Document:

EX-10.1

 Exhibit 10.1 

FIFTH AMENDMENT TO CREDIT AGREEMENT 

This FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Fifth Amendment”), dated as of June 1, 2017, by and among AXALTA COATING
SYSTEMS DUTCH HOLDING B B.V. (f/k/a Flash Dutch 2 B.V.), a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organized and established under the laws of the Netherlands, having its corporate seat in
Amsterdam, the Netherlands, registered with the Trade Register of the Netherlands under number 55948308 (the “Dutch Borrower”), and AXALTA COATING SYSTEMS U.S. HOLDINGS, INC. (f/k/a U.S. Coatings Acquisition Inc.), a corporation
organized under the laws of Delaware (the “U.S. Borrower” and together with the Dutch Borrower, collectively, the “Borrowers”), AXALTA COATING SYSTEMS U.S., INC. (f/k/a Coatings Co. U.S. Inc.), a corporation
organized under the laws of Delaware (“U.S. Holdings”), AXALTA COATING SYSTEMS DUTCH HOLDING A B.V. (f/k/a Flash Dutch 1 B.V.), a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid)
organized and established under the laws of the Netherlands, having its corporate seat in Amsterdam, the Netherlands, registered with the Trade Register of the Netherlands under number 55947107 (“Holdings”), BARCLAYS BANK PLC, as
administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”) and the Term B-2 Dollar Lender (as defined below). Unless otherwise indicated,
all capitalized terms used herein but not otherwise defined shall have the respective meanings provided to such terms in the Credit Agreement referred to below (as amended by this Fifth Amendment). 

W I T N E S S E T H: 

WHEREAS, the Borrowers, U.S. Holdings, Holdings, the Lenders from time to time party thereto (the “Lenders”), the
Administrative Agent and the Collateral Agent are parties to a Credit Agreement, dated as of February 1, 2013, as amended by that certain Amendment No. 1 to the Credit Agreement, dated as of May 24, 2013, that certain Second Amendment
to Credit Agreement, dated as of February 3, 2014, that certain Third Amendment to Credit Agreement, dated as of August 1, 2016, and that certain Fourth Amendment to Credit Agreement, dated as of December 15, 2016 (the “Credit
Agreement”); 
 WHEREAS, (i) pursuant to Section 2.14 of the Credit Agreement, the Borrowers may obtain New Term Loans
by, among other things, entering into an amendment in accordance with the terms and conditions of the Credit Agreement, and (ii) pursuant to Section 10.01 of the Credit Agreement, if the Administrative Agent and the Borrowers shall have
jointly identified an obvious error of a technical nature in any provision of the Loan Documents, then the Administrative Agent and the Borrowers shall be permitted to amend such provision; 

WHEREAS, (A) on the Fifth Amendment Effective Date (as defined below), the Borrowers shall borrow, on a joint and several basis, New Term
Loans denominated in Dollars in the aggregate principal amount of $450,000,000 from parties to this Fifth Amendment designated as a “Term B-2 Dollar Lender” on such party’s signature page hereto (the “Term B-2 Dollar
Lender”) incurred as a new tranche of term loans (the “Fifth Amendment Effective Date Term B-2 Dollar Loans”) under and in accordance with Section 2.14 of the Credit Agreement, and the Term B-2 Dollar Lender agrees to
fund an amount equal to its “Fifth Amendment Effective Date Term B-2 Dollar Commitment” set forth on its signature page hereto and (B) on the Delayed Draw Funding Date (as defined below), the Borrowers shall borrow, on a joint
and several basis, Term B-2 Dollar Loans in the aggregate principal amount of $1,550,000,000 (the “Delayed Draw Term B-2 Dollar Loans” and together with the Fifth Amendment Effective Date Term B-2 Dollar Loans, the “Term B-2
Dollar Loans”) from the Term B-2 Dollar Lender, and the Term B-2 Dollar Lender agrees to fund an amount equal to its “Delayed Draw Term B-2 Dollar Commitment” set forth on its signature page hereto; and 

 WHEREAS, Deutsche Bank Securities Inc. is acting as the sole lead arranger (the “Fifth
Amendment Lead Arranger”) for this Fifth Amendment; 
 WHEREAS, pursuant to that certain asset purchase agreement, dated
April 11, 2017 (together with all exhibits and schedules thereto, collectively, the “2017 Purchase Agreement”), entered into among Axalta Coating Systems Ltd., a Bermuda exempted company and indirect parent of the Borrowers
(“Axalta Coating Systems”), The Valspar Corporation, a Delaware corporation (“Valspar”), and with respect to certain sections enumerated therein, The Sherwin-Williams Company, an Ohio corporation (together with
Valspar, as applicable, the “2017 Seller”), Axalta Coating Systems, or certain of its Subsidiary Guarantors, will acquire (the “2017 Acquisition”) the assets, subject to certain liabilities, constituting the
Industrial Wood Products business, as set forth in the 2017 Purchase Agreement (collectively, the “2017 Target”). 
 NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows: 

SECTION 1 Funding. Pursuant to and in accordance with Section 2.14 of the Credit Agreement, (A) subject to the satisfaction (or waiver
by the Term B-2 Dollar Lender in its reasonable discretion) of the conditions set forth in Section 3 hereof, on the Fifth Amendment Effective Date, the Term B-2 Dollar Lender agrees to make Fifth Amendment Effective Date Term B-2 Dollar Loans
to the Borrowers in Dollars in an amount equal to its “Fifth Amendment Effective Date Term B-2 Dollar Commitment” set forth on its signature page hereto, the proceeds of which will be used by the Borrowers to (i) pay the purchase
price in connection with the 2017 Acquisition, (ii) pay the fees, costs and expenses incurred in connection with the 2017 Acquisition and (iii) fund working capital and general corporate purposes and (B) subject to the satisfaction
(or waiver by the Term B-2 Dollar Lender in its reasonable discretion) of the Delayed Draw Conditions, on the Delayed Draw Funding Date, the Term B-2 Dollar Lender agrees to make Delayed Draw Term B-2 Dollar Loans to the Borrowers in Dollars in an
amount equal to its “Delayed Draw Term B-2 Dollar Commitment” set forth on its signature page hereto, the proceeds of which will be used by the Borrowers to repay in full the outstanding Term B-1 Dollar Loans. If the Delayed Draw Term B-2
Dollar Commitments become effective, the Delayed Draw Term B-2 Dollar Commitments shall terminate on the earlier of (x) the Delayed Draw Funding Date following the funding of the Term B-2 Dollar Loans on such date and (y) the Delayed Draw
Termination Date. Except as set forth in this Fifth Amendment, the Term B-2 Dollar Loans shall have identical terms as the Term B-1 Dollar Loans and shall otherwise be subject to the provisions of the Credit Agreement. For the avoidance of doubt,
the Term B-2 Dollar Loans funded on the Fifth Amendment Effective Date and, if funded, the Term B-2 Dollar Loans funded on the Delayed Draw Funding Date shall constitute a single “Tranche” and a “Facility” and those certain
defined terms relating to the Term-B-2 Dollar Facility (including, without limitation, “Term B-2 Dollar Facility”, “Term B-2 Dollar Lender”, “Term B-2 Dollar Loans”, etc.) shall be deemed in each
case to include both the Term B-2 Dollar Loans relating to the Fifth Amendment Effective Date and the Term B-2 Dollar Loans relating to the Delayed Draw Funding Date, as applicable. 

SECTION 2 Amendments to Credit Agreement. Subject to the satisfaction (or waiver) of the conditions set forth in Section 3 hereof, the Credit
Agreement is hereby amended as follows: 
 (i) Section 1.01 of the Credit Agreement is hereby amended by adding the following
definitions in appropriate alphabetical order: 
 “2017 Acquisition” has the meaning specified in the Fifth Amendment. 

“2017 Purchase Agreement” has the meaning specified in the Fifth Amendment. 

  
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 “2017 Seller” has the meaning specified in the Fifth Amendment. 

“2017 Specified Purchase Agreement Representations” means the representations made by the 2017 Seller with respect to the
2017 Target in the 2017 Purchase Agreement as are material to the interests of the Term B-2 Dollar Lender, but only to the extent that the Borrowers or any of their Affiliates have the right to terminate the obligations of the Borrowers or their
Affiliates under the 2017 Purchase Agreement as a result of a breach of one or more of such representations in the 2017 Purchase Agreement. 

“2017 Specified Representations” means the representations and warranties made solely by the Borrowers and Holdings in
Sections 5.01(a) and (b), 5.02(a) (with references in such section to “Loan Document” replaced with “the Fifth Amendment” for purposes of this definition), 5.04 (with references in such section to “Loan Document”
replaced with “the Fifth Amendment” for purposes of this definition), 5.13, 5.17 (with references to the “Transaction” in such section replaced with the “2017 Transaction” for purposes of this definition), 5.18 (subject
to Section 3(xvi) of the Fifth Amendment), 5.19 and 5.20 (in each case, after giving effect to the 2017 Transaction). 
 “2017
Target” has the meaning specified in the Fifth Amendment. 
 “2017 Target Material Adverse Effect” shall mean,
with respect to the 2017 Target, any change, fact, effect, event, occurrence or development that has or would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the business, operations or financial
condition of the Purchased Assets (as defined in the 2017 Purchase Agreement) or the 2017 Target or the ability of 2017 Seller and its subsidiaries to consummate the transactions contemplated by the 2017 Purchase Agreement, excluding, however, the
impact of (a) any changes or developments in domestic or any foreign market or domestic, foreign or global economic conditions generally, including (i) any changes or developments in or affecting the domestic or any foreign securities,
equity, credit or financial markets or (ii) any changes or developments in or affecting domestic or any foreign interest or exchange rates, (b) changes in GAAP or any official interpretation or enforcement thereof, (c) changes in law
or any changes or developments in the official interpretation or enforcement thereof by governmental entities, (d) changes in domestic, foreign or global political conditions (including the outbreak or escalation of war, military actions, or
acts of terrorism), including any worsening of such conditions threatened or existing on the date of the Purchase Agreement, (e) changes or developments in the business or regulatory conditions affecting the industries in which the 2017 Seller
or its subsidiaries operate the 2017 Target, (f) weather conditions or other acts of God (including storms, earthquakes, tornados, floods or other natural disasters), (g) the failure to meet any projections, guidance, budgets, forecasts or
estimates, but not, in any case, including the underlying causes thereof, and (h) any action taken or omitted to be taken by 2017 Seller or any of its subsidiaries at the written request of Axalta Coating Systems; except, with respect to
clauses (a), (b), (c), (d), (e) and (f), to the extent that such impact is (or would reasonably be expected to be) disproportionately adverse to 2017 Seller and its subsidiaries, taken as a whole, relative to others in the industry or
industries in which 2017 Seller and its subsidiaries operate the 2017 Target. 

