction, the Value Per Sequoia Share, or (b) if after the consummation of a Public Transaction, the VWAP of publicly traded common equity securities of the Public Acquiror for the 20 consecutive Trading Days (or, if such publicly traded common equity securities have not traded for 20 Trading Days, such shorter number of consecutive Trading Days) prior to the date that is two (2) Business Days prior to the Closing.
“Sequoia Owned Intellectual Property” means any Intellectual Property owned or purported to be owned by Sequoia or its Subsidiaries.
“Sequoia Parties” means Sequoia and each Affiliate thereof that is a party to any Transaction Document.
“Sequoia Pension Liabilities” means an amount equal to (a) the output in Cell C19 in the sheet labeled “GBT HRG Pension liability” of the Sequoia Debt Example Calculation (with no changes made to such sheet other than updating each Tax rate labeled “19%” therein with the applicable UK Tax rate at Closing, plus (b) $41,000,000 minus (c) any of the deficit contributions made in respect of the GBT HRG Pension, adjusted to reflect a similar calculation methodology as described on such sheet paid by or on behalf of Sequoia or its Subsidiaries between the date of the Put Option Agreement and the Calculation Time.
“Sequoia Privacy Statements” has the meaning set forth in Section 3.10(d).
“Sequoia Product” means any product or service marketed, distributed, provided, licensed or sold at any time by Sequoia or its Subsidiaries.
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“Sequoia Releasee” has the meaning set forth in Section 9.16(a).
“Sequoia Releasor” has the meaning set forth in Section 9.16(a).
“Sequoia SHA” means that certain Shareholders Agreement dated as of March 15, 2021 by and among Sequoia, Alder and Juniper (as may be amended or supplemented from time to time).
“Sequoia Share Issuance Amount” has the meaning set forth in Section 1.02(b).
“Sequoia Software” means Software owned by Sequoia or its Subsidiaries.
“Sequoia Specified Contracts” has the meaning set forth in Section 3.08(a)(viii).
“Services Schedules” has the meaning set forth in the Transition Services Agreement.
“Shared Contract” means any Contract that relates to both the Elm Business and any Retained Business that is not solely among or between one or more members of the Evergreen Group; provided that no Excluded Shared Contract shall constitute a Shared Contract.
“Shares of Sequoia” means “Shares” as defined in the Sequoia SHA.
“Software License Agreement” means the Software License Agreement attached hereto as Exhibit J.
“Source Code” means the software programming code expressed in human readable language, including complete maintenance documentation, procedures, flow charts, schematic diagrams and annotations which comprise the pre-coding detail design specifications, and all other material necessary to allow a reasonably skilled programmer or analyst to build, maintain and enhance the software.
“Specified Tax Receivables” means the Tax receivables attributable to (i) refund claims in respect of income tax overpayments for Tax years 2019 and earlier, (ii) refund claims arising from the carry back of losses for the 2020 (and, if applicable, 2021) Tax year(s) in the United States, Canada, and Australia, and (iii) refundable R&D Tax credits in France (the amount in this clause (iii) not to exceed $1,000,000).
“Step-Up Transaction” has the meaning set forth in Section 6.07(e).
“Straddle Period” means any Tax period beginning before or on and ending after the Closing Date.
“Subsequent Audited Elm Financial Statements” has the meaning set forth in Section 6.23(b).
“Subsequent Unaudited Elm Financial Statements” has the meaning set forth in Section 6.23(b).
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“Subsidiary” means, of a specified Person, any corporation, partnership, limited liability company, limited liability partnership, joint venture, or other legal entity of which the specified Person (either alone and/or through and/or together with any other Subsidiary) owns, directly or indirectly, more than 50% of the total voting power of shares of stock or other equity interest (without regard to the occurrence of any contingency), the holders of which are generally entitled to vote for the election of the board of directors or other governing body thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof, or any partnership, association or other business entity of which a majority of the partnership or other similar ownership interest is at the time owned or controlled, directly or indirectly, by such Person or one or more Subsidiaries of such Person or a combination thereof.  For purposes of this definition, a Person is deemed to have a majority ownership interest in a partnership, association or other business entity if such Person is allocated a majority of the gains or losses of such partnership, association or other business entity or is or controls the managing director or general partner of such partnership, association or other business entity.  For purposes of this definition and this Agreement, Sequoia shall not be considered a Subsidiary of Alder or Juniper.
“Support Agreement” has the meaning set forth in the Recitals.
“Supporting Equityholders” has the meaning set forth in the Recitals.
“T2 Business” means the business operated under the Traveldoo brand name.
“T2 Entities” has the meaning set forth in Schedule 6.26 of the Evergreen Disclosure Schedule.
“Tail Insurance” has the meaning set forth in Section 6.06(b).
“Tax” or “Taxes” means any foreign, federal, state or local income, earnings, profits, branch profits, gross receipts, franchise, capital stock, net worth, sales, use, value added, occupancy, lodging, city, stay, tourist, general property, real property, personal property, intangible property, escheat, abandoned property, transfer, stamp, digital service, levy, conveyance, fuel, excise, parking, payroll, withholding, unemployment compensation, social security, retirement or other tax of any nature, or any deficiency, interest or penalty imposed with respect to any of the foregoing.
“Tax Returns” means any report, declaration, return, information return, claim for refund, election, disclosure, estimate or statement supplied or required to be supplied to a Governmental Entity in connection with Taxes, including any schedule or attachment thereto, and including any amendments thereof.
“Terminating Evergreen Breach” has the meaning set forth in Section 8.01(b)(i).
“Terminating Sequoia Breach” has the meaning set forth in Section 8.01(c)(i).
“Termination Date” has the meaning set forth in Section 8.01(b)(ii).
“Third-Party Claim” has the meaning set forth in Section 6.14(c)(ii).
​

149

​

​
“Trading Day” means any day on which publicly traded common equity securities of the Public Acquiror are actually traded on the principal securities exchange or securities market on which publicly traded common equity securities of the Public Acquiror are then traded.
“Transaction Documents” means this Agreement and the Exhibits attached hereto, the Schedules, the Put Option Agreement, the Confidentiality Agreement, the Clean Team Agreement and the Contracts and other documents delivered or contemplated to be delivered in connection herewith, including any document effecting any portion of the Restructuring.
“Transactions” means the transactions contemplated by this Agreement and the other Transaction Documents.
“Transfer Costs” has the meaning set forth in Section 6.08(j)(i).
“Transfer Taxes” has the meaning set forth in Section 6.07(b).
“Transferred Assets” has the meaning set forth in Section 1.06.
“Transferred Shared Contracts” means any Shared Contract that (i) is primarily used in, primarily held for use in or primarily related to the Elm Business, and (ii) the transfer of which from Evergreen and its Subsidiaries (other than the Transferred Subsidiaries) to a Transferred Subsidiary would not, after giving effect to the actions required to be taken under Section 6.17, deprive Evergreen and its Subsidiaries (other than the Transferred Subsidiaries) of a material benefit, right or asset that is necessary to permit Evergreen and its Subsidiaries (other than the Transferred Subsidiaries) to operate the Retained Business immediately following the Closing Date in substantially the same manner in all material respects as the Retained Business is currently being operated.
“Transferred Subsidiaries” means (a) the Companies and (b) the other entities set forth on Schedule 2.03(c) of the Evergreen Disclosure Schedule.
“Transferred Subsidiary Agreements” has the meaning set forth in Section 2.20(a).
“Transferred Subsidiary Benefit Plan” means each Benefit Plan that is not an Evergreen Benefit Plan and that was entered into or is sponsored, maintained or contributed to or required to be contributed to solely by one or more of the Transferred Subsidiaries for the benefit of the Business Employees, the Business Independent Contractors and/or their respective dependents.
“Transferred Subsidiary Interests” means the issued and outstanding equity interests of the Transferred Subsidiaries, including the Elm Interests.
“Transition Services Agreement” means the Transition Services Agreement attached hereto as Exhibit B.
“Unfunded Pension Liabilities” means any unfunded or underfunded pension, defined benefit or retirement plan liabilities of the Transferred Subsidiaries (or otherwise constituting Assumed Liabilities).
​

150

​

​
“Use” means the collection, retention, storage, protection, security, use, disclosure, distribution, transmission, maintenance or disposal.
“Value Per Sequoia Share” means an amount equal to (a) the Elm Equity Value divided by (b) the Consideration Equity Interests Number.
“VWAP” means, for any security as of any date(s), the dollar volume-weighted average price for such security on the principal securities exchange or securities market on which such security is then traded during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its “HP” function (set to weighted average) or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported by OTC Markets Group Inc.
[SIGNATURE PAGES FOLLOW]
​
​

151

​

IN WITNESS WHEREOF, the undersigned have executed this Equity Contribution Agreement as of the day and year first above written.
	​
	EVERGREEN:

	​
	​

	​
	​

	​
	EXPEDIA, INC.

	​
	​

	​
	​

	​
	By:
	/s/ Eric Hart

	​
	​
	Name:
	Eric Hart

	​
	​
	Title:
	Chief Financial Officer

	​
	​

	​
	​

​
​

[Signature Page to Equity Contribution Agreement]

​

​
	​

	​

	​

	​

	​
	JUNIPER:

	​
	​

	​
	​

	​
	JUWEEL INVESTORS LIMITED

	​
	​

	​
	​

	​
	By:
	/s/ M. Gregory O’Hara

	​
	​
	Name:
	M. Gregory O’Hara

	​
	​
	Title:
	Authorized Signatory

	​
	​

	​
	​

	​
	SEQUOIA:

	​
	​

	​
	​

	​
	GBT JERSEYCO LIMITED

	​
	​

	​
	​

	​
	By:
	/s/Eric J. Bock

	​
	​
	Name:
	Eric J. Bock

	​
	​
	Title:
	Chief Legal Officer, Global

	​
	​
	Head of Mergers & Acquisitions and Corporate Secretary

​
​

​

​

​
Exhibit A
​
Resignation Letters
​

​

​

​
Exhibit B
​
Transition Services Agreement
​

​

​

​
Exhibit C-1
​
Juniper Support Agreement
​

​

​

​
Exhibit C-2
​
Sequoia Support Agreement
​

​

​

​
Exhibit D
​
Supporting Equityholders
​
		1.
	Juniper

		2.
	Alder

		3.
	Quantum

		4.
	Certares GBT Holdings Ltd., a company incorporated as an exempted company with limited liability under the laws of the Cayman Islands

		5.
	BR Investors Juweel, L.P., acting by its general partner, BR Co-Investments GP, Inc., a Delaware corporation

​
​

​

​

​
Exhibit E
​
Restructuring Steps Paper
​
​

​

​

​
Exhibit F-1
​
Elm Net Working Capital Example Calculation
​

​

​

​
Exhibit F-2
​
Sequoia Net Working Capital Example Calculation
​

​

​

​
Exhibit G-1
​
Amended & Restated Sequoia SHA
​

​

​

​
Exhibit G-2
​
Amended & Restated Juniper SHA
​

​

​

​
Exhibit H
​
EPS Agreement
​

​

​

​
Exhibit I
​
Communications Plan
​

​

​

​
Exhibit J
​
Software License Agreement
​

​

​

​
Exhibit K-1
​
Elm Debt Example Calculation
​

​

​

​
Exhibit K-2
​
Sequoia Debt Example Calculation
​

​

​

​
Exhibit L
​
Amended Commercial Agreement

​EX-10.1

 Exhibit 10.1 

Execution Version 
 CUSIP: 153528AL8

 CUSIP: 153528AM6 (Revolver) 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

dated as of December 16, 2021, 

among 
 CENTRAL
GARDEN & PET COMPANY, 
 as the Parent and a Borrower, 

THE OTHER BORROWERS FROM TIME TO TIME PARTY HERETO, 

THE GUARANTORS FROM TIME TO TIME PARTY HERETO, 

THE LENDERS FROM TIME TO TIME PARTY HERETO, 

TRUIST BANK, 
 as Issuing
Bank and Administrative Agent 
 with 

BANK OF AMERICA, N.A., 

KEYBANK NATIONAL ASSOCIATION, 

U.S. BANK NATIONAL ASSOCIATION, 

and 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION, 
 as Co-Syndication Agents 

and 
 BANK OF THE WEST,

 CAPITAL ONE, NATIONAL ASSOCIATION, 

JPMORGAN CHASE BANK, N.A., 

and 
 MUFG BANK, LTD., 

as Co-Documentation Agents 

 
  

TRUIST SECURITIES, INC. 

BANK OF AMERICA, N.A., 

KEYBANC CAPITAL MARKETS, INC., 

U.S. BANK NATIONAL ASSOCIATION, 

and 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION, 
 as Joint Lead Arrangers and Joint Bookrunners 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 ARTICLE 1
	  	DEFINITIONS, ACCOUNTING PRINCIPLES AND OTHER INTERPRETIVE MATTERS	  	 	1	 
			
	 Section 1.1
	  	 Definitions
	  	 	1	 
	 Section 1.2
	  	 Uniform Commercial Code
	  	 	68	 
	 Section 1.3
	  	 Accounting Principles
	  	 	68	 
	 Section 1.4
	  	 Other Interpretive Matters
	  	 	69	 
	 Section 1.5
	  	 Currency Translations
	  	 	70	 
	 Section 1.6
	  	 [Intentionally Omitted]
	  	 	70	 
	 Section 1.7
	  	 Reserves; Changes to Eligibility Criteria
	  	 	70	 
	 Section 1.8
	  	 Divisions
	  	 	70	 
	 Section 1.9
	  	 LIBOR
	  	 	70	 
	 Section 1.10
	  	 Limited Condition Transactions
	  	 	71	 
			
	 ARTICLE 2
	  	THE LOANS AND THE LETTERS OF CREDIT	  	 	72	 
			
	 Section 2.1
	  	 Extension of Credit
	  	 	72	 
	 Section 2.2
	  	 Manner of Borrowing and Disbursement of Loans
	  	 	78	 
	 Section 2.3
	  	 Interest
	  	 	82	 
	 Section 2.4
	  	 Fees
	  	 	84	 
	 Section 2.5
	  	 Prepayment/Cancellation of Revolving Loan Commitment
	  	 	85	 
	 Section 2.6
	  	 Repayment
	  	 	86	 
	 Section 2.7
	  	 Notes; Loan Accounts
	  	 	87	 
	 Section 2.8
	  	 Manner of Payment
	  	 	87	 
	 Section 2.9
	  	 Reimbursement
	  	 	92	 
	 Section 2.10
	  	 Pro Rata Treatment
	  	 	92	 
	 Section 2.11
	  	 Application of Payments
	  	 	93	 
	 Section 2.12
	  	 Use of Proceeds
	  	 	95	 
	 Section 2.13
	  	 All Obligations to Constitute One Obligation
	  	 	95	 
	 Section 2.14
	  	 Maximum Rate of Interest
	  	 	95	 
	 Section 2.15
	  	 Letters of Credit
	  	 	95	 
	 Section 2.16
	  	 Bank Products
	  	 	99	 
	 Section 2.17
	  	 Defaulting Lenders
	  	 	99	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 ARTICLE 3
	  	 GUARANTY
	  	 	103	 
			
	 Section 3.1
	  	 Guaranty
	  	 	103	 
	 Section 3.2
	  	 Additional Waivers
	  	 	107	 
	 Section 3.3
	  	 Special Provisions Applicable to New Guarantors
	  	 	108	 
			
	 ARTICLE 4
	  	CONDITIONS PRECEDENT	  	 	108	 
			
	 Section 4.1
	  	 Conditions Precedent to Initial Advance
	  	 	108	 
	 Section 4.2
	  	 Conditions Precedent to Each Advance and Issuance of a Letter of Credit
	  	 	111	 
			
	 ARTICLE 5
	  	REPRESENTATIONS AND WARRANTIES	  	 	112	 
			
	 Section 5.1
	  	 General Representations and Warranties
	  	 	112	 
	 Section 5.2
	  	 Representations and Warranties Relating to Accounts
	  	 	121	 
	 Section 5.3
	  	 Representations and Warranties Relating to Inventory
	  	 	121	 
	 Section 5.4
	  	 Survival of Representations and Warranties, etc
	  	 	122	 
			
	 ARTICLE 6
	  	GENERAL COVENANTS	  	 	122	 
			
	 Section 6.1
	  	 Preservation of Existence and Similar Matters
	  	 	122	 
	 Section 6.2
	  	 Compliance with Applicable Law
	  	 	122	 
	 Section 6.3
	  	 Maintenance of Properties
	  	 	123	 
	 Section 6.4
	  	 Accounting Methods and Financial Records
	  	 	123	 
	 Section 6.5
	  	 Insurance
	  	 	123	 
	 Section 6.6
	  	 Payment of Taxes and Claims
	  	 	123	 
	 Section 6.7
	  	 Visits and Inspections
	  	 	124	 
	 Section 6.8
	  	 [Intentionally Omitted]
	  	 	124	 
	 Section 6.9
	  	 ERISA
	  	 	124	 
	 Section 6.10
	  	 Collateral Locations; Third Party Agreements
	  	 	125	 
	 Section 6.11
	  	 [Intentionally Omitted.]
	  	 	125	 
	 Section 6.12
	  	 Protection of Collateral
	  	 	125	 
	 Section 6.13
	  	 Assignments and Records of Accounts
	  	 	125	 
	 Section 6.14
	  	 Administration of Accounts
	  	 	126	 
	 Section 6.15
	  	 Cash Management
	  	 	126	 
	 Section 6.16
	  	 Further Assurances
	  	 	128	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 6.17
	  	 Broker’s Claims
	  	 	128	 
	 Section 6.18
	  	 [Intentionally Omitted.]
	  	 	128	 
	 Section 6.19
	  	 Environmental Matters
	  	 	128	 
	 Section 6.20
	  	 Formation/Acquisition of Subsidiaries; Borrowers and Guarantors; Unrestricted Subsidiaries
	  	 	130	 
	 Section 6.21
	  	 Intellectual Property
	  	 	131	 
	 Section 6.22
	  	 Use of Proceeds
	  	 	132	 
	 Section 6.23
	  	 Farm Products
	  	 	132	 
	 Section 6.24
	  	 Anti-Corruption Laws; Sanctions
	  	 	133	 
			
	 ARTICLE 7
	  	INFORMATION COVENANTS	  	 	133	 
			
	 Section 7.1
	  	 Monthly and Quarterly Financial Statements and Information
	  	 	133	 
	 Section 7.2
	  	 Annual Financial Statements and Information; Certificate of No Default
	  	 	134	 
	 Section 7.3
	  	 Compliance Certificates
	  	 	135	 
	 Section 7.4
	  	 Unrestricted Subsidiaries
	  	 	135	 
	 Section 7.5
	  	 Borrowing Base Certificates; Additional Reports
	  	 	135	 
	 Section 7.6
	  	 Notice of Litigation and Other Matters
	  	 	137	 
			
	 ARTICLE 8
	  	NEGATIVE COVENANTS	  	 	138	 
			
	 Section 8.1
	  	 Indebtedness
	  	 	138	 
	 Section 8.2
	  	 [Intentionally Omitted]
	  	 	141	 
	 Section 8.3
	  	 Liens
	  	 	141	 
	 Section 8.4
	  	 Restricted Payments
	  	 	141	 
	 Section 8.5
	  	 Investments
	  	 	142	 
	 Section 8.6
	  	 Affiliate Transactions
	  	 	144	 
	 Section 8.7
	  	 Mergers; Liquidation; Change in Ownership, Name, or Year; Dispositions; Accounting Changes; Etc
	  	 	144	 
	 Section 8.8
	  	 Fixed Charge Coverage Ratio
	  	 	145	 
	 Section 8.9
	  	 Sales and Leasebacks
	  	 	145	 
	 Section 8.10
	  	 Amendment and Waiver
	  	 	145	 
	 Section 8.11
	  	 ERISA Liability
	  	 	146	 
	 Section 8.12
	  	 [Intentionally Omitted]
	  	 	146	 

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 8.13
	  	 Restrictive Agreements
	  	 	146	 
			
	 ARTICLE 9
	  	DEFAULT	  	 	147	 
			
	 Section 9.1
	  	 Events of Default
	  	 	147	 
	 Section 9.2
	  	 Remedies
	  	 	150	 
			
	 ARTICLE 10
	  	THE ADMINISTRATIVE AGENT	  	 	151	 
			
	 Section 10.1
	  	 Appointment and Authorization
	  	 	151	 
	 Section 10.2
	  	 Nature of Duties of the Administrative Agent
	  	 	152	 
	 Section 10.3
	  	 Lack of Reliance on the Administrative Agent
	  	 	152	 
	 Section 10.4
	  	 Certain Rights of the Administrative Agent
	  	 	153	 
	 Section 10.5
	  	 Reliance by the Administrative Agent
	  	 	153	 
	 Section 10.6
	  	 The Administrative Agent in its Individual Capacity
	  	 	153	 
	 Section 10.7
	  	 Successor Administrative Agent
	  	 	153	 
	 Section 10.8
	  	 Withholding Tax
	  	 	154	 
	 Section 10.9
	  	 The Administrative Agent May File Proofs of Claim
	  	 	154	 
	 Section 10.10
	  	 Authorization to Execute Other Loan Documents
	  	 	155	 
	 Section 10.11
	  	 Collateral and Guaranty Matters
	  	 	155	 
	 Section 10.12
	  	 Lead Arrangers
	  	 	157	 
	 Section 10.13
	  	 Right to Realize on Collateral and Enforce Guarantee
	  	 	157	 
	 Section 10.14
	  	 Secured Bank Products Obligations
	  	 	157	 
	 Section 10.15
	  	 Interest Holders
	  	 	157	 
	 Section 10.16
	  	 Erroneous Payments
	  	 	158	 
			
	 ARTICLE 11
	  	MISCELLANEOUS	  	 	160	 
			
	 Section 11.1
	  	 Notices
	  	 	160	 
	 Section 11.2
	  	 Expenses; Indemnification
	  	 	163	 
	 Section 11.3
	  	 Waivers
	  	 	165	 
	 Section 11.4
	  	 Set-Off
	  	 	165	 
	 Section 11.5
	  	 Assignment
	  	 	166	 
	 Section 11.6
	  	 Counterparts
	  	 	168	 
	 Section 11.7
	  	 Governing Law
	  	 	168	 
	 Section 11.8
	  	 Severability
	  	 	169	 

  
 -iv- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 11.9
	  	 Headings
	  	 	169	 
	 Section 11.10
	  	 Source of Funds
	  	 	169	 
	 Section 11.11
	  	 Entire Agreement
	  	 	169	 
	 Section 11.12
	  	 Amendments and Waivers
	  	 	169	 
	 Section 11.13
	  	 Other Relationships
	  	 	172	 
	 Section 11.14
	  	 Pronouns
	  	 	173	 
	 Section 11.15
	  	 Disclosure
	  	 	173	 
	 Section 11.16
	  	 Replacement of Lender
	  	 	173	 
	 Section 11.17
	  	 Confidentiality; Material Non-Public Information; Publicity
	  	 	174	 
	 Section 11.18
	  	 Revival and Reinstatement of Obligations
	  	 	175	 
	 Section 11.19
	  	 Dealings with Multiple Borrowers
	  	 	175	 
	 Section 11.20
	  	 Contribution Obligations
	  	 	177	 
	 Section 11.21
	  	 No Advisory or Fiduciary Responsibility
	  	 	178	 
	 Section 11.22
	  	 Survival
	  	 	178	 
	 Section 11.23
	  	 Judgment Currency
	  	 	179	 
	 Section 11.24
	  	 Qualified ECP Keepwell
	  	 	179	 
	 Section 11.25
	  	 Designated Senior Debt
	  	 	179	 
	 Section 11.26
	  	 Location of Closing
	  	 	180	 
	 Section 11.27
	  	 Amendment and Restatement; No Novation
	  	 	180	 
	 Section 11.28
	  	 Acknowledgement and Consent to Bail-In of Affected Financial
Institutions
	  	 	180	 
	 Section 11.29
	  	 Patriot Act
	  	 	181	 
	 Section 11.30
	  	 Certain ERISA Matters
	  	 	181	 
	 Section 11.31
	  	 Acknowledgement Regarding Any Supported QFCs
	  	 	182	 
	 Section 11.32
	  	 Non-continuing Lender
	  	 	183	 
	 Section 11.33
	  	 Other Liens on Collateral; Specified Crossing Lien Intercreditor Agreement
	  	 	183	 
	 Section 11.34
	  	 Electronic Signatures
	  	 	184	 
			
	 ARTICLE 12
	  	INABILITY TO DETERMINE INTEREST RATES; YIELD PROTECTION	  	 	185	 
			
	 Section 12.1
	  	 Inability to Determine Interest Rates
	  	 	185	 

  
 -v- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 Section 12.2
	 	 Illegality
	  	 	187	 
	 Section 12.3
	 	 Increased Costs
	  	 	187	 
	 Section 12.4
	 	 Effect On Other Advances
	  	 	189	 
	 Section 12.5
	 	 Capital Adequacy
	  	 	190	 
		
	 ARTICLE 13 JURISDICTION, VENUE AND WAIVER OF JURY TRIAL
	  	 	190	 
			
	 Section 13.1
	 	 Jurisdiction and Service of Process
	  	 	190	 
	 Section 13.2
	 	 Consent to Venue
	  	 	191	 
	 Section 13.3
	 	 Waiver of Jury Trial
	  	 	191	 
	 Section 13.4
	 	 JUDICIAL REFERENCE
	  	 	191	 

  
 -vi- 

 EXHIBITS 
  

					
	Exhibit A	  	-	  	Form of Administrative Questionnaire
	Exhibit B	  	-	  	Form of Assignment and Assumption
	Exhibit C	  	-	  	[Reserved]
	Exhibit D	  	-	  	Form of Compliance Certificate
	Exhibit E	  	-	  	Form of Notice of Conversion/Continuation
	Exhibit F	  	-	  	Form of Request for Advance
	Exhibit G	  	-	  	Form of Request for Issuance of Letter of Credit
	Exhibit H	  	-	  	Form of Revolving Loan Note
	Exhibit I	  	-	  	Form of Joinder Supplement

 SCHEDULES 
  

					
	 Schedule 1.1(a)
	  	-	    	 Commitment Ratios

  
 -i- 

 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

THIS THIRD AMENDED AND RESTATED CREDIT AGREEMENT dated as of December 16, 2021, is by and among CENTRAL GARDEN & PET COMPANY, a
Delaware corporation (the “Parent”), each of the other Persons party hereto from time to time as Borrowers (together with the Parent, each, a “Borrower,” and, collectively, the “Borrowers”), the
Persons party hereto from time to time as Guarantors, the financial institutions party hereto from time to time as Lenders, TRUIST BANK, as the Issuing Bank, and TRUIST BANK, as the Administrative Agent, with TRUIST SECURITIES, INC., as Left Lead
Arranger and Joint Bookrunner. 
 W I T N E S S E T H: 

WHEREAS, the Parent, the borrowers and guarantors party thereto, the Lenders party thereto, and the Administrative Agent are party to that
certain Second Amended and Restated Credit Agreement dated as of September 27, 2019 (as may be amended, restated, supplemented, or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”,
which amended and restated that certain Amended and Restated Credit Agreement, dated as of April 22, 2016, as amended from time to time prior to the date of the Existing Credit Agreement (the “First A&R Credit Agreement”),
which amended and restated that certain Credit Agreement, dated as of December 5, 2013, as amended from time to time prior to the date of the First A&R Credit Agreement (the “Original Credit Agreement”)); and 

WHEREAS, the Borrowers have requested the Lenders and the Administrative Agent increase the aggregate amount of the Revolving Loan Commitment,
extend the maturity of the Revolving Loan Commitment and make additional amendments to the Existing Credit Agreement and, subject to the terms and conditions hereof, the Administrative Agent and such Lenders are willing to agree to credit extensions
and amendments as set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the covenants and agreements
contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE 1 
  DEFINITIONS,
ACCOUNTING PRINCIPLES AND 
 OTHER INTERPRETIVE MATTERS 

Section 1.1 Definitions. For the purposes of this Agreement: 

“2017 Notes” shall mean the 5.125% senior notes due 2028 issued on December 14, 2017, pursuant to the Indenture. 

“2020 Notes” shall mean the 4.125% senior notes due 2030 issued on October 16, 2020, pursuant to the Indenture. 

 “2021 Notes” shall mean the 4.125% senior notes due 2031 issued on
April 30, 2021, pursuant to the New Indenture. 
 “ABL Priority Collateral” means the Accounts, Inventory, Deposit
Accounts (including, without limitation, all cash and cash equivalents on deposit therein, but excluding identifiable cash proceeds from Specified Crossing Lien Indebtedness Priority Collateral), Eligible Real Estate to the extent elected by the
Borrowers to be included in the Borrowing Base and certain other assets of the Credit Parties designated as “ABL Priority Collateral” (or equivalent term) under the Specified Crossing Lien Intercreditor Agreement, if any, all as more
specifically set forth in the Specified Crossing Lien Intercreditor Agreement. 
 “Accepting Lenders” shall have the
meaning specified in Section 11.12(e). 
 “Account Debtor” shall mean any Person who is obligated
to make payments in respect of an Account. 
 “Accounts” shall mean all “accounts,” as such term is defined in
the UCC, of each Credit Party whether now existing or hereafter created or arising, including, without limitation, (a) all accounts receivable, other receivables, book debts and other forms of obligations (other than forms of obligations
evidenced by chattel paper (as defined in the UCC) or instruments (as defined in the UCC)) (including any such obligations that may be characterized as an account or contract right under the UCC), (b) all of each Credit Party’s rights in, to
and under all purchase orders or receipts for goods or services, (c) all of each Credit Party’s rights to any goods represented by any of the foregoing (including unpaid sellers’ rights of rescission, replevin, reclamation and
stoppage in transit and rights to returned, reclaimed or repossessed goods), (d) all rights to payment due to a Credit Party for property sold, leased, licensed, assigned or otherwise disposed of, for a policy of insurance issued or to be issued,
for a secondary obligation incurred or to be incurred, for energy provided or to be provided, for the use or hire of a vessel under a charter or other contract, arising out of the use of a credit card or charge card, or for services rendered or to
be rendered by such Credit Party or in connection with any other transaction (whether or not yet earned by performance on the part of such Credit Party), and (e) all collateral security of any kind, given by any Account Debtor or any other
Person with respect to any of the foregoing. 
 “ACH Transactions” shall mean any automated clearinghouse transfer of funds
by a Lender Group member (or any Affiliate of a Lender Group member) for the account of any Credit Party pursuant to agreement or overdrafts. 

“Acquired Asset Borrowing Base” shall mean, at any time of determination, an amount equal to the greater of: 

(a) with respect to Acquired Eligible Credit Card Receivables, Acquired Eligible Accounts, Acquired Eligible Inventory and Acquired Eligible In-Transit Inventory with respect to which the applicable Permitted Acquisition was consummated within the 120 days preceding such time of determination, an amount equal to the lesser of: 

(i) an amount equal to the sum of (A) 65% of the “net book value” of such Acquired Eligible Credit Card Receivables,
(B) 65% of the “net book value” of such Acquired Eligible Accounts, (C) 40% of the “net book value” of such Acquired Eligible Inventory and (D) 40% of the “net book value” of such Acquired Eligible In-Transit Inventory; and 

  
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 (ii) 20% of the amount of the Borrowing Base (before giving effect to the
inclusion in the Borrowing Base of the Acquired Eligible Credit Card Receivables, the Acquired Eligible Accounts, the Acquired Eligible Inventory and the Acquired Eligible In-Transit Inventory); and 

(b) an amount equal to the lesser of: 

(i) an amount equal to the sum of (A) the then effective Borrowing Base advance rate for Eligible Credit Card Receivables
multiplied by the amount of all Acquired Eligible Credit Card Receivables, (B) the then effective Borrowing Base advance rate for Eligible Accounts multiplied by the amount of all Acquired Eligible Accounts, (C) the then effective
Borrowing Base advance rate for Eligible Inventory in accordance with clause (c)(ii) of the definition of Borrowing Base multiplied by the applicable value of all Acquired Eligible Inventory and (D) 80% of the Value of all Acquired Eligible In-Transit Inventory; and 
 (ii) the greater of (x) $37,500,000 and (y) 5% of the amount
of the Borrowing Base (before giving effect to the inclusion in the Borrowing Base of the Acquired Eligible Credit Card Receivables, the Acquired Eligible Accounts, the Acquired Eligible Inventory and the Acquired Eligible In-Transit Inventory); 
 provided that (x) the amount of the Acquired Asset Borrowing Base
derived from Acquired Eligible Inventory consisting of work-in-process, together with the amount included in the Borrowing Base pursuant to clause (d) of the
definition thereof, shall not exceed $45,000,000 and (y) the amount of the Acquired Asset Borrowing Base derived from Acquired Eligible In-Transit Inventory, together with the amount included in the
Borrowing Base pursuant to clause (e) of the definition thereof, shall not exceed $20,000,000. 
 For purposes of this definition,
“net book value” means the net book value of the Credit Card Receivables, Accounts and Inventory acquired from the seller in a Permitted Acquisition as of the closing date of such Permitted Acquisition according to the accounting
principles used in preparation of such seller’s audited financial statements (or with respect to Credit Card Receivables, Accounts and Inventory generated by the Acquired Company after the consummation of such Permitted Acquisition, the net
book value of such Credit Card Receivables, Accounts and Inventory as determined in accordance with GAAP). 
 “Acquired
Company” shall mean the Person (or the assets thereof) which is acquired pursuant to an Acquisition. 
 “Acquired Eligible
Accounts” means Accounts of the Credit Parties acquired in a Permitted Acquisition (or Accounts of Persons acquired in a Permitted Acquisition and that have become Credit Parties) that relate to a substantially similar type of business as
(or a business related to, or a reasonable extension, development or expansion of) the businesses conducted by the Credit Parties on the Agreement Date and would otherwise constitute Eligible Accounts but with respect to which (and for so long as) a
field examination satisfactory to the Administrative Agent in its Permitted Discretion has not been completed. 

  
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 “Acquired Eligible Credit Card Receivables” means Credit Card Receivables
of the Credit Parties acquired in a Permitted Acquisition (or Credit Card Receivables of Persons acquired in a Permitted Acquisition and that have become Credit Parties) that relate to a substantially similar type of business as (or a business
related to, or a reasonable extension, development or expansion of) the businesses conducted by the Credit Parties on the Agreement Date and would otherwise constitute Eligible Credit Card Receivables but with respect to which (and for so long as) a
field examination satisfactory to the Administrative Agent in its Permitted Discretion has not been completed. 
 “Acquired Eligible
In-Transit Inventory” means In-Transit Inventory (without duplication of any Acquired Eligible Inventory) of the Credit Parties acquired in a Permitted
Acquisition (or In-Transit Inventory (without duplication of any Acquired Eligible Inventory) of Persons acquired in a Permitted Acquisition and that have become Credit Parties) that relates to a substantially
similar type of business as (or a business related to, or a reasonable extension, development or expansion of) the businesses conducted by the Credit Parties on the Agreement Date and would otherwise constitute Eligible In-Transit Inventory but with respect to which (and for so long as) a Qualified Appraisal satisfactory to the Administrative Agent in its Permitted Discretion has not been completed. 

“Acquired Eligible Inventory” means Inventory of the Credit Parties acquired in a Permitted Acquisition (or Inventory of
Persons acquired in a Permitted Acquisition and that have become Credit Parties) that relates to a substantially similar type of business as (or a business related to, or a reasonable extension, development or expansion of) the businesses conducted
by the Credit Parties on the Agreement Date and would otherwise constitute Eligible Inventory but with respect to which (and for so long as) a Qualified Appraisal satisfactory to the Administrative Agent in its Permitted Discretion has not been
completed. 
 “Acquired Indebtedness” shall mean Indebtedness (a) of a Person or any of its Subsidiaries existing at
the time such Person becomes a Restricted Subsidiary of the Parent or at the time it merges or consolidates with or into the Parent or any of its Subsidiaries or (b) that is assumed in connection with the acquisition of assets from such Person,
in each case that is not incurred by such Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary of the Parent or such acquisition, merger or consolidation. Acquired Indebtedness shall be
deemed to have been incurred, with respect to clause (a) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (b) of the preceding sentence, on the date of consummation of such
acquisition of assets. 
 “Acquisition” shall mean (whether by purchase, exchange, issuance of stock or other equity or
debt securities, merger, reorganization, amalgamation or any other method) (a) any acquisition by the Parent or any of its Restricted Subsidiaries of any other Person, which Person shall then become consolidated with the Parent or any such
Restricted Subsidiary in accordance with GAAP, (b) any acquisition by the Parent or any of its Restricted Subsidiaries of all or any substantial part of the assets of any other Person, or (c) any acquisition by the Parent or any of its
Restricted Subsidiaries of any assets that constitute a division or operating unit of the business of any Person. 

  
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 “Acquisition Consideration” shall mean the total consideration paid or
payable by any Credit Party or any Restricted Subsidiary of a Credit Party with respect to, and all Indebtedness assumed by any Credit Party or any Restricted Subsidiary of a Credit Party in connection with, an Acquisition. 

“Adjusted LIBO Rate” shall mean, with respect to each Interest Period for a Eurodollar Advance, (i) the rate per
annum equal to the London interbank offered rate for deposits in U.S. Dollars appearing on Reuters screen page LIBOR 01 (or on any successor or substitute page of such service or any successor to such service, or such other commercially
available source providing such quotations as may be designated by the Administrative Agent from time to time) at approximately 11:00 A.M. (London time) two (2) Business Days prior to the first day of such Interest Period, with a maturity
comparable to such Interest Period (provided that if such rate is less than zero, such rate shall be deemed to be zero), divided by (ii) a percentage equal to 1.00 minus the then stated maximum rate of all reserve requirements
(including any marginal, emergency, supplemental, special or other reserves and without benefit of credits for proration, exceptions or offsets that may be available from time to time) expressed as a decimal (rounded upward to the next 1/100th of 1%) applicable to any member bank of the Federal Reserve System in respect of Eurocurrency liabilities as defined in Regulation D (or any successor category of liabilities under Regulation D);
provided that if the rate referred to in clause (i) above is not available at any such time for any reason, then the rate referred to in clause (i) shall instead be the interest rate per annum, as determined by the
Administrative Agent, to be the arithmetic average of the rates per annum at which deposits in U. S. Dollars in an amount equal to the amount of such Eurodollar Advance are offered by major banks in the London interbank market to the
Administrative Agent at approximately 11:00 A.M. (London time), two (2) Business Days prior to the first day of such Interest Period. For purposes of this Agreement, the Adjusted LIBO Rate will not be less than zero percent (0%). 

“Administrative Agent” shall mean Truist Bank, acting as administrative agent for the Lender Group, and any successor
Administrative Agent appointed pursuant to Section 10.7. 
 “Administrative Agent’s Office”
shall mean the office of the Administrative Agent located at Truist Bank, Mail Code GA-ATL-1981, 3333 Peachtree Road, 7th Floor-South Tower, Atlanta, Georgia 30326,
Attention: Asset Manager – Central Garden & Pet Company, or such other office as may be designated by the Administrative Agent pursuant to the provisions of Section 11.1. 

“Administrative Questionnaire” shall mean a questionnaire substantially in the form of Exhibit A. 

“Advance” or “Advances” shall mean amounts of the Loans advanced by the Lenders to, or on behalf of, the
Borrowers pursuant to Section 2.2 on the occasion of any borrowing and shall include, without limitation, all Revolving Loans, Agent Advances and Swing Loans. 

  
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 “Affected Financial Institution” means (a) any EEA Financial
Institution or (b) any UK Financial Institution. 
 “Affiliate” shall mean, with respect to any Person, any other
Person that, directly or indirectly, is in control of, is controlled by, or is under common control with such Person, or that is a director, officer, manager or partner of such Person. For purposes of this definition, “control”, when used
with respect to any Person, includes, without limitation, the direct or indirect beneficial ownership of ten percent (10%) or more of the outstanding Equity Interests of such Person or the power to direct or cause the direction of the management and
policies of such Person whether by contract or otherwise. 
 “Agent Advances” shall have the meaning specified in
Section 2.1(e)(i). 
 “Aggregate Commitment Ratio” shall mean, with respect to any Lender, the
ratio, expressed as a percentage, of (a) the unutilized portion of the Revolving Loan Commitment of such Lender plus Loans (other than Swing Loans and Agent Advances) outstanding plus participation interests in Letter of Credit Obligations,
Swing Loans and Agent Advances outstanding of such Lender, divided by (b) the sum of the aggregate unutilized Revolving Loan Commitment plus Loans (other than Swing Loans and Agent Advances) outstanding plus participation interests in Letter of
Credit Obligations, Swing Loans and Agent Advances of all Lenders, which, as of the Agreement Date, are set forth (together with U.S. Dollar amounts thereof) on Schedule 1.1(a). 

“Aggregate Revolving Credit Obligations” shall mean, as of any particular time, the sum of (a) the aggregate principal
amount of all Revolving Loans then outstanding, plus (b) the aggregate principal amount of all Swing Loans then outstanding, plus (c) the aggregate principal amount of all Agent Advances then outstanding, plus (d) the aggregate amount
of all Letter of Credit Obligations then outstanding. 
 “Agreement” shall mean this Third Amended and Restated Credit
Agreement, together with all Exhibits and Schedules hereto in each case, as amended, restated, supplemented, or otherwise modified from time to time. 

“Agreement Date” shall mean December 16, 2021. 

“Anti-Corruption Laws” shall mean all laws, rules, and regulations of any jurisdiction applicable to Parent or its
Subsidiaries from time to time concerning or relating to bribery or corruption. 
 “Anti-Money Laundering Laws” means any
and all laws, rules or regulations of any jurisdiction applicable to the Credit Parties and their respective Subsidiaries concerning or relating to money laundering or terrorism financing, including, as applicable, (a) 18 U.S.C. §§ 1956
and 1957; and (b) the Bank Secrecy Act, 31 U.S.C. §§ 5311 et seq., as amended by the Patriot Act, and its implementing regulations. 

“Applicable Law” shall mean, in respect of any Person, all provisions of constitutions, statutes, rules, regulations, and
orders of governmental bodies or regulatory agencies applicable, whether by law or by virtue of contract, to such Person, and all orders and decrees of all courts and arbitrators in proceedings or actions to which the Person in question is a party
or by which it is bound. 

  
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 “Applicable Margin” shall mean the percentage per annum determined from
time to time from the following table and corresponding to the Average Excess Availability during each fiscal quarter of the Borrowers as determined by reference to Borrowing Base Certificates: 

 

							
	 Tier
	  	 Average Excess
Availability
	  	 Applicable Margin for
LIBOR Loans
	  	 Applicable
Margin for Base
Rate Loans

	I	  	< 33.3% of the total Revolving Loan
Commitment	  	1.50%	  	0.50%
	II	  	3 33.3% but < 66.7% of the total
Revolving Loan Commitment	  	1.25%	  	0.25%
	III	  	3 66.7% of the total Revolving Loan
Commitment	  	1.00%	  	0.00%

 From and after the Agreement Date through but not including the first Determination
Date occurring after December 31, 2021, the Applicable Margin shall be set at Tier III as set forth in the table above. Thereafter, the Applicable Margin shall be determined and adjusted on each Determination Date. Except as otherwise provided
in this paragraph, any increase or reduction in the Applicable Margin provided for herein shall be effective on each Determination Date. Without limiting the Administrative Agent’s and the Lenders’ rights to invoke the Default Rate, if
(A) any Borrowing Base Certificate required to be delivered pursuant to Section 7.5(a) for any fiscal quarter or month has not been received by the Administrative Agent by the date required pursuant to
Section 7.5(a) or (B) an Event of Default has occurred and is continuing and the Administrative Agent or the Majority Lenders so elect, then, in each case, the Applicable Margin shall be set at Tier I until such time
such Borrowing Base Certificate is received by the Administrative Agent and any Event of Default (whether resulting from a failure to timely deliver such Borrowing Base Certificate or otherwise) is waived in writing by the applicable Lenders in
accordance with Section 11.12. 
 In the event that any Borrowing Base Certificate required by
Section 7.5(a) is shown to be inaccurate (regardless of whether this Agreement or the Commitment is in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a
higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the Borrowers shall promptly (but in any event within five (5) Business Days or such
longer period the Administrative Agent may agree to in its sole discretion) deliver to the Administrative Agent a correct certificate for such Applicable Period, (ii) the Applicable Margin for such Applicable Period shall be determined by
reference to such certificate, and (iii) the Borrowers shall promptly pay the Administrative Agent for the account of the Lenders, on demand, the accrued additional interest owing as a result of such increased Applicable Margin for such
Applicable Period, which payment shall be promptly applied by the Administrative Agent in accordance with the terms hereof. 

  
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 “Approved Freight Handler” shall mean any Freight Handler that has
delivered a Lien Acknowledgement Agreement in favor of the Administrative Agent, so long as such Lien Acknowledgement Agreement remains in full force and effect and the Administrative Agent has not received any notice of termination with respect
thereto. 
 “Approved Fund” shall mean any Fund that is administered or managed by (a) a Lender, (b) an Affiliate
of a Lender or (c) an entity that administers or manages a Lender. 
 “ASC 842-40
Capital Lease Obligations” shall mean obligations that are classified as “Capitalized Lease Obligations” under GAAP due to the application of Accounting Standards Codification 842-40,
and that, but for such regulation, would not constitute Capitalized Lease Obligations. 
 “Assignment and Acceptance” shall
mean that certain form of Assignment and Acceptance attached hereto as Exhibit B, pursuant to which each Lender may, as further provided in Section 11.5, sell a portion of its Loans or its portion of the Revolving
Loan Commitment. 
 “Authorized Signatory” shall mean, with respect to any Credit Party, such senior personnel of such
Credit Party as may be duly authorized and designated in writing to the Administrative Agent by such Credit Party to execute documents, agreements, and instruments on behalf of such Credit Party. 

“Availability” shall mean, as of any date of determination an amount equal to the lesser of (a) the Revolving Loan
Commitment on such date, and (b) the Borrowing Base (after taking into account any Reserves determined which may have been implemented or modified since the date of the most recent Borrowing Base Certificate). 

“Available Tenor” means, as of any date of determination and with respect to the then current Benchmark, as applicable, any
tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including,
for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (f) of Section 12.1. 

“Average Excess Availability” shall mean, for any period, Excess Availability for each day of such period, divided by the
number of days in such period. 
 “Bail-In Action” means the exercise of any
Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 

“Bail-In Legislation” means (a) with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the
United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings). 

  
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 “Bank Products” shall mean all bank, banking, financial, and other similar
or related products and services extended to any Credit Party or any Restricted Subsidiary by any Bank Products Provider, including, without limitation, (a) merchant card services, credit or stored value cards, debit cards, and corporate
purchasing cards; (b) cash management, treasury management, or related services, including, without limitation, ACH Transactions, remote deposit capture services, electronic funds transfer, e-payable,
stop payment services, account reconciliation services, lockbox services, depository and checking services, overdraft, information reporting, deposit accounts, securities accounts, controlled disbursement services, and wire transfer services;
(c) bankers’ acceptances, drafts, letters of credit (other than Letters of Credit) (and the issuance, amendment, renewal, or extension thereof), documentary services, foreign currency exchange services; (d) all Hedge Agreements
between or among any Credit Party or any Restricted Subsidiary, on the one hand, and a Bank Products Provider, on the other hand; and (e) any supply chain financing. 

“Bank Products Documents” shall mean all instruments, agreements and other documents entered into from time to time by the
Credit Parties in connection with any of the Bank Products. 
 “Bank Products Obligations” shall mean (a) all
obligations, liabilities, reimbursement obligations, fees, or expenses owing by any Credit Party or any Restricted Subsidiary to any Bank Products Provider pursuant to or evidenced by a Bank Products Document 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 the Administrative Agent or any Lender is obligated to pay
to a Bank Products Provider as a result of the Administrative Agent or such Lender purchasing participations from, or executing guarantees or indemnities or reimbursement obligations to, a Bank Products Provider with respect to the Bank Products
provided by such Bank Products Provider to a Credit Party or any Restricted Subsidiary. 
 “Bank Products Provider” shall
mean any Lender Group member or any of its Affiliates that extends to any Credit Party a Bank Product. 
 “Bank Products
Reserves” shall mean all reserves that the Administrative Agent from time to time establishes in its Permitted Discretion with respect to Bank Products Obligations. 

“Bankruptcy Code” shall mean the United States Bankruptcy Code (11 U.S.C. § 101 et seq.), as now or hereafter amended,
and any successor statute. 
 “Base Rate” means for any day a rate per annum equal to the highest of (i) the rate of
interest which the Administrative Agent announces from time to time as its prime lending rate, as in effect from time to time (the “Prime Rate”), (ii) the Federal Funds Rate, as in effect from time to time, plus 0.50%, (iii) the
Adjusted LIBO Rate determined on a daily basis for an Interest Period of one (1) month, plus 1.00% (any changes in such rates to be effective as of the date of any change in such rate), and (iv) zero percent (0.00%). The Administrative
Agent’s prime lending rate is a reference rate and does not necessarily represent the lowest or best rate actually 

  
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charged to any customer. The Administrative Agent may make commercial loans or other loans at rates of interest at, above, or below the Administrative Agent’s prime lending rate. Any change
in the Base Rate due to a change in the Prime Rate, the Federal Funds Rate, or the Adjusted LIBO Rate will be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Rate, or the Adjusted LIBO Rate. 

“Base Rate Advance” shall mean an Advance which the Borrowers request to be made as a Base Rate Advance or which is converted
to a Base Rate Advance, in accordance with the provisions of Section 2.2. 
 “Benchmark” means,
initially, the Adjusted LIBO Rate; provided that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have
occurred with respect to Adjusted LIBO Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause
(b) or clause (c) of Section 12.1. 
 “Benchmark Replacement” means, for any Available Tenor, the first
alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: 

(1) the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment; 

(2) the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment; 

(3) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrowers as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark 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 benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark
Replacement Adjustment; 
 provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a
screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided further that, notwithstanding anything to the contrary in this Agreement or in any other
Loan Document, upon the occurrence of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to be the sum of
(a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1) of this definition (subject to the first proviso above). If the Benchmark Replacement as determined pursuant to clause (1), (2) or
(3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 

  
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 “Benchmark Replacement Adjustment” means, with respect to any replacement
of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: 

(1) for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the
order below that can be determined by the Administrative Agent: 
 (a) the spread adjustment or method for calculating or
determining such spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body
for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor; 

(b) the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark
Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable
Corresponding Tenor; and 
 (2) for purposes of clause (3) of the definition of “Benchmark Replacement,” 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 the Administrative Agent and the Borrowers for the applicable Corresponding Tenor 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 such Benchmark with the applicable Unadjusted Benchmark Replacement by the
Relevant Governmental Body on the applicable Benchmark Replacement Date 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 such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities; 

provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that
publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion. 

“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 “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest,
timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides
in its reasonable discretion in consultation with the Borrower Representative may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a
manner substantially consistent with market practice (or, if the Administrative Agent decides 

  
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that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark
Replacement exists, in such other manner of administration as the Administrative Agent decides in consultation with the Borrower Representative is reasonably necessary in connection with the administration of this Agreement and the other Loan
Documents). 
 “Benchmark Replacement Date” means the earliest to occur of the following events with respect to the
then-current Benchmark: 
 (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later
of 
 (a) the date of the public statement or publication of information referenced therein; and 

(b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof)
permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); 
 (2) in the case of
clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein; or 

(3) in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR Notice is provided to the
Lenders and the Borrower Representative pursuant to Section 12.1(c); or 
 (4) in the case of an Early
Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not
received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Majority Lenders. 
 For the avoidance of doubt, (i) if
the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for
such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein
with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current
Benchmark: 
 (1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such
statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

  
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 (2) a public statement or publication of information by the regulatory supervisor for the
administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or
such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such
component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of
such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or 

(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative. 

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or
publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date
pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 12.1 and
(y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 12.1. 

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

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of
the Code) the assets of any such “employee benefit plan” or “plan”. 
 “Borrower” shall have the
meaning specified in the preamble, and shall include each Person who becomes a “Borrower” hereunder in accordance with Section 6.20. 

“Borrower Representative” shall mean the Parent in its capacity as Borrower Representative hereunder. 

  
 13 

 “Borrowing Base” shall mean, at any time of determination, the sum of,
without duplication: 
 (a) 90% of Eligible Credit Card Receivables of the Credit Parties; plus 

(b) 90% of Eligible Accounts of the Credit Parties; plus 

(c) the lesser of (i) (x) during any Seasonal Increased Availability Period, 90% or (y) at any other time, 85%, in each case, of the
NOLV Percentage of Eligible Inventory of the Credit Parties (other than Eligible Inventory consisting of work-in-process) and (ii) (x) during any Seasonal Increased
Availability Period, 85% or (y) at any other time, 80%, in each case, of the Value of Eligible Inventory of the Credit Parties (other than Eligible Inventory consisting of
work-in-process); plus 
 (d) the least of (i)
$45,000,000, (ii) 85% of the NOLV Percentage of Eligible Inventory of the Credit Parties consisting of work-in-process and (iii) 80% of the Value of Eligible Inventory
of the Credit Parties consisting of work-in-process; plus 

(e) the lesser of (i) $20,000,000 or (ii) 85% of the NOLV Percentage of Eligible In-Transit Inventory
of the Credit Parties; plus 
 (f) 75% of the Fair Market Value of Eligible Real Estate of the Credit Parties as of the date any such
Eligible Real Estate first becomes eligible for inclusion in the Borrowing Base (each such date, an “Eligible RE Date”); provided, that such amount shall be reduced on the last day of each fiscal quarter, commencing on the
last day of the first full fiscal quarter following the applicable Eligible RE Date in an amount equal to 1.67% of such amount; plus 

(g) the Acquired Asset Borrowing Base; minus 

(h) applicable Reserves; 
 provided,
however, that the maximum aggregate amount of Eligible Canadian Collateral that may be included in determining the Borrowing Base shall not, as of any date of determination, exceed twenty-five percent (25%) of the aggregate amount of all
Eligible Accounts and Eligible Inventory as of such date; 
 provided further, however, that the maximum aggregate amount of Eligible Real
Estate that may be included in determining the Borrowing Base shall not, as of any date of determination, exceed twenty-five percent (25%) of the aggregate amount of the Borrowing Base calculated without the inclusion of any Eligible Real Estate.

 “Borrowing Base Certificate” shall mean a certificate of an Authorized Signatory of the Borrower Representative setting
forth the Borrowing Base and the component calculations thereof in form reasonably acceptable to the Administrative Agent. 

  
 14 

 “Business Day” shall mean any day excluding Saturday, Sunday and any day
which is a legal holiday under the laws of the State of North Carolina, the State of California or the State of New York or is a day on which banking institutions located in such state are closed; provided, however, that when used with
reference to a Eurodollar Advance (including the making, continuing, prepaying or repaying of any Eurodollar Advance), the term “Business Day” shall also exclude any day in which banks are not open for dealings in deposits of U.S.
Dollars on the London interbank market. 
 “Canadian Dollars” or “CDN$” means dollars in the lawful currency of
Canada. 
 “Canadian Perfection Items” means (a) the Administrative Agent’s receipt of PPSA search results and
other evidence reasonably satisfactory to Administrative Agent that there are no Liens upon any Collateral located in Canada (other than Permitted Liens), (b) the completion of all actions necessary to perfect the Administrative Agent’s Lien in
Canadian Inventory of the Credit Parties (including without limitation the filing of appropriate PPSA financing statements), and (c) the Administrative Agent’s receipt of a legal opinion of Canadian counsel to the Credit Parties, addressed
to the Lender Group and in form and substance reasonably satisfactory to the Administrative Agent, which opinion shall cover, among other things, perfection of the Administrative Agent’s Lien in Canadian Inventory of the Credit Parties. 

“Canadian Priority Payables” means amounts payable by the Credit Parties and secured by any Liens, choate or inchoate, which
rank, pursuant to any applicable laws in Canada, or would reasonably be expected to rank in priority to or pari passu with the Administrative Agent’s Liens, including, without limitation, any such amounts due and not paid for wages,
vacation pay, severance pay, amounts payable under the Wage Earner Protection Program Act (Canada), amounts due and not paid under any legislation relating to workers’ compensation or to employment insurance, all amounts deducted or withheld
and not paid and remitted when due under the Income Tax Act (Canada), sales tax, goods and services tax, value added tax, harmonized sales tax, excise tax, tax payable pursuant to Part IX of the Excise Tax Act (Canada) or similar applicable
provincial legislation, government royalties, amounts currently or past due and not paid for realty, municipal or similar taxes and all amounts currently or past due and not contributed, remitted or paid, or otherwise as required to be contributed
pursuant to any pension legislation, as well as amounts payable for Inventory subject to a right of a supplier to repossess goods pursuant to Section 81.1 of the Bankruptcy and Insolvency Act (Canada). 

“Canadian Security Agreement” shall mean that certain Amended and Restated Canadian Security Agreement dated as of the
Agreement Date among the Credit Parties party thereto and the Administrative Agent, on behalf of, and for the benefit of, the Lender Group, as amended, restated, supplemented, or otherwise modified from time to time. 

“Capital Expenditures” shall mean, as determined for any period, on a consolidated basis for the Parent and its consolidated
Restricted Subsidiaries in accordance with GAAP, the aggregate of all expenditures made by the Parent and its consolidated Restricted Subsidiaries during such period that, in conformity with GAAP, are required to be included in or reflected on the
consolidated balance sheet as a capital asset, including, without limitation, Capitalized Lease Obligations of the Parent and its consolidated Restricted Subsidiaries but, for the avoidance of doubt, excluding ASC
842-40 Capital Lease Obligations. 

  
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 “Capitalized Lease Obligation” shall mean that portion of any obligation of
a Person as lessee under a finance lease under GAAP in accordance with Accounting Standards Codification 842 (or any other successor Accounting Standards Codification), other than ASC 842-40 Capital Lease
Obligations. 
 “Cash Collateralize” shall mean, in respect of any obligations, to provide and pledge (as a first priority
perfected security interest) cash collateral for such obligations in U.S. Dollars, with the Administrative Agent pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent (and “Cash
Collateralization” has a corresponding meaning). 
 “Cash Dominion Period” shall mean each period
(a) commencing on the date Excess Availability for any three (3) consecutive Business Day period is less than the greater of (i) $50,000,000 and (ii) 10% of Availability, and (b) ending on the date thereafter that Excess Availability
has exceeded the greater of (i) $50,000,000 and (ii) 10% of Availability for 30 consecutive calendar days. 
 “Cash
Equivalents” shall mean, collectively, (i) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States or any member state of the European Union (or by any agency
thereof to the extent such obligations are backed by the full faith and credit of the United States or any member state of the European Union), in each case maturing within one year from the date of acquisition thereof; (ii) commercial paper of
an issuer rated at least A-1 by S&P, P-1 by Moody’s or F1 from Fitch, or carrying an equivalent rating by a nationally recognized rating agency, if each of the
three named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within twelve (12) months from the date of acquisition thereof; (iii) certificates of deposit, bankers’ acceptances and
time deposits maturing within 180 days of the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of the Administrative Agent or by any commercial bank
organized under the laws of the United States or any state thereof or any U.S. branch of a foreign bank or by a bank organized under the laws of any foreign country recognized by the United States which has a combined capital and surplus and
undivided profits of not less than $250,000,000; (iv) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (i) above and entered into with a financial institution satisfying the
criteria described in clause (iii) above; (v) securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or
taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least
A by S&P, A by Moody’s or A by Fitch; (vi) securities with maturities of twelve (12) months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying the
requirements of clause (ii) of this definition; and (vii) shares of money market mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (i) through (vi) of this definition or money market
funds that (x) comply with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, as amended, (y) are rated AAA by S&P, Aaa by
Moody’s or AAA by Fitch and (z) have portfolio assets of at least $1,000,000,000. 

  
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 “CFC” means a “controlled foreign corporation” within the meaning
of Section 957(a) of the Code. 
 “Change in Control” shall mean the occurrence of one or more of the following
events: (a) any “person” or “group” (within the meaning of Sections 13(d) and 14(d) of the SEA) other than the Permitted Holders, becomes the beneficial owner (as defined in Rule 13d-3
under the SEA), directly or indirectly, of 50%, or more, of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Parent; or (b) except as a result of a sale or disposition of any of the Equity
Interests of a Borrower permitted by Section 8.7(b), the Parent shall cease to directly or indirectly own and control one hundred percent (100%) of the outstanding Equity Interests of all of the Borrowers. 

“Change in Law” shall mean the occurrence, after the Agreement Date or, in the case of an assignee of a Lender (other than an
Affiliate of an existing Lender), after the date on which such assignee becomes a party to this Agreement and, in the case of a Participant (other than an Affiliate of an existing Lender), after the date on which it acquires its participation, of
any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental
Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, to the extent not
prohibited by Applicable Law, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or
directives 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, in each case pursuant to Basel III, shall in
each case be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued. 
 “Code” shall
mean the Internal Revenue Code of 1986, as amended from time to time. 
 “Collateral” shall mean all Property pledged by
any Credit Party as collateral security for the Obligations pursuant to the Security Documents or otherwise, and all other property of any Credit Party that is now or hereafter in the possession or control of any member of the Lender Group, or on
which any member of the Lender Group has been granted a Lien to secure the Obligations. 
 “Collections Account” shall have
the meaning given such term in Section 6.15(c). 
 “Commercial Letter of Credit” shall mean a
documentary Letter of Credit issued by any Issuing Bank in respect of the purchase of goods or services by a Borrower in the ordinary course of its business. 

“Commitments” shall mean, collectively, the Revolving Loan Commitment and the Letter of Credit Commitment. 

  
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 “Commodity Exchange Act” shall mean the Commodity Exchange Act (7 U.S.C.
§ 1 et seq.), as amended from time to time, and any successor statute. 
 “Competitor” shall mean any Person
specifically set forth in that certain side letter dated the Agreement Date between the Borrower Representative and the Administrative Agent (and any other Person specifically identified by five (5) Business Days’ prior written notice from
the Borrower Representative to the Administrative Agent and which shall not apply retroactively to disqualify any Persons that have previously acquired an assignment interest in any Loan), in each case who is engaged directly in a competing business
as that of the Credit Parties. The list of Competitors shall be made available by the Administrative Agent to the Lenders upon request therefor. 

