Document:

EX-10.2

 Exhibit 10.2 

 
  

 
 Shareholder’s and
Registration Rights Agreement 
 by and between 
 Ralcorp Holdings, Inc. 
 and 

Post Holdings, Inc. 
 Dated as of February 3, 2012 

 Table of Contents 

 

									
	 	 	 	  	 	  	Page	 
		
	ARTICLE I Definitions	  	 	1	  
		 	Section 1.01	  	 Definitions
	  	 	1	  
		 	Section 1.02	  	 Interpretation
	  	 	4	  
		
	ARTICLE II Registration Rights	  	 	6	  
		 	Section 2.01	  	 Registration
	  	 	6	  
		 	Section 2.02	  	 Piggyback Registrations
	  	 	8	  
		 	Section 2.03	  	 Registration Procedures
	  	 	9	  
		 	Section 2.04	  	 Underwritten Offerings or Exchange Offers
	  	 	14	  
		 	Section 2.05	  	 Registration Rights Agreement with Participating Banks
	  	 	15	  
		 	Section 2.06	  	 Registration Expenses Paid By Post
	  	 	15	  
		 	Section 2.07	  	 Indemnification
	  	 	16	  
		 	Section 2.08	  	 Reporting Requirements; Rule 144
	  	 	18	  
		
	ARTICLE III Voting Restrictions	  	 	18	  
		 	Section 3.01	  	 Voting of Post Common Stock
	  	 	18	  
		
	ARTICLE IV Miscellaneous	  	 	19	  
		 	Section 4.01	  	 Term
	  	 	19	  
		 	Section 4.02	  	 Entire Agreement
	  	 	19	  
		 	Section 4.03	  	 Choice of Law
	  	 	19	  
		 	Section 4.04	  	 Amendment
	  	 	20	  
		 	Section 4.05	  	 Waiver
	  	 	20	  
		 	Section 4.06	  	 Partial Invalidity
	  	 	20	  
		 	Section 4.07	  	 Execution in Counterparts
	  	 	20	  
		 	Section 4.08	  	 Successors, Assigns and Transferees
	  	 	20	  
		 	Section 4.09	  	 Notices
	  	 	21	  
		 	Section 4.10	  	 No Reliance on Other Party
	  	 	22	  
		 	Section 4.11	  	 Performance
	  	 	22	  
		 	Section 4.12	  	 Attorneys’ Fees
	  	 	22	  
		 	Section 4.13	  	 Further Assurances
	  	 	22	  
		 	Section 4.14	  	 Registrations, Exchanges, etc.
	  	 	22	  

 Shareholder’s and Registration Rights Agreement 

This Shareholder’s and Registration Rights Agreement is made as of February 3, 2012 by and among Ralcorp Holdings, Inc., a
Missouri corporation (“Ralcorp”), and Post Holdings, Inc., a Missouri corporation and wholly owned subsidiary of Ralcorp (“Post”). 
 Recitals 
 A. Pursuant to the Separation and Distribution Agreement, dated as of
February 2, 2012 (the “Distribution Agreement”), by and among Ralcorp, Post and Post Foods, LLC, Ralcorp will distribute at least 80% of the outstanding shares of Common Stock (as defined below) to Ralcorp’s shareholders
(the “Distribution”). 
 B. If any shares of Common Stock are not distributed in the Distribution (such shares
not distributed in the Distribution, the “Retained Shares”), then Ralcorp may dispose of these shares through one or more transactions, including pursuant to one or more transactions registered under the Securities Act. 

C. Post desires to grant to Ralcorp the Registration Rights (as defined below) for the Retained Shares, subject to the terms and
conditions of this Agreement. 
 D. If there shall be any Retained Shares, then Ralcorp desires to grant Post a proxy to vote
such Retained Shares in proportion to the votes cast by other shareholders, subject to the terms and conditions of this Agreement. 
 Agreements 
 NOW, THEREFORE, in consideration of the mutual promises contained
herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

ARTICLE I 

Definitions 
  

	 	Section 1.01	Definitions 

 As used in this
Agreement, the following terms shall have the meanings 
 “Affiliate” means, when used with respect to a
specified Person, another Person that controls, is controlled by, or is under common control with the Person specified; provided, however, that, immediately after the Distribution, Post and its Subsidiaries shall not be considered to be
“Affiliates” of Ralcorp, and Ralcorp and its Subsidiaries (other than Post and its Subsidiaries) shall not be considered to be “Affiliates” of Post. As used herein, “control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such person, whether through the ownership of voting securities or other interests, by contract or otherwise. 

“Ancillary Filings” has the meaning set forth in Section 2.03(a)(i). 

“Agreement” has the meaning set forth in the introduction. 

“Blackout Notice” has the meaning set forth in Section 2.01(e). 

“Blackout Period” has the meaning set forth in Section 2.01(e). 

 “Board” means the board of directors of Post. 

“Business Day” means any day which is not a Saturday, Sunday or other day on which banking institutions doing business
in New York, New York are authorized or obligated by law or required by executive order to be closed. 
 “Common
Stock” means the common stock, par value $0.01 per share, of Post. 
 “Control” means the power to
direct the management of an entity, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled by” and “under common Control” have meanings correlative to the
foregoing. 
 “Debt Exchanges” means one or more Public Debt Exchanges or Private Debt Exchanges. 

“Debt Securities” means any of the debt instruments or securities issued by Ralcorp outstanding from time to time.

 “Demand Registration” has the meaning set forth in Section 2.01(a). 

“Disadvantageous Condition” has the meaning set forth in Section 2.01(e). 

“Distribution” has the meaning set forth in the recitals. 

“Distribution Agreement” has the meaning set forth in the recitals. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Exchange Offer”
has the meaning set forth in Section 2.01(a). 
 “Holder” shall mean Ralcorp or any of its Subsidiaries,
so long as such Person holds any Registrable Securities, and any Person owning Registrable Securities who is a permitted transferee of rights under Section 4.08. 
 “Initiating Holder” has the meaning set forth in Section 2.01(a). 
 “Loss” has the meaning set forth in Section 2.07(a). 

“Offering Confidential Information” means, with respect to a Piggyback Registration, (x) Post’s plan to file
the relevant Registration Statement and engage in the offering so registered, (y) any information regarding the offering being registered (including, without limitation, the potential timing, price, number of shares, underwriters or other
counterparties, selling stockholders or plan of distribution) and (z) any other information (including information contained in draft supplements or amendments to offering materials) provided to the Holders by Post (or by third parties) in
connection with the Piggyback Registration. Offering Confidential Information shall not include information that (1) was or becomes generally available to the public (including as a result of the filing of the relevant Registration Statement)
other than as a result of a disclosure by any Holder, (2) was or becomes available to any Holder from a source not bound by any confidentiality agreement with Post or (3) was otherwise in such Holder’s possession prior to it being
furnished to such Holder by the Holder or by Post or on Post’s behalf. 
 “Participating Banks” shall mean
such investment banks that engage in any Debt Exchange with Ralcorp. 

  
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 “Private Debt Exchange” means a private exchange with one or more
Participating Banks pursuant to which such Participating Banks shall exchange Debt Securities with Ralcorp for some or all of the Retained Shares in a transaction that is not required to be registered under the Securities Act. 

“Person” means any individual, firm, limited liability company or partnership, joint venture, corporation, joint stock
company, trust or unincorporated organization, incorporated or unincorporated association, government (or any department, agency or political subdivision thereof) or other entity of any kind, and shall include any successor (by merger or otherwise)
of such entity. 
 “Piggyback Registration” has the meaning set forth in Section 2.02(a). 

“Post” has the meaning set forth in the introduction and shall include Post’s successors by merger, acquisition,
reorganization or otherwise. 
 “Post Public Sale” has the meaning set forth in Section 2.02(a).

 “Prospectus” means the prospectus included in any Registration Statement, all amendments and supplements to
such prospectus, including post-effective amendments, and all other material incorporated by reference in such prospectus. 

“Public Debt Exchanges” means a public exchange that is registered under the Securities Act pursuant to which Ralcorp
shall offer Retained Shares in exchange for Debt Securities. 
 “Ralcorp” has the meaning set forth in the
introduction. 
 “Registrable Securities” means the Retained Shares, and any shares of Common Stock or other
securities issued with respect to, in exchange for, or in replacement of such Retained Shares. The term “Registrable Securities” excludes, however, any security (i) the sale of which has been effectively registered under the
Securities Act and which has been disposed of in accordance with a Registration Statement, (ii) that has been sold by a Holder in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under
Section 4(1) thereof (including transactions pursuant to Rule 144) such that the further disposition of such securities by the transferee or assignee is not restricted under the Securities Act, or (iii) that have been sold by a Holder in a
transaction in which such Holder’s rights under this Agreement are not, or cannot be, assigned. 

“Registration” means a registration with the SEC of the offer and sale to the public of Common Stock under a
Registration Statement. The terms “Register” and “Registering” shall have a correlative meaning. 
 “Registration Expenses” shall mean all expenses incident to Post’s performance of or compliance with this Agreement, including all (i) registration, qualification and filing
fees; (ii) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications within the United States of any Registrable Securities being
registered); (iii) printing expenses, messenger, telephone and delivery expenses; (iv) internal expenses of Post (including all salaries and expenses of employees of Post performing legal or accounting duties); (v) fees and
disbursements of counsel for Post and customary fees and expenses for independent certified public accountants retained by Post (including the expenses of any comfort letters or costs associated with the delivery by Post’s independent certified
public accountants of comfort letters customarily requested by underwriters); and (vi) fees and expenses of listing any Registrable Securities on any securities exchange on which the shares of Common Stock are then listed and Financial Industry
Regulatory Authority registration and filing fees; but excluding any fees or disbursements of the Holder, all expenses incurred in connection with the printing, mailing and delivering of copies of any Registration Statement, any prospectus, any
other offering documents and any amendments and supplements thereto to any underwriters and dealers; any underwriting discounts, fees or commissions attributable to the sale of any Registrable Securities, any fees and expenses of the underwriters or
dealer managers, the cost of preparing, printing or producing any agreements among underwriters, underwriting agreements, and blue sky or legal 

  
 3 

 
investment memoranda, any selling agreements and any other similar documents in connection with the offering, sale, distribution or delivery of the Registrable Securities or other shares of
Common Stock to be disposed of, including any fees of counsel for any underwriters in connection with the qualification of the Registrable Securities or other shares of Common Stock to be disposed of for offering and sale or distribution under state
securities laws, any stock transfer taxes, out-of pocket costs and expenses relating to any investor presentations on any “road show” presentations undertaken in connection with marketing of the Registrable Securities and any fees and
expenses of any counsel to the Holder or the underwriters or dealer managers. 
 “Registration Period” has the
meaning set forth in Section 2.01(c). 
 “Registration Rights” shall mean the rights of the Holders to
cause Post to Register Registrable Securities pursuant to Article II. 
 “Registration Statement” means any
registration statement of Post filed with, or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including
post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement. For the avoidance of doubt, it is acknowledged and agreed that such Registration Statement may be on any form that shall be
applicable, including Form S-1, Form S-3 or Form S-4. 
 “Retained Shares” has the meaning set forth in the
recitals. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and any successor thereto, and any rules and
regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Shelf Registration
Statement” means a Registration Statement of Post for an offering to be made on a delayed or continuous basis of Common Stock pursuant to Rule 415 under the Securities Act (or similar provisions then in effect). 

“Subsidiary” means, when used with reference to any Person, any corporation or other entity or organization, whether
incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others performing similar functions with respect
to such corporation or other entity or organization is directly or indirectly owned by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries; provided, however, that no Person that is not
directly or indirectly wholly owned by any other Person shall be a Subsidiary of such other Person unless such other Person directly or indirectly Controls, or has the right, power or ability to Control, that Person. After the Distribution, Ralcorp
and Post shall not be deemed to be under common Control for purposes hereof due solely to the fact that Ralcorp and Post have common shareholders. 
 “Underwritten Offering” means a Registration in which securities of Post are sold to an underwriter or underwriters on a firm commitment basis for reoffering to the public. 

 

	 	Section 1.02	Interpretation. 

 In this
Agreement, unless the context clearly indicates otherwise: 
 (a) words used in the singular include the plural and words used
in the plural include the singular; 
 (b) references to any Person include such Person’s successors and assigns but, if
applicable, only if such successors and assigns are permitted by this Agreement, and a reference to such Person’s “Affiliates” or “Subsidiaries” shall be deemed to mean such Person’s Affiliates or Subsidiaries, as
applicable, following the Distribution; 

  
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 (c) any reference to any gender includes the other gender and the neuter; 

(d) the words “include,” “includes” and “including” shall be deemed to be followed by the words
“without limitation”; 
 (e) the words “shall” and “will” are used interchangeably and have the
same meaning; 
 (f) the word “or” shall have the inclusive meaning represented by the phrase “and/or”;

 (g) any reference to any Article, Section, Exhibit or Schedule means such Article or Section of, or such Exhibit or Schedule
to, this Agreement, as the case may be, and references in any Section or definition to any clause means such clause of such Section or definition; 
 (h) the words “herein,” “hereunder,” “hereof,” “hereto” and words of similar import shall be deemed references to this Agreement as a whole and not to any
particular Section or other provision of this Agreement; 
 (i) any reference to any agreement, instrument or other document
means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and by this Agreement; 

(j) any reference to any law (including statutes and ordinances) means such law (including all rules and regulations promulgated
thereunder) as amended, modified, codified or reenacted, in whole or in part, and in effect at the time of determining compliance or applicability; 
 (k) relative to the determination of any period of time, “from” means “from and including,” “to” means “to but excluding” and “through” means
“through and including”; 
 (l) the table of contents and titles to Articles and headings of Sections contained in
this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of or to affect the meaning or interpretation of this Agreement; 
 (m) any portion of this Agreement obligating a Party to take any action or refrain from taking any action, as the case may be, shall mean that such Party shall also be obligated to cause its relevant
Subsidiaries to take such action or refrain from taking such action, as the case may be; 
 (n) the language of this Agreement
shall be deemed to be the language the parties hereto have chosen to express their mutual intent, and no rule of strict construction shall be applied against any party; 
 (o) except as otherwise indicated, all periods of time referred to herein shall include all Saturdays, Sundays and holidays; provided, however, that if the date to perform the act or give any notice with
respect to this Agreement shall fall on a day other than a Business Day, such act or notice may be performed or given timely if performed or given on the next succeeding Business Day. 

  
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 ARTICLE II 
 Registration Rights 
  

	 	Section 2.01	Registration. 

 (a) Prior to the
second anniversary of the Distribution, any Holder(s) of Registrable Securities (collectively, the “Initiating Holder”) shall have the right to request that Post file a Registration Statement with the SEC on the appropriate
registration form for all or part of the Registrable Securities held by such Holder, by delivering a written request thereof to Post specifying the number of shares of Registrable Securities such Holder wishes to register (a “Demand
Registration”). Post shall (i) within five days of the receipt of a Demand Registration, give written notice of such Demand Registration to all Holders of Registrable Securities, (ii) prepare and file the Registration Statement as
expeditiously as possible use its reasonable best efforts to prepare and file the Registration Statement as expeditiously as possible but in any event within 45 days of such request, subject to extension by the Holder(s) upon Post’s reasonable
request, including the justification thereof, and (iii) use its reasonable best efforts to cause the Registration Statement to become effective in respect of each Demand Registration in accordance with the intended method of distribution set
forth in the written request delivered by the Holder. Post shall include in such Registration all Registrable Securities with respect to which Post receives, within the 10 days immediately following the receipt by the Holder(s) of such notice from
Post, a request for inclusion in the registration from the Holder(s) thereof. Each such request from a Holder of Registrable Securities for inclusion in the Registration shall also specify the aggregate amount of Registrable Securities proposed to
be registered. The Initiating Holder may request that the Registration Statement be on any appropriate form, including, without limitation, Form S-4 in the case of an exchange offer of the Retained Shares for outstanding securities of the Initiating
Holder (an “Exchange Offer”). For purposes of clarification, Post can satisfy its obligation under this Section 2.01(a) to file a Registration Statement by filing a Registration Statement on Form S-4 or a Shelf Registration
Statement, as applicable, and can satisfy its obligation to complete a Demand Registration by filing, if applicable, a Prospectus under an effective Registration Statement that covers (i) the Registrable Securities requested by the Holders to
be registered in accordance with this Section 2.01(a) and (ii) the plan of distribution requested by the participating Holders. 
 (b) The Holder(s) may collectively make a total of three Demand Registration requests pursuant to Section 2.01(a) (including any rights to Demand Registration transferred pursuant to
Section 4.08(a). and any rights to Demand Registration made pursuant to any registration rights agreement entered into pursuant to Section 2.05; provided that the Holder(s) may not make more than two Demand Registration requests in any
365-day period. For the avoidance of doubt, if Ralcorp engages in a Private Debt Exchange as contemplated by Section 2.05 with one or more Participating Banks, each request for a Demand Registration made by a Participating Bank in respect of
such Private Debt Exchange pursuant to any registration rights agreement entered into by Post pursuant to Section 2.05 shall collectively count as one Demand Registration request hereunder (assuming that the Registrable Securities subject to
such Private Debt Exchange are included in a single Prospectus). In addition, and notwithstanding anything to the contrary, Ralcorp and its Subsidiaries shall be permitted on a one-time basis to engage in up to three related Private Debt Exchanges
within any six month period during the first year following the date hereof and each Demand Registration request made by the Participating Banks in such Private Debt Exchanges pursuant to its registration rights agreement with Post shall
collectively only count as one Demand Registration request for purposes of the limitation on the number of Demand Registration requests set forth in the first sentence of this Section 2.01(b) (it being understood that, Ralcorp and its
Subsidiaries shall be permitted to engage in additional Private Debt Exchanges outside such six month period, but each Demand Registration request by the Participating Banks for such Private Debt Exchange pursuant to its registration rights
agreement with Post shall count as an additional Demand Registration request for purposes of the limitation on the number of Demand Registration requests set forth in the first sentence of this Section 2.01(b)). 

(c) Post shall be deemed to have effected a Registration for purposes of this Section 2.01 if the Registration Statement is
declared effective by the SEC or becomes effective upon filing with the SEC, and remains effective until the earlier of (i) the date when all Registrable Securities thereunder have been 

  
 6 

 
sold and (ii) 60 days from the effective date of the Registration Statement (or from the date the applicable Prospectus is filed with the SEC if Post is satisfying a request for Demand
Registration by filing a Prospectus under an effective Shelf Registration Statement) (the “Registration Period”). No Registration shall be deemed to have been effective if the conditions to closing specified in the underwriting
agreement or dealer manager agreement, if any, entered into in connection with such Registration are not satisfied by reason of a wrongful act, misrepresentation or breach of such applicable underwriting agreement or dealer manager agreement by
Post. If during the Registration Period, such Registration is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court or the need to update or supplement the Registration
Statement, the Registration Period shall be extended on a day-for-day basis for any period the Holder is unable to complete an offering as a result of such stop order, injunction or other order or requirement of the SEC or other governmental agency
or court. 
 (d) A Demand Registration request may not be made for a minimum of 45 calendar days after the revocation of an
earlier Demand Registration request. 
 (e) With respect to any Registration Statement, or amendment or supplement thereto,
whether filed or to be filed pursuant to this Agreement, if Post shall determine in good faith that maintaining the effectiveness of such Registration Statement or filing an amendment or supplement thereto (or, if no Registration Statement has yet
been filed, to filing such a Registration Statement) would (i) require the public disclosure of material non-public information concerning any transaction or negotiations involving Post or any of its consolidated subsidiaries that would
materially interfere with such transaction or negotiations, (ii) require the public disclosure of material non-public information concerning Post at a time when its directors and executive officers are restricted from trading in Post’s
securities or (iii) otherwise materially interfere with financing plans, acquisition activities or business activities of Post (a “Disadvantageous Condition”), Post may, for the shortest period reasonably practicable (a
“Blackout Period”), and in any event for not more than 30 consecutive days, notify the Holders whose sales of Registrable Securities are covered (or to be covered) by such Registration Statement (a “Blackout
Notice”) that such Registration Statement is unavailable for use (or will not be filed as requested). Upon the receipt of any such Blackout Notice, the Holders shall forthwith discontinue use of the prospectus contained in any effective
Registration Statement; provided, that, if at the time of receipt of such Blackout Notice any Holder shall have sold its Registrable Securities (or have signed a firm commitment underwriting agreement with respect to the purchase of such shares) and
the Disadvantageous Condition is not of a nature that would require a post-effective amendment to the Registration Statement, then Post shall use its commercially reasonable efforts to take such action as to eliminate any restriction imposed by
federal securities laws on the timely delivery of such shares. When any Disadvantageous Condition as to which a Blackout Notice has been previously delivered shall cease to exist, Post shall as promptly as reasonably practicable notify the Holders
and take such actions in respect of such Registration Statement as are otherwise required by this Agreement. The effectiveness period for any Demand Registration for which Post has exercised a Blackout Period shall be increased by the period of time
such Registration Suspension is in effect. Post shall not impose, in any 365-day period, Blackout Periods lasting, in the aggregate, in excess of 60 calendar days. If Post declares a Blackout Period with respect to a Demand Registration for a
Registration Statement that has not yet been declared effective, (i) the Holders may by notice to Post withdraw the related Demand Registration Request without such Demand Registration request counting against the three Demand Requests
permitted to be made under Section 2.01 and (ii) the Holders will not be responsible for Post’s related Registration Expenses. 
 (f) If the Initiating Holder so indicates at the time of its request pursuant to Section 2.01(a), such offering of Registrable Securities shall be in the form of an Underwritten Offering or an
Exchange Offer and Post shall include such information in its written notice to the Holders required under Section 2.01(a). In the event that the Initiating Holder intends to distribute the Registrable Securities by means of an Underwritten
Offering or Exchange Offer, the right of any Holder to include Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting or Exchange Offer and the inclusion of such Holder’s
Registrable Securities in the underwriting or the Exchange Offer to the extent provided herein. The Holders of a majority of the outstanding Registrable Securities being included in any Underwritten Offering or Exchange Offer shall select the
underwriter(s) in the case of an Underwritten Offering or the dealer 

  
 7 

 
manager(s) in the case of an Exchange Offer; provided, however, that such underwriter(s) or dealer manager(s) must be reasonably acceptable to Post. Post shall be entitled to designate counsel
for such underwriter(s) or dealer manager(s) (subject to their approval), provided that such designated underwriters’ counsel shall be a firm of national reputation representing underwriters or dealer managers in capital markets transactions

 (g) If the managing underwriter or underwriters of a proposed Underwritten Offering of Registrable Securities included in a
Registration pursuant of this Section 2.01, informs the Holders with Registrable Securities in such Registration of such class of Registrable Securities in writing that, in its or their opinion, the number of securities requested to be included
in such Registration exceeds the number which can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the Holders
shall have the right to (i) request the number of Registrable Securities to be included in such Registration be allocated pro rata among the Holders, including the Initiating Holder, to the extent necessary to reduce the total number of
Registrable Securities to be included in such offering to the number recommended by the managing underwriter or underwriters; provided that any securities thereby allocated to a Holder that exceed such Holder’s request shall be reallocated
among the remaining Holders in like manner or (ii) notify Post in writing that the Registration Statement shall be abandoned or withdrawn, in which event Post shall abandon or withdraw such Registration Statement. In the event a Holder notifies
Post that such Registration Statement shall be abandoned or withdrawn said Holder shall not be deemed to have requested a Demand Registration pursuant to Section 2.01(a) and Post shall not be deemed to have effected a Demand Registration
pursuant to Section 2.01(b). If the amount of Registrable Securities to be underwritten has not been so limited, Post and other holders may include shares of Common Stock for its own account (or for the account of other holders) in such
Registration if the underwriter(s) so agree and to the extent that, in the opinion of such underwriter(s), the inclusion of such additional amount will not adversely affect the offering of the Registrable Securities included in such Registration.

  

	 	Section 2.02	Piggyback Registrations. 

 (a)
Prior to the earlier to occur of the second anniversary of the Distribution or the date on which the Registrable Securities then held by the Holder(s) represents less than 1% of Post’s then issued and outstanding Common Stock, if Post proposes
to file a Registration Statement under the Securities Act with respect to any offering of its Common Stock for its own account and/or for the account of any other Persons (other than (i) a Registration under Section 2.01, (ii) a
Registration pursuant to a Registration Statement on Form S-8 or Form S-4 or similar forms that relate to a transaction subject to Rule 145 under the Securities Act, (iii) any form that does not include substantially the same information, other
than information relating to the selling holders or their plan of distribution, as would be required to be included in a Registration Statement covering the sale of Registrable Securities, (iv) in connection with any dividend reinvestment or
similar plan, (v) for the sole purpose of offering securities to another entity or its security holders in connection with the acquisition of assets or securities of such entity or any similar transaction or (vi) a Registration in which
the only Common Stock being registered is Common Stock issuable upon conversion of debt securities which are also being registered) (a “Post Public Sale”), then, as soon as practicable (but in no event less than 15 days prior
to the proposed date of filing such Registration Statement), Post shall give written notice of such proposed filing to each Holder, and such notice shall offer such Holders the opportunity to Register under such Registration Statement such number of
Registrable Securities as each such Holder may request in writing (a “Piggyback Registration”). Subject to Section 2.02(b) and Section 2.02(c), Post shall use its commercially reasonable efforts to include in such
Registration Statement all such Registrable Securities which are requested to be included therein within five Business Days after the receipt of any such notice; provided, however, that if, at any time after giving written notice of its intention to
Register any securities and prior to the effective date of the Registration Statement filed in connection with such Registration, Post shall determine for any reason not to Register or to delay Registration of such securities, Post may, at its
election, give written notice of such determination to each such Holder and, thereupon, (i) in the case of a determination not to Register, shall be relieved of its obligation to Register any Registrable Securities in connection with such
Registration, without prejudice, however, to the rights of any Holder to request that such Registration be effected as a Demand Registration under Section 2.01, and (ii) in the case of a determination to delay Registering, shall be
permitted to delay Registering any Registrable Securities, for the same period as the delay in Registering 

  
 8 

 
such other shares of Common Stock. No Registration effected under this Section 2.02 shall relieve Post of its obligation to effect any Demand Registration under Section 2.01. For
purposes of clarification, Post’s filing of a Shelf Registration Statement shall not be deemed to be a Post Public Sale; provided, however, that any prospectus supplement filed pursuant to a Shelf Registration Statement with respect to an
offering of Post’s Common Stock for its own account and/or for the account of any other Persons will be a Post Public Sale unless such offering qualifies for an exemption from Post Public Sale definition in this Section 2.02(a).