  
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 “2017 Transaction” shall mean (a) the consummation of the 2017 Acquisition
and (b) the borrowing of the Term B-2 Dollar Loans to (i) pay the purchase price in connection with the 2017 Acquisition, (ii) pay the fees, costs and expenses incurred in connection with the 2017 Acquisition and (iii) fund
working capital and general corporate purposes. 
 “Delayed Draw Conditions” means the satisfaction of the conditions set
forth in Section 4.03(a), (b), (c) and (d). 
 “Delayed Draw Funding Date” means any date on or after
June 16, 2017, on which each of the conditions in Section 4.03 are satisfied and the Delayed Draw Term B-2 Dollar Loans are funded. 

“Delayed Draw Termination Date” means June 20, 2017. 

“Delayed Draw Term B-2 Dollar Commitment” has the meaning specified in the Fifth Amendment. 

“Delayed Draw Term B-2 Dollar Loans” has the meaning specified in the Fifth Amendment. 

“Fifth Amendment” shall mean the Fifth Amendment to this Agreement, dated as of the Fifth Amendment Effective Date, by and
among the Borrowers, U.S. Holdings, Holdings, the Administrative Agent, the Collateral Agent and the Term B-2 Dollar Lender. 

“Fifth Amendment Effective Date” means June 1, 2017. 

“Fifth Amendment Effective Date Term B-2 Dollar Commitment” has the meaning specified in the Fifth Amendment. 

“Fifth Amendment Effective Date Term B-2 Dollar Loans” has the meaning specified in the Fifth Amendment. 

“Fifth Amendment Lead Arranger” means Deutsche Bank Securities Inc., in its capacity as Fifth Amendment Lead Arranger. 

“Term B-2 Dollar Commitment” means as to each Term B-2 Dollar Lender, such Term B-2 Dollar Lender’s Delayed Draw Term
B-2 Dollar Commitment and/or Fifth Amendment Effective Date Term B-2 Dollar Commitment. 
 “Term B-2 Dollar Facility” means
the facility in respect of the Term B-2 Dollar Tranche. 
 “Term B-2 Dollar Lender” has the meaning specified in the Fifth
Amendment. 
 “Term B-2 Dollar Loans” has the meaning specified in the Fifth Amendment. 

“Term B-2 Dollar Loan Maturity Date” means the earliest of (i) June 1, 2024, and (ii) the date that the Term
B-2 Dollar Loans are declared due and payable pursuant to Section 8.02. 

  
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 “Term B-2 Dollar Tranche” means the Term B-2 Dollar Facility and any Specified
Refinancing Debt thereof. 
 (ii) The definition of “Adjusted Eurocurrency Rate” appearing in Section 1.01 of the Credit
Agreement is hereby amended by amending and restating clause (a) thereof as follows: 
 “(a) with respect to any Eurocurrency Rate
Borrowing denominated in Dollars, the greater of (i) the Eurocurrency Rate based on clause (a) of the definition of “Eurocurrency Rate” with respect to Dollars for such Interest Period, multiplied by the Statutory Reserve Rate,
(ii) solely with respect to Term B-1 Dollar Loans, 0.75% per annum, (iii) solely with respect to Term B-2 Dollar Loans, 0.00% per annum, and (iv) solely with respect to Revolving Credit Loans, 0.00% per annum,”. 

(iii) Clause (a) of the definition of “Applicable Rate” appearing in Section 1.01 of the Credit Agreement is hereby
amended by amending and restating it in its entirety as follows: 
 “(a) (i) with respect to the Term B-1 Dollar Loans, 2.50% per
annum for Eurocurrency Rate Loans and 1.50% per annum for Base Rate Loans and (ii) with respect to the Term B-2 Dollar Loans, 2.00% per annum for Eurocurrency Rate Loans and 1.00% per annum for Base Rate Loans;”. 

(iv) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Appropriate Lender” in
its entirety as follows: 
 ““Appropriate Lender” means, at any time, (a) with respect to any of the Euro Term
Facility, the Term B Facility, the Term B-1 Dollar Facility, the Term B-2 Dollar Facility, the Term B-1 Euro Facility, or the Revolving Credit Facility, a Lender that has a Commitment with respect to such Facility or holds a Euro Term Loan, a
Term B Loan, a Term B-1 Dollar Loan, a Term B-2 Dollar Loan, a Term B-1 Euro Loan, or a Revolving Credit Loan, respectively, at such time, (b) with respect to the Letter of Credit Sublimit, (i) each L/C Issuer and (ii) if any
Letters of Credit have been issued pursuant to Section 2.03(a), the Revolving Credit Lenders, (c) with respect to the Swing Line Facility, (i) the Swing Line Lender and (ii) if any Swing Line Loans are outstanding pursuant to
Section 2.04(a), the Revolving Credit Lenders, (d) with respect to any New Term Facility, a Lender that holds a New Term Loan at such time, and (e) with respect to any Specified Refinancing Debt, a Lender that holds Specified
Refinancing Term Loans or Specified Refinancing Revolving Loans.” 
 (v) Section 1.01 of the Credit Agreement is hereby amended by
amending and restating the definition of “Base Rate” in its entirety as follows: 
 ““Base Rate” means, for
any day, a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate on such day plus 1/2 of 1%, (b) the Prime Lending Rate on such day, (c) the Adjusted Eurocurrency Rate for Loans denominated in Dollars published
on such day (or if such day is not a Business Day the next previous Business Day) for an Interest Period of one month plus 1%, (d) solely with respect to Term B-1 Dollar Loans, 1.75% per annum and (e) solely with respect to Term B-2
Dollar Loans, 0.00% per annum.”. 

  
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 (vi) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the
definition of “Maturity Date” in its entirety as follows: 
 ““Maturity Date” means: 

(a) with respect to the Revolving Credit Facility, the earlier of (i) the date that is five years from the Third
Amendment Effective Date, (ii) the date of termination in whole of the Revolving Credit Commitments, the Letter of Credit Commitments and the Swing Line Loans pursuant to Section 2.06(a) or 8.02, and (iii) the date that is 91 days
prior to the 2014 Specified Refinancing Term Loan Maturity Date (as such date may be extended under the terms of the Credit Agreement from time to time and including any similar term with respect to any refinancing thereof), 

(b) with respect to the 2014 Specified Refinancing Term Loans, the 2014 Specified Refinancing Term Loan Maturity Date, 

(c) with respect to the Term B-1 Loans, the Term B-1 Maturity Date, and 

(d) with respect to the Term B-2 Dollar Loans, the Term B-2 Dollar Loan Maturity Date; 

provided that the reference to Maturity Date with respect to (i) Term Loans and Revolving Credit Commitments that
are the subject of a loan modification offer pursuant to Section 10.01 and (ii) Term Loans and Revolving Credit Commitments that are incurred pursuant to Sections 2.14 or 2.20 shall, in each case, be the final maturity date as specified in
the loan modification documentation, incremental documentation, or specified refinancing documentation, as applicable thereto.”. 

(vii) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Repricing Event” in
its entirety as follows: 
 ““Repricing Event” means (a) with respect to the Term B-1 Loans, (i) any prepayment or
repayment of the Term B-1 Loans, in whole or in part, with the proceeds of, or conversion of any portion of the Term B-1 Loans into, any new or replacement tranche of term loans (in the same currency as such Term B-1 Loans) bearing interest with an
“effective yield” (taking into account, for example, upfront fees, interest rate spreads, interest rate benchmark floors and original issue discount, but excluding the effect of any arrangement, structuring, syndication or other fees
payable in connection therewith that are not shared with all lenders or holders of such new or replacement loans) less than the “effective yield” applicable to such portion of the Term B-1 Loans (as such comparative yields are determined
in the reasonable judgment of the Administrative Agent consistent with generally accepted financial practices) and (ii) any amendment to the Facility with respect to the Term B-1 Loans which reduces the “effective yield” applicable to
the Term B-1 Loans, provided that a Repricing Event shall not include any event described above that is not consummated for the primary purpose of lowering the effective interest cost or weighted average yield applicable to the Term Facility,
including, without limitation, in the context of a transaction involving a Change of Control or a Transformative Event and (b)

  
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with respect to the Term B-2 Dollar Loans, (i) any prepayment or repayment of the Term B-2 Dollar Loans, in whole or in part, with the proceeds of, or conversion of any portion of the Term
B-2 Dollar Loans into, any new or replacement tranche of term loans bearing interest with an “effective yield” (taking into account, for example, upfront fees, interest rate spreads, interest rate benchmark floors and original issue
discount, but excluding the effect of any arrangement, structuring, syndication or other fees payable in connection therewith that are not shared with all lenders or holders of such new or replacement loans) less than the “effective yield”
applicable to such portion of the Term B-2 Dollar Loans (as such comparative yields are determined in the reasonable judgment of the Administrative Agent consistent with generally accepted financial practices) and (ii) any amendment to the
Facility with respect to the Term B-2 Dollar Loans which reduces the “effective yield” applicable to the Term B-2 Dollar Loans, provided that a Repricing Event shall not include any event described above that is not consummated for
the primary purpose of lowering the effective interest cost or weighted average yield applicable to the Term Facility, including, without limitation, in the context of a transaction involving a Change of Control or a Transformative Event.”.