“Compliance Certificate” shall mean a certificate executed by the chief financial officer or treasurer of the Borrower
Representative substantially in the form of Exhibit D. 
 “Consolidated Net Tangible Assets” means, at any date of
determination, the total amount of assets of Parent and its Restricted Subsidiaries after deducting therefrom all current liabilities (excluding the current portion of all Consolidated Total Funded Debt), total prepaid expenses and deferred charges,
and all goodwill, trade names, trademarks, patents, licenses, copyrights and other intangible assets, all as set forth on the consolidated balance sheet of Parent and its Restricted Subsidiaries for Parent’s most recently completed fiscal
quarter for which financial statements have been delivered to the Administrative Agent pursuant to Sections 7.1(b) or 7.2 (or as of the fiscal quarter ended September 25, 2021 for any date prior to delivery of financial statements
pursuant to such Sections). 
 “Consolidated Senior Secured Debt” shall mean, as of any date of determination, the amount
of Consolidated Total Funded Debt that is secured by a Lien on any asset or property of Parent or any of its Restricted Subsidiaries. 

“Consolidated Total Assets” shall mean, at any date of determination, the total consolidated assets of Parent and its
Restricted Subsidiaries, as set forth on the consolidated balance sheet of Parent and its Restricted Subsidiaries for Parent’s most recently completed fiscal quarter for which financial statements have been delivered to the Administrative Agent
pursuant to Sections 7.1(b) or 7.2 (or as of the fiscal quarter ended September 25, 2021 for any date prior to delivery of financial statements pursuant to such Sections). 

“Consolidated Total Funded Debt” shall mean, as of any date of determination, all Indebtedness of Parent and its Restricted
Subsidiaries described in clauses (a), (b), (e) and (f) of the definition of Indebtedness herein (excluding any intercompany Indebtedness), measured on a consolidated basis as of such date. 

“Control” shall mean, with respect to any asset, right, or property with respect to which a security interest therein is
perfected by a secured party’s having “control” thereof (whether pursuant to the terms of an agreement or through the existence of certain facts and circumstances), that the Administrative Agent has “control” of such asset,
right, or property in accordance with the terms of Article 9 of the UCC. 

  
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 “Controlled Account Agreement” shall mean any agreement executed by a
depository bank, securities intermediary, or commodities intermediary and the Administrative Agent and acknowledged and agreed to by the applicable Credit Party, in form and substance reasonably acceptable to the Administrative Agent, which, among
other things, provides for the Administrative Agent’s Control, for the benefit of the Lender Group, of a deposit account, securities account, commodities account, or other bank or investment account, as amended, restated, supplemented, or
otherwise modified from time to time, including, without limitation, any Controlled Account Agreement delivered on or after the Original Agreement Date. 

“Controlled Deposit Account” shall have the meaning specified in Section 6.15(b). 

“Controlled Disbursement Account” shall have the meaning specified in Section 2.2(f). 

“Copyright Security Agreements” shall mean, collectively, any Copyright Security Agreement made by a Credit Party in favor of
the Administrative Agent, on behalf of the Lender Group, from time to time, as amended, restated, supplemented, or otherwise modified from time to time, including, without limitation, any Copyright Security Agreement delivered on or after the
Original Agreement Date. 
 “Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor
(including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 

“Credit Card Issuer” shall mean any Person (other than a Credit Party) who issues or whose members issue credit cards and
other non-bank credit or debit cards. 
 “Credit Card Processor” shall mean any
servicing or processing agent or any factor or financial intermediary who facilitates, services, processes or manages the credit authorization, billing transfer and/or payment procedures with respect to any Credit Party’s sales transactions
involving credit card or debit card purchases by customers using credit cards or debit cards issued by any Credit Card Issuer. 

“Credit Card Receivables” shall mean each Account together with all income, payments and proceeds thereof, owed by a Credit
Card Issuer or Credit Card Processor to a Credit Party resulting from charges by a customer of a Credit Party on credit or debit cards issued or processed by such Credit Card Issuer or Credit Card Processor in connection with the sale of goods by a
Credit Party in the ordinary course of its business. 
 “Credit Parties” shall mean, collectively, the Borrowers and the
Guarantors; and “Credit Party” shall mean any one of the foregoing Credit Parties. 
 “Credit Party
Payments” has the meaning specified in Section 2.8(b)(i). 
 “Daily Simple SOFR” means,
for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for
determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may
establish another convention in its reasonable discretion. 

  
 19 

 “Date of Issue” shall mean the date on which any Issuing Bank issues a
Letter of Credit pursuant to Section 2.15 and, subject to the terms of Section 2.15(a), the date on which any such Letter of Credit is renewed. 

“Debtor Relief Laws” means the Bankruptcy Code, the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors
Arrangement Act (Canada), and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States,
Canada or other applicable jurisdictions from time to time in effect. 
 “Default” means an event, condition or default
which, with the giving of notice, the passage of time or both would become an Event of Default. 
 “Default Rate” shall
mean a simple per annum interest rate equal to, with respect to all outstanding Obligations, the sum of (a) the applicable Interest Rate Basis, if any, with respect to the applicable Obligation, plus (b) the Applicable Margin for such
Interest Rate Basis, plus (c) two percent (2.00%). 
 “Defaulting Lender” shall mean, subject to
Section 2.17(c), any Lender that (a) has failed to (i) fund all or any portion of the Revolving Loans within two (2) Business Days of the date such Revolving Loans were required to be funded unless such
Lender notifies the Administrative Agent and the Borrower Representative 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, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Bank, the Swing Bank or any other Lender any other amount required to be paid by it
hereunder (including in respect of its participation in Letters of Credit, Swing Loans or Agent Advances) within two (2) Business Days of the date when due, (b) has notified the Borrower Representative, the Administrative Agent, any
Issuing Bank or the Swing Bank 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 Revolving Loan 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, shall be specifically identified in such writing
or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower Representative, to confirm in writing to the Administrative Agent and the Borrower
Representative 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 the Administrative
Agent and the Borrower Representative), or (d) has, or has a direct or indirect Parent Company that has (i) become the subject of a proceeding under the Bankruptcy Code or any other Debtor Relief Law, (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 

  
 20 

 
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 the
Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to
Section 2.17(c)) upon delivery of written notice of such determination to the Borrower Representative, each Issuing Bank, the Swing Bank and each Lender. 

“Designated Non-Cash Consideration” shall mean the fair market value of any non-cash consideration received by any Credit Party or any of its Restricted Subsidiaries in connection with a disposition that is designated as Designated Non-Cash
Consideration by written notice to the Administrative Agent at the time of such disposition. Any particular item of Designated Non-Cash Consideration will cease to be considered to be outstanding once it has
been sold for cash or Cash Equivalents. 
 “Determination Date” shall mean the second Business Day immediately following
the date that the Administrative Agent receives the Borrowing Base Certificate required to be delivered pursuant to Section 7.5(a) for the fiscal month in which a fiscal quarter of the Parent ends. 

“Dilution” shall mean, as of any date of determination, a percentage, based upon the experience of the immediately prior
twelve (12) month period (or such shorter period as agreed by the Administrative Agent in its Permitted Discretion), that is the result of dividing the U.S. Dollar amount of (a) bad debt write-downs, discounts, advertising allowances,
credits, or other dilutive items with respect to the Credit Parties’ Accounts during such period (less any reasonable non-recurring adjustments as determined by the Administrative Agent in its Permitted
Discretion), by (b) the Credit Parties’ gross billings with respect to Accounts during such period. 
 “Dilution
Reserve” shall mean, as of any date of determination, an amount determined from time to time by the Administrative Agent in its Permitted Discretion and based on the Administrative Agent’s analysis of the Credit Parties’ Dilution
and other matters affecting the Credit Parties and their Accounts and Account Debtors. 
 “Disqualified Equity Interests”
shall mean, with respect to any Person, any Equity Interest that by its terms (or by the terms of any other Equity Interest into which it is convertible or exchangeable) or otherwise (a) matures or is subject to mandatory redemption or
repurchase (other than solely for Equity Interests that are not Disqualified Equity Interests) 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 holder thereof
upon the occurrence of a change of control or asset sale event shall be subject to the prior payment in full of the Obligations (other than any Obligations which expressly survive termination) and termination of the Commitments); (b) is convertible
into or exchangeable or exercisable for Indebtedness or any Disqualified Equity Interest at the 

  
 21 

 
option of the holder thereof; (c) may be required to be redeemed or repurchased at the option of the holder thereof (other than solely for Equity Interests that are not Disqualified Equity
Interests), in whole or in part, in each case on or prior to the date that is one hundred twenty (120) days after the Maturity Date; or (d) provides for scheduled payments of dividends to be made in cash. 

“Dividends” shall mean any direct or indirect distribution, dividend, or payment to any Person on account of any Equity
Interests of any Credit Party or any of their Subsidiaries. 
 “Domestic Restricted Subsidiary” shall mean any Restricted
Subsidiary that is a Domestic Subsidiary. 
 “Domestic Subsidiary” shall mean any direct or indirect Subsidiary of any
Credit Party that is organized and existing under the laws of the US or any state or commonwealth thereof or under the laws of the District of Columbia. 

“Early Opt-in Election” means, if the then-current Benchmark is the Adjusted LIBO
Rate, the occurrence of: 
 (1) a notification by the Administrative Agent to (or the request by the Borrower Representative to the
Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based
rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and 

(2) the joint election by the Administrative Agent and the Borrowers to trigger a fallback from the Adjusted LIBO Rate and the provision by
the Administrative Agent of written notice of such election to the Lenders. 
 “EBITDA” shall mean, as determined for any
period on a consolidated basis for the Parent and its consolidated Restricted Subsidiaries in accordance with GAAP, an amount equal to the sum of (a) Net Income for such period plus (b) to the extent deducted in determining Net
Income for such period, and without duplication the sum of (i) income tax expense, (ii) Interest Expense, (iii) Non-Cash Charges less (without duplication of clause (c) below) any non-cash items increasing Net Income for such period, (iv) any expenses or charges related to any Equity Offering (as defined in the New Indenture as in effect on the Agreement Date), Investment permitted under
this Agreement, acquisition, disposition, recapitalization or the incurrence of Indebtedness permitted to be incurred by this Agreement, including a refinancing thereof, and any amendment or modification to the terms of any such transaction,
(v) any write-offs, write-downs or other non-cash charges, excluding any such charge that represents an accrual or reserve for a cash expenditure for a future period, (vi) the amount of any expense
related to minority interests and (vii) the amount of any earn out payments, contingent consideration or deferred purchase price of any kind in conjunction with acquisitions, excluding any such amount that represents an accrual or reserve for a
cash expenditure for a future period, minus (c) without duplication, non-cash gains increasing Net Income for such period, excluding any gains that represent the reversal of any accrual of, or cash
reserve for, anticipated cash charges in any prior period (other than such cash charges that have been added back to Net Income in calculating EBITDA in accordance with this definition). 

  
 22 

 For purposes of any determination of the Fixed Charge Coverage Ratio or the Secured Net
Leverage Ratio, EBITDA shall, subject to the limitations set forth in this paragraph, be adjusted for any period during which one or more Permitted Acquisitions or dispositions of Property (for the purposes of this definition, each, a
“Specified Transaction”) occurs such that such Specified Transaction (and all other Specified Transactions that have been consummated during the applicable period) and the following adjustments in connection therewith shall be
deemed to have occurred as of the first day of the applicable period of measurement: income statement items (whether positive or negative) attributable to the Property or Person subject to such Specified Transaction, (1) in the case of a
disposition of assets, shall be excluded, and (2) in the case of a Permitted Acquisition, shall be included; provided that the foregoing pro forma adjustments may be applied to any such definition, test or financial covenant solely to
the extent that such adjustments (A) are reasonably expected to be realized within eighteen (18) months of such Specified Transaction as set forth in reasonable detail on a certificate of the chief financial officer or treasurer of the
Borrower Representative delivered to the Administrative Agent, (B) are calculated on a basis consistent with GAAP, (C) in the case of dispositions of assets, are based upon historical EBITDA as set forth in financial statements delivered
to the Administrative Agent with respect to the Person or Property subject to such disposition, (D) in the case of Permitted Acquisitions, are based upon Target Financials (as defined in the definition of Permitted Acquisitions), and
(E) approved in advance by the Administrative Agent in its Permitted Discretion. 
 “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. 

  
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 “Eligible Accounts” shall mean, at any time of determination, all Accounts
(valued at the face amount of the applicable invoice therefor, minus the maximum discounts, credits, and allowances set forth on the face of such invoice which may be taken by Account Debtors on such Accounts, and net of any sales tax,
finance charges, or late payment charges included in the amount invoiced) arising in the ordinary course of a Credit Party’s business from the sale of goods by a Credit Party, that the Administrative Agent determines in its Permitted Discretion
to be Eligible Accounts; provided, however, that, without limiting the right of the Administrative Agent to establish other criteria of ineligibility in its Permitted Discretion, Eligible Accounts shall not include any of the following
Accounts: 
 (a) any Account which (i) has a scheduled due date more than one hundred twenty (120) days after its original invoice
date, or (ii) is unpaid more than one hundred twenty (120) days past its invoice date or sixty (60) days past its due date; provided, that up to $50,000,000 of Eligible Trade Show Receivables shall be included so long as
(x) such Eligible Trade Show Receivables have a scheduled due date not more than two hundred seventy (270) days after the original invoice date and are not past due and (y) the Credit Party has provided reasonably satisfactory
documentation to the Administrative Agent that identifies and describes such Eligible Trade Show Receivables; provided further, that up to $40,000,000 of Accounts owed by the Specified Account Debtors which have scheduled due dates more than
one hundred twenty (120) days but no greater than one hundred eighty (180) days after their original invoice dates shall be included, unless any such Account is unpaid more than one hundred eighty (180) days past its original invoice
date or more than sixty (60) days past its due date; 
 (b) Accounts not evidenced by a paper invoice or an electronic equivalent
acceptable to the Administrative Agent; 
 (c) Accounts with respect to which any of the representations, warranties, covenants and
agreements contained in Section 5.2 are not or have ceased to be complete and correct in all material respects or have been breached in any material respect; 

(d) Accounts with respect to which, in whole or in part, a check, promissory note, draft, trade acceptance or other instrument for the payment
of money has been received, presented for payment and returned uncollected for any reason; 
 (e) Accounts as to which the applicable Credit
Party has not performed, as of the applicable date of determination, all of its obligations then required to have been performed, including, without limitation, the shipment of goods (and passage of title thereto) applicable to such Accounts; 

(f) Accounts as to which any one or more of the following events has occurred with respect to the Account Debtor on such Accounts: death or
judicial declaration of incompetency of such Account Debtor who is an individual; the filing by or against such Account Debtor of a request or petition for liquidation, reorganization, arrangement, adjustment of debts, adjudication as a bankrupt, winding-up, or other relief under the bankruptcy, insolvency, or similar laws of the US, any state or territory thereof, or any foreign jurisdiction, now or hereafter in effect; the making of any general assignment
by such Account Debtor for the benefit of creditors; the appointment of a receiver or trustee for such Account Debtor or for any of the assets of such Account Debtor, including, without limitation, the appointment of or taking possession by a
“custodian,” as defined in Bankruptcy Code; the institution by or against such Account Debtor of any other type of insolvency proceeding (under the bankruptcy or insolvency laws of the US, Canada or otherwise) or of any formal or informal
proceeding for the dissolution or liquidation of, settlement of claims against, or winding up of affairs of, such Account Debtor; the sale, assignment, or transfer of all or substantially all of the assets of such Account Debtor unless the
obligations of such Account Debtor in respect of the Accounts are assumed by and assigned to such purchaser or transferee; the nonpayment generally by such Account Debtor of its debts as they become due; or the cessation of the business of such
Account Debtor as a going concern; 

  
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 (g) those Accounts of an Account Debtor for whom fifty percent (50%) or more of the
aggregate U.S. Dollar amount of such Account Debtor’s outstanding Accounts are classified as ineligible under clause (a)(ii) above; 

(h) Accounts owed by an Account Debtor which: (i) does not maintain its primary business delivery locations, payment centers, and chief
executive office in the US or Canada; or (ii) is not organized under the laws of the US, Canada or any respective state or province thereof; or (iii) is the government of Canada or any other foreign country or sovereign state, or of any
state, province, municipality, or other political subdivision thereof, or of any department, agency, public corporation, or other instrumentality thereof; except to the extent that such Accounts are secured or payable by a letter of credit or
acceptance, or insured under foreign credit insurance in each case, on terms and conditions satisfactory to the Administrative Agent in its sole and absolute discretion; or (iv) is the government of the US, or of any state, municipality or
other political subdivision thereof, or any department, agency, public corporation, or other instrumentality thereof, unless all required procedures for the effective collateral assignment of the Accounts under the Federal Assignment of Claims Act
of 1940 and any other steps necessary to perfect the Administrative Agent’s security interest, for the benefit of the Lender Group, in such Accounts have been complied with to the Administrative Agent’s sole satisfaction with respect to
such Accounts; provided, that up to $10,000,000 of such Accounts owed by an Account Debtor which is a governmental entity shall be included without the necessity of complying with any notice provisions under such governmental entity’s
local regulations, including, without limitation, the Federal Assignment of Claims Act of 1940; or (v) is a natural person; 
 (i)
Accounts owed by an Account Debtor which is an Affiliate or employee of a Credit Party; 
 (j) Accounts which are owed by an Account Debtor
to which a Credit Party is indebted in any way (including, without limitation, creditors and suppliers of a Credit Party), or which are subject to any right of setoff by the Account Debtor, including, without limitation, for co-op advertising, rebates, incentives and promotions, to the extent of such indebtedness or right of setoff; 

(k) Accounts which the Account Debtor disputes in writing the liability therefor or are otherwise in dispute or are otherwise subject to any
potential counterclaim, deduction, discount, recoupment, reserve, defense, dispute, chargeback, credit, allowance, contra-account, volume rebate, cooperative advertising accrual, deposit, or offset (but only to the extent of the amount in dispute);

 (l) Accounts which represent sales on a bill-and-hold,
guaranteed sale, sale and return, sale on approval, cash-on-delivery, consignment or other repurchase or return basis; 

  
 25 

 (m) Accounts which are evidenced by a promissory note or other instrument or by chattel
paper, unless such promissory note, instrument or chattel paper is in the possession of the Administrative Agent and, to the extent required under the Security Agreement or the Canadian Security Agreement, as applicable, endorsed to the
Administrative Agent; 
 (n) Accounts as to which the applicable Account Debtor has not been sent an invoice or for which are partially
billed; 
 (o) Accounts with respect to which the Account Debtor is located in a state or jurisdiction (including, without limitation,
Alabama, 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 the applicable Credit Party 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 the applicable Credit Party 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 the Administrative Agent to be significant in amount, and such
later qualification cures any bar to access to such courts to enforce payment of such Account; 
 (p) Accounts which are not a bona fide,
valid and enforceable obligation of the Account Debtor thereunder; 
 (q) Accounts (i) which are not subject to a valid and continuing,
duly perfected, first-priority Lien in favor of the Administrative Agent, for the benefit of the Lender Group, pursuant to the Security Documents, or (ii) in which the applicable Credit Party does not have good and marketable title, free and
clear of any Liens (other than (x) Liens in favor of the Administrative Agent, for the benefit of the Lender Group, (y) Liens securing Specified Crossing Lien Indebtedness which Liens are subordinate to the Liens in favor of the
Administrative Agent on such Accounts and (z) non-consensual Permitted Liens which Liens are subordinate to the Liens in favor of the Administrative Agent on such Accounts); 

(r) Accounts which are owed by an Account Debtor to the extent that such Accounts, together with all other Accounts owing by the same Account
Debtor and its Affiliates, exceed in the aggregate twenty-five percent (25%) of the sum of all Eligible Accounts (or (i) 30% in the case of Accounts owing to any Specified Account Debtor), and (ii) such higher percentage as the Administrative
Agent (with the consent of the Supermajority Lenders) may establish from time to time for any other Account Debtor); 
 (s) Accounts which
represent rebates, refunds or other similar transactions, but only to the extent of the amount of such rebate, refund or similar transaction; 

(t) Accounts which consist of progress billings (such that the obligation of the Account Debtors with respect to such Accounts is conditioned
upon the applicable Credit Party’s satisfactory completion of any further performance under the agreement giving rise thereto) or retainage invoices; 

  
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 (u) Accounts with respect to which the Administrative Agent reasonably believes that such
Accounts may not be collectible by reason of the Account Debtor’s creditworthiness; 
 (v) Accounts which are not denominated in U.S.
Dollars or Canadian Dollars; 
 (w) that portion of Accounts subject to warranty accruals; 

(x) prepaid or cash-in-advance Accounts; 

(y) Accounts which constitute Credit Card Receivables (it being understood that this clause (y) shall not affect the inclusion of
Eligible Credit Card Receivables in the Borrowing Base); 
 (z) Accounts which arise from the sale of Noticed Farm Products; 

(aa) Accounts as to which a security agreement, financing statement, equivalent security or Lien instrument or continuation statement is on
file or of record in any public office, except as may have been filed in favor of (x) the Administrative Agent, for the benefit of the Lender Group, pursuant to the Security Documents or (y) the secured parties in respect of any Specified
Crossing Lien Indebtedness; 
 (bb) Accounts owned by IMS Southern, LLC; or 

(cc) Accounts owed by an Account Debtor which is a Sanctioned Person or a Sanctioned Country. 

Notwithstanding the foregoing, Accounts acquired by Credit Parties (and Accounts of Persons acquired and that become Credit Parties) shall not
constitute Eligible Accounts and such Accounts shall not be included in the Borrowing Base until the Administrative Agent shall have completed a field examination satisfactory to the Administrative Agent in its Permitted Discretion with respect to
such Accounts, except that, prior to completion of such field examination, such Accounts may be included in the Acquired Asset Borrowing Base in accordance with the terms and conditions of the definition thereof. 

“Eligible Assignee” shall mean (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; or
(d) any other Person approved by (i) the Administrative Agent, (ii) with respect to any proposed assignee of all or any portion of the Revolving Loan Commitment, the Issuing Banks and, (iii) unless (x) such Person is taking
delivery of an assignment in connection with physical settlement of a credit derivatives transaction or (y) a Specified Event of Default exists, the Borrower Representative, such approvals not to be unreasonably withheld or delayed;
provided, however, that if the consent of the Borrower Representative to an assignment or to an Eligible Assignee is required hereunder (including a consent to an assignment which does not meet the minimum assignment thresholds
specified in Section 11.5(b)), the Borrower Representative shall be deemed to have given its consent ten (10) Business Days after the date notice thereof has been delivered by the assigning Lender (through the
Administrative Agent) and received by the Borrower Representative unless such consent is expressly refused by the Borrower Representative prior to such tenth Business Day. None of the Borrowers, any of their Subsidiaries, any of their Affiliates,
any Defaulting Lender, any Competitor or a natural person (or holding company, investment vehicle or trust for, or owned and operated for the primary benefit of a natural person) shall be an Eligible Assignee. 

  
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 “Eligible Canadian Collateral” means, collectively, (a) Eligible
Accounts owing from an Account Debtor who is organized under the laws of Canada (or any province thereof) or who maintains its chief executive office in Canada, and (b) Eligible Inventory located in Canada. 

“Eligible Credit Card Receivables” shall mean, at any time of determination, all Credit Card Receivables (valued at the face
amount thereof, minus the maximum amount of all accrued and actual discounts, claims, credits or credits pending, promotional program allowances, price adjustments, finance charges or other allowances (including any amount that a Credit Party
may be obligated to rebate to a customer, a Credit Card Issuer or a Credit Card Processor pursuant to the terms of any agreement or understanding), and net of any sales tax or late payment charges included in such face amount) that the
Administrative Agent determines in its Permitted Discretion to be Eligible Credit Card Receivables; provided, however, that, without limiting the right of the Administrative Agent to establish other criteria of ineligibility in its
Permitted Discretion, Eligible Credit Card Receivables shall not include any of the following Credit Card Receivables: 
 (a) Credit Card
Receivables which do not constitute an “Account” (as defined in the UCC); 
 (b) Credit Card Receivables that have been
outstanding for more than five (5) Business Days from the date of sale of goods giving rise to such Credit Card Receivables; 
 (c)
Credit Card Receivables with respect to which a Credit Party does not have good, and valid title, free and clear of any Lien (other than (x) Liens granted to the Administrative Agent, for the benefit of the Lender Group, (y) Liens securing
Specified Crossing Lien Indebtedness which Liens are subordinate to the Liens in favor of the Administrative Agent on such Credit Card Receivables and (z) non-consensual Permitted Liens which Liens are
subordinate to the Liens in favor of the Administrative Agent on such Credit Card Receivables); 
 (d) Credit Card Receivables that are not
subject to a duly perfected, first priority Lien in favor of the Administrative Agent (it being the intent that chargebacks in the ordinary course by such Credit Card Processors and Credit Card Issuers shall not be deemed violative of this clause);

 (e) Credit Card Receivables which are disputed, are with recourse, or with respect to which a claim, counterclaim, offset or chargeback
has been asserted (but only to the extent of such claim, counterclaim, offset or chargeback); 
 (f) Credit Card Receivables as to which the
Credit Card Processor has the right under certain circumstances to require a Credit Party to repurchase the Accounts from such Credit Card Processor; 

(g) Credit Card Receivables with respect to which a Person other than a Credit Party is a payee or remittance party; 

  
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 (h) Credit Card Receivables due from a Credit Card Issuer or Credit Card Processor of the
applicable credit card which is the subject of any bankruptcy or insolvency proceedings; 
 (i) Credit Card Receivables which are not a
valid, legally enforceable obligation of the applicable Credit Card Issuer with respect thereto; 
 (j) Credit Card Receivables which do not
conform in all material respects to all representations, warranties or other provisions in the Loan Documents relating to Credit Card Receivables; 

(k) Credit Card Receivables which are evidenced by “chattel paper” or an “instrument” of any kind unless such
“chattel paper” or “instrument” is in the possession of the Administrative Agent and, to the extent required under the Security Agreement or the Canadian Security Agreement, as applicable, endorsed to the Administrative Agent;

 (l) Credit Card Receivables owed from any private label Credit Card Issuers; or 

(m) Credit Card Receivables arising from the use of a “co-branded” credit card which are
deemed ineligible for inclusion in the Borrowing Base by the Administrative Agent in the exercise of its Permitted Discretion. 

Notwithstanding the foregoing, Credit Card Receivables acquired by Credit Parties (and Credit Card Receivables of Persons acquired and that
become Credit Parties) shall not constitute Eligible Credit Card Receivables and such Credit Card Receivables shall not be included in the Borrowing Base until the Administrative Agent shall have completed a field examination satisfactory to the
Administrative Agent in its Permitted Discretion with respect to such Credit Card Receivables, except that, prior to completion of such field examination, such Credit Card Receivables may be included in the Acquired Asset Borrowing Base in
accordance with the terms and conditions of the definition thereof. 
 “Eligible In-Transit
Inventory” means (a) Eligible Permitted Location In-Transit Inventory and (b) all other In-Transit Inventory (without duplication of any Eligible
Permitted Location In-Transit Inventory or Eligible Inventory) owned by any Credit Party, which such Inventory is in transit to a Credit Party’s location in the United States or Canada (excluding the
Province of Quebec) or to a customer of a Credit Party that will take delivery of such Inventory at the port of destination located in the United States or Canada (excluding the Province of Quebec) and as to which such
In-Transit Inventory: (i) shall be the subject of a bill of lading or a cargo receipt that (A)(x) in the case of a negotiable bill of lading or negotiable cargo receipt, is consigned to the Administrative
Agent (either directly or by means of endorsement) or (y) in the case of a non-negotiable bill of lading or non-negotiable cargo receipt, is consigned to the
Administrative Agent (either directly or by means of endorsements) or to a Credit Party if such bill of lading or cargo receipt shall state “[Name of applicable Credit Party], subject to the security interest of Truist Bank, as administrative
agent, Mail Code GA-ATL-1981, 3333 Peachtree Road, 7th Floor-South Tower, Atlanta, Georgia 30326, Attention: Asset Manager – Central Garden & Pet
Company” thereon and (B) was issued by the carrier respecting the subject 

  
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In-Transit Inventory, (ii) is insured in accordance with Section 6.5, (iii) shall be in the physical possession of an
Approved Freight Handler and (iv) would not be deemed ineligible for inclusion in the Borrowing Base under clauses (a), (b), (g), (h) (other than in respect of any possessory Lien of the related common carrier or any Lien in favor of a related
Approved Freight Handler), (i), (j), (k), (l), (m), (n), (o) (other than as set forth in clause (i) above), (p), (q), (r) or (s) of the definition of Eligible Inventory, treating such eligibility criteria as applicable to such In-Transit Inventory. Upon the request of the Administrative Agent, the Credit Parties shall promptly deliver to the Administrative Agent copies of all such bills of lading or cargo receipts. Notwithstanding the
foregoing, In-Transit Inventory acquired by Credit Parties (and In-Transit Inventory of Persons acquired and that become Credit Parties) shall not constitute Eligible In-Transit Inventory and such In-Transit Inventory shall not be included in the Borrowing Base until the Administrative Agent shall have completed a Qualified Appraisal
satisfactory to the Administrative Agent in its Permitted Discretion with respect to such In-Transit Inventory, except that, prior to completion of such Qualified Appraisal, such
In-Transit Inventory may be included in the Acquired Asset Borrowing Base in accordance with the terms and conditions of the definition thereof. 

“Eligible Inventory” shall mean, at any time of determination, the portion of a Credit Party’s Inventory held for sale
in the ordinary course of business that the Administrative Agent determines in its Permitted Discretion to be Eligible Inventory; provided, however, that without limiting the right of the Administrative Agent to establish other
criteria of ineligibility in its Permitted Discretion, Eligible Inventory shall not include any of the following Inventory: 
 (a) Inventory
that is not owned solely by the applicable Credit Party; 
 (b) Inventory that does not conform in all material respects to all of the
warranties, and representations regarding the same which are set forth in this Agreement, including, without limitation Section 5.3, or any of the other Loan Documents; 

(c) Inventory that is not located at a Permitted Location in (i) the United States or (ii) at any time after the Administrative
Agent’s receipt of all Canadian Perfection Items, Canada (other than the province of Quebec); 
 (d) Inventory that is located at a
Permitted Location not owned and controlled by a Credit Party or that is located at a Permitted Location where the access to such Permitted Location may require the consent of a third party, unless (i) the Administrative Agent has received a
Third Party Agreement (whether or not such Third Party Agreement is an express condition or requirement hereunder) from the Person owning or in control of such Permitted Location and all Persons owning or in control of other locations with respect
to which access may be required with respect to such Permitted Location, or (ii) the Administrative Agent has instituted a Rent Reserve; 

(e) Inventory located at any location at which the aggregate amount of Inventory of the Credit Parties is less than $50,000; 

  
 30 

 (f) Inventory which is in the possession of any subcontractor or outside processor in or is in-transit to or from such subcontractor or outside processor; provided, that up to $5,000,000 of such Inventory shall be included so long as (i) the Administrative Agent has received a Third Party
Agreement with respect to such Inventory and (ii) the Credit Party has provided reasonably satisfactory documentation to the Administrative Agent that such Inventory is segregated; 

(g) any Inventory customized for a specific customer (other than Inventory branded for a specific customer (such as private label
merchandise)); 
 (h) Inventory (i) in which the applicable Credit Party does not have good and marketable title, free and clear of any
Lien (other than (x) Liens in favor of the Administrative Agent, for the benefit of the Lender Group, (y) Liens securing Specified Crossing Lien Indebtedness which Liens are subordinate to the Liens in favor of the Administrative Agent on
such Inventory and (z) non-consensual Permitted Liens which Liens are subordinate to the Liens in favor of the Administrative Agent on such Inventory), claim of reclamation, adverse claim, interest or
right of any other Person; or (ii) which is not subject to a valid and continuing, duly perfected, first-priority Lien in favor of the Administrative Agent, for the benefit of the Lender Group, pursuant to the Security Documents; 

(i) Inventory that is on consignment from any Credit Party, as consignor, to any other Person, as consignee, and any Inventory which is on
consignment to any Credit Party, as consignee, from any other Person, as consignor; 
 (j) Inventory that is not in saleable condition or
does not meet all standards imposed by any Person having regulatory authority over such goods or their use and/or sale, or Inventory that is not currently saleable in the normal course of the applicable Credit Party’s business; 

(k) Inventory consisting of parts, components, or supplies or that constitutes capitalized labor; 

(l) Inventory scheduled for return to vendors, display items (other than display items containing finished goods for sale at retail
locations), packaging materials, labels or name plates or similar supplies; provided, that up to $5,000,000 of generic packaging materials shall be included, so long as such Inventory (i) is the subject of a Qualified Appraisal and
(ii) consists exclusively of salable items; 
 (m) Inventory that is subject to any license or agreement with any Person that limits or
restricts the applicable Credit Party’s or the Administrative Agent’s right to sell or otherwise dispose of such Inventory (unless such Person has entered into a Third Party Agreement); 

(n) Inventory that is commingled with the goods of any other Person (other than a Credit Party); 

(o) Inventory which is subject to any negotiable Document; 

(p) Inventory which is a Noticed Farm Product; 

  
 31 

 (q) Inventory that is covered, in whole or in part, by any security agreement, financing
statement, equivalent security or Lien instrument or continuation statement which is on file or of record in any public office, except such as may have been filed in favor of (x) the Administrative Agent, for the benefit of the Lenders,
pursuant to the Security Documents or (y) the secured parties in respect of any Specified Crossing Lien Indebtedness; 
 (r) Inventory
owned by IMS Southern, LLC; or 
 (s) Inventory that is acquired from a Sanctioned Person. 

Notwithstanding the foregoing, Inventory acquired by Credit Parties (and Inventory of Persons acquired and that become Credit Parties) shall
not constitute Eligible Inventory and such Inventory shall not be included in the Borrowing Base until the Administrative Agent shall have completed a Qualified Appraisal satisfactory to the Administrative Agent in its Permitted Discretion with
respect to such Inventory, except that, prior to completion of such Qualified Appraisal, such Inventory may be included in the Acquired Asset Borrowing Base in accordance with the terms and conditions of the definition thereof. 

“Eligible Permitted Location In-Transit Inventory” shall mean Inventory of a Credit
Party that (a) is currently in transit (whether by vessel, air or land) from (i) a Permitted Location of a Credit Party in the United States or Canada (other than the Province of Quebec) to (ii) a Permitted Location of a Credit Party
in the United States or Canada (other than the Province of Quebec), so long as such Inventory remains in a jurisdiction where all necessary actions have been taken to perfect the Administrative Agent’s Lien on such Inventory under the laws of
such jurisdiction (including all PPSA filings), as reasonably determined by the Administrative Agent and (b) would not be deemed ineligible for inclusion in the Borrowing Base under clauses (a), (b), (g), (h) (other than in respect of any
possessory Lien of the related common carrier or any Lien in favor of a related Approved Freight Handler), (i), (j), (k), (l), (m), (n), (o) (other than as set forth in clause (i) above), (p), (q), (r) or (s) of the definition of Eligible
Inventory. 
 “Eligible Real Estate” shall mean any parcel or parcels of Real Property owned in fee by a Credit Party that
complies with each of the representations and warranties respecting Real Property 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, that such
criteria may be revised from time to time by Administrative Agent in Administrative Agent’s Permitted Discretion to address the results of any information with respect to the Credit Parties’ business or assets of which Administrative Agent
becomes aware after the Agreement Date, including any field examination or appraisal performed by or received by Administrative Agent from time to time after the Agreement Date; provided, further that, at the time such Real Property initially
becomes Eligible Real Estate, (i) no Default or Event of Default shall have occurred and be continuing at such time or would result therefrom, (ii) the Secured Net Leverage Ratio, determined on a Pro Forma Basis, as of such time is less
than or equal to 3.00 to 1.00, (iii) the Credit Parties may only request additions of Eligible Real Estate a total of four (4) times during the term of this Agreement (but, for the avoidance of doubt, at each such time Real Property at multiple
locations may be added), (iv) each such addition to Eligible Real Estate shall result in an increase in Availability of at least $5,000,000 (or such other amount as the Administrative Agent may agree), (v) such Real Property shall be of a type and
use acceptable to the Administrative Agent in its Permitted Discretion and (vi) no Real Property shall be Eligible Real Estate until all Lenders have confirmed that flood insurance due diligence and flood insurance compliance has been
completed. Eligible Real Estate shall not include any of the following Real Property: 
  

  
 32 

 (a) Real Property with respect to which all Real Estate Documents have not been delivered,

 (b) Real Property with respect to which a Credit Party does not have good, valid, and marketable fee title thereto, 

(c) Real Property not subject to a valid and perfected first priority Lien in favor of the Administrative Agent, or 

(d) Real Property subject to any Lien other than (x) Permitted Liens of the type described in clauses (a), (b), (c), or (e) of the
definition thereof and (y) Liens securing Specified Crossing Lien Indebtedness which Liens are subordinate to the Liens in favor of the Administrative Agent on such Real Property. 

“Eligible Trade Show Receivables” shall mean Eligible Accounts that arise in the ordinary course of a Credit Party’s
business from the sale of goods by a Credit Party at (i) the annual Central Garden Distribution Dealer Buying Show and (ii) trade shows and events otherwise approved by the Administrative Agent. 

“Environmental Indemnity” shall mean each environmental indemnity made by each Credit Party with Real Property pledged as
Collateral in favor of the Administrative Agent for the benefit of the Lender Group, in each case in form and substance reasonably satisfactory to the Administrative Agent. 

“Environmental Laws” shall mean, collectively, any and all applicable Federal, state, local or municipal laws, rules, orders,
regulations, statutes, ordinances, codes, decrees or requirements of any Governmental Authority regulating, relating to or imposing liability or standards of conduct or requirements concerning environmental protection matters, including without
limitation, Hazardous Materials or human health, as now or may at any time during the term of this Agreement be in effect, including, without limitation, the Clean Air Act, 42 U.S.C. Section 7401 et seq.; the Clean Water Act, 33 U.S.C.
Section 1251 et seq. and the Water Quality Act of 1987; the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. Section 136 et seq.; the Marine Protection, Research and Sanctuaries Act, 33 U.S.C. Section 1401 et seq.; the
National Environmental Policy Act, 42 U.S.C. Section 4321 et seq.; the Noise Control Act, 42 U.S.C. Section 4901 et seq.; the Occupational Safety and Health Act, 29 U.S.C. Section 651 et seq.; the Resource Conservation and Recovery
Act, 42 U.S.C. Section 6901 et seq., as amended by the Hazardous and Solid Waste Amendments of 1984; the Safe Drinking Water Act, 42 U.S.C. Section 300f et seq.; the Comprehensive Environmental Response, Compensation and Liability Act, 42
U.S.C. Section 9601 et seq., as amended by the Superfund Amendments and Reauthorization Act (“CERCLA”); the Emergency Planning and Community Right to Know Act; the Hazardous Materials Transportation Act, 49 U.S.C. Section 5101 et
seq.; the Radon Gas and Indoor Air Quality Research Act; the Toxic Substances Control Act, 15 U.S.C. Section 2601 et seq.; the Atomic Energy Act, 42 U.S.C. Section 2011 et seq.; and the Nuclear Waste Policy Act of 1982, 42 U.S.C.
Section 10101 et seq. 

  
 33 

 “Equity Interests” shall mean, as applied to any Person, any capital stock,
membership interests, partnership interests or other equity interests of such Person, regardless of class or designation, and all warrants, options, purchase rights, conversion or exchange rights, voting rights, calls or claims of any character with
respect thereto. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as in effect on the Agreement
Date and as such Act may be amended thereafter from time to time. 
 “ERISA Affiliate” shall mean, with respect to any
Credit Party, any trade or business (whether or not incorporated) that together with such Credit Party, are treated as a single employer under Section 414 of the Code. 

“ERISA Event” shall mean, with respect to any Credit Party or any ERISA Affiliate, (a) a “reportable event”
within the meaning of Section 4043 of ERISA with respect to a Title IV Plan for which the 30-day notice period has not been waived; (b) a withdrawal by any Credit Party or any ERISA Affiliate from a
Title IV Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under
Section 4062(e) of ERISA or the termination of any such Title IV Plan resulting in liability pursuant to Section 4063 or 4064 of ERISA; (c) the incurrence by any Credit Party or any ERISA Affiliate of any liability with respect to a
complete or partial withdrawal by any Credit Party or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is, or is expected to be, in reorganization or insolvency within the meaning of Title IV of ERISA or that
it intends to terminate or has terminated under Section 4041A or 4042 of ERISA; (d) the filing of a notice of intent to terminate, the treatment of a Title IV Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the
commencement of proceedings by the PBGC to terminate a Title IV Plan or Multiemployer Plan; (e) the occurrence of an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, any Title IV Plan or Multiemployer Plan; (f) the imposition of any material liability under Title IV of ERISA, other than for PBGC premiums not yet due or premiums due but not yet delinquent under Section 4007 of
ERISA, upon any Credit Party or any ERISA Affiliate; (g) with respect to a Title IV Plan, the failure by any Credit Party or any ERISA Affiliate to satisfy the minimum funding standard of Sections 412 and 430 of the Code and Sections 302 and
303 of ERISA, whether or not waived, or the failure to make by its due date a required installment under Section 430(j) of the Code or Section 303(j) of ERISA or the failure by any Credit Party or any ERISA Affiliate to make any
contribution to a Multiemployer Plan; (h) the imposition of a Lien pursuant to Section 401(a)(29) or 430(k) of the Code or pursuant to Section 303(k) of ERISA or a violation of Section 436 of the Code with respect to any Title IV
Plan; (i) except as would not reasonably be expected to result in a Materially Adverse Effect, the occurrence of a non-exempt prohibited transaction (within the meaning of Section 4975 of the Code or
Section 406 of ERISA); (j) a Title IV Plan is, or is reasonably anticipated to be, in “at-risk” status within the meaning of Section 430(i)(4) of the Code or Section 303(i)(4) of
ERISA; or (k) a Multiemployer Plan (x) is in “endangered status” (under Section 432(b)(1) of the Code or Section 305(b)(1) of ERISA) or (y) is in “critical status” (under Section 432(b)(2) of the
Code or Section 305(b)(2) of ERISA). 

  
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 “Erroneous Payment” shall have the meaning specified in
Section 10.16(a). 
 “Erroneous Payment Deficiency Assignment” shall have the meaning specified
in Section 10.16(d). 
 “Erroneous Payment Impacted Class” shall have the meaning specified in
Section 10.16(d). 
 “Erroneous Payment Return Deficiency” shall have the meaning specified in
Section 10.16(d). 
 “Erroneous Payment Subrogation Rights” shall have the meaning specified in
Section 10.16(d). 
 “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. 

“Eurodollar” when used in reference to any Loan or Advance, refers to whether such Loan, or the Loans comprising such
Advance, bears interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Eurodollar Advance” shall mean an
Advance which a Borrower requests to be made as a Eurodollar Advance or which is continued or converted to a Eurodollar Advance, in accordance with the provisions of Section 2.2(c). 

“Event of Default” shall mean any of the events specified in Section 9.1. 

“Excess Availability” shall mean, at any time of determination, the amount (if any) by which (a) Availability exceeds
(b) the Aggregate Revolving Credit Obligations. 
 “Excluded Accounts” shall mean (a) deposit accounts
specifically and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Credit Party’s employees, (b) deposit accounts specifically and exclusively used to cash collateralize
Permitted Outside Letters of Credit, (c) any zero balance account or disbursement only account, and (d) any other deposit accounts which, in the aggregate with all such accounts, do not at any time have more than $30,000,000 in cash on
deposit therein (subject to Section 6.15(b)). 
 “Excluded Hedge Obligation” shall mean, with
respect to any Guarantor, any Hedge Obligation if, and to the extent that, all or a portion of the Guaranty of such Credit Party of, or the grant by such Credit Party of a security interest to secure, such Hedge 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 Credit Party’s failure for any
reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations 

  
 35 

 
thereunder at the time the Guaranty of such Credit Party or the grant of such security interest becomes effective with respect to such Hedge Obligation. If a Hedge Obligation arises under a
master agreement governing more than one swap, such exclusion shall apply only to the portion of such Hedge Obligation that is attributable to swaps for which such Guaranty or security interest is or becomes illegal. 

“Excluded Subsidiary” shall mean (a) any Immaterial Subsidiary; (b) any Subsidiary that is not a wholly owned
Subsidiary of a Credit Party; (c) any Subsidiary that is not a Domestic Subsidiary; (d) any FSHCO or CFC; (e) any Domestic Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary that is a CFC; (f) any
Subsidiary that is prohibited or restricted by Applicable Law from providing a Guaranty or by a binding contractual obligation existing on the Agreement Date or at the time of the acquisition of such Subsidiary (and not incurred in contemplation of
such acquisition) from providing a Guaranty (provided that such contractual obligation is not entered into by such Subsidiary principally for the purpose of qualifying as an “Excluded Subsidiary” under this definition) or if such Guaranty
would require governmental (including regulatory) or third party (other than the Credit Parties or their Subsidiaries) consent, approval, license or authorization, unless such consent, approval, license or authorization has been obtained;
(g) any special purpose securitization vehicle (or similar entity); (h) any Subsidiary that is a not-for-profit organization; (i) any captive insurance
subsidiary; (j) any other Subsidiary with respect to which, as mutually agreed by the Borrowers and the Administrative Agent, the cost or other consequences of providing the Guaranty shall be excessive in view of the benefits to be obtained by
the Lenders therefrom; and (k) any other Subsidiary to the extent the provision of a Guaranty by such Subsidiary would result in material adverse tax consequences to the Credit Parties and their Restricted Subsidiaries as reasonably determined
by the Borrowers in good faith in consultation with the Administrative Agent; provided that the Borrowers, in their sole discretion with the approval of the Administrative Agent (such approval not to be unreasonably withheld or delayed), may
cause any Restricted Subsidiary that qualifies as an Excluded Subsidiary under clauses (a) through (k) above to become a Guarantor in accordance with Section 6.20(a) and thereafter such Subsidiary shall not constitute
an “Excluded Subsidiary” (unless and until the Borrowers elect, in their sole discretion, to designate such Persons as an Excluded Subsidiary); provided further that no Subsidiary shall constitute an “Excluded
Subsidiary” if such Subsidiary is a borrower or issuer of, has provided a Guaranty of, or pledged any Collateral as security for, the 2017 Notes, the 2020 Notes, the 2021 Notes or any other Material Indebtedness. 

“Excluded Taxes” shall have the meaning specified in Section 2.8(b)(i). 

“Fair Market Value” shall mean, with respect to any parcel of Real Property, the value of the consideration obtainable in a
sale of such Real Property at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm’s length and arranged in an orderly manner over a reasonable period of time having regard to the nature and
characteristics of such asset. Such value shall be determined by the appraisals conducted on or prior to the date that such Real Property becomes Eligible Real Estate. 

“Farm Products” shall mean, collectively, all Inventory consisting of “farm products” (as such term is defined in
the FSA or the UCC in any jurisdiction) or “perishable agricultural commodities” (as such term is defined in PACA). 

  
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 “Farm Products Notice” has the meaning ascribed to such term in
Section 5.1(ff). 
 “Farm Products Seller” shall mean, individually and collectively, sellers,
producers or suppliers of any Farm Products (including commissioned merchants or selling agents) from which any Borrower purchases Farm Products from time to time. 

“FATCA” shall mean Sections 1471 through 1474 of the Code, 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), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any
fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code. 

“Federal Funds Rate” shall mean, for any day, the rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%)
equal to the weighted average of the rates on overnight Federal funds transactions with member banks of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the next succeeding Business Day or, if such rate is not so
published for any Business Day, the Federal Funds Rate for such day shall be the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day on such transactions received by the Administrative Agent from three
Federal funds brokers of recognized standing selected by the Administrative Agent. For purposes of this Agreement the Federal Funds Rate shall not be less than zero percent (0%). 

“Financial Covenant” shall mean the financial covenant applicable to the Credit Parties from time to time pursuant to
Section 8.8. 
 “Financial Covenant Testing Period” means each period (a) commencing on any
date that Excess Availability is less than the greater of (i) 10% of Availability and (ii) $50,000,000, and (b) ending on the date thereafter when Excess Availability has exceeded the greater of (i) 10% of Availability and (ii) $50,000,000 for
30 consecutive calendar days. 
 “Fitch” shall mean Fitch Ratings, Inc., or any successor thereto. 

“Fixed Charge Coverage Ratio” shall mean, with respect to the Parent and its Restricted Subsidiaries on a consolidated basis
for any period, the ratio of (a) (i) EBITDA for such period minus (ii) the sum of (1) Capital Expenditures made in cash during such period (other than Capital Expenditures financed with Indebtedness (other than Revolving Loans)
permitted to be incurred hereunder) and (2) tax payments made in cash during such period, to (b) Fixed Charges for such period. 

“Fixed Charges” shall mean, with respect to the Parent and its Restricted Subsidiaries on a consolidated basis for any
period, the sum (without duplication) of (a) Interest Expense paid or payable in cash during such period, (b) scheduled principal payments paid or payable on outstanding Indebtedness (other than payments due and paid at the final stated
maturity of such Indebtedness) during such period, and (c) without duplication of clause (d) of the definition of “Interest Expense,” cash dividends to holders of Equity Interests paid during such period. 

  
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 “Flood Insurance Laws” shall mean, collectively, (i) the National
Flood Insurance Reform Act of 1994 (which comprehensively revised the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973), as now or hereafter in effect or any successor statute thereto, (ii) the Flood Insurance
Reform Act of 2004, as now or hereafter in effect or any successor statute thereto and (iii) the Biggert–Waters Flood Insurance Reform Act of 2012, as now or hereafter in effect or any successor statute thereto, in each case, together with
all statutory and regulatory provisions consolidating, amending, replacing, supplementing, implementing or interpreting any of the foregoing, as amended or modified from time to time. 

“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement,
the modification, amendment or renewal of this Agreement or otherwise) with respect to the Adjusted LIBO Rate. 
 “Foreign
Lender” shall have the meaning specified in Section 2.8(b)(vi). 
 “Foreign Plan” shall
mean any employee benefit plan maintained or contributed to by any Credit Party or any Restricted Subsidiary of a Credit Party that provides pension benefits to employees employed outside the United States. 

“Foreign Subsidiary” shall mean any direct or indirect Subsidiary of the Parent that is not a Domestic Subsidiary. 

“Freight Handler” shall mean any freight forwarder, customs broker, customs agent, shipper, shipping company or similar
Person utilized by a Borrower from time to time in connection with the importation or transportation of Inventory. 
 “FSA”
shall mean the Food Security Act of 1985, as the same now exists or may from time to time hereafter be amended, restated, modified, recodified or supplemented, together with all rules, regulations and interpretations thereunder or related thereto.

 “FSA Notice” means any Farm Products Notice delivered or filed in connection with or relating to the FSA. 

“FSHCO” means any direct or indirect Subsidiary of the Parent (including a disregarded entity) substantially all of the
assets of which consist of equity Interests and/or Indebtedness (including any debt or other instrument treated as equity for U.S. federal income tax purposes) of one or more Foreign Subsidiaries that are CFCs or other FSHCOs. 

“Fund” shall mean any Person that is engaged in making, purchasing, holding or otherwise investing in commercial loans and
similar extensions of credit in the ordinary course of its business. 
 “GAAP” shall mean generally accepted accounting
principles and practices set forth from time to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board (or agencies with similar functions of comparable stature and authority within the US accounting profession). 

  
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 “Governmental Authority” shall mean any nation or government, any state or
other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government. 

“Guarantors” shall mean, collectively, each Subsidiary of the Parent party hereto as a Guarantor, each Borrower in respect of
any Obligation for which is it not directly and primarily liable hereunder, and any other Person that has executed a Joinder Supplement or other document guaranteeing all or any portion of the Obligations, and “Guarantor” shall mean any
one of the foregoing Guarantors. 
 “Guaranty” or “guaranteed,” as applied to an obligation (each a
“primary obligation”), shall mean and include (a) any guaranty, direct or indirect, in any manner, of any part or all of such primary obligation, and (b) any agreement, direct or indirect, contingent or otherwise, the practical
effect of which is to assure in any way the payment or performance (or payment of damages in the event of non-performance) of any part or all of such primary obligation, including, without limiting the
foregoing, any reimbursement obligations as to amounts drawn down by beneficiaries of outstanding letters of credit, and any obligation of any Person, whether or not contingent, (i) to purchase any such primary obligation or any property or
asset constituting direct or indirect security therefor, (ii) to advance or supply funds (A) for the purchase or payment of such primary obligation or (B) to maintain working capital, equity capital or the net worth, cash flow,
solvency or other balance sheet or income statement condition of any other Person, (iii) to purchase property, assets, securities or services primarily for the purpose of assuring the owner or holder of any primary obligation of the ability of
the primary obligor with respect to such primary obligation to make payment thereof or (iv) otherwise to assure or hold harmless the owner or holder of such primary obligation against loss in respect thereof. All references in this Agreement to
“this Guaranty” shall be to the Guaranty provided for pursuant to the terms of Article 3. 
 “Hazardous
Materials” shall mean any hazardous materials, hazardous wastes, hazardous constituents, hazardous or toxic substances, petroleum products (including crude oil or any fraction thereof), friable asbestos containing materials defined or
regulated as such in or under any Environmental Law. 
 “Hedge Agreement” shall mean any and all transactions, agreements
or documents now existing or hereafter entered into between or among any Credit Party or any of their Restricted Subsidiaries, on the one hand, and any other Person, on the other hand, which provides for an interest rate, credit or equity swap, cap,
floor, collar, forward foreign exchange transaction, currency swap, cross currency rate swap, currency option, commodity hedges or any combination of, or option with respect to, these or similar transactions, for the purpose of hedging such Credit
Party’s or such Restricted Subsidiaries’ exposure to fluctuations in interest or exchange rates, loan, credit exchange, security or currency valuations, or commodity prices. 

“Hedge Obligations” shall mean any and all obligations or liabilities, whether absolute or contingent, due or to become due,
now existing or hereafter arising, of any Credit Party or any Restricted Subsidiary arising under, owing pursuant to, or existing in respect of Hedge Agreements entered into with one or more of the Lender Group members or any of their Affiliates.

  
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 “Immaterial Subsidiary” shall mean any Subsidiary (other than a Borrower)
designated by the Borrower Representative to the Administrative Agent as an “Immaterial Subsidiary” and that meets each of the following criteria as of the last day of the most recent fiscal quarter for which financial statements have been
delivered to the Administrative Agent pursuant to Sections 7.1(b) or 7.2: (a) the assets of such Subsidiary (together with all other Immaterial Subsidiaries and their respective Subsidiaries) constitute less than ten percent (10%)
of the total Consolidated Net Tangible Assets of the Parent and its Restricted Subsidiaries as of such date; and (b) such Subsidiary (together with all other Immaterial Subsidiaries and their respective Subsidiaries) contributed less than
ten percent (10%) of EBITDA of the Parent and its Restricted Subsidiaries for the four (4) fiscal quarter period ending on such date; provided, that no Subsidiary shall be or be designated as an “Immaterial Subsidiary” if such
Subsidiary is a borrower or issuer of, has provided a Guaranty of, or pledged any Collateral as security for, the 2017 Notes, the 2020 Notes, the 2021 Notes or any other Material Indebtedness. 

“Increase Effective Date” shall have the meaning specified in Section 2.1(f)(iv). 

“Increase Notice” shall have the meaning specified in Section 2.1(f)(i). 

“Indebtedness” of any Person shall mean, without duplication, (a) any obligation of such Person for borrowed money,
including, without limitation, the Obligations, (b) any obligation of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) any obligation of such Person in respect of the deferred purchase price of property
or services (other than trade payables and other accrued liabilities incurred in the ordinary course of business), (d) any obligation of such Person under any conditional sale or other title retention agreement(s) relating to property acquired by
such Person, (e) any Capitalized Lease Obligations of such Person, (f) any obligation, contingent or otherwise, of such Person in respect of letters of credit, acceptances or similar extensions of credit, (g) any Guaranty by such
Person of the type of indebtedness described in clauses (a) through (f) above, (h) all indebtedness of a third party secured by any lien on property owned by such Person, whether or not such indebtedness has been assumed by such Person,
(i) any obligation of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Equity Interests of such Person, (j) any off-balance sheet liability
retained in connection with asset securitization programs, synthetic leases, sale and leaseback transactions or other similar obligations arising with respect to any other transaction which is the functional equivalent of or takes the place of
borrowing but which does not constitute a liability on the consolidated balance sheet of such Person and its Subsidiaries, (k) any obligation under any interest rate hedge agreement or foreign exchange agreement (calculated as the amount of net
payments such Person would have to make under such agreements if an early termination thereof occurred on the date the Indebtedness of such Person was being determined) (including, without limitation, all Hedge Agreements) and (l) any
Disqualified Equity Interests; provided, however, that, notwithstanding anything in GAAP to the contrary, the amount of all obligations shall be the full face amount of such obligations, except with respect to the obligations in clause
(k), which shall be calculated in the manner set forth in clause (k). 

  
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 Notwithstanding the foregoing, the term “Indebtedness” will exclude (i) any
liability for federal, state, local or other taxes, (ii) worker’s compensation claims, self-insurance obligations, performance, surety, appeal and similar bonds and completion guarantees provided in the ordinary course of business,
(iii) obligations 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, provided that such Indebtedness is
extinguished within two (2) Business Days of its incurrence, and (iv) any Indebtedness that has been defeased or called for redemption, provided that funds in an amount equal to all such Indebtedness (including interest and any
other amounts required to be paid to the holders thereof in order to give effect to such defeasance or redemption) have been deposited with a trustee in accordance with the documentation governing such Indebtedness for the benefit of the relevant
holders of such Indebtedness. 
 “Indemnified Taxes” shall have the meaning specified in
Section 2.8(b)(i). 
 “Indemnitee” shall have the meaning specified in
Section 11.2(b). 
 “Indenture” shall mean, collectively, that certain Indenture, dated as of
March 8, 2010, supplemented by that certain First Supplemental Indenture, dated as of March 8, 2010, that certain Second Supplemental Indenture, dated as of February 13, 2012, that certain Third Supplemental Indenture, dated as of
November 9, 2015, that certain Fourth Supplemental Indenture, dated as of March 25, 2016, that certain Fifth Supplemental Indenture, dated as of December 23, 2016, that certain Sixth Supplemental Indenture, dated as of June 24,
2017, that certain Seventh Supplemental Indenture, dated as of December 14, 2017, that certain Eighth Supplemental Indenture, dated as of December 14, 2017, that certain Ninth Supplemental Indenture, dated as of March 30, 2019, that
certain Tenth Supplemental Indenture, dated as of June 29, 2019, that certain Eleventh Supplemental Indenture, dated as of October 16, 2020, that certain Twelfth Supplemental Indenture, dated as of March 10, 2021, and that certain
Thirteenth Supplemental Indenture, dated as of April 9, 2021. 
 “Information” shall have the meaning specified in
Section 11.17(a). 
 “Information and Collateral Disclosure Certificate” shall mean each
Information and Collateral Disclosure Certificate executed and delivered by the Credit Parties on the Agreement Date and, with respect to any new Credit Party formed or acquired after the date hereof, on the date of the applicable Joinder
Supplement. 
 “Intellectual Property” shall mean all intellectual and similar Property of a Person including
(a) inventions, designs, patents, patent applications, copyrights, trademarks, service marks, trade names, trade secrets, confidential or proprietary information, customer lists, know-how, software, and
databases; (b) all embodiments or fixations thereof and all related documentation, applications, registrations, and franchises; (c) all licenses or other rights to use any of the foregoing; and (d) all books and records relating to
the foregoing. 
 “Interest Expense” shall mean, as determined for any period on a consolidated basis for the Parent and
its consolidated Restricted Subsidiaries in accordance with GAAP, the sum of, without duplication, (a) the aggregate of all cash and non-cash interest expense (net of interest income) with respect to all
outstanding Indebtedness, including the net costs or benefits associated with Hedge Agreements, but excluding (i) amortization or write-off of debt issuance costs, deferred financing or liquidity fees,
commissions, fees and expenses, (ii) any expensing of 

  
 41 

 
bridge, commitment and other financing fees, and (iii) commissions and discounts related to any permitted securitization transaction, (b) the consolidated interest expense that was
capitalized during such period, (c) the interest component of Capitalized Lease Obligations paid, accrued and/or scheduled to be paid or accrued during such period, (d) dividends declared and paid in cash or Disqualified Equity Interests
in respect of Disqualified Equity Interests, excluding dividends payable in Equity Interests that are not Disqualified Equity Interests, and (e) interest accruing on any Indebtedness of any other Person (other than a Subsidiary) to the extent
such Indebtedness is guaranteed by (or secured by the assets of) the Parent or any Restricted Subsidiary and such Indebtedness is accelerated or any payment is actually made in respect of such Guaranty. 

“Interest Period” shall mean, for each Eurodollar Advance, each one (1), three (3), or six (6) month period, as selected
by the Borrowers pursuant to Section 2.2, during which the applicable Adjusted LIBO Rate (but not the Applicable Margin) shall remain unchanged. Notwithstanding the foregoing, however, (a) any applicable Interest
Period which would otherwise end on a day which 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; (b) any applicable Interest Period which begins on a day for which there is no numerically corresponding day in the calendar month during which such Interest Period is to end shall (subject to clause (i) above) end on the
last day of such calendar month; and (c) no Interest Period shall extend beyond the Maturity Date or such earlier date as would interfere with the repayment obligations of the Borrowers under Section 2.6. 

“Interest Rate Basis” shall mean the Base Rate or Adjusted LIBO Rate, as applicable. 

“In-Transit Inventory” shall mean Inventory of a Borrower that is currently in
transit (whether by vessel, air or land) from (i) a location outside the United States or Canada (other than the Province of Quebec) to a location in the United States or Canada or (ii) a location in the United States or Canada to another
location in the United States or Canada (other than the Province of Quebec). 
 “Inventory” shall mean all
“inventory,” as such term is defined in the UCC, of each Credit Party, whether now existing or hereafter acquired, wherever located, and in any event including inventory, merchandise, goods and other personal property that are held by or
on behalf of a Credit Party for sale or lease or are furnished or are to be furnished under a contract of service, goods that are leased by a Credit Party as lessor, or that constitute raw materials, samples, work-in-process, finished goods, returned goods, promotional materials or materials or supplies of any kind, nature or description used or consumed or to be used or consumed in such Credit Party’s
business or in the processing, production, packaging, promotion, delivery or shipping of the same, including all supplies and embedded software. 