 (b) Each Holder shall have the right to withdraw such Holder’s request for inclusion of its Registrable Securities in
any Underwritten Offering pursuant to Section 2.02(a) at any time prior to the execution of an underwriting agreement with respect thereto by giving written notice to Post of such Holder’s request to withdraw and, subject to the preceding
clause, each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from a Piggyback Registration at any time prior to two Business Days before the effective date thereof, whereupon such Holder shall as
promptly as reasonably practicable pay to Post all Registration Expenses incurred by Post in connection with the registration of such withdrawn Registrable Securities under the Securities Act or the Exchange Act and the inclusion of such shares in
the Registration Statement. 
 (c) If the managing underwriter or underwriters of any proposed Underwritten Offering of a class
of Registrable Securities included in a Piggyback Registration informs Post and Holders in writing that, in its or their opinion, the number of securities of such class which such Holder and any other Persons intend to include in such offering
exceeds the number which can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities to be included in such
Registration shall be (i) first, all securities of Post and any other Persons (other than Post’s executive officers and directors) for whom Post is effecting the Registration, as the case may be, proposes to sell, (ii) second, the
number of Registrable Securities of such class that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect, with such number to be allocated pro rata among the Holders that have requested to
participate in such Registration based on the relative number of Registrable Securities of such class requested by such Holder to be included in such sale (provided that any securities thereby allocated to a Holder that exceed such Holder’s
request shall be reallocated among the remaining requesting Holders in like manner), subject to any superior contractual rights of other holders, (iii) third, the number securities of executive officers and directors for whom Post is effecting
the Registration, as the case may be, with such number to be allocated pro rata among the executive officers and directors, and (iv) fourth, any other securities eligible for inclusion in such Registration, allocated among the holders of such
securities in such proportion as Post and those holders may agree. 
 (d) After a Holder has been notified of its opportunity
to include Registrable Securities in a Piggyback Registration, such Holder shall treat the Offering Confidential Information as confidential information and shall not use the Offering Confidential Information for any purpose other than to evaluate
whether to include its Registrable Securities (or other shares of Common Stock) in such Piggyback Registration and agrees not to disclose the Offering Confidential Information to any Person other than such of its agents, employees, advisors and
counsel as have a need to know such Offering Confidential Information and to cause such agents, employees, advisors and counsel to comply with the requirements of this Section 2.02(d), provided, that such Holder may disclose Offering
Confidential Information if such disclosure is required by legal process, but such Holder shall cooperate with the Issuer to limit the extent of such disclosure through protective order or otherwise, and to seek confidential treatment of the
Offering Confidential Information. 
  

	 	Section 2.03	Registration Procedures. 

 (a)
In connection with Post’s Registration obligations under Section 2.01 and Section 2.02, Post shall use its reasonable best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the
intended method or methods of distribution thereof as expeditiously as reasonably practicable, and in connection therewith Post shall: 
 (i) prepare and file the required Registration Statement including all exhibits and financial statements and, in the case of an Exchange Offer, any document required under Rule 425 or 165 with respect to
such Exchange Offer (collectively, the “Ancillary Filings”) required under the Securities Act to be filed therewith, and before filing with the SEC a Registration Statement or Prospectus, or any amendments or supplements thereto,
(x) furnish to the underwriters or dealer managers, if any, and to the Holders, copies of all documents prepared to be filed, which documents will be subject to the review of such underwriters or dealer managers and such Holders and their
respective counsel, and (y) not file with the SEC any Registration Statement or Prospectus or amendments or supplements thereto or any Ancillary Filing to which Holders or the underwriters or dealer managers, if any, shall reasonably object;

  
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 (ii) prepare and file with the SEC such amendments and post-effective
amendments to such Registration Statement and supplements to the Prospectus and any Ancillary Filing as may be reasonably requested by the participating Holders; 

(iii) notify the participating Holders and the managing underwriter(s) or dealer manager(s), if any, and (if requested)
confirm such advice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by Post (A) when the applicable Registration Statement or any amendment thereto has been filed or
becomes effective, when the applicable Prospectus or any amendment or supplement to such Prospectus or any Ancillary Filing has been filed, (B) of any comments (written or oral) by the SEC or any request by the SEC or any other federal or state
governmental authority (written or oral) for amendments or supplements to such Registration Statement or such Prospectus or any Ancillary Filing or for additional information, (C) of the issuance by the SEC of any stop order suspending the
effectiveness of such Registration Statement or any order preventing or suspending the use of any preliminary or final Prospectus or any Ancillary Filing or the initiation or threatening of any proceedings for such purposes, (D) if, at any
time, the representations and warranties of Post in any applicable underwriting agreement or dealer manager agreement cease to be true and correct and in all material respects, and (E) of the receipt by Post of any notification with respect to
the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; 

(iv) subject to Section 2.01(d), promptly notify each selling Holder and the managing underwriter(s) or dealer
manager(s), if any, when Post becomes aware of the occurrence of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement (as then in effect) or any Ancillary Filing contains any
untrue statement of a material fact or omits to state a material fact necessary to make the statements therein (in the case of such Prospectus and any preliminary Prospectus, in light of the circumstances under which they were made) not misleading
or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration Statement or Prospectus or any Ancillary Filing in order to comply with the Securities Act and, in either case as promptly as
reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge to the selling Holder and the underwriter(s) or dealer manager(s), if any, an amendment or supplement to such Registration Statement or Prospectus or any
Ancillary Filing which will correct such statement or omission or effect such compliance; 
 (v) use its
reasonable best efforts to prevent or obtain the withdrawal of any stop order or other order suspending the use of any preliminary or final Prospectus; 

  
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 (vi) promptly incorporate in a Prospectus supplement or post-effective
amendment such information as the managing underwriter(s) or dealer manager(s) and the Holders agree should be included therein relating to the plan of distribution with respect to such Registrable Securities; and make all required filings of such
Prospectus supplement or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

(vii) furnish to each selling Holder and each underwriter or dealer manager, if any, without charge, as many conformed
copies as such Holder or underwriter or dealer manager may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment thereto, including financial statements and schedules, but excluding all documents
(i) incorporated therein by reference and all exhibits (including those incorporated by reference) or (ii) that are available via the SEC’s EDGAR system; 

(viii) deliver to each selling Holder and each underwriter or dealer manager, if any, without charge, as many copies of
the applicable Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Holder or underwriter or dealer manager may reasonably request (it being understood that Post consents to the use of such Prospectus or
any amendment or supplement thereto by each selling Holder and the underwriter(s) or dealer manager(s), if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto)
and such other documents as such selling Holder or underwriter or dealer manager may reasonably request in order to facilitate the disposition of the Registrable Securities by such Holder or underwriter or dealer manager; 

(ix) on or prior to the date on which the applicable Registration Statement is declared effective or becomes effective,
use its reasonable best efforts to register or qualify, and cooperate with each selling Holder, the managing underwriter(s) or dealer manager(s), if any, and their respective counsel, in connection with the registration or qualification of such
Registrable Securities for offer and sale under the securities or “blue sky” laws of each state and other jurisdiction of the United States as any selling Holder or managing underwriter(s) or dealer manager(s), if any, or their respective
counsel reasonably request (and in any foreign jurisdiction mutually agreeable to Post and the participating Holders) and do any and all other acts or things reasonably necessary or advisable to keep such registration or qualification in effect for
so long as such Registration Statement remains in effect and so as to permit the continuance of sales and dealings in such jurisdictions for so long as may be necessary to complete the distribution of the Registrable Securities covered by the
Registration Statement; provided that Post will not be required to qualify generally to do business in any jurisdiction where it is not then so qualified, to take any action which would subject it to taxation or general service of process in any
such jurisdiction where it is not then so subject or conform its capitalization or the composition of its assets at the time to the securities or blue sky laws of any such jurisdiction; 

(x) in connection with any sale of Registrable Securities that will result in such securities no longer being Registrable
Securities, cooperate with each selling Holder and the managing underwriter(s) or dealer manager(s), if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any
restrictive Securities Act legends; and to register such Registrable Securities in such denominations and such names as such selling Holder or 

  
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the underwriter(s) or dealer manager(s), if any, may request at least two Business Days prior to such sale of Registrable Securities; provided that Post may satisfy its obligations hereunder
without issuing physical stock certificates through the use of the Depository Trust Company’s Direct Registration System; 
 (xi) cooperate and assist in any filings required to be made with the Financial Industry Regulatory Authority and each securities exchange, if any, on which any of Post’s securities are then listed
or quoted and on each inter-dealer quotation system on which any of Post’s securities are then quoted, and in the performance of any due diligence investigation by any underwriter or dealer manager (including any “qualified independent
underwriter”) that is required to be retained in accordance with the rules and regulations of each such exchange, and use its reasonable best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be
registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s) or dealer manager(s), if any, to consummate the disposition of such Registrable
Securities; 
 (xii) not later than the effective date of the applicable Registration Statement, provide a CUSIP
number for all Registrable Securities and provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for deposit with The Depository Trust Company; provided that Post may satisfy its
obligations hereunder without issuing physical stock certificates through the use of the Depository Trust Company’s Direct Registration System; 
 (xiii) obtain for delivery to and addressed to each selling Holder and to the underwriter(s) or dealer manager(s), if any, opinions from the general counsel or deputy general counsel for Post, in each
case dated the effective date of the Registration Statement or, in the event of an Underwritten Offering, the date of the closing under the underwriting agreement or, in the event of an Exchange Offer, the date of the closing under the dealer
manager agreement or similar agreement or otherwise, and in each such case in customary form and content for the type of Underwritten Offering or Exchange Offer, as applicable; 

(xiv) in the case of an Underwritten Offering or Exchange Offer, obtain for delivery to and addressed to Post and the
managing underwriter(s) or dealer manager(s), if any, and, to the extent requested, each selling Holder, a cold comfort letter from Post’s independent registered public accounting firm in customary form and content for the type of Underwritten
Offering or Exchange Offer, dated the date of execution of the underwriting agreement or dealer manager agreement or, if none, the date of commencement of the Exchange Offer, and brought down to the closing, whether under the underwriting agreement
or dealer manager agreement, if applicable, or otherwise; 
 (xv) in the case of an Exchange Offer that does not
involve a dealer manager, provide to each selling Holder such customary written representations and warranties or other covenants or agreements as may be reasonably requested by any selling Holder comparable to those that would be included in an
underwriting or dealer manager agreement; 
 (xvi) use its reasonable best efforts to comply with all applicable
rules and regulations of the SEC and make generally available to its security holders, as soon as reasonably practicable, but no later than 90 days after the end of the 12-month period beginning with the first day of Post’s first quarter
commencing after the effective date 

  
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of the applicable Registration Statement, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder and
covering the period of at least 12 months, but not more than 18 months, beginning with the first month after the effective date of the Registration Statement; 
 (xvii) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration Statement from and after a date not later than the effective
date of such Registration Statement; 
 (xviii) cause all Registrable Securities covered by the applicable
Registration Statement to be listed on each securities exchange on which any of Post’s securities are then listed or quoted and on each inter-dealer quotation system on which any of Post’s securities are then quoted; 

(xix) provide (A) each Holder participating in the Registration, (B) the underwriters (which term, for purposes
of this Agreement, shall include a Person deemed to be an underwriter within the meaning of Section 2(11) of the Securities Act), if any, of the Registrable Securities to be registered, (C) the sale or placement agent therefor, if any,
(D) the dealer manager therefor, if any, (E) counsel for such Holder, underwriters, agent, or dealer manager and (F) any attorney, accountant or other agent or representative retained by such Holder or any such underwriter or dealer
manager, as selected by such Holder, the opportunity to participate in the preparation of such Registration Statement, each prospectus included therein or filed with the SEC, and each amendment or supplement thereto; and for a reasonable period
prior to the filing of such registration statement, upon execution of a customary confidentiality agreement, make available upon reasonable notice at reasonable times and for reasonable periods for inspection by the parties referred to in
(A) through (F) above, all pertinent financial and other records, pertinent corporate and other documents and properties of Post that are available to Post, and cause all of Post’s officers, directors and employees and the independent
public accountants who have certified its financial statements to make themselves available at reasonable times and for reasonable periods to discuss the business of Post and to supply all information available to Post reasonably requested by any
such Person in connection with such Registration Statement as shall be necessary to enable them to exercise their due diligence or other responsibility, subject to the foregoing; provided that in no event shall Post be required to make available any
information which the Board determines in good faith to be competitively sensitive or otherwise confidential. The recipients of such information shall coordinate with one another so that the inspection permitted hereunder will not unnecessarily
interfere with Post’s conduct of business. In any event, records which Post determines, in good faith, to be confidential and which it notifies or otherwise identifies in writing to the inspectors are confidential shall not be disclosed by the
inspectors unless (and only to the extent that) (i) the disclosure of such records is necessary to permit a Holder to enforce its rights under this Agreement or (ii) the release of such records is ordered pursuant to a subpoena or other
order from a court of competent jurisdiction. Each Holder agrees that information obtained by it as a result of such inspections shall be deemed confidential and shall not be used by it as the basis for any market transactions in the securities of
Post or its Affiliates unless and until such is made generally available to the public by Post or such Affiliate or for any reason not related to the registration of Registrable Securities. Each Holder further agrees that it will, upon learning that
disclosure of such records is sought in a court of competent jurisdiction, give notice to Post and allow Post, at its expense, to undertake appropriate action to prevent disclosure of the records deemed confidential; 

  
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 (xx) in the case of an Underwritten Offering or Exchange Offer registering
50% or more of the Retained Shares, cause the senior executive officers of Post to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts related thereto, except to the extent that
such participation materially interferes with the management of Post’s business; provided that the effectiveness period for any Demand Registration shall be increased on a day-for-day basis by the period of time that management cannot
participate; 
 (xxi) comply with requirements of the Securities Act, Securities Exchange Act and other
applicable laws, rules and regulations as well as stock exchange rules; and 
 (xxi) take all other customary
steps reasonably necessary or advisable to effect the registration and distribution of the Registrable Securities contemplated hereby. 
 (b) As a condition precedent to any Registration hereunder, Post may require each Holder as to which any Registration is being effected to furnish to Post such information regarding the distribution of
such securities and such other information relating to such Holder, its ownership of Registrable Securities and other matters as Post may from time to time reasonably request in writing. Each such Holder agrees to furnish such information to Post
and to cooperate with Post as reasonably necessary to enable Post to comply with the provisions of this Agreement. If a Holder fails to provide the requested information after being given 15 Business Days’ written notice of such request and the
requested information is required by applicable law to be included in the Registration Statement, Post shall be entitled to refuse to include for registration such Holder’s Registrable Securities or other shares of Common Stock in the
Registration Statement. 
 (c) Each Holder will as promptly as reasonably practicable notify Post at any time when a prospectus
relating thereto is required to be delivered (or deemed delivered) under the Securities Act, of the occurrence of an event, of which such Holder has knowledge, relating to such Holder or its disposition of Registrable Securities thereunder requiring
the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered (or deemed delivered) to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading. 
 (d) Ralcorp agrees, and any other Holder agrees by acquisition of such Registrable Securities, that, upon receipt of any written notice from Post of the occurrence of any event of the kind described in
Section 2.03(a)(iv), such Holder will forthwith discontinue disposition of Registrable Securities pursuant to such Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 2.03(a)(iv), or until such Holder is advised in writing by Post that the use of the Prospectus may be resumed, and if so directed by Post, such Holder will deliver to Post (at Post’s expense) all copies, of the Prospectus covering
such Registrable Securities current at the time of receipt of such notice. In the event Post shall give any such notice, the period during which the applicable Registration Statement is required to be maintained effective shall be extended by the
number of days during the period from and including the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or
amended Prospectus contemplated by Section 2.03(a)(iv) or is advised in writing by Post that the use of the Prospectus may be resumed. 
  

	 	Section 2.04	Underwritten Offerings or Exchange Offers. 

 (a) If requested by the managing underwriters for any Underwritten Offering or dealer manager(s) for any Exchange Offer requested by Holders pursuant to a Registration under Section 2.01, Post shall
enter into an underwriting agreement or dealer manager agreement, as applicable, with such underwriters or dealer manager(s) for such offering, such agreement to be reasonably satisfactory in substance and form to Post

  
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and the underwriters or dealer manager(s). Such agreement shall contain such representations and warranties by Post and such other terms as are generally prevailing in agreements of that type.
Each Holder with Registrable Securities to be included in any Underwritten Offering or Exchange Offer by such underwriters or dealer manager(s) shall enter into such underwriting agreement or dealer manager agreement at the request of Post, which
agreement shall contain such reasonable representations and warranties by the Holder and such other reasonable terms as are generally prevailing in agreements of that type. 
 (b) In the event of a public sale of Post’s equity securities in an Underwritten Offering (whether in a Demand Registration or a Piggyback Registration, whether or not the Holders participate
therein), the Holders hereby agree, and, in the event of a public sale of Post’s equity securities in an Underwritten Offering or an Exchange Offer, Post shall agree, and it shall cause its executive officers and directors to agree, if
requested by the managing underwriter or underwriters in such Underwritten Offering or by the Holder or the dealer manager or dealer managers, if applicable, in an Exchange Offer, not to effect any sale or distribution (including any offer to sell,
contract to sell, short sale or any option to purchase) of any securities (except, in each case, as part of the applicable Registration, if permitted hereunder) that are the same as or similar to those being Registered in connection with such public
sale, or any securities convertible into or exchangeable or exercisable for such securities, during the period beginning five days before, and ending 90 days (or such lesser period as may be permitted by Post or the selling Holder(s), as applicable,
or such managing underwriter or underwriters) after, the effective date of the Registration Statement filed in connection with such Registration (or, if later, the date of the Prospectus), to the extent timely notified in writing by such selling
Person or the managing underwriter or underwriters. The Holders and Post , as applicable, also agree to execute an agreement evidencing the restrictions in this Section 2.04(b) in customary form, which form is reasonably satisfactory to Post or
the selling Holder(s), as applicable, and the underwriter(s) or dealer manager(s), as applicable; provided that such restrictions may be included in the underwriting agreement or dealer manager agreement, if applicable. Post may impose stop-transfer
instructions with respect to the securities subject to the foregoing restriction until the end of the required stand-off period. 
 (c) No Holder may participate in any Underwritten Offering or Exchange Offer hereunder unless such Holder (i) agrees to sell such Holder’s securities on the basis provided in any underwriting
arrangements or dealer manager agreements approved by Post or other Persons entitled to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, dealer manager
agreements, and other documents reasonably required under the terms of such underwriting arrangements, dealer manager agreements, or this Agreement. 
  

	 	Section 2.05	Registration Rights Agreement with Participating Banks. 

 If Ralcorp decides to engage in a Private Debt Exchange with one or more Participating Banks, Post agrees that it will enter into a registration rights agreement with the Participating Banks at the time
of such Private Debt Exchange on terms and conditions consistent with this Agreement (other than the voting provisions contained in Article III hereof) and reasonably satisfactory to Post. 

 

	 	Section 2.06	Registration Expenses Paid By Post. 

 In the case of any registration of Registrable Securities required pursuant to this Agreement, Post shall pay all Registration Expenses regardless of whether the Registration Statement becomes effective;
provided, however, Post shall not be required to pay for any expenses of any Registration begun pursuant to Section 2.01 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable
Securities to be registered (in which case all participating Holders shall bear such expenses), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 2.01.

  
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	 	Section 2.07	Indemnification. 

 (a) Post
agrees to indemnify and hold harmless, to the full extent permitted by law, each Holder whose shares are included in a Registration Statement, its officers, directors, agents, employees and each Person, if any, who controls (within the meaning of
the Securities Act or the Exchange Act) such Holder from and against any and all losses, claims, damages, liabilities (or actions or proceedings in respect thereof, whether or not such indemnified party is a party thereto) and expenses, joint or
several (including reasonable costs of investigation and legal expenses) (each, a “Loss” and collectively “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any
Registration Statement under which the sale of such Registrable Securities was Registered under the Securities Act (including any final or preliminary Prospectus contained therein or any amendment thereof or supplement thereto or any documents
incorporated by reference therein), or any such statement made in any free writing prospectus (as defined in Rule 405 under the Securities Act) that Post has filed or is required to file pursuant to Rule 433(d) of the Securities Act or any Ancillary
Filing, (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or free writing prospectus, in light
of the circumstances under which they were made) not misleading; provided, that with respect to any untrue statement or omission or alleged untrue statement or omission made in any prospectus, the indemnity agreement contained in this paragraph
shall not apply to the extent that any such liability results from or arises out of (a) the fact that a current copy of the prospectus was not sent or given to the Person asserting any such liability at or prior to the written confirmation of
the sale of the Registrable Securities concerned to such Person if it is determined by a court of competent jurisdiction in a final and non-appealable judgment that Post has provided such prospectus and it was the responsibility of such Holder or
its agents to provide such Person with a current copy of the prospectus and such current copy of the prospectus would have cured the defect giving rise to such liability, (b) the use of any prospectus by or on behalf of any Holder after Post
has notified such Person (i) that such prospectus contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, (ii) that a stop order has been issued by the SEC with respect to a Registration Statement or (iii) that a Disadvantageous Condition exists, (c) the use of any prospectus by or on behalf of
any Holder with respect to any Registrable Securities after such time as the obligation of Post to keep the Registration Statement effective in respect of such Registrable Securities has expired, or (d) information furnished in writing by such
Holder or on such Holder’s behalf, in either case expressly for use in such Registration Statement, prospectus or in any amendment or supplement thereto relating to such Holder’s Registrable Securities. This indemnity shall be in addition
to any liability Post may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the transfer of such securities by such
Holder. 
 (b) Each selling Holder whose Registrable Securities are included in a Registration Statement agrees (severally and
not jointly) to indemnify and hold harmless, to the full extent permitted by law, Post, its directors, officers, agents, employees and each Person, if any, who controls Post (within the meaning of the Securities Act and the Exchange Act) (i) to
the extent such liabilities arise out of or are based upon information furnished in writing by such Holder or on such Holder’s behalf, in either case expressly for use in a Registration Statement, prospectus or in any amendment or supplement
thereto relating to such Holder’s Registrable Securities or (ii) to the extent that any liability described in this Section 2.07(b) results from (a) the fact that a current copy of the prospectus was not sent or given to the
Person asserting any such liability at or prior to the written confirmation of the sale of the Registrable Securities concerned to such Person if it is determined by a court of competent jurisdiction in a final and non-appealable judgment that it
was the responsibility of such Holder or its agent to provide such Person with a current copy of the prospectus and such current copy of the prospectus would have cured the defect giving rise to such liability, (b) the use of any prospectus by
or on behalf of any Holder after Post has notified such Person (x) that such prospectus contains an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading, (y) that a stop order has been issued by the SEC with respect to a Registration Statement or (z) that a Disadvantageous Condition exists or (c) the use of
any prospectus by or on behalf of any Holder after such time as the obligation of Post to keep the related Registration Statement 

  
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in respect of such Holder’s Registrable Securities effective has expired. This indemnity shall be in addition to any liability the selling Holder may otherwise have. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of Post or any indemnified party. 
 (c)
Any Person entitled to indemnification hereunder (an “indemnified party”) will give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification; provided, that any delay or failure to so
notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder solely to the extent that it is materially prejudiced by reason of such delay or failure; and, provided further, that any such delay or failure to so
notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under this Section 2.07. If an indemnified party shall have notified the indemnifying party as aforesaid, the
indemnifying party shall assume the defense of such claim and retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others entitled to indemnification pursuant to this Section 2.07 that the
indemnifying party may designate in connection the proceeding relating to such claim and shall pay the fees and expenses relating to such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any
such proceeding, any indemnified party shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless
(i) the indemnifying party has agreed in writing to pay such fees or expenses, (ii) the indemnifying party shall have failed to assume the defense of such claim within a reasonable time after receipt of notice of such claim from the
indemnified party and employ counsel reasonably satisfactory to such indemnified party, (iii) the indemnified party has reasonably concluded that there may be legal defenses available to it or other indemnified parties that are different from
or in addition to those available to the indemnifying party, or (iv) in the reasonable judgment of any such indemnified party, a conflict of interest may exist between such indemnified party and the indemnifying party with respect to such
claims (in which case, if such indemnified party notifies the indemnifying party in writing that such indemnified party elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to
assume the defense of such claim on behalf of such Person). The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent (which shall not be unreasonably withheld, conditioned or delayed), but
if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify each indemnified party from and against any Loss by reason of such settlement or judgment. No indemnifying party shall,
without the written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnification could have been sought hereunder by such
indemnified party , unless such settlement (A) includes an unconditional release of such indemnified party, in form and substance reasonably satisfactory to such indemnified party, from all liability on claims that are the subject matter of
such proceeding and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any indemnified party. It is understood and agreed that the indemnifying party shall not, in connection
with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm (in addition to any local counsel) for all such indemnified party or parties
unless (x) the employment of more than one counsel has been authorized in writing by the indemnified party or parties, (y) an indemnified party has reasonably concluded that there may be legal defenses available to it that are different
from or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict exists or may exist between such indemnified party and the other indemnified parties, in each of which cases the indemnifying party
shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels, and that the indemnifying party shall reimburse all such fees and expenses as they are incurred. 

(d) If for any reason the indemnification provided for in Section 2.07(a) or Section 2.07(b) is unavailable to an indemnified
party or insufficient to hold it harmless as contemplated by Section 2.07(a) or Section 2.07(b), then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss in such
proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand. The relative fault shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or 

  
 17 

 
the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. Notwithstanding anything in
this Section 2.07(d) to the contrary, no indemnifying party (other than Post) shall be required pursuant to this Section 2.07(d) to contribute any amount in excess of the amount by which the net proceeds received by such indemnifying party
from the sale of Registrable Securities in the offering to which the Losses of the indemnified parties relate (before deducting expenses, if any) exceeds the amount of any damages which such indemnifying party has otherwise been required to pay by
reason of such untrue statement or omission. The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 2.07(d) were determined by pro rata allocation or by any other method of allocation that does
not take account of the equitable considerations referred to in this Section 2.07(d). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified party hereunder shall be deemed to include, for purposes of this Section 2.07(d), any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability,
action, investigation or proceeding. If indemnification is available under this Section 2.07, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Section 2.07(a) and Section 2.07(b) without
regard to the relative fault of said indemnifying parties or indemnified party. Any Holders’ obligations to contribute pursuant to this Section 2.07(d) are several and not joint. 

 

	 	Section 2.08	Reporting Requirements; Rule 144. 

 Until the earlier of the expiration or termination of this Agreement or the date upon which Ralcorp and its Subsidiaries (other than Post and its Subsidiaries) cease to own any Retained Shares, Post shall
use its commercially reasonable efforts to be and remain in compliance with the periodic filing requirements imposed under the SEC’s rules and regulations, including the Exchange Act, and any other applicable laws or rules, and thereafter shall
timely file such information, documents and reports as the SEC may require or prescribe under Sections 13, 14 and 15(d), as applicable, of the Exchange Act so that Post will qualify for registration on Form S-3 and to enable Ralcorp to sell
Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 under the Securities Act, or (ii) any similar rule or regulation hereafter promulgated by the SEC. From
and after the date hereof through the earlier of the expiration or termination of this Agreement or the date upon which Ralcorp and its Subsidiaries (other than Post and its Subsidiaries) cease to own any Retained Shares, Post shall forthwith upon
request furnish any Holder (i) a written statement by Post as to whether it has complied with such requirements and, if not, the specifics thereof, (ii) a copy of the most recent annual or quarterly report of Post, and (iii) such
other reports and documents filed by Post with the SEC as such Holder may reasonably request in availing itself of an exemption for the sale of Registrable Securities without registration under the Securities Act. 

ARTICLE III 

Voting Restrictions 
  

	 	Section 3.01	Voting of Post Common Stock. 

(a) From the date of this Agreement and until the date that Ralcorp and its Subsidiaries (other than Post and its Subsidiaries) cease to
own any Retained Shares, Ralcorp shall, and shall cause its Subsidiaries to (in each case, to the extent that they own any Retained Shares), be present, in person or by proxy, at each and every Post shareholder meeting, and otherwise to cause all
Retained Shares owned by them to be counted as present for purposes of establishing a quorum at any such meeting, and to vote or consent on any matter (including waivers of contractual or statutory rights), or cause to be voted or consented on any
such matter, all such Retained Shares in proportion to the votes cast by the other holders of Common Stock on such matter. 