 (viii) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Term
Commitment” in its entirety as follows: 
 ““Term Commitment” means, as to each Term Lender, (i) the Initial
Term Commitments, (ii) the Term B-1 Euro Commitment, (iii) the Term B-1 Dollar Commitment, (iv) the Term B-2 Dollar Commitment, (v) a Term Commitment Increase, (vi) a New Term Commitment or (vii) a Specified Refinancing
Term Commitment. The amount of each Lender’s Initial Term Commitment is as set forth in the definition thereof and the amount of each Lender’s other Term Commitments shall be as set forth in the Assignment and Assumption, or in the
amendment or agreement (including any consent agreement) relating to the respective Term Commitment which such Lender shall have assumed or made its Term Commitment, as the case may be, as such amounts may be adjusted from time to time in accordance
with this Agreement.”. 
 (ix) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of
“Term Facility” in its entirety as follows: 
 ““Term Facility” means (a) the Term B Facility,
(b) the Euro Term Facility, (c) Term B-1 Dollar Facility, (d) the Term B-1 Euro Facility, (e) the Term B-2 Dollar Facility and (f) any other facility in respect of any Term Loan Tranche, as the context may require.”.

 (x) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Term Lender” in
its entirety as follows: 
 ““Term Lender” means (a) at any time on or prior to the Fifth Amendment Effective
Date, any Lender that holds Term B-1 Loans and/or has a Term B-2 Dollar Commitment at such time and (b) at any time after the Fifth Amendment Effective Date, any Lender that holds Term B-1 Loans and/or Term B-2 Dollar Loans at such time and/or
has a Term B-2 Dollar Commitment at such time.”. 

  
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 (xi) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the
definition of “Term Loan Tranche” in its entirety as follows: 
 ““Term Loan Tranche” means the respective
facility and commitments utilized in making Term Loans hereunder, including (i) the Term B Facility, (ii) the Euro Term Facility, (iii) the Term B-1 Dollar Facility, (iv) the Term B-1 Euro Facility, (v) the Term B-2
Dollar Facility and (vi) Additional Tranches that may be added after the Closing Date, i.e., New Term Loans, Specified Refinancing Term Loans, New Term Commitments and Specified Refinancing Term Commitments.”. 

(xii) Section 2.01 of the Credit Agreement is hereby amended by inserting the following clause (j) at the end of said Section: 

“(j) The Term B-2 Dollar Lender agrees to make (i) on the Fifth Amendment Effective Date, to the Borrowers a Term B-2 Dollar Loan in
a principal amount equal to such Term B-2 Dollar Lender’s Fifth Amendment Effective Date Term B-2 Dollar Commitment in accordance with the terms and conditions of the Fifth Amendment and (ii) in the event the Delayed Draw Conditions are
satisfied, on the Delayed Draw Funding Date, to the Borrowers a Term B-2 Dollar Loan in a principal amount equal to such Term B-2 Dollar Lender’s Delayed Draw Term B-2 Dollar Commitment in accordance with the terms and conditions of the Fifth
Amendment. Amounts borrowed under this Section 2.01(j) and subsequently repaid or prepaid may not be reborrowed. Term B-2 Dollar Loans may be Base Rate Loans or Eurocurrency Rate Loans as further provided herein.”. 

(xiii) Section 2.05(a)(iv) of the Credit Agreement is hereby amended by amending and restating it in its entirety as follows: 

“(iv) (A) If any applicable Borrower, in connection with, or resulting in, any Repricing Event (1) makes a voluntary prepayment
of Term B-1 Loans pursuant to Section 2.05(a), (2) makes a repayment of any Term B-1 Loans pursuant to Section 2.05(b)(iii) or (3) effects any amendment with respect to the Term B-1 Loans, in each case, on or prior to the six
month anniversary of the Fourth Amendment Effective Date, the applicable Borrower(s) shall pay to the Administrative Agent, for the ratable account of the applicable Term Lenders (x) with respect to clauses (1) and (2), a prepayment
premium in an amount equal to 1.00% of the principal amount of Term B-1 Loans prepaid or repaid and (y) with respect to clause (3), a prepayment premium in an amount equal to 1.00% of the principal amount of the affected Term B-1 Loans held by
the Term Lenders consenting to such amendment; and (B) If any applicable Borrower, in connection with, or resulting in, any Repricing Event (1) makes a voluntary prepayment of Term B-2 Dollar Loans pursuant to Section 2.05(a),
(2) makes a repayment of any Term B-2 Dollar Loans pursuant to Section 2.05(b)(iii) or (3) effects any amendment with respect to the Term B-2 Dollar Loans, in each case, on or prior to the six month anniversary of the Fifth Amendment
Effective Date, the applicable Borrower(s) shall pay to the Administrative Agent, for the ratable account of the applicable Term Lenders (x) with respect to clauses (1) and (2), a prepayment premium in an amount equal to 1.00% of the
principal amount of Term B-2 Dollar Loans prepaid or repaid and (y) with respect to clause (3), a prepayment premium in an amount equal to 1.00% of the principal amount of the affected Term B-2 Dollar Loans held by the Term Lenders consenting
to such amendment.”. 

  
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 (xiv) Section 2.05(c) of the Credit Agreement is hereby amended by adding “or Term B-2
Dollar Loans” after “Term B-1 Loans”. 
 (xv) Section 2.07 of the Credit Agreement is hereby amended by inserting the
following clause (e) at the end of said Section: 
 “(e) Term B-2 Dollar Loans. The Borrowers shall repay to the
Administrative Agent for the ratable account of any Term B-2 Dollar Lender holding Term B-2 Dollar Loans the aggregate principal amount of all Term B-2 Dollar Loans outstanding in consecutive quarterly installments as follows (which installments
shall, to the extent applicable, be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Sections 2.05 and 2.06, or be increased as a result of any increase in the amount of Term B-2 Dollar
Loans pursuant to Section 2.14 (such increased amortization payments to be calculated in the same manner (and on the same basis) as the schedule set forth below for the Term B-2 Dollar Loans made as of the Fifth Amendment Effective Date or the
Delayed Draw Funding Date, as applicable)): 
  

			
	 Date
	  	 Amount

	Each March 31, June 30, September 30 and December 31 ending prior to the Maturity Date, starting with September 30, 2017	  	 an amount equal to 0.25% of the aggregate principal amount of the Term B-2 Dollar Loans as of the Fifth Amendment Effective Date;

 
 or
  

to the extent that the Delayed Draw Fund Date occurs, an amount equal to 0.25% of the aggregate principal amount of the Term B-2 Dollar Loans as of the Delayed
Draw Funding Date. For the avoidance of doubt, such Term B-2 Dollar Loans shall include all of such Term B-2 Dollar Loans funded on the Fifth Amendment Effective Date.

 

	Term B-2 Dollar Loan Maturity Date	  	 all unpaid aggregate principal amounts of any outstanding Term B-2 Dollar Loans.

 

 provided, however, that the final principal repayment installment of the Term B-2 Dollar
Loans shall be repaid on the Term B-2 Dollar Maturity Date and in any event shall be in an amount equal to the aggregate principal amount of all Term B-2 Dollar Loans outstanding on such date. 

(xvi) Section 2.14(f)(iii) of the Credit Agreement is hereby amended by amending and restating it in its entirety as follows: 

  
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 “(iii) the all-in yield (whether in the form of interest rate margins, original issue
discount, upfront fees, or Eurocurrency Rate or Base Rate floors (but not arrangement or underwriting fees paid to arrangers for their own account) and equating original issue discount and upfront fees to interest rate for purposes of this
calculation, assuming a four-year life to maturity) applicable to such pari passu New Term Facility of like currency shall be determined by the Borrowers and the Lenders providing such New Term Facility and shall not be more than 50 basis points
higher than the corresponding all-in yield (giving effect to interest rate margins, original issue discount, upfront fees and Eurocurrency Rate and Base Rate floors, in the case of original issue discount and upfront fees calculated as provided in
the preceding parenthetical) for any corresponding Term Loan Tranche, incurred on the Fourth Amendment Effective Date, the Fifth Amendment Effective Date or the Delayed Draw Funding Date, unless the all-in yield with respect to each applicable Term
Loan Tranche is increased to the amount necessary so that the difference between the all-in yield with respect to such New Term Facility and the corresponding all-in yield on such applicable Term Loan Tranche is equal to 50 basis points.” 

(xvii) The Credit Agreement is hereby amended by adding the following Section 4.03: 

“SECTION 4.03 Conditions to Delayed Draw Term B-2 Dollar Loans. The obligation of each Lender to honor any Request for Credit
Extension relating to Delayed Draw Term B-2 Dollar Loans is subject to the satisfaction of the following conditions precedent on or prior to the Delayed Draw Termination Date: 

(a) The representations and warranties of the Borrowers and each other Loan Party contained in Article V or any other Loan
Document shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) on and as of the date of such date, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) as of such earlier date, and
except that for purposes of this Section 4.03, the representations and warranties contained in Sections 5.05(a) and 5.05(b) shall be deemed to refer to the most recent financial statements furnished pursuant to Section 6.01(a) and (b),
respectively, prior to such date. 
 (b) No Default or Event of Default shall exist, or would result from such proposed
Credit Extension or from the application of the proceeds therefrom. 
 (c) The Administrative Agent shall have received a
Request for Credit Extension in accordance with the requirements hereof. 
 (d) the Borrowers shall have paid to the Fifth
Amendment Lead Arranger and the Term B-2 Dollar Lender all fees and any other compensation payable to the Fifth Amendment Lead Arranger and the Term B-2 Dollar Lender to the extent then due. 

(xviii) Section 5.07 of the Credit Agreement is hereby amended by amending and restating it in its entirety as follows: 

  
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 “Use of Proceeds. The Borrowers (a) will only use the proceeds
of the Initial Term Loans to finance a portion of the Transaction (including paying any fees, commissions and expenses associated therewith); (b) will only use the proceeds of the Revolving Credit Loans incurred on the Closing Date to finance
any upfront fees or original issue discount required to be funded on the Closing Date with respect to the Facilities; (c) will use the proceeds of all other Borrowings (except as set forth below in clauses (d), (e) and (f)) to finance the
working capital needs of the Borrowers and the Restricted Subsidiaries and for general corporate purposes of the Borrowers and the Restricted Subsidiaries (including Permitted Acquisitions and other Investments permitted hereunder); (d) will
use the proceeds of the 2014 Specified Refinancing Term Loans incurred on the Second Amendment Effective Date to repay and/or replace all Initial Term B Loans and Initial Euro Term Loans, as applicable, outstanding prior to the Second Amendment
Effective Date and pay any accrued interest, fees, expenses and prepayment premiums related thereto, (e) will use the proceeds of the Term B-1 Loans incurred on the Fourth Amendment Effective Date to repay and/or replace all 2014 Specified
Refinancing Term Loans outstanding prior to the Fourth Amendment Effective Date and pay any accrued interest, fees, expenses and prepayment premiums related thereto, (f) will use the proceeds of the Term B-2 Dollar Loans incurred on the Fifth
Amendment Effective Date to (i) pay the purchase price in connection with the 2017 Acquisition, (ii) pay the fees, costs and expenses incurred in connection with the 2017 Acquisition and (iii) fund working capital and general
corporate purposes and (g) will use the proceeds of the Term B-2 Dollar Loans incurred on the Delayed Draw Funding Date to repay all Term B-1 Dollar Loans outstanding prior to the Fourth Amendment Effective Date.”. 