“Investment” shall mean, with respect to any Person, any loan, advance or extension of credit by such Person to, or any
Guaranty with respect to the Equity Interests, Indebtedness or other obligations of, or any contributions to the capital of, any other Person, or any ownership, purchase or other acquisition (including any Acquisition) by such Person of any Equity
Interests of any other Person. In determining the aggregate amount of Investments outstanding at any 

  
 42 

 
particular time, (a) the amount of any Investment represented by a Guaranty shall be the higher of (i) the stated or determinable amount of the obligation Guaranteed or (ii) the
maximum amount for which the guarantor may be liable pursuant to the terms of the instrument embodying such Guaranty; and if such amounts are not determinable, the maximum reasonably anticipated liability in respect thereof, as determined by the
Person providing such Guaranty in good faith; (b) there shall be deducted in respect of each such Investment any amount received as a return of principal or capital (including by repurchase, redemption, retirement, repayment, liquidating or
other dividend or distribution); (c) there shall not be deducted in respect of any Investment any amounts received as earnings on such Investment, whether as dividends, interest or otherwise; and (d) there shall not be deducted from or added to
the aggregate amount of Investments any decrease or increases, as the case may be, in the market value thereof. 
 “Investment Grade
Rating” means, with respect to any Person, that such Person’s securities have a rating equal to or higher than (x) from Moody’s, Baa3 (or the equivalent), (y) from S&P, BBB- (or the
equivalent), or (z) from Fitch, BBB- (or the equivalent), as applicable. 

“IRS” shall mean the United States Internal Revenue Service. 

“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or
any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor
thereto. 
 “Issuing Bank” shall mean Truist Bank and any other Lender designated by the Borrower Representative and
approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed) and such Lender that hereafter may be designated as an Issuing Bank. 

“Joinder Supplement” shall have the meaning specified in Section 6.20(a). 

“LCT Election” shall have the meaning specified in Section 1.10(a). 

“LCT Test Date” shall have the meaning specified in Section 1.10(a). 

“Lender Group” shall mean, collectively, the Administrative Agent (for itself and on behalf of any of its Affiliates party to
a Bank Products Document), the Issuing Banks, the Swing Bank, and the Lenders (for themselves and on behalf of any their Affiliates party to a Bank Products Document). In addition, if Truist Bank ceases to be the Administrative Agent or if any
Lender ceases to be a Lender, then for any Bank Products Document entered into by any Credit Party with Truist Bank or any of its Affiliates while Truist Bank was the Administrative Agent, or such Lender or any of its Affiliates while such Lender
was a Lender, then Truist Bank, such Lender, or any such Affiliate, as applicable, shall be a deemed to be a member of the Lender Group for purposes of determining the secured parties under any Security Documents. 

“Lenders” shall mean those lenders whose names are set forth on the signature pages to this Agreement under the heading
“Lenders” and any assignees of the Lenders who hereafter become parties hereto pursuant to and in accordance with Section 11.5 or 11.16; and “Lender” shall mean any one of the foregoing Lenders.

  
 43 

 “Letter of Credit Commitment” shall mean, as of any date of determination,
the obligation of the Issuing Banks to issue Letters of Credit as of such date. As of the Agreement Date, the Letter of Credit Commitment is $50,000,000, and may be reduced or increased pursuant to the terms of this Agreement. 

“Letter of Credit Disbursement” shall mean a payment made by an Issuing Bank pursuant to a Letter of Credit. 

“Letter of Credit Obligations” shall mean, at any time, the sum of (a) an amount equal to one hundred percent (100%) of
the aggregate undrawn and unexpired stated amount (including the amount to which any such Letter of Credit can be reinstated pursuant to its terms) of the then outstanding Letters of Credit, plus (b) an amount equal to one hundred percent
(100%) of the aggregate drawn, but unreimbursed drawings of any Letters of Credit. The Letter of Credit Obligations with respect to any Lender shall be its Aggregate Commitment Ratio of the total Letter of Credit Obligations at such time. 

“Letter of Credit Reserve Account” shall mean any account maintained by the Administrative Agent the proceeds of which shall
be applied as provided in Section 9.2(d). 
 “Letters of Credit” shall mean either Standby
Letters of Credit or Commercial Letters of Credit issued by the Issuing Bank on behalf of a Borrower from time to time in accordance with Section 2.15. 

“Licensor” shall mean any Person from whom a Credit Party obtains the right to use any Intellectual Property. 

“Lien” shall mean, with respect to any property, any mortgage, lien, pledge, negative pledge agreement, assignment, charge,
option, security interest, title retention agreement, levy, execution, seizure, attachment, garnishment, or other encumbrance of any kind in respect of such property, whether or not choate, vested, or perfected. 

“Lien Acknowledgement Agreement” shall mean an agreement between a Freight Handler and the Administrative Agent, in form and
substance reasonably satisfactory to the Administrative Agent, pursuant to which, among other things, the Freight Handler (a) acknowledges the Lien of the Administrative Agent in the Collateral in the possession of the Freight Handler and any
documents evidencing same, (b) agrees to hold any documents of title evidencing the Collateral as Administrative Agent’s agent and bailee for purposes of perfecting the Administrative Agent’s Lien on such Collateral and (c) if so
instructed by the Administrative Agent, agrees to return to the Administrative Agent or otherwise deliver at its direction, all of the Collateral in its custody, control or possession 

“Limited Condition Transaction” means (a) any Investment or Acquisition (whether by merger, consolidation or otherwise),
whose consummation is not conditioned on the availability of, or on obtaining, third-party financing, (b) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness requiring irrevocable notice in advance of
such redemption, repurchase, defeasance, satisfaction and discharge or repayment and (c) any dividends or distributions on, or redemptions of, Equity Interests requiring irrevocable notice in advance thereof. 

  
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 “Loan Account” shall have the meaning specified in
Section 2.7(b). 
 “Loan Documents” shall mean this Agreement, any Revolving Loan Notes, the
Security Documents, the Controlled Account Agreements, the Joinder Supplements, all reimbursement agreements relating to Letters of Credit issued hereunder, all Third Party Agreements, all Information and Collateral Disclosure Certificates, all
Compliance Certificates, all Requests for Advance, all Requests for Issuance of Letters of Credit, all Notices of Conversion/Continuation, all Borrowing Base Certificates, all fee letters executed in connection with this Agreement, all documents
executed in connection with the Federal Assignment of Claims Act of 1940 (if any), all subordination agreements, all intercreditor agreements, and all other documents, instruments, certificates, and agreements executed or delivered in connection
with or contemplated by this Agreement, including, without limitation, any security agreements or guaranty agreements from any Credit Party’s Restricted Subsidiaries to the Lender Group, or any of them, all of the foregoing, as amended,
restated, supplemented or otherwise modified from time to time; provided, however, that, notwithstanding the foregoing, none of the Bank Products Documents shall constitute Loan Documents. 

“Loans” shall mean, collectively, the Revolving Loans, the Swing Loans and the Agent Advances. 

“Majority Lenders” shall mean, as of any date of calculation, Lenders the sum of whose unutilized portion of the Revolving
Loan Commitment plus Loans (other than Swing Loans and Agent Advances) outstanding plus participation interests in Letter of Credit Obligations, Swing Loans and Agent Advances outstanding on such date of calculation exceeds fifty percent (50%) of
the sum of the aggregate unutilized portion of the Revolving Loan Commitment plus Loans (other than Swing Loans and Agent Advances) outstanding plus participation interests in Letter of Credit Obligations, Swing Loans and Agent Advances outstanding
of all of the Lenders as of such date of calculation; provided that to the extent that any Lender is a Defaulting Lender, such Defaulting Lender and all of its Revolving Loan Commitments, Loans and participation interests in Letter of Credit
Obligations, Swing Loans and Agent Advances shall be excluded for purposes of determining Majority Lenders; provided, further, that at any time there are two or more unaffiliated Lenders (other than Defaulting Lenders), “Majority
Lenders” shall require at least two of such Lenders. 
 “Margin Stock” shall have the meaning specified in
Section 5.1(t). 
 “Material Farm Products Seller” means, as of any date, any Farm Products
Seller from whom the Credit Parties have purchased more than $2,500,000 of Farm Products during the fiscal year most recently ended for which financial statements of the Parent have been delivered pursuant to Section 7.2.

 “Material Indebtedness” shall mean (x) any Specified Crossing Lien Indebtedness and (y) any other Indebtedness
of any Credit Party or any Restricted Subsidiary of a Credit Party in an aggregate principal amount outstanding, in the case of this clause (y), in excess of $50,000,000. 

  
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 “Materially Adverse Effect” shall mean, with respect to any event, act,
condition or occurrence of whatever nature (including any adverse determination in any litigation, arbitration or governmental investigation or proceeding), a material adverse change in, or a material adverse effect on: (a) the business,
financial condition, results of operations, liabilities (contingent or otherwise), or properties of the Credit Parties and their Restricted Subsidiaries, taken as a whole; (b) the ability of the Credit Parties, taken as a whole, to perform any
of their obligations under the Loan Documents as and when due; or (c) the rights, remedies or benefits available to the Administrative Agent, the Issuing Bank or any Lender under any Loan Document. 

“Maturity Date” shall mean the earliest to occur of (a) December 16, 2026, (b) such earlier date as payment of the
Loans shall be due (whether by acceleration or otherwise), or (c) so long as the 2017 Notes, the 2020 Notes or the 2021 Notes are still outstanding, the date that is 90 days before the maturity of the 2017 Notes, the 2020 Notes or the 2021
Notes (or if the 2017 Notes, the 2020 Notes and/or the 2021 Notes are refinanced with Permitted Refinancing Indebtedness and/or Indebtedness permitted under clause (i) or (j) of Section 8.1, the date that is 90 days before the maturity of
such refinanced Indebtedness). 
 “Maximum Guaranteed Amount” shall have the meaning specified in
Section 3.1(g). 
 “MNPI” shall have the meaning specified in
Section 11.17(b). 
 “Monthly Borrowing Base Condition” shall mean for any three
(3) consecutive Business Day period that Excess Availability was less than 70% of Availability, provided, that for (i) any three (3) consecutive Business Day period that occurs entirely within one fiscal month, the Monthly
Borrowing Base Condition shall have occurred within such fiscal month and (ii) for any three (3) consecutive Business Day period which begins in one fiscal month (“First Month”) and extends into the following fiscal
month, the Monthly Borrowing Base Condition shall be deemed to have occurred within the First Month. 
 “Moody’s”
shall mean Moody’s Investor Service, Inc., or any successor thereto. 
 “Mortgages” shall mean, collectively, each
mortgage, deed of trust, trust deed, security deed, debenture, deed of immovable hypothec, deed to secure debt or other real estate security documents delivered by any Credit Party to the Administrative Agent from time to time, all in form and
substance reasonably satisfactory to the Administrative Agent, as the same may be amended, amended and restated, extended, supplemented, substituted or otherwise modified from time to time. 

“Multiemployer Plan” shall mean a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA, and to which
any Credit Party or ERISA Affiliate is making, is obligated to make or has made or been obligated to make, contributions at any time during the immediately preceding five (5) plan years. 

“Necessary Authorizations” shall mean all authorizations, consents, permits, approvals, licenses, and exemptions from, and
all filings and registrations with, and all reports to, any Governmental Authority whether Federal, state, local, and all agencies thereof, which are required for (a) the incurrence or maintenance of the Obligations and any other transactions
contemplated by the Loan Documents and (b) the conduct of the businesses and the ownership (or lease) of the properties and assets of the Credit Parties and each of their Restricted Subsidiaries. 

  
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 “Net Income” shall mean, as determined for any period on a consolidated
basis for the Parent and its consolidated Restricted Subsidiaries, the Parent’s and its consolidated Restricted Subsidiaries’ aggregate net income (or loss) for such period determined in accordance with GAAP, but excluding therefrom (to
the extent otherwise included therein) (a) gains and losses from Asset Sales (as defined in the New Indenture as of the Agreement Date, without regard to the $25 million limitation set forth in the definition thereof) and the related tax
effects according to GAAP, (b) the net income (or loss) from disposed or discontinued operations or any net gains or losses on disposal of disposed or discontinued operations, and the related tax effects according to GAAP, (c) the net
income of any Restricted Subsidiary of the Parent (other than a Credit Party) to the extent that the declaration of dividends or similar distributions by that Restricted Subsidiary of the Parent of that income is not at the date of determination
wholly permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental
regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction with respect to the payment of dividends or similar distributions has been legally waived; provided that Net Income will be increased by the
amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash) to the Parent or a Restricted Subsidiary thereof in respect of such period, to the extent not already included therein,
(d) the net loss of any Person, other than the Parent or a Restricted Subsidiary of the Parent, (e) any non-cash compensation charges and deferred compensation charges (other than any Non-Cash Charges), including any arising from existing stock options resulting from any merger or recapitalization transaction; provided, however, that Net Income for any period shall be reduced by any
cash payments made during such period by such Person in connection with any such deferred compensation (but only to the extent that the Parent incurred a non-cash compensation or deferred compensation charge
after October 16, 2020 relating to such deferred compensation, and such charge was excluded from Net Income in accordance with this clause (e)), whether or not such reduction is in accordance with GAAP, (f) all extraordinary, unusual or non-recurring charges, gains and losses (including, without limitation, all restructuring costs, facilities relocation costs, acquisition integration costs and fees, including cash severance payments made in
connection with acquisitions, and any expense or charge related to the repurchase of Equity Interests or warrants or options to purchase Equity Interests), and the related tax effects according to GAAP; (g) inventory purchase accounting
adjustments and amortization and impairment charges resulting from other purchase accounting adjustments in connection with acquisition transactions, and (h) the net income of any Person, other than a Restricted Subsidiary of the Parent, except
to the extent of cash dividends or distributions paid to the Parent or a Restricted Subsidiary of the Parent by such Person. 
 “New
Indenture” shall mean, that certain Indenture, dated as of April 30, 2021. 
 “NOLV Percentage” shall mean
the fraction, expressed as a percentage, (a) the numerator of which is the amount equal to the value that is estimated to be recoverable in an orderly liquidation of Inventory that is the subject of a Qualified Appraisal, as determined from
time to time in a Qualified Appraisal, net of all liquidation costs, discounts, and expenses and (b) the denominator of which is the applicable Value of the Inventory that is the subject of such Qualified Appraisal. 

  
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 “Non-Cash Charges” shall mean, as
determined for any period on a consolidated basis for the Parent and its consolidated Restricted Subsidiaries in accordance with GAAP, the aggregate depreciation, depletion, amortization and other non-cash
charges, impairments and expenses reducing Net Income for such period (excluding any such charges that require an accrual of or a reserve for cash payments for any future period). 

“Non-Defaulting Lender” shall mean, at any time, a Lender that is not a Defaulting
Lender. 
 “Notice of Conversion/Continuation” shall mean a notice in substantially the form of Exhibit E. 

“Noticed Farm Product” means a Farm Product owned by a Credit Party (a) which is or at any time was the subject of a
Farm Products Notice, and (b) for which any Credit Party failed to take all other actions as may be reasonably required to ensure that such Farm Product is purchased free and clear of any Lien thereon. 

“Obligations” shall mean (a) all payment and performance obligations as existing from time to time of the Credit Parties
to the Lender Group, or any of them, under this Agreement and the other Loan Documents (including all Letter of Credit Obligations and including any interest, fees and expenses that, but for the provisions of the Bankruptcy Code, would have
accrued), or as a result of making the Loans or issuing the Letters of Credit, (b) any Bank Products Obligations arising from or in connection with any Bank Products provided to a Credit Party or a Restricted Subsidiary by, and any Bank
Products Documents entered into by a Credit Party or a Restricted Subsidiary with, any Bank Products Provider, so long as such Bank Products Provider was a Lender or an Affiliate of a Lender at the time such Bank Products were provided or such Bank
Products Documents were entered into; provided, that any Bank Products Provider (other than Truist Bank and its Affiliates for so long as Truist Bank is the Administrative Agent) providing any Bank Product shall have delivered written
notice to the Administrative Agent (i) that such Bank Products Provider has entered into a transaction to provide Bank Products to a Credit Party or a Restricted Subsidiary and (ii) that the obligations arising pursuant to such Bank
Products provided to such Credit Party or such Restricted Subsidiary constitute Obligations entitled to the benefits of the Liens granted under the Security Documents, and the Administrative Agent shall have accepted such notice in writing;
provided further that if a Bank Products Provider (or its Affiliate, as applicable) ceases to be a Lender Group member, “Obligations” shall include only debts, liabilities and obligations of such Lender Group member (or
Affiliate thereof) arising from or in connection with any Bank Products Documents entered into at a time when such Lender Group member (or Affiliate thereof) was a Lender Group member and (c) all obligations pursuant to the Administrative
Agent’s Erroneous Payment Subrogation Rights. Anything in the foregoing or in any Security Document to the contrary notwithstanding, Excluded Hedge Obligations of any Credit Party shall not constitute its Obligations. 

“OFAC” shall mean the U.S. Department of the Treasury’s Office of Foreign Assets Control. 

“Original Agreement Date” shall mean December 5, 2013. 

  
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 “Other Connection Taxes” means, with respect to any Recipient, Taxes
imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” shall have the meaning specified in Section 2.8(b)(ii). 

“Overadvance” means the existence of any of the following, whether as a result of the making of any Loan, the issuance of any
Letter of Credit, the reduction of any Revolving Loan Commitment, or for any other reason, including, without limitation, currency fluctuations, changes to the applicable Borrowing Base, or the imposition of Reserves: 

(a) the Aggregate Revolving Credit Obligations exceeds the lesser of (A) the Revolving Loan Commitment, (B) the maximum amount of
Indebtedness permitted to be incurred under this Agreement pursuant to the Indenture and (C) the maximum amount of Indebtedness permitted to be incurred under this Agreement pursuant to the New Indenture; or 

(b) the Aggregate Revolving Credit Obligations shall exceed the Borrowing Base. 

“PACA” shall mean the Perishable Agricultural Commodities Act, 1930, as amended, 7 U.S.C. Section 499a et seq., as
the same now exists or may from time to time hereafter be amended, restated, modified, recodified or supplemented, together with all rules, regulations and interpretations thereunder or related thereto. 

“Parent Company” shall mean, with respect to a Lender, the “bank holding company” as defined in Regulation Y, if
any, of such Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender. 

“Participant” shall have the meaning specified in Section 11.5(d). 

“Participant Register” shall have the meaning specified in Section 11.5(d). 

“Patent Security Agreements” shall mean, collectively, any Patent Security Agreement made by a Credit Party in favor of the
Administrative Agent, on behalf of the Lender Group, from time to time, as amended, restated, supplemented, or otherwise modified from time to time, including, without limitation, any Patent Security Agreement delivered on or after the Original
Agreement Date. 
 “Patriot Act” shall mean the USA PATRIOT Improvement and Reauthorization Act of 2005 (Pub. L. 109-177 (signed into law March 9, 2006)), as amended and in effect from time to time. 

“Payment Date” shall mean the last day of each Interest Period for a Eurodollar Advance. 

“Payment Recipient” shall have the meaning specified in Section 10.16(a). 

  
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 “PBGC” shall mean the Pension Benefit Guaranty Corporation or any entity
succeeding to any or all of its functions under ERISA. 
 “Permitted Acquisition” shall mean (i) any Acquisition by a
Credit Party approved in writing by the Majority Lenders and (ii) any other Acquisition by a Credit Party as to which all of the following conditions are satisfied: 

(a) immediately prior to and immediately after giving effect to such Acquisition, no Default or Event of Default shall have occurred and be
continuing; 
 (b) if the Acquisition Consideration for such Acquisition does not exceed $40,000,000 (or, if the outstanding principal
balance of the Loans and amounts drawn under Letters of Credit at the time of the consummation of such Acquisition is equal to zero, $60,000,000) the applicable Credit Party shall have provided the Administrative Agent with prior written notice of
such Acquisition, which notice shall (i) include a reasonably detailed description of such proposed Acquisition and (ii) be given at least seven (7) Business Days prior to such Acquisition (or such shorter period as may be acceptable
to the Administrative Agent); provided that if (x) the outstanding principal balance of the Loans and amounts drawn under Letters of Credit at the time of the consummation of such Acquisition is equal to zero, such prior written notice may be
given not less than five (5) Business Days prior to such Acquisition (or such shorter period as may be acceptable to the Administrative Agent); 

(c) the Acquired Company shall be an operating company that engages in a Permitted Business; 

(d) the board of directors (or other comparable governing body) of such Acquired Company shall have duly approved such Acquisition; 

(e) if the Acquisition Consideration for such Acquisition exceeds $40,000,000 (or, if the outstanding principal balance of the Loans and
amounts drawn under Letters of Credit at the time of the consummation of such Acquisition is equal to zero, $60,000,000), at least seven (7) Business Days (or, if the outstanding principal balance of the Loans and amounts drawn under Letters of
Credit at the time of the consummation of such Acquisition is equal to zero, five (5) Business Days) (or, in each case, such shorter period as may be acceptable to the Administrative Agent) prior to such proposed Acquisition the Borrowers shall
have delivered to the Administrative Agent financial statements (including audited financial statements, if available) with respect to the Person or Property subject to such Acquisition or, if no such financial statements are available, all material
financial information received by the Borrowers with respect to the Person or Property subject to such Acquisition (including without limitation any quality of earnings report) (collectively, the “Target Financials”); 

(f) the Specified Condition has been satisfied; and 

(g) the applicable Credit Party and the Person acquired in such Acquisition, as applicable, shall have complied or will comply with
Section 6.20 in connection with such Acquisition in accordance with the time set forth therein. 

  
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 To the extent the Accounts and/or Inventory acquired in such Acquisition (or of the Person
acquired in such Acquisition) will be included in any applicable Borrowing Base (including without limitation for determining whether the Specified Conditions have been satisfied), the Administrative Agent shall have completed a field examination
and Qualified Appraisal, as applicable, with respect to such Accounts and/or Inventory, in each case satisfactory to the Administrative Agent in its Permitted Discretion; provided, however, that Accounts or Inventory so acquired (or of
the Person so acquired) and for which no field examination or Qualified Appraisal has been completed may be included in the Acquired Asset Borrowing Base (including without limitation for determining whether the Specified Conditions have been
satisfied) in accordance with the terms and conditions of the definition thereof. 
 “Permitted Amendments” shall mean an
extension of the Maturity Date and/or the Revolving Loan Commitment of the Accepting Lenders and/or the payment of additional fees to the Accepting Lenders (such change and/or payments to be in the form of cash, equity interests or other property as
agreed by the Borrowers and the Accepting Lenders) notwithstanding the provisions of Section 2.10 

“Permitted Asset Disposition” shall mean the following: 

(a) the sale or other disposition of assets of a Credit Party or any of its Restricted Subsidiaries (including, without limitation, the Equity
Interests of any Credit Party (other than the Parent) or any Restricted Subsidiary) so long as (i) such sale or disposition is for fair market value, (ii) at least 75% of the proceeds from such sale or disposition are in the form of cash
or Cash Equivalents (provided that (A) any liabilities (as shown on such Credit Party’s or such Restricted Subsidiary’s most recent balance sheet) of such Credit Party or Restricted Subsidiary (other than liabilities that are by their
terms subordinated to the Obligations) that are assumed by the transferee of any such assets and from which the Credit Parties and their Restricted Subsidiaries have been validly released by all creditors in writing, (B) any notes or other
obligations received by such Credit Party or any such Restricted Subsidiary from such transferee that are converted by such Credit Party or such Restricted Subsidiary into cash within one hundred and eighty (180) days of the receipt thereof (to
the extent of the cash received), (C) any Designated Non-Cash Consideration received by the Parent or any of its Restricted Subsidiaries in such sale or other disposition having an aggregate fair market value,
taken together with all other Designated Non-Cash Consideration received pursuant to this clause (C) that is at that time outstanding, not to exceed the greater of (x) $75,000,000 and (y) 7.5% of
Consolidated Total Assets at the time of the receipt of such Designated Non-Cash Consideration (with the fair market value of each item of Designated Non-Cash
Consideration being measured at the time received and without giving effect to subsequent changes in value), and (D) the consideration for such sale or disposition is Property used or useful in the business of the Borrowers and their Restricted
Subsidiaries, shall, in each of clauses (A), (B), (C) and (D) above, be deemed to be cash for the purposes of this clause (a), and (iii) the book value of all such assets sold or disposed of shall not (A) during any fiscal year exceed
25% of the total Consolidated Net Tangible Assets of the Parent and its Restricted Subsidiaries as of the date of such disposition, and (B) during the term of this Agreement exceed 50% of the total Consolidated Net Tangible Assets of the Parent
and its Restricted Subsidiaries as of the date of such disposition; 
 (b) sale of Inventory to buyers in the ordinary course of business;

  
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 (c) any involuntary loss, damage or destruction of property; 

(d) any involuntary condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, or confiscation or requisition
of use of property; 
 (e) the leasing or subleasing of assets of any Credit Party or its Restricted Subsidiaries that does not interfere in
any material respect with the conduct of the business of the Borrowers and their Restricted Subsidiaries so long as the Administrative Agent’s security interest therein is not adversely affected thereby; 

(f) Sale Leasebacks to the extent permitted by Section 8.9; 

(g) the sale or other disposition of obsolete or worn out property disposed of in the ordinary course of business; 

(h) the sale or discount, in each case without recourse, of accounts receivable arising in the ordinary course of business, but only in
connection with the compromise or collection thereof; 
 (i) the sale, lease, conveyance, disposition or other transfer by any Credit Party
or any Restricted Subsidiary of assets or property to one or more Restricted Subsidiaries in connection with Investments permitted under Section 8.5; 

(j) the creation of a Permitted Lien (but not the sale or other disposition of the property subject to such Permitted Lien); and 

(k) the license of patents, trademarks, copyrights and know-how to third Persons in the ordinary
course of business. 
 “Permitted Business” means any business (including stock or assets) that derives a majority of its
revenues from the business engaged in by the Parent and its Subsidiaries on the Agreement Date, any other business in the consumer products industry and/or activities that are reasonably similar, ancillary or related to, or a reasonable extension,
development or expansion of, the businesses in which the Parent and its Subsidiaries are engaged on the Agreement Date or any business in the consumer products industry. 

“Permitted Discretion” shall mean a determination by the Administrative Agent made in good faith in the exercise of its
reasonable (from the perspective of a secured asset-based lender) credit judgment. 
 “Permitted Holders” means
(a) William E. Brown, (b) the spouse or lineal descendants of William E. Brown or his estate or (c) any corporation, limited liability company, partnership, trust or other entity, the controlling equity interests in which are held by
or for the benefit of William E. Brown and/or his spouse or lineal descendants. 
 “Permitted Liens” shall mean, as applied
to any Person: 

  
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 (a) any Lien in favor of the Administrative Agent or any other member of the Lender Group
given to secure the Obligations; 
 (b) Liens on real estate for real estate taxes and other taxes, assessments, judgments, governmental
charges or levies, or claims not yet delinquent or the non-payment of which is being diligently contested in good faith by appropriate proceedings and for which adequate reserves (in accordance with GAAP) have
been set aside on such Person’s books; 
 (c) Liens of carriers, warehousemen, mechanics, laborers, suppliers, workers and materialmen
arising by operation of law and incurred in the ordinary course of business for sums not more than 60 days past due or which are being diligently contested in good faith, if such reserve or appropriate provision, if any, as shall be required by GAAP
shall have been made therefor; 
 (d) Liens incurred in the ordinary course of business in connection with worker’s compensation and
unemployment insurance or other types of social security benefits; 
 (e) easements, rights-of-way, restrictions (including zoning or deed restrictions), and other similar encumbrances on the use of real property which do not interfere with the ordinary conduct of the business of such Person
or impair the value of such real property; 
 (f) Liens solely on cash collateral provided by any Credit Party or its Restricted Subsidiary
to secure reimbursement obligations in respect of the Permitted Outside Letters of Credit so long as (i) the amount of such cash collateral does not exceed 103% of the undrawn face amount of such Permitted Outside Letters of Credit, and
(ii) such cash collateral is not commingled with any other cash or other assets of any Credit Party or any of its Subsidiaries; 
 (g)
Liens to secure the performance of bids, trade contracts, tenders, sales, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(h) customary rights of set-off, revocation, refund or chargeback under deposit agreements or under
the Uniform Commercial Code or common law of banks or other financial institutions where any Credit Party or any of its Restricted Subsidiaries maintains deposits (other than deposits intended as cash collateral) in the ordinary course of business;

 (i) Liens on assets of the Credit Parties existing as of the Agreement Date which are set forth on Schedule 1.1(c), and Liens on
such assets securing any Permitted Refinancing Indebtedness secured thereby; 
 (j) purchase money Liens upon or in any fixed or capital
assets to secure the purchase price or the cost of construction or improvement of such fixed or capital assets or to secure Indebtedness incurred solely for the purpose of financing the acquisition, construction or improvement of such fixed or
capital assets (including Liens securing any Capital Lease Obligations); provided that (i) such Lien secures Indebtedness permitted by Section 8.1(c), (ii) such Lien attaches to such asset concurrently or within
270 days after the acquisition or the completion of the construction or improvements thereof, (iii) such Lien does not extend to any other asset (other than the proceeds thereof), and (iv) the Indebtedness secured thereby does not exceed
the cost of acquiring, constructing or improving such fixed or capital assets; 

  
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 (k) to the extent constituting Liens, precautionary financing statements with respect to a
lessor’s rights in and to personal property leased under operating leases (but not capitalized leases) to the Parent or any of its Subsidiaries in the ordinary course of the Parent or the Subsidiary’s business and only covering the
property so leased; 
 (l) any Lien existing on any fixed assets prior to the acquisition thereof by any Credit Party or any of its
Restricted Subsidiaries or existing on any fixed assets of any Person that becomes a Subsidiary; provided that (i) such Lien was not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary,
(ii) such Lien does not apply to any other property of any Credit Party or any of its Restricted Subsidiaries, and (iii) such Lien secures only those obligations which it secures on the date of such acquisition or the date such Person
becomes a Subsidiary; 
 (m) customary restrictions on intellectual property and property manufactured or sold by any Credit Party or its
Subsidiary utilizing such intellectual property, in each case set forth in any intellectual property license agreement entered into by such Credit Party or Subsidiary, as licensee, in the ordinary course of such Credit Party’s or
Subsidiary’s business; provided, that (i) such restrictions do not encumber any property other than such intellectual property and the property manufactured or sold utilizing such intellectual property and (ii) the value of the
property subject to such restrictions does not, at any time, exceed $10,000,000 in the aggregate for all such licenses; 
 (n) Liens on
assets of the Credit Parties securing Indebtedness permitted under Section 8.1(k); and 
 (o) Liens on real
property of the Credit Parties and their Restricted Subsidiaries securing Indebtedness permitted under Section 8.1(l); 

(p) Liens upon specific items of inventory or other goods and proceeds of any Persons securing such Person’s obligations in respect of
bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; and 

(q) any pledges or deposits in the ordinary course of business in connection with workers’ compensation, employment and unemployment
insurance and other social security legislation, other than any Lien imposed by ERISA. 
 “Permitted Location” shall mean
(a) any location described on Schedule 5.1(x), and (b) any other location of which the Borrower Representative has provided written notice to the Administrative Agent. 

“Permitted Outside Letters of Credit” means letters of credit (other than Letters of Credit issued hereunder) issued for the
account of or on behalf of any Credit Party or any of its Restricted Subsidiaries, so long as the undrawn face amount of such letters of credit, together with all drawn but unreimbursed amounts thereunder does not at any time exceed $30,000,000.

  
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 “Permitted Refinancing Indebtedness” shall mean refinancings, renewals,
exchanges, or extensions of Indebtedness so long as: (a) such refinancings, renewals, exchanges, or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced, renewed, exchanged, or extended, other than
by the amount of premiums paid thereon and the fees and expenses incurred in connection therewith and by the amount of unfunded commitments with respect thereto; (b) such refinancings, renewals, exchanges or extensions do not result in a
shortening of the average weighted maturity (measured as of the refinancing, renewal, exchange, or extension) of the Indebtedness so refinanced, renewed, exchanged, or extended, nor are they on terms or conditions that, taken as a whole, are less
favorable in any material respect to the Credit Parties, taken as a whole, than those of the Indebtedness being refinanced or extended; (c) if the Indebtedness that is refinanced, renewed, exchanged, or extended was subordinated in right of
payment to the Obligations, then the terms and conditions of the refinancing, renewal, exchange, 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, exchanged or extended Indebtedness; (d) the Indebtedness that is refinanced, renewed, exchanged, 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, exchanged, or extended and such Person’s Subsidiaries; and (e) no Default or Event of Default is continuing or would result from such refinancing, renewal, exchange
or extension of such Indebtedness. 
 “Person” shall mean an individual, corporation, partnership, trust, joint stock
company, limited liability company, unincorporated organization, other legal entity or joint venture or a government or any agency or political subdivision thereof. 

“Plan” shall mean an employee benefit plan within the meaning of Section 3(3) of ERISA that any Credit Party or ERISA
Affiliate maintains, contributes to or has an obligation to contribute to or has maintained, contributed to or had an obligation to contribute to at any time within the past six (6) years. 

“Platform” shall mean IntraLinks/IntraAgency, SyndTrak or another relevant website approved by the Administrative Agent. 

“PPSA” means the Personal Property Security Act (British Columbia), as in effect from time to time or the personal property
security legislation of another province which is required to be applied in connection with the perfection of the Lien granted to the Administrative Agent by any Credit Party. 

“Pro Forma Basis” shall mean, with respect to any determination of whether a Specified Condition (the transaction subject to
such Specified Condition referred to in this definition as a “specified transaction”) has been met or the Secured Net Leverage Ratio has been satisfied, as applicable, and with respect to the four (4) fiscal quarter period most
recently ending prior to the specified transaction for which financial statements for the Parent have been delivered pursuant to Section 7.1(b) or 7.2 (each, a “reference period”), such determination shall
be made in accordance with the following: 

  
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 (a) with respect to any disposition or Permitted Acquisition or other permitted Investment,
such disposition or Permitted Acquisition or other Investment shall be deemed to have occurred on the first day of such reference period; 

(b) any Indebtedness incurred or assumed by the Parent or any Restricted Subsidiary in connection with any specified transaction (including
any Indebtedness of a Person acquired in a Permitted Acquisition or other permitted Investment that is not retired or repaid in connection therewith) shall be deemed to have been incurred or assumed as of the first day of such reference period; 

(c) any Indebtedness retired or repaid in connection with any specified transaction (including any Indebtedness of a Person acquired in a
Permitted Acquisition or other permitted Investment) shall be deemed to have been retired or repaid as of the first day of such reference period; and 

(d) any specified transaction that is an Investment or Restricted Payment (including any Investment or Restricted Payment made to finance a
Permitted Acquisition) shall be deemed to have been made on the first day of such reference period. 
 For the purposes of the
determinations in paragraphs (a) through (d) of this definition, all specified transactions consummated after the end of the reference period through the date on which such determination is made shall be included in such determination. 

“Property” shall mean any real property or personal property, plant, building, facility, structure, underground storage tank
or unit, equipment, Inventory or other asset owned, leased or operated by the Credit Parties, their Restricted Subsidiaries or any of them (including, without limitation, any surface water thereon or adjacent thereto, and soil and groundwater
thereunder). 
 “PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such
exemption may be amended from time to time. 
 “Qualified Appraisal” shall mean an appraisal (a) which is or was
conducted by an independent appraiser selected or approved by the Administrative Agent and (b) which will be or was conducted in such a manner and of such a scope as is acceptable to the Administrative Agent in its Permitted Discretion.

 “Qualified ECP Guarantor” shall mean, in respect of any Hedge Obligation, each Credit Party that has total assets
exceeding $10,000,000 at the time the relevant Guaranty or grant of the relevant security interest becomes effective with respect to such Hedge Obligation or such other person as constitutes an “eligible contract participant” under the
Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity
Exchange Act. 
 “Reaffirmation Agreement” means that certain Reaffirmation Agreement, dated as of the Agreement Date, by
the Credit Parties in favor of the Administrative Agent. 

  
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 “Real Estate Documents” shall mean, collectively, Mortgages covering all
Real Property of the Credit Parties constituting Eligible Real Estate, duly executed by each applicable Credit Party, together with (A) a policy or policies of title insurance issued by a nationally recognized title insurance company (or a marked-up title insurance commitment having the effect of a title insurance policy) insuring the Lien of each such Mortgage as a valid and enforceable first priority Lien on such Real Property, free of any other
Liens except Permitted Liens, together with such endorsements, coinsurance and reinsurance as the Administrative Agent may request and to the extent available in each applicable jurisdiction; provided, however, that in no event shall
such title insurance policies be required to provide prospective mechanics’ lien coverage, (B) current A.L.T.A. surveys or the equivalent (including, without limitation (ExpressMaps) relating to such Real Property, certified to the
Administrative Agent by a licensed surveyor sufficient to allow the issuer of the title insurance policy to issue such policy and endorsements; provided that, notwithstanding the foregoing, the Credit Parties may deliver existing surveys with
respect to such Real Property to the extent the title company is willing to issue the applicable title insurance policy with (x) the general or standard survey exception deleted and (y) all survey related endorsements (to the extent
available in the applicable jurisdiction), (C) such zoning reports, zoning letters, building permits and certificates of occupancy, in each case relating to such Real Property, as the Administrative Agent shall request and satisfactory in form and
substance to the Administrative Agent and sufficient to enable the title company to issue zoning related endorsements to the applicable title policy (to the extent available in the applicable jurisdiction), (D) appraisals relating to such Real
Property and satisfactory in form and substance to the Administrative Agent and each Lender, (E) (x) “Life of Loan” Federal Emergency Management Agency Standard Flood Hazard determinations, (y) notices, in the form required under the
Flood Insurance Laws, about special flood hazard area status and flood disaster assistance duly executed by each Credit Party, and (z) if any improved Real Property encumbered by any Mortgage is located in a special flood hazard area, a
policy of flood insurance in an amount at least equal to the amount required by the Flood Insurance Laws insuring the applicable building and its contents and otherwise on terms satisfactory to the Administrative Agent and the Lenders,
(F) evidence that counterparts of such Mortgages have been recorded in all places to the extent necessary or desirable, in the judgment of the Administrative Agent, to create a valid and enforceable first priority Lien (subject to Permitted
Liens) on such Real Property in favor of the Administrative Agent for the benefit of the Lender Group (or in favor of such other trustee as may be required or desired under local law), (G) evidence reasonably satisfactory to the Administrative Agent
that all filing and recording taxes and fees payable with respect to each such Mortgage have been paid or received by the issuer of the title insurance policy (provided that in jurisdictions that impose mortgage, documentary stamp or other
taxes upon the recording of a Mortgage, the Administrative Agent may in its sole discretion agree to limit the amount of Indebtedness secured by such Mortgage to an amount not exceeding 100% of the Fair Market Value of the Real Property encumbered
by such Mortgage in order to reduce such taxes), (H) such opinions of counsel in states in which such Real Property is located as the Administrative Agent shall request and in form and substance and from counsel satisfactory to the Administrative
Agent, (I) a duly executed Environmental Indemnity with respect thereto, (J) Phase I Environmental Site Assessment Reports, consistent with American Society of Testing and Materials (ASTM) Standard E
1527-05, and applicable state requirements, on all such Real Property, dated no more than six (6) months prior to the Agreement Date, prepared by environmental engineers satisfactory to the Administrative
Agent, 

  
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all in form and substance satisfactory to the Administrative Agent, and such environmental review and audit reports, including Phase II reports, with respect to the Real Property of any Credit
Party as the Administrative Agent shall have requested, in each case together with letters executed by the environmental firms preparing such environmental reports, in form and substance reasonably satisfactory to the Administrative Agent,
authorizing the Administrative Agent and the Lenders to rely on such reports, and the Administrative Agent shall be satisfied with the contents of all such environmental reports and (K) such other information, reports, certificates, filings,
documents, instruments, estoppels and agreements as the Administrative Agent shall reasonably request, each in form and substance satisfactory to Administrative Agent. 

“Real Property” shall mean any right, title or interest in and to real property, including any fee interest, leasehold
interest, easement or license and any other right to use or occupy real property, including any right arising by contract. 

“Recipient” shall mean, as applicable, (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank.

 “Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the
Adjusted LIBO Rate, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not the Adjusted LIBO Rate, the time determined by the Administrative Agent in its
reasonable discretion. 
 “Register” shall have the meaning specified in Section 11.5(c). 

“Regulation D” shall mean Regulation D of the Board of Governors of the Federal Reserve System, as
the same may be in effect from time to time, and any successor regulations. 
 “Regulation Y” shall mean
Regulation Y of the Board of Governors of the Federal Reserve System, as the same may be in effect from time to time, and any successor regulations. 

“Reimbursement Obligations” shall mean the payment obligations of the Borrowers under
Section 2.15(d). 
 “Related Parties” shall mean, with respect to any specified Person, such
Person’s Affiliates and the respective managers, administrators, trustees, partners, directors, officers, employees, agents, advisors or other representatives of such Person and such Person’s Affiliates. 

“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. 

“Rent Reserve” shall mean a reserve established by the Administrative Agent in its Permitted Discretion in an amount of up to
three (3) months’ rent and/or royalty payments made by any Credit Party for each location at which Eligible Inventory (but for the establishment of Rent Reserves hereunder) of such Credit Party is located and each location for which access
is necessary to access Eligible Inventory, in each case, that is not subject to a Third Party Agreement (as reported to the Administrative Agent by the Credit Parties from time to time as requested by the Administrative Agent), as such amount may be
adjusted from time to time by the Administrative Agent in its Permitted Discretion. 

  
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 “Replacement Event” shall have the meaning specified in
Section 11.16. 
 “Replacement Lender” shall have the meaning specified in
Section 11.16. 
 “Request for Advance” shall mean any certificate signed by an Authorized
Signatory of the Borrower Representative requesting a new Advance hereunder, which certificate shall be denominated a “Request for Advance,” and shall be in substantially the form of Exhibit F. 

“Request for Issuance of Letter of Credit” shall mean any certificate signed by an Authorized Signatory of the Borrower
Representative requesting that the Issuing Bank issue a Letter of Credit hereunder, which certificate shall be in substantially the form of Exhibit G. 

“Reserves” shall mean the Bank Products Reserve, the Dilution Reserve, Rent Reserves, and such other reserves that the
Administrative Agent may establish, from time to time in the exercise of its Permitted Discretion for such purposes as the Administrative Agent shall deem necessary or desirable (including, without limitation, with respect to the Acquired Asset
Borrowing Base). Without limiting the generality of the foregoing, the following reserves shall be deemed an exercise of the Administrative Agent’s Permitted Discretion: (a) reserves for price adjustments and damages; (b) reserves for
obsolescence of Inventory or Inventory anticipated to be returned by a Credit Party’s customers; (c) reserves for special order goods (other than private label goods) and deferred shipment sales; (d) reserves for accrued but unpaid ad
valorem, excise, personal property, and mining severance tax liability; (e) reserves for warehousemen’s, mortgagees’, bailees’, shippers’ or carriers’ charges; (f) reserves for accrued, unpaid interest on the
Obligations; (g) reserves for known litigation settlement costs and related expenses; (h) reserves for returns, discounts, claims, credits and allowances of any nature that are not paid pursuant to the reductions of Accounts;
(i) reserves for the sales, excise or similar taxes included in the amount of any Accounts reported to Administrative Agent and amounts due or to become due in respect of sales, use and/or withholding taxes; (j) reserves for any rental
payments, service charges or other amounts due or to become due to lessors of personal property; (k) reserves for obsolete or slow moving Inventory taking into account historical sales patterns (as determined by the Administrative Agents in its
Permitted Discretion); (l) reserves for net collections of Accounts since the date of the most recently delivered Borrowing Base Certificate; (m) to the extent any Eligible Canadian Collateral is included in the Borrowing Base, reserves
with respect to Canadian Priority Payables; (n) reserves in respect of any claims or rights of any producer, grower or seller of Farm Products (or any lender thereto) (including without limitation under the FSA and PACA (in each case to the
extent applicable)); (o) reserves for any existing or potential liability or any other matter that has or would reasonably be expected to have a negative impact on the value of the Collateral or realization thereon or the repayment of the
Obligations; and (p) with respect to Eligible In-Transit Inventory, reserves for shipping charges, duties, customs brokers, insurance and other incidental charges pertaining thereto, possessory Liens of
any related common carrier and any Lien in favor of any related Approved Freight Handler, as well as any costs of demurrage. 

  
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 “Resolution Authority” means an EEA Resolution Authority or, with respect
to any UK Financial Institution, a UK Resolution Authority. 
 “Responsible Officer” shall mean each president, executive
vice president, chief executive officer, chief financial officer, treasurer, secretary, general counsel or assistant general counsel, or any Person having comparable responsibilities with respect to such offices, of any Credit Party. 

“Restricted Payment” shall mean (a) Dividends, (b) loans by any Credit Party or any of their Restricted Subsidiaries to
any holder of Equity Interests in a Credit Party or Restricted Subsidiary other than loans to a holder of Equity Interests that is a Credit Party, (c) any payment of management, consulting, professional or similar fees (but not including
compensation paid to any Person for services rendered by such Person in his or her capacity as an employee of a Credit Party or Restricted Subsidiary) payable by any Credit Party or any Restricted Subsidiary of a Credit Party to any Affiliate,
(d) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, by the Parent or any of its Restricted Subsidiaries of any Equity Interests issued by the Parent or any of its
Restricted Subsidiaries now or hereafter outstanding by the Parent or any of its Restricted Subsidiaries, as the case may be, except for any redemption, retirement, sinking funds or similar payment payable solely in such other shares or units of the
same class of Equity Interests or any class of Equity Interests which are junior to that class of Equity Interests; (e) any cash payment made to redeem, purchase, repurchase, or retire, or obtain the surrender of, any outstanding warrants,
options, or other rights to acquire any Equity Interests issued by the Parent or any of its Restricted Subsidiaries now or hereafter outstanding, including, without limitation, any payment in connection with any Person’s exercise of any
“put” right; and (f) any payment made to repay, redeem, purchase, repurchase, or retire, or obtain the surrender of, the 2017 Notes, the 2020 Notes, the 2021 Notes or any other Indebtedness which is subordinated to the Obligations.

 “Restricted Subsidiary” shall mean a Subsidiary of Parent (including without limitation any Immaterial Subsidiary) other
than any Unrestricted Subsidiary. 
 “Retiree Welfare Plan” shall mean a Plan that is an “employee welfare benefit
plan” within the meaning of Section 3(1) of ERISA that provides for continuing coverage or benefits for any participant or any beneficiary of a participant after such participant’s termination of employment, other than continuation
coverage provided pursuant to Code Section 4980B (or applicable state law mandating health insurance continuation coverage for employees) and at the sole expense of the participant or the beneficiary. 

“Revolving Commitment Ratio” shall mean, with respect to any Lender, the ratio, expressed as a percentage, of (a) the
Revolving Loan Commitment of such Lender, divided by (b) the Revolving Loan Commitment of all Lenders, which, as of the Agreement Date, are set forth (together with U.S. Dollar amounts thereof) on Schedule 1.1(a). 

“Revolving Credit Obligations” shall mean, with respect to any Lender at any time, the sum of the outstanding principal
amount of such Lender’s Revolving Loans and pro rata share (based on its Revolving Commitment Ratio) of the Letter of Credit Obligations and the Swing Loan Obligations and Agent Advances. 

  
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 “Revolving Loan Commitment” shall mean, as of any date of determination,
the several obligations of the Lenders to make advances to the Borrowers as of such date, in accordance with their respective Revolving Commitment Ratios. As of the Agreement Date, the Revolving Loan Commitment is $750,000,000, and may be reduced or
increased pursuant to the terms of this Agreement. 
 “Revolving Loan Notes” shall mean those certain promissory notes
issued by the Borrowers to each of the Lenders that requests a promissory note, in accordance with each such Lender’s Revolving Commitment Ratio of the Revolving Loan Commitment, substantially in the form of Exhibit H. 

“Revolving Loans” shall mean, collectively, the amounts (other than Agent Advances and Swing Loans) advanced from time to
time by the Lenders to the Borrowers under the Revolving Loan Commitment. 
 “S&P” shall mean Standard &
Poor’s, a division of S&P Global Inc., or any successor thereto. 
 “Sale Leaseback” shall have the meaning
specified in Section 8.9. 
 “Sanctioned Country” shall mean, at any time, a country or territory
that is, or whose government is, the subject or target of any Sanctions (including, as of the date of this Agreement, Crimea, Cuba, Iran, North Korea and Syria). 

“Sanctioned Person” shall mean, at any time, (a) any Person (including a Governmental Authority) listed in any
Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union or any EU member state or the United Kingdom, (b) any Person (including a Governmental
Authority) located, organized or resident in a Sanctioned Country, (c) any Person controlled by any such Person or Persons described in the foregoing clauses (a) or (b), (d) any Person (including a Governmental Authority) which is the
target of Sanctions. 
 “Sanctions” shall mean economic or financial sanctions or trade embargoes or sectoral sanctions or
secondary sanctions administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State, (b) the United Nations Security Council, the European Union, any European
Union member state or the United Kingdom, or Her Majesty’s Treasury of the United Kingdom or (c) any other Governmental Authority with jurisdiction over any member of the Lender Group or any Credit Party or any of their respective
Subsidiaries. 
 “Schedule” shall, except with reference to Schedule 1.1(a) to this Agreement, mean the applicable
schedule of the Disclosure Schedules delivered by the Credit Parties in connection with this Agreement and certified by the Borrower Representative, which Disclosure Schedules are expressly incorporated herein by reference. 

“Screen Rate” shall mean the rate specified in clause (i) of the definition of Adjusted LIBO Rate. 

  
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 “SEA” shall mean the Securities and Exchange Act of 1934 and the rules
promulgated thereunder by the Securities and Exchange Commission, as amended from time to time or any similar Federal law then in force. 

“Seasonal Increased Availability Period” shall mean (x) for the fiscal year ending September 24, 2022, the period
from January 1, 2022 to March 31, 2022 and (y) for any other fiscal year, any consecutive three (3) month period occurring during such fiscal year, which is selected by the Borrower Representative, with written notice thereof
being delivered to the Administrative Agent prior to the beginning of such fiscal year; provided that failure to make any such election shall result in the consecutive three (3) month period from the prior fiscal year to be the same
period for such fiscal year; provided further that the Borrower Representative shall not be permitted to elect the first three (3) months of any fiscal year to the extent it had elected the last three (3) months of the prior
fiscal year. 
 “Secured Net Leverage Ratio” shall mean as of any date, the ratio of (i) Consolidated Senior Secured
Debt as of such date minus the aggregate amount of unrestricted cash and Cash Equivalents of Parent and its Restricted Subsidiaries to (ii) EBITDA for the four (4) consecutive fiscal quarters most recently ended for which financial
statements have been delivered to the Administrative Agent pursuant to Sections 7.1(b) or 7.2. 
 “Securities
Act” shall mean the Securities Act of 1933, as amended, or any similar Federal law then in force. 
 “Security
Agreement” shall mean that certain Second Amended and Restated Security Agreement dated as of the Agreement Date among the Credit Parties and the Administrative Agent, on behalf of, and for the benefit of, the Lender Group, as amended,
restated, supplemented, or otherwise modified from time to time. 
 “Security Documents” shall mean, collectively, the
Security Agreement, the Canadian Security Agreement, the Real Estate Documents, any Copyright Security Agreements, any Patent Security Agreements, any Trademark Security Agreements, any Controlled Account Agreement, the Reaffirmation Agreement, all UCC-1 and PPSA financing statements and any other document, instrument or agreement granting Collateral for the Obligations, as the same may be amended, restated, supplemented, or otherwise modified from time to
time. 
 “SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for
such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website at approximately 8:00 a.m. (New York City time) on the immediately succeeding Business Day. 

“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight
financing rate). 
 “SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York,
currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 

  
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 “Solvent” shall mean, as to any Person, on a consolidated basis with its
Subsidiaries, that (a) the property of such Person, at a fair valuation on a going concern basis, will exceed its debt; (b) the capital of such Person will not be unreasonably small to conduct its business; and (c) such Person will
not have incurred debts, or have intended to incur debts, beyond its ability to pay such debts as they mature. For purposes of this definition, “debt” shall mean any liability on a claim, and “claim” shall mean (i) the right
to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, undisputed, legal, equitable, secured or unsecured, or (ii) the right to an equitable remedy for breach of
performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, undisputed, secured or unsecured, but the amount of any contingent or
unmatured claim shall be computed as the amount thereof that would reasonably be expected to become an actual and matured liability. 

“Specified Account Debtors” shall mean each Account Debtor with at least two Investment Grade Ratings (until such time as any
such Account Debtor no longer has at least two Investment Grade Ratings). 
 “Specified Conditions” shall mean that
(a) before and after giving effect to the applicable Acquisition or other Investment, incurrence of Indebtedness, Restricted Payment or designation of an Unrestricted Subsidiary or of any Unrestricted Subsidiary as a Restricted Subsidiary (each
a “specified transaction”), (i) no Default or Event of Default exists or would result therefrom, and (ii) either (x) Excess Availability exceeds the greater of, (I) with respect to Restricted Payments, (A) 12.5% of Availability
and (B) $60,000,000 or (II) with respect to any other specified transaction, (A) 10% of Availability and (B) $50,000,000, and, in each case, the Borrowers demonstrate that on a Pro Forma Basis the Fixed Charge Coverage Ratio is at least 1.00 to
1.00 for the four (4) fiscal quarter period immediately preceding such transaction for which financial statements for the Parent have been delivered pursuant to Section 7.1(b) or 7.2, or (y) Excess
Availability exceeds the greater of, (I) with respect to Restricted Payments, (A) 17.5% of Availability and (B) $85,000,000 or (II) with respect to any other specified transaction, (A) 15% of Availability and (B) $75,000,000, and
(b) if the total consideration paid or received by the applicable Credit Party or Restricted Subsidiary in connection with such specified transaction, or the amount of such specified transaction, exceeds $40,000,000 in the aggregate, then
within five (5) Business Days prior to such specified transaction the Administrative Agent shall have received a certificate (with appropriate calculations attached thereto) of the chief financial officer of the Borrower Representative
certifying that the Specified Conditions in the foregoing clause (a) will be satisfied before and after giving effect to such specified transaction. For the purposes of determining the satisfaction of the Specified Conditions in connection with
the designation of an Unrestricted Subsidiary, the calculation of Excess Availability shall be determined on a Pro Forma Basis after giving effect to any reduction in the Borrowing Base which would result from such designation. 

“Specified Crossing Lien Indebtedness” means Indebtedness incurred by the Credit Parties after the Agreement Date pursuant to
Section 8.1(k) that is secured by a first priority Lien on the Specified Crossing Lien Indebtedness Priority Collateral and a second priority Lien on the ABL Priority Collateral. 

  
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 “Specified Crossing Lien Indebtedness Loan Documents” means the “Loan
Documents”, “Notes Documents” (or equivalent term) with respect to the Specified Crossing Lien Indebtedness, if any. 

“Specified Crossing Lien Indebtedness Priority Collateral” means the Equity Interests held by the Credit Parties (to the
extent constituting Collateral), owned real property other than Eligible Real Estate, intellectual property and all other assets of the Credit Parties not constituting ABL Priority Collateral, all as more specifically set forth in the Specified
Crossing Lien Intercreditor Agreement, if any. 
 “Specified Crossing Lien Intercreditor Agreement” means an intercreditor
agreement with respect to any Specified Crossing Lien Indebtedness in form and substance reasonably satisfactory to the Administrative Agent. 

“Specified Event of Default” shall mean an Event of Default pursuant to Section 9.1(b), (g)
or (h). 
 “Standby Letter of Credit” shall mean a Letter of Credit issued to support obligations of a Borrower
incurred in the ordinary course of its business, and which is not a Commercial Letter of Credit. 
 “Subordinated
Indebtedness” means any unsecured Indebtedness of the Parent and any of its Subsidiaries incurred from time to time the payment of which is subordinated to payment of the Obligations arising under this Agreement and the other the Loan
Documents to the written satisfaction of, and the terms and conditions of which are otherwise reasonably satisfactory to, the Administrative Agent. 

“Subsidiary” shall mean, as applied to any Person, (a) any corporation of which more than fifty percent (50%) of the
outstanding stock (other than directors’ qualifying shares) having ordinary voting power to elect a majority of its board of directors, regardless of the existence at the time of a right of the holders of any class or classes of securities of
such corporation to exercise such voting power by reason of the happening of any contingency, or any partnership or limited liability company of which more than fifty percent (50%) of the outstanding partnership interests or membership interests, as
the case may be, is at the time owned by such Person, or by one or more Subsidiaries of such Person, or by such Person and one or more Subsidiaries of such Person, and (b) any other entity which is otherwise controlled by such Person, or by one
or more Subsidiaries of such Person, or by such Person and one or more Subsidiaries of such Person. For the avoidance of doubt, unless the context otherwise requires, the term “Subsidiary” shall include all direct and indirect Subsidiaries
of any Person. Unless otherwise indicated, all references to “Subsidiary” hereunder shall mean a Subsidiary of the Parent. 

“Subsidiary Guarantors” shall mean each Subsidiary of the Parent party hereto as a Guarantor and any other Subsidiary of the
Parent which, from time to time, executes and delivers a Joinder Supplement that causes or purports to cause such Subsidiary to become a Guarantor. 

  
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 “Supermajority Lenders” shall mean, as of any date of calculation, Lenders
the sum of whose unutilized portion of the Revolving Loan Commitment plus Loans (other than Swing Loans and Agent Advances) outstanding plus participation interests in Letter of Credit Obligations, Swing Loans and Agent Advances outstanding on such
date of calculation exceeds sixty-six and two thirds percent (66.67%) of the sum of the aggregate unutilized portion of the Revolving Loan Commitment plus Loans (other than Swing Loans and Agent Advances)
outstanding plus participation interests in Letter of Credit Obligations, Swing Loans and Agent Advances outstanding of all of the Lenders as of such date of calculation; provided that to the extent that any Lender is a Defaulting Lender,
such Defaulting Lender and all of its Revolving Loan Commitments, Loans and participation interests in Letter of Credit Obligations, Swing Loans and Agent Advances shall be excluded for purposes of determining Supermajority Lenders; provided,
further, that at any time there are two or more unaffiliated Lenders (other than Defaulting Lenders), “Supermajority Lenders” shall require at least two of such Lenders. 

“Swing Bank” shall mean Truist Bank, or any other Lender who shall agree with the Administrative Agent to act as Swing Bank.

 “Swing Loan Obligations” shall mean, at any time, the aggregate principal amount of all Swing Loans outstanding at such
time. 
 “Swing Loans” shall mean, collectively, the amounts advanced from time to time by the Swing Bank to a Borrower
under the Revolving Loan Commitment in accordance with Section 2.2(g). 
 “Swing Rate” shall mean
the Base Rate plus the Applicable Margin for Base Rate Loans in effect from time to time. 
 “Tax Benefit” shall have the
meaning specified in Section 2.8(b)(viii). 
 “Taxes” shall mean any and all present or future
taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees, or charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate
based on SOFR that has been selected or recommended by the Relevant Governmental Body. 
 “Term SOFR Notice” means a
notification by the Administrative Agent to the Lenders and the Borrower Representative of the occurrence of a Term SOFR Transition Event. 

“Term SOFR Transition Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended
for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event has previously occurred resulting in a Benchmark Replacement in
accordance with Section 12.1 that is not Term SOFR. 
 “Third Party” shall mean any (a) lessor, mortgagee or
other secured party, mechanic or repairman, warehouse operator or warehouseman, processor, packager, consignee, shipper, customs broker, freight forwarder, bailee, or other third party which may have possession of any Collateral or lienholders’
enforcement rights against any Collateral; and (b) Licensor whose rights in or with respect to any Collateral limit or restrict or would, in the Administrative Agent’s reasonable determination, limit or restrict Borrowers’ or the
Administrative Agent’s rights to sell or otherwise dispose of such Collateral. 

  
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 “Third Party Agreement” shall mean an agreement in form and substance
reasonably satisfactory to the Administrative Agent pursuant to which a Third Party, as applicable and as may be required by the Administrative Agent, among other things: (a) waives or subordinates in favor of the Administrative Agent any Liens
such Third Party may have in and to any Collateral or any setoff, recoupment, or similar rights such Third Party may have against any Credit Party; (b) grants the Administrative Agent access to Collateral which may be located on such Third
Party’s premises or in the custody, care, or possession of such Third Party for purposes of allowing the Administrative Agent to inspect, remove or repossess, sell, store, or otherwise exercise its rights under this Agreement or any other Loan
Document with respect to such Collateral; (c) authorizes the Administrative Agent (with or without the payment of any royalty or licensing fee, as determined by the Administrative Agent) to (i) complete the manufacture of work-in-process (if the manufacturing of such Goods requires the use or exploitation of a Third Party’s Intellectual Property) and (ii) dispose of Collateral
bearing, consisting of, or constituting a manifestation of, in whole or in part, such Third Party’s Intellectual Property; (d) agrees to hold any negotiable Documents in its possession relating to the Collateral as agent or bailee of the
Administrative Agent for purposes of perfecting the Administrative Agent’s Lien in and to such Collateral under the UCC; (e) with respect to Third Parties other than landlords, agrees to deliver the Collateral to the Administrative Agent
upon request or, upon payment of applicable fees and charges to deliver such Collateral in accordance with the Administrative Agent’s instructions; or (f) agrees to terms regarding Collateral held on consignment by such Third Party. 

“Title IV Plan” shall mean a Plan that is an “employee pension benefit plan,” within the meaning of
Section 3(2) of ERISA, that is covered by Title IV of ERISA or the minimum funding standard of Section 302 of ERISA or Section 412 of the Code and is sponsored or maintained by any Credit Party or any ERISA Affiliate or to which any
Credit Party or any ERISA Affiliate contributes or has an obligation to contribute or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding
five (5) plan years. 
 “Trademark Security Agreements” shall mean, collectively, any Trademark Security Agreement
made in favor of the Administrative Agent, on behalf of the Lender Group, from time to time, as amended, restated, supplemented, or otherwise modified from time to time, including, without limitation, any Trademark Security Agreement delivered on or
after the Original Agreement Date. 
 “UCC” shall mean the Uniform Commercial Code as the same may, from time to time, be
enacted and in effect in the State of New York; provided, that to the extent that the UCC is used to define any term herein and such term is defined differently in different Articles or Divisions of the UCC, the definition of such term
contained in Article or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, the
Administrative Agent’s Lien on any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as enacted and
in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions. 