  
 18 

 (b) From the date of this Agreement and until the date that Ralcorp and its Subsidiaries
(other than Post and its Subsidiaries) cease to own any Retained Shares, Ralcorp hereby grants, and shall cause its Subsidiaries (in each case, to the extent that they own any Retained Shares) to grant, an irrevocable proxy, which shall be deemed
coupled with an interest sufficient in law to support an irrevocable proxy to Post or its designees, to vote, with respect to any matter (including waivers of contractual or statutory rights), all Retained Shares owned by them, in proportion to the
votes cast by the other holders of Common Stock on such matter; provided, that (i) such proxy shall automatically be revoked as to a particular Retained Share upon any sale, transfer or other disposition of such Retained Share from Ralcorp or
any of its Subsidiaries to a Person other than Ralcorp or any of its Subsidiaries; and (B) nothing in this Section 3.01(b) shall limit or prohibit any such sale, transfer or disposition. 

(c) Ralcorp acknowledges and agrees that Post will be irreparably damaged in the event any of the provisions of this Article III are not
performed by Ralcorp and its Subsidiaries in accordance with the specific terms of such section or are otherwise breached. Accordingly, it is agreed that Post shall be entitled to an injunction to prevent breaches of this Article III and to specific
enforcement of the provisions of this Article III in any action instituted in any court of the United States or any state having subject matter jurisdiction. 
 ARTICLE IV 
 Miscellaneous 

	 	Section 4.01	Term. 

 Except as set forth in
Section 4.04, this Agreement shall terminate upon the Registration or other sale, transfer or disposition of all the Retained Shares from Ralcorp or any of its Subsidiaries to a Person other than Ralcorp or any of its Subsidiaries, except for
the provisions of Section 2.06 and Section 2.07 and all of this Article IV, which shall survive any such termination. 
  

	 	Section 4.02	Entire Agreement. 

 This
Agreement, including the Exhibits referred to herein, constitutes the entire agreement between any of the parties hereto with respect to the subject matter contained herein or therein, and supersede all prior agreements, negotiations, discussions,
understandings and commitments, written or oral, between any of the parties hereto with respect to such subject matter. 
  

	 	Section 4.03	Choice of Law. 

 THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF MISSOURI, WITHOUT REGARD TO ANY CONFLICTS OF LAW PROVISION OR RULE THEREOF THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER
JURISDICTION. 
 Each of the parties hereto agrees to submit to the jurisdiction of the United States District Court for the
Eastern District of Missouri and in any State of Missouri court located in St. Louis, Missouri for purposes of all legal proceedings arising out of, or in connection with, this Agreement or the transactions contemplated hereby, and irrevocably
waives any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. 

BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED
AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST

  
 19 

 
COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY
RIGHTS OR REMEDIES UNDER THIS AGREEMENT. 
  

	 	Section 4.04	Amendment 

 (a) This Agreement
may not be amended or modified and waivers and consents to departures from the provisions hereof may not be given, except by an instrument or instruments in writing making specific reference to this Agreement and signed by Post, and the Holders of a
majority of the Registrable Securities. 
  

	 	Section 4.05	Waiver. 

 Any term or provision
of this Agreement may be waived, or the time for its performance may be extended, by the party or parties entitled to the benefit thereof. Any such waiver shall be validly and sufficiently given for the purposes of this Agreement if, as to any
party, it is in writing signed by an authorized representative of such party. The failure of any party to enforce at any time any provision of this Agreement shall not be construed to be a waiver of such provision, or in any way to affect the
validity of this Agreement or any part hereof or the right of any party thereafter to enforce each and every such provision. No waiver of any breach of this Agreement shall be held to constitute a waiver of any other or subsequent breach.

  

	 	Section 4.06	Partial Invalidity. 

 Wherever
possible, each provision hereof shall be interpreted in such a manner as to be effective and valid under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such provision or provisions shall be ineffective to the extent, but only to the extent, of such invalidity, illegality or unenforceability without invalidating the remainder of such provision or provisions or any other
provisions hereof, unless such a construction would be unreasonable. 
  

	 	Section 4.07	Execution in Counterparts. 

 This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original instrument, but all of which shall be considered one and the same agreement, and shall become binding when one or more counterparts have been signed by
and delivered to each of the parties hereto. 
  

	 	Section 4.08	Successors, Assigns and Transferees. 

 (a) This Agreement and all provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Post may assign this Agreement at
any time in connection with a sale or acquisition of Post, whether by merger, consolidation, sale of all or substantially all of Post’s assets, or similar transaction, without the consent of the Holders; provided that the successor or acquiring
Person agrees in writing to assume all of Post’s rights and obligations under this Agreement. A Holder may assign its rights and obligations under this Agreement only (a) to an Affiliate of such Holder that acquires any of such
Holder’s Registrable Securities and executes an agreement to be bound hereby in the form attached hereto as Exhibit A, an executed counterpart of which shall be furnished to Post, or (b) with the prior written consent of Post, and
any purported assignment by a Holder other than as set forth in this Section 4.08(a). shall be null and void; provided, however, that, prior to the second anniversary of the date of this Agreement, Ralcorp or any of its Subsidiaries that is a
Holder may assign its right to one Demand Registration hereunder to each unaffiliated third party to whom Ralcorp sells or otherwise transfers Registrable Securities representing 5% or more of Post’s then issued and outstanding Common Stock (a
“Transferee”), which Demand Registration shall be subject to the terms and conditions of this Agreement (other than Section 2.02(a), Section 2.02(b), Section 2.02(c), Section 2.05 and Article III); provided,
further, that (i) if the Transferee shall exercise any Demand Registration that has been assigned to it by Ralcorp or any of Ralcorp’s Subsidiaries pursuant to the foregoing, then such Demand

  
 20 

 
Registration shall constitute a Demand Registration request by the Holder(s) for purposes of the limitation on the number of Demand Registration requests set forth in Section 2.01(b); and
(ii) no Transferee may exercise any Demand Registration assigned to such Transferee after the second anniversary of the date of this Agreement. 
 (b) Subject to Section 4.08(a) and provided that Post is given written notice by the Holders prior to or at the time of such transfer stating the name and address of the transferee and identifying
the securities with respect to which the rights under this Agreement are being assigned, the Registration Rights shall be transferred with the transfer of Registrable Securities; provided that to the extent any such transfer consists of Registrable
Securities representing less than 1% of Post’s then issued and outstanding Common Stock and such Registrable Securities are eligible for transfer pursuant to an exemption from the registration and prospectus delivery requirements of the
Securities Act under Section 4(1) thereof (including transactions pursuant to Rule 144), no Registration Rights shall be transferred therewith. Notwithstanding the foregoing, if such transfer is subject to covenants, agreements or other
undertakings restricting transferability thereof, the Registration Rights shall not be transferred in connection with such transfer unless such transfer complies with all such covenants, agreements and other undertaking. In all cases, the
Registration Rights shall not be transferred unless the transferee thereof executes a counterpart attached hereto as Exhibit A and delivers the same to Post. 

 

	 	Section 4.09	Notices. 

 (a) All notices,
requests, claims, demands and other communications required or permitted hereunder shall be in writing and shall be deemed duly given or delivered (i) when delivered personally, (ii) if transmitted by facsimile when confirmation of
transmission is received or by email when receipt of such email is acknowledged by return email, (iii) if sent by registered or certified mail, postage prepaid, return receipt requested, on the third business day after mailing or (iv) if
sent by private courier when received; and shall be addressed as follows: 
 If to Ralcorp, to: 

Ralcorp Holdings, Inc. 
 800 Market Street 
 St. Louis, Missouri 63101 

Attention: Gregory A. Billhartz 
 Facsimile: (314) 877-7748 
 If to Post, to: 

Post Holdings, Inc. 
 2503 S. Hanley Road 
 St. Louis, MO 63144 

Attention: Diedre J. Gray 
 Facsimile: (314) 646-3367 
 or to such other address as such party may indicate by a notice
delivered to the other parties. 
 (b) Each Holder, by written notice given to Post in accordance with this Section 4.09,
may change the address to which notices, other communications or documents are to be sent to such Holder. All notices, other communications or documents shall be deemed to have been duly given: (i) at the time delivered by hand, if personally
delivered; (ii) when receipt is acknowledged in writing by addressee, if by facsimile transmission; (iii) five Business Days after being deposited in the mail, postage prepaid, if mailed by first class mail; and (iv) on the first
business day with respect to which a reputable air courier guarantees delivery; provided, however, that notices of a change of address shall be effective only upon receipt. Post shall have no obligation to deliver any notices under this Agreement to
or otherwise interact with any purported Holder that has not provided notice to Post pursuant to this Section 4.09, and no such Person shall have any rights under this Agreement unless and until such Person delivers such notice. 

  
 21 

	 	Section 4.10	No Reliance on Other Party. 

 The
parties hereto represent to each other that this Agreement is entered into with full consideration of any and all rights which the parties hereto may have. The parties hereto have relied upon their own knowledge and judgment and have conducted such
investigations they and their in-house counsel have deemed appropriate regarding this Agreement and their rights in connection with this Agreement. The parties hereto are not relying upon any representations or statements made by any other party, or
any such other party’s employees, agents, representatives or attorneys, regarding this Agreement, except to the extent such representations are expressly set forth or incorporated in this Agreement. The parties hereto are not relying upon a
legal duty, if one exists, on the part of any other party (or any such other party’s employees, agents, representatives or attorneys) to disclose any information in connection with the execution of this Agreement or its preparation, it being
expressly understood that no party hereto shall ever assert any failure to disclose information on the part of any other party as a ground for challenging this Agreement or any provision hereof. 

 

	 	Section 4.11	Performance. 

 Each party shall
cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any Subsidiary of such party. 

 

	 	Section 4.12	Attorneys’ Fees. 

 In any
action or proceeding brought to enforce any provision of this Agreement or where any provision hereof is validly asserted as a defense, the successful party shall, to the extent permitted by applicable law, be entitled to recover reasonable
attorneys’ fees in addition to any other available remedy. 
  

	 	Section 4.13	Further Assurances. 

 Each of the
parties hereto shall execute and deliver all additional documents, agreements and instruments and shall do any and all acts and things reasonably requested by the other party hereto in connection with the performance of its obligations undertaken in
this Agreement. 
  

	 	Section 4.14	Registrations, Exchanges, etc. 

Notwithstanding anything to the contrary that may be contained in this Agreement, the provisions of this Agreement shall apply to the full
extent set forth herein with respect to (i) any shares of Common Stock, now or hereafter authorized to be issued, (ii) any and all securities of Post into which the shares of Common Stock are converted, exchanged or substituted in any
recapitalization or other capital reorganization by Post and (iii) any and all securities of any kind whatsoever of Post or any successor or permitted assign of Post (whether by merger, consolidation, sale of assets or otherwise) which may be
issued on or after the date hereof in respect of, in conversion of, in exchange for or in substitution of, the shares of Common Stock, and shall be appropriately adjusted for any stock dividends, or other distributions, stock splits or reverse stock
splits, combinations, recapitalizations mergers, consolidations, exchange offers or other reorganizations occurring after the date hereof. 
 [The remainder of this page has been left blank intentionally.] 

  
 22 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their
authorized representatives as of the date first above written. 
  

					
	Ralcorp Holdings, Inc.
		
	By:	 	 /s/ Gregory A. Billhartz

		 	Name:	 	Gregory A. Billhartz
		 	Title:	 	Corporate Vice President, General
		 		 	Counsel and Secretary
	
	Post Holdings, Inc.
		
	By:	 	 /s/ Robert V. Vitale

		 	Name:	 	Robert V. Vitale
		 	Title:	 	Chief Financial Officer

  
 23 

 Exhibit A 
 THIS INSTRUMENT forms part of the Shareholders’s and Registration Rights Agreement (the “Agreement”), dated as of February 3, 2012, by and among Post Holdings, Inc., a Missouri
corporation (“Post”), and Ralcorp Holdings, Inc., a Missouri corporation (the “Ralcorp”). The undersigned hereby acknowledges having received a copy of the Agreement and having read the Agreement in its entirety, and for good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, hereby agrees that the terms and conditions of the Agreement binding upon and inuring to the benefit of Ralcorp shall be binding
upon and inure to the benefit of the undersigned and its successors and permitted assigns as if it were an original party to the Agreement. 
 IN WITNESS WHEREOF, the undersigned has executed this instrument on this      day of             , 20
    . 
  

	
	
	  
 (Signature of
transferee)

	
	  

	Print name

  
 24EX-10.3

 Exhibit 10.3 
 [EXECUTION VERSION] 
  

 
  

CREDIT AGREEMENT 
 DATED AS OF FEBRUARY 3, 2012 
 AMONG 

POST HOLDINGS, INC., 
 AS BORROWER 
 VARIOUS LENDERS, 

BARCLAYS CAPITAL INC., 
 AS SOLE LEAD ARRANGER 
 BARCLAYS CAPITAL INC., 

PNC CAPITAL MARKETS, LLC, 
 SUNTRUST ROBINSON HUMPHREY, INC. 
 AND WELLS FARGO SECURITIES, LLC,

 AS JOINT BOOKRUNNERS 
 PNC CAPITAL MARKETS, LLC, 
 SUNTRUST BANK 

AND WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 AS SYNDICATION AGENTS 
 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

 AND JPMORGAN CHASE BANK, N.A., 
 AS DOCUMENTATION AGENTS 
 AND 

BARCLAYS BANK PLC, 
 AS ADMINISTRATIVE AGENT 
  

 
 $350,000,000
SENIOR SECURED CREDIT FACILITIES 
  
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	Article 1.	  
	Definitions and Accounting Terms	  
			
	 Section 1.01
	 	 Defined Terms
	  	 	1	  
	 Section 1.02
	 	 Other Interpretive Provisions
	  	 	42	  
	 Section 1.03
	 	 Accounting Terms
	  	 	42	  
	 Section 1.04
	 	 Rounding
	  	 	43	  
	 Section 1.05
	 	 Times of Day
	  	 	43	  
	 Section 1.06
	 	 Letter of Credit Amounts
	  	 	43	  
	 Section 1.07
	 	 Currency Equivalents Generally; Change of Currency
	  	 	43	  
	 Section 1.08
	 	 Timing of Payment and Performance
	  	 	43	  
	
	Article 2.	  
	The Commitments and Credit Extensions	  
			
	 Section 2.01
	 	 The Loans
	  	 	43	  
	 Section 2.02
	 	 Borrowings, Conversions and Continuations of Loans
	  	 	44	  
	 Section 2.03
	 	 Letters of Credit
	  	 	45	  
	 Section 2.04
	 	 Swing Line Loans
	  	 	54	  
	 Section 2.05
	 	 Prepayments
	  	 	56	  
	 Section 2.06
	 	 Termination or Reduction of Commitments
	  	 	59	  
	 Section 2.07
	 	 Repayment of Loans
	  	 	60	  
	 Section 2.08
	 	 Interest
	  	 	61	  
	 Section 2.09
	 	 Fees
	  	 	62	  
	 Section 2.10
	 	 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate
	  	 	62	  
	 Section 2.11
	 	 Evidence of Debt
	  	 	63	  
	 Section 2.12
	 	 Payments Generally; Administrative Agent’s Clawback
	  	 	63	  
	 Section 2.13
	 	 Sharing of Payments by Lenders
	  	 	65	  
	 Section 2.14
	 	 Incremental Facilities
	  	 	66	  
	 Section 2.15
	 	 Cash Collateral
	  	 	69	  
	 Section 2.16
	 	 Defaulting Lenders
	  	 	70	  
	
	Article 3.	  
	Taxes, Yield Protection and Illegality	  
			
	 Section 3.01
	 	 Taxes
	  	 	72	  
	 Section 3.02
	 	 Illegality
	  	 	76	  
	 Section 3.03
	 	 Inability to Determine Rates
	  	 	77	  
	 Section 3.04
	 	 Increased Costs; Reserves on Eurodollar Rate Loans
	  	 	77	  
	 Section 3.05
	 	 Compensation for Losses
	  	 	79	  
	 Section 3.06
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	80	  
	 Section 3.07
	 	 Survival
	  	 	80	  

  
 i 

							
	Article 4.	  
	Conditions Precedent	  
			
	 Section 4.01
	 	 Conditions Precedent to the Closing Date
	  	 	80	  
	 Section 4.02
	 	 Conditions to All Credit Extensions after the Closing Date
	  	 	85	  
	
	Article 5.	  
	Representations and Warranties	  
			
	 Section 5.01
	 	 Existence, Qualification and Power
	  	 	85	  
	 Section 5.02
	 	 Authorization; No Contravention
	  	 	86	  
	 Section 5.03
	 	 Governmental Authorization; Other Consents
	  	 	86	  
	 Section 5.04
	 	 Binding Effect
	  	 	86	  
	 Section 5.05
	 	 Financial Statements; No Material Adverse Effect
	  	 	86	  
	 Section 5.06
	 	 Litigation
	  	 	87	  
	 Section 5.07
	 	 No Default
	  	 	87	  
	 Section 5.08
	 	 Ownership of Property; Liens
	  	 	87	  
	 Section 5.09
	 	 Environmental
	  	 	88	  
	 Section 5.10
	 	 Insurance
	  	 	89	  
	 Section 5.11
	 	 Taxes
	  	 	89	  
	 Section 5.12
	 	 ERISA Compliance
	  	 	90	  
	 Section 5.13
	 	 Subsidiaries; Equity Interests
	  	 	91	  
	 Section 5.14
	 	 Margin Regulations; Investment Company Act
	  	 	91	  
	 Section 5.15
	 	 Disclosure
	  	 	91	  
	 Section 5.16
	 	 Compliance with Laws
	  	 	92	  
	 Section 5.17
	 	 Taxpayer Identification Number
	  	 	92	  
	 Section 5.18
	 	 Intellectual Property; Licenses, Etc.
	  	 	92	  
	 Section 5.19
	 	 Solvency
	  	 	92	  
	 Section 5.20
	 	 Collateral Documents
	  	 	92	  
	 Section 5.21
	 	 Senior Debt
	  	 	93	  
	 Section 5.22
	 	 Sanctioned Persons
	  	 	93	  
	 Section 5.23
	 	 Foreign Corrupt Practices Act
	  	 	93	  
	
	Article 6.	  
	Affirmative Covenants	  
			
	 Section 6.01
	 	 Financial Statements
	  	 	93	  
	 Section 6.02
	 	 Certificates; Other Information
	  	 	94	  
	 Section 6.03
	 	 Notices
	  	 	96	  
	 Section 6.04
	 	 Preservation of Existence, Etc.
	  	 	97	  
	 Section 6.05
	 	 Maintenance of Properties
	  	 	97	  
	 Section 6.06
	 	 Maintenance of Insurance
	  	 	97	  
	 Section 6.07
	 	 Compliance with Laws
	  	 	98	  
	 Section 6.08
	 	 Books and Records
	  	 	98	  
	 Section 6.09
	 	 Inspection Rights
	  	 	98	  

  
 ii 

							
	 Section 6.10
	 	 Use of Proceeds
	  	 	99	  
	 Section 6.11
	 	 Covenant to Guarantee Obligations and Give Security
	  	 	99	  
	 Section 6.12
	 	 Compliance with Environmental Laws
	  	 	102	  
	 Section 6.13
	 	 Preparation of Environmental Reports
	  	 	102	  
	 Section 6.14
	 	 Lenders’ Meetings
	  	 	103	  
	 Section 6.15
	 	 Further Assurances
	  	 	103	  
	 Section 6.16
	 	 Ratings
	  	 	103	  
	 Section 6.17
	 	 Post Closing Obligations
	  	 	103	  
	
	Article 7.	  
	Negative Covenants	  
			
	 Section 7.01
	 	 Liens
	  	 	104	  
	 Section 7.02
	 	 Investments
	  	 	106	  
	 Section 7.03
	 	 Indebtedness
	  	 	109	  
	 Section 7.04
	 	 Fundamental Changes
	  	 	111	  
	 Section 7.05
	 	 Dispositions
	  	 	112	  
	 Section 7.06
	 	 Restricted Payments
	  	 	114	  
	 Section 7.07
	 	 Change in Nature of Business
	  	 	115	  
	 Section 7.08
	 	 Transactions with Affiliates
	  	 	115	  
	 Section 7.09
	 	 Restrictive Agreements
	  	 	116	  
	 Section 7.10
	 	 Use of Proceeds
	  	 	117	  
	 Section 7.11
	 	 Financial Covenants
	  	 	117	  
	 Section 7.12
	 	 Amendments of Organization Documents
	  	 	118	  
	 Section 7.13
	 	 Accounting Changes
	  	 	118	  
	 Section 7.14
	 	 Prepayments of Indebtedness
	  	 	118	  
	 Section 7.15
	 	 Sale-Leaseback Transactions
	  	 	118	  
	 Section 7.16
	 	 Capital Expenditures
	  	 	118	  
	 Section 7.17
	 	 Amendments of Indebtedness
	  	 	119	  
	
	Article 8.	  
	Events of Default and Remedies	  
			
	 Section 8.01
	 	 Events of Default
	  	 	119	  
	 Section 8.02
	 	 Remedies Upon Event of Default
	  	 	121	  
	 Section 8.03
	 	 Application of Funds
	  	 	122	  
	
	Article 9.	  
	Administrative Agent	  
			
	 Section 9.01
	 	 Appointment and Authority
	  	 	122	  
	 Section 9.02
	 	 Rights as a Lender
	  	 	123	  
	 Section 9.03
	 	 Exculpatory Provisions
	  	 	123	  
	 Section 9.04
	 	 Reliance
	  	 	124	  
	 Section 9.05
	 	 Delegation of Duties
	  	 	124	  
	 Section 9.06
	 	 Resignation of Administrative Agent
	  	 	125	  
	 Section 9.07
	 	 Non-Reliance on Administrative Agent and Other Lenders
	  	 	126	  

  
 iii

							
	 Section 9.08
	 	 No Other Duties, Etc.
	  	 	126	  
	 Section 9.09
	 	 Administrative Agent May File Proofs of Claim
	  	 	126	  
	 Section 9.10
	 	 Collateral and Guaranty Matters
	  	 	127	  
	 Section 9.11
	 	 Secured Cash Management Agreements and Secured Hedge Agreements
	  	 	128	  
	
	Article 10.	  
	Miscellaneous	  
			
	 Section 10.01
	 	 Amendments, Etc.
	  	 	128	  
	 Section 10.02
	 	 Notices; Effectiveness; Electronic Communication
	  	 	130	  
	 Section 10.03
	 	 No Waiver; Cumulative Remedies; Enforcement
	  	 	132	  
	 Section 10.04
	 	 Expenses; Indemnity; Damage Waiver
	  	 	133	  
	 Section 10.05
	 	 Payments Set Aside
	  	 	134	  
	 Section 10.06
	 	 Successors and Assigns
	  	 	135	  
	 Section 10.07
	 	 Treatment of Certain Information; Confidentiality
	  	 	141	  
	 Section 10.08
	 	 Right of Setoff
	  	 	142	  
	 Section 10.09
	 	 Interest Rate Limitation
	  	 	143	  
	 Section 10.10
	 	 Counterparts; Integration; Effectiveness
	  	 	143	  
	 Section 10.11
	 	 Survival of Representations and Warranties
	  	 	143	  
	 Section 10.12
	 	 Severability
	  	 	143	  
	 Section 10.13
	 	 Replacement of Lenders
	  	 	144	  
	 Section 10.14
	 	 Governing Law; Jurisdiction; Etc.
	  	 	145	  
	 Section 10.15
	 	 Waiver of Jury Trial
	  	 	146	  
	 Section 10.16
	 	 California Judicial Reference
	  	 	146	  
	 Section 10.17
	 	 No Advisory or Fiduciary Responsibility
	  	 	146	  
	 Section 10.18
	 	 Electronic Execution of Assignments and Certain Other Documents
	  	 	147	  
	 Section 10.19
	 	 USA PATRIOT Act
	  	 	147	  
	 Section 10.20
	 	 Judgment Currency
	  	 	147	  

  
 iv 

			
	 SCHEDULES
	  	
		
	2.01	  	Commitments and Applicable Percentages
	4.01(a)(ii)	  	Closing Date Collateral Documents
	4.01(a)(ii)(C)	  	Real Property Subject to Mortgages
	4.01(a)(iv)	  	Certain Legal Opinions
	5.08(b)	  	Liens
	5.08(c)	  	Owned Real Property
	5.08(d)(i)	  	Leased Real Property (Lessee)
	5.08(d)(ii)	  	Leased Real Property (Lessor)
	5.08(e)	  	Existing Investments
	5.13	  	Subsidiaries; Other Equity Investments
	6.17	  	Post-Closing Obligations
	7.03	  	Existing Indebtedness
	7.08	  	Transactions with Affiliates
	10.02	  	Administrative Agent’s Office; Certain Addresses for Notices
		
	EXHIBITS	  	
		
		  	Form of
		
	A-1	  	Committed Loan Notice
	A-2	  	Conversion/Continuation Notice
	A-3	  	Prepayment Notice
	A-4	  	Swing Line Loan Prepayment Notice
	B	  	Swing Line Loan Notice
	C-1	  	Term A Note
	C-2	  	Revolving Credit Note
	D	  	Compliance Certificate
	E-1	  	Assignment and Assumption
	E-2	  	Administrative Questionnaire
	F	  	Joinder Agreement
	G	  	Guarantee and Collateral Agreement
	H-1 through H-4	  	U.S. Tax Compliance Certificates

  
 v 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (“Agreement”) is entered into as of February 3, 2012, among POST HOLDINGS, INC., a Missouri
corporation (the “Borrower”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and BARCLAYS BANK PLC, as Administrative Agent. 

The Borrower has requested that the Lenders provide a term A loan facility and a revolving credit facility, and the Lenders have
indicated their willingness to lend and the L/C Issuer has indicated its willingness to issue letters of credit, in each case, on the terms and subject to the conditions set forth herein. 

In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: 

ARTICLE 1. 

DEFINITIONS AND ACCOUNTING TERMS 
 Section 1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 
 “2012 ECF Pro Ration Amount” means an amount equal to (x) 366 minus the number of days elapsed from September 30, 2011 to the Closing Date divided by (y) 366.

 “Acquired Entity Financial Statements” has the meaning specified in the definition of “CapEx/Revenue
Ratio.” 
 “Act” has the meaning specified in Section 10.19. 

“Administrative Agent” means Barclays Bank PLC in its capacity as administrative agent under any of the Loan Documents,
or any successor administrative agent. 
 “Administrative Agent’s Office” means the Administrative
Agent’s address and, as appropriate, account as set forth on Schedule 10.02, or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders. 

“Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit E-2 or any
other form approved by the Administrative Agent. 
 “Affiliate” means, with respect to any Person, another
Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agency Fee Letter” shall mean the Agency Fee Letter, dated February 3, 2012, between the Borrower and the Administrative Agent. 

“Agent” means each of the Administrative Agent, the Syndication Agents and the Documentation Agents. 

 “Aggregate Commitments” means the Commitments of all the Lenders.

 “Agreement” means this Credit Agreement. 