(xix) The lead-in to Section 3(iii) of the Fourth Amendment is hereby amended by amending and restating it in its entirety as follows:

 “Section 2.05(b)(ii)(A) of the Credit Agreement is amended by amending and restating it in its entirety as
follows:” 
 SECTION 3 Conditions of Effectiveness of this Fifth Amendment. This Fifth Amendment shall become effective on the date when the
following conditions shall have been satisfied (or waived in the reasonable discretion of the Administrative Agent) (such date, the “Fifth Amendment Effective Date”): 

(i) the Borrowers, U.S. Holdings, Holdings, the Administrative Agent, the Collateral Agent and the Term B-2 Dollar Lender shall have signed a
counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) the same to Cahill Gordon & Reindel LLP, counsel to the Administrative Agent; 

(ii) the Administrative Agent shall have received from the U.S. Borrower, acting in its capacity as Borrower Representative, a certificate
executed by a Responsible Officer of the U.S. Borrower, acting in its capacity as Borrower Representative, certifying compliance with the requirements of the following clauses (xiii) and (xiv); 

(iii) the Administrative Agent shall have received from the treasurer or manager of each of the Dutch Borrower and the U.S. Borrower (in each
case on a consolidated basis) a solvency certificate (after giving effect to the 2017 Transaction) substantially in the form of the solvency certificate delivered on the Closing Date pursuant to Section 4.01(a)(vii) of the Credit Agreement;

  
 -11- 

 (iv) the Administrative Agent shall have received the Acknowledgment and Confirmation,
substantially in the form of Exhibit A hereto, executed and delivered by an authorized officer of each of the Borrowers and each other Loan Party; 

(v) there shall have been delivered to the Administrative Agent (A) copies of resolutions of the board of directors of the Borrowers,
U.S. Holdings and Holdings approving and authorizing the execution, delivery and performance of amendments to the Credit Agreement, certified as of the Fifth Amendment Effective Date by a Responsible Officer as being in full force and effect without
modification or amendment and (B) good standing certificates, or the equivalent thereof, for the Borrowers, U.S. Holdings and Holdings from the jurisdiction in which they are organized; 

(vi) the Administrative Agent shall have received opinions from (a) Latham & Watkins LLP, special legal counsel to the Borrowers
and Holdings, and (b) the Munich office of Latham & Watkins LLP, special German counsel to certain Material Subsidiary Guarantors organized under the laws of Germany, addressed to the Administrative Agent, the Collateral Agent and the
Lenders party hereto, in form and substance reasonably satisfactory to the Administrative Agent; 
 (vii) the Administrative Agent shall
have received opinions from Clifford Chance LLP, Dutch counsel to the Administrative Agent, addressed to the Administrative Agent, the Collateral Agent and the Lenders party hereto, in form and substance reasonably satisfactory to the Administrative
Agent; 
 (viii) the Administrative Agent shall have received the following documents in relation to the Dutch Borrower and Holdings: 

(a) a copy of the articles of association (statuten) and deed of incorporation (oprichtingsakte) of each of the Dutch Borrower
and Holdings, as well as an extract (uittreksel) from the Dutch Commercial Register (Handelsregister) of such company; 
 (b)
a copy of a resolution of the board of managing directors of each of the Dutch Borrower and Holdings, approving the terms of, and the transactions contemplated by, the Loan Documents to which it is a party and resolving that it execute the Loan
Documents to which it is a party; and 
 (c) a copy of the resolution of the shareholder(s) of each of the Dutch Borrower and
Holdings; 
 (ix) the Term B-2 Dollar Lender shall have received at least three business days prior to the Fifth Amendment Effective Date all
documentation and other information about the Borrowers and the Guarantors as has been reasonably requested in writing at least 10 days prior to the Fifth Amendment Effective Date by the Term B-2 Dollar Lender that it reasonably determines is
required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the PATRIOT Act; 

(x) with respect to each improved Mortgaged Property, a “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard
Determination and, if the area in which any improvements located on any Mortgaged Property is designated a “special flood hazard area” by the Federal Emergency Management Agency (or any successor agency), evidence of flood insurance
satisfying the requirements of Section 6.07(b) of the Credit Agreement; 

  
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 (xi) between October 28, 2016 and the Fifth Amendment Effective Date, no 2017 Target
Material Adverse Effect shall have occurred; 
 (xii) the 2017 Acquisition shall have been (or substantially simultaneously with the closing
of the Fifth Amendment, shall be) consummated in accordance with the terms of the 2017 Purchase Agreement in all material respects; 

(xiii) the 2017 Specified Purchase Agreement Representations and the 2017 Specified Representations shall be true and correct in all material
respects; 
 (xiv) on the Fifth Amendment Effective Date, no Event of Default under Sections 8.01(a), (f) or (g) of the Credit
Agreement would exist after giving effect to the incurrence of the Term B-2 Dollar Loans; 
 (xv) on the Fifth Amendment Effective Date, the
Borrowers shall have paid to the Administrative Agent, the Fifth Amendment Lead Arranger and the Term B-2 Dollar Lender all costs, fees and expenses (including, without limitation, legal fees and expenses) to the extent invoiced at least five
(5) Business Days prior to the Fifth Amendment Effective Date and any other compensation payable to the Administrative Agent, the Fifth Amendment Lead Arranger and the Term B-2 Dollar Lender or otherwise payable in respect of the 2017
Transactions to the extent then due; 
 (xvi) the Collateral Agent shall have received all documents and instruments required to create and
perfect the Collateral Agent’s first priority security interest in the 2017 Target, including evidence that all other actions, recordings and filings of or with respect to the Security Agreement and the other Collateral Documents that the
Collateral Agent may deem reasonably necessary or desirable in order to perfect and protect the liens created thereby shall have been taken, completed or otherwise provided for in a manner reasonably satisfactory to the Collateral Agent;
provided, however, that to the extent any Lien on any Collateral of 2017 Target is not or cannot be provided and/or perfected on the Fifth Amendment Effective Date (other than assets with respect to which a lien may be perfected by the
filing of a financing statement under the Uniform Commercial Code), then the provision and/or perfection of a security interest in such Collateral shall not constitute a condition precedent to the availability of the Term B-2 Dollar Loan Facility on
the Fifth Amendment Effective Date, but instead shall be required to be delivered after the Fifth Amendment Effective Date in accordance with the provisions of Sections 6.12 of the Credit Agreement and Section 7 hereof, within 90 days (or such
longer period as the Collateral Agent may agree in its sole discretion) of the Fifth Amendment Effective Date; and 
 (xvii) prior to the
making of the Term B-2 Dollar Loans on the Fifth Amendment Effective Date, the Administrative Agent shall have received a Committed Loan Notice meeting the requirements of Section 2.02(a) of the Credit Agreement. 

SECTION 4 Costs and Expenses. Each of the Loan Parties hereby reconfirms its obligations pursuant to Section 10.04 of the Credit Agreement to pay
and reimburse the Administrative Agent for all reasonable costs and expenses (including, without limitation, reasonable fees of Cahill Gordon & Reindel LLP) incurred in connection with the negotiation, preparation, execution and delivery of
this Fifth Amendment and all other documents and instruments delivered in connection herewith. 
 SECTION 5 Remedies. This Fifth Amendment shall
constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents. 

  
 -13- 

 SECTION 6 Representations and Warranties. To induce the Administrative Agent and the
Lenders party hereto to enter into this Fifth Amendment, each of the Loan Parties party hereto represents and warrants to the Administrative Agent and the Lenders party hereto on and as of the Fifth Amendment Effective Date that, in each case: 

(i) this Fifth Amendment has been duly authorized, executed and delivered by it and each of this Fifth Amendment and the Credit Agreement
constitute its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as may be limited by (i) applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws of
general applicability relating to or limiting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law and (ii) the need for filings and registrations
necessary to create or perfect the Liens on Collateral granted by the Loan Parties in favor of the Collateral Agent; and 
 (ii) no Default
or Event of Default exists as of the Fifth Amendment Effective Date, both immediately before and after giving effect to this Fifth Amendment. 
 SECTION 7
Post-Effectiveness Undertakings. On or prior to the 90th day following the Fifth Amendment Effective Date (as such date may be extended by the Administrative Agent in its reasonable discretion), Holdings shall ensure that the Collateral
Documents listed on Schedule I hereto are entered into and, in connection therewith, cause the delivery of such agreements and instruments that may be required by such Collateral Documents and such certifications and legal opinions as set forth
therein. 
 SECTION 8 Reference to and Effect on the Credit Agreement and the Loan Documents. 

(i) On and after the Fifth Amendment Effective Date, each reference in the Credit Agreement to “this Agreement,”
“hereunder,” “hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by this Fifth Amendment. 

(ii) The Credit Agreement, as specifically amended by this Fifth Amendment, is and shall continue to be in full force and effect and is hereby
in all respects ratified and confirmed. Each of the Collateral Documents and all other Loan Documents shall continue in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing,
the Collateral Documents and all of the Collateral described therein do and shall continue to secure the payment of the Obligations (including obligations in respect of Term B-2 Dollar Loans), and such other obligations and liabilities expressed or
purported to be secured pursuant to such Collateral Documents, with all Liens continuing in full force and effect after giving effect to this Fifth Amendment. 