  
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 “UK Financial Institution” means any BRRD Undertaking (as such term is
defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United
Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution. 
 “Unadjusted Benchmark Replacement” means the Benchmark Replacement
excluding the Benchmark Replacement Adjustment. 
 “Unfunded Pension Liability” shall mean at any time, the aggregate
amount, if any, of the sum of (a) the amount by which the benefit liabilities under Section 4001(a)(16) of ERISA of each Title IV Plan exceeds the current value of that Title IV Plan’s assets, determined in accordance with actuarial
assumptions used for funding the Title IV Plan pursuant to Sections 412 and 430 of the Code and Sections 302 and 303 of ERISA for the applicable plan year, and (b) for a period of five (5) years following a transaction which might
reasonably be expected to be covered by Section 4069 of ERISA, the liabilities (whether or not accrued) that could be avoided by any Credit Party or any ERISA Affiliate as a result of such transaction. 

“Unrestricted Subsidiary” shall mean D&D Commodities Ltd. and any other Subsidiary of Parent designated as an
Unrestricted Subsidiary pursuant to Section 6.20(b) after the date hereof, in each case, until such Person ceases to be an Unrestricted Subsidiary of Parent in accordance with Section 6.20(b);
provided that (x) no Subsidiary may be designated as an Unrestricted Subsidiary if, at the time of designation, it directly or indirectly owns or has the exclusive license to use any intellectual property or other asset or property that
is necessary or material to the operation of the business of the Parent and its Restricted Subsidiaries, taken as a whole, as then currently conducted or contemplated to be conducted and (y) if any Unrestricted Subsidiary shall own or shall
have the exclusive license to use, whether directly or indirectly, any such property such Subsidiary shall cease to be an Unrestricted Subsidiary and shall automatically become a Restricted Subsidiary. 

“Unused Line Fee” shall have the meaning specified in Section 2.4(b). 

“US” or “United States” shall mean the United States of America. 

“U.S. Dollar Equivalent” means (a) as to any amount denominated in U.S. Dollars, the amount thereof
and (b) as to any amount denominated in any currency other than U.S. Dollars, the amount of U.S. Dollars into which such amount could be converted using the sell rate of exchange for such currency set forth from time to time by the
Administrative Agent (or if the Administrative Agent does not maintain an exchange rate for the applicable currency, any spot rate of exchange selected by the Administrative Agent in its reasonable discretion from time to time) on the date which is
two (2) Business Days before the applicable date of determination. 

  
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 “U.S. Dollars” or “$” shall mean the lawful currency of
the United States of America. 
 “Value” shall mean, at any particular date, with respect to any item of Inventory
(a) the lower of the fair market value of the Inventory and its cost, valued in accordance with the “First-In, First-Out” method of accounting (and shall
exclude any intercompany markup or profit when Inventory is transferred from one Credit Party to another Credit Party), minus (b) an amount which is equal to the amount of reserves which, under FASB No. 48, “Revenue recognition
when the right of return exists,” the Borrowers shall be required to take in regard to the amount identified in clause (a) of this definition. 

“Voidable Transfer” shall have the meaning specified in Section 11.18. 

“Weekly Borrowing Base Condition” shall mean for any three (3) consecutive Business Day period that Excess Availability
was less than the greater of (i) 10% of Availability and (ii) $50,000,000, provided, that for (x) any three (3) consecutive Business Day period that occurs entirely within one week, the Weekly Borrowing Base Condition shall have
occurred within such week and (y) for any three (3) consecutive Business Day period which begins in one week (“First Week”) and extends into the following week (“Second Week”), the Weekly Borrowing Base
Condition shall be deemed to have occurred (A) within the First Week if such three (3) consecutive Business Day period ends on the first Business Day of the Second Week or (B) within the Second Week if such three (3) consecutive
Business Day period ends on the second Business Day of the Second Week. 
 “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. 

Section 1.2 Uniform Commercial Code. Any term used in this Agreement or in any financing statement filed in connection herewith
which is defined in the UCC and not otherwise defined in this Agreement or in any other Loan Document shall have the meaning given to such term in the UCC, including “Account Debtor,”
“As-Extracted Collateral,” “Chattel Paper,” “Commercial Tort Claim,” “Commodities Account,” “Consignment,” “Deposit Account,” “Document,”
“Electronic Chattel Paper,” “Equipment,” “Fixtures,” “General Intangibles,” “Goods,” “Instrument,” “Investment Property,” “Letter-of-Credit Right,” “Proceeds,” “Securities Account,” and “Supporting Obligation.” 

Section 1.3 Accounting Principles. (a) The classification, character and amount of all assets, liabilities, capital accounts
and reserves and of all items of income and expense to be determined, and any consolidation or other accounting computation to be made, and the interpretation of any definition containing any financial term, pursuant to this Agreement shall be
determined and made in accordance with GAAP consistently applied, unless such principles are inconsistent with the express requirements of this Agreement. All accounting terms used herein without definition shall be used as defined under GAAP. All
financial calculations hereunder 

  
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shall, unless otherwise stated, be determined for the Parent on a consolidated basis with its Restricted Subsidiaries. Notwithstanding the foregoing, the Financial Covenant shall be calculated
without giving effect to any election under Statement of Financial Accounting Standards 159 (or any similar accounting principle) permitting a Person to value its financial liabilities at the fair value thereof. 

(b) If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document or any
calculation or determination relating to capital leases or operating leases, and the Borrower Representative or the Majority Lenders shall so request, the Administrative Agent, the Majority Lenders and the Borrowers shall negotiate in good faith to
amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP; provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such
change therein and (ii) the Borrowers shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between
calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 
 Section 1.4 Other
Interpretive Matters. The terms “herein,” “hereof,” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph, or subdivision. Any pronoun used
shall be deemed to cover all genders. In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means
“to but excluding.” The section titles, table of contents, and list of exhibits appear as a matter of convenience only and shall not affect the interpretation of this Agreement or any other Loan Document. All schedules, exhibits, annexes,
and attachments referred to herein are hereby incorporated herein by this reference. All references to (a) statutes and related regulations shall include all related rules and implementing regulations and any amendments of same and any
successor statutes, rules, and regulations; (b) “including” and “include” shall mean “including, without limitation,” regardless of whether “without limitation” is included in some instances and not in others
(and, for purposes of each Loan Document, the parties agree that the rule of ejusdem generis shall not be applicable to limit a general statement, which is followed by or referable to an enumeration of specific matters to matters similar to
the matters specifically mentioned); and (c) all references to dates and times shall mean the date and time at the Administrative Agent’s notice address determined under Section 11.1, unless otherwise specifically
stated. All determinations (including calculations of any Borrowing Base and the Financial Covenant) made from time to time under the Loan Documents shall be made in light of the circumstances existing at such time. No provision of any Loan
Documents shall be construed or interpreted to the disadvantage of any party hereto by reason of such party’s having, or being deemed to have, drafted, structured, or dictated such provision. A Default or Event of Default, if one occurs, shall
“exist”, “continue” or be “continuing” until such Default or Event of Default, as applicable, has been waived in writing in accordance with Section 11.12. All terms used herein which are
defined in Article 9 of the UCC and which are not otherwise defined herein shall have the same meanings herein as set forth therein. 

  
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 Section 1.5 Currency Translations. Without limiting the other terms of this
Agreement, the calculations and determinations under this Agreement of any amount in any currency other than U.S. Dollars shall at all times be deemed to refer to the U.S. Dollar Equivalent thereof, as the case may be, and all certificates
delivered under this Agreement shall, unless otherwise consented to by the Administrative Agent, express such calculations or determinations in U.S. Dollars or the U.S. Dollar Equivalent thereof, as the case may be. 

Section 1.6 [Intentionally Omitted]. 

Section 1.7 Reserves; Changes to Eligibility Criteria. The Administrative Agent may at any time and from time to time in the
exercise of its Permitted Discretion upon five Business Days’ prior written notice to the Borrower Representative, (x) establish and increase Reserves in accordance with the terms hereof; provided, that no notice shall be required
hereunder for increases in existing Reserves based on recalculations thereof so long as the methodology for the calculation thereof is not modified, or (y) establish additional criteria of ineligibility under the definitions of “Eligible
Accounts”, “Eligible Credit Card Receivables”, “Eligible Inventory”, “Eligible In-Transit Inventory” or “Eligible Real Estate”. Notwithstanding any other provision
of this Agreement to the contrary, (a) the establishment or increase of any Reserves or changes in any eligibility criteria shall be limited to such Reserves and changes as the Administrative Agent determines, in its Permitted Discretion, are
appropriate based on the analysis of facts or events first occurring or first discovered by the Administrative Agent after the Agreement Date or that differ materially from facts or events occurring and known to the Administrative Agent on the
Agreement Date, (b) in no event shall Reserves or changes in eligibility criteria with respect to any component of the Borrowing Base duplicate any other Reserves currently established or maintained or eligibility criteria to the extent
addressed thereby, and (c) the amount of any such Reserve or change in eligibility criteria shall be a reasonable quantification of the incremental dilution of the Borrowing Base attributable to the relevant contributing factors and have a
reasonable relationship to the event, condition or other matter that is the basis for such Reserve or change. 
 Section 1.8
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 equity interests at such time.  

Section 1.9 LIBOR. The London interbank offered rate (“LIBOR”) is intended to represent the rate at which
contributing banks could obtain short-term borrowings from one another in the London interbank market. On March 5, 2021, the Financial Conduct Authority (“FCA”), the regulatory supervisor of LIBOR’s administrator,
announced in a public statement the future cessation of the 35 LIBOR benchmark settings currently published by ICE Benchmark administration. This public statement constitutes a Benchmark Transition Event. To the extent the Maturity Date goes beyond
the cessation dates indicated in the FCA’s announcement, an alternate rate of interest will be determined at the appropriate time in accordance with Section 12.1(b) for any applicable tenors of USD LIBOR. 

  
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 Upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, Section 12.1(b) and (c) provide the mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify the Borrower
Representative, pursuant to Section 12.1(e), of any change to the reference rates upon which the interest rates on Eurodollar Advances are based. However, the Administrative Agent does not warrant or accept any
responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to LIBOR or other rates in the definition of “Adjusted LIBO Rate” or with respect to any alternative or
successor rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 12.1(b) or (c), whether upon the
occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to
Section 12.1(d)), including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic
equivalence of, the Adjusted LIBO Rate or have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability. 

Section 1.10 Limited Condition Transactions. 

(a) When calculating the availability under any basket or ratio under this Agreement or compliance with any provision of this Agreement in
connection with any Limited Condition Transaction and any actions or transactions related thereto (including Acquisitions, Investments, the incurrence or issuance of Indebtedness and the use of the proceeds thereof, the incurrence of Liens,
repayments, Restricted Payments and dispositions), in each case, at the option of the Borrowers (the Borrowers’ election to exercise such option, an “LCT Election”), the date of determination for availability under any such
basket or ratio and whether any such action or transaction is permitted (or any requirement or condition therefor is complied with or satisfied (including as to the absence of any Default or Event of Default)) under this Agreement shall be deemed to
be the date (the “LCT Test Date”) the definitive agreements for such Limited Condition Transaction are entered into (or, if applicable, the date of delivery of an irrevocable notice, declaration of a dividend or similar event) and
if, after giving pro forma effect to the Limited Condition Transaction and any actions or transactions related thereto (including Acquisitions, Investments, the incurrence or issuance of Indebtedness and the use of proceeds thereof, the incurrence
of Liens, repayments, Restricted Payments and dispositions) and any related pro forma adjustments, the Credit Parties or any of their Restricted Subsidiaries would have been permitted to take such actions or consummate such transactions on the
relevant LCT Test Date in compliance with such ratio, test or basket (and any related requirements and conditions), such ratio, test or basket (and any related requirements and conditions) shall be deemed to have been complied with (or satisfied)
for all purposes; provided that (x) compliance with such ratios, tests or baskets (and any related requirements and conditions) shall not be determined or tested at any time after the applicable LCT Test Date for such Limited Condition
Transaction and any actions or transactions related thereto (including acquisitions, Investments, the incurrence or issuance of Indebtedness and the use of proceeds thereof, the incurrence of Liens, repayments, Restricted Payments and dispositions)
and (y) Interest Expense for purposes of the Fixed Charge Coverage Ratio will be calculated using an assumed interest rate based on the indicative interest margin contained in any financing commitment documentation with respect to such
Indebtedness or, if no such indicative interest margin exists, as reasonably determined by the Borrowers in good faith. 

  
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 (b) For the avoidance of doubt, if the Borrowers have made an LCT Election, (i) if any
of the ratios, tests or baskets for which compliance was determined or tested as of the LCT Test Date would at any time after the LCT Test Date have been exceeded or otherwise failed to have been complied with as a result of fluctuations in any such
ratio, test or basket, including due to fluctuations in EBITDA, such baskets, tests or ratios will not be deemed to have been exceeded or failed to have been complied with as a result of such fluctuations solely for purposes of determining whether
the Limited Condition Transaction is permitted hereunder, and (ii) in calculating the availability under any ratio, test or basket in connection with any action or transaction unrelated to such Limited Condition Transaction following the
relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated and the date that the definitive agreement or date for redemption, purchase or repayment specified in an irrevocable notice for
such Limited Condition Transaction is terminated, expires or passes, as applicable, without consummation of such Limited Condition Transaction, any such ratio, test or basket shall be determined or tested giving pro forma effect to such Limited
Condition Transaction. 
 (c) Notwithstanding the forgoing, in connection with any transaction permitted hereunder that requires
satisfaction of the Specified Conditions, the Parent and its Restricted Subsidiaries will be required to comply as of the date of such transaction with the Excess Availability requirements set forth in the definition of “Specified
Conditions,” regardless of whether the Borrowers shall have made an LCT Election in connection with such transaction, but any requirements in the Specified Conditions relating to the Fixed Charge Coverage Ratio may be satisfied on the LCT Test
Date to the extent the Borrowers shall have made an LCT Election in connection with such transaction. 
 ARTICLE 2 

THE LOANS AND THE LETTERS OF CREDIT 

Section 2.1 Extension of Credit. 

(a) Revolving Loans. Subject to the terms and conditions of this Agreement, each Lender agrees severally to make Revolving Loans to the
Borrowers in U.S. Dollars from time to time on any Business Day prior to the Maturity Date in an aggregate principal amount that will not result in any of the following: 

(i) the Revolving Credit Obligations of such Lender exceeding such Lender’s Revolving Commitment Ratio of the Revolving
Loan Commitment; or 
 (ii) the Aggregate Revolving Credit Obligations exceeding the lesser of (A) the Revolving Loan
Commitment, (B) the Borrowing Base (taking into account any Reserves which may have been implemented or modified since the date of the most recent Borrowing Base Certificate), (C) the maximum amount of Indebtedness permitted to be incurred
under this Agreement pursuant to the Indenture and (D) the maximum amount of Indebtedness permitted to be incurred under this Agreement pursuant to the New Indenture. 

  
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 Subject to the terms and conditions hereof, prior to the Maturity Date Revolving Loans may be repaid and
reborrowed from time to time on a revolving basis. 
 (b) The Letters of Credit. Subject to the terms and conditions of this
Agreement, the Issuing Bank agrees to issue Letters of Credit , pursuant to Section 2.15, for the account of the Borrowers, from time to time on any Business Day prior to the date that is three (3) Business Days prior
to the Maturity Date, so long as, after giving effect to such issuance (i) no Overadvance exists or would result therefrom, and (ii) the aggregate amount of all Letter of Credit Obligations then outstanding does not exceed the Letter of
Credit Commitment. 
 (c) The Swing Loans. Subject to the terms and conditions of this Agreement, the Swing Bank agrees from time to
time on any Business Day after the Agreement Date but prior to the Maturity Date, to make Swing Loans to the Borrowers so long as (i) no Overadvance exists or would result therefrom and (ii) the aggregate amount of Swing Loans (including
all Swing Loans outstanding as of such Business Day) does not exceed $75,000,000. 
 (d) Overadvances; Optional Overadvances. 

(i) If at any time an Overadvance exists, the amount of such Overadvance shall nevertheless constitute a portion of the
Obligations that are secured by the Collateral and are entitled to all benefits thereof. In the event that (1) the Lenders shall make any Revolving Loans, (2) the Swing Bank shall make any Swing Loan, (3) the Administrative Agent
shall make any Agent Advances or (4) the Issuing Bank shall agree to the issuance of any Letter of Credit, which in any such case gives rise to an Overadvance, the Borrowers shall make, on written demand, a payment on the Obligations to be
applied to the Revolving Loans, the Swing Loans, the Agent Advances and the Letter of Credit Reserve Account, as appropriate, in an aggregate principal amount equal to such Overadvance. In no event, however, shall the Borrowers have any right
whatsoever to (i) receive any Revolving Loan, (ii) receive any Swing Loan, or (iii) request the issuance of any Letter of Credit if, before or after giving effect thereto, there shall exist a Default or Event of Default. 

(ii) Notwithstanding the foregoing paragraph (i) or any other contrary provision of this Agreement, the Lenders hereby
authorize the Swing Bank to, at the direction of the Administrative Agent in the Administrative Agent’s discretion, and the Swing Bank may, at the direction of the Administrative Agent, but in the Swing Bank’s sole and absolute discretion,
knowingly and intentionally, continue to make Swing Loans to the Borrowers notwithstanding that an Overadvance exists or thereby would be created, so long as after giving effect to such Swing Loans, (i) the outstanding Aggregate Revolving
Credit Obligations do not exceed the Revolving Loan Commitment, and (ii) all Overadvances plus Agent Advances do not exceed the lesser of (A) an amount equal to ten percent (10%) of the Borrowing Base and (B) $75,000,000. The

  
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foregoing sentence is for the exclusive benefit of the Administrative Agent, the Swing Bank, and the Lenders and is not intended to benefit the Borrowers in any way. The Majority Lenders may at
any time revoke the Administrative Agent’s authority to direct the Swing Bank to make Overadvances pursuant to this Section 2.1(d)(ii) and instruct the Administrative Agent to demand repayment of outstanding Revolving
Loans from the Credit Parties to the extent necessary to cause an Overadvance to cease to exist. Any such revocation must be in writing and shall become effective prospectively upon the Administrative Agent’s receipt thereof. Absent such
revocation, the Administrative Agent’s determination that funding of a Revolving Loan is appropriate shall be conclusive. In the event the Administrative Agent obtains actual knowledge that an Overadvance exists, regardless of the amount of, or
reason for, such Overadvance, the Administrative Agent shall notify 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 expenses owed to the Lender Group) unless the Administrative Agent determines that prior notice would result in imminent harm to the Collateral or its value, in which case the Administrative Agent may make such Overadvances and provide
notice as promptly as practicable thereafter), and Lenders with Revolving Loan Commitments thereupon shall, together with the Administrative Agent, jointly determine the terms of arrangements that shall be implemented with the Borrowers intended to
reduce, within a reasonable time, the outstanding principal amount of the Overadvance. In such circumstances, if any Lender with a Revolving Loan 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 Majority Lenders. Each Lender shall be obligated to settle with the Administrative Agent or Swing Bank as provided in Section 2.1(e)
or Section 2.2(g), as applicable, for the amount of such Lender’s pro rata share of any unintentional Overadvances by the Administrative Agent reported to such Lender, any intentional Overadvances made as permitted
under this Section 2.1(d)(ii), and any Overadvances resulting from the charging to the Loan Account of interest, fees, or expenses. 

(e) Agent Advances. 

(i) Subject to the limitations set forth below and notwithstanding anything else in this Agreement to the contrary, the
Administrative Agent is authorized by the Borrowers and the Lenders, from time to time in the Administrative Agent’s sole and absolute discretion, (A) at any time that a Default or an Event of Default exists, or (B) at any time that
any of the other conditions precedent set forth in Article 4 have not been satisfied, to make Advances to the Borrowers on behalf of the Lenders in an aggregate amount outstanding at any time not to exceed (together with all other Aggregate
Revolving Credit Obligations) the Revolving Loan Commitment nor in an amount that would exceed (when aggregated with all Overadvances and other Agent Advances) the lesser of (1) an amount equal to ten percent (10%) of the Borrowing Base, and
(2) $75,000,000, which the Administrative Agent, in its 

  
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reasonable business judgment, deems necessary or desirable (x) to preserve or protect the Collateral, or any portion thereof, (y) to enhance the likelihood of, or maximize the amount
of, repayment of the Loans and other Obligations, or (z) to pay any other amount chargeable to the Borrowers pursuant to the terms of this Agreement, including costs, fees and expenses as provided under this Agreement (any of such advances are
herein referred to as “Agent Advances”); provided, that the Majority Lenders may at any time revoke the Administrative Agent’s authorization to make Agent Advances and instruct the Administrative Agent to demand
repayment of outstanding Agent Advances from the Credit Parties. Absent such revocation, the Administrative Agent’s determination that funding of an Agent Advance is appropriate shall be conclusive. Any such revocation must be in writing and
shall become effective prospectively upon the Administrative Agent’s receipt thereof. The Administrative Agent shall promptly provide to the Borrowers written notice of any Agent Advance. 

(ii) All Agent Advances shall be secured by the Collateral and shall constitute Obligations hereunder. Each Agent Advance shall
bear interest as a Base Rate Advance. Each Agent Advance shall be subject to all terms and conditions of this Agreement and the other Loan Documents applicable to Revolving Loans, except that all payments thereon shall be made to the Administrative
Agent solely for its own account (except to the extent Lenders have funded participations therein pursuant to clause (iii) below) and the making of any Agent Advance shall not require the consent of any Borrower. The Administrative Agent shall
have no duty or obligation to make any Agent Advance hereunder. 
 (iii) The Administrative Agent shall notify each Lender no
less frequently than weekly, as determined by the Administrative Agent, of the principal amount of Agent Advances outstanding by 12:00 noon (Charlotte, North Carolina time) as of such date, and each Lender’s pro rata share thereof. Each Lender
shall before 2:00 p.m. (Charlotte, North Carolina time) on such Business Day make available to the Administrative Agent, in immediately available funds, the amount of its pro rata share of such principal amount of Agent Advances outstanding. Upon
such payment by a Lender, such Lender shall be deemed to have made a Revolving Loan to the Borrowers, notwithstanding any failure of the Borrowers to satisfy the conditions in Section 4.2. The Administrative Agent shall use
such funds to repay the principal amount of Agent Advances. Additionally, if at any time any Agent Advances are outstanding and any of the events described in clauses (g) or (h) of Section 9.1 shall have
occurred, then each Lender shall automatically, upon the occurrence of such event, and without any action on the part of the Administrative Agent, the Borrowers or the Lenders, be deemed to have purchased an undivided participation in the principal
and interest of all Agent Advances then outstanding in an amount equal to such Lender’s Revolving Commitment Ratio and each Lender shall, notwithstanding such Event of Default, immediately pay to the Administrative Agent in immediately
available funds, the amount of such Lender’s participation (and upon receipt thereof, the Administrative Agent shall deliver to such Lender a loan participation certificate dated the date of receipt of such funds in such amount). The
disbursement of funds in connection with the settlement of Agent Advances hereunder shall be subject to the terms and conditions of Section 2.2(e). 

  
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 (f) Incremental Revolving Loan Commitment. 

(i) Request for Increase. Provided that no Default or Event of Default shall have occurred and be continuing at such
time or would result therefrom, upon written notice (the “Increase Notice”) to the Administrative Agent (which shall promptly notify the Lenders and provide the Lenders with access to a copy of the Increase Notice), the Borrowers
may, at any time, request up to four (4) increases in the Revolving Loan Commitment in an amount not less than $25,000,000 per increase and not more than the sum of (x) $400,000,000 and (y) if the amount in the foregoing clause
(x) has been fully utilized, the amount by which the Borrowing Base at the time of any such increase exceeds the amount of the Revolving Loan Commitment (after giving effect to any increase utilizing the foregoing clause (x) at such time),
in the aggregate and, together with such Revolving Loan Commitment increase, the Borrowers may also request an increase in the Letter of Credit Commitment; provided, that after giving effect to any such increase, the Letter of Credit
Commitment does not exceed 12.5% of the Revolving Loan Commitment (after giving effect to any Revolving Loan Commitment increase). The Borrowers (in consultation with the Administrative Agent) shall specify in the Increase Notice (A) the time
period within which each Lender is requested to respond (which shall in no event be less than ten (10) Business Days from the date on which the Increase Notice was provided to such Lenders by the Administrative Agent); (B) the amount of the
requested increase in the Revolving Loan Commitment and the Letter of Credit Commitment; and (C) the date on which such increase is requested to become effective. 

(ii) Lender Elections to Increase. None of the Lenders nor any Issuing Bank shall have any obligation to provide any
additional amounts requested by the Borrowers. If any Lender wishes to increase its portion of the Revolving Loan Commitment or if any Issuing Bank wishes to increase its Letter of Credit Commitment, such Person must provide to the Administrative
Agent, within the time period specified in the Increase Notice, a written commitment for the amount of such Lender’s requested allocation of the additional portion of the Revolving Loan Commitment specified in the Increase Notice or a written
commitment for the amount of such Issuing Bank’s requested additional Letter of Credit Commitment specified in the Increase Notice, as applicable. Any Lender (including any Issuing Bank) that does not provide its written commitment within the
time period specified in the Increase Notice shall be deemed to have declined to increase its portion of the Revolving Loan Commitment or the Letter of Credit Commitment, as applicable. 

(iii) Additional Lenders. To achieve the full amount of the requested increase, the Borrowers may also invite additional
Eligible Assignees to become Lenders or an Issuing Bank, as applicable, pursuant to a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent and its counsel. 

  
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 (iv) Effective Date and Allocations. If the Revolving Loan Commitment
is increased in accordance with this Section 2.1(f), the Administrative Agent and the Borrowers shall determine the effective date, which must be prior to the Maturity Date (the “Increase Effective Date”),
and Borrowers shall determine, in consultation with the Administrative Agent, the final allocation of such increase. Any increase in the Letter of Credit Commitment shall occur on the Increase Effective Date. The Administrative Agent shall promptly
notify the Borrowers and the Lenders, including any proposed new lenders and any new issuing bank, of the final allocation of such increase and the Increase Effective Date. From and after the Increase Effective Date, subject to the satisfaction of
the conditions specified in Section 2.1(f)(v) below, the Revolving Loan Commitment shall be increased, the Letter of Credit Commitment shall be increased, the new lenders shall be Lenders for all purposes under this
Agreement, and the new issuing bank shall be an Issuing Bank for all purposes under this Agreement, as applicable. On the Increase Effective Date, the Borrowers, each Lender that is increasing its portion of the Revolving Loan Commitment, each
additional Eligible Assignee that is becoming an additional Lender or an additional Issuing Bank and the Credit Parties shall execute and deliver to the Administrative Agent such documentation as the Administrative Agent shall reasonably specify
(including any Assignments and Acceptances and new or replacement Revolving Loan Notes, as requested by the Lenders) to give effect to any such increase in the Revolving Loan Commitment and the Letter of Credit Commitment. This Agreement shall be
deemed amended to the extent (but only to the extent) necessary to increase the Revolving Loan Commitment and the Letter of Credit Commitment in accordance with this Section 2.1(f). 

(v) Conditions to Effectiveness of Increase. As a condition precedent to such increase, (A) all conditions
precedent in Section 4.2 must be satisfied, (B) such increase must be permitted by the Indenture, the New Indenture and all other agreements from time to time governing the 2017 Notes, the 2020 Notes and the 2021
Notes, and (C) the Borrowers shall deliver to the Administrative Agent a certificate of the Borrower Representative dated as of the Increase Effective Date (with sufficient copies for each Lender if requested by the Administrative Agent),
signed by the chief financial officer or an officer with similar responsibilities of the Borrower Representative, certifying that (X) the resolutions of the Credit Parties authorizing such increase are true, correct, and effective as of the
Increase Effective Date and, before and after giving effect to such increase, the representations and warranties contained in Article 5 and the other Loan Documents are true and correct in all material respects on and as of the Increase
Effective Date, except to the extent that such representations and warranties expressly relate solely to an earlier date in which case such representations and warranties shall have been true and correct in all material respects on and as of such
earlier date, and except that for purposes of this Section 2.1(f), the representations and warranties contained in Section 5.1(k) shall be deemed to refer to the most recent statements furnished
pursuant to Section 7.1 and Section 7.2, and (Y) no Default or Event of Default exists and is continuing. The Borrowers shall, at the request of the Administrative Agent, deliver such opinions
of counsel as the Administrative Agent may request in its reasonable discretion. In the event of an increase in the Revolving Loan Commitment in accordance with this Section 2.1(f), the Borrowers shall prepay any Revolving
Loans outstanding on the Increase Effective Date to the extent necessary to keep the outstanding Revolving Loans ratable with any revised Revolving Commitment Ratios arising from any nonratable increase in the Lenders’ respective portions of
the Revolving Loan Commitment under this Section (and Borrowers shall be liable for any costs under Section 2.9). 

  
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 (vi) This Section 2.1(f) shall supersede any
provisions in Section 2.10 to the contrary. 
 Section 2.2 Manner of Borrowing and Disbursement of
Loans. 
 (a) Choice of Interest Rate, etc. 

(i) Any Advance (except Swing Loans) shall, at the option of the Borrowers, be made either as a Base Rate Advance or as a
Eurodollar Advance; provided, however, that (i) if the Borrowers fail to give the Administrative Agent written notice specifying whether a Eurodollar Advance is to be repaid, continued or converted on a Payment Date, such Advance
shall be converted to a Base Rate Advance on the Payment Date in accordance with Section 2.3(a)(iii), (ii) the Borrowers may not select a Eurodollar Advance (A) the proceeds of which are to reimburse the Issuing Bank
pursuant to Section 2.15 or (B) if, at the time of such Advance or at the time of the continuation of, or conversion to, a Eurodollar Advance pursuant to Section 2.2(c), a Default or Event of
Default exists and the Majority Lenders have elected to prohibit such continuation or conversion, and (iii) all Agent Advances shall be made as Base Rate Advances. 

(ii) Any notice given to the Administrative Agent in connection with a requested Advance hereunder shall be given to the
Administrative Agent prior to 1:00 p.m. (Charlotte, North Carolina time) in order for such Business Day to count toward the minimum number of Business Days required. 

(b) Base Rate Advances. 

(i) Initial and Subsequent Advances. The Borrowers shall give the Administrative Agent in the case of Base Rate Advances
irrevocable notice by telephone not later than 1:00 p.m. (Charlotte, North Carolina time) one (1) Business Day prior to the date of such Advance and shall immediately confirm any such telephone notice with a written Request for Advance;
provided, however, that the failure by the Borrowers to confirm any notice by telephone with a written Request for Advance shall not invalidate any notice so given. 

(ii) Repayments and Conversions. The Borrowers may (A) subject to Section 2.5, at any
time without prior notice repay a Base Rate Advance or (B) upon at least three (3) Business Days irrevocable prior written notice to the Administrative Agent in the form of a Notice of Conversion/Continuation, convert all or a portion of
the principal of any Base Rate Advance to one or more Eurodollar Advances. Upon the date indicated by the Borrowers, such Base Rate Advance shall be so repaid or converted. 

  
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 (c) Eurodollar Advances. 

(i) Initial and Subsequent Advances. The Borrowers shall give the Administrative Agent in the case of Eurodollar
Advances irrevocable notice by telephone not later than 1:00 p.m. (Charlotte, North Carolina time) three (3) Business Days prior to the date of such Advance and shall immediately confirm any such telephone notice with a written Request for
Advance; provided, however, that the failure by the Borrowers to confirm any notice by telephone with a written Request for Advance shall not invalidate any notice so given; provided, further, that, notwithstanding the
foregoing, no such prior notice shall be required with respect to any Eurodollar Advances to be made on the Agreement Date. 

(ii) Repayments, Continuations and Conversions. At least three (3) Business Days prior to each Payment Date for a
Eurodollar Advance, the Borrowers shall give the Administrative Agent written notice in the form of a Notice of Conversion/Continuation specifying whether all or a portion of such Advance outstanding on such Payment Date is to be continued in whole
or in part as one or more new Eurodollar Advances, and also specifying the new Interest Period applicable to each such new Advance (and subject to the provisions of this Agreement, upon such Payment Date, such Advance shall be so continued). Upon
such Payment Date, any Eurodollar Advance (or portion thereof) not so continued shall be converted to a Base Rate Advance or, subject to Section 2.5, be repaid. 

(iii) Miscellaneous. Notwithstanding any term or provision of this Agreement which may be construed to the contrary,
each Eurodollar Advance shall be in a principal amount of no less than $1,000,000 and in an integral multiple of $1,000,000 in excess thereof, and at no time shall the aggregate number of all Eurodollar Advances then outstanding exceed fifteen (15).

 (d) Notification of Lenders. Upon receipt of a (i) Request for Advance or a telephone or telecopy request for Advance,
(ii) notification from an Issuing Bank that a draw has been made under any Letter of Credit (unless such Issuing Bank will be reimbursed through the funding of a Swing Loan), or (iii) notice from the Borrower Representative with respect to
the prepayment of any outstanding Eurodollar Advance prior to the Payment Date for such Advance, the Administrative Agent shall promptly notify each Lender by telephone or telecopy of the contents thereof and the amount of each Lender’s portion
of any such Advance. Each Lender shall, not later than 1:00 p.m. (Charlotte, North Carolina time) on the date specified for such Advance (under clause (i) or (ii) above) in such notice, make available to the Administrative Agent at the
Administrative Agent’s Office, or at such account as the Administrative Agent shall designate, the amount of such Lender’s portion of the Advance in immediately available funds. 

(e) Disbursement. Prior to 4:00 p.m. (Charlotte, North Carolina time) on the date of an Advance hereunder, the Administrative Agent
shall, subject to the satisfaction of the conditions set forth in Article 4, disburse the amounts made available to the Administrative Agent by the Lenders in like funds by (i) transferring the amounts so made available by wire

  
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transfer to the applicable Controlled Disbursement Account or (ii) in the case of an Advance the proceeds of which are to reimburse an Issuing Bank pursuant to
Section 2.15, transferring such amounts to such Issuing Bank. Unless the Administrative Agent shall have received notice from a Lender prior to 1:00 p.m. (Charlotte, North Carolina time) on the date of any Advance that such
Lender will not make available to the Administrative Agent such Lender’s ratable portion of such Advance, the Administrative Agent may assume that such Lender has made or will make such portion available to the Administrative Agent on the date
of such Advance and the Administrative Agent may, in its sole and absolute discretion and in reliance upon such assumption, make available to the applicable Borrower or the applicable Issuing Bank, as applicable, on such date a corresponding amount.
If and to the extent such Lender shall not have so made such ratable portion available to the Administrative Agent by 1:00 p.m. (Charlotte, North Carolina time) on the date of any Advance, such Lender agrees to repay to the Administrative Agent
forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the applicable Borrower or the applicable Issuing Bank, as applicable, until the date such amount is repaid to
the Administrative Agent, (x) for the first two (2) Business Days, at the Federal Funds Rate for such Business Days, and (y) thereafter, at the Base Rate. If such Lender shall repay to the Administrative Agent such corresponding
amount, such amount so repaid shall constitute such Lender’s portion of the applicable Advance for purposes of this Agreement and if both such Lender and any Borrower shall pay and repay such corresponding amount, the Administrative Agent shall
promptly relend to the applicable Borrower such corresponding amount. If such Lender does not repay such corresponding amount immediately upon the Administrative Agent’s demand therefor, the Administrative Agent shall notify the Borrower
Representative and the Borrowers shall immediately pay such corresponding amount to the Administrative Agent. The failure of any Lender to fund its portion of any Advance shall not relieve any other Lender of its obligation, if any, hereunder to
fund its respective portion of the Advance on the date of such borrowing, but no Lender shall be responsible for any such failure of any other Lender. 

(f) Deemed Requests for Advance. Unless payment is otherwise timely made by the Borrowers, the becoming due of any amount required to
be paid under this Agreement or any of the other Loan Documents as principal, interest, reimbursement obligations in connection with Letters of Credit, premiums, fees, reimbursable expenses or other sums payable hereunder shall be deemed irrevocably
to be a Request for Advance on the due date of, and in an aggregate amount required to pay, such principal, interest, reimbursement obligations in connection with Letters of Credit, premiums, fees, reimbursable expenses or other sums payable
hereunder, and the proceeds of a Revolving Loan made pursuant thereto may be disbursed by way of direct payment of the relevant Obligation and shall bear interest as a Base Rate Advance. The Lenders shall have no obligation to the Borrowers to honor
any deemed Request for Advance under this Section 2.2(f) unless all the conditions set forth in Section 4.2 have been satisfied, but, with the consent of the Lenders required under the last
sentence of Section 4.2, may do so in their sole and absolute discretion and without regard to the existence of, and without being deemed to have waived, any Default or Event of Default and without regard to the existence
or creation of an Overadvance or the failure by the Borrowers to satisfy any of the conditions set forth in Section 4.2. No further authorization, direction or approval by the Borrowers shall be required to be given by the
Borrowers for any deemed Request for Advance under this Section 2.2(f). The Administrative Agent shall promptly provide to the Borrowers written notice of any Advance pursuant to this
Section 2.2(f). The Borrowers have established with the Administrative Agent a 

  
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master disbursement account into which the Administrative Agent wires proceeds of applicable Advances from time to time (a “Controlled Disbursement Account”). Until such time as
the Administrative Agent in its sole and absolute discretion delivers written notice to the contrary, the presentation for payment by the Administrative Agent of any check or other item of payment drawn on a Controlled Disbursement Account at a time
when there are insufficient funds in such account to cover such check or other item of payment shall be deemed irrevocably to be a request (without any requirement for the submission of a Request for Advance or a minimum principal amount) for an
Advance of a Swing Loan on the date of such presentation and in an amount equal to the aggregate amount of the items presented for payment, and the proceeds of such Advances may, in the Swing Bank’s sole and absolute discretion, be disbursed to
such Controlled Disbursement Account. 
 (g) Special Provisions Pertaining to Swing Loans. 

(i) The Borrowers shall give the Swing Bank written notice in the form of a Request for Advance, or notice by telephone no
later than 1:00 p.m. (Charlotte, North Carolina time) on the date on which the Borrowers wish to receive an Advance of any Swing Loan followed immediately by a written Request for Advance, with a copy to the Administrative Agent; provided,
however, that the failure by the Borrowers to confirm any notice by telephone with a written Request for Advance shall not invalidate any notice so given; provided further, however, that any request by the Borrowers for a
Base Rate Advance under the Revolving Loan Commitment shall be deemed to be a request for a Swing Loan unless the Borrowers specifically request otherwise. The Swing Loan shall be made on the date specified in the notice or the Request for Advance
and such notice or Request for Advance shall specify (i) the amount of the requested Swing Loan and (ii) instructions for the disbursement of the proceeds of the requested Swing Loan. Each Swing Loan shall be subject to all the terms and
conditions applicable to Revolving Loans, except that all payments thereon shall be payable to the Swing Bank solely for its own account. The Swing Bank shall not make any Swing Loans if the Swing Bank has received written notice from any Lender (or
the Swing Bank has actual knowledge) that one or more applicable conditions precedent set forth in Section 4.2 will not be satisfied (or waived pursuant to the last sentence of Section 4.2) on the
requested Advance date. The Swing Bank shall make the proceeds of each Swing Loan available to the Borrowers by deposit of U.S. Dollars in same day funds by wire transfer to the Controlled Disbursement Account. 

(ii) The Swing Bank shall notify the Administrative Agent and each Lender no less frequently than weekly, as determined by the
Administrative Agent, of the principal amount of Swing Loans outstanding as of 3:00 p.m. (Charlotte, North Carolina time) as of such date and each Lender’s pro rata share (based on its Revolving Commitment Ratio) thereof. Each Lender shall
before 12:00 noon (Charlotte, North Carolina time) on the next Business Day make available to the Administrative Agent, in immediate available funds, the amount of its pro rata share (based on its Revolving Commitment Ratio) of such principal amount
of Swing Loans outstanding. Upon such payment by a Lender, such 

  
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Lender shall be deemed to have made a Revolving Loan to the Borrowers, notwithstanding any failure of the Borrowers to satisfy the conditions in Section 4.2. Each
Revolving Loan so made shall bear interest as a Base Rate Advance. The Administrative Agent shall use such funds to repay the principal amount of Swing Loans to the Swing Bank. Additionally, if at any time any Swing Loans are outstanding, any of the
events described in clauses (g) or (h) of Section 9.1 shall have occurred, then each Lender shall automatically upon the occurrence of such event and without any action on the part of the Swing Bank, the
Borrowers, the Administrative Agent or the Lenders be deemed to have purchased an undivided participation in the principal and interest of all Swing Loans then outstanding in an amount equal to such Lender’s Revolving Commitment Ratio of the
principal and interest of all Swing Loans then outstanding and each Lender shall, notwithstanding such Event of Default, immediately pay to the Administrative Agent for the account of the Swing Bank in immediately available funds, the amount of such
Lender’s participation (and upon receipt thereof, the Swing Bank shall deliver to such Lender a loan participation certificate dated the date of receipt of such funds in such amount). The disbursement of funds in connection with the settlement
of Swing Loans hereunder shall be subject to the terms and conditions of Section 2.2(e). 
 Section 2.3
Interest. 
 (a) On Loans. Interest on the Loans, subject to Sections 2.3(b) and (c), shall be payable as
follows: 
 (i) On Base Rate Advances. Interest on each Base Rate Advance shall be computed for the actual number of
days elapsed on the basis of a 365/366 day year and shall be payable quarterly in arrears on the last day of each calendar quarter for such calendar quarter, commencing with the first calendar quarter beginning after the Agreement Date. Interest on
Base Rate Advances then outstanding shall also be due and payable on the Maturity Date (or the date of any earlier prepayment in full of the Obligations arising under this Agreement and the other Loan Documents). Interest shall accrue and be payable
on each Base Rate Advance at the simple per annum interest rate equal to the sum of (A) the Base Rate and (B) the Applicable Margin for Base Rate Advances. 

(ii) On Eurodollar Advances. Interest on each Eurodollar Advance shall be computed for the actual number of days elapsed
on the basis of a hypothetical year of three hundred sixty (360) days and shall be payable in arrears on (x) the Payment Date for such Advance, and (y) if the Interest Period for such Advance is greater than three (3) months, on
the last day of each three (3) month period ending prior to the Payment Date for such Advance and on the Payment Date for such Advance. Interest on Eurodollar Advances then outstanding shall also be due and payable on the Maturity Date (or the
date of any earlier prepayment in full of the Obligations arising under this Agreement and the other Loan Documents). Interest shall accrue and be payable on each Eurodollar Advance at a rate per annum equal to the sum of (A) the Adjusted LIBO
Rate applicable to such Eurodollar Advance and (B) the Applicable Margin for Eurodollar Advances. 

  
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 (iii) If No Notice of Selection of Interest Rate. If the Borrowers
fail to give the Administrative Agent timely notice of their selection of an Interest Rate Basis, or if for any reason a determination of an Adjusted LIBO Rate for any Advance is not timely concluded, the Base Rate shall apply to such Advance. If
the Borrowers fail to elect to continue any Eurodollar Advance then outstanding prior to the last Payment Date applicable thereto in accordance with the provisions of Section 2.2, the Base Rate shall apply to such Advance
commencing on and after such Payment Date. 
 (iv) On Swing Loans. Interest on each Swing Loan shall be computed for
the actual number of days elapsed on the basis of a 365/366 day year and shall be payable quarterly in arrears on the last day of each calendar quarter for such calendar quarter, commencing with the first calendar quarter beginning after the
Agreement Date. Interest on Swing Loans then outstanding shall also be due and payable on the Maturity Date (or the date of any earlier prepayment in full of the Obligations arising under this Agreement and the other Loan Documents). Interest shall
accrue and be payable on each Swing Loan at the Swing Rate. 
 (b) Upon Default. During the existence of an Event of Default,
interest on the outstanding Obligations arising under this Agreement and the other Loan Documents may, at the Administrative Agent’s election, and shall, at the written request of the Majority Lenders, accrue at the Default Rate;
provided, however, that the Default Rate shall automatically be deemed to have been invoked at all times when the Obligations arising under this Agreement and the other Loan Documents have been accelerated or deemed accelerated
pursuant to Section 9.2. Interest accruing at the Default Rate shall be payable on demand and in any event on the Maturity Date (or the date of any earlier prepayment in full of the Obligations arising under this Agreement
and the other Loan Documents) and shall accrue until the earliest to occur of (i) waiver of the applicable Event of Default in accordance with Section 11.12, (ii) agreement by the Majority Lenders to rescind the
charging of interest at the Default Rate, or (iii) payment in full of the Obligations arising under this Agreement and the other Loan Documents. The Lenders shall not be required to (A) accelerate the maturity of the Loans,
(B) terminate the Revolving Loan Commitment, or (C) exercise any other rights or remedies under the Loan Documents in order to charge interest hereunder at the Default Rate. 

(c) Computation of Interest. 

(i) In computing interest on any Advance, the date of making the Advance shall be included and the date of payment shall be
excluded; provided, however, that if an Advance is repaid on the date that it is made, one (1) day’s interest shall be due with respect to such Advance. 

  
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 (ii) With respect to the computation of interest hereunder, subject to
Section 6.15, the application of funds in any Collections Account by the Administrative Agent to the Obligations shall be deemed made one (1) Business Day after receipt of such funds. 

Section 2.4 Fees. 

(a) Fee Letters. The Borrowers agree to pay any and all fees that are set forth in any fee letter executed in connection with this
Agreement at the times specified therein. 
 (b) Unused Line Fee. The Borrowers agree to pay to the Administrative Agent, for the
account of the Lenders in accordance with their respective Revolving Commitment Ratios, an unused line fee (“Unused Line Fee”) on the aggregate amount by which the Revolving Loan Commitment exceeded the sum of the average daily
amount of Aggregate Revolving Credit Obligations (other than with respect to any Swing Loans and Agent Advances) for each day from the Agreement Date through the Maturity Date (or the date of any earlier prepayment in full of the Obligations arising
under this Agreement and the other Loan Documents), at a rate of 0.20% per annum; provided, that the portion of the Unused Line Fee payable to a Lender who is also the Swing Bank shall be reduced by an amount equal to 0.20% per annum of the
outstanding daily balance of Swing Loans made by the Swing Bank. Such Unused Line Fee shall be computed for the actual number of days elapsed on the basis of a 365/366 day year, shall be payable in arrears on the last day of each calendar quarter
for such calendar quarter, commencing with the first calendar quarter ending after the Agreement Date, and if then unpaid, on the Maturity Date (or the date of any earlier prepayment in full of the Obligations arising under this Agreement and the
other Loan Documents), and shall be fully earned when due and non-refundable when paid. 
 (c)
Letter of Credit Fees. 
 (i) The Borrowers shall pay to the Administrative Agent for the account of the Lenders, in
accordance with their respective Revolving Commitment Ratios, a fee on the stated amount of each outstanding Letter of Credit for each day from the Date of Issue through the expiration date of each such Letter of Credit (whether such date is the
stated expiration date of such Letter of Credit at the time of the original issuance thereof or the stated expiration date of such Letter of Credit upon any renewal thereof) at a rate per annum on the amount of the Letter of Credit Obligations equal
to the Applicable Margin in effect from time to time with respect to Eurodollar Advances plus, at all times when the Default Rate is in effect, 2.00%. Such Letter of Credit fee shall be computed for the actual number of days elapsed on the basis of
a 365/366 day year, shall be payable quarterly in arrears for each calendar quarter on the last day of such calendar quarter, commencing with the first calendar quarter beginning after the Agreement Date, and if then unpaid, on the Maturity Date (or
the date of any earlier prepayment in full of the Obligations arising under this Agreement and the other Loan Documents), and shall be fully earned when due and non-refundable when paid. 

  
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 (ii) The Borrowers shall also pay to the Administrative Agent, for the
account of each Issuing Bank, (A) a fee on the stated amount of each Letter of Credit for each day from the Date of Issue through the stated expiration date of each such Letter of Credit (whether such date is the stated expiration date of such
Letter of Credit at the time of the original issuance thereof or the stated expiration date of such Letter of Credit upon any renewal thereof) at a rate of one-eighth of one percent (0.125%) per annum, which
fee shall be computed for the actual number of days elapsed on the basis of a 365/366 day year, and (B) any reasonable and customary fees charged by such Issuing Bank for issuance and administration of such Letters of Credit, which fees, in
each case, shall be payable quarterly in arrears on the last day of each calendar quarter for such calendar quarter, commencing with the first calendar quarter beginning after the Agreement Date, and, if then unpaid, on the Maturity Date (or the
date of any earlier prepayment in full of the Obligations). The foregoing fees shall be fully earned when due, and non-refundable when paid. 

(d) Computation of Fees; Additional Terms Relating to Fees. In computing any fees payable under this
Section 2.4, the first day of the applicable period shall be included and the date of the payment shall be excluded. All fees payable under or in connection with this Agreement and the other Loan Documents shall be deemed
fully earned when and as they become due and payable and, once paid, shall be non-refundable, in whole or in part. 

Section 2.5 Prepayment/Cancellation of Revolving Loan Commitment. 

(a) The principal amount of any Base Rate Advance may be repaid in full or in part at any time, without penalty or prior notice; and the
principal amount of any Eurodollar Advance may be prepaid prior to the applicable Payment Date, upon three (3) Business Days prior written notice to the Administrative Agent, provided that the Borrowers shall reimburse the Lenders and
the Administrative Agent, on the earlier of fifteen (15) days after demand or the Maturity Date, for any loss or reasonable out-of-pocket expense incurred by the
Lenders or the Administrative Agent in connection with such prepayment, as set forth in Section 2.9. Each notice of prepayment of any Eurodollar Advance shall be irrevocable, and each prepayment or repayment made under this
Section 2.5(a) shall include the accrued interest on the amount so prepaid or repaid. Upon receipt of any notice of repayment or prepayment, the Administrative Agent shall promptly notify each Lender of the contents thereof
by telephone or telecopy and of such Lender’s portion of the repayment or prepayment. Notwithstanding the foregoing, the Borrowers shall not make any repayment or prepayment of the Revolving Loans unless and until the balance of the Swing Loans
and the Agent Advances then outstanding is zero. Except as provided in Section 2.5(b), any repayment and prepayment of Advances outstanding under the Revolving Loan Commitment shall not reduce the Revolving Loan Commitment.
Any prepayment of the Loans shall not affect the Borrowers’ obligation to continue to make payments under any Hedge Agreement, which shall remain in full force and effect notwithstanding such prepayment, subject to the terms of such Hedge
Agreement. 
 (b) The Borrowers shall have the right, at any time and from time to time after the Agreement Date and prior to the Maturity
Date, upon at least three (3) Business Days prior written notice to the Administrative Agent, without premium or penalty, to cancel or reduce permanently all or a portion of the Revolving Loan Commitment on a pro rata basis among the Lenders in
accordance with their respective Revolving Commitment Ratios; provided, that (i) 

  
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any such partial reduction shall be made in an amount not less than $15,000,000 and in integral multiples of $1,000,000 in excess thereof, (ii) the Revolving Loan Commitment may not be
reduced to an amount below the then outstanding Letter of Credit Obligations (unless the Revolving Loan Commitment is cancelled and the Letter of Credit Obligations are cash collateralized as set forth below), and (iii) in connection with any
partial reduction in the Revolving Loan Commitment, the Letter of Credit Commitment shall be automatically reduced to an amount not to exceed 12.5% of the Revolving Loan Commitment after giving effect to such partial reduction. As of the date of
cancellation or reduction set forth in such notice, the Revolving Loan Commitment shall be permanently canceled or reduced to the amount stated in the Borrowers’ notice for all purposes herein, and the Borrowers shall (i) immediately pay
to the Administrative Agent for the account of the Lenders the amount necessary such that the principal amount of the Loans then outstanding (together with all outstanding Letter of Credit Obligations) does not exceed the amount of the Revolving
Loan Commitment as so reduced, together with accrued interest on the amount so prepaid and the Unused Line Fee set forth in Section 2.4(b) accrued through the date of the reduction, with respect to the amount reduced, or
cancellation, (ii) reimburse the Administrative Agent and the Lenders for any loss or out-of-pocket expense incurred by any of them in connection with such payment
as set forth in Section 2.9 and (iii) in the case of cancellation of the Revolving Loan Commitment, secure the Letter of Credit Obligations through the delivery of cash collateral, or, in the sole and absolute
discretion of the Administrative Agent, a “back-stop” letter of credit, in form and substance satisfactory to the Administrative Agent, in an amount equal to one hundred three percent (103%) of the Letter of Credit Obligations. 

Section 2.6 Repayment. 

(a) The Revolving Loans. All unpaid principal and accrued interest on the Revolving Loans shall be due and payable in full in cash on
the Maturity Date. Notwithstanding the foregoing, however, in the event that at any time and for any reason there shall exist an Overadvance (other than as a result of an Agent Advance), the Borrowers shall immediately pay to the Administrative
Agent an amount equal to the Overadvance, which payment shall constitute a mandatory payment of the Revolving Loans, Agent Advances, Swing Loans and Letter of Credit Reserve Account, as appropriate. 

(b) [Intentionally Omitted]. 

(c) The Other Obligations. In addition to the foregoing, the Borrowers hereby promise to pay all Obligations (other than Obligations in
respect of Bank Products), including, without limitation, the principal amount of the Loans, amounts drawn under Letters of Credit and accrued and unpaid interest and all fees on the foregoing, as the same become due and payable hereunder and, in
any event, on the Maturity Date. In addition to the foregoing, the Borrowers hereby promise to pay all Obligations in respect of Bank Products as the same become due and payable under the applicable Bank Products Documents. 

  
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 Section 2.7 Notes; Loan Accounts. 

(a) The Loans shall be repayable in accordance with the terms and provisions set forth herein and, upon request by any Lender, the Loans owed
to such Lender shall be evidenced by a Revolving Loan Note. A Revolving Loan Note shall be payable to each Lender requesting such a Revolving Loan Note (and its registered assigns) in accordance with the Revolving Commitment Ratio of such Lender.
Each such Revolving Loan Note shall be issued by the Borrowers to the applicable Lender and shall be duly executed and delivered by an Authorized Signatory of the Borrowers. 

(b) The Administrative Agent shall open and maintain on its books in the name of the Borrowers a loan account with respect to the Loans and
interest thereon (the “Loan Account”). The Administrative Agent shall debit such Loan Account for the principal amount of each Advance made by it on behalf of the Lenders, accrued interest thereon, and all other amounts which shall
become due from the Borrowers pursuant to this Agreement and shall credit the Loan Account for each payment which the Borrowers shall make in respect to the Obligations. The records of the Administrative Agent with respect to such Loan Account shall
be conclusive evidence of the Loans and accrued interest thereon, absent manifest error. 
 Section 2.8 Manner of Payment. 

(a) When Payments Due. 

(i) Each payment (including any prepayment) by the Borrowers on account of the principal of or interest on the Loans, fees, and
any other amount owed to any member of the Lender Group under this Agreement or the other Loan Documents shall be made not later than 2:00 p.m. (Charlotte, North Carolina time) on the date specified for payment under this Agreement or any other Loan
Document to the Administrative Agent at the Administrative Agent’s Office, for the account of the Lenders, the Issuing Banks or the Administrative Agent, as the case may be, in U.S. Dollars without setoff, deduction or counterclaim in
immediately available funds. Any payment received by the Administrative Agent after 2:00 p.m. (Charlotte, North Carolina time) shall be deemed received on the next Business Day. In the case of a payment for the account of a Lender, the
Administrative Agent will promptly thereafter distribute the amount so received in like funds to such Lender. In the case of a payment for the account of any Issuing Bank, the Administrative Agent will promptly thereafter distribute the amount so
received in like funds to such Issuing Bank. If the Administrative Agent shall not have received any payment from the Borrowers as and when due, the Administrative Agent will promptly notify the Lenders accordingly. 

(ii) Except as provided in the definition of Interest Period, if any payment under this Agreement or any other Loan Document
shall be specified to be made on a day which is not a Business Day, it shall be made on the next succeeding day which is a Business Day, and such extension of time shall in such case be included in computing interest and fees, if any, in connection
with such payment. 
 (b) No Deduction. 

  
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 (i) Unless otherwise required by Applicable Law, any and all payments of
principal and interest, fees, indemnity or expense reimbursements, and any other amounts by any Credit Party hereunder or under any other Loan Documents (the “Credit Party Payments”) shall be made without setoff or counterclaim and
free and clear of and without deduction or withholding of any Taxes, and all interest, penalties or similar liabilities with respect thereto, excluding (1) Taxes imposed on, or measured by, net income (however denominated), franchise taxes,
branch profits taxes of any Recipient (i) by the jurisdiction under the laws of which such Recipient is organized, or in which such Recipient has its principal office, or applicable lending office in the case of a Lender, located, or any
political subdivision thereof, or (ii) that are Other Connection Taxes, (2) Taxes attributable to such Recipient’s failure to comply with Section 2.8(b)(vi), (3) Taxes or additional amounts described in
Section 2.8(b)(vii), and (4) any withholding taxes imposed under FATCA (all such excluded Taxes “Excluded Taxes” and all such nonexcluded Taxes, excluding any Other Taxes, collectively or individually
imposed on or with respect to any Credit Party Payments “Indemnified Taxes”). If any applicable withholding agent shall be required to deduct any Indemnified Taxes from or in respect of any Credit Party Payments payable to any
Recipient hereunder or under any other Loan Document, (i) the sum payable by the applicable Credit Party shall be increased by the additional amount necessary so that after making all required deductions or withholdings in respect of
Indemnified Taxes (including deductions applicable to additional sums payable under this Section 2.8(b)(i)), such Recipient shall receive an amount equal to the sum it would have received had no such deductions in respect
of Indemnified Taxes been made, (ii) the applicable withholding agent shall be entitled to make such deductions or withholdings, and (iii) the applicable withholding agent shall pay the full amount deducted or withheld to the relevant
Governmental Authority in accordance with Applicable Law. 
 (ii) In addition, the Credit Parties shall pay to the relevant
Governmental Authority in accordance with Applicable Law any current or future stamp or documentary intangible, recording, filing or similar Taxes, charges or levies that arise from any payment made hereunder or from the execution, delivery or
registration of, or otherwise with respect to, this Agreement or any other Loan Document, excluding any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment pursuant to
Section 11.6) (such taxes being “Other Taxes”). 
 (iii) The Credit Parties shall
indemnify each Recipient for the full amount of Indemnified Taxes and Other Taxes with respect to Credit Party Payments paid or payable by such Person, and any liability (including penalties, interest and expenses (including reasonable
attorney’s fees and expenses)) arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally asserted by the relevant Governmental Authority. A certificate setting forth and containing
an explanation in reasonable detail of the manner in which such amount shall have been determined and the amount of such payment or liability prepared by a member of the Lender Group or the Administrative Agent on its behalf, absent manifest error,
shall be final, conclusive and binding for all purposes. Such indemnification shall be made within thirty (30) days after the date the Administrative Agent or such member, as the case may be, makes written demand therefor. 

  
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 (iv) Each Lender and Issuing Bank shall severally indemnify the
Administrative Agent, within ten (10) days after demand therefor, for (i) any taxes attributable to such Lender or Issuing Bank (but only to the extent that a Credit Party has not already indemnified the Administrative Agent for such taxes
and without limiting the obligation of any Credit Party to do so) and (ii) any other taxes attributable to such Lender or Issuing Bank, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and
any reasonable expenses arising therefrom or with respect thereto, whether or not such taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to any Lender or Issuing Bank by the Administrative Agent shall be conclusive absent manifest error. Each Lender and Issuing Bank hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or
Issuing Bank under any Loan Document or otherwise payable by the Administrative Agent to the Lender or Issuing Bank from any other source against any amount due to the Administrative Agent under this paragraph (iv). 

(v) As soon as practicable after the date of any payment of Indemnified Taxes or Other Taxes by a Credit Party to the relevant
Governmental Authority, the applicable Credit Party will deliver to the Administrative Agent, at its address, the original or a certified copy of a receipt issued by such Governmental Authority evidencing payment thereof or other evidence of such
payment reasonably satisfactory to the Administrative Agent. 
 (vi) Any Lender that is entitled to an exemption from or
reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower Representative and the Administrative Agent, at the time or times reasonably requested by the Borrower Representative or the
Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower Representative or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.
In addition, any Lender, if reasonably requested by the Borrower Representative or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower Representative or the
Administrative Agent as will enable the Borrowers or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding
two sentences, the completion, execution and submission of such documentation (other than such documentation set forth below in this Section 2.8(b)(vi)) shall not be required if in the Lender’s reasonable judgment such completion,
execution or submission 

  
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would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. On or prior to the Agreement Date (or, in the
case of any Lender that becomes a party to this Agreement pursuant to an Assignment and Acceptance, on or prior to the effective date of such Assignment and Acceptance), each Lender which is organized in a jurisdiction other than the United States
or a political subdivision thereof (a “Foreign Lender”) shall provide each of the Administrative Agent and the Borrowers with either (A) two (2) properly executed originals of IRS Form
W-8ECI, IRS Form W-8BEN-E, or IRS Form W-8BEN (or any successor forms) or other documents
satisfactory to the Borrowers and the Administrative Agent, as the case may be, certifying (1) as to such Foreign Lender’s status for purposes of determining exemption from United States withholding taxes with respect to all payments to be
made to such Foreign Lender hereunder and under any other Loan Documents or Bank Products Documents or (2) that all payments to be made to such Foreign Lender hereunder and under any other Loan Documents and Bank Products Documents are subject
to such taxes at a rate reduced by an applicable tax treaty, or (B)(1) a certificate executed by such Lender certifying that such Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent
shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code, and that such Lender
qualifies for the portfolio interest exemption under Section 881(c) of the Code, and (2) two (2) properly executed originals of Internal Revenue Service IRS Form
W-8BEN-E or IRS Form W-8BEN (or any successor form), in each case, certifying such Lender’s entitlement to an exemption from
United States withholding tax with respect to payments of interest to be made hereunder or under any other Loan Documents or Bank Products Documents. To the extent a Foreign Lender is not the beneficial owner with respect to all payments to be made
to such Foreign Lender hereunder and under any other Loan Documents or Bank Products Documents, such Foreign Lender shall provide each of the Administrative Agent and the Borrowers with executed copies of Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W 8BEN-E, IRS Form W-9, and other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming
the portfolio interest exemption, such Foreign Lender may provide certification documents on behalf of each such direct and indirect partner. Each Lender that is a United States person (as defined in Section 7701(a)(30) of the Code) shall
deliver to the Administrative Agent and the Borrowers executed originals of IRS Form W-9 certifying that such lender is exempt from backup withholding tax. Each Lender agrees to provide the Administrative
Agent and the Borrowers with new forms prescribed by the Internal Revenue Service upon the expiration or obsolescence of any previously delivered form, or after the occurrence of any event requiring a change in the most recent forms delivered by it
to the Administrative Agent and the Borrowers. In addition, if a payment made to a Lender, Administrative Agent, or Issuing Bank (and, in each case, any financial institution through which any 

  
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payment is made subject to such recipient) under any Loan Document would be subject to United States federal withholding imposed by FATCA if such Lender, Administrative Agent, or Issuing Bank
were to fail to comply with the applicable reporting requirements of FATCA, such Lender, Administrative Agent, or Issuing Bank shall deliver to the Administrative Agent and the Borrowers such forms or other documents as shall be prescribed by
Applicable Law, if any, or as otherwise reasonably requested, as may be necessary for the Administrative Agent or the Borrowers, as applicable, to determine that such payment is exempt from withholding under FATCA. 