“All-in Yield” means, as to any Indebtedness, the yield thereon as reasonably determined by the Administrative Agent
taking into account the interest rate, margin, original issue discount, up-front fees and increases in Eurodollar Rate or Base Rate floor; provided that original issue discount and up-front fees shall be equated to interest rate assuming a
4-year life to maturity and provided, further, that “All-in Yield” shall not include arrangement, underwriting, structuring or similar fees paid to arrangers or fees that are not paid ratably to the lenders providing such
Indebtedness. 
 “Alternative Currency” means lawful currency (other than Dollars) that is readily available
and freely transferable and convertible into Dollars. 
 “Annual Financial Statements” means the audited
consolidated balance sheets of the Borrower and its Subsidiaries and the consolidated statements of operations, Stockholders’ Equity and cash flows of the Borrower and its Subsidiaries for the three latest Fiscal Years ending more than 90 days
prior to the Closing Date. 
 “Applicable Percentage” means (a) in respect of the Term Loans, with respect
to any Term Lender at any time, the percentage (carried out to the ninth decimal place) of the aggregate principal amount of all Term Loans then outstanding represented by the principal amount of such Term Lender’s Term Loans at such time and
(b) in respect of the Revolving Credit Facility, with respect to any Revolving Credit Lender at any time, the percentage (carried out to the ninth decimal place), the numerator of which is the Revolving Credit Commitment of such Revolving
Credit Lender and the denominator of which is the aggregate amount of the Revolving Credit Commitments; provided that if the commitment of each Revolving Credit Lender to make Revolving Credit Loans and the obligation of the L/C Issuer to
make L/C Credit Extensions have been terminated pursuant to Section 8.02, or if the Revolving Credit Commitments have expired, then the Applicable Percentage of each Revolving Credit Lender in respect of the Revolving Credit Facility shall be
determined based on the Applicable Percentage of such Revolving Credit Lender in respect of the Revolving Credit Facility most recently in effect, giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender in
respect of each Facility is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. The Applicable Percentage of any Lender is
subject to adjustment as provided in Section 2.16. 
 “Applicable Rate” means (a) from the Closing
Date to the date following the Closing Date on which a Compliance Certificate is delivered pursuant to Section 6.02(a) in respect of the first full fiscal quarter following the Closing Date, 1.00% per annum for Base Rate Loans and
2.00% per annum for Eurodollar Rate Loans and Letter of Credit Fees and (b) thereafter, the applicable percentage per annum set forth below determined by reference to the Consolidated Leverage Ratio as set forth in the most recent
Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(a): 
  

											
	 Pricing Level
	  	Consolidated
Leverage Ratio	  	Eurodollar
Rate/Letters of
Credit	 	 	Base
Rate	 
	 1
	  	> 4.00 to 1.00	  	 	2.00	% 	 	 	1.00	% 
	 2
	  	£ 4.00 to 1.00 but > 3.50 to 1.00	  	 	1.75	% 	 	 	0.75	% 
	 3
	  	£ 3.50 to 1.00	  	 	1.50	% 	 	 	0.50	% 

  
 2 

 Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio
shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, however, that if a Compliance Certificate is not delivered when due in
accordance with such Section, then Pricing Level 1 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance
Certificate is delivered (and thereafter the Pricing Level otherwise determined in accordance with this definition shall apply). 
 Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b). 

“Applicable Reserve Requirement” means, at any time, for any Eurodollar Rate Loan, the maximum rate, expressed as a
decimal, at which reserves (including any basic marginal, special, supplemental, emergency or other reserves) are required to be maintained with respect thereto against “Eurocurrency liabilities” (as such term is defined in Regulation D of
the FRB) under regulations issued from time to time by the FRB or other applicable banking regulator. A Eurodollar Rate Loan shall be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject to reserve requirements without
benefits of credit for proration, exceptions or offsets that may be available from time to time to the applicable Lender. The rate of interest on Eurodollar Rate Loans shall be adjusted automatically on and as of the effective date of any change in
the Applicable Reserve Requirement. 
 “Applicable Revolving Credit Percentage” means with respect to any
Revolving Credit Lender at any time, such Revolving Credit Lender’s Applicable Percentage in respect of the Revolving Credit Facility at such time. 
 “Appropriate Lender” means, at any time, (a) with respect to any of the Term A Facility, the Revolving Credit Facility or any Series of the Incremental Term Loan Facility, a Lender
that has a Commitment with respect to such Facility or holds a Term A Loan, a Revolving Credit Loan or an Incremental Term Loan, respectively, at such time, (b) with respect to the Letter of Credit Sublimit, (i) the L/C Issuer and
(ii) if any Letters of Credit have been issued pursuant to Section 2.03(a), the Revolving Credit Lenders and (c) with respect to the Swing Line Sublimit, (i) the Swing Line Lender and (ii) if any Swing Line Loans are
outstanding pursuant to Section 2.04(a), the Revolving Credit Lenders. 
 “Approved Fund” means any Fund
that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

  
 3 

 “Arrangers” means Barclays Capital, in its capacity as sole lead arranger
and Barclays Capital, PNC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities LLC, in their capacity as joint bookrunners. 
 “Assessment Property” has the meaning specified in Section 6.13. 
 “Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with
the consent of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit E-1 or any other form approved by the Administrative Agent. 

“Attributable Indebtedness” means, on any date, (a) in respect of any Capital Lease of any Person, the capitalized
amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant
lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a Capital Lease. 
 “Availability Period” means, in respect of the Revolving Credit Facility, the period from and including the Closing Date to the earliest of (i) the Maturity Date, (ii) the date
of termination of the Revolving Credit Commitments pursuant to Section 2.06 and (iii) the date of termination of the commitment of each Revolving Credit Lender to make Revolving Credit Loans and of the obligation of the L/C Issuer to make
L/C Credit Extensions pursuant to Section 8.02. 
 “Barclays Capital” means Barclays Capital Inc.

 “Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect
on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1.00% and (c) the Eurodollar Rate that would be payable on such day for a Eurodollar Rate Loan with a one-month Interest Period plus 1.00%.
Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective on the effective day of such change in the Prime Rate or the Federal Funds Effective Rate, respectively. 

“Base Rate Loan” means a Revolving Credit Loan or a Term Loan that bears interest based on the Base Rate. 

“Borrower” has the meaning specified in the introductory paragraph hereto. 

“Borrower Materials” has the meaning specified in Section 6.02. 

“Borrower Notice” has the meaning specified in Section 4.01(a)(ii)(C)(8). 

“Borrower Retained ECF Amount” means, as at any date of determination on or after the date that is 120 days after the
Fiscal Year ended September 30, 2012, the Excess Cash Flow Amount for each Fiscal Year ended at least 95 days prior to such date that is not required to be 

  
 4 

 
applied to the Pro Rata Obligations pursuant to Section 2.05(b)(ii) (which amount, in the case of the Fiscal Year ending September 30, 2012, shall be multiplied by the 2012 ECF Pro
Ration Amount) minus any portion of such amount used by the Borrower and its Subsidiaries on or prior to such date of determination to make (1) Investments pursuant to Section 7.02(c)(iv)(C)(2), (2) Investments pursuant to
Section 7.02(o)(2), (3) Restricted Payments pursuant to Section 7.06(e)(2), (4) payments of Junior Indebtedness pursuant to Section 7.14(c)(2) or (5) Capital Expenditures pursuant to Section 7.16(z)(2). 

“Borrowing” means a Revolving Credit Borrowing, a Swing Line Borrowing, a Term A Borrowing or an Incremental Borrowing,
as the context may require. 
 “Business Day” means (a) any day excluding Saturday, Sunday and any day
which is a legal holiday under the laws of the State of New York or is a day on which banking institutions located in such state are authorized or required by law or other governmental action to close, and (b) with respect to all notices,
determinations, fundings and payments in connection with the Eurodollar Rate or any Eurodollar Rate Loans, means any day which is a Business Day described in clause (a) and which is also a day for trading by and between banks in Dollar deposits
in the London interbank market. 
 “Canada Asset Transfer Transactions” means, collectively, an Investment by
the Borrower in Post Canada on or about the Closing Date in an aggregate amount not to exceed $80,000,000 (subject to customary purchase price adjustments), the proceeds of which will be used for the purchase on or about the Closing Date by Post
Canada of substantially all of the assets of Post Foods Canada Corp. 
 “CapEx Carryover Amount” has the
meaning specified in Section 7.16. 
 “CapEx/Revenue Ratio” means, with respect to any fiscal year of a
entity or business acquired in a Permitted Acquisition, the quotient obtained by dividing (a) the amount of Capital Expenditures (determined in accordance with GAAP) made by such acquired entity or business during such fiscal year by
(b) the consolidated revenues of such acquired entity or business for such fiscal year (in each case as set forth in the audited financial statements of such acquired entity or business for such fiscal year or, if such audited financial
statements are not available, as set forth in the most recent financial statements of such acquired entity or business delivered to the Borrower or any Subsidiary by such acquired entity or business or the seller thereof in connection with the
purchase and sale agreement relating to such Permitted Acquisition or otherwise in connection with the Borrower’s or such Subsidiary’s consideration of such Permitted Acquisition (the “Acquired Entity Financial
Statements”)). 
 “Capital Expenditures” means, with respect to any Person for any period, any
expenditure in respect of the purchase or other acquisition or maintenance of any fixed or capital asset, in each case, that are capitalized in accordance with GAAP. 
 “Capital Lease” means, with respect to any Person, any lease that is required by GAAP to be capitalized on a balance sheet of such Person. 

“Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the
Administrative Agent, L/C Issuer or Swing Line Lender (as 

  
 5 

 
applicable) and the Lenders, as collateral for L/C Obligations, Obligations in respect of Swing Line Loans or obligations of Lenders to fund participations in respect of either thereof (as the
context may require), cash or deposit account balances or, if the L/C Issuer or Swing Line Lender benefiting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance
reasonably satisfactory to (a) the Administrative Agent and (b) the L/C Issuer or the Swing Line Lender (as applicable). “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such
cash collateral and other credit support. 
 “Cash Equivalents” means any of the following types of
Investments, to the extent owned by the Borrower or any of its Subsidiaries free and clear of all Liens (other than Liens created under the Collateral Documents and other Liens permitted hereunder): 

(a) readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or
any agency or instrumentality thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and credit of the United States of America is pledged in support thereof; 

(b) time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that
(i) (A) is a Lender or (B) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the
United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (c) of this definition and
(iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than 365 days from the date of acquisition thereof; 

(c) commercial paper issued by any Person organized under the laws of any state of the United States of America and
maturing no more than 365 days from the time of the acquisition thereof, and having, at the time of acquisition thereof, a rating of A-1 (or the then equivalent grade) or better from S&P or P-1 (or the then equivalent grade) or better from
Moody’s; and 
 (d) Investments, classified in accordance with GAAP as current assets of the Borrower or any
of its Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from either Moody’s or S&P, and the
portfolios of which are limited solely to Investments of the character, quality and maturity described in clauses (a), (b) and (c) of this definition. 
 “Cash Management Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, card services (including services related to credit cards,
including purchasing and commercial cards, prepaid cards, including payroll, stored value and gift cards, merchant services processing and debit cards), electronic funds transfer and other cash management arrangements. 

  
 6 

 “Cash Management Bank” means any Person that, at the time it enters into a
Cash Management Agreement with any Loan Party, is a Lender, the Administrative Agent or an Arranger or an Affiliate of a Lender, the Administrative Agent or an Arranger, in its capacity as a party to such Cash Management Agreement. 

“CERCLA” means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, and any
rules or regulations promulgated thereunder. 
 “Change in Law” means the occurrence, after the date of this
Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any
Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary,
(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank
for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in
Law,” regardless of the date enacted, adopted or issued. 
 “Change of Control” means the occurrence of
any of the following: 
 (a) (1) the sale, lease, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Borrower and its Subsidiaries taken as a whole to any “person” (as such term is used in Section 13(d)(3) of the
Exchange Act), other than a Permitted Holder or (2) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of the Borrower
or its Subsidiaries and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) other than a Permitted Holder becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or
only after the passage of time (such right, an “option right”)), directly or indirectly, of 40% or more of the equity securities of the Borrower entitled to vote for members of the board of directors or equivalent governing body of the
Borrower on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right); 
 (b) after giving effect to any changes to the composition of the board of directors or other equivalent governing body of the Borrower on or immediately after the Closing Date in connection with the
Transactions, during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Borrower cease to be composed of individuals (i) who were members of that board or
equivalent governing body on the first day of such period, (ii) 

  
 7 

 
whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at
least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at
the time of such election or nomination at least a majority of that board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a
member of that board or equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the
election of one or more directors by or on behalf of the board of directors); or 
 (c) a “Change of
Control,” “Change in Control” or similar event shall occur under the Senior Notes or any other Indebtedness of the Borrower or any of its Subsidiaries with an aggregate principal amount in excess of the Threshold Amount (to the extent
that the occurrence of such event permits the holders of Indebtedness thereunder to accelerate the maturity thereof or to resell such other Indebtedness to the Borrower, or requires the Borrower to repay, or offer to repurchase, such Indebtedness
prior to the stated maturity thereof). 
 “Closing Date” means the first date all the conditions precedent
referred to in Section 4.01 are satisfied or waived in accordance with Section 10.01, which date is February 3, 2012. 
 “Code” means the Internal Revenue Code of 1986, as amended (unless otherwise provided herein). 
 “Collateral” means all of the “Collateral” and “Mortgaged Property” referred to in the Collateral Documents and all of the other property provided as collateral
security under the terms of the Collateral Documents. 
 “Collateral Agreement” means the guarantee and
collateral agreement of even date herewith executed and delivered by the Loan Parties and substantially in the form of Exhibit G. 
 “Collateral Documents” means, collectively, the Collateral Agreement, the Mortgages, the Foreign Security Documents, each of the mortgages, collateral assignments, supplements to all of
the foregoing, security agreements, pledge agreements, control agreements or other similar agreements delivered to the Administrative Agent pursuant to Section 6.11, and each of the other agreements, instruments or documents that creates or
purports to create a Lien in favor of the Administrative Agent for the benefit of the Secured Parties. 

“Commitment” means a Term A Commitment, a Revolving Credit Commitment, an Incremental Revolving Commitment or an
Incremental Term Loan Commitment, as the context may require. 
 “Commitment Fee Rate” means (a) from the
Closing Date to the date following the Closing Date on which a Compliance Certificate is delivered pursuant to Section 6.02(a) in respect of the first full fiscal quarter following the Closing Date, 0.50% and (b) thereafter, the

  
 8 

 
applicable percentage per annum set forth below determined by reference to the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative
Agent pursuant to Section 6.02(a): 
  

							
	 Pricing Level
	  	Consolidated
Leverage Ratio	  	Commitment Fee
Rate	 
	 1
	  	> 4.00 to 1.00	  	 	0.50	% 
	 2
	  	£ 4.00 to 1.00	  	 	0.375	% 

 Any increase or decrease in the Commitment Fee Rate resulting from a change in the Consolidated Leverage Ratio shall
become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, however, that if a Compliance Certificate is not delivered when due in accordance
with such Section, then Pricing Level 1 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance Certificate
is delivered (and thereafter the Pricing Level otherwise determined in accordance with this definition shall apply). 

Notwithstanding anything to the contrary contained in this definition, the determination of the Commitment Fee Rate for any period shall
be subject to the provisions of Section 2.10(b). 
 “Committed Loan Notice” means a notice of (a) a
Term A Borrowing, (b) a Revolving Credit Borrowing or (c) an Incremental Borrowing, which shall be substantially in the form of Exhibit A-1. 
 “Compliance Certificate” means a certificate substantially in the form of Exhibit D. 
 “Consolidated Current Assets” means, as at any date of determination, the total assets of a Person and its Subsidiaries on a consolidated basis that may properly be classified as current
assets in conformity with GAAP, excluding cash and Cash Equivalents. 
 “Consolidated Current Liabilities”
means, as at any date of determination, the total liabilities of a Person and its Subsidiaries on a consolidated basis that may properly be classified as current liabilities in conformity with GAAP, excluding the current portion of long term debt.

 “Consolidated EBITDA” means, at any date of determination, an amount equal to Consolidated Net Income of the
Borrower and its Subsidiaries on a consolidated basis for the most recently completed Measurement Period, plus the following, without duplication, to the extent deducted in calculating such Consolidated Net Income: (a) Consolidated
Interest Charges, (b) the provision for Federal, state, local and foreign income and franchise taxes payable (calculated net of Federal, state, local and foreign income tax credits) and other taxes, interest and penalties included under GAAP in
income tax expense (provided that such amounts in respect of any Subsidiary shall be included in this clause (b) only to the extent that a corresponding amount would be permitted at the date of determination to be dividended to the Borrower by
such Subsidiary without prior approval (that has not been obtained), pursuant to the terms of its Organization Documents and all agreements, instruments, judgments, decrees, 

  
 9 

 
orders, statutes, rules and governmental regulations applicable to such Subsidiary or its stockholders), (c) depreciation and amortization expenses (including amortization of goodwill and
other intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period), (d) other non-recurring expenses, write-offs, write-downs or impairment charges which do not represent a cash item in such period (or in
any future period) (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period and any non-cash
charge, expense or loss relating to write-offs, write-downs or reserves with respect to accounts receivable or inventory), (e) non-cash charges or expenses related to stock-based compensation, (f) cash or non-cash charges constituting
Transaction Costs or incurred by the Borrower and its Subsidiaries by the end of the Fiscal Year ending September 2013 in connection with severance, restructuring, retention and integration costs relating to the Spin-Off with respect to the
personnel, assets and operations of the Borrower and its Subsidiaries in an amount not to exceed $50,000,000 in the aggregate pursuant to this clause (f), (g) unrealized losses relating to hedging transactions and mark-to-market of Indebtedness
denominated in foreign currencies resulting from the application of FASB ASC 830 or any similar accounting standard, (h) one-time deal advisory, financing, legal, accounting, and consulting cash expenses incurred by the Borrower and its
Subsidiaries in connection with Permitted Acquisitions not constituting the consideration for the Permitted Acquisition and (i) non-cash losses and expenses resulting from fair value accounting (as permitted by Accounting Standard Codification
Topic No. 825-10-25 – Fair Value Option or any similar accounting standard), and minus, without duplication, (i) any amount included in Consolidated EBITDA for such Measurement Period in respect of cancellation of debt income
arising as a result of the repurchase of Term Loans by the Borrower pursuant to Section 10.06(b)(vii) and (ii) non-cash gains included in Consolidated Net Income for such Measurement Period (excluding any such non-cash gain to the extent
it represents the reversal of an accrual or a reserve for a potential cash gain in any prior period). 
 Solely for the purpose
of the computations of the Consolidated Leverage Ratio, Senior Secured Leverage Ratio and the Consolidated Interest Coverage Ratio, if there has occurred a Permitted Acquisition or Disposition of assets during the relevant period, Consolidated
EBITDA shall be calculated on a Pro Forma Basis (as defined below) pursuant to this definition. For purposes of this definition, “Pro Forma Basis” means, with respect to the preparation of pro forma financial statements for the
purpose of the adjustment to Consolidated EBITDA (1) relating to any Permitted Acquisition, on the basis that (A) any Indebtedness incurred or assumed in connection with such acquisition was incurred or assumed on the first day of the
applicable period, (B) if such Indebtedness bears a floating interest rate, such interest shall be paid over the pro forma period either at the rate in effect on the date of such acquisition or the applicable rate experienced over the period
(to the extent known), and (C) all income and expense associated with the assets or entity acquired in connection with such Permitted Acquisition for the most recently ended four fiscal quarter period for which such income and expense amounts
are available shall be treated as being earned or incurred by the Borrower and its Subsidiaries on a pro forma basis for the portion of the applicable period occurring prior to the date such acquisition or consolidation has occurred after giving
effect to cost savings, operating expenses, reductions, other operating improvements and acquisition synergies that are reasonably identifiable and factually supportable, projected by the Borrower in good faith to be realized during such period
(calculated on a pro forma basis as though such items had been realized on 

  
 10 

 
the first day of such period) as a result of actions taken by the Borrower or any Subsidiary in connection with such Permitted Acquisition and net of the amount of actual benefits realized during
such period from such actions that are otherwise included in the calculation of Consolidated EBITDA; provided that (i) the aggregate amount of cost savings additions made pursuant to this clause (C) in any four consecutive fiscal
quarter period shall not exceed 15% of Consolidated EBITDA for such period prior to giving effect to this clause (C) and (ii) at the time any such calculation pursuant to this clause (C) is made, the Borrower shall deliver to the
Administrative Agent a certificate signed by a Responsible Officer (which may be the Compliance Certificate) setting forth reasonably detailed calculations in respect of the matters referred to in this clause (C) as well as the relevant factual
support in respect thereof) and (2) relating to any Disposition of assets, a pro forma adjustment of Consolidated EBITDA, to include, as of the first day of any applicable period, such Dispositions, including, without limitation, adjustments
reflecting any non-recurring costs and any extraordinary expenses of any such permitted asset dispositions consummated during such period calculated on a basis consistent with GAAP and SEC Regulation S-X of the Securities Exchange Act of 1934, as
amended. 
 “Consolidated Excess Cash Flow” means, for any period, an amount (if positive) equal to:
(a) the sum, without duplication, of the amounts for such period of (i) Consolidated Net Income, plus, (ii) to the extent reducing Consolidated Net Income, the sum, without duplication, of amounts for non-cash charges reducing
Consolidated Net Income, including for depreciation and amortization (excluding any such non-cash charge to the extent that it represents an accrual or reserve for a potential cash charge in any future period or amortization of a prepaid cash charge
that was paid in a prior period), plus (iii) the Consolidated Working Capital Adjustment, minus (b) the sum, without duplication, of (i) the amounts for such period paid in cash by the Borrower and its Subsidiaries from
operating cash flow (and not already reducing Consolidated Net Income) of (1) scheduled repayments (but not optional or mandatory prepayments) of Indebtedness for borrowed money of the Borrower and its Subsidiaries (excluding scheduled
repayments of Revolving Credit Loans or Swing Line Loans (or other loans which by their terms may be re-borrowed if prepaid) except to the extent the Revolving Credit Commitments (or commitments in respect of such other revolving loans) are
permanently reduced in connection with such repayments) and scheduled repayments of obligations of the Borrower and its Subsidiaries under Capital Leases (excluding any interest expense portion thereof), (2) Capital Expenditures permitted to be
made hereunder by the Borrower and its Subsidiaries pursuant to Section 7.16(1), (3) payments of the type described in clause (f) of the definition of Consolidated EBITDA, (4) repurchases of Term Loans by the Borrower pursuant to
Section 10.06(b)(vii) and (5) consideration in respect of Permitted Acquisitions plus (ii) other non-cash gains increasing Consolidated Net Income for such period (excluding any such non-cash gain to the extent it represents
the reversal of an accrual or reserve for a potential cash gain in any prior period). 
 “Consolidated Funded
Indebtedness” means, as of any date of determination, for the Borrower and its Subsidiaries on a consolidated basis, (x) the sum of (a) the outstanding principal amount of all obligations, whether current or long-term, for
borrowed money (including the Obligations hereunder and any Indebtedness in respect of Receivables Program Obligations) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all purchase
money Indebtedness, (c) all direct non-contingent obligations arising in connection with letters of credit (including standby and commercial), bankers’ 

  
 11 

 
acceptances, bank guaranties, surety bonds and similar instruments, (d) all obligations in respect of the deferred purchase price of property or services (other than (i) trade accounts
payable in the ordinary course of business and (ii) contingent earn-outs, hold-backs and other deferred payment of consideration in Permitted Acquisitions to the extent not fixed and payable), (e) Attributable Indebtedness in respect of
Capital Leases and Synthetic Lease Obligations, (f) without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through (e) above of Persons other than the Borrower or any
Subsidiary, and (g) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which the
Borrower or a Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to the Borrower or such Subsidiary, minus (y) to the extent included in clause (x), the Ralcorp Obligations (it
being understood that any Indebtedness incurred by the Borrower or any of its Subsidiaries that constitutes Consolidated Funded Indebtedness pursuant to clause (x) hereof shall not be subtracted from Consolidated Funded Indebtedness pursuant to
this clause (y) even if such Indebtedness or the proceeds thereof are used to support, pay or otherwise satisfy all or any portion of the Ralcorp Obligations). 
 “Consolidated Interest Charges” means, for any Measurement Period, consolidated interest expense (net of interest income) for such period whether paid or accrued and whether or not
capitalized (including, without limitation, amortization of original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Leases,
imputed interest with respect to Attributable Indebtedness, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, discounts, yield and other fees and charges (including any
interest expense) related to any Qualified Receivables Transaction and net payments, if any, pursuant to interest rate Swap Contracts, but excluding amortization of debt issuance costs), in each case, of or by the Borrower and its Subsidiaries on a
consolidated basis for the most recently completed Measurement Period. 
 “Consolidated Interest Coverage
Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA for the most recently completed Measurement Period to (b) Consolidated Interest Charges for such Measurement Period. 

“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded
Indebtedness (net of up to $50,000,000 of unrestricted cash of the Borrower and its Subsidiaries, provided that such cash is in a deposit account pledged to the Administrative Agent for the benefit of the Secured Parties on a perfected
first-priority basis pursuant to the Collateral Agreement and subject to a control agreement) as of such date to (b) Consolidated EBITDA for the most recently completed Measurement Period. 

“Consolidated Net Income” means, at any date of determination, the net income (or loss) of the Borrower and its
Subsidiaries on a consolidated basis for the most recently completed Measurement Period taken as a single accounting period determined in conformity with GAAP; provided that Consolidated Net Income shall exclude, without duplication,
(a) extraordinary gains and extraordinary non-cash losses for such Measurement Period, (b) the net income of any Subsidiary (other than a Receivables Subsidiary) during such Measurement Period

  
 12 

 
to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary of such income is not permitted by operation of the terms of its Organization Documents or
any agreement, instrument or Law applicable to such Subsidiary during such Measurement Period, except that the Borrower’s equity in any net loss of any such Subsidiary for such Measurement Period shall be included in determining Consolidated
Net Income, (c) any income (or loss) for such Measurement Period of any Person if such Person is not a Subsidiary or is a Receivables Subsidiary, except that (x) the Borrower’s equity in the net income of any such Person for such
Measurement Period shall be included in Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such Measurement Period to the Borrower or a Subsidiary as a dividend or other distribution (and in the
case of a dividend or other distribution to a Subsidiary, such Subsidiary is not precluded from further distributing such amount to the Borrower as described in clause (b) of this proviso) and (y) any such loss for such Measurement Period
shall be included to the extent funded with cash contributed by the Borrower or a Subsidiary and (d) any cancellation of debt income arising from a repurchase of Term Loans by the Borrower pursuant to Section 10.06(b)(vii). 