(iii) The execution, delivery and effectiveness of this Fifth Amendment shall not, except as expressly provided herein, operate as a waiver of
any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. This Fifth Amendment shall not constitute a novation of the Credit Agreement
or the other Loan Documents. 
 SECTION 9 Governing Law; Jurisdiction; Etc. THIS FIFTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF, BUT INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. IN ADDITION, THE PROVISIONS OF SECTIONS 10.15(b) and (c) AND
SECTIONS 10.16 AND 10.17 OF THE CREDIT AGREEMENT SHALL BE DEEMED TO BE INCORPORATED HEREIN BY REFERENCE, MUTATIS MUTANDIS. 

  
 -14- 

 SECTION 10 Counterparts. This Fifth Amendment may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A complete set of counterparts shall be lodged
with the U.S. Borrower and the Administrative Agent. 
 SECTION 11 Electronic Execution. The words “execution,” “signed,”
“signature,” and words of like import in this Fifth Amendment or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures 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, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

SECTION 12 U.S. Federal Tax Treatment. 

(a) The Borrowers and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) all of the
Term B-2 Dollar Loans as one fungible tranche for U.S. federal income tax purposes. 
 (b) For purposes of FATCA, from and after the Fifth
Amendment Effective Date, the Borrowers and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Term B-2 Dollar Loans, and shall continue to treat the Revolving Credit Commitments, Revolving
Credit Loans (including any outstanding Revolving Credit Loans), and Term B-1 Loans, as not qualifying as “grandfathered obligations” within the meaning of Treasury Regulations section 1.1471-2(b)(2)(i). 

SECTION 13 Acknowledgment and Consent to Bail-In. 

(i) Each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising under this Fifth Amendment,
to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the effects of any
Bail-In Action on any such liability, including, if applicable: 
 (I) a reduction in full or in part or cancellation of any
such liability; 
 (II) a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with
respect to any such liability under this Fifth Amendment; or 
 (III) the variation of the terms of such liability in
connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

  
 -15- 

 (ii) For the purposes of this Section 13: 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution
Authority in respect of any liability of an EEA Financial Institution; 
 “Bail-In Legislation” means, 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 for such EEA Member Country from time to time which is described in the EU
Bail-In Legislation Schedule; 
 “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; 

“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; and 
 “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. 
 [The remainder of this page is intentionally left blank.]

  
 -16- 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to be duly executed as of
the date first above written. 
  

			
	 AXALTA COATING SYSTEMS DUTCH

HOLDING A B.V., as Holdings

		
	By:	 	/s/ Annemiek van Leuven
		 	Name: Annemiek van Leuven
		 	Title: Managing Director
		
	By:	 	/s/ Marcel Apeldoorn
		 	Name: Marcel Apeldoorn
		 	Title: Managing Director

  

			
	AXALTA COATING SYSTEMS DUTCH HOLDING B B.V., as Dutch Borrower

 

			
	By:	 	/s/ Annemiek van Leuven
		 	Name: Annemiek van Leuven
		 	Title: Managing Director
		
	By:	 	/s/ Marcel Apeldoorn
		 	Name: Marcel Apeldoorn
		 	Title: Managing Director

 Signature Page to Fifth Amendment to Axalta Credit Agreement 

 
			
	 AXALTA COATING SYSTEMS U.S., INC., as

U.S. Holdings

		
	By:	 	/s/ Karyn Rodriguez
		 	Name: Karyn Rodriguez
		 	Title: Vice President and Treasurer

  

			
	AXALTA COATING SYSTEMS U.S. HOLDINGS, INC., as U.S. Borrower
		
	By:	 	/s/ Karyn Rodriguez
		 	Name: Karyn Rodriguez
		 	Title: Vice President and Treasurer

 Signature Page to Fifth Amendment to Axalta Credit Agreement 

 
			
	BARCLAYS BANK PLC, as Administrative Agent and Collateral Agent
		
	By:	 	/s/ Vanessa Kurbatskiy
		 	Name: Vanessa Kurbatskiy
		 	Title: Vice President

 Signature Page to Fifth Amendment to Axalta Credit Agreement 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as Term B-2 Dollar Lender
		
	By:	 	/s/ Marcus Tarkington
		 	Name: Marcus Tarkington
		 	Title: Director
		
	By:	 	/s/ Dusan Lazarov
		 	Name: Dusan Lazarov
		 	Title: Director

 Fifth Amendment Effective Date Term B-2 Dollar Commitment: $450,000,000 

Delayed Draw Term B-2 Dollar Commitment: $1,550,000,000 

 Schedule I 

Post-Effective Undertakings 
 England
and Wales: 
  

	 	1.	An English law supplemental debenture between Axalta Coating Systems UK Holding Limited, Axalta Coating Systems UK Limited, Axalta Powder Coating Systems UK Limited and Axalta Coating Systems U.K. (2) Limited as
chargors and the Collateral Agent (the “Supplemental Debenture”). 

  

	 	2.	An English law supplemental security over shares agreement between Axalta Coating Systems Belgium BVBA and Axalta Coating Systems Luxembourg Holding S.à r.l. as chargors and the Collateral Agent (the
“Supplemental Security over Shares Agreement”). 

  

	 	3.	Legal opinion of Latham & Watkins (London) LLP, legal advisers to the Loan Parties as to English law in relation to capacity, authority and due execution by Axalta Coating Systems UK Holding Limited, Axalta
Coating Systems UK Limited, Axalta Powder Coating Systems UK Limited and Axalta Coating Systems U.K. (2) Limited of the Supplemental Debenture. 

  

	 	4.	Legal opinion of Clifford Chance LLP, legal advisers to the Collateral Agent as to English law in relation to the enforceability of the Supplemental Debenture and the Supplemental Security over Shares Agreement.

  

	 	5.	Legal opinion of Arendt & Medernach, legal advisers to the Loan Parties as to Luxembourg law in relation to capacity, authority and due execution by Axalta Coating Systems Luxembourg Holding S.à r.l. of
the Supplemental Security over Shares Agreement. 

  

	 	6.	Legal opinion of Strelia, legal advisers to the Loan Parties as to Belgian law in relation to capacity, authority and due execution by Axalta Coating Systems Belgium BVBA of the Supplemental Security over Shares
Agreement. 

 Germany: 
  

	 	1.	Junior ranking share pledge agreements relating to the shares in (i) Axalta Coating Systems Verwaltungs GmbH; (ii) Spies Hecker GmbH and Standox GmbH; and (iii) Axalta Coating Systems Germany Beteiligungs
GmbH, in each case, in form and substance reasonably satisfactory to the Collateral Agent. 

  

	 	2.	Junior ranking partnership interest pledge agreements relating to the partnership interests in (i) Axalta Coating Systems Deutschland Holding GmbH & Co. KG; (ii) Axalta Coating Systems Logistik
Germany GmbH & Co. KG; and (iii) Axalta Coating Systems Germany GmbH & Co. KG, in each case, in form and substance reasonably satisfactory to the Collateral Agent; 

 

	 	3.	Junior ranking account pledge agreement to be entered into by Axalta Coating Systems Verwaltungs GmbH, Axalta Coating Systems Deutschland Holding GmbH & Co. KG, Spies Hecker GmbH, Standox GmbH, Axalta Coating
Systems Logistik Germany GmbH & Co. KG, Axalta Coating Systems Germany Beteiligungs GmbH and Axalta Coating Systems Germany GmbH & Co. KG, in form and substance reasonably satisfactory to the Collateral Agent.; and

	 	4.	Confirmation and amendment agreement relating to the global assignment agreements, security transfer agreements, and special purpose agreements, in each case, in form and substance reasonably satisfactory to the
Collateral Agent. 

 Luxembourg: 
  

	 	1.	Luxembourg law governed confirmation agreement with respect to certain Luxembourg Law Collateral Documents. 

  

	 	2.	Legal opinion of Arendt & Medernach, legal advisers to the Loan Parties as to Luxembourg law in relation to capacity, authority and due execution by the Loan Parties incorporated under Luxembourg law.

  

	 	3.	Legal opinion of Clifford Chance Luxembourg, legal advisers to the Collateral Agent as to Luxembourg law. 

Netherlands: 
  

	 	1.	Corporate resolutions as required by the Agent in connection with the 5th Amendment Agreement and the below security documents, being a resolution by the managing
board and shareholder of: 

  

	 	1.	Axalta Coating Systems Dutch Holding B B.V. 

	 	2.	Axalta Coating Systems Asia Holding B.V. 

	 	3.	Axalta Coating Systems EMEA Holding B.V. 

	 	4.	Axalta Coating Systems LA Holding II B.V. 

	 	5.	Axalta Coating Systems Dutch Holding 1 B.V. 

	 	6.	Axalta Coating Systems Dutch Holding 2 B.V. 

	 	7.	Axalta Coating Systems Dutch Holding A B.V. 

	 	8.	Axalta Coating Systems Benelux B.V.; and 

	 	9.	Metalak B.V. ; 

  

	 	2.	Certificates in respect of the entities referred to under (1); 

  

	 	3.	a third ranking deed of pledge of shares in the capital of Axalta Coating Systems Dutch Holding B B.V. (formerly known as Flash Dutch 2 B.V.) with Axalta Coating Systems Dutch Holding A B.V. (formerly known as Flash
Dutch 1 B.V.) as pledgor and Barclays Bank PLC as pledgee;

  

	 	4.	a fourth ranking deed of pledge of shares in the capital of Axalta Coating Systems EMEA Holding B.V. (formerly known as Axalta Coating Systems EMEA Holding B.V. and previously merged with Teodur B.V. and Dutch Coatings
Co. 1 B.V. with each of Teodur B.V. and Dutch Coatings Co. 1 B.V. as disappearing company) with Axalta Coating Systems Luxembourg Holding S.à r.l. as pledgor and Barclays Bank PLC as pledgee; 

 

	 	5.	a third ranking deed of pledge of shares in the capital of Axalta Coating Systems LA Holding II B.V. (formerly known as DuPont Performance Coatings LA Holding II B.V.) with Axalta Coating Systems Luxembourg Holding
S.à r.l. as pledgor and Barclays Bank PLC as pledgee; 

  

	 	6.	a third ranking deed of pledge of shares in the capital of Axalta Coating Systems Dutch Holding 1 B.V. (formerly known as Dutch Coatings Co. 2 B.V.) with Axalta Coating Systems Luxembourg Holding S.à r.l. as
pledgor and Barclays Bank PLC as pledgee; 