(vii) The Credit Parties shall not be required to indemnify any Lender, or to pay any additional amounts to such Lender
pursuant to Section 2.8(b)(i) or (b)(iii) above to the extent that (A) the obligation to withhold amounts with respect to United States Federal withholding tax existed on the date such Lender became a party to
this Agreement (or, in the case of a transferee, on the effective date of the Assignment and Acceptance pursuant to which such transferee became a Lender) or, with respect to payments to a new lending office, the date such Lender designated such new
lending office; provided, however, that this clause (A) shall not apply to any Foreign Lender that became a Lender or new lending office that became a new lending office as a result of an assignment or designation made at the
request of the Borrowers; and provided further, however, that this clause (A) shall not apply to the extent the indemnity payment or additional amounts, if any, that any member of the Lender Group through a new lending
office would be entitled to receive (without regard to this clause (A)) do not exceed the indemnity payment or additional amounts that the Person making the assignment or transfer to such member of the Lender Group making the designation of such new
lending office would have been entitled to receive in the absence of such assignment, transfer or designation or (B) the obligation to pay such additional amounts or such indemnity payments would not have arisen but for a failure by such member
of the Lender Group to comply with the provisions of Section 2.8(b)(vi) above. 
 (viii) If any
party determines, in its sole discretion exercised in good faith, that it has received a refund, credit or deduction of any Taxes (a “Tax Benefit”) as to which it has been indemnified pursuant to this
Section 2.8(b) (including by the payment of additional amounts), it shall pay to the indemnifying party an amount equal to such Tax Benefit (but only to the extent of indemnity payments made under this
Section 2.8(b) with respect to the Taxes giving rise to such Tax Benefit), net of all out-of-pocket expenses (including Taxes) of such
indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such Tax Benefit). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party
the amount paid over pursuant to this paragraph (viii) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such Tax Benefit to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (viii), in no event will the indemnified party be required to pay any 

  
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amount to an indemnifying party pursuant to this paragraph (viii) the payment of which would place the indemnified party in a less favorable net
after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such Tax Benefit had not been paid and the indemnification payments or additional
amounts with respect to such tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that is deems confidential) to the
indemnifying party or any other Person. 
 (ix) Nothing contained in this Section 2.8(b) shall
require any member of the Lender Group to make available to any Credit Party any of its tax returns (or any other information) that it deems confidential or proprietary. 

Section 2.9 Reimbursement. Whenever any member of the Lender Group shall sustain or incur any losses (excluding losses of
anticipated profits) or out-of-pocket expenses in connection with (a) failure by the Borrowers to borrow or continue any Eurodollar Advance, or convert any Advance
to a Eurodollar Advance after having given notice of its intention to do so in accordance with Section 2.2 (whether by reason of the election of the Borrowers not to proceed or the
non-fulfillment of any of the conditions set forth in this Agreement), (b) prepayment of any Eurodollar Advance in whole or in part for any reason, or (c) failure by the Borrowers to prepay any Eurodollar
Advance after giving notice of its intention to prepay such Advance, the Borrowers agree to pay to such Lender, within fifteen (15) days after such Lender’s demand therefor, an amount sufficient to compensate such Lender for all such
losses and out-of-pocket expenses. Such Lender’s good faith determination of the amount of such losses and out-of-pocket expenses, absent manifest error, shall be binding and conclusive. Losses subject to reimbursement hereunder shall include, without limitation, expenses incurred by any Lender Group member or any
participant of such Lender Group member permitted hereunder in connection with the re-deployment of funds prepaid, repaid, not borrowed, or paid, as the case may be. 

Section 2.10 Pro Rata Treatment. 

(a) Advances. Each Advance from the Lenders under the Revolving Loan Commitment made on or after the Agreement Date shall be made pro
rata on the basis of the respective Revolving Commitment Ratios of such Lenders. 
 (b) Payments. Each payment and prepayment of the
principal of the Revolving Loans, and each payment of interest on the Revolving Loans received from the Borrowers, shall be made by the Administrative Agent to the Lenders pro rata on the basis of their respective unpaid principal amounts
outstanding under the Revolving Loans immediately prior to such payment or prepayment (except in cases when a Lender’s right to receive payments is restricted pursuant to Section 2.17). 

(c) Sharing of Set-offs. If any Lender shall, by exercising any right of set-off or
counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or other Revolving Credit Obligations that would result in such Lender receiving payment of a greater proportion of the aggregate amount of its
Revolving Credit Obligations and 

  
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accrued interest and fees thereon than the proportion received by any other Lender with respect to its Revolving Credit Obligations, then the Lender receiving such greater proportion shall
purchase (for cash at face value) participations in the Revolving Credit Obligations of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of
principal of and accrued interest on their respective Revolving Credit Obligations; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this subsection shall not be construed to apply to any payment made by the Borrowers pursuant to and in accordance
with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender) or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its
Revolving Credit Obligations to any assignee or participant, other than to any Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this subsection shall apply). The Borrowers consent to the foregoing and agree, to the
extent they may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrowers rights of set-off and counterclaim
with respect to such participation as fully as if such Lender were a direct creditor of the Borrowers in the amount of such participation. 

Section 2.11 Application of Payments. 

(a) Prior to the occurrence and continuance of an Event of Default, all amounts received by the Administrative Agent from the Borrowers, shall
be distributed by the Administrative Agent in the following order of priority: 
 FIRST, to the payment of out-of-pocket costs and expenses (including, without limitation, reasonable and documented out-of-pocket attorneys’ fees)
of the Administrative Agent with respect to enforcing the rights of the Lenders under the Loan Documents, and to the payment of principal on any Agent Advances; 

SECOND, to the payment of any fees owed to the Administrative Agent, the Issuing Banks or the Swing Bank hereunder or under any other Loan
Document; 
 THIRD, to the payment of all obligations consisting of accrued fees and interest payable to the Lenders hereunder; 

FOURTH, to the payment of principal then due and payable on the Swing Loans; 

FIFTH, to the payment of principal then due and payable on the Revolving Loans;  

SIXTH, to the payment of any Bank Product Obligations then due and payable; provided, however, that no proceeds realized from any
Guaranty or Collateral of a Credit Party who is not a Qualified ECP Guarantor shall be applied to the payment of Hedge Obligations that constitute Obligations; 

SEVENTH, to the payment of all other Obligations not otherwise referred to in this Section 2.11(a) then due and
payable; and 

  
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 EIGHTH, upon satisfaction in full of all Obligations, to the applicable Credit Party or such
other Person who may be lawfully entitled thereto. 
 (b) Payments Subsequent to Event of Default. Notwithstanding anything in this
Agreement or any other Loan Documents which may be construed to the contrary, subsequent to the occurrence and during the continuance of an Event of Default, payments and prepayments with respect to the Obligations made to the Lender Group, or any
of them, or otherwise received by any member of the Lender Group (from realization on Collateral or otherwise) shall be distributed in the following order of priority (subject, as applicable, to Section 2.10): 

FIRST, to the payment of out-of-pocket costs and expenses
(including without limitation indemnification and reasonable and documented out-of-pocket attorneys’ fees) of the Administrative Agent with respect to enforcing the
rights of the Lenders under the Loan Documents or that are otherwise required to be paid under the Loan Documents in connection therewith, and to the payment of principal and interest on any Agent Advances (including, without limitation, any costs
incurred in connection with the sale or disposition of any Collateral); 
 SECOND, to the payment of any fees owed to the Administrative
Agent, the Issuing Banks or the Swing Bank hereunder or under any other Loan Document; 
 THIRD, to the payment of out-of-pocket costs and expenses (including without limitation indemnification and reasonable and documented
out-of-pocket attorneys’ fees) of the Lenders with respect to enforcing their rights under the Loan Documents or that are otherwise required to be paid under the
Loan Documents in connection therewith; 
 FOURTH, to the payment of all obligations consisting of accrued fees and interest payable to the
Lenders hereunder; 
 FIFTH, to the payment of the principal of the Swing Loans then outstanding; 

SIXTH, pro rata, to (i) the payment of principal on the Revolving Loans then outstanding, and (ii) the Letter of Credit Reserve
Account to the extent of one hundred three percent (103%) of any Letter of Credit Obligations then outstanding; 
 SEVENTH, to the payment of
any Bank Products Obligations; provided, however, that no proceeds realized from any Guaranty or Collateral of a Credit Party who is not a Qualified ECP Guarantor shall be applied to the payment of Hedge Obligations that constitute
Obligations; 
 EIGHTH, to any other Obligations not otherwise referred to in this Section 2.11(b); and 

NINTH, upon satisfaction in full of all Obligations, to the applicable Credit Party or such other Person who may be lawfully entitled thereto.

  
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 Section 2.12 Use of Proceeds. The proceeds of Advances shall be used for the
working capital needs of the Borrowers, for general corporate purposes of the Borrowers (including financing Permitted Acquisitions), and for such other purposes to the extent not inconsistent with the provisions of this Agreement. 

Section 2.13 All Obligations to Constitute One Obligation. All Obligations shall constitute one general obligation of the
Borrowers and shall be secured by the Administrative Agent’s security interest (on behalf of, and for the benefit of, the Lender Group) and Lien upon all of the Collateral, and by all other security interests and Liens heretofore, now or at any
time hereafter granted by any Credit Party to the Administrative Agent or any other member of the Lender Group, to the extent provided in the Security Documents under which such Liens arise. 

Section 2.14 Maximum Rate of Interest. The Borrowers and the Lender Group hereby agree and stipulate that the only charges imposed
upon the Borrowers for the use of money in connection with this Agreement are and shall be the specific interest and fees described in this Article 2 and in any other Loan Document. Notwithstanding the foregoing, the Borrowers and the Lender
Group further agree and stipulate that all closing fees, agency fees, syndication fees, facility fees, underwriting fees, default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and
reimbursement for costs and expenses paid by any member of the Lender Group to third parties or for damages incurred by the Lender Group, or any of them, are charges to compensate the Lender Group for underwriting and administrative services and
costs or losses performed or incurred, and to be performed and incurred, by the Lender Group in connection with this Agreement and the other Loan Documents and shall under no circumstances be deemed to be charges for the use of money pursuant to any
Applicable Law. In no event shall the amount of interest and other charges for the use of money payable under this Agreement exceed the maximum amounts permissible under any law that a court of competent jurisdiction shall, in a final determination,
deem applicable. The Borrowers and the Lender Group, in executing and delivering this Agreement, intend legally to agree upon the rate or rates of interest and other charges for the use of money and manner of payment stated within it;
provided, however, that, anything contained herein to the contrary notwithstanding, if the amount of such interest and other charges for the use of money or manner of payment exceeds the maximum amount allowable under Applicable Law,
then, ipso facto as of the Agreement Date, the Borrowers are and shall be liable only for the payment of such maximum as allowed by law, and payment received from the Borrowers in excess of such legal maximum, whenever received, shall
be applied to reduce the principal balance of the Revolving Loans to the extent of such excess. 
 Section 2.15 Letters of
Credit. 
 (a) Subject to the terms and conditions of this Agreement, the Issuing Banks, on behalf of the Lenders, and in reliance on
the agreements of the Lenders set forth in Section 2.15(c) below, hereby agrees to issue one or more Letters of Credit up to an aggregate face amount equal to the Letter of Credit Commitment; provided,
however, that, except as described in the last sentence of Section 4.2, no Issuing Bank shall issue any Letter of Credit unless the conditions precedent to the issuance thereof set forth in
Section 4.2 have been satisfied. Each Letter of Credit shall (i) be denominated in Dollars, and (ii) expire no later than the earlier to occur of (A) the date five (5) days prior to the Maturity Date,
and (B) three hundred sixty (360) days after its date of issuance (but may contain provisions for automatic renewal provided that no Default or Event of Default exists on the renewal date or would be caused by such renewal

  
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and provided that no such renewal shall extend beyond the date five (5) days prior to the Maturity Date). With respect to each Letter of Credit, (i) the rules of the
International Standby Practices, ICC Publication No. 590, or any subsequent revision or restatement thereof adopted by the ICC and in use by the Issuing Bank, shall apply to each Standby Letter of Credit and (ii) the rules of the Uniform
Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each Commercial Letter of Credit, and, to the extent not inconsistent therewith, the laws of the
State of New York. No Issuing Bank shall at any time be obligated to issue, or cause to be issued, any Letter of Credit if such issuance would conflict with, or cause such Issuing Bank to exceed any limits imposed by, any Applicable Law. 

(b) The Borrowers may from time to time request that any Issuing Bank issue a Letter of Credit. The Borrower Representative shall execute and
deliver to the Administrative Agent and the applicable Issuing Bank a Request for Issuance of Letter of Credit for each Letter of Credit to be issued by such Issuing Bank, not later than 12:00 noon (Charlotte, North Carolina time) on the third (3rd)
Business Day preceding the date on which the requested Letter of Credit is to be issued, or such shorter notice as may be acceptable to such Issuing Bank and the Administrative Agent. Upon receipt of any such Request for Issuance of Letter of
Credit, subject to satisfaction of all conditions precedent thereto as set forth in Section 4.2 or waiver of such conditions pursuant to the last sentence of Section 4.2, the applicable Issuing
Bank shall process such Request for Issuance of Letter of Credit and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter
of Credit requested thereby. The applicable Issuing Bank shall furnish a copy of such Letter of Credit to the Borrower Representative and the Administrative Agent following the issuance thereof. In addition to the fees payable pursuant to
Section 2.4(c)(ii), the Borrowers shall pay or reimburse the Issuing Banks for normal and customary costs and expenses incurred by the Issuing Banks in issuing, effecting payment under, amending or otherwise administering
the Letters of Credit. 
 (c) Immediately upon the issuance by any Issuing Bank of a Letter of Credit and in accordance with the terms and
conditions of this Agreement, such Issuing Bank shall be deemed to have sold and transferred to each Lender, and each Lender shall be deemed irrevocably and unconditionally to have purchased and received from such Issuing Bank, without recourse or
warranty, an undivided interest and participation, to the extent of such Lender’s Revolving Commitment Ratio, in such Letter of Credit and the obligations of the Borrowers with respect thereto (including, without limitation, all Letter of
Credit Obligations with respect thereto). The applicable Issuing Bank shall promptly notify the Administrative Agent of any draw under a Letter of Credit. At such time as the Administrative Agent shall be notified by the applicable Issuing Bank that
the beneficiary under any Letter of Credit has drawn on the same, the Administrative Agent shall promptly notify the Borrower Representative and the Swing Bank (or, at its option, all Lenders), by telephone or telecopy, of the amount of the draw
and, in the case of each Lender, such Lender’s portion of such draw amount as calculated in accordance with its Revolving Commitment Ratio. 

(d) The Borrowers hereby agree to immediately reimburse the Issuing Banks for amounts paid by the Issuing Banks in respect of draws under each
Letter of Credit. In order to facilitate such repayment, the Borrowers hereby irrevocably request the Lenders, and the 

  
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Lenders hereby severally agree, on the terms and conditions of this Agreement (other than as provided in Article 2 with respect to the amounts of, the timing of requests for, and the
repayment of Advances hereunder and in Article 4 with respect to conditions precedent to Advances hereunder), with respect to any drawing under a Letter of Credit, to make a Base Rate Advance on each day on which a draw is made under any
Letter of Credit and in the amount of such draw, and to pay the proceeds of such Advance directly to the applicable Issuing Bank to reimburse such Issuing Bank for the amount paid by it upon such draw. Each Lender shall pay its share of such Base
Rate Advance by paying its portion of such Advance to the Administrative Agent in accordance with Section 2.2(e) and its Revolving Commitment Ratio, without reduction for any set-off
or counterclaim of any nature whatsoever and regardless of whether any Default or Event of Default exists or would be caused thereby. The disbursement of funds in connection with a draw under a Letter of Credit pursuant to this
Section 2.15 shall be subject to the terms and conditions of Section 2.2(e). The obligation of each Lender to make payments to the Administrative Agent, for the account of the applicable Issuing
Bank, in accordance with this Section 2.15 shall be absolute and unconditional and no Lender shall be relieved of its obligations to make such payments by reason of noncompliance by any other Person with the terms of the
Letter of Credit or for any other reason (other than the gross negligence or willful misconduct of the applicable Issuing Bank in paying such Letter of Credit, as determined by a final non-appealable judgment
of a court of competent jurisdiction). The Administrative Agent shall promptly remit to the applicable Issuing Bank the amounts so received from the other Lenders. Any overdue amounts payable by the Lenders to the applicable Issuing Bank in respect
of a draw under any Letter of Credit shall bear interest, payable on demand, (x) for the first two (2) Business Days, at the Federal Funds Rate, and (y) thereafter, at the Base Rate. Notwithstanding the foregoing, at the request of
the Administrative Agent, the Swing Bank may, at its option and subject to the conditions set forth in Section 2.2(g) other than the condition that the applicable conditions precedent set forth in Article 4 be
satisfied, make Swing Loans to reimburse the Issuing Banks for amounts drawn under Letters of Credit. 
 (e) The Borrowers agree that each
Advance by the Lenders to reimburse any Issuing Bank for draws under any Letter of Credit, shall, for all purposes hereunder, unless and until converted into a Eurodollar Advance pursuant to Section 2.2(b)(ii), be deemed to
be a Base Rate Advance. 
 (f) The Borrowers agree that any action taken or omitted to be taken by any Issuing Bank in connection with any
Letter of Credit, except for such actions or omissions as shall constitute bad faith, gross negligence or willful misconduct on the part of such Issuing Bank as determined by a final non-appealable judgment of
a court of competent jurisdiction, shall be binding on the Borrowers as between the Borrowers and such Issuing Bank, and shall not result in any liability of such Issuing Bank to the Borrowers. The obligation of the Borrowers to reimburse any
Issuing Bank for a drawing under any Letter of Credit or the Lenders for Advances made by them to such Issuing Bank on account of draws made under any Letter of Credit shall be absolute, unconditional and irrevocable, and shall be paid strictly in
accordance with the terms of this Agreement under all circumstances whatsoever, including, without limitation, the following circumstances: 

(i) Any lack of validity or enforceability of any Loan Document; 

  
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 (ii) Any amendment or waiver of or consent to any departure from any or all
of the Loan Documents; 
 (iii) Any improper use which may be made of any Letter of Credit or any improper acts or omissions
of any beneficiary or transferee of any Letter of Credit in connection therewith; 
 (iv) The existence of any claim, set-off, defense or any right which any Borrower may have at any time against any beneficiary or any transferee of any Letter of Credit (or Persons for whom any such beneficiary or any such transferee may be
acting), any Lender or any other Person, whether in connection with any Letter of Credit, any transaction contemplated by any Letter of Credit, this Agreement, or any other Loan Document, or any unrelated transaction; 

(v) Any statement or any other documents presented under any Letter of Credit proving to be insufficient, forged, fraudulent or
invalid in any respect or any statement therein being untrue or inaccurate in any respect whatsoever; 
 (vi) The insolvency
of any Person issuing any documents in connection with any Letter of Credit; 
 (vii) Any breach of any agreement between any
Borrower and any beneficiary or transferee of any Letter of Credit; 
 (viii) Any irregularity in the transaction with
respect to which any Letter of Credit is issued, including any fraud by the beneficiary or any transferee of such Letter of Credit; 

(ix) Any errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph,
wireless or otherwise, whether or not they are in code; 
 (x) Any act, error, neglect or default, omission, insolvency or
failure of business of any of the correspondents of such Issuing Bank; 
 (xi) Any other circumstances arising from causes
beyond the control of such Issuing Bank; 
 (xii) Payment by such Issuing Bank under any Letter of Credit against
presentation of a sight draft or a certificate which does not comply with the terms of such Letter of Credit, provided that such payment shall not have constituted bad faith, gross negligence or willful misconduct of such Issuing Bank as
determined by a final non-appealable judgment of a court of competent jurisdiction; and 

(xiii) Any other circumstance or happening whatsoever, whether or not similar to any of the foregoing. 

  
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 (g) The Borrowers will indemnify and hold harmless each Indemnitee from and against any and
all claims, liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (including reasonable and documented out-of-pocket attorneys’ fees) which may be imposed on, incurred by or asserted against such Indemnitee in any way relating to or arising out of the issuance of a Letter of Credit, except that the
Borrowers shall not be liable to an Indemnitee for any portion of such claims, liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the bad faith, gross negligence or
willful misconduct of such Indemnitee as determined by a final non-appealable judgment of a court of competent jurisdiction. This Section 2.15(g) shall survive termination of this
Agreement. 
 (h) Each Lender shall be responsible (to the extent the Issuing Bank is not reimbursed by the Borrowers) for its pro rata
share (based on such Lender’s Revolving Commitment Ratio) of any and all reasonable out-of-pocket costs, expenses (including reasonable and documented out-of-pocket attorneys’ fees) and disbursements which may be incurred or made by the Issuing Banks in connection with the collection of any amounts due under, the
administration of, or the presentation or enforcement of any rights conferred by any Letter of Credit, any Borrower’s or any Guarantor’s obligations to reimburse draws thereunder or otherwise. In the event the Borrowers shall fail to pay
such expenses of the Issuing Bank within fifteen (15) days of demand for payment by any Issuing Bank, each Lender shall thereupon pay to such Issuing Bank its pro rata share (based on such Lender’s Revolving Commitment Ratio) of such
expenses within ten (10) days from the date of such Issuing Bank’s notice to the Lenders of the Borrowers’ failure to pay; provided, however, that if the Borrowers shall thereafter pay such expenses, the Issuing Bank
will repay to each Lender the amounts received from such Lender hereunder. 
 Section 2.16 Bank Products. Any Credit Party may
request and the Administrative Agent or any Lender may, in its sole and absolute discretion, arrange for such Credit Party to obtain from the Administrative Agent, any Lender or any Affiliate of the Administrative Agent or any Lender, as applicable,
Bank Products although no Credit Party is required to do so. If any Bank Products are provided by an Affiliate of the Administrative Agent or any Affiliate of any Lender, the Credit Parties agree to indemnify and hold the Lender Group, or any of
them, harmless from any and all costs and obligations now or hereafter incurred by the Lender Group, or any of them, which arise from any indemnity given by the Administrative Agent to any of its Affiliates, or any Lender to any of its Affiliates,
as applicable, related to such Bank Products; provided, however, nothing contained herein is intended to limit the Credit Parties’ rights, with respect to the Administrative Agent, any Lender or any Affiliates of the
Administrative Agent or any Lender, as applicable, if any, which arise as a result of the execution of Bank Products Documents. The agreement contained in this Section shall survive termination of this Agreement. The Credit Parties acknowledge and
agree that the obtaining of Bank Products from the Administrative Agent, any Lender or any Affiliate of the Administrative Agent or any Lender (a) is in the sole and absolute discretion of the Administrative Agent, such Lender or such
Affiliates, as applicable, and (b) is subject to all rules and regulations of the Administrative Agent, such Lender or such Affiliates, as applicable. 

Section 2.17 Defaulting Lenders. 

  
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 (a) Cash Collateral 

(i) At any time that there shall exist a Defaulting Lender, within one Business Day following the written request of the
Administrative Agent or any Issuing Bank (with a copy to the Administrative Agent) the Borrowers shall Cash Collateralize the Letter of Credit Obligations with respect to such Defaulting Lender (determined after giving effect to
Section 2.17(b)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than 103% of the Letter of Credit Obligations with respect to such Defaulting Lender. 

(ii) The Borrowers, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant to the
Administrative Agent, for the benefit of the Issuing Bank, and agree to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect of Letters of
Credit, to be applied pursuant to clause (iii) below. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the applicable Issuing Bank as
herein provided, or that the total amount of such Cash Collateral is less than the minimum amount required pursuant to clause (i) above, the Borrowers will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative
Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender). 

(iii) Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this
Section 2.17(a) or Section 2.17(b) in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of Letters of
Credit or Letter of Credit Disbursements (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as
may otherwise be provided for herein. 
 (iv) Cash Collateral (or the appropriate portion thereof) provided in respect of any
Letter of Credit Obligations shall no longer be required to be held as Cash Collateral pursuant to this Section 2.17(a) following (A) the elimination of the applicable Letter of Credit Obligations (including by the
termination of Defaulting Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent and the applicable Issuing Bank that there exists excess Cash Collateral; provided that, subject to
Section 2.17(b) through (d) the Person providing Cash Collateral and the applicable Issuing Bank may agree that Cash Collateral shall be held to support future anticipated Letter of Credit Obligations or other
obligations and provided further that to the extent that such Cash Collateral was provided by the Borrowers, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents. 

  
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 (b) Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained
in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 

(i) Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as set forth in the definition of Majority Lenders and in Section 11.12. 

(ii) Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such
Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article 9 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 11.4 shall be applied at such
time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any
amounts owing by such Defaulting Lender to any Issuing Bank or Swing Bank hereunder; third, to Cash Collateralize the Letter of Credit Obligations with respect to such Defaulting Lender in accordance with
Section 2.17(a); fourth, as the Borrowers may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof
as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrowers, to be held in a deposit account and released pro rata in order to (x) satisfy such
Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize future Letter of Credit Obligations with respect to such Defaulting Lender with respect to future Letters of
Credit issued under this Agreement, in accordance with Section 2.17(a); sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks or Swing Bank as a result of any judgment of a court of competent
jurisdiction obtained by any Lender, any Issuing Bank or the Swing Bank against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of
Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or Letter
of Credit Disbursements in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in
Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and Letter of Credit Disbursements owed to, all Non-Defaulting Lenders on a pro rata
basis prior to being applied to the payment of any Loans of, or Letter of Credit Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in Letter of Credit Obligations and Swing Loans are
held by the 

  
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Lenders pro rata in accordance with the Revolving Loan Commitments without giving effect to sub-section (iv) below. Any payments, prepayments
or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.17(b)(ii) shall be deemed paid to and
redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (iii) (A) No Defaulting Lender shall be
entitled to receive any Unused Line Fee pursuant to Section 2.4(b) for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been
required to have been paid to that Defaulting Lender). 
 (B) Each Defaulting Lender shall be entitled to receive letter of
credit fees pursuant to Section 2.4(c) for any period during which that Lender is a Defaulting Lender only to the extent allocable to that portion of its Letter of Credit Obligations for which it has provided Cash
Collateral pursuant to Section 2.17(a). 
 (C) With respect to Unused Line Fee or letter of credit
fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrowers shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to
such Defaulting Lender with respect to such Defaulting Lender’s participation in Letters of Credit or Swing Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause
(iv) below, (y) pay to the Issuing Banks and Swing Bank, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Bank’s Letter of Credit Obligations or the Swing
Bank’s Swing Loan Obligations with respect to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee. 

(iv) All or any part of such Defaulting Lender’s participation in Letters of Credit and Swing Loans shall be reallocated
among the Non-Defaulting Lenders in accordance with their respective Revolving Commitment Ratio (calculated without regard to such Defaulting Lender’s Revolving Loan Commitment) but only to the extent
that (x) the conditions set forth in Section 4.2 are satisfied at the time of such reallocation (and, unless the Borrowers shall have otherwise notified the Administrative Agent at such time, the Borrowers shall be
deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Obligations of any Non-Defaulting Lender
to exceed such Non-Defaulting Lender’s Revolving Loan Commitment. Subject to Section 11.28, 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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 (v) If the reallocation described in clause (iv) above cannot, or can
only partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to them hereunder or under law, (x) first, prepay Swing Loans in an amount equal to the Swing Loan Obligations with respect to such Defaulting
Lender and (y) second, Cash Collateralize the Letter of Credit Obligations with respect to such Defaulting Lender in accordance with the procedures set forth in Section 2.17(a). 

(c) Defaulting Lender Cure. If the Borrower Representative, the Administrative Agent, Swing Bank and Issuing Banks agree in writing
(such agreement not to be unreasonably withheld or delayed) that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any
conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the
Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Loans to be held pro rata by the Lenders in accordance with the Revolving Commitment Ratios (without giving
effect to Section 2.17(b)(iv)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the
Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or
release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 
 (d) New Swing
Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, the Issuing Banks will not be required to issue, amend or increase any Letter of Credit, and the Swing Bank will not be required to make any Swing Loans, unless they are
satisfied that 100% of the related Letter of Credit Obligations and Swing Loan Obligations is fully covered or eliminated by Cash Collateral and reallocation as set forth in this Section 2.17. 

ARTICLE 3 
 GUARANTY 

Section 3.1 Guaranty. 

(a) Each Guarantor hereby, jointly and severally, guarantees to the Administrative Agent, for the benefit of the Lender Group, the full and
prompt payment of the Obligations, including, without limitation, any interest therein (including, without limitation, interest as provided in this Agreement, accruing after the filing of a petition initiating any insolvency proceedings, whether or
not such interest accrues or is recoverable against any Borrower after the filing of such petition for purposes of the Bankruptcy Code or is an allowed claim in such proceeding), plus reasonable and documented out-of-pocket attorneys’ fees and expenses if the obligations represented by this Guaranty are collected by law, through an
attorney-at-law, or under advice therefrom. 

  
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 (b) Regardless of whether any proposed guarantor or any other Person shall become in any
other way responsible to the Lender Group, or any of them, for or in respect of the Obligations or any part thereof, and regardless of whether or not any Person now or hereafter responsible to the Lender Group, or any of them, for the Obligations or
any part thereof, whether under this Guaranty or otherwise, shall cease to be so liable, each Guarantor hereby declares and agrees that this Guaranty shall be a joint and several obligation, shall be a continuing guaranty and shall be operative and
binding until the Obligations shall have been indefeasibly paid in full in cash (or in the case of Letter of Credit Obligations, secured through delivery of cash collateral in an amount equal to one hundred and three percent (103%) of the Letter of
Credit Obligations) and the Commitments shall have been terminated. 
 (c) Each Guarantor absolutely, unconditionally and irrevocably waives
any and all right to assert any defense (other than the defense of payment in cash in full, to the extent of its obligations hereunder, or a defense that such Guarantor’s liability is limited as provided in
Section 3.1(g)), set-off, counterclaim or cross-claim of any nature whatsoever with respect to this Guaranty or the obligations of the Guarantors under this Guaranty or the
obligations of any other Person or party (including, without limitation, the Borrowers) relating to this Guaranty or the obligations of any of the Guarantors under this Guaranty or otherwise with respect to the Obligations in any action or
proceeding brought by the Administrative Agent or any other member of the Lender Group to collect the Obligations or any portion thereof, or to enforce the obligations of any of the Guarantors under this Guaranty. 

(d) The Lender Group, or any of them, may from time to time, without exonerating or releasing any Guarantor in any way under this Guaranty,
(i) take such further or other security or securities for the Obligations or any part thereof as they may deem proper, or (ii) release, discharge, abandon or otherwise deal with or fail to deal with any Guarantor of the Obligations or any
security or securities therefor or any part thereof now or hereafter held by the Lender Group, or any of them, or (iii) amend, modify, increase, extend, accelerate or waive in any manner any of the provisions, terms, or conditions of the Loan
Documents, all as they may consider expedient or appropriate in their sole and absolute discretion. Without limiting the generality of the foregoing, or of Section 3.1(e), it is understood that the Lender Group, or any of
them, may, without exonerating or releasing any Guarantor, give up, modify or abstain from perfecting or taking advantage of any security for the Obligations and accept or make any compositions or arrangements, and realize upon any security for the
Obligations when, and in such manner, and with or without notice, all as such Person may deem expedient. 
 (e) Each Guarantor acknowledges
and agrees that no change in the nature or terms of the Obligations or any of the Loan Documents, or other agreements, instruments or contracts evidencing, related to or attendant with the Obligations (including any novation), shall discharge all or
any part of the liabilities and obligations of such Guarantor pursuant to this Guaranty; it being the purpose and intent of the Guarantors and the Lender Group that the covenants, agreements and all liabilities and obligations of each Guarantor
hereunder are absolute, unconditional and irrevocable under any and all circumstances. Without limiting the generality of the foregoing, each Guarantor agrees that until the performance of and payment in full in cash of the Obligations (without
possibility of recourse, whether by operation of law or otherwise) and the termination of the Commitments, such Guarantor’s undertakings hereunder shall not be released, in whole or in part, by any action or thing which might, but for this

  
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paragraph of this Guaranty, be deemed a legal or equitable discharge of a surety or guarantor, or by reason of any waiver, omission of the Lender Group, or any of them, or their failure to
proceed promptly or otherwise, or by reason of any action taken or omitted by the Lender Group, or any of them, whether or not such action or failure to act varies or increases the risk of, or affects the rights or remedies of, such Guarantor or by
reason of any further dealings between the Borrowers, on the one hand, and any member of the Lender Group, on the other hand, or any other guarantor or surety, and such Guarantor hereby expressly waives and surrenders any defense to its liability
hereunder, or any right of counterclaim or offset of any nature or description which it may have or may exist based upon, and shall be deemed to have consented to, any of the foregoing acts, omissions, things, agreements or waivers. 

(f) The Lender Group, or any of them, may, without demand or notice of any kind upon or to any Guarantor, at any time or from time to time
when any amount shall be due and payable hereunder by any Guarantor, if the Borrowers shall not have timely paid any of the Obligations (or in the case of Letter of Credit Obligations, secured through delivery of cash collateral in an amount equal
to one hundred and three percent (103%) of the Letter of Credit Obligations), set-off and appropriate and apply to any portion of the Obligations hereby guaranteed, and in such order of application as the
Administrative Agent may from time to time elect in accordance with this Agreement, any deposits, property, balances, credit accounts or moneys of any Guarantor in the possession of any member of the Lender Group or under their respective control
for any purpose. If and to the extent that any Guarantor makes any payment to the Administrative Agent or any other Person pursuant to or in respect of this Guaranty, any claim which such Guarantor may have against any Borrower by reason thereof
shall be subject and subordinate to the prior payment in full in cash of the Obligations to the satisfaction of the Lender Group and the termination of the Commitments. 

(g) The creation or existence from time to time of Obligations in excess of the amount committed to or outstanding on the date of this
Guaranty is hereby authorized, without notice to any Guarantor, and shall in no way impair or affect this Guaranty or the rights of the Lender Group herein. It is the intention of each Guarantor and the Administrative Agent that each
Guarantor’s obligations hereunder shall be not in excess of the Maximum Guaranteed Amount (as herein defined). The “Maximum Guaranteed Amount” with respect to any Guarantor, shall mean the maximum amount which could be paid by
such Guarantor without rendering this Guaranty void or voidable as would otherwise be held or determined by a court of competent jurisdiction in any action or proceeding involving any state or Federal bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or other similar laws relating to the insolvency of debtors. 
 (h) Upon the bankruptcy or winding up or
other distribution of assets of any Borrower, or of any surety or guarantor (other than the applicable Guarantor) for any Obligations of the Borrowers to the Lender Group, or any of them, the rights of the Administrative Agent against any Guarantor
shall not be affected or impaired by the omission of any member of the Lender Group to prove its claim, or to prove the full claim, as appropriate, against such Borrower, or any such other guarantor or surety, and the Administrative Agent may prove
such claims as it sees fit and may refrain from proving any claim and in its discretion may value as it sees fit or refrain from valuing any security held by it without in any way releasing, reducing or otherwise affecting the liability to the
Lender Group of each of the Guarantors. 

  
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 (i) Each Guarantor hereby absolutely, unconditionally and irrevocably expressly waives,
except to the extent such waiver would be expressly prohibited by Applicable Law, the following: (i) notice of acceptance of this Guaranty, (ii) notice of the existence or creation of all or any of the Obligations, (iii) presentment,
demand, notice of dishonor, protest and all other notices whatsoever (other than notices expressly required hereunder or under any other Loan Document to which any Guarantor is a party), (iv) all diligence in collection or protection of or
realization upon the Obligations or any part thereof, any obligation hereunder, or any security for any of the foregoing, (v) all rights to enforce any remedy which the Lender Group, or any of them, may have against any Borrower,
(vi) until the Obligations shall have been paid in full in cash (or in the case of a Letter of Credit Obligations, secured through delivery of cash collateral in an amount equal to one hundred and three percent (103%) of the Letter of Credit
Obligations), and all Commitments have been terminated, all rights of subrogation, indemnification, contribution and reimbursement from any Borrower for amounts paid hereunder and any benefit of, or right to participate in, any collateral or
security now or hereinafter held by the Lender Group, or any of them, in respect of the Obligations, and (vii) any and all rights under any Applicable Law governing guaranties or sureties. If a claim is ever made upon any member of the Lender
Group for the repayment or recovery of any amount or amounts received by such Person in payment of any of the Obligations and such Person repays all or part of such amount by reason of (A) any judgment, decree or order of any court or
administrative body having jurisdiction over such Person or any of its property, or (B) any settlement or compromise of any such claim effected by such Person with any such claimant, including any Borrower, then in such event each Guarantor
agrees that any such judgment, decree, order, settlement or compromise shall be binding upon such Guarantor, notwithstanding any revocation hereof or the cancellation of any promissory note or other instrument evidencing any of the Obligations, and
such Guarantor shall be and remain obligated to such Person hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by such Person. 

(j) This Guaranty is a continuing guaranty of the Obligations and all liabilities to which it applies or may apply under the terms hereof and
shall be conclusively presumed to have been created in reliance hereon. No failure or delay by any member of the Lender Group in the exercise of any right, power, privilege or remedy shall operate as a waiver thereof, and no single or partial
exercise by the Administrative Agent of any right or remedy shall preclude other or further exercise thereof or the exercise of any other right or remedy and no course of dealing between any Guarantor and any member of the Lender Group shall operate
as a waiver thereof. No action by any member of the Lender Group permitted hereunder shall in any way impair or affect this Guaranty. For the purpose of this Guaranty, the Obligations shall include, without limitation, all Obligations of the
Borrowers to the Lender Group, notwithstanding any right or power of any third party, individually or in the name of any Borrower and the Lender Group, or any of them, to assert any claim or defense as to the invalidity or unenforceability of any
such Obligation, and no such claim or defense shall impair or affect the obligations of any Guarantor hereunder. 
 (k) This is a guaranty
of payment and not of collection. In the event the Administrative Agent makes a demand upon any Guarantor in accordance with the terms of this Guaranty, such Guarantor shall be held and bound to the Administrative Agent directly as debtor in respect
of the payment of the amounts hereby guaranteed. All costs and expenses, including, without limitation, reasonable and documented out-of-pocket attorneys’ fees and
expenses, incurred by the Administrative Agent in obtaining performance of or collecting payments due under this Guaranty shall be deemed part of the Obligations guaranteed hereby. 

  
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 (l) Each Subsidiary Guarantor is a direct or indirect Subsidiary of the Parent. Each
Guarantor expressly represents and acknowledges that any financial accommodations by the Lender Group to the Borrowers, including, without limitation, the extension of credit, are and will be of direct interest, benefit and advantage to such
Guarantor. 
 (m) The payment obligation of a Guarantor to any other Guarantor under any Applicable Law regarding contribution rights among co-obligors or otherwise shall be subordinate and subject in right of payment to the prior payment in full of the obligations of such Guarantor under the other provisions of this Guaranty, and such Guarantor shall
not exercise any right or remedy with respect to such rights until payment and satisfaction in full of all such obligations. 

Section 3.2 Additional Waivers. 

(a) Without limiting the waivers in the foregoing paragraph, each Guarantor hereby further waives: 

(i) any defense arising by reason of or deriving from (1) an election of remedies by the Administrative Agent and the
other Lender Group members or (2) any election by the Administrative Agent and the Lender Group members under Section 1111(b) of the Bankruptcy Code to limit the amount of, or any collateral securing, its claim against such Guarantor, any
other Credit Party or any other guarantor of the Obligations; 
 (ii) pursuant to California Civil Code Section 2856,
all rights and defenses arising out of an election of remedies by the creditor, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a guaranteed obligation, has destroyed such Guarantor’s rights
of subrogation and reimbursement against any other Credit Party or guarantor of the Obligations; 
 (iii) the benefits of
Section 2815 of the California Civil Code (or any similar law in any other jurisdiction) purporting to allow a guarantor to revoke a continuing guaranty with respect to any transactions occurring after the date of the guaranty; and 

(iv) such Guarantor’s right, under Sections 2845 or 2850 of the California Civil Code, or otherwise, to require the
Administrative Agent and the other Lender Group members to institute suit against, or to exhaust any rights and remedies which the Administrative Agent and the other Lender Group members have or may have against any other Credit Party or guarantor
of the Obligations or any third party, or against any collateral provided by any other guarantor of the Obligations, or any third party; and such Guarantor further waives any defense arising by reason of any disability or other defense (other than
the defense that the Obligations shall have been fully and finally performed and indefeasibly paid) of any other Credit Party or guarantor of the Obligations or by reason of the cessation from any cause whatsoever of the liability of such other
Credit Parties or guarantors in respect thereof. 

  
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 (b) WITHOUT LIMITING THE GENERALITY OF ANY OTHER WAIVER OR OTHER PROVISION SET FORTH IN THIS
GUARANTEE, EACH GUARANTOR HEREBY ABSOLUTELY, KNOWINGLY, UNCONDITIONALLY, AND EXPRESSLY WAIVES AND AGREES NOT TO ASSERT ANY AND ALL BENEFITS OR DEFENSES ARISING DIRECTLY OR INDIRECTLY UNDER ANY ONE OR MORE OF CALIFORNIA CIVIL CODE SECTIONS 2799,
2808, 2809, 2810, 2815, 2819, 2820, 2821, 2822, 2825, 2839, 2845, 2848, 2849, AND 2850, AND CALIFORNIA UNIFORM COMMERCIAL CODE SECTIONS 3116, 3118, 3119, 3419 AND 3605. 

(c) In accordance with Section 11.7 hereof, this Agreement shall be construed in accordance with and governed by the
law of the state of New York. The foregoing referenced provisions of California law are included solely out of an abundance of caution, and shall not be construed to mean that any of the referenced provisions of California law are in any way
applicable to this Agreement or any other Loan Document or to any of the Obligations. 
 Section 3.3 Special Provisions Applicable
to New Guarantors. Pursuant to Section 6.20 of this Agreement, any new Restricted Subsidiary of a Borrower may be required to enter into this Agreement as a Guarantor by executing and delivering to the Administrative
Agent a Joinder Supplement. Upon the execution and delivery of a Joinder Supplement by such new Subsidiary, such new Subsidiary shall become a Guarantor and Credit Party hereunder with the same force and effect as if originally named as a Guarantor
or Credit Party herein. The execution and delivery of any Joinder Supplement (or any joinder to any other applicable Loan Document) adding an additional Guarantor as a party to this Agreement (or any other applicable Loan Document) shall not require
the consent of any other party hereto. The rights and obligations of each party hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor hereunder. 

ARTICLE 4 
 CONDITIONS PRECEDENT

 Section 4.1 Conditions Precedent to Initial Advance. The obligations of the Lenders to undertake the Commitments and to
make the initial Advances hereunder, and the obligation of the Issuing Bank to issue any initial Letter of Credit hereunder, are subject to the prior fulfillment of each of the following conditions: 

(a) The Administrative Agent shall have received each of the following, in form and substance reasonably satisfactory to the Lender Group: 

(i) This Agreement duly executed by the Borrowers, the Guarantors, the Lenders, and the Administrative Agent; 

  
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 (ii) Any Revolving Loan Notes requested in writing by any Lender at least
three (3) Business Days prior to the Agreement Date duly executed by the Borrowers; 
 (iii) The Security Agreement, the
Canadian Security Agreement, and the Reaffirmation Agreement, each duly executed by each Credit Party party thereto; 
 (iv)
An Information and Collateral Disclosure Certificate with respect to the Credit Parties duly executed by such Credit Party; 

(v) The legal opinions of Orrick, Herrington & Sutcliffe LLP, counsel to the Credit Parties (opining on New York,
Delaware, California, Washington, Oregon and federal law), and local counsel for Georgia and Wisconsin, in each case addressed to the Lender Group, which opinions shall cover the transactions contemplated hereby and in the other Loan Documents and
include, among other things, opinions as to corporate or limited liability company power and authority; due authorization; good standing or existence; no conflicts with organizational documents, laws, material debt agreements (including without
limitation the Indenture with respect to the 2017 Notes and the 2020 Notes and the New Indenture with respect to the 2021 Notes), and orders and decrees; no liens triggered by execution and delivery of the Loan Documents; necessary consents;
execution and delivery; enforceability; margin regulations; investment company act; and attachment and perfection of security interests; 

(vi) The duly executed Request for Advance for the initial Advance of the Loans, with disbursement instructions attached
thereto; 
 (vii) A loan certificate signed by an Authorized Signatory of each Credit Party, including a certificate of
incumbency with respect to each Authorized Signatory of such Person, together with appropriate attachments which shall include, without limitation, the following: (A) a copy of the certificate of incorporation or formation, articles of
organization, or similar organizational document of such Person certified to be true, complete and correct by the Secretary of State of the State of such Person’s incorporation or formation, (B) a true, complete and correct copy of the
bylaws, operating agreement, partnership agreement, limited liability company agreement, or similar organizational document of such Person, (C) a true, complete and correct copy of the board resolutions (or equivalent) of such Person
authorizing the execution, delivery and performance by such Person of the Loan Documents and the Bank Products Documents and, with respect to the Borrowers, authorizing the borrowings hereunder, and (D) certificates of good standing, existence,
or similar appellation from each jurisdiction in which such Person is organized; provided, that if a document referenced in clause (A) or (B) was delivered in connection with the Existing Credit Agreement, then delivery of such document
shall not be required so long as the applicable Credit Party certifies that no changes have been made to such document, and such document remains in full force and effect; 

  
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 (viii) A solvency certificate executed by the chief financial officer of the
Parent regarding the solvency and financial condition of the Credit Parties; 
 (ix) Certificates of insurance, with respect
to the Credit Parties (other than IMS Southern, LLC), in each case, meeting the requirements of Section 6.5; 

(x) UCC, PPSA, Lien, and Intellectual Property searches, and all other searches and other evidence satisfactory to
Administrative Agent that there are not Liens upon the Collateral (other than Permitted Liens); 
 (xi) Payment of all fees
and expenses payable to the Administrative Agent, the Affiliates of the Administrative Agent, and the Lenders in connection with the execution and delivery of this Agreement, including, without limitation, fees and expenses of counsel to the
Administrative Agent; and 
 (xii) A certificate signed by an Authorized Signatory of the Borrowers certifying that each of
the applicable conditions set forth in Sections 4.2(a) and (d) have been satisfied. 
 (b) The Administrative Agent and
the Lenders agree that the Revolving Loan Commitment of each of the Lenders immediately prior to the effectiveness of this Agreement shall be reallocated among the Lenders such that, immediately after the effectiveness of this Agreement in
accordance with its terms, the Revolving Loan Commitment of each Lender shall be as set forth on Schedule 1.1(a). In order to effect such reallocations, assignments shall be deemed to be made among the Lenders in such amounts as may be
necessary, and with the same force and effect as if such assignments were evidenced by the applicable Assignment and Acceptance (but without the payment of any related assignment fee), and no other documents or instruments shall be required to be
executed in connection with such assignments (all of which such requirements are hereby waived). Further, to effect the foregoing, each Lender agrees to make cash settlements in respect of any outstanding Revolving Loans, either directly or through
the Administrative Agent, as the Administrative Agent may direct or approve, such that after giving effect to this Agreement, each Lender holds Revolving Loans equal to its Aggregate Commitment Ratio (based on the Revolving Loan Commitment of each
Lender as set forth on Schedule 1.1(a)). To the extent the reallocation permitted pursuant to this Section 4.1(b) results in the prepayment of any Eurodollar Advance in whole or in part, the Lenders hereby agree to
waive any reimbursement obligations of the Borrowers arising under Section 2.9 in connection therewith. 
 (c) The
Administrative Agent shall have received a certificate of an Authorized Signatory of the Borrower Representative stating that no change in the business, condition (financial or otherwise), results of operations, liabilities (contingent or
otherwise), or properties of the Parent and its Restricted Subsidiaries (taken as a whole) shall have occurred since September 25, 2021, which change has had or would be reasonably expected to have a Materially Adverse Effect. 

  
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 (d) The Administrative Agent shall have received (i) the financial statements
(including balance sheets and related statements of comprehensive income, equity and cash flows) described in Section 5.1(k) and (ii) an annual budget for the Credit Parties and their Subsidiaries, including forecasts
of the income statement, the balance sheet and a cash flow statement for each fiscal year through the fiscal year ending September 2026, prepared on a quarterly basis from the Agreement Date through September 24, 2022, and prepared on an annual
basis for each fiscal year thereafter (it being recognized by the Administrative Agent and the Lenders that the projections and forecasts provided by the Credit Parties should not be viewed as facts and that actual results during the period or
periods covered by such projections and forecasts may differ from the projected or forecasted results and such differences may be material). 

(e) The Administrative Agent shall have received a certificate signed by an Authorized Signatory of the Borrowers certifying that all
Necessary Authorizations described in clause (a) of the definition thereof are in full force and effect, are not subject to any pending or threatened reversal or cancellation, and all applicable waiting periods have expired, and that there is
no ongoing investigation or inquiry by any Governmental Authority regarding the Loans or any other transaction contemplated by the Loan Documents. 

(f) At least five (5) days prior to the date of this Agreement, the Administrative Agent shall have received all documentation and
information required by any Governmental Authority and requested in writing by any Lender at least ten (10) days prior to the Agreement Date under any applicable “know your customer” and Anti-Money Laundering Laws including the
Patriot Act and, if any Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to such Borrower. 

(g) The Administrative Agent shall have received all documentation and authorizations necessary to release all Mortgages granted to the
Administrative Agent under the Existing Credit Agreement, and all such Mortgages shall have been, or shall substantially concurrent with the consummation hereof be, terminated (with record filings to be submitted for filing or recordation by the
Administrative Agent promptly after the Agreement Date). 
 Section 4.2 Conditions Precedent to Each Advance and Issuance of a
Letter of Credit. The obligation of the Lenders to make each Advance and of each Issuing Bank to issue any Letter of Credit, including the initial Advance or initial Letter of Credit issuance hereunder (but excluding Advances, the proceeds of
which are to reimburse (a) the Swing Bank for Swing Loans, (b) the Administrative Agent for Agent Advances or (c) the Issuing Bank for amounts drawn under a Letter of Credit), is subject to the fulfillment of each of the following
conditions immediately prior to or contemporaneously with such Advance or issuance of such Letter of Credit: 
 (a) All of the
representations and warranties of the Credit Parties under this Agreement and the other Loan Documents, which, pursuant to Section 5.4, are made at and as of the time of such Advance or issuance of such Letter of Credit,
shall be true and correct in all material respects (provided that if any representation or warranty already includes a materiality or material adverse effect qualifier, such representation or warranty shall be true and correct in all respects) at
such time, both before and after giving effect to the application of the proceeds of such Advance or issuance of such Letter of Credit; 

  
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 (b) The most recent Borrowing Base Certificate which shall have been delivered to the
Administrative Agent pursuant to Section 7.5(a) shall demonstrate that, after giving effect to the making of such Advance or issuance of such Letter of Credit and any Reserves imposed since the delivery of such Borrowing
Base Certificate, no Overadvance shall exist; 
 (c) [Intentionally omitted]; 

(d) There shall not exist on the date of such Advance or issuance of such Letter of Credit and after giving effect thereto, a Default or an
Event of Default; and 
 (e) With respect to the issuance of any Letter of Credit, all other applicable conditions precedent set forth in
Section 2.15 shall have been satisfied. 
 The Borrowers hereby agree that the delivery of any Request for Advance
or Request for Issuance of Letter of Credit hereunder or any telephonic request for an Advance hereunder shall be deemed to be the certification of the Authorized Signatory thereof that all of the conditions set forth in this
Section 4.2 have been satisfied. Notwithstanding the foregoing, if the conditions, or any of them, set forth above are not satisfied, such conditions may be waived by the requisite Lenders under
Section 11.12. 
 ARTICLE 5 

REPRESENTATIONS AND WARRANTIES 

Section 5.1 General Representations and Warranties. In order to induce the Lender Group to enter into this Agreement and to extend
the Loans and issue the Letters of Credit to the Borrowers, each Credit Party hereby represents and warrants that: 
 (a) Organization;
Power; Qualification. Each Credit Party and each Subsidiary of a Credit Party (i) is a corporation, partnership or limited liability company duly organized, validly existing, and in good standing under the laws of its state, province or
other jurisdiction of incorporation or formation, (ii) has the corporate or other company power and authority to own or lease and operate its properties and to carry on its business as now being and hereafter proposed to be conducted, and
(iii) is duly qualified and is in good standing as a foreign corporation or other company, and authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business requires such qualification or
authorization, except where the failure to so qualify or be authorized to do business would not reasonably be expected to have a Materially Adverse Effect. 

(b) Authorization; Enforceability. Each Credit Party has the power and has taken all necessary action, corporate or otherwise, to
authorize it to execute, deliver, and perform this Agreement and each of the other Loan Documents to which it is a party in accordance with the terms thereof and to consummate the transactions contemplated hereby and thereby. Each of this Agreement
and each other Loan Document to which a Credit Party is a party has been duly executed and delivered by such Credit Party, and is a legal, valid and binding obligation of such Credit Party, enforceable in accordance with its terms, except to the
extent that the enforceability 

  
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thereof may be limited by applicable bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditor’s rights generally or by general principles of equity
(regardless of whether such enforcement is considered in a proceeding in equity or at law). The information included in the Beneficial Ownership Certification most recently provided to the Administrative Agent is true and correct in all respects.

 (c) Partnerships; Joint Ventures; Subsidiaries. Except as disclosed on Schedule
5.1(c)-1, no Credit Party or any Subsidiary of a Credit Party has any Subsidiaries as of the Agreement Date. As of the Agreement Date, no Credit Party or any Subsidiary of a Credit Party is a partner or
joint venturer in any partnership or joint venture other than (i) the Subsidiaries listed on Schedule 5.1(c)-1 and (ii) the partnerships and joint ventures (that are not Subsidiaries) listed
on Schedule 5.1(c)-2. Schedule 5.1(c)-1 and Schedule 5.1(c)-2 set forth, for each Person set forth thereon a
complete and accurate statement of (i) the percentage ownership of each such Person by the applicable Credit Party or Subsidiary of a Credit Party as of the Agreement Date and (ii) the state or other jurisdiction of incorporation or
formation, as appropriate, of each such Person as of the Agreement Date. 
 (d) Equity Interests and Related Matters. The authorized
Equity Interests as of the Agreement Date of each Credit Party (other than the Parent) and each Subsidiary of a Credit Party and the number of shares of such Equity Interests that are issued and outstanding as of the Agreement Date are as set forth
on Schedule 5.1(d). All of the shares of such Equity Interests that are issued and outstanding as of the Agreement Date have been duly authorized and validly issued and are fully paid and
non-assessable. Except as described on Schedule 5.1(d), as of the Agreement Date no Credit Party (other than the Parent) or any Restricted Subsidiary of a Credit Party has outstanding any stock or
securities convertible into or exchangeable for any shares of its Equity Interests, nor are there any preemptive or similar rights to subscribe for or to purchase, or any other rights to subscribe for or to purchase, or any options for the purchase
of, or any agreements providing for the issuance (contingent or otherwise) of, or any calls, commitments, or claims of any character relating to, any Equity Interests or any stock or securities convertible into or exchangeable for any Equity
Interests. Except as set forth on Schedule 5.1(d), as of the Agreement Date no Credit Party or any Restricted Subsidiary of any Credit Party is subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire
any shares of its Equity Interests or to register any shares of its Equity Interests, and there are no agreements restricting the transfer of any shares of such Credit Party’s or such Restricted Subsidiary’s Equity Interests. 

(e) Compliance with Law, Loan Documents, and Contemplated Transactions. The execution, delivery, and performance of this Agreement and
each of the other Loan Documents and the Bank Products Documents in accordance with their respective terms and the consummation of the transactions contemplated hereby and thereby do not and will not (i) violate any Applicable Law, except to
the extent such violation would not reasonably be expected to have a Materially Adverse Effect, (ii) conflict with, result in a breach of, or constitute a default under (A) the certificate of incorporation or formation or by-laws, partnership agreement or operating agreement of any Credit Party or any Subsidiary of a Credit Party or (B) under the Indenture, the New Indenture or any other indenture, any document governing
Material Indebtedness to which any Credit Party or any Subsidiary of a Credit Party is a party or by which any Credit Party or any Subsidiary of a Credit Party or any of their properties may be bound,

  
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except with respect to clause (B), to the extent such conflict, breach or default would not reasonably be expected to have a Materially Adverse Effect, or (iii) result in or require the
creation or imposition of any Lien upon or with respect to any Credit Party or any Subsidiary of a Credit Party or any of their respective Properties or on Equity Interests issued by any of them except Permitted Liens. 

(f) Necessary Authorizations. Each Credit Party and each Restricted Subsidiary of a Credit Party has obtained all Necessary
Authorizations, and all such Necessary Authorizations are in full force and effect, except to the extent the failure to obtain such Necessary Authorizations or the failure to keep such Necessary Authorizations in full force and effect would not
reasonably be expected to have a Materially Adverse Effect. None of such Necessary Authorizations is the subject of any pending or, to the best of each Credit Party’s knowledge, threatened attack or revocation, by the grantor of the Necessary
Authorization. No Credit Party or any Subsidiary of a Credit Party is required to obtain any additional Necessary Authorizations in connection with the execution, delivery, and performance of this Agreement, any other Loan Document or any Bank
Products Document, in accordance with their respective terms, or the consummation of the transactions contemplated hereby or thereby. 
 (g)
Title to Properties. Each Credit Party and each Subsidiary of a Credit Party has good, marketable, and legal title to, or a valid license or leasehold interest in, all of its properties and assets used or useful in the operation of such
Person’s business, except to the extent the absence thereof would not reasonably be expected to have a Materially Adverse Effect, and none of such properties or assets is subject to any Liens, other than Permitted Liens. 

(h) [Intentionally Omitted]. 

(i) Labor Matters. Except as disclosed on Schedule 5.1(i) and except as would not reasonably be expected to have a Materially
Adverse Effect: (i) as of the Agreement Date, no labor contract to which any Credit Party or any Restricted Subsidiary of a Credit Party is a party or is otherwise subject is scheduled to expire prior to the Maturity Date; (ii) no Credit
Party or any Restricted Subsidiary of a Credit Party has, within the two-year period preceding the date of this Agreement, taken any action which has resulted in a violation of the Federal Worker Adjustment
and Retraining Notification Act of 1988 or any similar applicable Federal, state, local, or foreign law, and no Credit Party or any Restricted Subsidiary of a Credit Party has any reasonable expectation that any action is or will be required at any
time prior to the Maturity Date under the Federal Worker Adjustment and Retraining Notification Act of 1988 or any similar applicable Federal, state, local, or foreign law; and (iii) on the Agreement Date (A) no Credit Party or any
Restricted Subsidiary of a Credit Party is a party to any labor dispute (other than any immaterial disputes with such Credit Party’s or Restricted Subsidiary’s employees as individuals and not affecting such Credit Party’s or
Restricted Subsidiary’s relations with any labor group or its workforce as a whole) and (B) there are no pending or, to each Credit Party’s knowledge, threatened strikes or walkouts relating to any labor contracts to which any Credit
Party or any Restricted Subsidiary of a Credit Party is a party or is otherwise subject. Except as set forth on Schedule 5.1(i), as of the Agreement Date none of the employees of any Credit Party or a Restricted Subsidiary of a Credit Party
is a party to any collective bargaining agreement with any Credit Party or a Restricted Subsidiary of a Credit Party, as applicable. 

  
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 (j) Taxes. Each Credit Party and each of their respective Restricted Subsidiaries has
filed or caused to be filed all federal and state income tax returns, and all other material tax returns required to be filed, and has paid, or has made adequate provision for the payment of, all federal and state income taxes and all other material
taxes shown to be due and payable on said returns or on any assessments made against it or any of its Property (other than any the amount or validity of which are being contested in good faith and by appropriate proceedings diligently conducted, and
for which adequate reserves have been set aside in accordance with GAAP), except as would not reasonably be expected to have a Materially Adverse Effect. No material tax Liens have been filed and no material claims are being asserted with respect to
such taxes which are required by GAAP to be reflected in the financial statements most recently delivered pursuant to Section 7.2 hereof (and, as of the Agreement Date through the date of delivery of the financial
statements for the fiscal quarter ending December 25, 2021) that are not so reflected therein. The charges, accruals and reserves on the books of the Credit Parties and each of their Restricted Subsidiaries with respect to all federal and state
income taxes and all other material taxes are considered by the management of the Credit Parties to be adequate, and there exists no unpaid assessment which is or would reasonably be expected to be due and payable against it or any other Credit
Party or any of their Restricted Subsidiaries or any Property of any such Credit Party or any such Restricted Subsidiary, except such thereof as are being contested in good faith and by appropriate proceedings diligently conducted, and for which
adequate reserves have been set aside in accordance with GAAP, and except as would not reasonably be expected to have a Materially Adverse Effect. 

(k) Financial Statements. The Credit Parties have furnished, or caused to be furnished, to the Lenders audited consolidated (and
consolidating by segment) financial statements of the Parent and its Subsidiaries for each of the fiscal years of Parent ended on September 28, 2019, September 26, 2020, and September 25, 2021, including balance sheets and income and
cash flow statements, prepared by independent certified public accountants of recognized national standing which are complete and correct in all material respects and present fairly in all material respects in accordance with GAAP the financial
position of the Parent and its Subsidiaries as of such dates, as applicable, and the results of operations for the fiscal years then ended, as applicable. Except as disclosed in such financial statements, neither the Parent nor any consolidated
Subsidiary of the Parent has any material liabilities, contingent or otherwise, and there are no material unrealized or anticipated losses of the Parent or any consolidated Subsidiary of the Parent which have not heretofore been disclosed in writing
to the Lenders. 
 (l) No Adverse Change. Since September 25, 2021, there has occurred no event which has had or would
reasonably be expected to have a Materially Adverse Effect. 
 (m) Investments and Guaranties. As of the Agreement Date, no Credit
Party or any Subsidiary of a Credit Party owns any Equity Interests of any Person except as disclosed on Schedules 5.1(c)-1 and 5.1(c)-2, or has
outstanding loans or advances to, or guaranties of the obligations of, any Person, except as reflected in the financial statements referred to in Section 5.1(k) or disclosed on Schedule 5.1(m). 