“Consolidated Senior Secured Debt” means, as of any date of determination, (x) the aggregate principal amount of
Consolidated Funded Indebtedness outstanding on such date that is secured by a Lien on any asset or property of any the Borrower or any Subsidiary (including, for the avoidance of doubt, purchase money Indebtedness and Attributable Indebtedness in
respect of Capital Leases), minus (y) to the extent included in clause (x), the Ralcorp Obligations (it being understood that any Indebtedness incurred by the Borrower or any of its Subsidiaries that constitutes Consolidated Senior
Secured Debt pursuant to clause (x) hereof shall not be subtracted from Consolidated Senior Secured Debt pursuant to this clause (y) even if such Indebtedness or the proceeds thereof are used to support, pay or otherwise satisfy all or any
portion of the Ralcorp Obligations). 
 “Consolidated Total Assets” means, as to any Person on any date of
determination, the total assets of such Person and its Subsidiaries, determined in accordance with GAAP as shown on the most recent balance sheet of the Borrower delivered pursuant to Section 6.01(a) or (b) on or prior to such date or, for
the period prior to the time any such statements are so delivered pursuant to Section 6.01(a) or (b), the Pro Forma Financial Statements, in each case after giving pro forma effect to acquisitions or dispositions of Persons, divisions or lines
of business that had occurred on or after such balance sheet date and on or prior to such date of determination. 

“Consolidated Working Capital” means, as at any date of determination, Consolidated Current Assets of the Borrower and
its Subsidiaries less Consolidated Current Liabilities of the Borrower and its Subsidiaries. 
 “Consolidated Working
Capital Adjustment” means, for any period on a consolidated basis, the amount (which may be a negative number) by which Consolidated Working Capital as of the beginning of such period exceeds (or is less than) Consolidated Working Capital
as of the end of such period. In calculating the Consolidated Working Capital Adjustment there shall be excluded the effect of reclassification during such period of current assets to long term assets and current liabilities to long term liabilities
and the effect of any Permitted Acquisition during such period; provided, that there shall be included with respect to any Permitted Acquisition during such period an amount (which may be a negative number) by which the Consolidated Working

  
 13 

 
Capital of the Person acquired in such Permitted Acquisition as at the time of such acquisition exceeds (or is less than) the Consolidated Working Capital of the Person acquired at the end of
such period (in each case, substituting the Person acquired for the Borrower and its Subsidiaries in the calculation of such acquired Consolidated Working Capital). 
 “Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party
or by which it or any of its property is bound. 
 “Control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative
thereto. 
 “Conversion/Continuation Notice” means a notice of (a) a conversion of Term Loans or Revolving
Credit Loans from one Type to the other or (b) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit A-2. 

“Cost Estimate” has the meaning specified in Section 6.13. 

“Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit Extension. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting
the rights of creditors generally. 
 “Default” means any event or condition that constitutes an Event of
Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 
 “Default
Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (x) with respect to principal, interest or other fees attributable to a Facility, (i) the Base Rate plus
(ii) the Applicable Rate applicable to Base Rate Loans under such Facility plus (iii) 2% per annum; provided, however, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the
interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum and (y) with respect to all other Obligations, (i) the Base Rate in respect of the Term A Facility plus (ii) the
Applicable Rate applicable to Base Rate Loans under the Term A Facility plus (iii) 2% per annum, in each case to the fullest extent permitted by applicable Laws, and (b) when used with respect to Letter of Credit Fees, a rate
equal to the Applicable Rate plus 2% per annum. 
 “Defaulting Lender” means, subject to
Section 2.16(b), any Lender that, as determined by the Administrative Agent, (a) has failed to perform any of its funding obligations hereunder, including in respect of its Loans or participations in respect of Letters of Credit or Swing
Line Loans, within three Business Days of the date required to be funded by it hereunder, unless, with respect to funding obligations in respect of Loans, such Lender notifies the Administrative Agent

  
 14 

 
and the Borrower in writing that such failure is the result of such Lender’s good faith determination that one or more conditions precedent to funding (each of which conditions precedent,
together with any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) has notified the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations or has made
a public statement to that effect with respect to its funding obligations hereunder (unless such notice or public statement relates to such Lenders’ obligation to fund a Loan hereunder and states that such position is based on such
Lender’s good faith determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has
failed, within three Business Days after request by the Administrative Agent made in good faith belief that such Lender may not honor its funding obligations, to confirm in a manner reasonably satisfactory to the Administrative Agent that it will
comply with its funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent) or (d) has, or has a direct
or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a
Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority. 

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any
sale and leaseback transaction) of any property by any Person, including (x) any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith and
(y) any issuance of Equity Interests by any Subsidiary of such Person. For the avoidance of doubt, any issuance of Equity Interests by the Borrower shall not be a Disposition. 

“Distribution Date” means the date on which shares of common stock of the Borrower were distributed to the shareholders
of Ralcorp pursuant to the Spin-Off. 
 “Documentation Agents” means Credit Suisse AG, Cayman Islands Branch
and JPMorgan Chase Bank, N.A. in their capacity as co-documentation agents. 
 “Dollar” and
“$” mean lawful money of the United States. 
 “Dollar Equivalent” means, at any time,
(a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent at such time
on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency. 
 “Domestic Subsidiary” means any Subsidiary other than a Subsidiary that is a “controlled foreign corporation” under Section 957 of the Code. 

  
 15 

 “ECF Percentage” means, for any given Fiscal Year, 50%; provided
that if, as of the last day of such Fiscal Year, the Senior Secured Leverage Ratio is (x) less than 3.00:1.00 but greater than or equal to 2.00:1.00, the ECF Percentage shall be 25% or (y) less than 2.00:1.00, the ECF Percentage shall
be shall be 0%. 
 “Eligible Assignee” means any Person that meets the requirements to be an assignee under
Sections 10.06(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 10.06(b)(iii)). 
 “Environmental Claim” means any written notice, claim, demand, action, litigation, toxic tort, proceeding, demand, request for information, complaint, citation, summons, investigation,
notice of non-compliance or violation, cause of action, consent order, consent decree, investigation, or other proceeding by any Governmental Authority or any other Person, arising out of, based on or pursuant to any Environmental Law or related in
any way to any actual, alleged or threatened Environmental Liability. 
 “Environmental Laws” means any and all
Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, agreements or governmental restrictions relating to human health and safety, pollution, the protection of the environment or the release
of any materials into the environment, including those related to hazardous materials, substances or wastes and air and water emissions and discharges. 
 “Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities),
obligation, responsibility or cost directly or indirectly resulting from or based upon (a) any violation of, or liability under, any Environmental Law, (b) the generation, use, handling, transportation, storage, distribution, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment, (e) natural resource damage or (f) any contract, agreement or
other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Environmental Permit” means any permit, approval, identification number, license or other authorization issued pursuant
to or required under any Environmental Law. 
 “Equity Interests” means, with respect to any Person, all of the
shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests
in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such
shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or
other interests are outstanding on any date of determination. 
 “ERISA” means the Employee Retirement Income
Security Act of 1974. 

  
 16 

 “ERISA Affiliate” means any trade or business (whether or not incorporated)
under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“ERISA Event” means (a) a material Reportable Event with respect to a Pension Plan; (b) the withdrawal of the
Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is
treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the
filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA, or (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event
or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that the adjusted funding target attainment percentage (as
defined in Section 436(j)(2) of the Code) of any Pension Plan is both less than 80% and such Pension Plan is more than $5,000,000 underfunded on an adjusted funding target attainment percentage basis; or (h) the imposition of any liability
under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate. 
 “Eurodollar Rate” means for any Interest Rate Determination Date with respect to an Interest Period for a Eurodollar Rate Loan, the rate per annum obtained by dividing (and rounding
upward, if necessary, to the next whole multiple of 1/100 of 1.00%) (i) (x) the rate per annum equal to the rate determined by the Administrative Agent to be the offered rate which appears on the page of the Reuters Screen which displays
an average British Bankers Association Interest Settlement Rate (such page currently being LIBOR01 page) for deposits (for delivery on the first day of such period) with a term equivalent to such period in Dollars, determined as of approximately
11:00 a.m. (London, England time) on such Interest Rate Determination Date, or (y) in the event the rate referenced in the preceding clause (x) does not appear on such page or service or if such page or service shall cease to be available,
the rate per annum equal to the rate determined by the Administrative Agent to be the offered rate on such other page or other service which displays an average British Bankers Association Interest Settlement Rate for deposits (for delivery on the
first day of such period) with a term equivalent to such period in Dollars, determined as of approximately 11:00 a.m. (London, England time) on such Interest Rate Determination Date, or (z) in the event the rates referenced in the preceding
clauses (x) and (y) are not available, the rate per annum equal to the offered quotation rate to first class banks in the London interbank market by the Administrative Agent for deposits (for delivery on the first day of the relevant
period) in Dollars of amounts in same day funds comparable to the principal amount of the applicable Loan of the Administrative Agent for which the Eurodollar Rate is then being determined with maturities comparable to such period as of
approximately 11:00 a.m. (London, England time) on such Interest Rate Determination Date, by (ii) an amount equal to (x) one minus (y) the Applicable Reserve Requirement; provided, however, notwithstanding the foregoing, at no
time will the Eurodollar Rate be deemed to be less than zero percent per annum. 

  
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 “Eurodollar Rate Loan” means a Revolving Credit Loan or a Term Loan that
bears interest at a rate based on the definition of “Eurodollar Rate.” 
 “Event of Default” has the
meaning specified in Section 8.01. 
 “Evidence of Flood Insurance” has the meaning specified in
Section 4.01(a)(ii)(C)(8). 
 “Excess Cash Flow Amount” has the meaning specified in
Section 2.05(b)(ii). 
 “Excluded Subsidiary” means any (a) Foreign Subsidiary in respect of which
either (i) the pledge of greater than 65.0% of the voting Equity Interests of such Subsidiary as Collateral or (ii) the guaranteeing by such Subsidiary of the Obligations would be likely to, in the good faith judgment of the Borrower,
result in adverse tax consequences to the Borrower and its Subsidiaries, taken as a whole, as a result of Section 956 of the Code, (b) direct or indirect Subsidiary of a Foreign Subsidiary described in the immediately preceding clause (a),
or (c) Receivables Subsidiary. 
 “Excluded Taxes” means, with respect to the Administrative Agent, any
Lender or the L/C Issuer, (a) Taxes imposed on or measured by overall net income (however denominated), franchise Taxes (in lieu of net income Taxes), and branch profits Taxes in each case, (i) imposed by the jurisdiction (or any political
subdivision thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located, or (ii) that are Other Connection Taxes,
(b) any backup withholding tax that is required by the Code to be withheld from amounts payable to a Lender that has failed to comply with clause (A) of Section 3.01(e)(ii), (c) in the case of a Foreign Lender (other than an
assignee pursuant to a request by the Borrower under Section 10.13), any United States federal withholding Tax that (i) is required to be imposed on amounts payable to such Foreign Lender pursuant to the Laws in force at the time such
Foreign Lender becomes a party hereto (or designates a new Lending Office) or (ii) is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with clause (B) of
Section 3.01(e)(ii), except that in the case of a Foreign Lender that designates a new Lending Office or becomes a Party to this Agreement pursuant to an assignment, withholding Taxes shall not be Excluded Taxes to the extent that such Taxes
were not Excluded Taxes with respect to such Foreign Lender or its assignor, as the case may be, immediately before such designation of a new Lending Office or assignment; and (d) any U.S. federal withholding Taxes imposed under FATCA.

 “Extraordinary Receipt” means any cash received by or paid to any Person as a result of proceeds of
insurance (other than proceeds of business interruption insurance to the extent such proceeds constitute compensation for lost earnings) and condemnation awards (and payments in lieu thereof); provided, however, that an Extraordinary Receipt
shall not include cash receipts from proceeds of insurance or condemnation awards (or payments in lieu thereof) to the extent that such proceeds or awards are received by any Person in respect of any third party claim against, or liability of, such
Person and applied to pay (or to reimburse such Person for its prior payment of) such claim or liability and the costs and expenses of such Person with respect thereto. 

  
 18 

 “Facility” means the Term A Facility, the Revolving Credit Facility or an
Incremental Facility, as the context may require. 
 “Facility Cap” has the meaning specified in
Section 2.05(b)(i)(B). 
 “Farm Credit Lender” means a lending institution organized and existing pursuant
to the provisions of the Farm Credit Act of 1971 and under the regulation of the Farm Credit Administration. 
 “FASB
ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof. 
 “Federal Funds Effective Rate” means, for any day, the rate per annum (expressed as a decimal rounded upwards, if necessary, to the next higher 1/100 of 1.00%) equal to the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day;
provided that (a) if such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and
(b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Effective Rate for such day shall be the average rate charged to the Administrative Agent on such day on such transactions as determined by the
Administrative Agent. 
 “Fiscal Year” means the fiscal year of the Borrower and its Subsidiaries ending on
September 30 of each calendar year. 
 “Flood Determination Form” has the meaning specified in
Section 4.01(a)(ii)(C)(8). 
 “Flood Documents” has the meaning specified in
Section 4.01(a)(ii)(C)(8). 
 “Flood Laws” means the National Flood Insurance Reform Act of 1994 and
related legislation (including the regulations of the Board of Governors of the Federal Reserve System). 
 “Foreign
Security Documents” means the collective reference to the security agreements, debentures, pledge agreements, charges, and other similar documents and agreements pursuant to which any Loan Party purports to pledge or grant a security
interest in any property or assets located outside the United States securing the Obligations. 
 “Foreign
Lender” means a Lender that is not a U.S. Person. 
 “Foreign Subsidiary” means any Subsidiary that is
not a Domestic Subsidiary. 

  
 19 

 “FRB” means the Board of Governors of the Federal Reserve System of the
United States. 
 “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to
the L/C Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash
Collateralized in accordance with the terms hereof and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof. 

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time.

 “Governmental Authority” means the government of the United States or any other nation, or of any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including the National Association of Insurance Commissioners and any supra-national bodies such as the European Union or the European Central Bank). 
 “Guarantee” means, as to any Person, any (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or
other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or
supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the
payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable
the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to
protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is
assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term “Guarantee” shall not include endorsements for collection or deposit, in either case
in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such
obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of 

  
 20 

 
the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof
as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 
 “Guarantors” means, collectively, each existing and future direct or indirect Subsidiary of the Borrower (other than any Excluded Subsidiary). 

“Hazardous Materials” means all explosive or radioactive substances or wastes, contaminants, pollutants or any other
hazardous or toxic substances, wastes or materials regulated under or defined in any Environmental Law, including petroleum, its derivatives or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas,
and infectious or medical wastes. 
 “Hedge Bank” means any Person that, at the time it enters into a Swap
Contract permitted hereunder, is a Lender, the Administrative Agent or an Arranger or an Affiliate of a Lender, the Administrative Agent or an Arranger in its capacity as a party to such Swap Contract. 

“Increased Amount Date” has the meaning specified in Section 2.14. 

“Incremental Borrowing” means a borrowing of Incremental Revolving Loans or Incremental Term Loans, as the context
requires. 
 “Incremental Capacity” has the meaning specified in Section 2.14(a). 

“Incremental Facility” means, at any time, as the context may require, the aggregate amount of the Incremental Revolving
Loan Lenders’ Incremental Revolving Commitments and/or the Incremental Term Loan Lenders’ Incremental Term Loan Commitments at such time and, in each case, but without duplication, the Credit Extensions made thereunder. 

“Incremental Revolving Commitments” has the meaning specified in Section 2.14. 

“Incremental Revolving Loan Lender” has the meaning specified in Section 2.14. 

“Incremental Revolving Loans” has the meaning specified in Section 2.14. 

“Incremental Term Loan Commitments” has the meaning specified in Section 2.14. 

“Incremental Term Loan Lender” has the meaning specified in Section 2.14. 

“Incremental Term Loan Maturity Date” means the date on which Incremental Term Loans of a Series shall become due and
payable in full hereunder, as specified in the applicable Joinder Agreement, including by acceleration or otherwise. 

“Incremental Term Loans” has the meaning specified in Section 2.14. 

  
 21 

 “Indebtedness” means, as to any Person at a particular time, without
duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP: 
 (a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 

(b) the maximum amount of all direct or contingent obligations of such Person arising under letters of credit (including
standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 
 (c)
net obligations of such Person under any Swap Contract; 
 (d) all obligations of such Person to pay the deferred
purchase price of property or services (other than (i) trade accounts payable in the ordinary course of business and not past due for more than 60 days after the date on which such trade account is payable (unless being contested in good faith
and by appropriate proceedings) and (ii) earn-outs, hold-backs and other deferred payment of consideration in Permitted Acquisitions to the extent not required to be reflected as liabilities on the balance sheet of the Borrower and its
Subsidiaries in accordance with GAAP); 
 (e) indebtedness (excluding prepaid interest thereon) secured by a Lien
on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;

 (f) Capital Leases and Synthetic Lease Obligations; 

(g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any
Equity Interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and 

(h) all Guarantees of such Person in respect of any of the foregoing. 

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a
joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under
any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any Capital Lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in
respect thereof as of such date. 
 “Indemnified Liabilities” has the meaning specified in
Section 10.04(b). 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or
with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

  
 22 

 “Indemnitee” has the meaning specified in Section 10.04(b).

 “Information” has the meaning specified in Section 10.07. 

“Initial Financial Projections” means the consolidated forecasted balance sheet and statements of income and cash flows
of the Borrower and its Subsidiaries in the most recent form provided to the Administrative Agent by the Borrower prior to the date hereof. 
 “Installment Payment Date” has the meaning specified in Section 2.07(a). 
 “Intangible Assets” means assets that are considered to be intangible assets under GAAP, including customer lists, goodwill, computer software, copyrights, trade names, trademarks,
service marks, trade dress, logos, domain names, patents, trade secrets, know-how, franchises, licenses, unamortized deferred charges, unamortized debt discount and capitalized research and development costs. 

“Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable
to such Loan and the Maturity Date of the Facility under which such Loan was made; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the
beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan or Swing Line Loan, the last Business Day of each December, March, June and September and the Maturity Date of the Facility under which
such Loan was made. 
 “Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the
date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months (or, if available to all Lenders, nine or 12 months) thereafter, as selected by the Borrower in
its Committed Loan Notice or Conversion/Continuation Notice, as applicable; provided that: 
 (a) any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next
preceding Business Day; 
 (b) any Interest Period that begins on the last Business Day of a calendar month (or
on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(c) no Interest Period shall extend beyond the Maturity Date of the Facility under which such Loan was made. 

“Interest Rate Determination Date” means, with respect to any Interest Period, the date that is two (2) Business
Days prior to the first day of such Interest Period. 
 “Investment” means, as to any Person, any direct or
indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests of 

  
 23 

 
another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or interest in, another Person, or
(c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit. For purposes of covenant compliance, the amount of any Investment shall be the amount actually
invested, without adjustment for subsequent increases or decreases in the value of such Investment. 
 “IP
Rights” has the meaning specified in Section 5.18. 
 “IRS” means the United States Internal
Revenue Service. 
 “ISP” means, with respect to any Letter of Credit, the “International Standby
Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application and any other document,
agreement or instrument entered into by the L/C Issuer and the Borrower (or any Subsidiary) or in favor of the L/C Issuer relating to such Letter of Credit. 
 “Joinder Agreement” means an agreement substantially in the form of Exhibit F. 
 “Junior Indebtedness” has the meaning specified in Section 7.14. 
 “L/C Advance” means, with respect to each Revolving Credit Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Revolving Credit
Percentage. 
 “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit
which has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing. 
 “L/C Credit
Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof. 
 “L/C Issuer” means with respect to Letters of Credit issued hereunder on or after the Closing Date, (i) Barclays Bank PLC, (ii) any other Revolving Credit Lender that may become
an L/C Issuer pursuant to Section 2.03(k), (iii) any successor issuer of Letters of Credit hereunder or (iv) collectively, all of the foregoing, in each case, in their respective capacities as an issuer thereof. 

“L/C Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all
outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be
determined in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of
the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

  
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 “Laws” means, collectively, all international, foreign, Federal, state and
local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement,
interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of
law. 
 “Lender” has the meaning specified in the introductory paragraph hereto and, as the context requires,
includes the Swing Line Lender. 
 “Lending Office” means, as to any Lender, the office or offices of such
Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent. 

“Letter of Credit” means any standby letter of credit issued hereunder. 

“Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in
the form from time to time in use by the L/C Issuer. 
 “Letter of Credit Expiration Date” means the day that
is seven days prior to the Maturity Date then in effect for the Revolving Credit Facility (or, if such day is not a Business Day, the next preceding Business Day). 
 “Letter of Credit Fee” has the meaning specified in Section 2.03(h). 
 “Letter of Credit Sublimit” means an amount equal to $40,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Credit Facility. 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement,
right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). 
 “Loan” means an extension of credit by a Lender to the Borrower under Article 2 in the form of a Term A Loan, a Revolving Credit Loan, a Swing Line Loan, an Incremental Revolving Loan or
an Incremental Term Loan. 
 “Loan Documents” means this Agreement, each Note, each Issuer Document, the
Collateral Documents and each agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.15 of this Agreement. 
 “Loan Parties” means, collectively, the Borrower and each Guarantor. 
 “Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the results of operations, business, properties, liabilities (actual or
contingent) or 

  
 25 

 
financial condition of the Borrower and its Subsidiaries taken as a whole; (b) a material impairment of the rights and remedies of the Administrative Agent or any Lender under any Loan
Document; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party. 

“Maturity Date” means with respect to each of the Term A Facility and the Revolving Credit Facility, February 3,
2017 and, with respect to any Incremental Term Loans, each Incremental Term Loan Maturity Date applicable thereto; provided, however, that, in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding
Business Day. 
 “Maximum Consolidated Leverage Ratio” has the meaning specified in Section 7.11(a).

 “Measurement Period” means, at any date of determination, the most recently completed four fiscal quarters
of the Borrower or, if fewer than four consecutive fiscal quarters of the Borrower have been completed since the Closing Date, the fiscal quarters of the Borrower that have been completed since the Closing Date; provided that: (a) for
purposes of determining an amount of any item included in the calculation of a financial ratio or financial covenant (other than Consolidated EBITDA) for the fiscal quarter ended March 31, 2012, such amount for the Measurement Period then ended
shall equal such item for such fiscal quarter multiplied by four; (b) for purposes determining an amount of any item included in the calculation of a financial ratio or financial covenant (other than Consolidated EBITDA) for the fiscal
quarter ended June 30, 2012, such amount for the Measurement Period then ended shall equal such item for the two fiscal quarters then ended multiplied by two; and (c) for purposes of determining an amount of any item included in the
calculation of a financial ratio or financial covenant (other than Consolidated EBITDA) for the fiscal quarter ended September 30, 2012, such amount for the Measurement Period then ended shall equal such item for the three fiscal quarters then
ended multiplied by 4/3. Consolidated EBITDA for periods ending prior to the Closing Date shall be calculated in accordance with the definition thereof. 
 “Minimum Interest Coverage Ratio” has the meaning specified in Section 7.11(b). 
 “Minor Acquisition” means any investment by the Borrower or any Guarantor in the form of acquisitions of all or substantially all of the business or a line of business (whether by the
acquisition of capital stock, assets or any combination thereof) of any other Person; provided that the total cash and non-cash consideration for such acquisition shall not exceed the greater of $25,000,000 or 1.00% of Consolidated Total
Assets. 
 “MNPI” has the meaning specified in Section 6.02. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 

“Mortgage Policy” has the meaning specified in Section 4.01(a)(ii)(C)(2). 

“Mortgaged Property” means real property which becomes subject to a Mortgage pursuant to Section 4.01 or
Section 6.11. 
 “Mortgages” has the meaning specified in Section 4.01(a)(ii)(C). 

  
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 “Multiemployer Plan” means any employee benefit plan of the type described
in Section 4001(a)(3) of ERISA to which the Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years has made or been obligated to make contributions. 

“Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including the Borrower or any ERISA
Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 

“Net Cash Proceeds” means with respect to any Disposition by the Borrower or any of its Subsidiaries, or any
Extraordinary Receipt received by or paid to or for the account of the Borrower or any of its Subsidiaries, the excess, if any, of (i) the sum of cash and Cash Equivalents received in connection with such transaction (including any cash or Cash
Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) over (ii) the sum of (A) the principal amount of any Indebtedness that is secured by the
applicable asset and that is required to be repaid in connection with such transaction (other than Indebtedness under the Loan Documents), (B) the out-of-pocket expenses incurred (or reasonably expected to be incurred) by the Borrower or such
Subsidiary in connection with such transaction, (C) taxes reasonably estimated to be actually payable within two years of the date of the relevant transaction, including any taxes payable as a result of any gain recognized in connection
therewith (the “cash proceeds”); provided that, if the amount of any estimated taxes pursuant to subclause (C) exceeds the amount of taxes actually required to be paid in cash in respect of such Disposition, the
aggregate amount of such excess shall be a reduction of the Taxes previously taken into account under subclause (C) for purposes of redetermining Net Cash Proceeds and (D) any reserve for adjustment in respect of the sale price of such
asset or assets established in accordance with GAAP; provided, further, that if (other than in connection with a Disposition pursuant to Section 7.05(l)) (x) a Responsible Officer of the Borrower shall deliver a certificate to the
Administrative Agent prior to the date on which a prepayment of the cash proceeds is required to be made with respect to any Disposition or Extraordinary Receipt hereunder setting forth that the Borrower intends to reinvest such cash proceeds in
assets useful in the business of the Borrower and its Subsidiaries within 360 days of receipt of such cash proceeds (provided that if, prior to the expiration of such 360 day period, the Borrower, directly or through a Subsidiary, shall have
entered into a binding agreement providing for such investment on or prior to the date that is 180 days after the expiration of such 360 day period, such 360 day period shall be extended to the date provided for such investment in such binding
agreement) and (y) at the time of delivery of such certificate and at the time of the proposed reinvestment of such cash proceeds no Default shall have occurred and be continuing, such cash proceeds shall not constitute Net Cash Proceeds except
to the extent not so reinvested by the end of such 360-day period (or such additional period, if applicable, provided for in the proviso to clause (x) above). 
 “Net Equity Proceeds” means, as at any date of determination, without duplication, an amount equal to any cash proceeds from a capital contribution to, or any cash proceeds from the
issuance by the Borrower of any common Equity Interests of the Borrower (other than pursuant to any employee stock or stock option compensation plan or pursuant to any issuance permitted by Section 7.02(k) or 7.06(c)), net of attorneys’
fees, accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and 

  
 27 

 
other fees and charges actually incurred in connection with such issuance or sale and net of taxes paid or payable as a result of such issuance or sale (after taking into account any available
tax credit or deductions and any tax sharing arrangements), minus any portion of such amount used by the Borrower and its Subsidiaries on or prior to such date of determination to make (1) Investments pursuant to
Section 7.02(c)(iv)(C)(3), (2) Investments pursuant to Section 7.02(o)(3), (3) Restricted Payments pursuant to Section 7.06(e)(3), (4) payments of Junior Indebtedness pursuant to Section 7.14(c)(3) or
(5) Capital Expenditures pursuant to Section 7.16(z)(3). 
 “NFIP” has the meaning specified in
Section 4.01(a)(ii)(C)(8). 
 “Note” means a Term A Note or a Revolving Credit Note, as the context may
require. 
 “Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of,
any Loan Party arising under any Loan Document or otherwise with respect to any Loan, Letter of Credit, Secured Cash Management Agreement or Secured Hedge Agreement, in each case, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws
naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 
 “OFAC” has the meaning specified in Section 5.22. 

“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation
and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement;
and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with
respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of
such entity. 
 “Other Connection Taxes” means, with respect to the Administrative Agent, any Lender or the L/C
Issuer, Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising solely from one or more of the following: such recipient having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or
Loan Document). 
 “Other Taxes” means all present or future stamp, court or documentary, recording, filing,
mortgage or mortgage recording Taxes, any other excise or property Taxes, or similar Taxes arising from any payment made hereunder or under any other Loan Document or from the execution, delivery, performance, or enforcement or registration of, from
the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement or any other Loan Document. 