	 	7.	a third ranking deed of pledge of shares in the capital of Axalta Coating Systems Dutch Holding 2 B.V. (formerly known as Dutch Coatings 3 Co. B.V.) with Axalta Coating Systems Finance 2 S.à r.l. as pledgor and
Barclays Bank PLC as pledgee; 

  

	 	8.	a third ranking deed of pledge of shares in the capital of Axalta Coating Systems Asia Holding B.V. (formerly known as DuPont Performance Coatings Asia Holding B.V.) with Axalta Coating Systems Finance 2 S.à
r.l.as pledgor and Barclays Bank PLC as pledge; 

  

	 	9.	a third ranking deed of pledge of shares in the capital of Axalta Coating Systems Benelux B.V. with Axalta Coating Systems EMEA Holding B.V. as pledgor and Barclays Bank PLC as pledgee; 

 

	 	10.	a third ranking deed of pledge of shares in the capital of Metalak B.V. with Axalta Coating Systems Benelux B.V. as pledgor and Barclays Bank PLC as pledgee; 

 

	 	11.	a third ranking omnibus deed of pledge between each of Axalta Coating Systems Dutch Holding A B.V. (formerly known as Flash Dutch 1 B.V.), Axalta Coating Systems Dutch Holding B B.V. (formerly known as Flash Dutch 2
B.V.), Axalta Coating Systems EMEA Holding B.V. (formerly known as Axalta Coating Systems EMEA Holding B.V., Axalta Coating Systems LA Holding II B.V. (formerly known as DuPont Performance Coatings LA Holding II B.V.), Axalta Coating Systems Dutch
Holding 1 B.V. (formerly known as Dutch Coatings Co. 2 B.V.), Axalta Coating Systems Dutch Holding 2 B.V. (formerly known as Dutch Coatings 3 Co. B.V.), Axalta Coating Systems Asia Holding B.V. (formerly known as DuPont Performance Coatings
Asia Holding B.V.), Axalta Coating Systems Benelux B.V. and Metalak B.V. as pledgors and Barclays Bank PLC as pledgee; 

  

	 	12.	Notification of intercompany debtors / account banks in accordance with the Dutch security documents listed herein; 

  

	 	13.	Registration of security and security documents with the Dutch tax authorities in accordance with the Dutch security documents listed herein; and 

 

	 	14.	Updating of shareholders register of companies of which shares are pledged in accordance with Dutch security documents listed above. 

 EXHIBIT A 

FORM OF ACKNOWLEDGMENT AND CONFIRMATION 

1. Reference is made to the Fifth Amendment, dated as of June 1, 2017 (the “Fifth Amendment”), to the Credit Agreement
(as defined in the Fifth Amendment), by and among AXALTA COATING SYSTEMS DUTCH HOLDING B B.V. (f/k/a Flash Dutch 2 B.V.), a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organized and established
under the laws of the Netherlands, having its corporate seat in Amsterdam, the Netherlands, registered with the Trade Register of the Netherlands under number 55948308 (the “Dutch Borrower”), and AXALTA COATING SYSTEMS U.S.
HOLDINGS, INC. (f/k/a U.S. Coatings Acquisition Inc.), a corporation organized under the laws of Delaware (the “U.S. Borrower” and together with the Dutch Borrower, collectively, the “Borrowers”), AXALTA COATING
SYSTEMS U.S., INC. (f/k/a Coatings Co. U.S. Inc.), a corporation organized under the laws of Delaware (“U.S. Holdings”), AXALTA COATING SYSTEMS DUTCH HOLDING A B.V. (f/k/a Flash Dutch 1 B.V.), a private limited liability company
(besloten vennootschap met beperkte aansprakelijkheid) organized and established under the laws of the Netherlands, having its corporate seat in Amsterdam, the Netherlands, registered with the Trade Register of the Netherlands under number
55947107 (“Holdings”) and BARCLAYS BANK PLC, as administrative agent (in such capacity, the “Administrative Agent”), as collateral agent (in such capacity, the “Collateral Agent”), and as lender.
Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Credit Agreement or Fifth Amendment, as applicable. 

2. Certain provisions of the Credit Agreement are being amended and/or modified pursuant to the Fifth Amendment. Each of the parties hereto
acknowledges the terms of the Fifth Amendment and hereby agrees and/or confirm for the benefit of the Secured Parties, with respect to each Loan Document to which it is a party, after giving effect to the Fifth Amendment: 

(a) all of its obligations, liabilities and indebtedness under each such Loan Document, including guarantee and indemnity
obligations and any new obligations, liabilities and indebtedness arising as a result of the Fifth Amendment, shall remain in full force and effect on a continuous basis; 

(b) all of its guarantee obligations, subject to any limitations set forth in the Subsidiary Guaranty applicable to such
Subsidiary Guarantor, and all of its indemnity obligations contained in each Loan Document extend to any new obligations assumed by it under the Loan Documents as a result of the Fifth Amendment (including, but not limited to, under the amended
Credit Agreement); and 
 (c) all of the Liens and security interests created and arising under each such Loan Document are
hereby expressly confirmed and remain in full force and effect on a continuous basis, and the perfected status and priority to the extent provided for in Section 5.18 of the Credit Agreement of each such Lien and security interest continues in
full force and effect on a continuous basis, unimpaired, uninterrupted and undischarged, as collateral security for its obligations, liabilities and indebtedness under the Credit Agreement and under its guarantees in the Loan Documents and such
other liabilities and obligations expressed or purported to be secured pursuant to such Loan Document to the extent provided in such Loan Documents. 

3. This Acknowledgment and Confirmation has been duly authorized, executed and delivered by it and this Acknowledgment and Confirmation
constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws of general
applicability relating to or limiting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

 4. This Acknowledgment and Confirmation shall not constitute a novation of any Loan Document.

 5. THIS ACKNOWLEDGMENT AND CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT
GIVING EFFECT TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF, BUT INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. IN ADDITION, THE PROVISIONS OF SECTIONS 10.15(b), 10.15(c) AND 10.16 OF THE CREDIT AGREEMENT SHALL BE DEEMED TO BE
INCORPORATED HEREIN BY REFERENCE, MUTATIS MUTANDIS. 
 6. This Acknowledgment and Confirmation may be executed by one or more of the parties
hereto on any number of separate counterparts (including by telecopy or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

[rest of page intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Acknowledgment and Confirmation to be
duly executed as of the date first above written. 
 BORROWERS: 

 

			
	AXALTA COATING SYSTEMS DUTCH HOLDING B B.V., as Dutch Borrower
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:
	
	AXALTA COATING SYSTEMS U.S. HOLDINGS, INC., as U.S. Borrower
		
	By:	 	 
		 	Name:
		 	Title:

 HOLDINGS: 
  

			
	AXALTA COATING SYSTEMS DUTCH HOLDING A B.V., as Holdings
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:
	
	AXALTA COATING SYSTEMS U.S., INC., as U.S. Holdings
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 SUBSIDIARY GUARANTORS: 

 

			
	AXALTA COATING SYSTEMS ASIA HOLDING B.V.
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

									
	 Signed by
 Axalta Coating
Systems
 Australia Pty Ltd
 by
	 		 	
					
	sign here u	 		 		 	sign here u	 	
		 	 	 		 		 	 
		 	Director/Company Secretary	 		 		 	Director
					
	print name	 		 		 	print name	 	
		 	 	 		 		 	 

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	AXALTA COATING SYSTEMS BENELUX BV
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	AXALTA COATING SYSTEMS GERMANY BETEILIGUNGS GMBH

 
			
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Coating Systems Brasil Ltda
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  

					
	Witnesses:	 		 	
			
	1.                                      
                                         
                     	 		 	2.                                      
                                         
                     
			
	Name:	 		 	Name:
	ID:	 		 	ID:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Coating Systems Canada Company
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	AXALTA COATING SYSTEMS DEUTSCHLAND HOLDING GMBH & CO. KG
	
	represented by its general partner
	
	AXALTA COATING SYSTEMS VERWALTUNGS GMBH
	
	which in turn is represented

 
			
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	AXALTA COATING SYSTEMS DUTCH HOLDING 1 B.V.
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	AXALTA COATING SYSTEMS DUTCH HOLDING 2 B.V.
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	AXALTA COATING SYSTEMS EMEA HOLDING B.V.
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	 Axalta Coating Systems Finance 1 S.à r.l.
  

Société à responsabilité limitée

Registered office: 10A, rue Henri M. Schnadt
 L-2530
Luxembourg,
 Grand Duchy of Luxembourg
 RCS Number: B
173442

		
	 By:
	 	 
		 	 Name:

		 	 Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	 Axalta Coating Systems Finance 2 S.à r.l.
  

Société à responsabilité limitée

Registered office: 10A, rue Henri M. Schnadt
 L-2530
Luxembourg,
 Grand Duchy of Luxembourg
 RCS Number: B
174719

		
	 By:
	 	 
		 	 Name:

		 	 Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

			
	 Axalta Coating Systems Finance 3 S.à r.l.
  

Société à responsabilité limitée

Registered office: 10A, rue Henri M. Schnadt
 L-2530
Luxembourg,
 Grand Duchy of Luxembourg
 RCS Number: B
192339

		
	 By:
	 	 
		 	 Name:

		 	 Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Coating Systems France Holding SAS
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	AXALTA COATING SYSTEMS GERMANY GMBH & CO. KG
	
	represented by its general partner
	
	AXALTA COATING SYSTEMS DEUTSCHLAND HOLDING GMBH & CO. KG
	
	which in turn is represented by its general partner
	
	AXALTA COATINGS SYSTEMS VERWALTUNGS GMBH
	
	which in turn is represented

 
			
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	 AXALTA COATING SYSTEMS, LLC
 AXALTA
COATING SYSTEMS IP CO. LLC
 COATINGS FOREIGN IP CO. LLC

CHEMSPEC USA, LLC
 AXALTA POWDER COATING SYSTEMS USA, LLC

AXALTA COATING SYSTEMS USA HOLDINGS, INC.
 CENTURY INDUSTRIAL
COATINGS, INC.
 AXALTA COATING SYSTEMS U.S.A., LLC

		
	By:	 	 
		 	Name:
		 	 Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Coating Systems GmbH
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Coating Systems International Holding GmbH
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Coating Systems International Sàrl
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Coating Systems Ireland Limited
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	AXALTA COATING SYSTEMS LA HOLDING II B.V.
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	AXALTA COATING SYSTEMS LOGISTIK GERMANY GMBH & CO. KG
	
	represented by its general partner
	
	AXALTA COATING SYSTEMS VERWALTUNGS GMBH
	
	which in turn is represented

 
			
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Coating Systems Luxembourg Holding 2 S.à r.l.
	