  
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 (n) Liabilities, Litigation, etc. As of the Agreement Date, except for liabilities
incurred in the normal course of business, no Credit Party or any Restricted Subsidiary of any Credit Party has any material (individually or in the aggregate) liabilities, direct or contingent, except as disclosed or referred to in the financial
statements referred to in Section 5.1(k) or with respect to the Obligations. There is no litigation, legal or administrative proceeding, investigation, or other action of any nature pending or, to the knowledge of the
Credit Parties, threatened against or affecting any Credit Party, any Restricted Subsidiary of any Credit Party or any of their respective properties which would reasonably be expected to have a Materially Adverse Effect. 

(o) ERISA. Except as set forth in Schedule 5.1(o), as of the Agreement Date no Credit Party or any of their ERISA Affiliates has
any Multiemployer Plan, Title IV Plan, or Retiree Welfare Plan, or has had any such plans in the last five years. Copies of all Plans listed on Schedule 5.1(o), together with a copy of the latest IRS/DOL 5500-series form for each such Plan,
have been delivered, or made available, to the Administrative Agent. Each Plan intended to be qualified under Code Section 401 (x) has either received a favorable determination letter from the IRS or an application for such a letter has been or
will be submitted to the IRS within the applicable required time period with respect thereto or (y) can rely on an opinion letter from IRS, and nothing has occurred that would cause the loss of such qualification or the tax-exempt status of the trust related to the Plan under Code Section 501. Each Credit Party and each ERISA Affiliate and each of their respective Plans are in compliance in all material respects with ERISA and
the Code and are not subject to any tax or penalty with respect to any Plan, except as would not reasonably be expected to result in a Materially Adverse Effect, including without limitation, any tax or penalty under Title I or Title IV of ERISA or
under Chapter 43 of the Code, or any tax or penalty resulting from a loss of deduction under Sections 162, 404, 419 or 419A of the Code. No Credit Party or, to each Credit Party’s knowledge, any of its ERISA Affiliates has made any promises of
pension or welfare benefits to employees, except as set forth in the Plans or as required by applicable law. In the last five years each Credit Party and, to each Credit Party’s knowledge, each ERISA Affiliate have made all required
contributions to each Title IV Plan subject to Section 412 of the Code and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Title IV Plan.
No Credit Party nor, to each Credit Party’s knowledge, any of its ERISA Affiliates has incurred any accumulated funding deficiency with respect to any Plan within the meaning of ERISA or the Code. No ERISA Event or event described in
Section 4062(e) of ERISA has occurred and is continuing with respect to any such Plan. There are no pending, or to the knowledge of any Credit Party, threatened claims (other than claims for benefits in the normal course), sanctions, actions or
lawsuits, or actions by any Governmental Authority asserted or instituted against any Plan or any Person as fiduciary (as defined in Section 3(21) of ERISA) or sponsor of any Plan. Within the last six years, no Title IV Plan with an Unfunded
Pension Liability has been transferred outside of the “controlled group” (within the meaning of Section 4001(a)(14) of ERISA) of any Credit Party or any ERISA Affiliate. Each Foreign Plan has been maintained in compliance in all
material respects with its terms and with the requirements of any and all applicable requirements of law and has been maintained, where required, in good standing with applicable regulatory authorities, except for any noncompliance which would not
reasonably be expected to result in a Materially Adverse Effect. No Credit Party or any of their Subsidiaries has incurred any obligation in connection with the termination of or withdrawal from any Foreign Plan, except as would not reasonably be
expected to result in a Materially Adverse Effect. 

  
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 (p) Intellectual Property. Except as set forth on Schedule 5.1(p), as of the
Agreement Date, no Credit Party or any Restricted Subsidiary of a Credit Party owns any Intellectual Property registered in the United States Copyright Office or the United States Patent and Trademark Office, and has no pending registration
applications with respect to any of the foregoing. 
 (q) Compliance with Law; Absence of Default. Each Credit Party and each
Restricted Subsidiary of a Credit Party is in compliance (i) with all Applicable Laws, except where the failure to so comply would not reasonably be expected to have a Materially Adverse Effect, and (ii) with all of the provisions of its
certificate of incorporation or formation and by-laws or other governing documents. No event has occurred or has failed to occur which has not been remedied or waived, the occurrence or non-occurrence of which constitutes (i) a Default or an Event of Default or (ii) a default under any (A) indenture, (B) the Indenture, the New Indenture or any other document governing Material
Indebtedness, or (C) any judgment, decree, or order to which such Credit Party or such Restricted Subsidiary is a party or by which such Credit Party or such Restricted Subsidiary or any of their respective properties may be bound, except, in
each case under this clause (ii), except for any default which would not reasonably be expected to have a Materially Adverse Effect. 
 (r)
Casualties; Taking of Properties, etc. Since September 25, 2021, neither the business nor the properties of the Credit Parties and their Subsidiaries has been affected as a result of any fire, explosion, earthquake, flood, drought,
windstorm, accident, strike or other labor disturbance, embargo, requisition or taking of property or cancellation of contracts, permits or concessions by any domestic or foreign government or any agency thereof, riot, activities of armed forces, or
acts of God or of any public enemy in a manner that has had or would reasonably be expected to have a Materially Adverse Effect. 
 (s)
Accuracy and Completeness of Information. All written information, reports, other papers and data relating to the Credit Parties and their Restricted Subsidiaries furnished by or at the direction of the Credit Parties to the Lender Group
were, at the time furnished, taken as a whole, complete and correct in all material respects. No fact is currently known to any Credit Party which has, or would reasonably be expected to have, a Materially Adverse Effect. No document furnished or
written statement made to the Lender Group by or at the direction of any Credit Party in connection with the negotiation, preparation or execution of this Agreement or any of the Loan Documents contains any untrue statement of a fact material to the
creditworthiness of any Credit Party or omits to state a material fact necessary in order to make the statements contained therein not misleading as of the time when made or delivered. With respect to projections, estimates and forecasts given to
the Lender Group, such projections, estimates and forecasts are based on the Credit Parties’ good faith assessment of the future of the business at the time made, it being understood that actual results may differ from such projections,
estimates and forecasts and such differences may be material. The Credit Parties had a reasonable basis for such assessment at the time made. 

(t) Compliance with Regulations T, U, and X. No Credit Party or any Restricted Subsidiary of a Credit Party is engaged principally in
or has as one of its important activities in the business of extending credit for the purpose of purchasing or carrying, and no Credit Party or any Restricted Subsidiary of a Credit Party owns or presently intends to acquire,

  
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any “margin security” or “margin stock” as defined in Regulations T, U and X of the Board of Governors of the Federal Reserve System (herein called “Margin
Stock”). None of the proceeds of the Loans will be used, directly or indirectly, for the purpose of purchasing or carrying any Margin Stock or for the purpose of reducing or retiring any Indebtedness which was originally incurred to
purchase or carry Margin Stock or for any other purpose which might constitute this transaction a “purpose credit” within the meaning of said Regulations T, U and X. None of any Credit Party, any Restricted Subsidiary of a Credit Party or
any bank acting on its behalf has taken or will take any action which might cause this Agreement or any other Loan Documents to violate Regulation T, U or X or any other regulation of the Board of Governors of the Federal Reserve System or to
violate the SEA, in each case as now in effect or as the same may hereafter be in effect. 
 (u) Solvency. On the Agreement Date
after giving effect to the transactions contemplated by the Loan Documents, the Credit Parties and their Subsidiaries on a consolidated basis are Solvent. 

(v) Insurance. The Credit Parties and their Restricted Subsidiaries have insurance meeting the requirements of
Section 6.5, and such insurance policies are in full force and effect. 
 (w) Broker’s or Finder’s
Commissions. No broker’s or finder’s fee or commission will be payable with respect to the execution and delivery of this Agreement and the other Loan Documents, and no other similar fees or commissions will be payable by the Credit
Parties or any of their Subsidiaries for any other services rendered to the Credit Parties or any of their Subsidiaries ancillary to the credit transactions contemplated herein. 

(x) Real Property Locations. 

(i) Schedule 5.1(x) sets forth, as of the Agreement Date: (i) each location where a Credit Party’s Inventory
in excess of $50,000 that is Collateral included in the Borrowing Base is located (other than with respect to In-Transit Inventory) and (ii) if such location is not owned by a Credit Party or an Affiliate
of a Credit Party, the name and address of the Person from whom such Credit Party or Affiliate is leasing such location or with whom such Credit Party is storing such Inventory. 

(ii) With respect to all Real Property at which any Collateral included in any Borrowing Base is located, each Credit Party has
all right and title necessary or desirable to access such Real Property and the Collateral located thereon. 
 (y) Environmental
Matters. 
 (i) Except as would not reasonably be expected to have, individually or in the aggregate, a Materially
Adverse Effect, none of the Properties contains, in, on or under, including, without limitation, the soil and groundwater thereunder, any Hazardous Materials in violation of Environmental Laws. 

  
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 (ii) Each Credit Party and each Subsidiary of a Credit Party is in
compliance with all applicable Environmental Laws and there is no violation of any Environmental Law or contamination which would interfere with the continued operation of any of the Properties which in each case above would reasonably be expected
to have a Materially Adverse Effect. 
 (iii) No Credit Party or any Subsidiary of a Credit Party has received from any
Governmental Authority any complaint, or notice of violation, alleged violation, investigation or advisory action or notice of potential liability regarding matters of environmental protection or permit compliance under applicable Environmental Laws
with regard to the Properties that would reasonably be expected to have a Materially Adverse Effect, nor is any Credit Party aware that any such notice is pending. 

(iv) Except as would not reasonably be expected to have, individually or in the aggregate, a Materially Adverse Effect,
Hazardous Materials have not been generated, treated, stored or disposed of, at, on or under any of the Property by any Credit Party or any of their Subsidiaries or any other Person in violation of any Environmental Laws nor have any Hazardous
Materials been transported or disposed of from any of the Properties to any other location in violation of any Environmental Laws. Except as would not reasonably be expected to have, individually or in the aggregate, a Materially Adverse Effect, no
Credit Party or any Subsidiary of a Credit Party has permitted or will permit any tenant or occupant of the Properties to engage in any activity that would impose material liability under the Environmental Laws on such tenant or occupant, any Credit
Party or any Subsidiary of a Credit Party or any other owner of any of the Properties. 
 (v) No Credit Party or any
Subsidiary of a Credit Party is a party to any governmental administrative actions or judicial proceedings pending under any Environmental Law with respect to any of the Properties which, if adversely determined, would result in a Materially Adverse
Effect, nor are there any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to any of the Properties that
would reasonably be expected to result in a Materially Adverse Effect. 
 (vi) Except as would not reasonably be expected to
have, individually or in the aggregate, a Materially Adverse Effect, there has been no release or threat of release of Hazardous Materials by any Credit Party or any of their Subsidiaries or, to the knowledge of the Credit Parties, any other Person
into the environment at or from any of the Properties, or arising from or relating to the operations of the Credit Parties or their Subsidiaries, in material violation of Environmental Laws. 

(z) OSHA. All of the Credit Parties’ and their Restricted Subsidiaries’ operations are conducted in compliance with all
applicable rules and regulations promulgated by the Occupational Safety and Health Administration of the United States Department of Labor, except as would not reasonably be expected to have a Materially Adverse Effect. 

  
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 (aa) [Intentionally Omitted]. 

(bb) Investment Company Act. No Credit Party is an “investment company” under the Investment Company Act of 1940, as amended.

 (cc) Anti-Corruption Laws; Anti-Money Laundering Laws; and Sanctions. The Credit Parties have implemented and maintain in effect
policies and procedures designed to ensure compliance in all material respects by the Credit Parties, their respective Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws, Anti-Money Laundering Laws
and in all respects applicable Sanctions, and the Credit Parties, their respective Subsidiaries and their respective directors, officers and employees and, to the knowledge of the Credit Parties, their agents, are in compliance with Anti-Corruption
Laws, Anti-Money Laundering Laws and applicable Sanctions. None of (a) the Credit Parties or any of their Subsidiaries or any of their respective directors, officers or employees, or (b) to their knowledge, any of their or their
Subsidiary’s agents that will act in any capacity in connection with or benefit from the credit facilities established hereby, is an individual or entity that is, or is 50% or more owned (individually or in the aggregate, directly or
indirectly) or controlled by individuals or entities (including any agency, political subdivisions or instrumentality of government) that are (i) the target of Sanctions, (ii) located, organized or resident in any Sanctioned Country, or
(iii) a Sanctioned Person. No Advance or Letter of Credit, use of proceeds or other transaction contemplated hereby will violate Anti-Corruption Laws, Anti-Money Laundering Laws or applicable Sanctions. No Credit Party nor any of their
respective Subsidiaries has any assets located in Sanctioned Countries or derives revenues from investments in, or transactions with Sanctioned Persons or Sanctioned Countries in violation of Sanctions. 

(dd) Use of Proceeds. The proceeds of any Advance will be used only for the purposes specified in
Section 2.12 hereof. 
 (ee) Security Documents. The Security Agreement, the Canadian Security Agreement
and each other Security Document is effective to create in favor of the Administrative Agent, for the benefit of the Lender Group, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof to the
extent that such a security interest can be created by authentication of a written security agreement under Articles 8 and 9 of the UCC or corresponding provisions of the PPSA, as applicable. In the case of certificated Equity Interests described in
the Security Documents, when stock certificates representing such Equity Interests are delivered to the Administrative Agent, and in the case of the other Collateral described in the Security Agreement, the Canadian Security Agreement or any other
Security Document (other than deposit accounts and investment property) in which a Lien may be perfected by the filing of a financing statement, when financing statements are filed in the appropriate filing offices as specified in Article 9 of the
UCC and in the PPSA, in each case, the Administrative Agent, for the benefit of the Lender Group, shall have a perfected security interest in, all right, title and interest of the Credit Parties in such Collateral (including such Equity Interests)
and the proceeds thereof, as security for the Obligations, in each case prior and superior in right to any other Person (except for Permitted Liens). In the case of Collateral that 

  
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consists of deposit accounts or investment property, when a Controlled Account Agreement is executed and delivered by all parties thereto with respect to such deposit accounts or investment
property, the Administrative Agent, for the benefit of the Lender Group, shall have a perfected security interest in, all right, title and interest of the Credit Parties in such Collateral and the proceeds thereof, as security for the Obligations,
prior and superior to any other Person (except for Permitted Liens) except as provided under the applicable Controlled Account Agreement with respect to the financial institution party thereto. 

(ff) Farm Products. To the knowledge of each Responsible Officer, the Credit Parties have complied with all written notices pursuant to
the applicable provisions of the FSA, PACA, the UCC or any other federal or state statutory agricultural or producers’ lien laws or any other applicable local laws (all of the foregoing, together with any such notices as any Credit Party or
Subsidiary may at any time hereafter receive, collectively, the “Farm Products Notices”) from (i) any Material Farm Products Seller or (ii) any lender to, or any other Person with a security interest in the assets of, any
Material Farm Products Seller or (iii) the Secretary of State (or equivalent official) or other Governmental Authority, from any jurisdiction in which any Farm Products purchased by any Credit Party or any of its Subsidiaries are produced, in
any case, advising or notifying such Credit Party or Subsidiary of the intention of such Material Farm Products Seller or other Person to preserve the benefits of any trust, lien or other interest applicable to any assets of such Credit Party or
Subsidiary established in favor of such Material Farm Products Seller or other Person or claiming a Lien or security interest in and to any Farm Products which may be or have been purchased by such Credit Party or Subsidiary or any related or other
assets of such Credit Party or Subsidiary. 
 Section 5.2 Representations and Warranties Relating to Accounts. Each Account that
is identified by the Borrowers as an Eligible Account or an Eligible Credit Card Receivable in the most recent Borrowing Base Certificate submitted to the Administrative Agent by the Credit Parties (a) is genuine and enforceable in accordance
with its terms except for such limits thereon arising from bankruptcy and similar laws relating to creditors’ rights; (b) is not subject to any other circumstances that would impair the validity, enforceability or amount of such Account
except as to which such Credit Party promptly notified the Administrative Agent in writing; (c) arises from a bona fide sale of goods or delivery of services in the ordinary course and in accordance with the terms and conditions of any
applicable purchase order, contract or agreement; (d) is free of all Liens (other than (x) Liens in favor of the Administrative Agent, for the benefit of the Lender Group, (y) Liens securing Specified Crossing Lien Indebtedness which
Liens are subordinate to the Liens in favor of the Administrative Agent on such Accounts and (z) non-consensual Permitted Liens which Liens are subordinate to the Liens in favor of the Administrative
Agent on such Accounts); and (e) is for a liquidated amount maturing as stated in the invoice therefor. As to each Account that is identified by the Borrowers as an Eligible Account or an Eligible Credit Card Receivable in the most recent
Borrowing Base Certificate submitted to the Administrative Agent by the Credit Parties, such Account is not ineligible by virtue of one or more of the excluding criteria set forth in the definition of Eligible Accounts or Eligible Credit Card
Receivables, as applicable. 
 Section 5.3 Representations and Warranties Relating to Inventory. With respect to all Eligible
Inventory and Eligible In-Transit Inventory, the Administrative Agent may rely upon all statements, warranties, or representations made in any Borrowing Base Certificate in determining the classification of
such Inventory and in determining which items of Inventory listed in such Borrowing Base Certificate meet the requirements of eligibility. 

  
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 Section 5.4 Survival of Representations and Warranties, etc. All representations
and warranties made under this Agreement and the other Loan Documents shall be deemed to be made, and shall be true and correct in all material respects (provided that if any representation or warranty already includes a materiality or material
adverse effect qualifier, such representation or warranty shall be true and correct in all respects), at and as of the Agreement Date and the date of each Advance or issuance of a Letter of Credit hereunder, except to the extent made with respect to
a specific, earlier date, in which case such representation and warranty shall have been true and correct in all material respects as of such earlier date. All representations and warranties made under this Agreement and the other Loan Documents
shall survive, and not be waived by, the execution hereof by the Lender Group, or any of them, any investigation or inquiry by any member of the Lender Group, or the making of any Advance or the issuance of any Letter of Credit under this Agreement.

 ARTICLE 6 
 GENERAL
COVENANTS 
 Until the later of the date the Obligations arising under this Agreement and the other Loan Documents are repaid in full in
cash (other than contingent indemnification obligations and Bank Products Obligations) and the date the Commitments are terminated: 

Section 6.1 Preservation of Existence and Similar Matters. Each Credit Party will, and will cause each of its Restricted
Subsidiaries to (i) except as expressly permitted by Section 8.7, preserve and maintain (A) its existence and (B) its rights, franchises, governmental licenses, and privileges in its jurisdiction of
incorporation or organization including, without limitation, all Necessary Authorizations, and (ii) qualify and remain qualified and authorized to do business in each jurisdiction in which the character of its properties or the nature of its
business requires such qualification or authorization, except where the failure to so qualify or maintain such qualification and authorization required under the foregoing clauses (i)(B) and (ii) would not reasonably be expected to have a
Materially Adverse Effect. 
 Section 6.2 Compliance with Applicable Law. Each Credit Party will, and will cause each of its
Subsidiaries to, comply with the requirements of all Applicable Law, except (other than with respect to Anti-Corruption Laws, applicable Anti-Money Laundering Laws, and applicable Sanctions) where the failure to so comply would not reasonably be
expected to have a Materially Adverse Effect. Each Credit Party will maintain in effect and enforce policies and procedures designed to promote and achieve compliance by such Credit Party, its Subsidiaries and their respective directors, officers,
employees and agents with applicable Anti-Corruption Laws, applicable Anti-Money Laundering Laws and applicable Sanctions. Each of the Credit Parties shall and shall cause their respective Subsidiaries to comply with all Sanctions, Anti-Corruption
Laws and Anti-Money Laundering Laws. 

  
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 Section 6.3 Maintenance of Properties. Each Credit Party will, and will cause
each of its Restricted Subsidiaries to, maintain or cause to be maintained in the ordinary course of business in good repair, working order and condition, normal wear and tear and disposal of obsolete equipment excepted, all properties used or
useful in its business (whether owned or held under lease), except to the extent the failure to do so would not reasonably be expected to result in a Materially Adverse Effect. 

Section 6.4 Accounting Methods and Financial Records. Each Credit Party will, and will cause each of its Restricted Subsidiaries
to, maintain a system of accounting established and administered in accordance with GAAP, and will, and will cause each of its Restricted Subsidiaries to, keep adequate records and books of account in which complete entries will be made in
accordance with such accounting principles consistently applied and reflecting all transactions required to be reflected by such accounting principles. 

Section 6.5 Insurance. Each Credit Party (other than IMS Southern, LLC) will, and will cause each of its Restricted Subsidiaries
to, maintain insurance including, but not limited to, public liability, property insurance, comprehensive general liability, product liability, business interruption and fidelity coverage insurance, which will among other things insure all goods
constituting Collateral wherever located, in storage or in transit in vehicles, vessels or aircraft, in such amounts as would be customary for companies in the same industry and of comparable size as the Credit Parties and their Restricted
Subsidiaries, from financially sound and reputable insurance companies. All property insurance policies of the Credit Parties shall name the Administrative Agent as lender’s loss payee and all liability insurance policies shall name the
Administrative Agent as additional insured. Not less than once per year, the Borrower Representative shall deliver copies of Acord certificates of insurance evidencing that the required insurance of the Credit Parties is in force together with
lender’s loss payable and additional insured, as applicable, endorsements. Each policy of insurance or endorsement of a Credit Party shall contain a clause requiring the insurer to give not less than thirty (30) days prior written notice
to the Administrative Agent in the event of cancellation of the policy for any reason whatsoever (or ten (10) days prior written notice in the event of cancellation of the policy for non-payment) and a
clause that the interest of the Administrative Agent shall not be impaired or invalidated by any act or neglect of any Credit Party or owner of the Collateral nor by the occupation of the premises for purposes more hazardous than are permitted by
said policy. If any Credit Party or any of their Restricted Subsidiaries fails to provide and pay for such insurance, the Administrative Agent may, at the Borrowers’ expense, procure the same, but shall not be required to do so. In addition to
the foregoing, the Credit Parties and their Restricted Subsidiaries shall maintain flood insurance on all Real Property constituting Collateral that is located within a FEMA designated flood zone, from such providers, in amounts and on terms in
accordance with the Flood Insurance Laws or as otherwise satisfactory to all Lenders. 
 Section 6.6 Payment of Taxes and
Claims. Each Credit Party will, and will cause each of its Restricted Subsidiaries to, pay and discharge all taxes, assessments, and governmental charges or levies imposed upon it or its income or profit or upon any properties belonging to it
prior to the date on which penalties attach thereto, and all lawful claims for labor, materials and supplies which have become due and payable and which by law have or may become a Lien upon any of its Property; except that, no such tax, assessment,
charge, levy, or claim need be paid (x) which is being contested in good faith by appropriate proceedings which stay the imposition of any penalty, fine, or Lien resulting from the non-payment thereof and
for which adequate reserves shall have been set aside on the appropriate books, but only so long as such 

  
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tax, assessment, charge, levy, or claim does not become a Lien or charge other than a Permitted Lien and no foreclosure, distraint, sale, or similar proceedings shall have been commenced and
remain unstayed for a period thirty (30) days after such commencement, or (y) to the extent the failure to pay would not reasonably be expected to result in a Materially Adverse Effect. Each Credit Party shall, and shall cause each of its
Restricted Subsidiaries to, timely file all information returns required by Federal, state, local, or foreign tax authorities. 

Section 6.7 Visits and Inspections. Each Credit Party will, and will cause each of its Restricted Subsidiaries to, permit
representatives and agents of the Administrative Agent to (a) visit and inspect the properties at the time of any field exam or appraisal permitted hereunder or, if an Event of Default has occurred and is continuing, at any time, in each case
during normal business hours and, if no Event of Default has occurred and is continuing, with reasonable prior notice, (b) inspect and make extracts from and copies of the Credit Parties’ and their Restricted Subsidiaries’ books and
records during the course of such inspections, (c) upon at least ten (10) Business Days prior written request by the Administrative Agent to the Borrower Representative, review, bank and investment account statements, a report of sales and
collections, and debit and credit adjustments, (d) conduct field exams and appraisals; provided, that no more than one (1) one field exam and one (1) appraisal may be conducted per fiscal year unless (i) Excess
Availability is less than fifteen percent (15%) of the Borrowing Base at any time during such fiscal year, in which case up to two (2) field exams and two (2) appraisals may be conducted during such fiscal year, or (ii) an Event of
Default has occurred and is continuing, in which case there shall be no limit on the number and frequency of field exams and appraisals that may be conducted, and (e) discuss with the Parent’s principal officers the Credit Parties’ or
such Restricted Subsidiaries’ businesses, assets, liabilities, financial positions, results of operations, and business prospects relating to the Credit Parties or such Restricted Subsidiaries, and the Credit Parties shall cooperate with the
Administrative Agent and its representatives and agents in connection with all such inspections, appraisals and discussions. Any other member of the Lender Group may, at its expense, accompany the Administrative Agent on any regularly scheduled
visit to the Credit Parties and their Restricted Subsidiaries’ properties. 
 Section 6.8 [Intentionally Omitted]. 

Section 6.9 ERISA. Each Credit Party shall at all times make, or cause to be made, prompt payment of contributions required to
meet the minimum funding standards set forth in ERISA with respect to each Credit Party’s and its Subsidiaries ’ Plans; furnish to the Administrative Agent, as soon as practicable upon the Administrative Agent’s request therefor,
copies of any completed annual report filed pursuant to ERISA in connection with each such Plan of each Credit Party and its Subsidiaries; furnish to the Administrative Agent (a) as soon as possible after, and in any event within twenty
Business Days after the Credit Party or any ERISA Affiliate knows or has reason to know that, any ERISA Event or other event with respect to a Title IV Plan has occurred that, alone or together with any other ERISA Event could reasonably be expected
to result in liability of the Credit Party or any ERISA Affiliate in an aggregate amount exceeding $10,000,000 or the imposition of a Lien, a statement of the chief financial officer of the Credit Party setting forth details as to such ERISA Event
and the action, if any, that the Credit Party proposes to take with respect thereto and, when known, any action taken or threatened by the IRS, Department of Labor or the PBGC with respect thereto, (b) as soon as practicable after request by
the Administrative Agent, copies of all notices received by any 

  
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Credit Party or any ERISA Affiliate from a Multiemployer Plan sponsor or any Governmental Authority concerning an ERISA Event that would reasonably be expected to result in liability of the
Credit Party in an aggregate amount exceeding $10,000,000, and (c) as soon as practicable upon the Administrative Agent’s request therefor, such additional information concerning any Title IV Plan or Multiemployer Plan as may be reasonably
requested by the Administrative Agent. 
 Section 6.10 Collateral Locations; Third Party Agreements. All tangible Collateral,
other than Collateral in-transit, will at all times be kept by the Credit Parties at one or more Permitted Locations. The Credit Parties shall use commercially reasonable efforts to obtain Third Party
Agreements from all Persons owning or in control of the Credit Parties’ headquarters, each Permitted Location where material books and records of the Credit Parties are located, and all Permitted Locations where Inventory of the Credit Parties
having a fair market value is excess of $10,000,000 is located. 
 Section 6.11 [Intentionally Omitted.] 

Section 6.12 Protection of Collateral. All insurance expenses and expenses of protecting, storing, warehousing, insuring,
handling, maintaining and shipping the Collateral (including, without limitation, all rent payable by any Credit Party to any landlord of any premises where any of the Collateral may be located), and any and all excise, property, sales, and use
taxes imposed by any state, Federal, or local, or other authority on any of the Collateral or in respect of the sale thereof, shall be borne and paid by the Credit Parties. If the Credit Parties fail to promptly pay any portion thereof when due, the
Lenders may, at their option, but shall not be required to, make a Base Rate Advance for such purpose and pay the same directly to the appropriate Person. The Borrowers agree to reimburse the Lenders promptly therefor with interest accruing thereon
daily at the Default Rate provided in this Agreement. All sums so paid or incurred by the Lenders for any of the foregoing and all reasonable costs and expenses (including reasonable and documented out-of-pocket attorneys’ fees, attorneys’ expenses, and court costs) which the Lenders may incur in enforcing or protecting the Lien on or rights and interest in the Collateral or any of their
rights or remedies under this or any other agreement between the parties hereto or in respect of any of the transactions to be had hereunder until paid by the Borrowers to the Lenders with interest at the Default Rate, shall be considered
Obligations owing by the Borrowers to the Lenders hereunder. Such Obligations shall be secured by all Collateral and by any and all other collateral, security, assets, reserves, or funds of the Credit Parties in or coming into the hands or inuring
to the benefit of the Lenders. Neither the Administrative Agent nor the Lenders shall be liable or responsible in any way for the safekeeping of any of the Collateral or for any loss or damage thereto (except for reasonable care in the custody
thereof while any Collateral is in the Lenders’ (or any of their agents’ or bailees’) actual possession) or for any diminution in the value thereof, or for any act or default of any warehouseman, carrier, forwarding agency, or other
person whomsoever, but the same shall be at the Credit Parties’ sole risk. 
 Section 6.13 Assignments and Records of
Accounts. If so requested in writing by the Administrative Agent following an Event of Default and during the continuance thereof, each Credit Party shall execute and deliver to the Administrative Agent, for the benefit of the Lender Group,
formal written assignments of all of the Accounts daily, which shall include all Accounts that have been created since the date of the last assignment, together with copies of invoices or invoice registers related thereto. Each Credit Party shall
keep accurate and complete records of the Accounts and all payments and collections thereon. 
  

  
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 Section 6.14 Administration of Accounts. 

(a) Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent retains the right to notify the Account
Debtors and Credit Card Processors that the Accounts have been assigned to the Administrative Agent, for the benefit of the Lender Group, and to collect the Accounts directly in its own name and to charge the collection costs and expenses, including
reasonable and documented out-of-pocket attorneys’ fees, to the Borrowers. The Administrative Agent has no duty to protect, insure, collect or realize upon the
Accounts or preserve rights in them. Each Credit Party irrevocably makes, constitutes and appoints the Administrative Agent as such Credit Party’s true and lawful attorney and
agent-in-fact to endorse such Credit Party’s name on any checks, notes, drafts or other payments relating to, the Accounts which come into the Administrative
Agent’s possession or under the Administrative Agent’s control as a result of its taking any of the foregoing actions. Additionally, upon the occurrence and during the continuance of an Event of Default, the Administrative Agent, for the
benefit of the Lender Group, shall have the right to collect and settle or adjust all disputes and claims directly with the Account Debtor or Credit Card Processor and to compromise the amount or extend the time for payment of the Accounts upon such
terms and conditions as the Administrative Agent may deem advisable, and to charge the deficiencies, reasonable costs and expenses thereof, including reasonable and documented
out-of-pocket attorney’s fees, to the Borrowers. 
 (b)
If an Account includes a charge for any tax payable to any governmental taxing authority, upon the occurrence and during the continuance of an Event of Default, the Administrative Agent on behalf of the Lenders is authorized, in its sole and
absolute discretion, to pay the amount thereof to the proper taxing authority for the account of the applicable Credit Party and to make a Base Rate Advance to the Borrowers to pay therefor. The Credit Parties shall notify the Administrative Agent
if any Account includes any tax due to any governmental taxing authority and, in the absence of such notice, the Administrative Agent shall have the right to retain the full proceeds of the Account and shall not be liable for any taxes to any
governmental taxing authority that may be due by any Credit Party by reason of the sale and delivery creating the Account. 
 (c) Upon the
occurrence and during the continuance of an Event of Default, any of the Administrative Agent’s officers, employees or agents shall have the right, in the name of the Lenders, or any designee of the Lenders or the Credit Parties, to verify the
validity, amount or other matter relating to any Accounts by mail, telephone, telegraph or otherwise. The Credit Parties shall cooperate fully with the Administrative Agent and the Lenders in an effort to facilitate and promptly conclude any such
verification process. 
 Section 6.15 Cash Management. 

  
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 (a) As of the Agreement Date, all bank accounts, securities accounts, commodities accounts,
and other investment accounts of the Credit Parties are listed on Schedule 6.15 and such Schedule designates which such accounts are deposit accounts. 

(b) No Credit Party may maintain any bank accounts (other than Excluded Accounts) unless such bank accounts are at all times subject to a
Controlled Account Agreement (such bank accounts, “Controlled Deposit Accounts”); provided that with respect to any such bank account opened or acquired by a Credit Party after the Agreement Date, the Credit Parties shall have a
period of ninety (90) days (or such longer period as the Administrative Agent shall permit in writing in its sole discretion) after opening or acquiring such bank account to execute and deliver any such required Controlled Account Agreement;
provided further, that bank accounts used solely for investments (and excluding, for the avoidance of doubt, any disbursement or operating accounts) shall not be subject to such requirement until, following the date that is fifteen (15) days
after such account ceased to be an Excluded Account, the earlier of such time as (x) any Loans are outstanding or (y) Excess Availability is less than $300,000,000. 

(c) The Credit Parties shall: 

(i) establish and thereafter maintain one or more Controlled Deposit Accounts wherein collections, deposits, and other payments
on or with respect to Collateral are to be transferred, received or made (each, a “Collections Account”); 

(ii) at all times direct all of their Account Debtors and Credit Card Processors that make payments via wire transfer to direct
all wire transfers to a Collections Account; and 
 (iii) in the event that any Credit Party shall at any time directly
receive any remittances of any Accounts (including, without limitation, any checks, drafts, or other instruments), credit or merchant card collections, or other payments in respect of any Collateral or shall receive any other funds representing
proceeds of the Collateral, promptly deposit the same into a Collections Account. 
 (d) During a Cash Dominion Period: 

(i) The Administrative Agent shall have the right to notify any depositary bank with respect to any Collections Account or
other Controlled Deposit Account that the Administrative Agent is exercising exclusive control with respect thereto and no Credit Party shall have any right to withdraw such amounts from any such Collections Account or Controlled Deposit Account.
Each Credit Party hereby grants its power of attorney to Truist Bank (and each of its Affiliates providing the services described in this Section 6.15(d)) to indorse in such Credit Party’s name all tangible items of
payment directed for deposit in a Controlled Deposit Account, Collections Account, or a lockbox and to submit such items for collection, with it being acknowledged and agreed that such power of attorney, being coupled with an interest, is
irrevocable until the full and final payment in cash and performance of all Obligations and the termination of the Commitments; and 

  
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 (ii) On each Business Day the Administrative Agent may, without further
consent of any Credit Party, withdraw all immediately available funds in the Collections Accounts and apply the same against the Obligations in the manner provided for in Section 2.11. 

Section 6.16 Further Assurances. 

(a) Upon the written request of the Administrative Agent, each Credit Party will promptly cure, or cause to be cured, defects in the creation
and issuance of any Revolving Loan Notes and the execution and delivery of the Loan Documents (including this Agreement) and any Bank Products Documents, resulting from any act or failure to act by any Credit Party or any employee or officer
thereof. Each Credit Party at its expense will promptly execute and deliver, or cause to be executed and delivered, to the Administrative Agent and the Lenders, all such other and further documents, agreements, and instruments for the purposes of
implementing or effectuating the provisions of this Agreement and the other Loan Documents or related to the Collateral, to correct any omissions in the Loan Documents, or more fully to state the obligations set out herein or in any of the other
Loan Documents, or to obtain any consents, all as may be necessary or appropriate in connection therewith as may be reasonably requested by the Administrative Agent. 

(b) Each Credit Party agrees to take such action as may be requested by the Administrative Agent or otherwise be required to perfect or
continue the perfection of the Administrative Agent’s (on behalf of, and for the benefit of, the Lender Group) security interest in the Collateral. Each Credit Party hereby authorizes the Administrative Agent to file any such financing
statement on such Credit Party’s behalf describing the Collateral as “all assets of the debtor” or “all personal property of the debtor.” 

Section 6.17 Broker’s Claims. Each Credit Party hereby indemnifies and agrees to hold each member of the Lender
Group harmless from and against any and all losses, liabilities, damages, costs and expenses which may be suffered or incurred by such member of the Lender Group in respect of any claim, suit, action or cause of action now or hereafter asserted by a
broker or any Person acting in a similar capacity arising from or in connection with the execution and delivery of this Agreement or any other Loan Document or Bank Products Document or the consummation of the transactions contemplated herein or
therein. This Section 6.17 shall survive termination of this Agreement. 
 Section 6.18 [Intentionally
Omitted.] 
 Section 6.19 Environmental Matters. 

(a) Each Credit Party shall, and shall cause its Restricted Subsidiaries to, comply with the Environmental Laws to the extent the failure to
do so would reasonably be expected to result in a Materially Adverse Effect, and shall notify the Administrative Agent within thirty (30) days in the event of any discharge or discovery of any Hazardous Materials at, upon, under or within the
Properties in amounts that require material remediation. Each Credit Party shall forward to the Administrative Agent copies of all documents alleging a violation of Environmental Laws to the extent such violation would reasonably be expected to
result in a 

  
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Materially Adverse Effect, all responses thereto and all documents submitted by a Credit Party or any of its Subsidiaries to environmental agencies relative to material remediation of Hazardous
Materials on the Properties, in each case, within thirty (30) days of receipt, delivery or submission (as the case may be) of the same. 

(b) The Credit Parties and their Restricted Subsidiaries will not use or permit any other party to use any Hazardous Materials at any of their
places of business except such materials as are used in the Credit Parties’ and their Restricted Subsidiaries’ normal course of business, maintenance and repairs, and then only in material compliance with all applicable Environmental Laws.
The Credit Parties and their Restricted Subsidiaries shall not install or permit to be installed in the Property friable asbestos or any substance containing asbestos and deemed hazardous by an Applicable Law respecting such material, or any other
building material deemed to be harmful, hazardous or injurious by relevant Applicable Law and with respect to any such material currently present in any Property that it owns shall promptly either (i) remove any material which such Applicable
Law deem harmful, hazardous or injurious and require to be removed or (ii) otherwise comply with such Applicable Law, at the Credit Parties’ expense. 

(c) Promptly upon the written request of the Administrative Agent from time to time, provided that the Administrative Agent has a
reasonable belief that a discharge of Hazardous Materials has occurred, the Credit Parties shall provide the Administrative Agent with an environmental site assessment or environmental audit report prepared by an environmental engineering firm
reasonably acceptable to the Administrative Agent, to assess with a reasonable degree of certainty the presence or absence of any Hazardous Materials and the potential costs in connection with abatement, cleanup or removal of any Hazardous Materials
found on, under, at or within the Properties. Such assessment or report shall be at Credit Parties’ expense if, in the judgment of the Administrative Agent, there is reason to believe that a violation of Environmental Laws has occurred. 

(d) Each Credit Party shall at all times indemnify and hold harmless each Indemnitee against and from any and all claims, suits, actions,
debts, damages, costs, losses, obligations, judgments, charges, and expenses, or any nature whatsoever under or on account of the Environmental Laws including the assertion of any lien thereunder with respect to: 

(i) any discharge of Hazardous Materials, the threat of a discharge of any Hazardous Materials or the presence of any Hazardous
Materials affecting the Properties whether or not the same originates or emanates from the Properties or any contiguous real estate including any loss of value of the Properties as a result of any of the foregoing; 

(ii) any costs of removal or remedial action incurred by the US government or any costs incurred by any other person or damages
from injury to, destruction of, or loss of natural resources, including reasonable costs of assessing such injury, destruction or loss incurred pursuant to any Environmental Laws; 

(iii) liability for personal injury or property damage arising under any statutory or common law tort theory (including without
limitation damages assessed) for the maintenance of a public or private nuisance or for the carrying on of an abnormally dangerous activity at or caused by any Credit Party or Restricted Subsidiary of a Credit Party near the Properties; and/or 

  
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 (iv) any other environmental matter affecting the Properties within the
jurisdiction of the Environmental Protection Agency, any other Federal agency, or any state, local, or foreign environmental agency. 
 (e)
In the event of any discharge or discovery of any Hazardous Materials at, upon, under or within the Properties in amounts that require material remediation by the Credit Parties under any Applicable Law, if the applicable Credit Party or Restricted
Subsidiary fails to begin the remediation within thirty (30) days after notice to the Administrative Agent, the Administrative Agent may at its election, but without the obligation to do so, give such notices and/or cause such work to be
performed at such Properties and/or take any and all other actions as the Administrative Agent shall deem necessary or advisable in order to abate the discharge of such Hazardous Material, remove such Hazardous Material or cure such Credit
Party’s or Restricted Subsidiary’s noncompliance. 
 (f) All of the representations, warranties, covenants and indemnities of this
Section 6.19 and Section 5.1(y) shall survive the termination of this Agreement, the repayment of the Obligations and/or the release of the Liens with respect to the Properties and shall survive
the transfer of any or all right, title and interest in and to the Properties by the Credit Parties or any of their Restricted Subsidiaries to any party, whether or not affiliated with the Credit Parties. 

Section 6.20 Formation/Acquisition of Subsidiaries; Borrowers and Guarantors; Unrestricted Subsidiaries. 

(a) Subject to Section 6.20(b), at the time of the formation of any direct or indirect Restricted Subsidiary of a
Borrower after the Agreement Date or the acquisition of any direct or indirect Restricted Subsidiary of a Borrower after the Agreement Date, the Credit Parties, as appropriate, shall within thirty (30) days (or such longer period as the
Administrative Agent shall permit in writing in its reasonable discretion) (x) with respect to any new Restricted Subsidiary of a Borrower (other than an Excluded Subsidiary), cause such new Restricted Subsidiary, as applicable, to provide to
the Administrative Agent, for the benefit of the Lender Group, a joinder and supplement to this Agreement substantially in the form of Exhibit I (each, a “Joinder Supplement”), pursuant to which such new Restricted Subsidiary
shall agree to join as a Guarantor and as a Credit Party under this Agreement, a supplement to the Security Agreement or the Canadian Security Agreement or a new security agreement, as applicable, and such other security documents, together with
appropriate Uniform Commercial Code, PPSA or other financing statements, all in form and substance reasonably satisfactory to the Administrative Agent, (y) with respect to each such Restricted Subsidiary, provide to the Administrative Agent,
for the benefit of the Lender Group, all stock certificates (together with blank stock powers) required to be delivered to the Administrative Agent in accordance with the Security Agreement or the Canadian Security Agreement, as applicable, and
(z) provide to the Administrative Agent, for the benefit of the Lender Group, all other documentation, including one or more opinions of counsel satisfactory to the Administrative Agent, which in its reasonable opinion is appropriate with
respect to such formation and the execution and delivery of the applicable documentation referred to above. Nothing in this Section 6.20(a) shall permit any Credit Party or any Restricted Subsidiary of a Credit Party to
form or acquire any Subsidiary absent permission to so form or acquire such Subsidiary pursuant to Article 8. Any document, agreement or instrument executed or issued pursuant to this Section 6.20(a) shall be a
“Loan Document” for purposes of this Agreement. 

  
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 (b) The Borrower Representative may at any time designate any Restricted Subsidiary formed
or acquired after the Agreement Date (other than any Borrower) as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided, that (i) no Default or Event of Default is in existence or would result
from such designation, (ii) the designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute at the time of designation the incurrence of any Indebtedness or Liens of such Subsidiary existing at such time,
(iii) the fair market value of such Subsidiary at the time it is designated as an Unrestricted Subsidiary shall be treated as an Investment by the Borrowers at such time, (iv) immediately before and after giving effect to such designation,
the Specified Conditions have been satisfied, and (v) no Subsidiary may be designated as an Unrestricted Subsidiary if, after such designation, it would be a “restricted subsidiary” under the 2017 Notes, the 2020 Notes or the 2021
Notes or any other documents, agreements, or instruments evidencing Indebtedness of any Credit Party. 
 (c) Within thirty (30) days
(or such longer period as the Administrative Agent shall permit in writing in its reasonable discretion) after any Restricted Subsidiary ceases to be an Excluded Subsidiary, the Borrowers shall cause such Subsidiary to become a Credit Party in
accordance with Section 6.20(a). 
 Section 6.21 Intellectual Property. The Credit Parties shall, and
shall cause each of their respective Restricted Subsidiaries to (a) promptly register or cause to be registered (to the extent not already registered) with the United States Patent and Trademark Office, the United States Copyright Office and
any other applicable Governmental Authority either within or outside of the United States, as the case may be, those registrable Intellectual Property rights now owned or hereafter developed or acquired by such Credit Party or any of its Restricted
Subsidiaries that are material to the conduct of the business of such Credit Party or Restricted Subsidiary, unless the failure to do so would not reasonably be expected to result in a Materially Adverse Effect, and (b) on a quarterly basis at
the same time the Borrowers deliver their most recent Compliance Certificate, notify the Administrative Agent in writing of the filing during the fiscal quarter covered by such Compliance Certificate of any applications or registrations of any
Intellectual Property right of such Credit Party or any of its Restricted Subsidiaries that is material to the conduct of the business of such Credit Party and or Restricted Subsidiary with the United States Patent and Trademark Office or the United
States Copyright Office. Each Credit Party shall, and shall cause its Restricted Subsidiaries to (i) protect, defend and maintain the validity and enforceability of each item of Intellectual Property that is material to the conduct of the
business of such Credit Party or Restricted Subsidiary, (ii) promptly advise the Administrative Agent in writing of any conflicting or potentially infringing activities by third parties of which it becomes aware with respect to such
Intellectual Property and (iii) not allow any material Intellectual Property to be abandoned, forfeited or dedicated to the public without the written consent of the Majority Lenders, in each case unless the failure to do so would not
reasonably be expected to result in a Materially Adverse Effect. 

  
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 Section 6.22 Use of Proceeds. The Credit Parties and their Restricted
Subsidiaries will use the proceeds of the Loans only for the purposes specified in Section 2.12 hereof. No part of the proceeds of any Loan will be used by the Credit Parties, whether directly or indirectly, to purchase or
carry Margin Stock or for any purpose that would violate any rule or regulation of the Board of Governors of the Federal Reserve System, including Regulations T, U or X, or in any other manner that would violate
Section 5.1(t). 
 Section 6.23 Farm Products. 

(a) FSA Notices. Each Borrower shall: (i) at all times comply with all FSA Notices in respect of any Material Farm
Products Seller received by such Borrower and take all other actions as may be reasonably required to ensure that all Farm Products subject to such FSA Notices are purchased free and clear of any Lien or other claims, and (ii) within five
(5) Business Days after receipt of any FSA Notice in respect of any Material Farm Products Seller, provide the Administrative Agent written notice of (including a copy of) such FSA Notice or other notice. Without limiting the foregoing, each
Borrower shall take all other actions as may be reasonably required to ensure that all Farm Products are purchased free and clear of any Lien or other claims in favor of any Material Farm Products Seller or any secured party with respect to the
assets of any Material Farm Products Seller, whether under the FSA or any other Applicable Law. 
 (b) Central Filing
States. If a Borrower purchases any Farm Products from a Material Farm Products Seller who produces such Farm Products in a state with a central filing system certified by the United States Secretary of Agriculture (a “Central Filing
State”), such Borrower shall (i) (A) no more than forty-five (45) days prior to purchase any Farm Products from a Material Farm Products Seller, conduct an effective financing statement search against such Material Farm Products
Seller in the applicable Central Filing State, and (B) within five (5) Business Days after such Borrower’s receipt of the results of such search, deliver to the Administrative Agent written notice listing each Material Farm Products
Seller (if any) against whom such search revealed an effective financing statement, (ii) during any Cash Dominion Period (A) promptly after the Administrative Agent’s request, register as a buyer with the Secretary of State of such
Central Filing State (or the designated system operator) and do all things reasonably necessary thereafter to maintain such registration; and (B) within thirty (30) days after its receipt of the master list of filings (or similar list)
from each Central Filing State, provide written notice to Administrative Agent of any Material Farm Products Sellers set forth on such list; and (C) promptly upon the Administrative Agent’s request, deliver to the Administrative Agent a
copy of the most recent master list received by the Borrowers from each applicable Central Filing State, and (iii) promptly upon the Administrative Agent’s request, deliver to the Administrative Agent a true, correct and complete list of
all Material Farm Products Sellers from whom any Borrower has purchased any Farm Products produced in a Central Filing State. 

(c) Disputes. Each Borrower shall notify the Administrative Agent promptly (but in any event within five
(5) Business Days) after such Borrower receives notice of or otherwise knows about any dispute between a Material Farm Products Seller and any Person holding a Lien on the applicable Farm Products of such Material Farm Products Seller relating
to the place or method of payments owing by the Borrower to such Material Farm Products Seller. 

  
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 (d) Cooperation. Each Borrower shall (i) cooperate with and take
all steps reasonably requested by the Administrative Agent from time to time as it may elect in its discretion to conduct searches against Material Farm Products Sellers in any applicable Central Filing State (understanding the Administrative Agent
is under no obligation to do so) and (ii) promptly provide the Administrative Agent with such other information regarding such Borrower’s purchases of Farm Products and the Material Farm Products Sellers from whom it purchases Farm
Products as the Administrative Agent may reasonably request. 
 (e) Default Threshold. Notwithstanding anything to
contrary contained in this Section 6.23, the failure of the Borrowers to comply with the requirements of this Section 6.23 shall not constitute a Default or an Event of Default unless such failure
to comply, together with all other failures to comply with this Section 6.23, would result in a decrease to the Borrowing Base of greater than $5,000,000. 

Section 6.24 Anti-Corruption Laws; Sanctions. The Borrowers will not request any Loan or Letter of Credit, and the Credit Parties
shall, and shall ensure that their respective Subsidiaries and their respective directors, officers, employees and agents shall not use, the proceeds of any Loan or Letter of Credit (a) in furtherance of an offer, payment, promise to pay, or
authorization of the payment of giving of money, or anything else of value, to any person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any
Sanctioned Person, or in any Sanctioned Country or (c) in any manner that would result in the violation of any Sanctions applicable to any party hereto (including any Person participating in the Loans, whether as underwriter, advisor, investor
or otherwise). Not in limitation of the foregoing, each of the Credit Parties will maintain in effect and enforce policies and procedures designed to ensure compliance by the Credit Parties and their respective Subsidiaries, and their respective
directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 
 ARTICLE 7 

INFORMATION COVENANTS 

Until the later of the date the Obligations arising under this Agreement and the other Loan Documents are repaid in full in cash (other than
contingent indemnification obligations and Bank Products Obligations) and the date the Commitments are terminated, the Credit Parties will furnish or cause to be furnished to each member of the Lender Group: 

Section 7.1 Monthly and Quarterly Financial Statements and Information. 

(a) Within thirty (30) days after the last day of each fiscal month of the Parent that occurs during a Cash Dominion Period and which is
not the last month of a fiscal quarter, the balance sheet of the Parent as at the end of such fiscal month, and the related statements of comprehensive income, equity and cash flows for such fiscal month and for the fiscal year to

  
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date period ended with the last day of such fiscal month, all of which shall be on a consolidated (and consolidating by segment) basis with the Parent’s consolidated Subsidiaries, which
financial statements shall set forth in comparative form such figures as at the end of such fiscal month during the previous fiscal year and for such fiscal month during the previous fiscal year, all of which shall be on a consolidated basis with
the Parent’s consolidated Subsidiaries and shall be certified by an Authorized Signatory of the Parent to be, in his or her opinion, complete and correct in all material respects and to present fairly in all material respects in accordance with
GAAP the financial position of the Parent and its consolidated Subsidiaries, as at the end of such period and the results of operations for such period, and for the elapsed portion of the year ended with the last day of such period, subject only to
normal audit and year-end adjustments and lack of footnotes. 
 (b) Within forty-five (45) days
after the last day of each of the first three fiscal quarters in each fiscal year of the Parent (and, solely during a Cash Dominion Period, within sixty (60) days after the last day of the fiscal year of the Parent), the balance sheet of the
Parent as at the end of such fiscal quarter, and the related statements of comprehensive income, equity and cash flows for such fiscal quarter and for the fiscal year to date period ended with the last day of such fiscal quarter, all of which shall
be on a consolidated (and consolidating by segment) basis with the Parent’s consolidated Subsidiaries, which financial statements shall set forth in comparative form such figures as at the end of such fiscal quarter during the previous fiscal
year and for such fiscal quarter during the previous fiscal year, all of which shall be on a consolidated basis with the Parent’s consolidated Subsidiaries and shall be certified by an Authorized Signatory of the Parent to be, in his or her
opinion, complete and correct in all material respects and to present fairly in all material respects in accordance with GAAP the financial position of the Parent and its consolidated Subsidiaries, as at the end of such period and the results of
operations for such period, and for the elapsed portion of the year ended with the last day of such period, subject only to normal audit and year-end adjustments and lack of footnotes. 

Section 7.2 Annual Financial Statements and Information; Certificate of No Default. Within ninety (90) days after the end of
each fiscal year of the Parent, the audited balance sheet of the Parent as at the end of such year and the related audited statements of comprehensive income, equity and cash flows for such year, all of which shall be on a consolidated (and
consolidating by segment) basis with the Parent’s consolidated Subsidiaries, which financial statements shall set forth in comparative form such figures as at the end of and for the previous year, and shall be accompanied by an unqualified
opinion of independent certified public accountants of recognized national standing (which opinion shall be without a “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit, other
than any such statement, qualification or exception resulting from or relating to (i) an actual or anticipated breach of the Financial Covenant or any other financial covenant, (ii) an upcoming maturity date within 12 months of the
relevant audit or (iii) activities, operations, financial results or liabilities of any Unrestricted Subsidiary), stating that such financial statements are prepared in all material respects in accordance with GAAP, and present fairly in all
material respects in accordance with GAAP the financial position of the Parent and its consolidated Subsidiaries as at the end of such year without any explanatory paragraphs. 

 

  
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 Section 7.3 Compliance Certificates. At the time the financial statements are
furnished pursuant to Section 7.1(b) and Section 7.2, a Compliance Certificate: 
 (a)
Setting forth as at the end of the applicable fiscal quarter, the arithmetical calculations required to establish whether or not the Credit Parties were in compliance with the requirements of the Financial Covenant (whether or not the Credit Parties
are otherwise required to satisfy such covenant at the time such Compliance Certificate is delivered); and 
 (b) Stating that, to the best
of his or her knowledge, no Default or Event of Default has occurred as at the end of such period, or, if a Default or Event of Default has occurred, disclosing each such Default or Event of Default and its nature, when it occurred and whether it is
continuing, and specifying what action the Borrowers have taken or propose to take with respect thereto. 
 Section 7.4 Unrestricted
Subsidiaries. Simultaneously with the delivery of each set of consolidated financial statements furnished pursuant to Section 7.1 or Section 7.2 above, the related unaudited consolidating
financial information reflecting adjustments necessary to eliminate the Unrestricted Subsidiaries (if any) from such consolidated financial statements. 

Section 7.5 Borrowing Base Certificates; Additional Reports. 

(a) Within thirty (30) days after the end of each fiscal quarter the Borrowers shall deliver to the Administrative Agent a Borrowing Base
Certificate as of the last day of such fiscal quarter; provided that the Borrowers shall deliver such Borrowing Base Certificate within thirty (30) days after the end of each fiscal month in which a Monthly Borrowing Base Condition
occurred; provided, further, the Borrowers shall deliver such Borrowing Base Certificate within three (3) Business Days after the end of each week in which a Weekly Borrowing Base Condition occurred; provided,
further, that the Borrowers may, at their option, deliver a Borrowing Base Certificate more frequently than otherwise required hereunder. Each Borrowing Base Certificate shall set forth a categorical breakdown of all Accounts of the Credit
Parties and calculations of Eligible Accounts and Eligible Credit Card Receivables as of the last day of such quarter (or month or week), the amount of Inventory and the amount of Eligible Inventory owned by the Credit Parties, the Fair Market Value
of all Eligible Real Estate included in the Borrowing Base, and the Average Excess Availability for such quarter (or for such month or week). 

(b) Together with the delivery of each Borrowing Base Certificate required to be delivered pursuant to clause (a) above, the Borrowers
shall deliver to the Administrative Agent and to any Lender requesting the same, the following (which, if a Weekly Borrowing Base Condition has occurred, may be in such lesser level of detail as the Administrative Agent may deem sufficient in its
sole discretion): 
 (i) a detailed aging of all Accounts (including, without limitation, the Eligible Trade Show
Receivables) of the Credit Parties existing as of the last day of the preceding fiscal month or such other date reasonably required by the Administrative Agent, specifying the names and face value for each Account Debtor obligated on an Account of
the Credit Parties so listed and all other information necessary to calculate Eligible Accounts as of such last day of the preceding fiscal month or such other date reasonably required by the Administrative Agent; 

  
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 (ii) an accounts payable aging report and, upon the Administrative
Agent’s request therefor, copies of proof of delivery and the original copy of all documents, including, without limitation, repayment histories and present status reports relating to the Accounts of the Credit Parties so scheduled; and 

(iii) an inventory report listing (A) all of the Credit Parties’ Inventory and all Eligible Inventory and, to the
extent that any Eligible In-Transit Inventory is to be included in the Borrowing Base, Eligible In-Transit Inventory as of the last Business Day of the applicable
reporting period; (B) the type, cost, and location of all such Inventory; (C) all of such Inventory which constitutes raw materials, work-in-process, and
finished goods; and (D) all shipping charges and amounts due and payable that are owed to all Freight Handlers with respect to any Eligible In-Transit Inventory, to the extent that any Eligible In-Transit Inventory is to be included in the Borrowing Base. 
 (c) [Intentionally omitted]; 

(d) On or before the date ninety (90) days after the commencement of each fiscal year, commencing with the fiscal year beginning
September 2021, the Credit Parties shall deliver to the Lender Group the annual budget for the Credit Parties and their Restricted Subsidiaries, approved by the board of directors of the Parent, including forecasts of the income statement, the
balance sheet, a cash flow statement, Excess Availability forecasts, and Financial Covenant compliance forecasts (whether or not the Borrowers are otherwise required to satisfy such covenant at such time or at any time applicable to such forecasts)
for such fiscal year on a quarter by quarter basis; 
 (e) Promptly (and in any event within five (5) Business Days) after the sending,
filing, or making thereof, as applicable, the Credit Parties shall, and shall cause their Restricted Subsidiaries to, deliver to the Administrative Agent (i) copies of all financial statements and reports which any Credit Party or any such
Restricted Subsidiary sends to any holder of its Material Indebtedness or generally to the holders of the Equity Interests of the Parent and (ii) copies of all reports and registration statements which any Credit Party or any such Subsidiary
makes to, or files with, the Securities and Exchange Commission (or any successor) or any national securities exchange; 
 (f) If there is a
material change in GAAP after September 25, 2021, that affects the presentation of the financial statements referred to in Section 7.1 and 7.2, then, in addition to delivery of such financial statements, and on
the date such financial statements are required to be delivered, the Credit Parties shall furnish the adjustments and reconciliations necessary to enable the Borrowers and each Lender to determine compliance with each of the Financial Covenant
(whether or not the Borrowers are otherwise required to satisfy such covenant at such time), all of which shall be determined in accordance with GAAP consistently applied; 

(g) From time to time and promptly upon (and in any event within a period of time that the Administrative Agent in consultation with the
Borrower Representative reasonably determines is appropriate, which period may be extended in the sole discretion of the 

  
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Administrative Agent) each request the Credit Parties shall, and shall cause their Restricted Subsidiaries to, deliver to the Administrative Agent on behalf of the Lender Group such data,
certificates, reports, financial statements, documents, or further information regarding the business, assets, liabilities, financial position, projections, results of operations, or business prospects of the Credit Parties, such Subsidiaries, or
any of them, as the Administrative Agent may reasonably request; and 
 (h) From time to time and promptly upon (and in any event within a
period of time that the Administrative Agent in consultation with the Borrower Representative and the applicable Lender reasonably determines is appropriate, which period may be extended in the sole discretion of the Administrative Agent) each
request the Borrowers shall, and shall cause their Subsidiaries to, deliver to the Administrative Agent on behalf of the Lender Group information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of
compliance with applicable “know your customer” requirements under the Patriot Act or other applicable Anti-Money Laundering Laws (including, without limitation, with respect to any change in the information provided in the Beneficial
Ownership Certification). 
 Information required to be delivered solely pursuant to Sections 7.1, 7.2 and 7.5(e) shall be deemed to
have been delivered if such information, or one or more annual, quarterly or other reports containing such information, shall have been timely posted on the Parent’s website on the internet (currently www.central.com) or shall be
available on the website of the Securities and Exchange Commission at http://www.sec.gov. 
 Section 7.6 Notice of Litigation
and Other Matters. 
 (a) Promptly (and in any event within five (5) Business Days) upon any Responsible Officer obtaining
knowledge of the institution of, or a written threat of, any action, suit, governmental investigation or arbitration proceeding against any Credit Party, any Subsidiary of a Credit Party or any Property, which action, suit, governmental
investigation or arbitration proceeding, if adversely determined, would expose, in such Responsible Officer’s reasonable judgment, any Credit Party or any Subsidiary of a Credit Party to liability in an aggregate amount that would reasonably be
expected to result in a Materially Adverse Effect, the Parent shall notify the Administrative Agent of the occurrence thereof, and the Credit Parties shall provide such additional information with respect to such matters as the Lender Group, or any
of them, may reasonably request; 
 (b) Promptly upon (and in any event within five (5) Business Days of) any Credit Party’s
receipt of notice of any event that would reasonably be expected to result in a Materially Adverse Effect, such Credit Party shall notify the Lender Group of the occurrence thereof; 

(c) [Intentionally omitted]; and 

(d) Promptly (and in any event within two (2) Business Days) following any Default or Event of Default under any Loan Document, the
Parent shall notify the Administrative Agent of the occurrence thereof giving in each case the details thereof and specifying the action proposed to be taken with respect thereto. 