  
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 “Outstanding Amount” means (a) with respect to Term Loans, Revolving
Credit Loans and Swing Line Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Term Loans, Revolving Credit Loans and Swing Line Loans, as the case may be,
occurring on such date and (b) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount
of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts. 

“Participant” has the meaning specified in Section 10.06(d). 

“Participant Register” has the meaning specified in Section 10.06(d). 

“PBGC” means the Pension Benefit Guaranty Corporation. 

“Pension Act” means the Pension Protection Act of 2006. 

“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any
installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act
and, thereafter, Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA. 

“Pension Plan” means any employee pension benefit plan (including, but not limited to, Multiple Employer Plans,
Multiemployer Plans, defined benefit plans or defined contribution plans) that is maintained or is contributed to by the Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under
Section 412 of the Code. 
 “Permitted Acquisition” means any investment by the Borrower or any Guarantor
in the form of acquisitions of all or substantially all of the business or a line of business or a separate operation (whether by the acquisition of capital stock, assets or any combination thereof) of any other Person if: 

(a) the Administrative Agent and the Lenders (or only the Administrative Agent with respect to any Minor Acquisition)
shall receive written notice of such acquisition not less than twenty (20) days prior to closing (or not less than five (5) days prior to closing with respect to any Minor Acquisition) together (except in the case of Minor Acquisitions)
with a reasonable summary description of the relevant acquisition, pro forma projections and financial statements; 
 (b) the acquired entity, assets or operations shall be in a substantially similar line of business as the Borrower and its subsidiaries, or a line of business reasonably related complementary, synergistic
or ancillary thereto or reasonable extensions thereof; 

  
 29 

 (c) the board of directors of the acquired company shall have approved the
acquisition prior to closing (except in the case of an acquisition of a Subsidiary of an entity, or of assets of an entity); 
 (d) at the time of and immediately after giving effect to any such proposed acquisition the Borrower shall be in compliance with the financial covenant set forth in Section 7.11(a) on a pro forma
basis; provided that, for purposes of determining pro forma compliance with Section 7.11(a), if at the time of such acquisition (but before giving pro forma effect thereto) the Consolidated Leverage Ratio of the Borrower calculated as of
the last day of the most recently ended Fiscal Quarter for which financial statements are available is (x) greater than 4.50:1:00, each applicable Maximum Leverage Ratio set forth in such Section shall be deemed to be 0.50 to 1.00 less than the
ratio actually set forth in such Section and (y) equal to or less than 4.50:1.00, each applicable Maximum Leverage Ratio set forth in such Section shall be deemed to be 0.25 to 1.00 less than the ratio actually set forth in such Section;

 (e) the aggregate amount of such acquisitions made by Loan Parties in Persons that do not become Loan Parties
shall not exceed the greater of (i) $75,000,000 and (ii) 2.75% of Consolidated Total Assets of the Borrower and its Subsidiaries; 
 (f) the Borrower shall deliver to the Administrative Agent and the Lenders, at least three (3) Business Days prior to closing, a certificate of a Responsible Officer evidencing pro forma compliance
with the financial covenant set forth in Section 7.11(a) (both before and after giving effect to the proposed acquisition) as set forth in clause (d) above and certifying compliance with the other requirements of this definition; and

 (g) no Default or Event of Default shall have occurred and be continuing as of the closing date of the
proposed acquisition. 
 “Permitted Capital Expenditure Amount” has the meaning specified in Section 7.16.

 “Permitted Holder” means (a) William P. Stiritz, (b) any of his immediate family members or
(c) any trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners, owners or Persons beneficially holding a 50.1% or more controlling interest of which consist of William P. Stiritz and/or his immediate family
members. 
 “Permitted Liens” means those Liens permitted pursuant to Section 7.01. 

“Permitted Refinancing” means, with respect to any Person, any modification, refinancing, refunding, renewal or
extension of any Indebtedness of such Person; provided that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified,
refinanced, refunded, renewed or extended except by an amount equal to unpaid accrued interest and premium thereon plus other reasonable amounts paid, and fees and expenses reasonably incurred, in connection with such modification,
refinancing, refunding, renewal or extension and by an amount equal to any existing commitments unutilized thereunder, (b) such modification, refinancing, refunding, renewal or extension has a final maturity date equal to or later than the
final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the remaining Weighted 

  
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Average Life to Maturity of, the Indebtedness being modified, refinanced, refunded, renewed or extended, (c) at the time thereof, no Default or Event of Default shall have occurred and be
continuing, (d) if such Indebtedness being modified, refinanced, refunded, renewed or extended is subordinated in right of payment to the Obligations, such modification, refinancing, refunding, renewal or extension is subordinated in right of
payment to the Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being modified, refinanced, refunded, renewed or extended, (e) if such Indebtedness being modified,
refinanced, refunded, renewed or extended is secured, the terms and conditions relating to collateral of any such modified, refinanced, refunded, renewed or extended indebtedness, taken as a whole, are not materially less favorable to the Loan
Parties or the Lenders than the terms and conditions with respect to the collateral for the Indebtedness being modified, refinanced, refunded, renewed or extended, taken as a whole (and the Liens on any collateral securing any such modified,
refinanced, refunded, renewed or extended Indebtedness shall have the same (or lesser) priority relative to the Liens on the collateral securing the Obligations), (f) the terms and conditions (excluding as to collateral, subordination, interest
rate and redemption premium) of any such modified, refinanced, refunded, renewed or extended Indebtedness, taken as a whole, shall not be materially less favorable to the Loan Parties than the Indebtedness being modified, refinanced, refunded,
renewed or extended, taken as a whole, (g) if such Indebtedness being modified, refinanced, refunded, renewed or extended was unsecured, such modification, refinancing, refunding, renewal or extension shall also be unsecured and (h) such
modification, refinancing, refunding, renewal or extension is incurred by one or more Persons who is an obligor of the Indebtedness being modified, refinanced, refunded, renewed or extended. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan” means any employee benefit plan within the
meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees of the Borrower or any ERISA Affiliate or any such Plan to which the Borrower or any ERISA Affiliate is required to contribute on behalf of any of its
employees. 
 “Platform” has the meaning specified in Section 6.02. 

“Pledged Equity” means the Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests, Pledged Trust Interests
and Pledged Alternative Equity Interests (each as defined in the Collateral Agreement) required to be delivered by the Loan Parties pursuant to Section 5.2 of the Collateral Agreement. 

“Post Canada” means 0923537 B.C. LTD., a corporation incorporated pursuant to the laws of the Province of British
Columbia, and a wholly-owned Subsidiary of the Borrower. 
 “Post US” means Post Foods, LLC, a Delaware limited
liability company. 
 “Prepayment Notice” shall mean a notice of the optional prepayment of Term Loans and/or
Revolving Credit Loans pursuant to Section 2.05(a), which shall be substantially in the form of Exhibit A-3. 

  
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 “Prime Rate” means the rate of interest per annum publicly announced
from time to time by Barclays Bank PLC as its reference rate in effect at its principal office in New York City (the Prime Rate not being intended to be the lowest rate of interest charged by Barclays Bank PLC in connection with extensions of credit
to debtors) (any change in such rate announced by the Administrative Agent shall take effect at the opening of business on the day specified in the public announcement of such change). 

“Private Lender” has the meaning specified in Section 6.02. 

“Pro Forma Financial Statements” has the meaning specified in Section 5.05(d). 

“Pro Rata Obligations” means the Loans and the Letters of Credit. 

“Public Lender” has the meaning specified in Section 6.02. 

“Purchase Money Note” means a promissory note (which, if made to or to the order of a Loan Party, shall be pledged to
the Administrative Agent for the benefit of the Secured Parties pursuant to the Collateral Documents) evidencing the obligation of a Receivables Subsidiary or a Special Purpose Vehicle to pay the purchase price for Receivables or other Indebtedness
to the Borrower or any Subsidiary (or to a Receivables Subsidiary in the case of a transfer to a Special Purpose Vehicle) in connection with a Qualified Receivables Transaction, which note shall be repaid from cash available to the maker of such
note, other than cash required to be held as reserves pursuant to Receivables Documents, amounts paid in respect of interest, principal and other amounts owing under Receivables Documents and amounts paid in connection with the purchase of newly
generated Receivables. 
 “Qualified Receivables Transaction” means any transaction or series of transactions
that may be entered into by the Borrower or any Subsidiary pursuant to which the Borrower or any such Subsidiary may sell, convey or otherwise transfer to a Receivables Subsidiary (in the case of a transfer by the Borrower or any Subsidiary) or to
any Special Purpose Vehicle (in the case of a transfer by a Receivables Subsidiary), or may grant a security interest in, any Receivables Program Assets (whether existing on the Closing Date or arising thereafter); provided that: (1) no
portion of the Indebtedness or any other obligations (contingent or otherwise) of a Receivables Subsidiary or Special Purpose Vehicle (a) is Guaranteed by the Borrower or any Subsidiary (other than a Receivables Subsidiary), excluding
Guarantees of obligations pursuant to Standard Securitization Undertakings, (b) is recourse to or obligates the Borrower or any Subsidiary (other than a Receivables Subsidiary) in any way other than pursuant to Standard Securitization
Undertakings, or (c) subjects any property or asset of the Borrower or any Subsidiary (other than a Receivables Subsidiary), directly or indirectly, contingently or otherwise, to the satisfaction of obligations incurred in such transactions,
other than pursuant to Standard Securitization Undertakings; (2) neither the Borrower nor any Subsidiary (other than a Receivables Subsidiary) has any material contract, agreement, arrangement or understanding with a Receivables Subsidiary or a
Special Purpose Vehicle other than on terms no less favorable to the Borrower or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Borrower, other than fees payable in the ordinary course of
business in connection with servicing accounts receivable; and (3) the Borrower and its Subsidiaries (other than a Receivables Subsidiary) do not have any obligation to maintain or preserve the financial condition of a Receivables Subsidiary or
a Special Purpose Vehicle or cause such entity to achieve certain levels of operating results other than Standard Securitization Undertakings. 

  
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 “Quarterly Financial Statements” has the meaning specified in
Section 6.01(b). 
 “Ralcorp” means Ralcorp Holdings, Inc., a Missouri corporation. 

“Ralcorp Obligations” means indemnification obligations of the Borrower and/or its Subsidiaries in favor of Ralcorp
and/or its subsidiaries in connection with the Spin-Off. 
 “Receivables” means all rights of the Borrower or
any of its Subsidiaries (other than a Receivables Subsidiary) to payments (whether constituting accounts, chattel paper, instruments, general intangibles or otherwise, and including the right to payment of any interest or finance charges), which
rights are identified in the accounting records of the Borrower or such Subsidiary as accounts receivable. 

“Receivables Documents” means: (1) one or more receivables purchase agreements, pooling and servicing agreements,
credit agreements, agreements to acquire undivided interests or other agreements to transfer or obtain loans or advances against, or create a security interest in, Receivables Program Assets, in each case as amended, modified, supplemented or
restated and in effect from time to time and entered into by the Borrower, a Subsidiary and/or a Receivables Subsidiary, and (2) each other instrument, agreement and other document entered into by the Borrower, a Subsidiary or a Receivables
Subsidiary relating to the transactions contemplated by the agreements referred to in clause (a) above. 

“Receivables Program Assets” means: (1) all Receivables which are described as being transferred by the Borrower, a
Subsidiary or a Receivables Subsidiary pursuant to the Receivables Documents; (2) all Receivables Related Assets in respect of Receivables described in clause (1); and (3) all collections (including recoveries) and other proceeds of the
assets described in the foregoing clauses. 
 “Receivables Program Obligations” means Indebtedness and other
obligations owing in respect of notes, trust certificates, undivided interests, partnership interests or other interests sold, issued and/or pledged, or otherwise incurred, in connection with a Qualified Receivables Transaction; and related
obligations of the Borrower, a Subsidiary or a Special Purpose Vehicle (including, without limitation, Standard Securitization Undertakings). 
 “Receivables Related Assets” means: (1) any rights arising under the documentation governing or relating to Receivables (including rights in respect of Liens securing such
Receivables and other credit support in respect of such Receivables); (2) any proceeds of such Receivables and any lockboxes or accounts in which such proceeds are deposited; (3) spread accounts and other similar accounts (and any amounts
on deposit therein) established in connection with a Qualified Receivables Transaction; (4) any warranty, indemnity, dilution and other intercompany claim arising out of Receivables Documents; and (5) other assets which are customarily
transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable. 

  
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 “Receivables Repurchase Obligation” means any obligation of the Borrower or
a Subsidiary (other than a Receivables Subsidiary) in a Qualified Receivables Transaction to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a Receivable or
portion thereof becoming subject to any asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the Borrower or a Subsidiary (other than a
Receivables Subsidiary). 
 “Receivables Subsidiary” means a special purpose wholly-owned Subsidiary created by
the Borrower or any Subsidiary in connection with the transactions contemplated by a Qualified Receivables Transaction, which Subsidiary engages in no activities other than those incidental to such Qualified Receivables Transaction and which is
designated as a Receivables Subsidiary by the Borrower’s Board of Directors. Any such designation by the Board of Directors shall be evidenced by filing with the Administrative Agent of a board resolution of the Borrower giving effect to such
designation and an officers’ certificate certifying, to the best of such officers’ knowledge and belief after consulting with counsel, that such designation, and the transactions in which the Receivables Subsidiary will engage, comply with
the requirements of the definition of Qualified Receivables Transaction. 
 “Register” has the meaning
specified in Section 10.06(c). 
 “Related Parties” means, with respect to any Person, such Person’s
Affiliates and the partners, directors, officers, employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 
 “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived. 

“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Term A Loans or
Revolving Credit Loans, a Committed Loan Notice or Conversion/Continuation Notice, as applicable, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing Line Loan
Notice. 
 “Required Incremental Term Loan Lenders” means, as of any date of determination, with respect to
each Series of Incremental Term Loans, Incremental Term Loan Lenders holding more than 50% of such Series on such date; provided that the portion of the Incremental Facility held by any Defaulting Lender shall be excluded for purposes of
making a determination of Required Incremental Term Loan Lenders. 
 “Required Lenders” means, as of any date
of determination, Lenders holding more than 50% of the sum of the (a) Total Outstandings (with the aggregate amount of each Revolving Credit Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being
deemed “held” by such Revolving Credit Lender for purposes of this definition) and (b) aggregate unused Revolving Credit Commitments; provided that the unused Revolving Credit Commitment of, and the portion of the Total
Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 

  
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 “Required Revolving Credit Lenders” means, as of any date of determination,
Revolving Credit Lenders holding more than 50% of the sum of the (a) Total Revolving Credit Outstandings (with the aggregate amount of each Revolving Credit Lender’s risk participation and funded participation in L/C Obligations and Swing
Line Loans being deemed “held” by such Revolving Credit Lender for purposes of this definition) and (b) aggregate unused Revolving Credit Commitments; provided that the unused Revolving Credit Commitment of, and the portion of
the Total Revolving Credit Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Revolving Credit Lenders. 

“Required Term A Lenders” means, as of any date of determination, Term A Lenders holding more than 50% of the Term A
Facility on such date; provided that the portion of the Term A Facility held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Term A Lenders. 

“Responsible Officer” means the chief executive officer, president, chief financial officer, director of corporate
finance, treasurer, assistant treasurer or controller of a Loan Party. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate,
partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any capital stock or other Equity Interest of any Person or
any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any
such capital stock or other Equity Interest, or on account of any return of capital to any Person’s stockholders, partners or members (or the equivalent or any thereof) or any option, warrant or other right to acquire any such dividend or other
distribution or payment. 
 “Revolving Credit Borrowing” means a borrowing consisting of one or more
simultaneous Revolving Credit Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made pursuant to Section 2.01(b). 
 “Revolving Credit Commitment” means, as to each Revolving Credit Lender, its obligation to make Revolving Credit Loans to the Borrower pursuant to Section 2.01(b) in an aggregate
principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 under the caption “Revolving Credit Commitment” or opposite such caption in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. As of the Closing Date, the aggregate amount of the Revolving Credit Commitments of all
Revolving Credit Lenders is $175,000,000. 

  
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 “Revolving Credit Facility” means, at any time, the aggregate amount of the
Revolving Credit Lenders’ Revolving Credit Commitments at such time and the Credit Extensions made thereunder. 

“Revolving Credit Lender” means, at any time, any Lender that has a Revolving Credit Commitment at such time or that has
Revolving Credit Loans or risk participations in L/C Obligations or Swing Line Loans outstanding at such time. 

“Revolving Credit Loan” has the meaning specified in Section 2.01(b). 

“Revolving Credit Note” means a promissory note made by the Borrower in favor of a Revolving Credit Lender evidencing
Revolving Credit Loans made by such Revolving Credit Lender, substantially in the form of Exhibit C-2. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any
successor thereto. 
 “SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions. 
 “Same Day Funds” means immediately available funds.

 “Secured Cash Management Agreement” means any Cash Management Agreement that is entered into by and between
any Loan Party and any Cash Management Bank. 
 “Secured Hedge Agreement” means any interest rate, currency or
commodity Swap Contract permitted under this Agreement that is entered into by and between a Loan Party and any Hedge Bank; provided that, notwithstanding anything to the contrary herein or in any other Loan Document, (i) each commodity
Swap Contract shall have an explicit dollar cap (each, a “Commodity Swap Collateral Cap”) on the extent to which the obligations to the Hedge Bank under such Swap Agreement may be secured by the Collateral and the aggregate amount
of all Commodity Swap Collateral Caps shall not exceed $35,000,000 (it being understood that any obligations to a Hedge Bank under any such Swap Contract exceeding such individual or aggregate Commodity Swap Collateral Cap shall be deemed for all
purposes hereof and of the other Loan Documents not to be incurred under a Secured Hedge Agreement, and such obligations shall not constitute Obligations for purposes of this Agreement or the other Loan Documents), (ii) at the time that any
commodity Swap Contract is entered into that is intended to be secured by the Collateral the Borrower shall notify the Administrative Agent of the Hedge Bank party thereto and the Commodity Swap Collateral Cap associated therewith and (iii) if
reasonably requested by the Administrative Agent, in each case in order to preserve and protect the priority of the Lien of the Administrative Agent for the benefit of the Secured Parties securing the Obligations under the Mortgages and the other
Collateral Documents, the Borrower shall take such further actions, including obtaining date down title searches showing no material intervening Liens that would be prior to the Lien of the Mortgages or the other Collateral Documents, obtaining
endorsements to title insurance policies, filing Mortgage modifications and taking such other actions as may be contemplated by Section 6.15. 

  
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 “Secured Parties” means, collectively, the Administrative Agent, the
Lenders, the L/C Issuer, with respect to any Secured Cash Management Agreement, the Cash Management Banks, with respect to any Secured Hedge Agreement, the Hedge Banks, each co-agent or sub-agent appointed by the Administrative Agent from time to
time pursuant to Section 9.05, and the other Persons the Obligations owing to which are or are purported to be secured by the Collateral under the terms of the Collateral Documents. 

“Seller’s Retained Interests” means the debt or equity interests held by the Borrower or any Subsidiary in a
Receivables Subsidiary to which Receivables Program Assets have been transferred, including any such debt or equity received as consideration for or as a portion of the purchase price for the Receivables Program Assets transferred, or any other
instrument through which the Borrower or any Subsidiary has rights to or receives distributions in respect of any residual or excess interest in the Receivables Program Assets. 

“Senior Notes” means the 7.375% senior notes due February 15, 2022 in an aggregate principal amount not to exceed
$775,000,000 outstanding under an indenture dated February 3, 2012 between the Borrower, as issuer, and the trustee thereunder. 
 “Senior Secured Leverage Ratio” means, with respect to any Measurement Period, the ratio of (a) Consolidated Senior Secured Debt (net of up to $50,000,000 of unrestricted cash of the
Borrower and its Subsidiaries, provided that such cash is in a deposit account pledged to the Administrative Agent for the benefit of the Secured Parties on a perfected first-priority basis pursuant to the Collateral Agreement and subject to a
control agreement) as of the last day of such Measurement Period to (b) Consolidated EBITDA for such Measurement Period, in each case for the Borrower and its Subsidiaries. 

“Separation and Distribution Agreement” means that certain Separation and Distribution Agreement, entered into by and
among the Borrower, Post US and Ralcorp in connection with the Spin-Off, in substantially the form filed as Exhibit 2.1 to the Borrower’s registration statement on Form 10, as filed with the Securities and Exchange Commission on January 9,
2012, as amended prior to the Closing Date. 
 “Series” has the meaning specified in Section 2.14.

 “Solvent” and “Solvency” mean, with respect to any Person on any date of determination,
that on such date (a) the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not
less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond
such Person’s ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would
constitute an unreasonably small capital, and (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business. The amount of contingent liabilities at any
time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

  
 37 

 “Special Purpose Vehicle” means a trust, partnership or other special
purpose Person established by the Borrower and/or any of its Subsidiaries to implement a Qualified Receivables Transaction. 

“Spin-Off” means the distribution of at least 80% of shares of common stock of the Borrower to the shareholders of
Ralcorp and the transactions under the Spin-Off Documents related thereto. 
 “Spin-Off Documents” means
(a) a separation and distribution agreement, tax allocation agreement, transition services agreement, employee matters agreement and other agreements related thereto, in each case delivered to the Administrative Agent prior to the date hereof
and relating to the Spin-Off and (b) one or more merger agreements, purchase agreements, contribution agreements or other similar agreements related thereto, in each case delivered to the Administrative Agent prior to the date hereof pursuant
to which certain internal reorganization transactions of Ralcorp occurred prior to the Distribution Date. 
 “Spot
Rate” for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its
principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made; provided that the Administrative Agent may obtain such spot rate from
another financial institution designated by the Administrative Agent if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency. 

“Standard Securitization Undertakings” means representations, warranties, covenants, performance guarantees and
indemnities entered into by the Borrower or any Subsidiary of the Borrower which, in the good faith judgment of the board of directors of the appropriate company, are reasonably customary in an accounts receivable transaction, including any
Receivables Repurchase Obligation. 
 “Stockholders’ Equity” means, as of any date of determination,
consolidated stockholders’ equity of the Borrower and its Subsidiaries as of that date determined in accordance with GAAP. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business
entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a
contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a
“Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower. 
 “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or 

  
 38 

 
bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor
transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into
any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or
governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other similar master agreement relating to a transaction described in
clause (a) (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of
any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s),
and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by
any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 
 “Swing Line
Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04. 
 “Swing Line
Lender” means Barclays Bank PLC in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder. 
 “Swing Line Loan” has the meaning specified in Section 2.04(a). 
 “Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b), which shall be substantially in the form of Exhibit B. 

“Swing Line Loan Prepayment Notice” means a notice of a prepayment of a Swing Line Loan pursuant to
Section 2.05(a)(ii), which shall be substantially in the form of Exhibit A-4. 
 “Swing Line Sublimit”
means an amount equal to $15,000,000. The Swing Line Sublimit is part of, and not in addition to, the Revolving Credit Facility. 
 “Syndication Agents” means PNC Capital Markets, LLC, SunTrust Bank and Wells Fargo Bank, National Association in their capacity as co-syndication agents. 

“Synthetic Lease Obligation” means the monetary obligation of a Person under an agreement for the use or possession of
property (including sale and leaseback transactions) creating obligations that do not appear on the balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such Person, would be characterized as indebtedness of such
Person (without regard to accounting treatment). 

  
 39 

 “Taxes” means all present or future taxes, levies, imposts, duties,
deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term A Borrowing” means a borrowing consisting of one or more simultaneous Term A Loans of the same Type under the Term
A Facility and, in the case of Eurodollar Rate Loans, having the same Interest Period made pursuant to Section 2.01(a). 

“Term A Commitment” means, as to each Term A Lender, its obligation to make Term A Loans to the Borrower pursuant to
Section 2.01(a) in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Term A Lender’s name on Schedule 2.01 under the caption “Term A Commitment” or opposite such caption in
the Assignment and Assumption pursuant to which such Term A Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. As of the Closing Date, the aggregate amount of the Term A
Commitments of the Term A Lenders is $175,000,000. 
 “Term A Facility” means, at any time, (a) on or
prior to the Closing Date, the aggregate amount of the Term A Commitments at such time and (b) thereafter, the aggregate principal amount of the Term A Loans of all Term A Lenders outstanding at such time. 

“Term A Lender” means (a) at any time on or prior to the Closing Date, any Lender that has a Term A Commitment at
such time and (b) at any time after the Closing Date, any Lender that holds Term A Loans at such time. 
 “Term A
Loan” means a loan made by any Term A Lender under the Term A Facility pursuant to Section 2.01(a). 

“Term A Note” means a promissory note made by the Borrower in favor of a Term A Lender evidencing Term A Loans made by
such Term A Lender, substantially in the form of Exhibit C-1. 
 “Term Loan” means a Term A Loan and an
Incremental Term Loan. 
 “Term Lender” means a Term A Lender and an Incremental Term Loan Lender. 

“Threshold Amount” means $25,000,000. 
 “Total Facility Amount” means, at any time of determination, the outstanding aggregate principal amount of Term Loans, the aggregate Revolving Credit Commitments and (without duplication)
any extensions of credit thereunder and the Incremental Capacity. 
 “Total Outstandings” means the aggregate
Outstanding Amount of all Loans and all L/C Obligations. 
 “Total Revolving Credit Outstandings” means the
aggregate Outstanding Amount of all Revolving Credit Loans, Swing Line Loans and L/C Obligations. 

  
 40 

 “Transaction” means, collectively, (a) the consummation of the
Spin-Off, (b) the entering into by the Borrower and its Subsidiaries of the Loan Documents to which they are or are intended to be a party, (c) the issuance of Senior Notes and (d) the payment of the fees and expenses incurred in
connection with the consummation of the foregoing. 
 “Transaction Costs” means fees and expenses in connection
with the Transaction. 
 “Transition Services Agreement” means the transition services agreement dated as of
February 3, 2012, between Ralcorp and the Borrower. 
 “Type” means, with respect to a Loan, its character
as a Base Rate Loan or a Eurodollar Rate Loan. 
 “UCC” means the Uniform Commercial Code as in effect from
time to time in the State of New York; provided that if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or
non-perfection or priority. 
 “United States” and “U.S.” mean the United States of America.

 “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i). 

“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the
Code. 
 “U.S. Tax Compliance Certificate” means a certificate substantially in the form of Exhibit H1-H4, as
the context requires. 
 “Voting Participant” has the meaning specified in Section 10.06(d). 

“Voting Participant Notification” has the meaning specified in Section 10.06(d). 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing: (i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect
thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment by (ii) the then outstanding principal amount of such Indebtedness; provided that for
purposes of determining the Weighted Average Life to Maturity of any Indebtedness that is being modified, refinanced, refunded, renewed, replaced or extended (the “Applicable Indebtedness”), the effect of any prepayments made on
such Applicable Indebtedness prior to the date of the applicable modification, refinancing, refunding, renewal, replacement or extension shall be disregarded. 