	Société à responsabilité limitée
	 Registered office: 10A, rue Henri M. Schnadt

L-2530 Luxembourg,
 Grand Duchy of Luxembourg

RCS Number: B 173385

		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Coating Systems Luxembourg Holding S.à r.l.
	
	 Société à responsabilité limitée

Registered office: 10A, rue Henri M. Schnadt
 L-2530
Luxembourg,
 Grand Duchy of Luxembourg
 RCS Number: B
171370

		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Coating Systems Mexico, S. de R.L. de C.V.
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Limited Liability Company “Axalta Coating Systems Rus”
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Coating Systems Scandinavia Holding AB
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Coating Systems Servicios México, S. de R.L. de C.V.
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Coating Systems Singapore Holding Pte Ltd.
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Coating Systems Sweden AB
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Coating Systems Switzerland Sàrl
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	For and on behalf of Axalta Coating Systems UK Holding Limited
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	For and on behalf of Axalta Coating Systems UK Limited
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	For and on behalf of Axalta Coating Systems U.K. (2) Limited
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	AXALTA COATING SYSTEMS VERWALTUNGS GMBH

 
			
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Polymer Powders Switzerland Sàrl
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Powder Coating Systems Nordic AB
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	For and on behalf of Axalta Powder Coating Systems UK Limited
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	METALAK BV
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	SPIES HECKER GMBH
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	STANDOX GMBH
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Axalta Coating Systems Bermuda Finance Ltd.
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit Agreement 

 
			
	Peinture Antico Diffusion
		
	By:	 	 
		 	Name:
		 	Title:

 Signature Page to Acknowledgement and Confirmation of the Fifth Amendment to Axalta Credit AgreementExhibit 4.1

 

THIS WARRANT AND THE SHARES OF CAPITAL STOCK ISSUED UPON ANY EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER (A) A REGISTRATION STATEMENT WITH RESPECT THERETO SHALL BE EFFECTIVE UNDER THE SECURITIES ACT, OR (B) THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT IS AVAILABLE, AND (2) THERE SHALL HAVE BEEN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS.

 

	
No. W-[•]
    	
 
    	
For the purchase
    
	
 
    	
 
    	
of [•] shares
    
	
 
    	
 
    	
of Common Stock
    

 

WARRANT TO PURCHASE

 

COMMON STOCK

 

OF

 

MERSANA THERAPEUTICS, INC.

 

(A DELAWARE CORPORATION)

 

SEPTEMBER 27, 2013

 

MERSANA THERAPEUTICS, INC., a Delaware corporation (the “Company”), for value received, hereby certifies that [•] (the “Holder”) is entitled, subject to the terms set forth below, to purchase from the Company shares of Common Stock, par value $.0001 per share, of the Company (the “Common Stock”), at a purchase price per share equal to $.01 per share (the “Base Price”), as adjusted upon the occurrence of certain events as set forth in Section 3 of this Warrant, at any time or from time to time during the period beginning on the date hereof and ending at or before the earlier of (a) 5:00 p.m. Eastern Standard Time on the tenth (10th) anniversary of the date hereof (the “Expiration Date”) and (b) the termination of this Warrant as provided in Section 7 hereof. The shares of stock issuable upon exercise of this Warrant, and the purchase price per share, are hereinafter referred to as the “Warrant Stock” and the “Purchase Price,” respectively.

 

This Warrant is one of a series of warrants (collectively, the “Warrants”) dated the same date of issuance and issued in connection with the execution by the Company and the holders of such Warrants of that certain Series A-1 Convertible Preferred Stock Purchase Agreement dated July 27, 2012, as amended from time to time.

 

1

 

1.                                      Exercise.

 

1.1.                            Manner of Exercise; Payment in Cash. This Warrant may be exercised by the Holder, in whole or in part, by surrendering this Warrant, with the purchase form appended hereto as Exhibit A duly executed by the Holder, at the principal office of the Company, or at such other place as the Company may designate, accompanied by payment in full of the Purchase Price payable in respect of the number of shares of Warrant Stock purchased upon such exercise. Payment of the Purchase Price shall be in cash or by certified or official bank check payable to the order of the Company.

 

1.2.                            Net Exercise.  In lieu of exercising this Warrant by payment in cash pursuant to Section 1.1 above, the Holder may elect to receive Warrant Stock equal to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant, duly endorsed (unless endorsement is waived by the Company) to the principal office of the Company (or at such other office or agency of the Company as it may designate by notice in writing to the Holder at such Holder’s last address appearing on the books of the Company) (a “Net Exercise”).  In the event of such a Net Exercise, the Company shall issue to such Holder a number of shares of Warrant Stock computed using the following formula:

 

 

Where

 

X =          The number of shares of Warrant Stock to be issued to the Holder.

 

Y =          The number of shares of Warrant Stock purchasable under this Warrant.

 

A =                             The fair market value of one (1) share of Warrant Stock (at the date of such calculation).

 

B =          The Base Price (as adjusted to the date of such calculation).

 

For purposes of this Section 1.2, the fair market value of a share of Warrant Stock shall mean the average of the closing bid and asked prices of the Warrant Stock quoted in the over-the-counter market in which shares of Warrant Stock are traded or the closing price quoted on any exchange on which the shares of Warrant Stock are listed, whichever is applicable, as published in The Wall Street Journal, for the ten (10) trading days prior to the date of determination of fair market value (or such shorter period of time during which such stock was traded over-the-counter or on such exchange).  If the shares of Warrant Stock are not traded on the over-the-counter market or on an exchange, the fair market value shall be the price per share of Warrant Stock that the Company could obtain from a willing buyer for Warrant Stock sold by the Company from authorized but unissued shares, as such prices shall be determined in reasonable good faith by the Board of Directors of the Company.

 

1.3.                            Effectiveness. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on the day on which this Warrant shall have been surrendered with the applicable purchase price to the Company as provided in Section 1.1 above or surrendered for exercise pursuant to

 

2

 

Section 1.2 above. At such time, the person or persons in whose name or names any certificates for Warrant Stock shall be issuable upon such exercise as provided in Section 1.4 below shall be deemed to have become the holder or holders of record of the Warrant Stock represented by such certificates.

 

1.4.                            Delivery of Certificates. As soon as practicable after the exercise of this Warrant in full or in part, and in any event within ten (10) business days thereafter, the Company at its sole expense will cause to be issued in the name of, and delivered to, the Holder, or, subject to the terms and conditions hereof, as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct:

 

1.4.1.                  A certificate or certificates for the number of full shares of Warrant Stock to which such Holder shall be entitled upon such exercise plus, in lieu of any fractional share to which such Holder would otherwise be entitled, cash in an amount determined pursuant to Section 1.5 hereof, and

 

1.4.2.                  In case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on the face or faces thereof for the number of shares of Warrant Stock (without giving effect to any adjustment therein) equal to the number of such shares called for on the face of this Warrant minus the number of such shares purchased by the Holder upon such exercise as provided in Section 1.1 or Section 1.2 above.

 

1.5.                            Fractional Shares. The Company shall not be required upon the exercise of this Warrant to issue any fractional shares, but shall make an adjustment therefor in cash on the basis of the fair market value of the Warrant Stock reasonably determined by the Board of Directors of the Company.

 

2.                                      Rights and Restrictions of the Holder. The Warrant Stock shall be entitled to all rights, benefits and restrictions accorded to the shares of Common Stock set forth in the Company’s Second Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) and the Amended and Restated Investor Rights Agreement dated as of July 27, 2012 (the “Investor Rights Agreement”), the Amended and Restated Voting Agreement dated as of July 27, 2012 (the “Voting Agreement”), and the Amended and Restated Right of First Refusal and Co-Sale Agreement dated as of July 27, 2012 (the “Right of First Refusal Agreement”), in each case as may be further amended, and the Holder hereby agrees to execute and deliver to the Company a counterpart signature page to such Investor Rights Agreement, Voting Agreement and Right of First Refusal Agreement concurrently with the exercise of this Warrant.  All applicable provisions of the Certificate of Incorporation, the Investor Rights Agreement, the Voting Agreement and the Right of First Refusal Agreement are hereby incorporated herein by reference and made a part hereof as if set forth herein in their entirety.

 

3.                                      Certain Adjustments. The Purchase Price and the number of shares of Warrant Stock deliverable upon exercise of the Warrant shall be subject to adjustment from time to time as follows:

 

3

 

3.1.                            Subdivisions, Combinations and Other Issuances.  If the Company shall at any time after the issuance but prior to the expiration of this Warrant subdivides its Common Stock by split-up or otherwise, or combines such capital stock, or issues additional shares of such capital stock as a dividend with respect to any shares of such capital stock, the number of shares of Warrant Stock issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination.  Appropriate adjustments shall also be made to the Purchase Price payable per share, but the aggregate Purchase Price payable for the total number of shares of Warrant Stock purchasable under this Warrant (as adjusted) shall remain the same.  Any adjustment under this Section 3.1 shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of such dividend.

 

3.2.                            Reclassification, Reorganization and Consolidation.  In case of any reclassification, merger, capital reorganization or change in the capital stock of the Company (other than as a result of a subdivision, combination or stock dividend provided for in Section 3.1 above), then, as a condition of such reclassification, merger, reorganization or change, lawful provision shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall have the right at any time prior to the expiration of this Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities or property receivable in connection with such reclassification, merger, reorganization or change by a holder of the same number and type of securities as were purchasable as Warrant Stock by the Holder immediately prior to such reclassification, merger, reorganization or change.  In any such case appropriate provisions shall be made with respect to the rights and interest of the Holder so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities or property deliverable upon exercise hereof, and appropriate adjustments shall be made to the Purchase Price per Warrant Share payable hereunder, provided the aggregate Purchase Price shall remain the same.