  
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 ARTICLE 8 

NEGATIVE COVENANTS 
 Until
the later of the date the Obligations arising under this Agreement and the other Loan Documents are repaid in full in cash (other than contingent indemnification obligations and Bank Products Obligations) and the date the Commitments are terminated:

 Section 8.1 Indebtedness. No Credit Party will, or will permit any of its Restricted Subsidiaries to, create, assume, incur,
or otherwise become or remain obligated in respect of, or permit to be outstanding, any Indebtedness except: 
 (a) Indebtedness under this
Agreement and the other Loan Documents and the Bank Products Documents; 
 (b) Indebtedness existing as of the Agreement Date and described
on Schedule 8.1(b), and Permitted Refinancing Indebtedness in respect thereof; 
 (c) Indebtedness of the Credit Parties or any of
their Restricted Subsidiaries incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including Capitalized Lease Obligations, and any Indebtedness assumed in connection with the acquisition of any such
assets or secured by a Lien on any such assets prior to the acquisition thereof (provided that such Indebtedness is incurred prior to or within 270 days after such acquisition or the completion of such construction or improvements), and Permitted
Refinancing Indebtedness in respect thereof; provided that the aggregate principal amount of such Indebtedness does not exceed as of the date of determination the greater of (x) $125,000,000 and (y) 5% of Consolidated Total Assets of the
Parent and its Restricted Subsidiaries; 
 (d) unsecured Indebtedness under the 2017 Notes, the 2020 Notes and 2021 Notes, together with any
refinancing thereof which consists (whether singly or in combination) of (i) Permitted Refinancing Indebtedness in respect such 2017 Notes, 2020 Notes and 2021 Notes or (ii) any Indebtedness permitted under clause (i) or (j) of this
Section 8.1; 
 (e) Indebtedness of any Credit Party owing to any Subsidiary and of any Subsidiary owing to any
Credit Party or any other Subsidiary; provided that (i) any such Indebtedness arises solely from Investments permitted by Section 8.5, and (ii) any Indebtedness that is owed by a Credit Party to a
Subsidiary that is not a Credit Party shall be subordinated to the Obligations on terms and conditions, and pursuant to documentation, reasonably satisfactory to the Administrative Agent; 

(f) Guaranties by any Credit Party of Indebtedness of any Restricted Subsidiary and by any Restricted Subsidiary of Indebtedness of any Credit
Party or any other Restricted Subsidiary; provided that Guaranties by any Credit Party of Indebtedness of any Subsidiary that is not a Credit Party shall be subject to Section 8.5; 

(g) obligations under Hedge Agreements entered into in the ordinary course of business, and not for speculative purposes, which obligations
shall be unsecured unless such Hedge Agreement is with a Bank Products Provider; 

  
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 (h) reimbursement obligations in respect of Permitted Outside Letters of Credit; 

(i) Subordinated Indebtedness so long as the Specified Conditions are satisfied before and immediately after giving effect to the incurrence
thereof, and Permitted Refinancing Indebtedness in respect thereof; 
 (j) unsecured Indebtedness so long as the Specified Conditions are
satisfied before and immediately after giving effect to the incurrence thereof, and Permitted Refinancing Indebtedness in respect thereof; 

(k) secured Indebtedness incurred by any Credit Party so long as (i) no Default or Event of Default shall have occurred and be continuing
at such time or would result therefrom, (ii) the Secured Net Leverage Ratio, determined on a Pro Forma Basis, does not exceed 3.50 to 1.00, (iii) the maturity date of such Indebtedness shall not be earlier than the date that is 90 days after
Maturity Date, (iv) such Indebtedness shall not have scheduled amortization payments in excess of five percent (5%) per annum (or such greater amount as the Administrative Agent may approve) of the original principal amount of such
Indebtedness, (v) such Indebtedness shall not be secured by any assets that do not constitute Collateral and shall not be secured by a Lien on ABL Priority Collateral that is senior to or pari passu with the Lien of the Administrative Agent,
(vi) such Indebtedness shall not be guaranteed by any Person that is not a Credit Party, (vii) such Indebtedness has terms that are not materially less favorable (taken as a whole) to the Parent and Restricted Subsidiaries than the terms
of this Agreement or otherwise reasonably satisfactory to the Administrative Agent and (viii) such Indebtedness shall be subject to a Specified Crossing Lien Intercreditor Agreement or other intercreditor agreement in form and substance
satisfactory to the Administrative Agent, and Permitted Refinancing Indebtedness in respect thereof; 
 (l) other Indebtedness of the Parent
and its Restricted Subsidiaries so long as at the time such Indebtedness is incurred, the principal amount of Indebtedness (together with the aggregate principal amount of all other then outstanding Indebtedness incurred under this clause
(l) after the Agreement Date) does not as of the date of determination exceed 10% of total Consolidated Net Tangible Assets of the Parent and its Restricted Subsidiaries, determined as of the last day of the most recently ended fiscal quarter
for which Administrative Agent has received financial statements pursuant to Section 7.1(b) or 7.2, and Permitted Refinancing Indebtedness in respect thereof; 

(m) Indebtedness arising from agreements of the Parent or any of its Restricted Subsidiaries providing for indemnification, adjustment of
purchase price, earn out or other similar obligations, in each case, incurred or assumed in connection with the disposition or acquisition of any business, assets or a Restricted Subsidiary of the Parent, other than guarantees of Indebtedness
incurred by any Person acquiring of all or any portion of such business, assets or Restricted Subsidiary for the purpose of financing such acquisition; provided that in the case of a disposition, the maximum assumable liability in
respect of all such Indebtedness shall at no time exceed the gross proceeds actually received by the Parent and its Restricted Subsidiaries in connection with such disposition; 

  
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 (n) obligations in respect of performance and surety bonds and completion guarantees
provided by the Parent or any of its Restricted Subsidiaries in the ordinary course of business; 
 (o) Indebtedness arising from the
honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however,
that such Indebtedness is extinguished within five (5) Business Days of incurrence; and 
 (p) Indebtedness represented by letters of
credit for the account of the Parent or any of its Restricted Subsidiaries, as the case may be, issued in the ordinary course of business of the Parent and its Restricted Subsidiaries, in order to provide security for workers’ compensation
claims or payment obligations in connection with self-insurance or similar requirements in the ordinary course of business and other Indebtedness with respect to workers’ compensation claims, self-insurance obligations, performance, surety and
similar bonds and completion guarantees provided by the Parent or any of its Restricted Subsidiaries in the ordinary course of business. 

For purposes of determining compliance with this Section 8.1, in the event that an item of Indebtedness meets the criteria of more than
one of the categories of Indebtedness described in clauses (b) through (p) above (but not, for the avoidance of doubt, clause (a) above), the Borrowers shall, in their sole discretion, divide and classify (or later redivide and reclassify)
such item of Indebtedness in any manner that complies with such covenant. Accrual of interest, accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same
terms, and the payment of dividends on Disqualified Equity Interests or other preferred Equity Interests in the form of additional shares of the same class of Disqualified Equity Interests or other preferred Equity Interests will not be deemed to be
an incurrence of Indebtedness or an issuance of Disqualified Equity Interests or other preferred Equity Interests for purposes of this Section 8.1. 

For purposes of determining compliance with any U.S. Dollar-denominated restriction on the incurrence of Indebtedness, the U.S.
Dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term Indebtedness, or first
committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. Dollar-denominated
restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such
refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. Notwithstanding any other provision of this Section 8.1, the maximum amount of Indebtedness that the Credit Parties and their Restricted
Subsidiaries may incur pursuant to Section 8.1 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness incurred to refinance other Indebtedness, if
incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such refinancing Indebtedness is denominated that is in effect on the date of such
refinancing. 

  
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 Section 8.2 [Intentionally Omitted]. 

Section 8.3 Liens. No Credit Party will, or will permit any Restricted Subsidiary of a Credit Party to, create, assume, incur, or
permit to exist or to be created, assumed, or permitted to exist, directly or indirectly, any Lien on any of its property, real or personal, now owned or hereafter acquired, except for Permitted Liens. 

Section 8.4 Restricted Payments. No Credit Party will, or will permit any Restricted Subsidiary of a Credit Party to, directly or
indirectly declare or make any Restricted Payment, or set aside any funds for any such purpose, other than Dividends on Equity Interests which accrue (but are not paid in cash); provided, however, that 

(a) (x) the Parent’s Restricted Subsidiaries may make Restricted Payments to the Parent or any other Credit Party and (y) the
Parent’s Restricted Subsidiaries that are not Credit Parties may make Restricted Payments to the Parent or any other Restricted Subsidiary and, in the case of any such non-Credit Party Restricted
Subsidiary that is not wholly-owned, directly or indirectly, by the Parent, to each other owner of Equity Interests of such Restricted Subsidiary ratably according to their relative ownership interests of the relevant class of Equity Interests or as
otherwise required by the organizational documents of such Restricted Subsidiary; 
 (b) the Credit Parties and their Restricted
Subsidiaries may make Restricted Payments so long as the Specified Conditions are satisfied before and after giving effect to such Restricted Payments; 

(c) the Parent may (i) make regularly scheduled payments of interest on the 2017 Notes, the 2020 Notes or 2021 Notes, and (ii) repay
the 2017 Notes, the 2020 Notes or 2021 Notes in full in connection with Permitted Refinancing Indebtedness with respect thereto or the incurrence of other Indebtedness otherwise permitted pursuant to Section 8.1(i) or
(j); 
 (d) any dividend or the consummation of any irrevocable redemption of Equity Interests may be made within sixty
(60) days after the date of declaration of such dividend or notice of such redemption if the dividend or payment of the redemption price, as the case may be, would have been permitted on the date of declaration or notice; 

(e) any Restricted Payment may be made out of the net cash proceeds of the substantially concurrent sale of, or made by exchange for, Equity
Interests (other than Disqualified Equity Interests) of the Parent (other than Equity Interests issued or sold to a Subsidiary of the Parent or an employee stock ownership plan or to a trust established by the Parent or any of its Subsidiaries for
the benefit of their employees) or a substantially concurrent cash capital contribution received by the Parent from its shareholders; 
 (f)
any redemption, repurchase, or other acquisition or retirement for value of any Equity Interests of the Parent, in each case may be made in connection with the repurchase provisions of employee stock option or stock purchase agreements or other
agreements to compensate management employees, or upon the death, disability, retirement, severance or 

  
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termination of employment of management employees; provided that all such redemptions or repurchases pursuant to this clause (f) shall not exceed in any fiscal year $15,000,000 (with
unused amounts in any calendar year carried over to succeeding calendar years subject to a maximum of $25,000,000 in any calendar year; provided that amounts in any calendar year may be increased by an amount not to exceed the net cash
proceeds received by the Parent or any of its Restricted Subsidiaries from the sale of the Parent’s Equity Interests (other than Disqualified Equity Interests) to any member of the management or the board of directors of the Parent or any of
its Restricted Subsidiaries); 
 (g) Equity Interests may be repurchased to the extent deemed to occur upon the exercise of stock options if
such Equity Interests represent a portion of the exercise price thereof; 
 (h) Equity Interests may be repurchased to the extent deemed to
occur upon the exercise of stock options or the vesting of restricted stock grants to satisfy tax withholding obligations; and 
 (i)
regularly scheduled or accrued dividends on Disqualified Equity Interests issued in compliance with Section 8.1 may be made to the extent such dividends are included in the definition of “Interest Expense.” 

Section 8.5 Investments. No Credit Party will, or will permit any Restricted Subsidiary of a Credit Party to, make Investments,
except that: 
 (a) the Credit Parties may purchase or otherwise acquire and own and may permit any of their Restricted Subsidiaries to
purchase or otherwise acquire and own cash and Cash Equivalents; 
 (b) the Parent and its Restricted Subsidiaries may hold the Investments
in existence on the Agreement Date and described on Schedules 5.1(c)-1, 5.1(c)-2 and 5.1(m); 

(c) any Credit Party and any of its Restricted Subsidiaries may make Investments in securities of trade creditors or customers received
pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers or in good faith settlement of delinquent obligations of such trade creditors or customers; 

(d) the Credit Parties and their Restricted Subsidiaries may hold the Equity Interests of their respective Subsidiaries in existence as of the
Agreement Date and set forth on Schedule 5.1(c)-1; 
 (e) Guaranties may be made by the
Credit Parties and their Restricted Subsidiaries constituting Indebtedness permitted by Section 8.1; provided that the aggregate principal amount of Indebtedness of Subsidiaries that are not Credit Parties that is
Guaranteed by any Credit Party shall be subject to the limitation set forth in subsection (f) of this Section; 

  
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 (f) Investments may be made (i) by any Credit Party to any other Credit Party,
(ii) by any Restricted Subsidiary that is not a Credit Party to any Credit Party or any of its Restricted Subsidiaries, or (iii) by any Credit Party to any Subsidiary that is not a Credit Party; provided that the aggregate amount of
Investments under this clause (f) by the Credit Parties in or to, and Guaranties by the Credit Parties of Indebtedness of, any Subsidiary that is not a Credit Party (including all such Investments and Guaranties existing on the Agreement Date)
shall not exceed $40,000,000 at any time outstanding; 
 (g) Investments may be made arising out of Hedge Agreements entered into in the
ordinary course of business, and not for speculative purposes; 
 (h) the Credit Parties and their Restricted Subsidiaries may make
(i) payroll, travel, relocation and similar loans and advances to employees and officers of the Parent and its Subsidiaries for bona fide business purposes incurred in the ordinary course of business and consistent with past practices,
(ii) loans to employees and officers of the Parent and its Subsidiaries to fund such Person’s purchase of Equity Interests of the Parent pursuant to compensatory plans approved by the board of directors of the Parent in good faith and
(iii) other loans to employees and officers of the Parent and its Subsidiaries in an amount not to exceed $5,000,000 at any time outstanding; 

(i) Investments may be received in compromise or resolution of litigation, arbitration or other disputes with persons who are not Affiliates;

 (j) to the extent constituting Investments, the Credit Parties and their Restricted Subsidiaries may receive and hold accounts receivable
and notes receivable arising in the ordinary course of business; 
 (k) the Credit Parties and their Restricted Subsidiaries may make
Investments in any Person to the extent it consists of prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course of business;

 (l) the Credit Parties and their Restricted Subsidiaries may make other Investments (other than Acquisitions) so long as the Specified
Conditions are satisfied before and immediately after giving effect to such Investments; 
 (m) any Credit Party may enter into or
consummate any Permitted Acquisition; 
 (n) Investments may be made by the Credit Parties or any of their Restricted Subsidiaries as a
result of consideration received in connection with a Permitted Asset Disposition; 
 (o) the Credit Parties and their Restricted
Subsidiaries may purchase or redeem Indebtedness of the Credit Parties and their Restricted Subsidiaries (other than Subordinated Indebtedness); and 

(p) the Credit Parties and their Restricted Subsidiaries may make Investments the payment for which consists exclusively of Equity Interests
(other than Disqualified Equity Interests) of the Parent. 

  
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 Section 8.6 Affiliate Transactions. No Credit Party shall, or shall permit any
Restricted Subsidiary of a Credit Party to, enter into or be a party to any agreement or transaction with any other Subsidiary or any other Affiliate involving aggregate payments or consideration in excess of $10,000,000 except (a) as described
on Schedule 8.6, (b) (i) upon terms that are no less favorable to such Credit Party or such Restricted Subsidiary than it might reasonably obtain in a comparable arm’s length transaction with a Person not an Affiliate of such Credit
Party or such Restricted Subsidiary and (ii) the Borrower Representative delivers to the Administrative Agent with respect to any such transaction or series of related transactions involving aggregate payments or consideration in excess of
$25,000,000, a board resolution adopted by the majority of the members of the board of directors of the Parent or a resolution of the audit committee of the board of directors of the Parent approved by a majority of the members of the audit
committee approving such transaction and set forth in an certificate of a Responsible Officer of the Borrower Representative certifying that such transaction complies with clause (i) above, (c) as expressly permitted by Sections
8.4, 8.5 and 8.7, (d) reasonable fees and compensation paid to, and indemnity provided on behalf of, officers, directors, employees or consultants of any Credit Party or any of its Restricted Subsidiaries as determined in good
faith by the Parent’s board of directors or a committee thereof, (e) transactions between or among any Credit Party and any of its Restricted Subsidiaries or between or among such Restricted Subsidiaries; provided that such
transactions are not otherwise prohibited by this Agreement, (f) sales of Equity Interests (other than Disqualified Equity Interests) to Affiliates of the Parent, and (g) transactions in which any Credit Party or any of its Restricted
Subsidiaries, as the case may be, receives an opinion from a nationally recognized investment banking, appraisal or accounting firm that such transaction is either fair, from a financial standpoint, to such Credit Party or such Restricted Subsidiary
or is on terms not materially less favorable than those that might reasonably have been obtained in a comparable transaction at such time on an arm’s length basis from a Person that is not an Affiliate of the Parent. 

Section 8.7 Mergers; Liquidation; Change in Ownership, Name, or Year; Dispositions; Accounting Changes; Etc. No Credit Party
shall, or shall permit any Restricted Subsidiary to, at any time: 
 (a) liquidate or dissolve itself (or suffer any liquidation or
dissolution) or otherwise wind up its business, except that any Restricted Subsidiary of the Parent may liquidate or dissolve itself into the Parent or any other Credit Party, or into any other Restricted Subsidiary to the extent such liquidation or
dissolution would be an Investment permitted under Section 8.5; 
 (b) sell, lease, abandon, transfer or otherwise
dispose of, in a single transaction or a series of related transactions, any assets, property or business in a transaction or series of related transactions for which the Credit Parties and their Restricted Subsidiaries receive aggregate
consideration of at least $25,000,000, except for Permitted Asset Dispositions; provided that any disposition of assets included within the Borrowing Base, pursuant to clauses (a) and (i) (with respect to any disposition to a Restricted
Subsidiary that is not a Credit Party) of the definition of “Permitted Asset Dispositions” and in excess of 10% of the Borrowing Base prior to giving effect to such disposition, shall be subject to delivery of an updated Borrowing Base
Certificate demonstrating, after giving pro forma effect to such disposition, Aggregate Revolving Credit Obligations do not exceed Availability; 

  
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 (c) [Intentionally omitted]; 

(d) merge or consolidate with any other Person; provided, however, that (i) any Subsidiary Guarantor may merge or
consolidate into the Parent or any other Subsidiary Guarantor, or into any other Restricted Subsidiary to the extent such liquidation or dissolution would be an Investment permitted under Section 8.5, and (ii) any
Restricted Subsidiary that is not a Credit Party may merge or consolidate into the Parent or any of its Restricted Subsidiaries; 
 (e)
change the legal name, jurisdiction of organization or organizational type of any Credit Party without written notice to the Administrative Agent within thirty (30) days after doing so and complying with all reasonable requirements of the
Administrative Agent in regard thereto; 
 (f) change its year-end for accounting purposes from the
fiscal year ending on the last Saturday of September without the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld); 

(g) make any significant change in accounting treatment or reporting practices, except as permitted by GAAP; or 

(h) engage in any business other than a Permitted Business. 

Section 8.8 Fixed Charge Coverage Ratio. Upon the occurrence and at all times during the continuance of a Financial Covenant
Testing Period, the Fixed Charge Coverage Ratio (tested and calculated as of each of (a) the last day of the fiscal quarter most recently ended prior to the commencement of such Financial Covenant Testing Period for which Administrative Agent
has received financial statements pursuant to Section 7.1(b) or 7.2, and (b) the last day of each fiscal quarter thereafter until the end of the Financial Covenant Testing Period, in each case for the four
(4) fiscal quarter period ending on such date) shall be not less than 1.00 to 1.00. 
 Section 8.9 Sales and Leasebacks. No
Credit Party shall, or shall permit any Restricted Subsidiary of a Credit Party to, enter into any arrangement, directly or indirectly, with any third party whereby such Credit Party or such Restricted Subsidiary, as applicable, shall sell or
transfer any property, real or personal, whether now owned or hereafter acquired, and whereby such Credit Party or such Restricted Subsidiary, as applicable, shall then or thereafter rent or lease as lessee such property or any part thereof or other
property which such Credit Party or such Restricted Subsidiary intends to use for substantially the same purpose or purposes as the property sold or transferred (any such arrangement, a “Sale Leaseback”), other than Sale Leasebacks
of real property so long as (a) such sale is made for fair market value and (b) the corresponding lease is on market terms as reasonably agreed by the Borrower Representative and the Administrative Agent. 

Section 8.10 Amendment and Waiver. 

(a) No Credit Party shall, or shall permit any Restricted Subsidiary of a Credit Party to enter into any amendment, or agree to or accept any
waiver, which would adversely affect in any material respect the rights of such Credit Party or such Restricted Subsidiary, as applicable, or any member of the Lender Group, of its articles or certificate of incorporation or formation and by-laws, partnership agreement or other governing documents. 

  
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 (b) [Intentionally omitted]. 

(c) No Credit Party shall, or shall permit any Restricted Subsidiary of a Credit Party to, amend, restate or modify any provision of the
Specified Crossing Lien Indebtedness Loan Documents, if any, except as permitted under the Specified Crossing Lien Intercreditor Agreement. 

Section 8.11 ERISA Liability. No Credit Party shall fail to meet all of the applicable minimum funding requirements of ERISA and
the Code, without regard to any waivers thereof, and, to the extent that the assets of any of their Plans would be less than an amount sufficient to provide all accrued benefits payable under such Plans. No Credit Party shall, or shall cause or
permit any Subsidiary to, (a) cause or permit to occur any event that could result in the imposition of a Lien under Section 412 of the Code or Section 302 or 4068 of ERISA, or (b) cause or permit to occur an ERISA Event to the
extent such ERISA Event would reasonably be expected to have a Materially Adverse Effect. 
 Section 8.12 [Intentionally
Omitted]. 
 Section 8.13 Restrictive Agreements. No Credit Party shall, or shall permit any Restricted Subsidiary to,
directly or indirectly, enter into any agreement (other than the Loan Documents) with any Person that (a) prohibits or restricts or limits the ability of any Credit Party or any such Restricted Subsidiary to create, incur, pledge, or suffer to
exist any Lien upon any of its respective assets (other than prohibitions of Liens on assets that are subject to purchase money security interests that are Permitted Liens hereunder), (b) restricts the ability of any Restricted Subsidiary to pay any
dividends, distributions or other restricted payments to such Credit Party, or (c) violates the terms hereof, any other Loan Document or any Bank Products Document; provided that (i) the foregoing shall not apply to restrictions and
conditions imposed by law or by this Agreement and the other Loan Documents, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof and specifically identified on Schedule 8.13
(but shall apply to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall not apply to restrictions and conditions contained in the Indenture in respect of
the 2017 Notes and the 2020 Notes or the New Indenture in respect of the 2021 Notes (in each case as in effect on the Agreement Date), (iv) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to
the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (v) clause (a) of the foregoing shall not apply to restrictions or
conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness, (vi) clause (a) of the foregoing shall not
apply to customary provisions (including net worth provisions in the ordinary course of business) in leases and other contracts restricting the assignment thereof, (vii) the foregoing shall not apply to customary restrictions and conditions
contained in any Specified Crossing Lien Indebtedness Loan Documents, (viii) any instrument governing Acquired Indebtedness, which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than
the Person or the properties or assets of the Person so acquired, and (ix) restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business. 

  
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 ARTICLE 9 

DEFAULT 
 Section 9.1
Events of Default. Each of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment or order of any
court or any order, rule, or regulation of any governmental or non-governmental body: 
 (a) Any
representation or warranty made under this Agreement, any other Loan Document shall prove incorrect or misleading in any material respect (provided that if any representation or warranty already includes a materiality or material adverse effect
qualifier, such representation or warranty shall be true and correct in all respects) when made or deemed to have been made pursuant to Section 5.4; or 

(b) (i) Any payment of any principal hereunder or under the other Loan Documents, or any reimbursement obligations with respect to any Letter
of Credit, shall not be received by the Administrative Agent on the date such payment is due, or (ii) any payment of interest, fees or other amounts hereunder or under the other Loan Documents or any other Obligations shall not be received by
the Administrative Agent or Lender, as applicable, on or before three (3) Business Days after the due date thereof; or 
 (c) Any
Credit Party shall default in the performance or observance of any agreement or covenant contained in Section 6.1(i)(A) (with respect to each Credit Party), 6.6, 6.22, 6.24, Article 7 (other than
Sections 7.5(a) (unless a Weekly Borrowing Base Condition has occurred), 7.5(b) (unless a Weekly Borrowing Base Condition has occurred), 7.6(a) and 7.6(b)) or Article 8; or 

(d) Any Credit Party shall default in the performance or observance of any other agreement or covenant contained in this Agreement or in any
other Loan Document not specifically referred to elsewhere in this Section 9.1, and such default shall not be cured (A) with respect to Section 6.15, within the earlier of (i) a period of
three (3) Business Days from the date that such Credit Party knew or should have known of the occurrence of such default, or (ii) a period of three (3) Business Days after written notice of such default is given to such Credit Party,
(B) with respect to Sections 7.5(a) and 7.5(b) (unless a Weekly Borrowing Base Condition has occurred), within the earlier of (i) a period of three (3) Business Days from the date that such Credit Party knew or should
have known of the occurrence of such default, or (ii) a period of three (3) Business Days after written notice of such default is given to such Credit Party, (C) with respect to Sections 6.23, 7.6(a) and 7.6(b),
within the earlier of (i) a period of fifteen (15) days from the date that such Credit Party knew or should have known of the occurrence of such default, or (ii) a period of fifteen (15) days after written notice of such default
is given to such Credit Party, and (D) with respect to each other covenant and agreement contained in this Agreement or in any other Loan Document, within the earlier of (i) a period of thirty (30) days from the date that such Credit
Party knew or should have known of the occurrence of such default, or (ii) a period of thirty (30) days after written notice of such default is given to such Credit Party; or 

  
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 (e) [Intentionally omitted]; or 

(f) There shall occur any Change in Control; or 

(g) (i) There shall be entered a decree or order for relief in respect of any Borrower or any Subsidiary (other than any Subsidiary that,
together with all other Subsidiaries with respect to which any relevant event or act under this clause (g) or clause (h) below shall have occurred and their respective Subsidiaries, would be permitted to be designated as Immaterial
Subsidiaries) (any such Subsidiary, a “Material Subsidiary”) under the Bankruptcy Code, or any other Debtor Relief Law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or similar official of any
Borrower or any Material Subsidiary, or of any substantial part of its properties, or ordering the winding-up or liquidation of the affairs of any Borrower or any Material Subsidiary, or (ii) an
involuntary petition shall be filed against any Borrower or any Material Subsidiary, and a temporary stay entered and (A) such petition and stay shall not be diligently contested, or (B) any such petition and stay shall continue
undismissed for a period of sixty (60) consecutive days; or 
 (h) Any Borrower or any Material Subsidiary shall commence an insolvency
proceeding or any Borrower or any Material Subsidiary shall consent to the institution of an insolvency proceeding or to the appointment or taking of possession of a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar
official of any Borrower or any Material Subsidiary, or of any substantial part of its properties, or any Borrower or any Material Subsidiary shall fail generally to pay its debts as they become due, or any Borrower or any Material Subsidiary shall
take any action in furtherance of any such action; or 
 (i) (i) One or more judgments, orders or awards (other than a money judgment or
judgments fully covered (except for customary deductibles or copayments not to exceed $50,000,000 in the aggregate) by insurance as to which the insurance company has acknowledged coverage) shall be entered by any court against any Credit
Party or any Restricted Subsidiary of any Credit Party for the payment of money which exceeds, together with all such other judgments, orders, or awards of the Credit Parties and their Restricted Subsidiaries, $50,000,000 in the aggregate, and there
shall be a period of 60 consecutive days during which a stay of enforcement of such judgment, order or award, by reason of a pending appeal or otherwise, shall not be in effect, or (ii) a warrant of attachment or execution or similar
process shall be issued or levied against property of any Credit Party or any Restricted Subsidiary of a Credit Party pursuant to any judgment which, together with all other such property of the Credit Parties and their Restricted Subsidiaries
subject to other such process, exceeds in value $50,000,000 in the aggregate; or 
 (j) (i) Any Plan maintained by any Credit Party or any
ERISA Affiliate fails to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code;
(ii) or a Credit Party or ERISA Affiliate is required to provide security 

  
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under Applicable Law, the terms of such Plan, Section 401 and 436 of the Code, or Section 206 of ERISA; (iii) or a trustee shall be appointed by a United States District Court to
administer any such Plan; (iv) or the PBGC shall institute proceedings to terminate any such Plan; (v) or any Credit Party or any ERISA Affiliate shall incur any liability to the PBGC in connection with the termination of any such Plan;
(vi) or any Plan or trust created under any Plan of any Credit Party or any ERISA Affiliate shall engage in a non-exempt “prohibited transaction” (as such term is defined in Section 406 of
ERISA or Section 4975 of the Code) which would subject any such Plan, any trust created thereunder or any trustee or administrator thereof to any tax or penalty on “prohibited transactions” imposed by Section 502 of ERISA or
Section 4975 of the Code; (vii) or there shall be at any time a Lien imposed against the assets of a Credit Party or ERISA Affiliate under Code Section 412, or ERISA Sections 302 or 4068; (viii) or there shall occur at any time an
ERISA Event (or a similar type of event with respect to a Foreign Plan) to the extent such ERISA Event (or a similar type of event with respect to a Foreign Plan), and any such event or events described in clauses (i) through (viii) above,
either individually or together with any other such event or events, would reasonably be expected to have a Materially Adverse Effect; or 

(k) (i) Any Credit Party or any of their Restricted Subsidiaries shall fail to make any payment in respect of any Material Indebtedness when
due after the expiration of any applicable grace period, or any event or condition shall occur which results in the acceleration of the maturity of such Material Indebtedness (including, without limitation, any required mandatory prepayment or
“put” of such Indebtedness to any such Person) or enables (or, with the giving of notice or passing of time or both, would enable) the holders of such Indebtedness or a commitment related to such Indebtedness (or any Person acting on such
holders’ behalf) to accelerate the maturity thereof or terminate any such commitment before its normal expiration (including, without limitation, any required mandatory prepayment or “put” of such Indebtedness to such Person) or
(ii) there shall occur any default under any Hedge Agreement which could reasonably be expected to result in the payment by the Parent or any Restricted Subsidiary of an amount in excess of $50,000,000 (after the expiration of any applicable
cure period set forth therein); or 
 (l) [Intentionally omitted]; 

(m) All or any portion of any Loan Document shall at any time and for any reason be declared to be null and void, or a proceeding shall be
commenced by any Credit Party, any Subsidiary of a Credit Party or any Affiliate thereof, or by any Governmental Authority having jurisdiction over any Credit Party, any Subsidiary of a Credit Party or any Affiliate thereof, seeking to establish the
invalidity or unenforceability thereof (exclusive of questions of interpretation of any provision thereof), or any Credit Party, any Subsidiary of a Credit Party or any Affiliate thereof shall deny that it has any liability or obligation for the
payment of any Obligation purported to be created under any Loan Document shall be terminated as a result of a default or event of default by any Credit Party or revoked; or 

(n) Any Security Document or any other security document, after delivery thereof pursuant hereto, shall for any reason (other than as a result
of the action or inaction of the Administrative Agent) fail or cease to create a valid and perfected and, except to the extent permitted by the terms hereof or thereof, first priority Lien in favor of the Administrative Agent, for the benefit of the
Lender Group, on any Collateral purported to be covered thereby. 

  
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 Section 9.2 Remedies. If an Event of Default shall have occurred and be
continuing, in addition to the rights and remedies set forth elsewhere in this Agreement, the other Loan Documents, the Bank Products Documents or under Applicable Law: 

(a) With the exception of an Event of Default specified in Section 9.1(g) or (h), the Administrative Agent may in its
discretion (unless otherwise instructed by the Majority Lenders) or shall at the direction of the Majority Lenders, (i) terminate the Commitments, or (ii) declare the principal of and interest on the Loans and all other Obligations (other
than any Bank Products Obligations) to be forthwith due and payable without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived, anything in this Agreement or in any other Loan Document to the contrary
notwithstanding, or both. 
 (b) Upon the occurrence and continuance of an Event of Default specified in Sections 9.1(g) or
(h), such principal, interest, and other Obligations (other than any Bank Products Obligations) shall thereupon and concurrently therewith become due and payable, and the Commitments shall forthwith terminate, all without any action by the
Lender Group, or any of them and without presentment, demand, protest, or other notice of any kind, all of which are expressly waived, anything in this Agreement or in any other Loan Document to the contrary notwithstanding. 

(c) The Administrative Agent may in its discretion (unless otherwise instructed by the Majority Lenders) or shall at the direction of the
Majority Lenders exercise all of the post-default rights granted to the Lender Group, or any of them, under the Loan Documents or under Applicable Law. The Administrative Agent, for the benefit of the Lender Group, shall have the right to the
appointment of a receiver for the Property of the Credit Parties, and the Credit Parties hereby consent to such rights and such appointment and hereby waive any objection the Credit Parties may have thereto or the right to have a bond or other
security posted by the Lender Group, or any of them, in connection therewith. 
 (d) In regard to all Letters of Credit with respect to
which presentment for honor shall not have occurred at the time of any acceleration of the Obligations (other than Bank Products Obligations) pursuant to the provisions of this Section 9.2 or, upon the request of the
Administrative Agent, after the occurrence of an Event of Default and prior to acceleration, the Borrowers shall promptly upon written demand by the Administrative Agent deposit in a Letter of Credit Reserve Account opened by the Administrative
Agent for the benefit of the Lender Group an amount equal to one hundred and three percent (103%) of the aggregate then undrawn and unexpired amount of such Letter of Credit Obligations. Amounts held in such Letter of Credit Reserve Account shall be
applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other
Obligations in the manner set forth in Section 2.11. Pending the application of such deposit to the payment of the Reimbursement Obligations, the Administrative Agent shall, to the extent reasonably practicable, invest such
deposit in an interest bearing open account or similar available savings deposit account and all interest accrued thereon shall be held with such deposit as additional security for the Obligations. After all such Letters of Credit shall have expired
or been fully drawn upon, all Reimbursement Obligations shall have been satisfied, and all other Obligations shall have been paid in full, the balance, if any, in such Letter of Credit Reserve Account shall be returned to the Borrowers. Except as
expressly provided hereinabove, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrowers. 

  
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 (e) The rights and remedies of the Lender Group hereunder shall be cumulative, and not
exclusive. 
 (f) Each Credit Party hereby grants to the Administrative Agent an irrevocable,
non-exclusive license or other right to use, license, or sublicense (without payment of any royalty or other compensation to any Person) any or all of such Credit Party’s Intellectual Property, computing
hardware, brochures, promotional and advertising materials, labels, packaging materials, and other Property in connection with the advertising for sale or lease, marketing, selling, leasing, liquidating, collecting, completing manufacture of, or
otherwise exercising any rights or remedies with respect to, any Collateral, including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer programs used for the compilation
or printout thereof. Each Credit Party’s rights and interests in and to any Intellectual Property shall inure to Administrative Agent’s benefit. 

ARTICLE 10 
 THE ADMINISTRATIVE
AGENT 
 Section 10.1 Appointment and Authorization. 

(a) Each member of the Lender Group hereby irrevocably appoints Truist Bank as the Administrative Agent and authorizes it to take such actions
on its behalf and to exercise such powers as are delegated to the Administrative Agent under this Agreement and the other Loan Documents, together with all such actions and powers that are reasonably incidental thereto. The Administrative Agent may
perform any of its duties hereunder or under the other Loan Documents by or through any one or more sub-agents or
attorneys-in-fact appointed by the Administrative Agent. The Administrative Agent and any such sub-agent or attorney-in-fact may perform any and all of its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions set forth in
this Article shall apply to any such sub-agent, attorney-in-fact or Related Party and shall apply to their respective activities
in connection with the syndication of the credit facilities provided for herein as well as activities as the Administrative Agent. 
 (b)
Each Issuing Bank shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith until such time and except for so long as the Administrative Agent may agree at the request of the
Majority Lenders to act for such Issuing Bank with respect thereto; provided that such Issuing Bank shall have all the benefits and immunities (i) provided to the Administrative Agent in this Article with respect to any acts taken or
omissions suffered by such Issuing Bank in connection with Letters of Credit issued by it or proposed to be issued by it and the application and agreements for letters of credit pertaining to the Letters of Credit as fully as if the term
“Administrative Agent” as used in this Article included such Issuing Bank with respect to such acts or omissions and (ii) as additionally provided in this Agreement with respect to the Issuing Banks. 

  
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 Section 10.2 Nature of Duties of the Administrative Agent. The Administrative
Agent shall not have any duties or obligations except those expressly set forth in this Agreement and the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary
or other implied duties, regardless of whether a Default or an Event of Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except
those discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required to exercise in writing by the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary
under the circumstances as provided in Section 11.12), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative
Agent to liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification
or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the
failure to disclose, any information relating to any Borrowers or any of their Subsidiaries that is communicated to or obtained by the Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for
any action taken or not taken by it, its sub-agents or its attorneys-in-fact with the consent or at the request of the Majority
Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 11.12) or in the absence of its own gross negligence or willful misconduct. The Administrative
Agent shall not be responsible for the negligence or misconduct of any sub-agents or attorneys-in-fact selected by it with
reasonable care. The Administrative Agent shall not be deemed to have knowledge of any Default or Event of Default unless and until written notice thereof (which notice shall include an express reference to such event being a “Default” or
“Event of Default” hereunder) is given to the Administrative Agent by any Borrower or any Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of
any of the covenants, agreements, or other terms and conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the
satisfaction of any condition set forth in Article 4 or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. The Administrative Agent may consult with legal
counsel (including counsel for the Borrowers) concerning all matters pertaining to such duties. 
 Section 10.3 Lack of Reliance on
the Administrative Agent. Each of the Lenders, the Swing Bank and the Issuing Banks acknowledges that it has, independently and without reliance upon the Administrative Agent, any Issuing Bank or any other Lender and based on such documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each of the Lenders, the Swing Bank and the Issuing Banks also acknowledges that it will, independently and without reliance upon the
Administrative Agent, any Issuing Bank or any other Lender and based on such documents and information as it has deemed appropriate, continue to make its own decisions in taking or not taking any action under or based on this Agreement, any related
agreement or any document furnished hereunder or thereunder. 

  
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 Section 10.4 Certain Rights of the Administrative Agent. If the Administrative
Agent shall request instructions from the Majority Lenders with respect to any action or actions (including the failure to act) in connection with this Agreement, the Administrative Agent shall be entitled to refrain from such act or taking such act
unless and until it shall have received instructions from such Lenders, and the Administrative Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Lender shall have any right of action
whatsoever against the Administrative Agent as a result of the Administrative Agent acting or refraining from acting hereunder in accordance with the instructions of the Majority Lenders where required by the terms of this Agreement. 

Section 10.5 Reliance by the Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur
any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, posting or other distribution) believed by it to be genuine and to have been signed, sent
or made by the proper Person. The Administrative Agent may also rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person and shall not incur any liability for relying thereon. The Administrative
Agent may consult with legal counsel (including counsel for the Borrowers), independent public accountants and other experts selected by it and shall not be liable for any action taken or not taken by it in accordance with the advice of such
counsel, accountants or experts. 
 Section 10.6 The Administrative Agent in its Individual Capacity. The bank serving as the
Administrative Agent shall have the same rights and powers under this Agreement and any other Loan Document in its capacity as a Lender as any other Lender and may exercise or refrain from exercising the same as though it were not the Administrative
Agent; and the terms “Lenders”, “Majority Lenders”, “Supermajority Lenders”, or any similar terms shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual capacity. The
bank acting as the Administrative Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of business with any Borrower or any Subsidiary or Affiliate of any Borrower as if it were not the Administrative
Agent hereunder. 
 Section 10.7 Successor Administrative Agent. 

(a) The Administrative Agent may resign at any time by giving notice thereof to the Lenders and the Borrower Representative. Upon any such
resignation, the Majority Lenders shall have the right to appoint a successor Administrative Agent, subject to approval by the Borrower Representative provided that no Specified Event of Default shall exist at such time. If no successor
Administrative Agent shall have been so appointed, and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of resignation, then the retiring Administrative Agent may, on behalf of the
Lenders, appoint a successor Administrative Agent, subject to approval by the Borrower Representative provided that no Specified Event of Default shall exist at such time, which shall be a commercial bank organized under the laws of the United
States or any state thereof or a bank which maintains an office in the United States. 

  
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 (b) Upon the acceptance of its appointment as the Administrative Agent hereunder by a
successor, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its
duties and obligations under this Agreement and the other Loan Documents. If, within 45 days after written notice is given of the retiring Administrative Agent’s resignation under this Section, no successor Administrative Agent shall have been
appointed and shall have accepted such appointment, then on such 45th day (i) the retiring Administrative Agent’s resignation shall become effective, (ii) the retiring
Administrative Agent shall thereupon be discharged from its duties and obligations under the Loan Documents and (iii) the Majority Lenders shall thereafter perform all duties of the retiring Administrative Agent under the Loan Documents until
such time as the Majority Lenders appoint a successor Administrative Agent as provided above. After any retiring Administrative Agent’s resignation hereunder, the provisions of this Article shall continue in effect for the benefit of such
retiring Administrative Agent and its representatives and agents in respect of any actions taken or not taken by any of them while it was serving as the Administrative Agent. 

(c) In addition to the foregoing, if a Lender becomes, and during the period it remains, a Defaulting Lender, and if any Default has arisen
from a failure of the Borrowers to comply with Section 2.17(b), then any Issuing Bank and the Swing Bank may, upon prior written notice to the Borrower Representative and the Administrative Agent, resign as Issuing Bank or
as Swing Bank, as the case may be, effective at the close of business Charlotte, North Carolina time on a date specified in such notice (which date may not be less than thirty (30) days after the date of such notice). 

Section 10.8 Withholding Tax. To the extent required by any applicable law, the Administrative Agent may withhold from any
interest payment to any Lender an amount equivalent to any applicable withholding tax. If the Internal Revenue Service or any authority of the United States or any other jurisdiction asserts a claim that the Administrative Agent did not properly
withhold tax from amounts paid to or for the account of any Lender (because the appropriate form was not delivered or was not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstances that
rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason), such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by the Borrowers
and without limiting the obligation of the Borrowers to do so) fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including penalties and interest, together with all expenses incurred, including
legal expenses, allocated staff costs and any out of pocket expenses. 
 Section 10.9 The Administrative Agent May File Proofs of
Claim. 
 (a) In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of any Loan or other Obligation shall then be due and payable as herein expressed or by declaration or otherwise
and irrespective of whether the Administrative Agent shall have made any demand on the Borrowers) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

  
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 (i) to file and prove a claim for the whole amount of the principal and
interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Banks and the
Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Banks and the Administrative Agent and its agents and counsel and all other amounts due the Lenders, the
Issuing Banks and the Administrative Agent under Section 11.2) allowed in such judicial proceeding; and 

(ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same.

 (b) Any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is
hereby authorized by each Lender and each Issuing Bank to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders and the Issuing Banks, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under
Section 11.2. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or
accept or adopt on behalf of any Lender or any Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the
claim of any Lender in any such proceeding. 
 Section 10.10 Authorization to Execute Other Loan Documents. Each Lender hereby
authorizes the Administrative Agent to execute on behalf of all Lenders all Loan Documents (including, without limitation, the Security Documents and any subordination agreements) other than this Agreement. 

Section 10.11 Collateral and Guaranty Matters. 

(a) The Lenders irrevocably authorize the Administrative Agent: 

(i) to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon
the termination of all Revolving Loan Commitments, the Cash Collateralization of all reimbursement obligations with respect to Letters of Credit in an amount equal to 103% of the aggregate Letter of Credit Obligations of all Lenders, and the payment
in full of all Obligations (other than contingent indemnification obligations, such Cash Collateralized reimbursement obligations and Bank Products Obligations), (ii) that is sold or to be sold as part of or in connection with any sale permitted
hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified in writing in accordance with Section 11.12; 

  
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 (ii) to release any Credit Party from its obligations under the applicable
Guaranty and Security Documents if such Person ceases to be a Subsidiary or a Guarantor as a result of a transaction permitted hereunder; provided that the release of a Subsidiary Guarantor that becomes an Excluded Subsidiary of the type
described in clause (b) of the definition thereof shall only be permitted if (1) at the time such Subsidiary Guarantor becomes an Excluded Subsidiary of such type, no Default or Event of Default has occurred and is continuing or would
result therefrom, (2) the transaction pursuant to which such Subsidiary Guarantor ceased to be a wholly-owned Subsidiary of the Credit Parties (x) was entered into for a bona fide business purpose and was not undertaken for the
purpose of causing such Subsidiary Guarantor to cease to be a Subsidiary Guarantor and (y) was not for less than fair market value, (3) after giving pro forma effect to such release and such transaction, the Credit Parties are deemed to
have made a new investment in such Person for purposes of Section 8.5 (as if such Person were then newly acquired), in an amount equal to the portion of fair market value of the net assets of such Person attributable to the
Parent’s direct or indirect equity interest therein and such Investment is permitted pursuant to Section 8.5 at such time, (4) no Overadvance exists or would result therefrom and (5) the Borrower
Representative certifies to the Administrative Agent in writing compliance with preceding clauses (1) through (4); and 

(iii) at any time on or after the Agreement Date, to release all Mortgages granted to the Administrative Agent or any of its
predecessors or Affiliates under the Existing Credit Agreement. 
 Upon request by the Administrative Agent at any time, the Majority Lenders will confirm
in writing the Administrative Agent’s authority to release its interest in particular types or items of property, or to release any Credit Party from its obligations under the applicable Guaranty or Security Documents pursuant to this Section.
In each case as specified in this Section, the Administrative Agent is authorized, at the Borrowers’ expense, to execute and deliver to the applicable Credit Party such documents as such Credit Party may reasonably request to evidence the
release of such item of Collateral from the Liens granted under the applicable Security Documents, or to release such Credit Party from its obligations under the applicable Guaranty and Security Documents, in each case in accordance with the terms
of the Loan Documents and this Section. 
 (b) The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire
into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon, or any certificate prepared by any Credit Party in
connection therewith, nor shall the Administrative Agent be responsible or liable to any member of the Lender Group for any failure to monitor or maintain any portion of the Collateral. 

  
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 Section 10.12 Lead Arrangers. Each Lender hereby designates each ofTruist
Securities, Inc., Bank of America, N.A., KeyBanc Capital Markets, Inc., U.S. Bank National Association and Wells Fargo Bank, National Association, as Joint Lead Arrangers and Joint Bookrunners, Bank of America, N.A., KeyBank National Association,
U.S. Bank National Association and Wells Fargo Bank, National Association, as Co-Syndication Agents, and Bank of the West, Capital One, National Association, JPMorgan Chase Bank, N.A. and MUFG Bank, Ltd., as Co-Documentation Agents, and agrees that the Joint Lead Arrangers, Joint Bookrunners, Co-Syndication Agents and Co-Documentation Agents
shall have no duties or obligations under any Loan Documents to any Lender or any Credit Party. 
 Section 10.13 Right to Realize on
Collateral and Enforce Guarantee. Anything contained in any of the Loan Documents to the contrary notwithstanding, the Borrowers, the Administrative Agent and each Lender hereby agree that (i) no Lender shall have any right individually to
realize upon any of the Collateral or to enforce the Security Documents, it being understood and agreed that all powers, rights and remedies hereunder and under the Security Documents may be exercised solely by the Administrative Agent, and
(ii) in the event of a foreclosure by the Administrative Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Administrative Agent or any Lender may be the purchaser or licensor of any or all of such
Collateral at any such sale or other disposition and the Administrative Agent, as agent for and representative of the Lenders (but not any Lender or Lenders in its or their respective individual capacities unless the Majority Lenders shall otherwise
agree in writing), shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Obligations as a credit on
account of the purchase price for any collateral payable by the Administrative Agent at such sale or other disposition. 

Section 10.14 Secured Bank Products Obligations. No Bank Products Provider that obtains the benefits of
Section 2.11, the Security Documents or any Collateral by virtue of the provisions hereof or of any other Loan Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder
or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents.
Notwithstanding any other provision of this Article to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Bank Products Obligations unless
the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Bank Product Provider. 

Section 10.15 Interest Holders. The Administrative Agent may treat each Lender, or the Person designated in the last notice filed
with the Administrative Agent under this Section 10.15, as the holder of all of the interests of such Lender in this Agreement and the other Loan Documents, its Loans and the Commitments until written notice of transfer,
signed by such Lender (or the Person designated in the last notice filed with the Administrative Agent) and by the Person designated in such written notice of transfer, in form and substance satisfactory to the Administrative Agent, shall have been
filed with the Administrative Agent. 

  
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 Section 10.16 Erroneous Payments. 

(a) If the Administrative Agent notifies a Lender, Issuing Bank or any other member of the Lender Group, or any Person who has received funds
on behalf of a Lender, Issuing Bank or any other member of the Lender Group (any such Lender, Issuing Bank, other member of the Lender Group or other recipient, a “Payment Recipient”) that the Administrative Agent has determined in
its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or
otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Issuing Bank, other member of the Lender Group or other Payment Recipient on its behalf) (any such funds, whether received as a payment,
prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment
shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such Lender, Issuing Bank or other member of the Lender Group
shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any
such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion
thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error. 

(b) Without limiting immediately preceding clause (a), each Lender, Issuing Bank or other member of the Lender Group, or any Person who has
received funds on behalf of a Lender, Issuing Bank or other member of the Lender Group, hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest,
fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the
Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its
Affiliates), or (z) that such Lender, Issuing Bank or other member of the Lender Group, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case: 

(i) (A) in the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made (absent
written confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and 

  
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 (ii) such Lender, Issuing Bank or other member of the Lender Group shall
(and shall cause any other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment or
repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 10.16(b). 

(c) Each Lender, Issuing Bank or other member of the Lender Group hereby authorizes the Administrative Agent to set off, net and apply any and
all amounts at any time owing to such Lender, Issuing Bank or other member of the Lender Group under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Lender, Issuing Bank or other member of the Lender
Group from any source, against any amount due to the Administrative Agent under immediately preceding clause (a) or under the indemnification provisions of this Agreement. 

(d) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand
therefor by the Administrative Agent in accordance with immediately preceding clause (a), from any Lender or Issuing Bank that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous
Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent’s notice to such Lender or Issuing Bank at any time, (i) such Lender
or Issuing Bank shall be deemed to have assigned its Loans (but not its Commitments) of the relevant class with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”) in an amount equal to the
Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment Deficiency
Assignment”) at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Borrowers) deemed to execute and deliver an Assignment and
Acceptance (or, to the extent applicable, an agreement incorporating an Assignment and Acceptance by reference pursuant to a Platform as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment
Deficiency Assignment, and such Lender or Issuing Bank shall deliver any promissory notes evidencing such Loans to the Borrowers or the Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the
Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender or Issuing Bank, as applicable, hereunder with respect to such Erroneous Payment Deficiency
Assignment and the assigning Lender or assigning Issuing Bank shall cease to be a Lender or Issuing Bank, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations
under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender or assigning Issuing Bank, and (iv) the Administrative Agent may reflect in the Register its ownership
interest in the Loans subject to the Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such
sale, the Erroneous Payment Return Deficiency owing by the applicable Lender or Issuing Bank shall be reduced by the net proceeds of the sale of such 

  
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Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender or Issuing Bank (and/or against any recipient that receives funds on
its respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender or Issuing Bank and such Commitments shall remain available in accordance with the terms of this Agreement. In
addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrative Agent
may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Lender, Issuing Bank or other member of the Lender Group under the Loan Documents with respect to each
Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation Rights”). 
 (e) The parties hereto agree that an
Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrowers or any other Credit Party, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of
such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrowers or any other Credit Party for the purpose of making such Erroneous Payment. 

(f) To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby
waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous
Payment received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine. 
 Each party’s
obligations, agreements and waivers under this Section 10.16 shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender or Issuing
Bank, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document. 

ARTICLE 11 
 MISCELLANEOUS

 Section 11.1 Notices. 

(a) All notices and other communications under this Agreement shall be in writing and shall be deemed to have been given five (5) days
after deposit in the mail, designated as certified mail, return receipt requested, postage-prepaid, or one (1) day after being entrusted to a reputable commercial overnight delivery service, or when delivered to the telegraph office or sent out
(with receipt confirmed) by telex or telecopy (or to the extent specifically permitted under Section 11.1(c) only, when sent out by electronic means) addressed to the party to which such notice is directed at its address
determined as in this Section 11.1. All notices and other communications under this Agreement shall be given to the parties hereto at the following addresses: 

  
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 (i) If to any Credit Party, to such Credit Party in care of the Parent at:

 Central Garden & Pet Company 

1340 Treat Blvd. 
 Suite 600

 Walnut Creek, California 94597 

Attn: Treasury Department 

Telecopy No.: 925-947-0438 

With a copy to (which shall not constitute notice): 

Orrick, Herrington & Sutcliffe LLP 

The Orrick Building 
 405 Howard
Street 
 San Francisco, California 94105 

Attn: Dolph Hellman, Esq. 

Email: dolphhellman@orrick.com 

Orrick, Herrington & Sutcliffe LLP 

1152 15th Street NW 

Washington, DC 20005 
 Attn:
Adam Ross, Esq. 
 Email: adam.ross@orrick.com 

(ii) If to the Administrative Agent, to it at: 

Truist Bank 
 Mail Code GA-ATL-1981 
 3333 Peachtree Road, 7th Floor-South Tower 

Atlanta, Georgia 30326 
 Attn:
Asset Manager – Central Garden & Pet Company 
 Telecopy No.:
404-816-2281 
 With a copy to (which shall
not constitute notice): 
 Jones Day 

1221 Peachtree Street, NE 

Suite 400 
 Atlanta, Georgia
30361 
 Attn: Aldo LaFiandra, Esq. 

Telecopy No: 404-581-8330 

(iii) If to the Lenders, to them at the addresses set forth on the signature pages of this Agreement or in any Assignment and
Acceptance pursuant to which such Lender became a Lender hereunder; and 

  
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 (iv) If to an Issuing Bank, at the address set forth on the signature pages
of this Agreement. 
 (b) Any party hereto may change the address to which notices shall be directed under this
Section 11.1 by giving ten (10) days’ prior written notice of such change to the other parties. 
 (c)
(i) Notices and other communications to the Lender Group hereunder may be delivered or furnished by electronic communication (including email and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender Group member pursuant to Article 2 if such Lender Group member, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under
such Section by electronic communication. The Administrative Agent or the Borrower Representative may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved
by it, provided that approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (x) notices and other communications sent to an email address shall be deemed
received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return email or other written acknowledgement), provided that if such
notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (y) notices
or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its email address as described in the foregoing clause (x) of notification that such notice or
communication is available and identifying the website address therefor. 
 (ii) Each of the parties hereto understands that the
distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution and agrees and assumes the risks associated with such electronic distribution,
except to the extent caused by the bad faith, willful misconduct or gross negligence of the Administrative Agent as determined by a final, nonappealable court of competent jurisdiction. 

(iii) The Platform is provided “as is” and “as available.” Neither of the Administrative Agent nor any of its officers,
directors, employees, agents, advisors or representatives warrant the accuracy, adequacy, or completeness of the Platform and each expressly disclaims liability for errors or omissions in the Platform. 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 the Affiliates of the
Administrative Agent in connection with the Platform. 
 (iv) Each of the Credit Parties, the Lenders and the Issuing Bank agree that the
Administrative Agent may, but shall not be obligated to, store any electronic communications received in connection with this Agreement on the Platform in accordance with the Administrative Agent’s customary document retention procedures and
policies. 

  
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 Section 11.2 Expenses; Indemnification. 

(a) The Borrowers shall pay: 

(i) all reasonable and documented out-of-pocket
costs and expenses of the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and its Affiliates, in connection with the syndication of the credit
facilities provided for herein, the preparation and administration of the Loan Documents and any amendments, modifications or waivers thereof (whether or not the transactions contemplated in this Agreement or any other Loan Document shall be
consummated), including, but not limited to, all out-of-pocket expenses of the Administrative Agent and its Affiliates in connection with periodic field audits,
appraisals, and other inspections described in Section 6.7, plus out-of-pocket expenses for each field audit, appraisal, or other inspection of
a Credit Party or any Subsidiary of a Credit Party performed by personnel employed or engaged by the Administrative Agent and its Affiliates; 

(ii) all reasonable and documented
out-of-pocket expenses incurred by the Issuing Banks in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment
thereunder; and 
 (iii) all out-of-pocket
costs and expenses (including, without limitation, the reasonable fees, charges and disbursements of counsel) incurred by the Administrative Agent, any Issuing Bank or any Lender in connection with the enforcement or protection of its rights in
connection with this Agreement, including its rights under this Section, or in connection with the Loans made or any Letters of Credit issued hereunder, including all such
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit, which shall be limited, in the case of
legal fees and expenses, to the fees, charges and disbursements of one counsel to the Administrative Agent and the Lenders, taken as a whole, and, solely in the case of an actual or perceived conflict of interest, one additional counsel to all
affected persons taken as a whole, and, if necessary, of one local counsel to the Administrative Agent and the Lenders, taken as a whole, in any relevant material jurisdiction to the Administrative Agent and Lenders and, solely in the case of an
actual or perceived conflict of interest, one additional local counsel to all affected persons, taken as a whole). 
 (b) The Borrowers
shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and each Issuing Bank, and each Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall
indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Borrower or
any other Credit Party arising 

  
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out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document, any Bank Products Document or any agreement or instrument contemplated
hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed
use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of
Credit), (iii) any actual or alleged presence or Release of Hazardous Materials on or from any property owned or operated by any Borrower or any of its Subsidiaries, or any liability under Environmental Laws related in any way to any Borrower or any
of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Borrower or
any other Credit Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses
are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the bad faith, gross negligence or willful misconduct of such Indemnitee. No Indemnitee and no
Credit Party shall be liable for any damages arising from the use by others of any information or other materials obtained through Syndtrak, Intralinks or any other Internet or intranet website, except as a result of such Indemnitee’s or such
Credit Party’s bad faith, gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable judgment. The Borrowers shall not, without the prior
written consent of any Indemnitee, effect any settlement of any pending or threatened proceeding in respect of which such Indemnitee is a party and indemnity has been sought hereunder by such Indemnitee, unless such settlement includes an
unconditional release of such Indemnitee from all liability on claims that are the subject matter of such indemnity. 
 (c) The Borrowers
shall pay, and hold the Administrative Agent, each Issuing Bank and each of the Lenders harmless from and against, any and all present and future stamp, documentary, and other similar taxes with respect to this Agreement and any other Loan
Documents, any collateral described therein or any payments due thereunder, and save the Administrative Agent, each Issuing Bank and each Lender harmless from and against any and all liabilities with respect to or resulting from any delay or
omission to pay such taxes. 
 (d) To the extent that the Borrowers fail to pay any amount required to be paid to the Administrative Agent,
any Issuing Bank or the Swing Bank under subsection (a), (b) or (c) hereof, each Lender severally agrees to pay to the Administrative Agent, such Issuing Bank or the Swing Bank, as the case may be, such Lender’s pro
rata share (in accordance with its respective Aggregate Commitment Ratio as of the time that the unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified payment,
claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, such Issuing Bank or the Swing Bank in its capacity as such. 

  
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 (e) To the extent permitted by applicable law, no Indemnitee or Credit Party shall assert,
and each Indemnitee and Credit Party hereby waives, any claim against any Indemnitee or Credit Party, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to actual or direct damages) arising out of, in
connection with or as a result of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated therein, any Loan or any Letter of Credit or the use of proceeds thereof; provided,
however, that nothing herein shall limit or otherwise impair any indemnification or reimbursement obligations of the Credit Parties in respect of any third-party claims alleging such special, indirect, punitive, exemplary or consequential
damages. 
 (f) All amounts due under this Section shall be payable promptly (and in any event within thirty (30) days) after written
demand therefor. 
 Section 11.3 Waivers. The rights and remedies of the Lender Group under this Agreement, the other Loan
Documents and the Bank Products Documents shall be cumulative and not exclusive of any rights or remedies which they would otherwise have. No failure or delay by the Lender Group, or any of them, or the Majority Lenders in exercising any right shall
operate as a waiver of such right. The Lender Group expressly reserves the right to require strict compliance with the terms of this Agreement in connection with any funding of a request for an Advance. In the event the Lenders decide to fund a
request for an Advance at a time when the Borrowers are not in strict compliance with the terms of this Agreement, such decision by the Lenders shall not be deemed to constitute an undertaking by the Lenders to fund any further requests for Advances
or preclude the Lenders from exercising any rights available to the Lenders under the Loan Documents or at law or equity. Any waiver or indulgence granted by the Lenders or by the Majority Lenders shall not constitute a modification of this
Agreement, except to the extent expressly provided in such waiver or indulgence, or constitute a course of dealing by the Lenders at variance with the terms of this Agreement such as to require further notice by the Lenders of the Lenders’
intent to require strict adherence to the terms of this Agreement in the future. Any such actions shall not in any way affect the ability of the Lenders, in their discretion, to exercise any rights available to them under this Agreement or under any
other agreement, whether or not the Lenders are party, relating to the Borrowers. 
 Section 11.4
Set-Off. In addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of any such rights, except to the extent limited by Applicable Law, at any time that an
Event of Default exists, each member of the Lender Group and each subsequent holder of the Obligations is hereby authorized by the Credit Parties at any time or from time to time, without notice to the Credit Parties or to any other Person, any such
notice being hereby expressly waived, to set-off and to appropriate and apply any and all deposits (general or special, time or demand, including, but not limited to, Indebtedness evidenced by certificates of
deposit, in each case whether matured or unmatured, but not including any amounts held by any member of the Lender Group or any of its Affiliates in any escrow account) and any other Indebtedness at any time held or owing by any member of the Lender
Group or any such holder to or for the credit or the account of any Credit Party, against and on account of the obligations and liabilities of the Credit Parties, to any member of the Lender Group or any such holder under this Agreement, any
Revolving Loan Notes, any other Loan Document and any Bank Products Documents, including, but not limited to, all claims of any nature or description arising out of or connected with this Agreement, any Revolving Loan Notes, any other Loan Document
or any Bank Products Document, irrespective of whether or not (a) the Lender Group shall have made any demand hereunder or (b) the Lender Group shall have declared the principal of and interest on the Loans and any Revolving Loan Notes and
other 

  
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amounts due hereunder to be due and payable as permitted by Section 9.2 and although said obligations and liabilities, or any of them, shall be contingent or unmatured;
provided that in the event that any Defaulting Lender shall exercise any such right of set-off, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further
application in accordance with the provisions of Section 2.17 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative
Agent, the Issuing Banks, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised
such right of set-off. Any sums obtained by any member of the Lender Group or by any subsequent holder of the Obligations shall be subject to the application of payments provisions of Article 2. 