  
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 Section 1.02 Other Interpretive Provisions. With reference to this
Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 
 (a) The definitions
of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the
context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to
time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer
to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and
Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or
regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 (b) In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until”
each mean “to but excluding” and the word “through” means “to and including.” 
 (c) Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 

Section 1.03 Accounting Terms. (a) Generally. Subject to Section 1.03(b), all accounting terms not
specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Annual Financial Statements, except as otherwise specifically prescribed herein; provided that obligations
relating to a lease that were accounted for by a Person as an operating lease as of the Closing Date and any similar lease entered into after the Closing Date by such Person shall be accounted for as obligations relating to an operating lease and
not as a Capital Lease. 
 (b) Changes in GAAP. If at any time any change in GAAP would affect the computation of any
financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement
to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, such ratio or requirement shall continue to be computed in accordance with GAAP prior
to such change therein. 

  
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 Section 1.04 Rounding. Any financial ratios required to be maintained or
complied with by the Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the
result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 

Section 1.05 Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern
time (daylight or standard, as applicable). 
 Section 1.06 Letter of Credit Amounts. With respect to any Letter of
Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such
Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 
 Section 1.07 Currency Equivalents Generally; Change of Currency. For purposes of this Agreement and the other Loan Documents (other than Articles 2, 9 and 10 hereof), where the permissibility
of a transaction or determinations of required actions or circumstances depend upon compliance with, or are determined by reference to, amounts stated in Dollars, such amounts shall be deemed to refer to Dollars or Dollar Equivalents and any
requisite currency translation shall be based on the Spot Rate in effect on the Business Day immediately preceding the date of such transaction or determination. Notwithstanding the foregoing, for purposes of determining compliance with Sections
7.01, 7.02 and 7.03 with respect to any amount of Liens, Indebtedness or Investment in currencies other than Dollars, no Default shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Lien
is created, Indebtedness is incurred or Investment is made. Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify with the Borrower’s consent (not
to be unreasonably withheld) to appropriately reflect a change in currency of any country and any relevant market conventions or practices relating to such change in currency. 
 Section 1.08 Timing of Payment and Performance. When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day
which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately succeeding Business Day. 

ARTICLE 2. 

THE COMMITMENTS AND CREDIT EXTENSIONS 
 Section 2.01 The Loans. (a) The Term A Loans. Subject to the terms and conditions set forth herein, each Term A Lender severally agrees to make a single loan to the Borrower on the
Closing Date in an amount not to exceed such Term A Lender’s Term A Commitment. The Term 

  
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A Borrowing shall consist of Term A Loans made simultaneously by the Term A Lenders in accordance with their respective Applicable Percentage of the Term A Facility. Amounts borrowed under this
Section 2.01(a) and repaid or prepaid may not be reborrowed. Term A Loans shall be denominated in Dollars and may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

(b) The Revolving Credit Borrowings. Subject to the terms and conditions set forth herein, each Revolving Credit Lender severally
agrees to make loans (each such loan, a “Revolving Credit Loan”) to the Borrower in Dollars from time to time, on any Business Day during the Availability Period for the Revolving Credit Facility, in an aggregate amount not to
exceed at any time outstanding the amount of such Revolving Credit Lender’s Revolving Credit Commitment; provided, however, that after giving effect to any Revolving Credit Borrowing, (i) the Total Revolving Credit Outstandings
shall not exceed the aggregate amount of the Revolving Credit Lenders’ Revolving Credit Commitments at such time and (ii) the aggregate Outstanding Amount of the Revolving Credit Loans of any Revolving Credit Lender plus such
Revolving Credit Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations plus such Revolving Credit Lender’s Applicable Percentage of all Swing Line Loans shall not exceed such Revolving Credit Lender’s
Revolving Credit Commitment. Within the limits of each Revolving Credit Lender’s Revolving Credit Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01(b), prepay under
Section 2.05, and reborrow under this Section 2.01(b). Revolving Credit Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 
 Section 2.02 Borrowings, Conversions and Continuations of Loans. (a) Each Borrowing, each conversion of Term Loans or Revolving Credit Loans from one Type to the other, and each
continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by “pdf” or similar electronic format, in the form of the Committed Loan Notice or the
Continuation/Conversion Notice, as applicable (each, a “Notice”). Each such Notice must be received by the Administrative Agent not later than (i) 11:00 a.m. three Business Days prior to the requested date of any Borrowing of,
conversion to or continuation of Eurodollar Rate Loans denominated in Dollars or of any conversion of Eurodollar Rate Loans denominated in Dollars to Base Rate Loans and (ii) 11:00 a.m. one Business Day prior to the requested date of any
Borrowing of Base Rate Loans. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a minimum principal amount of $5,000,000 and whole multiples of $1,000,000 in excess thereof. Except as provided in Sections 2.03(c)
and 2.04(c), each Borrowing of or conversion to Base Rate Loans shall be in a minimum principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Each Notice shall specify, as applicable, (1) whether the Borrower is
requesting a Term A Borrowing, a Revolving Credit Borrowing, an Incremental Borrowing, a conversion of Term Loans or Revolving Credit Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (2) the requested date of the
Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (3) the principal amount of Loans to be borrowed, converted or continued, (4) the Type of Loans to be borrowed or to which existing Term Loans or
Revolving Credit Loans are to be converted and (5) if applicable, the duration of the applicable Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Committed Loan Notice or if the Borrower fails to give a
timely notice requesting a conversion or continuation, then the applicable Term Loans or Revolving Credit 

  
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Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect
to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Committed Loan Notice or Continuation/Conversion Notice, as applicable, but fails to specify an
Interest Period, it will be deemed to have specified an Interest Period of one month. Notwithstanding anything to the contrary herein, a Swing Line Loan may not be converted to a Eurodollar Rate Loan. 

(b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Appropriate Lender of the amount of
its Applicable Percentage under the applicable Facility of the applicable Term Loans or Revolving Credit Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of
the details of any automatic conversion to Base Rate Loans described in Section 2.02(a). In the case of a Borrowing, each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent in immediately available funds
at the Administrative Agent’s Office not later than 12:00 p.m. on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (or, if such Borrowing is the
initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent by wire transfer of such funds in accordance with instructions
provided to (and reasonably acceptable to) the Administrative Agent by the Borrower; provided, however, that if, on the date a Committed Loan Notice with respect to a Revolving Credit Borrowing is given by the Borrower, there are L/C
Borrowings outstanding, then the proceeds of such Revolving Credit Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided above. 

(c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period
for such Eurodollar Rate Loan. During the existence of an Event of Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders. 

(d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period
for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in the Prime Rate used in determining the Base
Rate promptly following the public announcement of such change. 
 (e) After giving effect to all Borrowings, all conversions of
Loans from one Type to the other, and all continuations of Loans as the same Type, there shall not be more than ten (10) Interest Periods in effect at any one time. 
 Section 2.03 Letters of Credit. 
 (a) The Letter of Credit
Commitment. (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this Section 2.03, (1) from time to time on any
Business Day during the 

  
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period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars for the account of the Borrower, and to amend or extend Letters of
Credit previously issued by it, in accordance with Section 2.03(b), and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Credit Lenders severally agree to participate in Letters of Credit issued for the account
of the Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Credit Outstandings shall not exceed the aggregate amount of the
Revolver Credit Lenders’ Revolving Credit Commitments at such time, (y) the aggregate Outstanding Amount of the Revolving Credit Loans of any Revolving Credit Lender, plus such Revolving Credit Lender’s Applicable Percentage of
the Outstanding Amount of all L/C Obligations, plus such Revolving Credit Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Revolving Credit Lender’s Revolving Credit Commitment
and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that
the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of
Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. 

(ii) The L/C Issuer shall not issue any Letter of Credit if: 

(A) subject to Section 2.03(b)(iii), the expiry date of such requested Letter of Credit would occur more than twelve
months after the date of issuance or last extension, unless the Required Revolving Credit Lenders have approved such expiry date; or 
 (B) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Revolving Credit Lenders have approved such expiry date. 

(iii) The L/C Issuer shall not be under any obligation to issue any Letter of Credit if: 

(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or
restrain the L/C Issuer from issuing such Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall
prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital
requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the
L/C Issuer in good faith deems material to it; 

  
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 (B) the issuance of such Letter of Credit would violate one or more policies
of the L/C Issuer applicable to letters of credit generally; 
 (C) except as otherwise agreed by the
Administrative Agent and the L/C Issuer, such Letter of Credit is in an initial stated amount less than $100,000; 
 (D) such Letter of Credit is to be denominated in a currency other than Dollars; 
 (E) such Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder; or 

(F) any Revolving Credit Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements,
including the delivery of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower or such Revolving Credit Lender to eliminate the L/C Issuer’s actual or potential Fronting Exposure (after giving effect to any
required adjustment pursuant to Section 2.16(a)(iv)) with respect to the Defaulting Lender arising from the Letter of Credit then proposed to be issued and all other L/C Obligations as to which the L/C Issuer has actual or potential Fronting
Exposure, as it may elect in its sole discretion. 
 (iv) The L/C Issuer shall not amend any Letter of Credit if
the L/C Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof. 
 (v) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the
terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. 
 (vi) The L/C Issuer shall act on behalf of the Revolving Credit Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and the L/C Issuer shall have all of the
benefits and immunities (A) provided to the Administrative Agent in Article 9 with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and the Issuer
Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article 9 included the L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with
respect to the L/C Issuer. 
 (b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters
of Credit. (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application,
appropriately completed and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application must be received by the L/C Issuer and the Administrative Agent not later than 12:00 p.m. at least three Business Days (or such later date
and time as the Administrative Agent and the L/C Issuer may agree in a 

  
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particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit,
such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof;
(C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by
such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the requested Letter of Credit; and (H) such other matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter
of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day);
(3) the nature of the proposed amendment; and (4) such other matters as the L/C Issuer may reasonably require. Additionally, the Borrower shall furnish to the L/C Issuer and the Administrative Agent such other documents and information
pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative Agent may reasonably require. 

(ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent
(in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C Issuer has received written
notice from any Revolving Credit Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained
in Article 4 shall not then be satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower or enter into the applicable amendment, as the case may
be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Revolving Credit Lender’s Applicable Percentage times the amount of such Letter of Credit. 

(iii) If the Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole and
absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that, unless otherwise agreed to by the L/C Issuer, any such Auto-Extension
Letter of Credit must permit the L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a
day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific
request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Credit Lenders shall be deemed to have authorized (but may not require) the L/C Issuer

  
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to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the L/C Issuer shall not permit
any such extension if (A) the L/C Issuer has determined that it would not be permitted, or would have no obligation at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the
provisions of clause (ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has received notice (in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the
Administrative Agent that the Required Revolving Credit Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Revolving Credit Lender or the Borrower that one or more of the applicable conditions specified
in Section 4.02 is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension. 
 (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to
the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. 
 (c) Drawings and
Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer shall notify the Borrower and the Administrative Agent
thereof. Not later than 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount
equal to the amount of such drawing in Dollars. If the Borrower fails to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Credit Lender of the Honor Date, the amount of the unreimbursed drawing
(the “Unreimbursed Amount”), and the amount of such Revolving Credit Lender’s Applicable Percentage thereof. In such event, the Borrower shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans to be
disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of
the Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). 
 (ii) Each Revolving Credit Lender shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the
account of the L/C Issuer at the Administrative Agent’s Office in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 12:00 p.m. on the Business Day specified in such notice by the Administrative Agent,
whereupon, subject to the provisions of Section 2.03(c)(iii), each Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the
funds so received to the L/C Issuer in Dollars. 
 (iii) With respect to any Unreimbursed Amount that is not
fully refinanced by a Revolving Credit Borrowing of Base Rate Loans because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to

  
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have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with
interest) and shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect
of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Revolving Credit Lender in satisfaction of its participation obligation under this Section 2.03. 

(iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this
Section 2.03(c) to reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Revolving Credit Lender’s Applicable Percentage of such amount shall be solely for the account of the L/C Issuer.

 (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse
the L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment,
defense or other right which such Lender may have against the L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether
or not similar to any of the foregoing; provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 4.02
(other than delivery by the Borrower of a Committed Loan Notice ). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer
under any Letter of Credit, together with interest as provided herein. 
 (vi) If any Revolving Credit Lender
fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in
Section 2.03(c)(ii), the L/C Issuer shall be entitled to recover from such Revolving Credit Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to
the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Effective Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank
compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so
paid shall constitute such Revolving Credit Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer
submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this Section 2.03(c)(vi) shall be conclusive absent manifest error. 

  
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 (d) Repayment of Participations. (i) At any time after the L/C Issuer has made a
payment under any Letter of Credit and has received from any Revolving Credit Lender such Revolving Credit Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the
account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the
Administrative Agent will promptly distribute to such Revolving Credit Lender its Applicable Percentage thereof in the same funds as those received by the Administrative Agent. 

(ii) If any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to
Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by the L/C Issuer in its discretion), each Revolving Credit Lender shall pay to the
Administrative Agent for the account of the L/C Issuer its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Revolving Credit
Lender, at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect. The obligations of the Revolving Credit Lenders under this clause shall survive the payment in full of the Obligations and the termination of this
Agreement. 
 (e) Obligations Absolute. The obligation of the Borrower to reimburse the L/C Issuer for each drawing under
each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following: 

(i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 (ii) the existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any
Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with
this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 
 (iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue
or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit; 

(iv) any payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does
not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors,
liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or 

  
 51 

 (v) any other circumstance or happening whatsoever, whether or not similar
to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or any of its Subsidiaries. 
 The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s instructions
or other irregularity, the Borrower will promptly notify the L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless such notice is given as aforesaid. 

(f) Role of L/C Issuer. Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the L/C Issuer
shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the
authority of the Person executing or delivering any such document. None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any
Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving Credit Lenders or the Required Revolving Credit Lenders, as applicable; (ii) any action taken or omitted in the absence
of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Borrower hereby assumes all risks of the acts
or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may
have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be
liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.03(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against the
L/C Issuer, and the L/C Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which are determined by a final order of a court of
competent jurisdiction to have been caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft
and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility
for further investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter
of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 

  
 52 

 (g) Applicability of ISP. Unless otherwise expressly agreed by the L/C Issuer and the
Borrower when a Letter of Credit is issued, the rules of the ISP shall apply to each Letter of Credit. 
 (h) Letter of
Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Revolving Credit Lender in accordance with its Applicable Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of
Credit equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit; provided that any Letter of Credit Fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of
Credit as to which such Defaulting Lender has not provided Cash Collateral satisfactory to the L/C Issuer pursuant to this Section 2.03 shall be payable, to the maximum extent permitted by applicable Law, to the other Revolving Credit Lenders
in accordance with the upward adjustments in their respective Applicable Percentages allocable to such Letter of Credit pursuant to Section 2.16(a)(iv), with the balance of such fee, if any, payable to the L/C Issuer for its own account. For
purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and payable on the
last Business Day of each December, March, June, and September, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a
quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period
during such quarter that such Applicable Rate was in effect. 
 (i) Fronting Fee and Documentary and Processing Charges
Payable to L/C Issuer. The Borrower shall pay directly to the L/C Issuer for its own account a fronting fee with respect to each Letter of Credit, at a rate per annum of 0.125%, computed on the daily amount available to be drawn under such
Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due and payable on the last Business Day of each December, March, June and September in respect of the most recently-ended quarterly period (or portion thereof, in the case
of the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under
any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, the Borrower shall pay directly to the L/C Issuer for its own account the customary issuance, presentation, amendment
and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

 (j) Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer
Document, the terms hereof shall control. 
 (k) Additional L/C Issuers. The Borrower may, at any time and from
time to time, designate one or more additional Revolving Credit Lenders or Affiliates of Revolving Credit Lenders to act as a letter of credit issuer under the terms of this Agreement, with the consent of each of the Administrative Agent (which
consent shall not be unreasonably withheld), the other L/C Issuers (which consent shall not be unreasonably withheld) and such Revolving Credit 

  
 53 

 
Lender(s) or Affiliate thereof. Any Revolving Credit Lender or Affiliate thereof designated as a letter of credit issuer pursuant to this Section 2.03(k) shall be deemed to be the L/C Issuer
with respect to Letters of Credit issued or to be issued by such Revolving Credit Lender, and all references herein and in the other Loan Documents to the term “L/C Issuer” shall, with respect to such Letters of Credit, be deemed to refer
to such Revolving Credit Lender in its capacity as L/C Issuer thereof, as the context shall require. 
 Section 2.04
Swing Line Loans. (a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing Line Lender, in reliance upon the agreements of the other Lenders set forth in this Section 2.04, may in its sole
discretion make loans (each such loan, a “Swing Line Loan”) to the Borrower from time to time in Dollars from time to time on any Business Day during the Availability Period with respect to the Revolving Credit Facility in an
aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Revolving Credit Loans and
L/C Obligations of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Revolving Credit Commitment; provided, however, that after giving effect to any Swing Line Loan, (i) the Total Revolving Credit
Outstandings shall not exceed the aggregate amount of the Revolving Credit Lenders’ Revolving Credit Commitments at such time, and (ii) the aggregate Outstanding Amount of the Revolving Credit Loans of any Revolving Credit Lender at such
time, plus such Revolving Credit Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations at such time, plus such Revolving Credit Lender’s Applicable Percentage of the Outstanding Amount of all Swing
Line Loans at such time shall not exceed such Lender’s Revolving Credit Commitment, and provided, further, that the Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan. Within the
foregoing limits, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Each Swing Line Loan shall bear interest only at
a rate based on the Base Rate. Immediately upon the making of a Swing Line Loan, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such
Swing Line Loan in an amount equal to the product of such Revolving Credit Lender’s Applicable Percentage times the amount of such Swing Line Loan. 
 (b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by
“pdf” or similar electronic format. Each such notice must be received by the Swing Line Lender and the Administrative Agent not later than 12:00 p.m. on the requested borrowing date, and shall specify (i) the amount to be borrowed,
which shall be a minimum of $500,000 and whole multiples of $100,000 in excess of that amount, and (ii) the requested borrowing date, which shall be a Business Day. Unless the Swing Line Lender has received notice from the Administrative Agent
(including at the request of any Revolving Credit Lender) prior to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the
first proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Article 4 is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender will, not
later than 2:00 p.m. on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to the Borrower by wire transfer of such funds in accordance with instructions provided to (and reasonably
acceptable to) the Administrative Agent by the Borrower. 

  
 54 

 (c) Refinancing of Swing Line Loans. (i) The Swing Line Lender at any time in
its sole and absolute discretion may request, on behalf of the Borrower (which hereby irrevocably authorizes the Swing Line Lender to so request on its behalf), that each Revolving Credit Lender make a Base Rate Loan in an amount equal to such
Revolving Credit Lender’s Applicable Percentage of the amount of Swing Line Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Committed Loan Notice for purposes hereof) and in
accordance with the requirements of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Revolving Credit Facility and the
conditions set forth in Section 4.02. The Swing Line Lender shall furnish the Borrower with a copy of the applicable Committed Loan Notice promptly after delivering such notice to the Administrative Agent. Each Revolving Credit Lender shall
make an amount equal to its Applicable Percentage of the amount specified in such Committed Loan Notice available to the Administrative Agent in Dollars in immediately available funds (and the Administrative Agent may apply Cash Collateral available
with respect to the applicable Swing Line Loan) for the account of the Swing Line Lender at the Administrative Agent’s Office not later than 12:00 p.m. on the day specified in such Committed Loan Notice, whereupon, subject to
Section 2.04(c)(ii), each Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the Swing Line Lender.

 (ii) If for any reason any Swing Line Loan cannot be refinanced by such a Revolving Credit Borrowing in
accordance with Section 2.04(c)(i), the request for Base Rate Loans submitted by the Swing Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender that each of the Revolving Credit Lenders fund its risk
participation in the relevant Swing Line Loan and each Revolving Credit Lender’s payment to the Administrative Agent for the account of the Swing Line Lender pursuant to Section 2.04(c)(i) shall be deemed payment in respect of such
participation. 
 (iii) If any Revolving Credit Lender fails to make available to the Administrative Agent for
the account of the Swing Line Lender any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(i), the Swing Line Lender shall be
entitled to recover from such Revolving Credit Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately
available to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Effective Rate and a rate determined by the Swing Line Lender in accordance with banking industry rules on interbank compensation, plus any
administrative, processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute
such Revolving Credit Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A certificate of the Swing Line Lender submitted to any
Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error. 

  
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 (iv) Each Revolving Credit Lender’s obligation to make Revolving Credit
Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment,
defense or other right which such Revolving Credit Lender may have against the Swing Line Lender, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence,
event or condition, whether or not similar to any of the foregoing; provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set
forth in Section 4.02. No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrower to repay Swing Line Loans, together with interest as provided herein. 

(d) Repayment of Participations. (i) At any time after any Revolving Credit Lender has purchased and funded a risk
participation in a Swing Line Loan, if the Swing Line Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Revolving Credit Lender its Applicable Percentage thereof in the same funds as those
received by the Swing Line Lender. 
 (ii) If any payment received by the Swing Line Lender in respect of
principal or interest on any Swing Line Loan is required to be returned by the Swing Line Lender under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by the Swing Line Lender in its
discretion), each Revolving Credit Lender shall pay to the Swing Line Lender its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a
rate per annum equal to the Federal Funds Effective Rate. The Administrative Agent will make such demand upon the request of the Swing Line Lender. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations
and the termination of this Agreement. 
 (e) Interest for Account of Swing Line Lender. Until each Revolving Credit
Lender funds its Base Rate Loan or risk participation pursuant to this Section 2.04 to refinance such Revolving Credit Lender’s Applicable Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage shall be solely
for the account of the Swing Line Lender. 
 (f) Payments Directly to Swing Line Lender. The Borrower shall make all
payments of principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender. 
 Section 2.05
Prepayments. 
 (a) Optional. (i) The Borrower may, upon notice in the form of the Prepayment Notice
delivered to the Administrative Agent, at any time or from time to time voluntarily prepay Term Loans and Revolving Credit Loans in whole or in part without premium or penalty; provided that (A) such notice must be received by the
Administrative Agent not later than 12:00 p.m. 

  
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(1) three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (2) one Business Day prior to any date of prepayment of Base Rate Loans; (B) any prepayment of
Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; and (C) any prepayment of Base Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in
excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify (i) the date and amount of such prepayment and (ii) the Type(s) of Loans to be prepaid and, if Eurodollar Rate
Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion of such prepayment (based on such
Lender’s Applicable Percentage in respect of the relevant Facility). If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified
therein. Any voluntary prepayment of a Loan pursuant to this Section 2.05(a)(i) shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Subject to
Section 2.16, each such prepayment of the outstanding Term Loans pursuant to this Section 2.05(a)(i) shall be applied as directed by the Borrower to the installments thereof. All payments made pursuant to this Section 2.05(a) shall be
applied on a pro rata basis to each Lender holding Loans of the applicable Facility being prepaid. 
 (ii) The
Borrower may, upon notice in the form of the Swing Line Loan Prepayment Notice delivered to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part
without premium or penalty; provided that (A) such notice must be received by the Swing Line Lender and the Administrative Agent not later than 12:00 p.m. on the date of the prepayment, and (B) any such prepayment shall be in a
minimum principal amount of $500,000 and in integral multiples of $100,000. Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment
amount specified in such notice shall be due and payable on the date specified therein. 
 (b) Mandatory. 

(i) (A) If the Borrower or any of its Subsidiaries Disposes of any property (other than any Disposition of any property
permitted by Section 7.05 (except pursuant to Sections 7.05(j) or 7.05(k)) which results in the realization by such Person of Net Cash Proceeds in excess of an aggregate amount of $10,000,000 per fiscal year, the Borrower shall prepay (or Cash
Collateralize, as applicable) an aggregate principal amount of Pro Rata Obligations equal to 100% of such Net Cash Proceeds in excess of such $10,000,000 no later than five (5) Business Days following receipt thereof by such Person (such
prepayments (or Cash Collateralization) to be applied as set forth in clauses (v) and (vii) below) and (B) notwithstanding anything to the contrary in subclause (A) above, if at the time of any Disposition pursuant to
Section 7.05(l) the Total Facility Amount is in excess of $350,000,000 (the “Facility Cap”), the Borrower shall prepay (or Cash Collateralize, as applicable) an aggregate principal amount of Pro Rata Obligations equal to 100%
of all Net Cash Proceeds received therefrom no later than five (5) Business Days following receipt thereof by the Borrower or such Subsidiary (such 

  
 57 

 
prepayments (or Cash Collateralization) to be applied as set forth in clauses first and second of clause (v) below and clause (vii) below) but only to the extent required
to reduce the Total Facility Amount to the Facility Cap and, if after giving effect to the application of proceeds described in clause first of clause (v) below, there remain any Net Cash Proceeds from the Disposition pursuant to
Section 7.05(l), the Incremental Capacity shall be reduced on a dollar for dollar basis in an amount equal to such remainder to the extent required to reduce the Total Facility Amount to the Facility Cap). 

(ii) In the event that there shall be Consolidated Excess Cash Flow for any Fiscal Year (commencing with the Fiscal Year
ending September 30, 2012), the Borrower shall, no later than 95 days after the end of such Fiscal Year (or, in the case of the Fiscal Year ending September 30, 2012, 120 days after the end of such Fiscal Year), prepay (or Cash
Collateralize, as applicable) an aggregate principal amount of Pro Rata Obligations equal to the ECF Percentage of such Consolidated Excess Cash Flow less an amount equal to the aggregate principal amount of Term Loans voluntarily prepaid by
the Borrower during such Fiscal Year pursuant to Section 2.05(a) with internally generated cash of the Borrower (and not from the proceeds of Indebtedness or the sale or issuance of Equity Interests and excluding any Term Loans purchased
pursuant to Section 10.06(b)(vii)) (such amount, the “Excess Cash Flow Amount”), to be applied as set forth in clauses (v) and (vii) below); provided that in respect of the mandatory prepayment required
pursuant to this Section 2.05(b)(ii) for the Fiscal Year ending September 30, 2012, such prepayment shall be in amount equal to the Excess Cash Flow Amount for such Fiscal Year multiplied by the 2012 ECF Pro Ration Amount. 

(iii) Upon the incurrence or issuance by the Borrower or any of its Subsidiaries of any Indebtedness (other than
Indebtedness expressly permitted to be incurred or issued pursuant to Section 7.03) the Borrower shall prepay (or Cash Collateralize, as applicable) an aggregate principal amount of Pro Rata Obligations equal to 100% of all Net Cash Proceeds
received therefrom immediately upon receipt thereof by the Borrower or such Subsidiary (such prepayments (or Cash Collateralization) to be applied as set forth in clauses (v) and (vii) below). 

(iv) Upon any Extraordinary Receipt received by or paid to or for the account of the Borrower or any of its Subsidiaries
and not otherwise included in clause (i), (ii), or (iii) of this Section 2.05(b), the Borrower shall prepay (or Cash Collateralize, as applicable) an aggregate principal amount of Pro Rata Obligations equal to 100% of all Net Cash
Proceeds received therefrom in excess of $10,000,000 per fiscal year no later than five (5) Business Days following receipt thereof by such Person (such prepayments (or Cash Collateralization) to be applied as set forth in clauses (v) and
(vii) below. 
 (v) Each prepayment (or Cash Collateralization, as applicable) of Pro Rata Obligations
pursuant to this Section 2.05(b) shall be applied, first, to the Term Loans held by all Term Lenders in accordance with their Applicable Percentages (allocated to the next four principal repayment installments thereof and, thereafter, on
a pro rata basis to the remaining principal repayment installments thereof and the repayment at the final maturity thereof), second, any excess after the application of such proceeds in accordance with clause first above, to the
Revolving Credit Facility in the manner set forth in clause 

  
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(vii) of this Section 2.05(b) and third, any excess after the application of such proceeds in accordance with clauses first and second above may be retained by the
Borrower. Any prepayment of a Loan pursuant to this Section 2.05(b) shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. 