 

3.3.                            Certificate of Adjustment. When any adjustment is required to be made in the Purchase Price, the Company shall promptly mail to the Holder a certificate setting forth the Purchase Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Delivery of such certificate shall be deemed to be a final and binding determination with respect to such adjustment unless challenged by the Holder within ten (10) days of receipt thereof. Such certificate shall also set forth the kind and amount of stock or other securities or property into which this Warrant shall be exercisable following the occurrence of any of the events specified in this Section 3.

 

4

 

4.                                      Compliance with Securities Act.

 

4.1.                            Unregistered Securities. The Holder acknowledges that this Warrant and the Warrant Stock have not been registered under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any successor legislation (the “Securities Act”), and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant or any Warrant Stock in the absence of (i) an effective registration statement under the Securities Act covering this Warrant or such Warrant Stock and registration or qualification of this Warrant or such Warrant Stock under any applicable “blue sky” or state securities law then in effect, or (ii) an opinion of counsel, satisfactory to the Company, that such registration and qualification are not required. The Company may delay issuance of the Warrant Stock until completion of any action or obtaining of any consent, which the Company deems necessary under any applicable law (including without limitation state securities or “blue sky” laws).

 

4.2.                            Investment Letter. Without limiting the generality of Section 4.1, unless the offer and sale of any shares of Warrant Stock shall have been effectively registered under the Securities Act, the Company shall be under no obligation to issue the Warrant Stock unless and until the Holder shall have executed an investment letter in form and substance satisfactory to the Company, including a warranty at the time of such exercise that the Holder is acquiring such shares for its own account, for investment and not with a view to, or for sale in connection with, the distribution of any such shares.

 

4.3.                            Legend. Certificates delivered to the Holder pursuant to Section 1.3 shall bear the following legend or a legend in substantially similar form:

 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN TAKEN FOR INVESTMENT AND THEY MAY NOT BE SOLD OR OTHERWISE TRANSFERRED BY ANY PERSON, INCLUDING A PLEDGEE, IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SHARES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, THAT AN EXEMPTION FROM REGISTRATION IS THEN AVAILABLE.”

 

5.                                      Reservation of Stock. The Company agrees that, prior to the expiration of this Warrant, the Company will at all times have authorized and in reserve, and will keep available, solely for issuance or delivery upon the exercise of this Warrant, the shares of the Common Stock and other securities and properties as from time to time shall be receivable upon the exercise of this Warrant, free and clear of all restrictions on sale or transfer and free and clear of all preemptive rights and rights of first refusal.

 

6.                                      Replacement of Warrants. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required) in an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation of this Warrant, the Company will issue,

 

5

 

in lieu thereof, a new Warrant of like tenor.

 

7.                                      Termination Upon Certain Events.  If there shall be a merger or consolidation of the Company with or into another corporation (other than a merger or reorganization involving only a change in the state of incorporation of the Company or the acquisition by the Company of other businesses where the Company survives as a going concern), or the sale of all or substantially all of the Company’s capital stock or assets to any other person, or the liquidation or dissolution of the Company, then as a part of such transaction, at the Company’s option, either:

 

7.1.                            (1) as a part of such transaction in which the consideration consists entirely of cash and/or equity securities listed for trading on a U.S. national securities exchange and which may be freely resold pursuant to a resale registration statement or under Rule 114 of the Securities Act without any restriction or limitation (including without limitation volume and manner of sale restrictions)  (“Marketable Securities”), this Warrant shall automatically be exercised immediately prior to and contingent on the closing of such transaction without any action on the part of the Holder; or (2) as part of such transaction in which the consideration does not consist entirely of cash and/or Marketable Securities, provision shall be made so that the Holder shall thereafter be entitled to receive the number of shares of stock or other securities or property of the Company, or of the successor corporation resulting from the merger, consolidation or sale, to which the Holder would have been entitled if the Holder had exercised this Warrant immediately prior thereto (and, in such case, appropriate adjustment shall be made in the application of the provisions of this Section 7.1 to the end that the provisions of Section 3 shall be applicable after that event in as nearly equivalent a manner as may be practicable); or

 

7.2.                            this Warrant shall terminate on the effective date of such merger, consolidation or sale (the “Termination Date”) and become null and void, provided, that if this Warrant shall not have otherwise terminated or expired, (1) the Company shall have given the Holder written notice of such Termination Date at least five business days prior to the occurrence thereof and (2) the Holder shall have the right until 5:00 p.m., Eastern Standard Time, on the day immediately prior to the Termination Date to exercise its rights hereunder to the extent not previously exercised.

 

8.                                      Transferability.  Subject to compliance with applicable federal and state securities laws, this Warrant and all rights hereunder may be assigned, in whole or in part, by the Holder to any of such Holder’s Affiliates without the Company’s prior written consent.  Notwithstanding the foregoing, without the prior written consent of the Company, this Warrant shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) to any person or entity that is not an Affiliate of Holder and shall not be subject to execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of this Warrant or of any rights granted hereunder contrary to the provisions of this Section 8, or the levy of any attachment or similar process upon this Warrant or such rights, shall be null and void.  As

 

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used in this Section 8, an “Affiliate” means, with respect to any person or entity, any other person or entity directly or indirectly controlling, controlled by or under common control with such person.

 

9.                                      No Rights as Stockholder. Until the exercise of this Warrant, the Holder shall not have or exercise any rights by virtue hereof as a stockholder of the Company.

 

10.                               Notices. All notices, requests and other communications hereunder shall be in writing, shall be either (i) delivered by hand, (ii) made by telex, telecopy or facsimile transmission, (iii) sent by overnight courier, or (iv) sent by registered mail, postage prepaid, return receipt requested. In the case of notices from the Company to the Holder, they shall be sent to the address furnished to the Company in writing by the last Holder who shall have furnished an address to the Company in writing. All notices from the Holder to the Company shall be delivered to the Company at Mersana Therapeutics, Inc., 840 Memorial Drive, Cambridge, Massachusetts, 02139, Attn: Chief Executive Officer, or such other address as the Company shall so notify the Holder. All notices, requests and other communications hereunder shall be deemed to have been given (i) by hand, at the time of the delivery thereof to the receiving party at the address of such party described above, (ii) if made by telex, telecopy or facsimile transmission, at the time that receipt thereof has been acknowledged by electronic confirmation or otherwise, (iii) if sent by overnight courier, on the next business day following the day such notices is delivered to the courier service, or (iv) if sent by registered mail, on the fifth business day following the day such mailing is made.

 

11.                               Amendment, Modification and Waiver. The Warrants may be amended or modified, and any provision hereof and thereof may be waived, with the written consent of the Company and holders of at least fifty percent (50%) of the aggregate number of shares of Warrant Stock issuable upon exercise of the Warrants; provided, that the Warrants may not be amended or modified and no provision hereof or thereof may be waived if such amendment, modification or waiver would adversely and prejudicially affect the rights of any holder of a Warrant vis-à-vis all other holders of the Warrants without the consent of such holder. Any waiver or consent hereunder shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.

 

12.                               Headings. The headings in this Warrant are for convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions of this Warrant.

 

13.                               Governing Law. This Warrant shall be governed in all respects by the internal laws of the State of Delaware, without regard to principles of conflicts of law.

 

(The reminder of this page has been intentionally left blank. The signature page follows.)

 

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MERSANA THERAPEUTICS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Nicholas G. Bacopoulos
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
President and Chief Executive Officer
    

 

Signature Page to Warrant

 

 

EXHIBIT A

 

PURCHASE FORM

 

To:          MERSANA THERAPEUTICS, INC.

 

The undersigned hereby irrevocably elects to purchase, pursuant to the provisions set forth in the attached Warrant (No. W-  ), as follows:

 

shares of the Common Stock, par value $.0001 per share (the “Common Stock”) of MERSANA THERAPEUTICS, INC., covered by such Warrant and herewith makes payment of $           , representing the full purchase price for such shares at the price per share provided for in such Warrant.

 

Net Exercise of the attached Warrant.

 

The Common Stock for which the Warrant may be exercised shall be known herein as the “Warrant Stock.”

 

The undersigned is aware that the Warrant Stock has not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws. The undersigned understands that reliance by the Company on exemptions under the Securities Act is predicated in part upon the truth and accuracy of the statements of the undersigned in this Purchase Form.

 

The undersigned represents and warrants that (1) it has been furnished with all information which it deems necessary to evaluate the merits and risks of the purchase of the Warrant Stock, (2) it has had the opportunity to ask questions concerning the Warrant Stock and the Company and all questions posed have been answered to its satisfaction, (3) it has been given the opportunity to obtain any additional information it deems necessary to verify the accuracy of any information obtained concerning the Warrant Stock and the Company and (4) it has such knowledge and experience in financial and business matters that it is able to evaluate the merits and risks of purchasing the Warrant Stock and to make an informed investment decision relating thereto.

 

The undersigned hereby represents and warrant that it is purchasing the Warrant Stock for its own account for investment and not with a view to the sale or distribution of all or any part of the Warrant Stock.

 

The undersigned understands that because the Warrant Stock has not been registered under the Securities Act, it must continue to bear the economic risk of the investment for an indefinite period of time and the Warrant Stock cannot be sold unless it is subsequently registered under applicable federal and state securities laws or an exemption from such registration is available.

 

The undersigned agrees that it will in no event sell or distribute or otherwise dispose of all or any part of the Warrant Stock unless (1) there is an effective registration statement under

 

 

the Securities Act and applicable state securities laws covering any such transaction involving the Warrant Stock, or (2) the Company receives an opinion satisfactory to the Company of the undersigned’s legal counsel stating that such transaction is exempt from registration. The undersigned consents to the placing of a legend on its certificate for the Warrant Stock stating that the Warrant Stock has not been registered and setting forth the restriction on transfer contemplated hereby and to the placing of a stop transfer order on the books of the Company and with any transfer agents against the Warrant Stock until the Warrant Stock may be legally resold or distributed without restriction.

 

The undersigned has considered the federal and state income tax implications of the exercise of the Warrant and the purchase and subsequent sale of the Warrant Stock.

 

	
 
    	
 
    
	
 
    	
 

Dated:

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