Section 11.5 Assignment. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that other than as permitted under Section 8.7, no Credit Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender
(and any attempted assignment or transfer by any Credit Party without such consent shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Affiliates of the Administrative Agent) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Any Lender (and any Lender that is an Issuing Bank) may assign to one or more Eligible Assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of its Revolving Loan Commitment and the Loans at the time owing to it and, if applicable, all or a portion of its portion of the Letter of Credit Commitment and excluding rights and
obligations with respect to Bank Products Documents); provided that (i) except in the case of an assignment of the entire remaining amount of the assigning Lender’s portion of the Revolving Loan Commitment and the Loans at the time
owing to it, the aggregate amount of the portion of the Revolving Loan Commitment of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the
Administrative Agent), shall not be less than $1,000,000, (ii) except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, any assignment shall require the prior written consent of the
Administrative Agent and, so long as no Specified Event of Default exists, the Borrower Representative (each such consent not to be unreasonably withheld or delayed); provided, however, that if the consent of the Borrower
Representative to an assignment or to an Eligible Assignee is required hereunder (including a consent to an assignment which does not meet the minimum assignment thresholds specified in this Section), the Borrower Representative shall be deemed to
have given its consent ten (10) Business Days after the date notice thereof has been delivered by the assigning Lender (through the Administrative Agent) unless such consent is expressly refused by the Borrower Representative prior to such
tenth Business Day, and (iii) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500, and the Eligible Assignee, if it shall
not be a Lender, shall deliver to the Administrative Agent an Administrative 

  
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Questionnaire. Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in each
Assignment and Acceptance, the Eligible Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.8(b), 2.9, 11.2(b), 12.3 and 12.5. Any assignment or
transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with
paragraph (d) of this Section. 
 (c) The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall
maintain at the Administrative Agent’s Office a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the portion of the Revolving Loan Commitment of, and
principal amount (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”) such that the obligations are in registered form under
Section 5f.103-1(c) of the U.S. Treasury Regulations and Section 1.163-5(b) of the Proposed United States Treasury Regulations. The entries in the Register
shall be conclusive, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. The Register shall be available for inspection by the Borrowers and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d) Any Lender may, without the consent of, or notice to, the Borrowers or the Administrative Agent, sell participations to one or more banks
or other entities (a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Revolving Loan Commitment and/or the Loans owing to it); provided
that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the Borrowers and the
Lender Group shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and (iv) in no event shall any Defaulting Lender, Credit Party or any Affiliate of any
Credit Party be a Participant. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or
waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, to the extent the Participant is adversely effected thereby, agree to any
amendment, modification or waiver with respect to any extensions, postponements or delays of the Maturity Date or the scheduled date of payment of interest or principal or fees, any reduction of principal (without a corresponding payment with
respect thereto), or reduction in the rate of interest (other than a waiver in respect of application of the Default Rate) or fees due to the Lender hereunder or any other Loan Documents that adversely affects such Participant. Subject

  
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to paragraph (e) of this Section, the Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.8(b), 2.9, 11.2(b) and 12.3 to the
same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 11.4 as though it were a Lender, provided such Participant agrees to be subject to Section 2.10(c) as though it were a Lender. Each Lender that sells a participation shall, acting
solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each
Participant’s interest in the obligations under the Loan Documents (the “Participant Register”) and shall act in a manner consistent to establish that such commitment, loan, letter of credit or other obligation is in registered
form under Section 5f.103-1(c) of the United States Treasury Regulations and Section 1.163-5(b) of the Proposed United States Treasury Regulations. 

(e) A Participant shall not be entitled to receive any greater payment under Section 2.8(b) or
Section 12.3 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the
Borrowers’ prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.8(b) unless the Borrowers are notified of the participation sold to
such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 2.8(b) as though it were a Lender. 

(f) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including without limitation (i) any pledge or assignment to secure obligations to a Federal Reserve Bank and (ii) in the case of any Lender that is a Fund, any pledge or assignment of all or any portion of such
Lender’s rights under this Agreement to any holders of obligations owed, or securities issued, by such Lender as security for such obligations or securities, or to any trustee for, or any other representative of, such holders, and this Section
shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee
for such Lender as a party hereto. 
 Section 11.6 Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original, but all such separate counterparts shall together constitute but one and the same instrument. In proving this Agreement or any other Loan Document in any judicial proceedings, it shall not be
necessary to produce or account for more than one such counterpart signed by the party against whom such enforcement is sought. Any signatures delivered by a party by facsimile transmission or by e-mail
transmission of an electronic file in Adobe Corporation’s Portable Document Format or PDF file shall be deemed an original signature hereto. The foregoing shall apply to each other Loan Document mutatis mutandis. 

Section 11.7 Governing Law. This Agreement and the other Loan Documents shall be construed in accordance with and governed by the
laws of the State of New York, without regard to the conflict of laws principles thereof, except to the extent otherwise provided in the Loan Documents. 

  
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 Section 11.8 Severability. Any provision of this Agreement which is prohibited
or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other
jurisdiction. 
 Section 11.9 Headings. Headings used in this Agreement are for convenience only and shall not be used in
connection with the interpretation of any provision hereof. 
 Section 11.10 Source of Funds. Notwithstanding the use by the
Lenders of the Base Rate and the Adjusted LIBO Rate as reference rates for the determination of interest on the Loans, the Lenders shall be under no obligation to obtain funds from any particular source in order to charge interest to the Borrowers
at interest rates tied to such reference rates. 
 Section 11.11 Entire Agreement. THIS WRITTEN AGREEMENT, TOGETHER WITH THE
OTHER LOAN DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. Each
Credit Party represents and warrants to the Lender Group that it has read the provisions of this Section 11.11 and discussed the provisions of this Section 11.11 and the rest of this Loan Agreement
with counsel for such Credit Party, and such Credit Party acknowledges and agrees that the Lender Group is expressly relying upon such representations and warranties of such Credit Party (as well as the other representations and warranties of such
Credit Party set forth in this Agreement and the other Loan Documents) in entering into this Agreement. 
 Section 11.12 Amendments
and Waivers. 
 (a) No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising any right or power
hereunder or under any other Loan Document, and no course of dealing between any Credit Party and the Administrative Agent or any Lender, shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power hereunder or thereunder. The rights and remedies of the Administrative Agent, the
Issuing Banks and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies provided by law. No waiver of any provision of this Agreement or of any other Loan Document or consent to any
departure by any Credit Party therefrom shall in any event be effective unless the same shall be permitted by subsection (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the
purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or the issuance of a Letter of Credit shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Administrative
Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default or Event of Default at the time. 

  
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 (b) No amendment or waiver of any provision of this Agreement or of the other Loan Documents
(other than any fee letter with individual members of the Lender Group), nor consent to any departure by any Credit Party therefrom, shall in any event be effective unless the same shall be in writing and signed by the Borrowers and the Majority
Lenders, or the Borrowers and the Administrative Agent with the consent of the Majority Lenders, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given;
provided that no amendment, waiver or consent shall: 
 (i) increase the Revolving Loan Commitment of any Lender
without the written consent of such Lender; 
 (ii) reduce the principal amount of any Loan or Letter of Credit Disbursement
or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby; 

(iii) postpone the date fixed for any payment of any principal of, or interest on, any Loan or Letter of Credit Disbursement or
any fees hereunder or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date for the termination or reduction of the Revolving Loan Commitment, without the written consent of each Lender affected thereby; 

(iv) change Section 2.10 or 2.11 in a manner that would alter the allocation of payments
required thereby, without the written consent of each Lender; 
 (v) change any of the provisions of this subsection
(b) or the definition of “Majority Lenders” or “Supermajority Lenders” or any other provision hereof specifying the number or percentage of Lenders which are required to waive, amend or modify any rights hereunder or
make any determination or grant any consent hereunder, without the consent of each Lender; 
 (vi) release of all or
substantially all of the Collateral, release all or substantially all of the value of the Guaranties securing the Obligations, contractually subordinate the payment of the Obligations to any other Indebtedness, or contractually subordinate the
Administrative Agent’s security interest in the Collateral (other than pursuant to a Specified Crossing Lien Intercreditor Agreement), in each case without the consent of each Lender; or 

(vii) increase the advance rates set forth in, or otherwise change the definition of “Borrowing Base” (or any
component definition thereof) which increases, or that would have the effect of increasing, borrowing availability hereunder, without the consent of the Supermajority Lenders (provided that the exercise by the Administrative Agent of any of its
rights hereunder with respect to Reserves, Eligible Accounts, Eligible Credit Card Receivables, Eligible Inventory, Eligible Real Estate and Eligible In-Transit Inventory shall not be deemed to be such an
amendment); 
 provided, further, that no such amendment, waiver or consent shall amend, modify or otherwise affect the rights, duties or
obligations of the Administrative Agent, the Swing Bank or any Issuing Bank without the prior written consent of such Person. 

  
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 Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right
to approve or disapprove any amendment, waiver or consent hereunder, except that the Revolving Loan Commitment of such Lender may not be increased or extended, and amounts payable to such Lender hereunder may not be permanently reduced, without the
consent of such Lender (other than reductions in fees and interest in which such reduction does not disproportionately affect such Lender). Notwithstanding anything contained herein to the contrary, this Agreement may be amended and restated without
the consent of any Lender (but with the consent of the Borrowers and the Administrative Agent) if, upon giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended and restated), the
Commitments of such Lender shall have terminated (but such Lender shall continue to be entitled to the benefits of Article 12 and Section 11.2), such Lender shall have no other commitment or other obligation
hereunder and such Lender shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement. Any amendment, modification, waiver, consent, termination or release of any Bank Products
Documents may be effected by the parties thereto without the consent of the Lender Group. 
 Notwithstanding anything to the contrary
herein, the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement any Loan Document to cure any obvious ambiguity, omission, mistake, defect or inconsistency. 

(c) Each Lender grants to the Administrative Agent the right to purchase all (but not less than all) of such Lender’s portion of the
Revolving Loan Commitment, the Letter of Credit Commitment, the Loans and Letter of Credit Obligations owing to it and any Revolving Loan Notes held by it and all of its rights and obligations hereunder and under the other Loan Documents at a price
equal to the outstanding principal amount of the Loans payable to such Lender plus any accrued but unpaid interest on such Loans and accrued but unpaid Unused Line Fee and letter of credit fees owing to such Lender plus the amount necessary to cash
collateralize any Letters of Credit issued by such Lender, which right may be exercised by the Administrative Agent if such Lender for whatever reason fails to execute and deliver any amendment, waiver or consent which requires the written consent
of all of the Lenders and to which the Majority Lenders, the Administrative Agent and the Borrowers have agreed, within five (5) Business Days of the date the execution version thereof was delivered to such Lender. Each Lender agrees that if
the Administrative Agent exercises its option hereunder, it shall promptly (but, in any event, within three (3) Business Days) execute and deliver an Assignment and Acceptance and other agreements and documentation necessary to effectuate such
assignment. The Administrative Agent may assign its purchase rights hereunder to any assignee if such assignment complies with the requirements of Section 11.5(b). 

(d) If any fees are paid to the Lenders as consideration for amendments, waivers or consents with respect to this Agreement, at Administrative
Agent’s election, such fees may be paid only to those Lenders that agree to such amendments, waivers or consents within the time specified for submission thereof. 

  
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 (e) Notwithstanding any other provisions of this Agreement to the contrary, the Borrowers
may, by written notice to the Administrative Agent from time to time, make one or more offers to all Lenders to make one or more Permitted Amendments pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable
to the Borrowers. Such notice shall set forth (i) the terms and conditions of the requested Permitted Amendments and (ii) the date on which responses from the applicable Lenders in respect of such Permitted Amendment are required to be
received (which shall not be less than three (3) Business Days after the date of such notice). Only those Lenders that consent to such Permitted Amendment (the “Accepting Lenders”) will have the maturity of their applicable
Loans and Commitments extended and be entitled to receive any increase in the Applicable Margin and any fees (including prepayment premiums or fees), in each case, as provided therein (and notwithstanding any provision of
Section 11.12(b) or of Section 2.10); provided, that, until the Maturity Date, the Loans and Commitments of the Accepting Lenders shall be on the same terms (other than with respect to the
maturity thereof and upfront fees payable in connection therewith) as the existing Loans. The Borrowers and each Accepting Lender shall execute and deliver to the Administrative Agent such documentation as the Administrative Agent shall reasonably
specify to evidence the acceptance of the Permitted Amendments and the terms and conditions thereof. For the avoidance of doubt, the repayment in full of all Loans and other amounts owing to each of the
non-Accepting Lenders on the Maturity Date and the treatment of such Loans pursuant to Section 2.10 and 2.11 shall not be affected by the terms of any Permitted Amendment. The
Administrative Agent shall promptly notify each Lender as to the effectiveness of each Permitted Amendment. Notwithstanding any other provisions of this Section 11.12, each of the parties hereto hereby agrees that, upon the
effectiveness of any Permitted Amendment, this Agreement shall be deemed amended, as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the terms and provisions of the Permitted Amendment with respect
to the Loans and Commitments of the Accepting Lenders (including any amendments necessary to treat the Loans and Commitments of the Accepting Lenders in a manner consistent with the other Loans and Commitments under this Agreement). Notwithstanding
the foregoing, no Permitted Amendment shall become effective under this Section 11.12(e) unless the Administrative Agent shall have consented thereto and, to the extent so reasonably requested by the Administrative Agent,
shall have received legal opinions, board resolutions and other organizational authorizations and officer’s certificates as may be requested by the Administrative Agent. 

(f) No Real Property shall be taken as Collateral unless the Lenders receive 45 days advance notice and each Lender confirms to the
Administrative Agent that it has completed all flood due diligence, received copies of all flood insurance documentation and confirmed flood insurance compliance as required by the Flood Insurance Laws or as otherwise satisfactory to such Lender. At
any time that any Real Property constitutes Collateral, no modification of a Loan Document shall add, increase, renew or extend any loan, commitment or credit line hereunder until the completion of flood due diligence, documentation and coverage as
required by the Flood Insurance Laws or as otherwise satisfactory to all Lenders. 
 Section 11.13 Other Relationships. No
relationship created hereunder or under any other Loan Document shall in any way affect the ability of any member of the Lender Group to enter into or maintain business relationships with the Borrowers, or any of their Affiliates, beyond the
relationships specifically contemplated by this Agreement and the other Loan Documents. 

  
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 Section 11.14 Pronouns. The pronouns used herein shall include, when
appropriate, either gender and both singular and plural, and the grammatical construction of sentences shall conform thereto. 

Section 11.15 Disclosure. The Administrative Agent, with the consent of the Borrower Representative, shall have the right to issue
press releases regarding the making of the Loans and issuance of Letters of Credit and the Revolving Loan Commitment to the Borrowers pursuant to the terms of this Agreement. 

Section 11.16 Replacement of Lender. In the event that a Replacement Event occurs and is continuing with respect to any Lender,
the Borrowers may designate another financial institution (such financial institution being herein called a “Replacement Lender”) reasonably acceptable to the Administrative Agent, and which is not a Borrower or an Affiliate of a
Borrower, to assume such Lender’s Revolving Loan Commitment hereunder, to purchase the Loans and participations of such Lender and such Lender’s rights hereunder and (if such Lender is an Issuing Bank) to issue Letters of Credit in
substitution for all outstanding Letters of Credit issued by such Lender, without recourse to or representation or warranty by, or expense to, such Lender for a purchase price equal to the outstanding principal amount of the Loans payable to such
Lender plus any accrued but unpaid interest on such Loans and accrued but unpaid commitment fees and letter of credit fees owing to such Lender plus amounts necessary to cash collateralize any Letters of Credit issued by such Lender, and upon such
assumption, purchase and substitution, and subject to the execution and delivery to the Administrative Agent by the Replacement Lender of documentation reasonably satisfactory to the Administrative Agent (pursuant to which such Replacement Lender
shall assume the obligations of such original Lender under this Agreement), the Replacement Lender shall succeed to the rights and obligations of such Lender hereunder and such Lender shall no longer be a party hereto or have any rights hereunder
provided that the obligations of the Borrowers to indemnify such Lender with respect to any event occurring or obligations arising before such replacement shall survive such replacement. The Administrative Agent is hereby irrevocably appointed as attorney-in-fact to execute any such documentation on behalf of any Replacement Lender if such Replacement Lender fails to execute same within five (5) Business Days
after being presented with such documentation. “Replacement Event” shall mean, with respect to any Lender, (a) the commencement of or the taking of possession by, a receiver, custodian, conservator, trustee or liquidator of
such Lender, or the declaration by the appropriate regulatory authority that such Lender is insolvent; (b) the making of any claim by any Lender under Section 2.8(b), 12.2, 12.3 or 12.5, unless the
changing of the lending office by such Lender would obviate the need of such Lender to make future claims under such Sections; (c) such Lender’s becoming a Defaulting Lender; or (d) such Lender refusing to consent to a proposed
amendment, modification, waiver or other action requiring consent of the holders of 100% of the Revolving Loan Commitment or 100% of the affected Lenders under Section 11.12 that is consented to by the Majority Lenders
prior to the replacement of any such Lenders in connection therewith. 

  
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 Section 11.17 Confidentiality; Material
Non-Public Information; Publicity. 
 (a) No member of the Lender Group shall disclose any
Information regarding the Credit Parties to any other Person without the consent of the Borrowers (which consent shall not be unreasonably withheld or delayed), other than (i) to such member of the Lender Group’s Affiliates and their
officers, directors, employees, agents and advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), to other
members of the Lender Group and, as contemplated by Section 11.5, to actual or prospective assignees and participants, and then only on a confidential basis, (ii) as required by any law, rule or regulation or judicial
process (provided that such member of the Lender Group agrees that it will notify the Borrower Representative to the extent practicable in the event of any such disclosure by such Person unless such notification is prohibited by law, rule or
regulation and except with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising routine examination or regulatory authority), (iii) to any rating agency when required by it,
provided, that, prior to any such disclosure, such rating agency shall be advised of the confidential nature of the information relating to the Credit Parties received by it from such member of the Lender Group, (iv) as requested or
required by any state, Federal or foreign authority or examiner regulating banks or banking (provided that such member of the Lender Group agrees that it will notify the Borrower Representative to the extent practicable in the event of any such
disclosure by such Person unless such notification is prohibited by law, rule or regulation and except with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising routine
examination or regulatory authority), and (v) in connection with the exercise of any remedy hereunder or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder.
For purposes of this Section 11.17(a), “Information” means all information received from or on behalf of any Credit Party or any Subsidiary thereof relating to any Credit Party or any Subsidiary thereof or
their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a non-confidential basis prior to disclosure by any Credit Party or any Subsidiary
thereof; it being understood that all information received from any Credit Party or any Subsidiary after the date hereof shall be deemed confidential unless such information is clearly identified at the time of delivery as not being confidential.
Any Person required to maintain the confidentiality of Information as provided in this Section 11.17(a) shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care
to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
 (b) The Credit
Parties hereby agree that if either they, any parent company or any Subsidiary of the Credit Parties has publicly traded equity or debt securities in the U.S., they shall (and shall cause such parent company or Subsidiary, as the case may be,
to) (i) identify in writing, and (ii) to the extent reasonably practicable, clearly and conspicuously mark all reports, notices, communications and other information or materials provided or delivered by, or on behalf of, the Credit
Parties hereunder (collectively, the “Borrower Materials”) that contain only information that is publicly available or that is not material for purposes of U.S. federal and state securities laws as “PUBLIC”. The Credit
Parties agree that by identifying such Borrower Materials as “PUBLIC” or publicly filing such Borrower Materials with the Securities and Exchange Commission, then Administrative Agent, the Lenders, the Issuing Banks, and the Swing Bank
shall be entitled to treat such Borrower Materials as not containing any material non-public confidential information (“MNPI”) for purposes of U.S. federal and state securities laws. The
Credit Parties further represent, warrant, acknowledge and agree that the following documents and materials shall be deemed to be PUBLIC, whether or not so marked, and do not contain any MNPI: (A) the Loan Documents, including the schedules and
exhibits attached 

  
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thereto, (B) administrative materials of a customary nature prepared by the Credit Parties or Administrative Agent (including, Requests for Advance, Notices of Conversion/Continuation,
Requests for Issuance of Letter of Credit, Swing Loan requests and any similar requests or notices), and (C) information which has been filed by the Credit Parties with the Securities and Exchange Commission or publicly disclosed by the Credit
Parties. Before distribution of any Borrower Materials, the Credit Parties agree to execute and deliver to Administrative Agent upon its request a letter authorizing distribution of the evaluation materials to prospective Lenders and their employees
willing to receive MNPI, and a separate letter authorizing distribution of evaluation materials that do not contain MNPI and represent that no MNPI is contained therein. 

(c) The Administrative Agent and the Lenders shall be permitted to use information related to the transactions contemplated by this Agreement
in connection with marketing, press releases or other transactional announcements or updates provided to investor or trade publications, including, but not limited to, the placement of “tombstone” advertisements in publications of their
choice at their own expense. 
 Section 11.18 Revival and Reinstatement of Obligations. If the incurrence or payment of the
Obligations by any Borrower or any other Credit Party, 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 (collectively, a “Voidable Transfer”), and if the Lender Group,
or any of them, 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, or
any of them, is required or elects to repay or restore, and as to all reasonable costs, expenses and attorney’s fees of the Lender Group related thereto, the liability of such Borrower or such other Credit Party, as applicable, automatically
shall be revived, reinstated and restored and shall exist as though such Voidable Transfer had never been made. 
 Section 11.19
Dealings with Multiple Borrowers. 
 (a) All Obligations shall be joint and several Obligations of the Borrowers. The Administrative
Agent and the Lenders shall have the right to deal with any Authorized Signatory of the Borrower Representative or any other Borrower with regard to all matters concerning the rights and obligations of any member of the Lender Group hereunder and
pursuant to Applicable Law with regard to the transactions contemplated under the Loan Documents. All actions of the Authorized Signatories of the Borrower Representative or any other Borrower with regard to the transactions contemplated under the
Loan Documents shall be deemed with full authority and binding upon all Borrowers. 
 (b) Each Borrower hereby appoints the Borrower
Representative as its true and lawful attorney-in-fact, with full right and power, for purposes of exercising all rights of such Person hereunder and under applicable
law with regard to the transactions contemplated under the Loan Documents. The provisions of this Section 11.19 and the Lender Group’s reliance thereon are material inducements to the agreement of the Lender Group to
enter into this Agreement and to consummate the transactions contemplated hereby. 

  
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 (c) Each of the Borrowers jointly and severally hereby irrevocably and unconditionally
accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Borrowers with respect to the payment and performance of all of the Obligations (other than any Excluded
Hedge Obligation with respect to such Borrower). To the extent that any of the Borrowers shall fail to make any payment or performance with respect to any of the Obligations, then the other Borrowers will do so, when and as due. 

(d) Each of the Borrowers is accepting joint and several liability to the extent set forth above herein in consideration of the financial
accommodation to be provided by the Lender Group under this Agreement, for the mutual benefit, directly and indirectly, of each the other applicable Borrowers and in consideration of the undertakings of each of the other applicable Borrowers to
accept joint and several liability for the obligations of each of them. 
 (e) Except as otherwise expressly provided herein and subject to
the terms of this Agreement and the other Loan Documents, (i) each Borrower hereby waives notice of acceptance of its joint and several liability, notice of any Loan made or issuance of any Letter of Credit under this Agreement, notice of
occurrence of any Event of Default, or of any demand for any payment under this Agreement or any other Loan Document, notice of any action at any time taken or omitted by any Lender Group member under or in respect of any of the Obligations, any
requirement of diligence and, generally, all demands, notices and other formalities of every kind in connection with this Agreement and the other Loan Documents, and (ii) each Borrower hereby assents to, and waives notice of, any extension or
postponement of the time for the payment of any of the Obligations, the acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by any Lender Group member at any time or times in respect of any default by any
Borrower in the performance or satisfaction of any term, covenant, condition or provision of this Agreement, any and all other indulgences whatsoever by any Lender Group member in respect of any of the Obligations, and the taking, addition,
substitution or release, in whole or in part, at any time or times, of any security for any of the Obligations or in part, at any time or times, of any security for any of the Obligations or the addition, substitution or release, in whole or in
part, of any Borrower. 
 (f) The provisions of this Section 11.19 are made for the benefit of the Lender Group
members and their respective successors and assigns, and such Persons shall not be required to marshal any of their respective claims, exercise their respective rights against any of the other Borrowers or any other Credit Party, exhaust their
respective remedies against any of the other Borrowers or any other Credit Party, resort to any other source or means of obtaining payment of any of the Obligations, or elect any other remedy. If any payment made on the Obligations is rescinded or
must be returned by any Lender Group member upon the insolvency, bankruptcy or reorganization of any of the Borrowers or any other Credit Party, or otherwise, the provisions of this Section 11.19 will forthwith be
reinstated in effect, as though such payment had not been made. 
 (g) Notwithstanding any provision to the contrary contained herein or in
any other of the Loan Documents, to the extent the joint obligations of a Borrower or any other Credit Party shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or
federal law relating to fraudulent conveyances or transfers) then the obligations of each Borrower and each other Credit Party 

  
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hereunder shall be limited to the maximum amount that is permissible under applicable law (whether federal or state and including, without limitation, the Bankruptcy Code), after taking into
account, among other things, such Borrower’s and such Credit Party’s right of contribution and indemnification from each other Borrower or other Credit Party under applicable law. 

(h) Pursuant to Section 6.20 of this Agreement, any new Domestic Subsidiary of a Borrower may enter into this
Agreement as a Borrower by executing and delivering to the Administrative Agent a Joinder Supplement. Upon the execution and delivery of a Joinder Supplement by such new Subsidiary identifying such new Subsidiary as a Borrower, such new Subsidiary
shall become a Borrower and Credit Party hereunder with the same force and effect as if originally named as a Borrower or Credit Party herein. The execution and delivery of any Joinder Supplement (or any joinder to any other applicable Loan
Document) adding an additional Borrower as a party to this Agreement (or any other applicable Loan Document) shall not require the consent of any other party hereto. The rights and obligations of each party hereunder shall remain in full force and
effect notwithstanding the addition of any new Borrower hereunder. 
 Section 11.20 Contribution Obligations. 

(a) If any Credit Party makes a payment of any Obligations (other than amounts for which such Credit Party is primarily liable) (a
“Guarantor Payment”) that, taking into account all other Guarantor Payments previously or concurrently made by any other Credit Party, exceeds the amount that such Credit Party would otherwise have paid if each Credit Party had paid
the aggregate obligations satisfied by such Guarantor Payments in the same proportion that such Credit Party’s allocable amount bore to the total allocable amounts of all Credit Parties, then such Credit Party shall be entitled to receive
contribution and indemnification payments from, and to be reimbursed by, each other Credit Party for the amount of such excess, ratably based on their respective allocable amounts in effect immediately prior to such Guarantor Payment. The
“allocable amount” for any Credit Party shall be the maximum amount that could then be recovered from such Credit Party under this Agreement without rendering such payment voidable under section 548 of the Bankruptcy Code or under
any applicable state fraudulent transfer or conveyance act, or similar statute or common law. 
 (b) Each Credit Party hereby subordinates
any claims, including any right of payment, subrogation, contribution (including rights of contribution pursuant to Section 11.20(a)) and indemnity, that it may have from or against any other Credit Party, and any successor
or assign of any other Credit Party, including any trustee, receiver or debtor-in-possession, howsoever arising, due or owing or whether heretofore, now or hereafter
existing, to the prior payment in full of all of the Obligations in cash and termination of all Commitments; provided, unless an Event of Default shall then exist, the foregoing shall not prevent or prohibit the repayment of intercompany accounts
and loans among the Credit Parties in the ordinary course of business. 
 (c) Notwithstanding any provision to the contrary contained herein
or in any other of the Loan Documents, to the extent the joint obligations of any Credit Party shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or Federal law relating
to fraudulent conveyances or transfers) then the 

  
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obligations of each Credit Party hereunder shall be limited to the maximum amount that is permissible under applicable law (whether Federal or state and including, without limitation, the
Bankruptcy Code), after taking into account, among other things, such Credit Party’s right of contribution and indemnification from each other Credit Party under this Agreement or applicable law. 

(d) The provisions of this Section 11.20 are made for the benefit of the Lenders and their respective successors and
permitted assigns, and may be enforced by any such Person from time to time against any of the Credit Parties as often as occasion therefor may arise and without requirement on the part of any Lender first to marshal any of its claims or to exercise
any of its rights against any of the other Credit Parties or to exhaust any remedies available to it against any of the other Credit Parties or to resort to any other source or means of obtaining payment of any of the Obligations or to elect any
other remedy. The provisions of this Section 11.20 shall remain in effect until the payment in full of all of the Obligations in cash and termination of all Commitments. If at any time, any payment, or any part thereof,
made in respect of any of the Obligations, is rescinded or must otherwise be restored or returned by any Lender upon the insolvency, bankruptcy or reorganization of any of the Credit Parties, or otherwise, the provisions of this
Section 11.20 will forthwith be reinstated in effect, as though such payment had not been made. 

Section 11.21 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Credit Party acknowledges and agrees that: (a) (i) the arranging and other services regarding this Agreement provided by the
Lender Group members are arm’s-length commercial transactions between such Credit Party and its Affiliates, on the one hand, and the Lender Group members, on the other hand, (ii) such Credit Party
has consulted its own legal, accounting, regulatory, and tax advisors to the extent it has deemed appropriate, and (iii) such Credit Party is capable of evaluating, and understands and accepts, the terms, risks, and conditions of the
transactions contemplated hereby and by the other Loan Documents; (b) (i) each of the Lender Group members is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not,
and will not be acting as an advisor, agent, or fiduciary for any Credit Party or any of its Affiliates, or any other Person and (B) no Lender Group member has any obligation to any Credit Party or any of its Affiliates with respect to the
transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) each of the Lender Group members and their respective Affiliates may be engaged in a broad range of transactions that
involve interests that differ from those of such Credit Party and its Affiliates, and no Lender Group member has any obligation to disclose any of such interests to such Credit Party or its Affiliates. To the fullest extent permitted by law, each
Credit Party hereby waives and releases any claims that it may have against each of the Lender Group members with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated
hereby. 
 Section 11.22 Survival. The provisions of Sections 11.2, Article 10 and Article 12 shall survive
and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement
or any provision hereof. 

  
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 Section 11.23 Judgment Currency. If for the purposes of obtaining judgment in
any court it is necessary to convert a sum due from any Credit Party hereunder in the currency expressed to be payable herein (the “specified currency ”) into another currency, the parties hereto agree, to the fullest extent that they may
effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the specified currency with such other currency at the Administrative Agent’s main
office on the Business Day preceding that on which final, non-appealable judgment is given. The obligations of each Credit Party in respect of any sum due to any Lender or the Administrative Agent hereunder
shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by such Lender or the Administrative Agent (as the case may be) of any sum adjudged to
be so due in such other currency such Lender or the Administrative Agent (as the case may be) may in accordance with normal, reasonable banking procedures purchase the specified currency with such other currency. If the amount of the specified
currency so purchased is less than the sum originally due to such Lender or the Administrative Agent, as the case may be, in the specified currency, each Credit Party agrees, to the fullest extent that it may effectively do so, as a separate
obligation and notwithstanding any such judgment, to indemnify such Lender or the Administrative Agent, as the case may be, against such loss, and if the amount of the specified currency so purchased exceeds (a) the sum originally due to any
Lender or the Administrative Agent, as the case may be, in the specified currency and (b) any amounts shared with other Lenders as a result of allocations of such excess as a disproportionate payment to such Lender under
Section 2.10, such Lender or the Administrative Agent, as the case may be, agrees to remit such excess to such Credit Party. 

Section 11.24 Qualified ECP Keepwell. Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and
irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Credit Party to honor all of such Credit Party’s obligations under its Guaranty hereunder in respect of Hedge Obligations (provided,
however, that each Qualified ECP Guarantor shall only be liable under this Section 11.24 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this
Section 11.24 or otherwise under its Guaranty hereunder, as it relates to such other Credit Party, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The
obligations of each Qualified ECP Guarantor under this Section 11.24 shall remain in full force and effect until termination of all Commitments and payment in full of all Obligations (other than contingent indemnification
obligations and Bank Products Obligations) and the expiration or termination of all Letters of Credit (other than any Letter of Credit for which the Letter of Credit Obligations have been Cash Collateralized or as to which other arrangements
satisfactory to the Administrative Agent and the applicable Issuing Bank shall have been made). Each Qualified ECP Guarantor intends that this Section 11.24 constitute, and this Section 11.24 shall
be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

Section 11.25 Designated Senior Debt. Each party acknowledges and agrees that the Indebtedness under the Loan Documents is
“Designated Senior Debt” (or any similar term) under, and as defined in, each of the Indenture and the New Indenture, any refinancing of the Indenture or the New Indenture, any other indenture and any other Indebtedness which is
subordinated to the Obligations. 

  
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 Section 11.26 Location of Closing. The Administrative Agent and each Lender
Group member acknowledges and agrees that it has delivered, with the intent to be bound, its executed counterparts of this Agreement to the Administrative Agent, c/o Jones Day, 250 Vesey Street, New York, New York 10281. Each Credit Party
acknowledges and agrees that it has delivered, with the intent to be bound, its executed counterparts of this Agreement and each other Loan Document, together with all other documents, instruments, opinions, certificates and other items required
under Section 4.1, to the Administrative Agent, c/o Jones Day, 250 Vesey Street, New York, New York 10281. All parties agree that the closing of the transactions contemplated by this Agreement has occurred in New York. 

Section 11.27 Amendment and Restatement; No Novation. This Agreement constitutes an amendment and restatement of the Existing
Credit Agreement effective from and after the Agreement Date. The execution and delivery of this Agreement shall not constitute a novation of any indebtedness or other obligations owing to any member of the Lender Group under the Existing Credit
Agreement or the other “Loan Documents” (as defined in the Existing Credit Agreement, as defined in the First A&R Credit Agreement or as defined in the Original Credit Agreement) based on any facts or events occurring or existing prior
to the execution and delivery of this Agreement. On the Agreement Date, (a) the credit facilities described in the Existing Credit Agreement shall be amended and supplemented by the credit facilities described herein, (b) all
“Loans,” “Letters of Credit,” and other obligations of the “Credit Parties” outstanding as of such date under the Existing Credit Agreement shall be deemed to be Loans, Letters of Credit, and obligations outstanding
under the corresponding facilities described herein, and (c) any reference to the Original Credit Agreement, the First A&R Credit Agreement or the Existing Credit Agreement in any Loan Documents shall be a reference to this Agreement, as
context permits. Unless otherwise provided in this Agreement or in any other Loan Document, any fees and interest accrued under the Existing Credit Agreement shall accrue up to (but not including) the Agreement Date at the rates and in the manner
provided in the Existing Credit Agreement but shall be due and payable at the times and in the manner provided under this Agreement. All costs and expenses which were due and owing under the Existing Credit Agreement shall continue to be due and
owing under, and shall be due and payable in accordance with, this Agreement. 
 Section 11.28 Acknowledgement and Consent to Bail-In of Affected 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 Affected 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 the applicable 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 the
applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected 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 Affected
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 the applicable Resolution Authority. 

Section 11.29 Patriot Act. The Administrative Agent and each Lender hereby notifies the Borrowers that, (a) pursuant to the
requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Borrower, which information includes the name and address of such Borrower and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify such Borrower in accordance with the Patriot Act, and (b) pursuant to the Beneficial Ownership Regulation, it is required to obtain a Beneficial Ownership Certification. 

Section 11.30 Certain ERISA Matters. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from
the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other
Credit Party, that at least one of the following is and will be true: 
 (i) such Lender is not using “plan assets”
(within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments
or this Agreement, 
 (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a
class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house
asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of
Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments 

  
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and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and
(D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of
and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or 
 (iv) such other
representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender. 

(b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause
(a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such
Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,
for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Credit Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved
in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the
Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 
 Section 11.31
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Hedge Obligation 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): 

(a) 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. 

  
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 (b) As used in this Section 11.31, the following terms have the
following meanings: 
 (i) “BHC Act Affiliate” of a party means an “affiliate” (as such term is
defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 
 (ii) “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). 
 (iii) “Default Right” has the meaning assigned to that term
in, and shall be interpreted in accordance with, 12 C.F.R. §§252.81, 47.2 or 382.1, as applicable. 
 (iv)
“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). 

Section 11.32 Non-continuing Lender. Notwithstanding anything contained herein to the
contrary, pursuant to Section 11.12 of the Existing Credit Agreement, any Lender (as defined in the Existing Credit Agreement) under the Existing Credit Agreement that is not a Lender under this Agreement on the Agreement
Date (a “Non-continuing Lender”) shall: (a) be paid in full all principal, interest and other amounts owing to it or accrued for its account under the Existing Credit Agreement;
(b) not be a party to this Agreement nor have any Commitments hereunder (including, without limitation, any Commitments (as defined in the Existing Credit Agreement) under the Existing Credit Agreement); and (c) shall continue to be
entitled to the benefits of Article 12 and Section 11.2 under the Existing Credit Agreement. 

Section 11.33 Other Liens on Collateral; Specified Crossing Lien Intercreditor Agreement. 

(a) EACH LENDER HERETO UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT LIENS MAY BE CREATED ON THE COLLATERAL TO SECURE SPECIFIED CROSSING LIEN
INDEBTEDNESS, WHICH LIENS, TO THE EXTENT CREATED WITH RESPECT TO SPECIFIED CROSSING LIEN INDEBTEDNESS PRIORITY COLLATERAL, SHALL BE SENIOR TO THE LIENS CREATED UNDER THE LOAN DOCUMENTS (WITH THE LIENS SO CREATED UNDER THE LOAN DOCUMENTS ON SPECIFIED
CROSSING LIEN INDEBTEDNESS PRIORITY 

  
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COLLATERAL BEING SUBORDINATED TO SUCH LIENS PURSUANT TO THE TERMS OF THE SPECIFIED CROSSING LIEN INTERCREDITOR AGREEMENT). THE SPECIFIED CROSSING LIEN INTERCREDITOR AGREEMENT, IF ANY, WILL ALSO
HAVE OTHER PROVISIONS THAT ARE BINDING UPON THE LENDERS AND THE OTHER MEMBERS OF THE LENDER GROUP. IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE SPECIFIED CROSSING LIEN INTERCREDITOR AGREEMENT AND ANY OF THE LOAN DOCUMENTS, THE PROVISIONS OF
THE SPECIFIED CROSSING LIEN INTERCREDITOR AGREEMENT SHALL GOVERN AND CONTROL. 
 (b) EACH LENDER AUTHORIZES AND INSTRUCTS THE ADMINISTRATIVE
AGENT TO ENTER INTO ANY SPECIFIED CROSSING LIEN INTERCREDITOR AGREEMENT ON BEHALF OF SUCH LENDER, AND TO TAKE ALL ACTIONS (AND EXECUTE ALL DOCUMENTS) REQUIRED (OR DEEMED ADVISABLE) BY IT IN ACCORDANCE WITH THE TERMS OF ANY SPECIFIED CROSSING LIEN
INTERCREDITOR AGREEMENT. 
 (c) THE PROVISIONS OF THIS SECTION 11.33 ARE NOT INTENDED TO SUMMARIZE ALL RELEVANT PROVISIONS OF ANY
SPECIFIED CROSSING LIEN INTERCREDITOR AGREEMENT, WHICH WILL BE IN THE FORM APPROVED BY THE ADMINISTRATIVE AGENT AS PERMITTED BY THIS AGREEMENT. REFERENCE MUST BE MADE TO THE SPECIFIED CROSSING LIEN INTERCREDITOR AGREEMENT, IF ANY, ITSELF TO
UNDERSTAND ALL TERMS AND CONDITIONS THEREOF. NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION TO ANY LENDER AS TO THE SUFFICIENCY OR ADVISABILITY OF THE PROVISIONS CONTAINED IN ANY SPECIFIED CROSSING LIEN
INTERCREDITOR AGREEMENT. 
 (d) EACH LENDER (AND ANY OTHER MEMBER OF THE LENDER GROUP), BY ITS EXECUTION AND DELIVERY OF THIS AGREEMENT OR
THE ACCEPTING OF THE BENEFIT OF THE SECURITY DOCUMENTS, HEREBY (I) CONFIRMS ITS AGREEMENT TO THE FOREGOING PROVISIONS OF THIS SECTION 11.33 AND (II) AGREES TO BE BOUND BY THE TERMS OF ANY SPECIFIED CROSSING LIEN INTERCREDITOR
AGREEMENT AS AN “ABL SECURED PARTY” (OR EQUIVALENT TERM THEREIN). 
 Section 11.34 Electronic Signatures. The words
“execution,” “execute,” “signed,” “signature,” and words of like import in or related to this Agreement or any other document to be signed in connection with this Agreement and the transactions contemplated
hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is
under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it. 

  
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 ARTICLE 12 

INABILITY TO DETERMINE INTEREST RATES; YIELD PROTECTION 

Section 12.1 Inability to Determine Interest Rates. 

(a) If, prior to the commencement of any Interest Period for any Eurodollar Advance: 

(i) the Administrative Agent shall have reasonably determined (which determination shall be conclusive and binding upon the
Borrowers) that, by reason of circumstances affecting the relevant interbank market, adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate (including, without limitation, because the Screen Rate is not available or
published on a current basis) for such Interest Period, or 
 (ii) the Administrative Agent shall have received notice from
the Majority Lenders that the Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making, funding or maintaining their Eurodollar Advances for such Interest Period, 

then the Administrative Agent shall give written notice thereof (or telephonic notice, promptly confirmed in writing) to the Borrower Representative and to
the Lenders as soon as practicable thereafter. Until the Administrative Agent shall notify the Borrower Representative and the Lenders that the circumstances giving rise to such notice no longer exist, (i) the obligations of the Lenders to make
Eurodollar Advances or to continue or convert outstanding Advances as or into Eurodollar Advances shall be suspended and (ii) all such affected Advances shall be converted into Base Rate Advances on the last day of the then current Interest
Period applicable thereto unless the Borrowers prepay such Loans in accordance with this Agreement. Unless the Borrowers notify the Administrative Agent at least one (1) Business Day before the date of any Eurodollar Advance for which a Request
for Advance has previously been given that it elects not to borrow, continue or convert to a Eurodollar Advance on such date, then such Advance shall be made as, continued as or converted into a Base Rate Advance. 

(b) Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement
is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan
Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is
determined in accordance with clause (3) of the definition of “Benchmark Replacement” for 

  
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such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00
p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan
Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Majority Lenders. 

(c) Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, if a
Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current
Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan
Document; provided that this clause (c) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower Representative a Term SOFR Notice. 

(d) In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark
Replacement Conforming Changes from time to time in consultation with the Borrower Representative 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 or any other Loan Document. 
 (e)
The Administrative Agent will promptly notify the Borrower Representative and the Lenders of (i) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election,
as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor
of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender
(or group of Lenders) pursuant to this Section 12.1, 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 or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this
Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 12.1. 
 (f)
Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or the
Adjusted LIBO Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or
(B) the regulatory supervisor for the 

  
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administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the
Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor
that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that
it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such
previously removed tenor. 
 (g) Upon the Borrower Representative’s receipt of notice of the commencement of a Benchmark Unavailability
Period, the Borrower Representative may revoke any request for a Eurodollar Advance or a conversion to or continuation of Eurodollar Advances to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the
Borrower Representative will be deemed to have converted any such request into a request for an Advance of or conversion to Base Rate Advances. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is
not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate. 

Section 12.2 Illegality. If any Change in Law shall make it unlawful or impossible for any Lender to make, maintain, or fund its
Eurodollar Advances, such Lender shall so notify the Administrative Agent, and the Administrative Agent shall forthwith give notice thereof to the other Lenders and the Borrowers. Before giving any notice to the Administrative Agent pursuant to this
Section 12.2, such Lender shall designate a different lending office if such designation will avoid the need for giving such notice and will not, in the judgment of such Lender, be otherwise disadvantageous to such Lender.
Upon receipt of such notice, notwithstanding anything contained in Article 2, the Borrowers shall repay in full the then outstanding principal amount of each affected Eurodollar Advance of such Lender, together with accrued interest thereon,
either (a) on the last day of the then current Interest Period applicable to such Advance if such Lender may lawfully continue to maintain and fund such Advance to such day or (b) immediately if such Lender may not lawfully continue to
fund and maintain such Advance to such day. Concurrently with repaying each affected Eurodollar Advance of such Lender, notwithstanding anything contained in Article 2, the Borrowers shall borrow a Base Rate Advance from such Lender, and such
Lender shall make such Advance in an amount such that the outstanding principal amount of the Revolving Loans held by such Lender shall equal the outstanding principal amount of such Revolving Loans immediately prior to such repayment. 

Section 12.3 Increased Costs. 

(a) If any Change in Law: 

(i) Shall subject any Lender to any Taxes with respect to its obligation to make Eurodollar Advances, or shall change the basis
of taxation of payments to any Lender of the principal of or interest on its Eurodollar Advances or in respect of any other amounts due under this Agreement in respect of its Eurodollar Advances or its obligation to make Eurodollar Advances (except
for Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes of such Lender, Excluded Taxes and Indemnified Taxes); 

  
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 (ii) Shall impose, modify, or deem applicable any reserve (including,
without limitation, any imposed by the Board of Governors of the Federal Reserve System, but excluding any included in an applicable reserve, special deposit, assessment, or other requirement or condition against assets of, deposits (other than as
described in Section 12.5) with or for the account of, or commitments or credit extended by any Lender, or shall impose on any Lender or the eurodollar interbank borrowing market any other condition affecting its obligation
to make such Eurodollar Advances or its Eurodollar Advances; and the result of any of the foregoing is to increase the cost to such Lender of making or maintaining any such Eurodollar Advances or to reduce the amount of any sum received or
receivable by the Lender under this Agreement or under any Revolving Loan Notes with respect thereto, and such increase is not given effect in the determination of the Adjusted LIBO Rate; 

(iii) Shall subject any Issuing Bank or any Lender to any tax, duty or other charge with respect to the obligation to issue
Letters of Credit, maintain Letters of Credit or participate in Letters of Credit, or shall change the basis of taxation of payments to any Issuing Bank or any Lender in respect of amounts drawn under Letters of Credit or in respect of any other
amounts due under this Agreement in respect of Letters of Credit or the obligation of the Issuing Banks to issue Letters of Credit or maintain Letters of Credit or the obligation of the Lenders to participate in Letters of Credit (except for changes
in the rate of tax on the overall net income of any Issuing Bank or any Lender, Excluded Taxes and Indemnified Taxes); or 

(iv) Shall impose, modify, or deem applicable any reserve (including, without limitation, any imposed by the Board of Governors
of the Federal Reserve System), special deposit, assessment, or other requirement or condition against assets of, deposits (other than as described in Section 12.5) with or for the account of, or commitments or credit
extended by any Issuing Bank, or shall impose on any Issuing Bank or any Lender any other condition affecting the obligation to issue Letters of Credit, maintain Letters of Credit or participate in Letters of Credit; and the result of any of the
foregoing is to increase the cost to any Issuing Bank or any Lender of issuing, maintaining or participating in any such Letters of Credit or to reduce the amount of any sum received or receivable by any Issuing Bank or any Lender under this
Agreement with respect thereto, 
 then promptly upon demand, which demand shall be accompanied by the certificate described in
Section 12.3(b), by such Lender or Issuing Bank, the Borrowers agree to pay, without duplication of amounts due under Section 2.8(b), to such Lender or Issuing Bank such additional amount or
amounts as will compensate such Lender or Issuing Bank for such increased costs. Each Lender or Issuing Bank will promptly notify the Borrowers and the Administrative Agent 

  
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of any event of which it has knowledge, occurring after the date hereof, which will entitle such Lender or the Issuing Bank to compensation pursuant to this Section 12.3
and will designate a different lending office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the sole judgment of such Lender or such Issuing Bank, be otherwise disadvantageous to such Lender
or such Issuing Bank. 
 (b) A certificate of any Lender or any Issuing Bank claiming compensation under this
Section 12.3 and setting forth the additional amount or amounts to be paid to it hereunder and calculations therefor shall be conclusive in the absence of manifest error. In determining such amount, such Lender or such
Issuing Bank may use any reasonable averaging and attribution methods. If any Lender demands compensation under this Section 12.3, the Borrowers may at any time, upon at least three (3) Business Days prior notice to
such Lender, prepay in full the then outstanding affected Eurodollar Advances of such Lender, together with accrued interest thereon to the date of prepayment, along with any reimbursement required under Section 2.9.
Concurrently with prepaying any such Eurodollar Advances, the Borrowers shall borrow a Base Rate Advance, or a Eurodollar Advance not so affected, from such Lender, and such Lender shall make such Advance in an amount such that the outstanding
principal amount of the Revolving Loans held by such Lender shall equal the outstanding principal amount of such Revolving Loans immediately prior to such prepayment. 

(c) Each Issuing Bank and each Lender shall endeavor to notify the Borrowers of any event occurring after the date of this Agreement entitling
such Issuing Bank or such Lender, as the case may be, to compensation under this Section 12.3 within one hundred eighty (180) days after such Issuing Bank or such Lender, as the case may be, obtains actual knowledge
thereof; provided that if such Issuing Bank or such Lender, as the case may be, fails to give such notice within one hundred eighty (180) days after it obtains actual knowledge of such an event, such Issuing Bank or such Lender, as the
case may be, shall, with respect to compensation payable pursuant to this Section 12.3 in respect of any costs resulting from such event, only be entitled to payment under this Section 12.3 for
costs incurred from and after the date one hundred eighty (180) days prior to the date that such Issuing Bank or such Lender, as the case may be, gives such notice. 

(d) No Lender or Issuing Bank shall request that the Borrowers pay any additional amount pursuant to this
Section 12.3 unless it shall reasonably concurrently make (or shall have made) similar requests to other borrowers similarly situated and affected by such Change in Law and from whom such Lender or such Issuing Bank is
entitled to seek similar amounts. 
 Section 12.4 Effect On Other Advances. If notice has been given pursuant to Sections
12.1, 12.2 or 12.3 suspending the obligation of any Lender to make any, or requiring Eurodollar Advances of any Lender to be repaid or prepaid, then, unless and until such Lender (or, in the case of
Section 12.1, the Administrative Agent) notifies the Borrowers that the circumstances giving rise to such repayment no longer apply, all Advances which would otherwise be made by such Lender as to the Eurodollar Advances
affected shall, at the option of the Borrowers, be made instead as Base Rate Advances. 

  
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 Section 12.5 Capital Adequacy. If any Lender or Issuing Bank (or any Affiliate
of the foregoing) shall have reasonably determined that a Change in Law has or would have the effect of reducing the rate of return on such Lender’s or Issuing Bank’s (or any Affiliate of the foregoing) capital as a consequence of such
Lender’s or Issuing Bank’s portion of the Revolving Loan Commitment or obligations hereunder to a level below that which it could have achieved but for such Change in Law (taking into consideration such Lender’s or Issuing Bank’s
(or any Affiliate of the foregoing) policies with respect to capital adequacy immediately before such Change in Law and assuming that such Lender’s or Issuing Bank’s (or any Affiliate of the foregoing) capital was fully utilized prior to
such adoption, change or compliance), then, promptly upon demand, which demand shall be accompanied by the certificate described in the last sentence of this Section 12.5, by such Lender or Issuing Bank, the Borrowers shall
immediately pay to such Lender or Issuing Bank such additional amounts as shall be sufficient to compensate such Lender or Issuing Bank for any such reduction actually suffered; provided, however, that there shall be no duplication of
amounts paid to a Lender pursuant to this sentence and Section 12.3. A certificate of such Lender or Issuing Bank setting forth the amount to be paid to such Lender or Issuing Bank by the Borrowers as a result of any event
referred to in this paragraph shall, absent manifest error, be conclusive. Each Issuing Bank and each Lender shall endeavor to notify the Borrowers of any event occurring after the date of this Agreement entitling such Issuing Bank or such Lender,
as the case may be, to compensation under this Section 12.5 within one hundred eighty (180) days after such Issuing Bank or such Lender, as the case may be, obtains actual knowledge thereof; provided that if
such Issuing Bank or such Lender, as the case may be, fails to give such notice within one hundred eighty (180) days after it obtains actual knowledge of such an event, such Issuing Bank or such Lender, as the case may be, shall, with respect
to compensation payable pursuant to this Section 12.5 in respect of any costs resulting from such event, only be entitled to payment under this Section 12.5 for costs incurred from and after the
date one hundred eighty (180) days prior to the date that such Issuing Bank or such Lender, as the case may be, gives such notice. 

ARTICLE 13 
 JURISDICTION,
VENUE AND WAIVER OF JURY TRIAL 
 Section 13.1 Jurisdiction and Service of Process. FOR PURPOSES OF ANY LEGAL ACTION OR
PROCEEDING BROUGHT BY ANY PARTY HERETO WITH RESPECT TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR ANY BANK PRODUCTS DOCUMENT, EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF THE FEDERAL AND STATE COURTS SITTING IN THE
STATE OF NEW YORK AND HEREBY IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.1, AND EACH CREDIT PARTY HEREBY IRREVOCABLY DESIGNATES AND APPOINTS, AS ITS AUTHORIZED AGENT FOR SERVICE OF PROCESS, THE
BORROWER REPRESENTATIVE, OR SUCH OTHER PERSON AS SUCH CREDIT PARTY SHALL DESIGNATE HEREAFTER BY WRITTEN NOTICE GIVEN TO THE ADMINISTRATIVE AGENT. THE CONSENT TO JURISDICTION HEREIN SHALL NOT BE EXCLUSIVE. THE LENDER GROUP SHALL FOR ALL PURPOSES
AUTOMATICALLY, AND WITHOUT ANY ACT ON THEIR PART, BE ENTITLED TO TREAT THE BORROWER REPRESENTATIVE AS THE AUTHORIZED AGENT TO RECEIVE FOR AND ON 

  
 190 

 
BEHALF OF EACH CREDIT PARTY SERVICE OF WRITS, OR SUMMONS OR OTHER LEGAL PROCESS, WHICH SERVICE SHALL BE DEEMED EFFECTIVE PERSONAL SERVICE ON SUCH CREDIT PARTY SERVED WHEN DELIVERED, WHETHER OR
NOT SUCH AGENT GIVES NOTICE TO SUCH CREDIT PARTY; AND DELIVERY OF SUCH SERVICE TO ITS AUTHORIZED AGENT SHALL BE DEEMED TO BE MADE WHEN PERSONALLY DELIVERED OR THREE (3) BUSINESS DAYS AFTER MAILING BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO
SUCH AUTHORIZED AGENT. EACH PARTY HERETO FURTHER IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL TO SUCH PARTY AT THE ADDRESS SET FORTH ABOVE, SUCH SERVICE
TO BECOME EFFECTIVE THREE (3) BUSINESS DAYS AFTER SUCH MAILING. IN THE EVENT THAT, FOR ANY REASON, THE BORROWER REPRESENTATIVE OR ITS SUCCESSORS SHALL NO LONGER SERVE AS AGENT OF EACH CREDIT PARTY TO RECEIVE SERVICE OF PROCESS, EACH CREDIT
PARTY SHALL SERVE AND ADVISE THE ADMINISTRATIVE AGENT THEREOF SO THAT AT ALL TIMES EACH CREDIT PARTY WILL MAINTAIN AN AGENT TO RECEIVE SERVICE OF PROCESS ON BEHALF OF SUCH CREDIT PARTY WITH RESPECT TO THIS AGREEMENT, ALL OTHER LOAN DOCUMENTS AND THE
BANK PRODUCTS DOCUMENTS. IN THE EVENT THAT, FOR ANY REASON, SERVICE OF LEGAL PROCESS CANNOT BE MADE IN THE MANNER DESCRIBED ABOVE, SUCH SERVICE MAY BE MADE IN SUCH MANNER AS PERMITTED BY LAW. 

Section 13.2 Consent to Venue. EACH CREDIT PARTY AND EACH MEMBER OF THE LENDER GROUP HEREBY IRREVOCABLY WAIVES ANY OBJECTION IT
WOULD MAKE NOW OR HEREAFTER FOR THE LAYING OF VENUE OF ANY SUIT, ACTION, OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR ANY BANK PRODUCTS DOCUMENT BROUGHT IN THE FEDERAL COURTS OF THE UNITED STATES SITTING IN
NEW YORK COUNTY, NEW YORK, AND HEREBY IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION, OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

Section 13.3 Waiver of Jury Trial. EACH CREDIT PARTY AND EACH MEMBER OF THE LENDER GROUP TO THE EXTENT PERMITTED BY APPLICABLE LAW
WAIVES, AND OTHERWISE AGREES NOT TO REQUEST, A TRIAL BY JURY IN ANY COURT AND IN ANY ACTION, PROCEEDING OR COUNTERCLAIM OF ANY TYPE IN WHICH ANY CREDIT PARTY, ANY MEMBER OF THE LENDER GROUP OR ANY OF THEIR RESPECTIVE SUCCESSORS OR ASSIGNS IS A
PARTY, AS TO ALL MATTERS AND THINGS ARISING DIRECTLY OR INDIRECTLY OUT OF THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, THE BANK PRODUCTS DOCUMENTS AND THE RELATIONS AMONG THE PARTIES LISTED IN THIS ARTICLE 13. 

Section 13.4 JUDICIAL REFERENCE. IF, NOTWITHSTANDING SECTION 11.7 OR THIS ARTICLE 13, ANY ACTION, LITIGATION
OR PROCEEDING RELATING TO ANY OBLIGATIONS OR LOAN DOCUMENTS IS FILED IN A COURT SITTING IN OR APPLYING THE LAWS OF CALIFORNIA, THE COURT SHALL, AND IS HEREBY DIRECTED TO, MAKE A GENERAL REFERENCE PURSUANT TO CAL. CIV. PROC.

  
 191 

 
CODE §638 TO A REFEREE (WHO SHALL BE AN ACTIVE OR RETIRED JUDGE) TO HEAR AND DETERMINE ALL ISSUES IN SUCH CASE (WHETHER FACT OR LAW) AND TO REPORT A STATEMENT OF DECISION. NOTHING IN THIS
SECTION SHALL LIMIT ANY RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER LENDER GROUP MEMBER TO EXERCISE SELF-HELP REMEDIES, SUCH AS SETOFF, FORECLOSURE OR SALE OF ANY COLLATERAL, OR TO OBTAIN PROVISIONAL OR ANCILLARY REMEDIES FROM A COURT OF
COMPETENT JURISDICTION BEFORE, DURING OR AFTER ANY JUDICIAL REFERENCE. THE EXERCISE OF A REMEDY DOES NOT WAIVE THE RIGHT OF ANY PARTY TO RESORT TO JUDICIAL REFERENCE. 

[Signatures on following pages.] 

  
 192 

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

							
	BORROWER:	 		 	CENTRAL GARDEN & PET COMPANY
				
		 		 	By:	 	/s/ George A. Yuhas
		 		 		 	Name: George A. Yuhas
		 		 		 	Title: General Counsel and Secretary

							
	GUARANTORS:	 		 	 A.E. MCKENZIE CO. ULC

ALL-GLASS AQUARIUM CO., INC.

AQUATICA TROPICALS, INC.

ARDEN COMPANIES, LLC

B2E BIOTECH, LLC

B2E CORPORATION

B2E MANUFACTURING, LLC

B2E MICROBIALS, LLC

BLUE SPRINGS HATCHERY, INC.

C & S PRODUCTS CO., INC.

FARNAM COMPANIES, INC.

FERRY-MORSE SEED COMPANY

FLORA PARENT, INC.

FLORIDA TROPICAL DISTRIBUTORS INTERNATIONAL, INC.

FOUR PAWS PRODUCTS, LTD.

FOURSTAR MICROBIAL PRODUCTS LLC

GRO TEC, INC.

GULFSTREAM HOME & GARDEN, INC.

HYDRO-ORGANICS WHOLESALE

IMS SOUTHERN, LLC

IMS TRADING, LLC

K&H MANUFACTURING, LLC

KAYTEE PRODUCTS INCORPORATED

LIVINGSTON SEED COMPANY

MARTEAL, LTD.

MATSON, LLC

MIDWEST TROPICALS LLC

NEW ENGLAND POTTERY, LLC

NEXGEN PLANT SCIENCE CENTER, LLC

P & M SOLUTIONS, LLC

PENNINGTON SEED, INC.

PETS INTERNATIONAL, LTD.

PLANTATION PRODUCTS, LLC

QUALITY PETS, LLC

SEED HOLDINGS, INC.

SEGREST FARMS, INC.

SEGREST, INC.

SUN PET, LTD.

SUSTAINABLE AGRICO, LLC

T.F.H. PUBLICATIONS, INC.

WELLMARK INTERNATIONAL

				
		 		 	By:	 	/s/ George A. Yuhas
		 		 		 	Name: George A. Yuhas
		 		 		 	Title: Secretary

							
	 ADMINISTRATIVE AGENT,
 ISSUING BANK,
SWING BANK AND A LENDER:
	 		 	TRUIST BANK, as the Administrative Agent, the Issuing Bank, the Swing Bank, and a Lender
				
		 		 	By:	 	/s/ Stephen Metts
		 		 		 	Name: Stephen Metts
		 		 		 	Title: Director

 
			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	/s/ Sunnie Kim
		 	Name: Sunnie Kim
		 	Title: Senior Vice President

 
			
	KEYBANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Andrew Blickensderfer
		 	Name: Andrew Blickensderfer
		 	Title: Vice President

 
			
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Christopher Nairne
		 	Christopher Nairne:
		 	Senior Vice President:
	
	Address:
	
	 Two Concourse Parkway, N.E.
 Suite
800
 MK-GA-ELA

Atlanta, GA 30328-5588

 
			
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as a Lender
		
	By:	 	/s/ Michael Stavrakos
		 	Name: Michael Stavrakos
		 	Title: Director

 
			
	 Bank of the West, as a Lender

		
	 By:
	 	 /s/ Adriana Collins

		 	 Name: Adriana Collins

		 	 Title:   Director

 
			
	CAPITOL ONE, NATIONAL
ASSOCIATION, as a Lender
		
	By:	 	/s/ Julianne Low
		 	Name: Julianne Low
		 	Title: Senior Director

 
			
	JPMorgan Chase Bank, N.A., as a Lender
		
	By:	 	/s/ Lynn Braun
		 	Name: Lynn Braun
		 	Title: Executive Director

 
			
	MUFG BANK, LTD., as a Lender
		
	By:	 	/s/ Jeehae Kim
		 	Name: Jeehae Kim
		 	Title: Vice President

 
			
	CoBank ACB, as a Lender
		
	By:	 	/s/ Kelli Cholas
		 	Name: Kelli Cholas
		 	Title: Assistant Corporate Secretary

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