(vi) If for any reason the Total Revolving Credit Outstandings at any time exceed the Revolving Credit Commitments at such
time, the Borrower shall immediately prepay Revolving Credit Loans, Swing Line Loans and L/C Borrowings and/or Cash Collateralize the L/C Obligations (other than the L/C Borrowings) (in an aggregate amount equal to 103% of the face amount thereof)
in an aggregate amount sufficient to reduce the Total Revolving Credit Outstandings to the aggregate Revolving Credit Commitments. 
 (vii) Prepayments of the Revolving Credit Facility made pursuant to this Section 2.05(b), first, shall be applied ratably to the L/C Borrowings and the Swing Line Loans, second, shall
be applied ratably to the outstanding Revolving Credit Loans held by all Revolving Credit Lenders in accordance with their Applicable Percentages, and, third, shall be used to Cash Collateralize the remaining L/C Obligations. Upon the drawing
of any Letter of Credit that has been Cash Collateralized, the funds held as Cash Collateral shall be applied (without any further action by or notice to or from the Borrower or any other Loan Party) to reimburse the L/C Issuer or the Revolving
Credit Lenders, as applicable. Prepayments of the Revolving Credit Facility made pursuant to this Section 2.05(b) shall be applied ratably to the outstanding Revolving Credit Loans. 

Section 2.06 Termination or Reduction of Commitments. (a) Optional. The Borrower may, upon notice to the
Administrative Agent, terminate the Revolving Credit Facility, the Letter of Credit Sublimit or the Swing Line Sublimit, or from time to time permanently reduce the Revolving Credit Commitments, the Letter of Credit Sublimit or the Swing Line
Sublimit; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an
aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the Borrower shall not terminate or reduce (A) the Revolving Credit Facility if, after giving effect thereto and to any concurrent prepayments
of the Revolving Credit Facility hereunder, the Total Revolving Credit Outstandings would exceed the Revolving Credit Facility, (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations would
exceed the Letter of Credit Sublimit or (C) the Swing Line Sublimit if, after giving effect thereto and to any concurrent prepayments of Swing Line Loans hereunder, the Outstanding Amount of Swing Line Loans would exceed the Swing Line
Sublimit. 
 (b) Mandatory. (i) The aggregate Term A Commitments shall be automatically and permanently reduced to
zero on the date of the Term A Borrowing, which shall be no later than the Closing Date. 
 (ii) If after giving
effect to any reduction or termination of Revolving Credit Commitments under this Section 2.06, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the Revolving Credit Facility at such time, the Letter of Credit Sublimit or the
Swing Line Sublimit, as the case may be, shall be automatically reduced by the amount of such excess. 

  
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 (c) Application of Commitment Reductions; Payment of Fees. The Administrative
Agent will promptly notify the Lenders of any termination or reduction of the Letter of Credit Sublimit, Swing Line Sublimit or the Revolving Credit Commitments under this Section 2.06. Upon any reduction of the Revolving Credit Commitments,
the Revolving Credit Commitment of each Revolving Credit Lender shall be reduced by such Revolving Credit Lender’s Applicable Percentage of such reduction amount. All fees in respect of the Revolving Credit Facility accrued until the effective
date of any termination of the Revolving Credit Commitments shall be paid on the effective date of such termination. 

Section 2.07 Repayment of Loans. (a) Term A Loans. Subject to the last sentence of
Section 2.05(a)(i), the principal amounts of the Term A Loans shall be repaid in consecutive quarterly installments in the aggregate amounts set forth below on the dates set forth below (each, an “Installment Payment Date”):

  

					
	 Amortization Date
	  	Term A Loan
Installment	 
	 June 30, 2012
	  	$	2,187,500	  
	 September 30, 2012
	  	$	2,187,500	  
	 December 31, 2012
	  	$	2,187,500	  
	 March 31, 2013
	  	$	4,375,000	  
	 June 30, 2013
	  	$	4,375,000	  
	 September 30, 2013
	  	$	4,375,000	  
	 December 31, 2013
	  	$	4,375,000	  
	 March 31, 2014
	  	$	6,562,500	  
	 June 30, 2014
	  	$	6,562,500	  
	 September 30, 2014
	  	$	6,562,500	  
	 December 31, 2014
	  	$	6,562,500	  
	 March 31, 2015
	  	$	8,750,000	  
	 June 30, 2015
	  	$	8,750,000	  
	 September 30, 2015
	  	$	8,750,000	  
	 December 31, 2015
	  	$	8,750,000	  
	 March 31, 2016
	  	$	8,750,000	  
	 June 30, 2016
	  	$	8,750,000	  
	 September 30, 2016
	  	$	8,750,000	  
	 December 31, 2016
	  	$	8,750,000	  

 provided, however, that the final principal repayment installment of the Term A Loans shall be repaid on the
Maturity Date for the Term A Facility and shall be in an amount equal to the 

  
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aggregate principal amount of all Term A Loans outstanding on such date; provided, further that in the event any Incremental Term Loans are made, such Incremental Term Loans shall be
repaid on each Installment Payment Date occurring on or after the applicable Increased Amount Date as set forth in the applicable Joinder Agreement. 
 (b) Revolving Credit Loans. The Borrower shall repay to the Revolving Credit Lenders on the Maturity Date for the Revolving Credit Facility the aggregate principal amount of all Revolving Credit
Loans outstanding on such date. 
 (c) Swing Line Loans. The Borrower shall repay each Swing Line Loan on the earlier to
occur of (i) the date ten Business Days after such Loan is made and (ii) the Maturity Date for the Revolving Credit Facility. 
 Section 2.08 Interest. (a) Subject to the provisions of Section 2.08(b), (i) each Eurodollar Rate Loan under a Facility shall bear interest on the outstanding principal
amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate for such Facility, (ii) each Base Rate Loan under a Facility shall bear interest on the
outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for such Facility and (iii) each Swing Line Loan shall bear interest on the outstanding principal
amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for the Revolving Credit Facility. 
 (b) (i) If any amount payable by the Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such
amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(ii) Upon the occurrence of and while any Event of Default as described in Section 8.01(f) exists, the Borrower shall
pay interest on all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iii) Upon the request of the Required Lenders (or with respect to Letter of Credit Fees or fees payable pursuant to
Section 2.09(a), upon the request of the Required Revolving Lenders), while any Event of Default (other than the Events of Default described in clauses (b)(i) and (ii) above) exists, the Borrower shall pay interest on all outstanding
Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 
 (iv) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand. 

(c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as
may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. 

  
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 Section 2.09 Fees. In addition to certain fees described in Sections
2.03(h) and (i): 
 (a) Commitment Fee. The Borrower shall pay to the Administrative Agent for the account of each
Revolving Credit Lender in accordance with its Applicable Percentage, a commitment fee in Dollars equal to the Commitment Fee Rate times the actual daily amount by which the aggregate amount of the Revolving Credit Lenders’ Revolving
Credit Commitments exceeds the sum of (i) the Outstanding Amount of Revolving Credit Loans and (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.16. The commitment fee shall accrue at all
times during the Availability Period, including at any time during which one or more of the conditions in Section 4.02 is not met, and shall be due and payable quarterly in arrears on the last Business Day of each December, March, June and
September, commencing on March 31, 2012, and on the last day of the Availability Period. The commitment fee shall be calculated quarterly in arrears. 
 (b) Administrative Agent Fee. The Borrower agrees to pay to the Administrative Agent, for its own account, the fees set forth in the Fee Letter and such other fees payable in the amounts and at the
times separately agreed upon between the Borrower and the Administrative Agent. 
 (c) Other Fees. The Borrower agrees to
pay on the Closing Date to each Lender party to this Agreement as a Lender on the Closing Date, as fee compensation for the funding of such Lender’s Term A Loan and unfunded Revolving Credit Commitments, a closing fee in an amount separately
agreed to by the Borrower and the Administrative Agent for the benefit of the Lenders on the Closing Date, payable to such Lender from the proceeds of the Term A Loans as and when funded on the Closing Date. Such closing fee shall be in all respects
fully earned, due and payable on the Closing Date and non-refundable and non-creditable thereafter. 
 Section 2.10
Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate. (a) All computations of interest for Base Rate Loans based on the Prime Rate shall be made on the basis of a year of 365 or 366 days, as the case
may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a
365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same
day on which it is made shall, subject to Section 2.12(a), bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 (b) If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other
reason, the Borrower, the Administrative Agent or the Required Lenders determine that (i) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the
Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders or the L/C Issuer, as the
case may be, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the 

  
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Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or the L/C Issuer), an amount equal to the excess of the
amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative Agent, any Lender or the L/C Issuer, as the
case may be, under Section 2.03(c)(iii), 2.03(h) or 2.08(b) or under Article 8. The Borrower’s obligations under this paragraph shall survive the termination of the Aggregate Commitments and the repayment of all other Obligations
hereunder. 
 Section 2.11 Evidence of Debt. (a) The Credit Extensions made by each Lender shall be evidenced
by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error
of the amount of the Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower
hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the
accounts and records of the Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative
Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with
respect thereto. 
 (b) In addition to the accounts and records referred to in Section 2.11(a), each Revolving Credit
Lender and the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Revolving Credit Lender of participations in Letters of Credit and Swing Line Loans. In the event
of any conflict between the accounts and records maintained by the Administrative Agent and the accounts and records of any Revolving Credit Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the
absence of manifest error. 
 Section 2.12 Payments Generally; Administrative Agent’s Clawback.
(a) General. All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower
hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 12:00 p.m. on the
date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of all payments and prepayments of principal and interest due hereunder, together with
all other amounts due thereto, including all fees payable with respect thereto, in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 2:00 p.m. shall be deemed
received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following
Business Day, and such extension of time shall be reflected on computing interest or fees, as the case may be. 

  
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 (b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the
Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Borrowing) that such
Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 (or, in the
case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to the Borrower a corresponding
amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand
such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in
the case of a payment to be made by such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such
Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its
share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have
against a Lender that shall have failed to make such payment to the Administrative Agent. 
 (ii) Payments by
Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the Borrower prior to the time at which any payment is due to the Administrative Agent for the account of the Lenders or the
L/C Issuer hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the
Appropriate Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Appropriate Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such
Appropriate Lender, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds
Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 A notice of the Administrative Agent to any Lender, the L/C Issuer or the Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error. 

  
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 (c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the
Administrative Agent funds for any Loan to be made by such Lender as provided in this Article 2, and such funds are not made available to the Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set forth in
Article 4 are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall promptly return such funds (in like funds as received from such Lender) to such Lender, without interest. 

(d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Term A Loans and Revolving Credit Loans, to
fund participations in Letters of Credit and Swing Line Loans and to make payments pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any payment under
Section 10.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase
its participation or to make its payment under Section 10.04(c). 
 (e) Funding Source. Nothing herein shall be
deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner.

 (f) Insufficient Funds. If at any time insufficient funds are received by and available to the Administrative Agent to
pay fully all amounts of principal, L/C Borrowings, interest and fees then due hereunder, such funds shall be applied (i) first, toward payment of interest and fees then due hereunder, ratably among the parties entitled thereto in
accordance with the amounts of interest and fees then due to such parties, and (ii) second, toward payment of principal and L/C Borrowings then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of
principal and L/C Borrowings then due to such parties. 
 Section 2.13 Sharing of Payments by Lenders. If any
Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations in respect of any of the Facilities due and payable to such Lender hereunder and under the other Loan Documents at such
time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Facilities due and payable
to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations in respect of the Facilities due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained by all
the Lenders at such time or (b) Obligations in respect of any of the Facilities owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion
of (i) the amount of such Obligations owing (but not due and payable) to such Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and
under the other Loan Documents at such time) of payment on account of the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time obtained by all of the
Lenders at such time then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the 

  
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Loans and subparticipations in L/C Obligations and Swing Line Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be
shared by the Lenders ratably in accordance with the aggregate amount of Obligations in respect of the Facilities then due and payable to the Lenders or owing (but not due and payable) to the Lenders, as the case may be, provided that:

 (i) if any such participations or subparticipations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and 

(ii) the provisions of this Section shall not be construed to apply to (A) any payment made by or on behalf of the
Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (B) the application of Cash Collateral provided for in Section 2.15, or
(C) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or participant, other than to the Borrower or
any Subsidiary or Affiliate thereof (as to which the provisions of this Section shall apply unless such purchase is made by the Borrower pursuant to Section 10.06(b)(vii)). 

The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Lender acquiring
a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such
participation. 
 Section 2.14 Incremental Facilities. 

(a) The Borrower may by written notice to the Administrative Agent elect to request prior to the Revolving Commitment Termination Date an
increase to the existing Revolving Commitments (any such increase, the “Incremental Revolving Commitments”) and/or the establishment of one or more new term loan commitments (the “Incremental Term Loan
Commitments”), by an amount not in excess of $250,000,000 in the aggregate (such amount, as it may be reduced pursuant to Section 2.05(b)(i)(B), the “Incremental Capacity”) and not less than $25,000,000 individually;
provided that Incremental Revolving Commitments shall not exceed $100,000,000 in the aggregate. Each such notice shall specify (i) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the
Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable, shall be effective, which shall be a date not less than 10 Business Days after the date on which such notice is delivered to the Administrative Agent (or such
shorter period of time as may be agreed to by the Administrative Agent in its sole discretion) and (ii) the identity of each Lender or other Person, which must be an Eligible Assignee (each, an “Incremental Revolving Loan
Lender” or “Incremental Term Loan Lender”, as applicable) to whom the Borrower proposes any portion of such Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable, be allocated and the amounts
of such allocations. Any Lender approached to provide 

  
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all or a portion of the Incremental Revolving Commitments or Incremental Term Loan Commitments may elect or decline, in its sole discretion, to provide a Incremental Revolving Commitment or an
Incremental Term Loan Commitment. Such Incremental Revolving Commitments or Incremental Term Loan Commitments shall become effective as of such Increased Amount Date; provided that (i) no Default or Event of Default shall exist on such
Increased Amount Date before or after giving effect to such Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable and the extensions of credit to be made thereunder on such date; (ii) both before and immediately
after giving effect to the making of any Series of Incremental Term Loans, each of the conditions set forth in Section 4.02 shall be satisfied; (iii) the Borrower shall be in pro forma compliance with each of the covenants set forth in
Section 7.11 as of the last day of the most recently ended Fiscal Quarter and as of the Increased Amount Date (assuming for such purpose that the relevant ratios shall have been calculated taking into account all Consolidated Funded Debt
outstanding on such date, Consolidated EBITDA as of the most recently completed Measurement Period and the Consolidated Interest Charges for such Measurement Period (assuming for such purpose that such Consolidated Funded Debt had been outstanding
on the first day of and through the end of such Measurement Period and measuring such ratios against those for the most recently ended period in question set forth in Section 7.11)) after giving effect to such Incremental Revolving Commitments
or Incremental Term Loan Commitments and the extensions of credit to be made thereunder on such date, as applicable; (iv) the Incremental Revolving Commitments or Incremental Term Loan Commitments, as applicable, shall be effected pursuant to
one or more Joinder Agreements executed and delivered by the Borrower, the Incremental Revolving Loan Lender(s) or Incremental Term Loan Lender(s), as applicable, and the Administrative Agent, each of which shall be recorded in the Register (and
each Incremental Revolving Loan Lender and Incremental Term Loan Lender shall be subject to the requirements set forth in Section 3.01); (v) the Incremental Facilities shall rank pari passu in right of security with the Revolving
Credit Facility and the Term A Facility, (vi) all reasonable fees and out-of-pocket expenses owing to the Administrative Agent and the Lenders (other than a Defaulting Lender) in respect of the Incremental Revolving Commitments and Incremental
Term Loan Commitments shall have been paid and (vii) the Borrower shall deliver or cause to be delivered legal opinions, officer’s certificates and such other documents (including modifications of Mortgages and title insurance endorsements
or policies) reasonably requested by the Administrative Agent in connection with any such transaction. Any Incremental Term Loans made on an Increased Amount Date shall be designated a separate series (a “Series”) of Incremental
Term Loans for all purposes of this Agreement or, if made on terms identical to the Term A Loans, may constitute a part of the Term A Facility. 
 (b) On any Increased Amount Date on which Incremental Revolving Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (i) each of the existing Revolving Lenders
shall assign to each of the Incremental Revolving Loan Lenders, and each of the Incremental Revolving Loan Lenders shall purchase from each of the existing Revolving Loan Lenders, at the principal amount thereof (together with accrued interest),
such interests in the Revolving Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Loans will be held by existing Revolving Loan Lenders and
Incremental Revolving Loan Lenders ratably in accordance with their Revolving Commitments after giving effect to the addition of such Incremental Revolving Commitments to the Revolving Commitments, (ii) each Incremental

  
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Revolving Commitment shall be deemed for all purposes a Revolving Commitment and each Loan made thereunder (an “Incremental Revolving Loan”) shall be deemed, for all purposes, a
Revolving Loan and (iii) each Incremental Revolving Loan Lender shall become a Lender with respect to the Incremental Revolving Commitment and all matters relating thereto. 

(c) On any Increased Amount Date on which any Incremental Term Loan Commitments of any Series are effective, subject to the satisfaction
of the foregoing terms and conditions, (i) each Incremental Term Loan Lender of any Series shall make a Loan to the Borrower (an “Incremental Term Loan”) in an amount equal to its Incremental Term Loan Commitment of such Series
and (ii) each Incremental Term Loan Lender of any Series shall become a Lender hereunder with respect to the Incremental Term Loan Commitment of such Series and the Incremental Term Loans of such Series made pursuant thereto. 

(d) The Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date
and in respect thereof (i) the Incremental Revolving Commitments and the Incremental Revolving Loan Lenders or the Series of Incremental Term Loan Commitments and the Incremental Term Loan Lenders of such Series, as applicable and (ii) in
the case of each notice to any applicable Revolving Credit Lender, the respective interests in such Revolving Credit Lender’s Revolving Credit Loans, in each case subject to the assignments contemplated by this Section. 

(e) The terms and provisions of the Incremental Term Loans and Incremental Term Loan Commitments of any Series shall be, except as
otherwise set forth herein or in the Joinder Agreement, identical to the Term A Loans. In any event (i) the Weighted Average Life to Maturity of all Incremental Term Loans of any Series shall be no shorter than the Weighted Average Life to
Maturity of the Term A Loans, (ii) the applicable Incremental Term Loan Maturity Date of each Series shall be no shorter than the latest final maturity date of the Term A Loans, and (iii) the yield applicable to the Incremental Term Loans
of each Series shall be determined by the Borrower and the applicable new Lenders and shall be set forth in each applicable Joinder Agreement; provided, however, that if the All-in Yield applicable to the Incremental Term Loans exceeds the
applicable All-in Yield of the Term A Loans by more than 0.50% per annum, the applicable interest rate of the Term A Loans shall be increased (without further consent of the affected Lenders) so that the All-in Yield applicable to the
Incremental Term Loans is not more than 0.50% per annum more than the All-in Yield applicable to the Term A Loans. 
 (f)
The terms and provisions of the Incremental Revolving Loans shall be identical to the Revolving Loans; provided that if the Incremental Revolving Loan Lenders require an interest rate in excess of the interest rate then applicable to the
Revolving Facility, the interest rate on the Revolving Facility shall be increased to equal such required rate without further consent of the affected Lenders. 
 (g) Each Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the
Administrative Agent to effect the provisions of this Section 2.14. 

  
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 (h) This Section 2.14 shall supersede any provisions in Section 2.13 or
Section 10.01 to the contrary. 
 Section 2.15 Cash Collateral. 

(a) Certain Credit Support Events. Upon the request of the Administrative Agent or the L/C Issuer (i) if the L/C Issuer has
honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing or (ii) if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the Borrower
shall, in each case, immediately Cash Collateralize of all L/C Obligations in an amount equal to 103% of the then Outstanding Amount of all L/C Obligations. At any time that there shall exist a Defaulting Lender, immediately upon the request of the
Administrative Agent, the L/C Issuer or the Swing Line Lender, the Borrower shall deliver to the Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to Section 2.16(a)(iv) and any
Cash Collateral provided by the Defaulting Lender). 
 (b) Grant of Security Interest. All Cash Collateral (other than
credit support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at a bank selected by the Borrower and reasonably acceptable to the Administrative Agent. The Borrower, and to the extent
provided by any Lender, such Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and the Lenders (including the Swing Line Lender), and agrees to maintain, a
first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such
Cash Collateral may be applied pursuant to Section 2.15(c). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent as herein provided, or that
the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, the Borrower or the relevant Defaulting Lender will, promptly upon demand by the Administrative Agent, pay or provide to
the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. 
 (c)
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.15 or Sections 2.03, 2.04, 2.05, 2.16 or 8.02 in respect of Letters of Credit or Swing Line Loans
shall be held and applied to the satisfaction of the specific L/C Obligations, Swing Line Loans, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation)
and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein. 
 (d) Release. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be released promptly following (i) the elimination of the
applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 10.06(b)(viii)) or
(ii) the Administrative Agent’s good faith determination that there exists excess Cash Collateral; provided that (x) Cash Collateral 

  
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furnished by or on behalf of a Loan Party shall not be released during the continuance of an Event of Default (and following application as provided in this Section 2.15 may be otherwise
applied in accordance with Section 8.03), and (y) the Person providing Cash Collateral and the L/C Issuer or Swing Line Lender, as applicable, may agree that Cash Collateral shall not be released but instead held to support future
anticipated Fronting Exposure or other obligations. 
 Section 2.16 Defaulting Lenders. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender,
then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law: 
 (i) Waivers and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, modification, waiver or consent with respect to this Agreement shall be restricted as set
forth in the definitions of Required Lenders, Required Revolving Credit Lenders, Required Incremental Term Loan Lender and Required Term A Lenders and, in addition, Defaulting Lenders shall not be permitted to vote with respect to any other
amendment, modification, waiver or consent pursuant to Section 10.01 or otherwise direct the Administrative Agent pursuant to the terms hereof or of the other Loan Documents; provided that any amendment, modification, waiver or consent
requiring the consent of all Lenders or each affected Lender which affects such Defaulting Lender differently than other affected Lenders shall require the consent of such Defaulting Lender. 

(ii) Reallocation of Payments. Any payment of principal, interest, fees or other amounts received by the
Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article 8 or otherwise, and including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant
to Section 10.08), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder;
second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to the L/C Issuer or Swing Line Lender hereunder; third, if so determined by the Administrative Agent or requested by the L/C Issuer or Swing
Line Lender, to be held as Cash Collateral for future funding obligations of that Defaulting Lender of any participation in any Swing Line Loan or Letter of Credit; fourth, as the Borrower may request (so long as no Default or Event of
Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the
Administrative Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; sixth, to the payment of any amounts owing
to the Lenders, the L/C Issuer or Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the L/C Issuer or Swing Line Lender against that Defaulting Lender as a result of that Defaulting
Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the 

  
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Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise
directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share
and (y) such Loans or L/C Borrowings were made at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all non-Defaulting
Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay
amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.16(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) Certain Fees. That Defaulting Lender (x) shall not be entitled to receive a commitment fee pursuant to
Section 2.09(a) for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender) and (y) shall
be limited in its right to receive Letter of Credit Fees as provided in Section 2.03(h). 
 (iv)
Reallocation of Applicable Percentages to Reduce Fronting Exposure. During any period in which there is a Defaulting Lender in respect of the Revolving Credit Facility, for purposes of computing the amount of the obligation of each Revolving
Credit Lender that is not a Defaulting Lender to acquire, refinance or fund participations in Letters of Credit or Swing Line Loans pursuant to Sections 2.03 and 2.04, the “Applicable Percentage” of each Revolving Credit Lender that
is not a Defaulting Lender in respect of the Revolving Credit Facility shall be computed without giving effect to the Revolving Credit Commitment of that Defaulting Lender; provided that (i) each such reallocation shall be given effect
only if, at the date the applicable Revolving Credit Lender becomes a Defaulting Lender, no Default or Event of Default exists; and (ii) the aggregate obligation of each Revolving Credit Lender that is not a Defaulting Lender to acquire,
refinance or fund participations in Letters of Credit and Swing Line Loans shall not exceed the positive difference, if any, of (x) the Revolving Credit Commitment of that Revolving Credit Lender that is not a Defaulting Lender minus
(y) the aggregate Outstanding Amount of the Revolving Credit Loans of that Revolving Credit Lender. 
 (b) Defaulting
Lender Cure. If the Borrower, the Administrative Agent, Swing Line Lender and the L/C Issuer agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will
so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent
applicable, purchase that portion of outstanding Loans of the other Lenders (and shall pay to such other Lenders any break funding costs that such other Lenders may incur as a result of such purchase) or take such other actions as the Administrative
Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Revolving Credit 

  
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Lenders in accordance with their Applicable Percentages of the Revolving Credit Facility (without giving effect to Section 2.16(a)(iv)), whereupon that Lender will cease to be a Defaulting
Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent
otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Revolving Credit Lender will constitute a waiver or release of any claim of any party hereunder arising from that Revolving Credit Lender’s having
been a Defaulting Lender. 
 ARTICLE 3.  
 TAXES, YIELD PROTECTION AND ILLEGALITY 
 Section 3.01 Taxes.
(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. (i) Any and all payments by or on account of any obligation of any Loan Party hereunder or under any other Loan Document shall to
the extent permitted by applicable Laws be made free and clear of and without reduction or withholding for any Taxes. If, however, applicable Laws require the Loan Party or the Administrative Agent to withhold or deduct any Tax, such Tax shall be
withheld or deducted in accordance with such Laws as determined by the Loan Party or the Administrative Agent, as the case may be, upon the basis of the information and documentation to be delivered pursuant to subsection (e) below. 

(ii) If the Loan Party or the Administrative Agent shall be required to withhold or deduct any Taxes, including both
United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or make such deductions as are determined by the Administrative Agent to be required based upon the information
and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority, and (C) to the extent that the withholding
or deduction is made on account of Indemnified Taxes, the sum payable by the Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional
sums payable under this Section) the Administrative Agent, Lender or L/C Issuer, as the case may be, receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

(b) Payment of Other Taxes by the Borrower. Without limiting the provisions of subsection (a) above, the Loan Parties shall
timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws, or at the option of the Administrative Agent timely reimburse it for the payment of Other Taxes. 

(c) Tax Indemnifications. (i) Without limiting the provisions of subsection (a) or (b) above, the Loan Parties
shall, and do hereby, jointly and severally indemnify the Administrative Agent, each Lender and the L/C Issuer, and shall make payment in respect thereof within ten days after demand therefor, for the full amount of any Indemnified Taxes (including
Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) withheld or deducted by the Loan Party or the Administrative Agent or paid by the Administrative Agent, such Lender or the L/C Issuer, as the case may
be, and any reasonable out of pocket expenses 

  
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arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The Borrower shall also, and
does hereby, indemnify the Administrative Agent, and shall make payment in respect thereof within ten days after demand therefor, for any amount which a Lender or the L/C Issuer for any reason fails to pay indefeasibly to the Administrative Agent as
required by clause (ii) of this subsection. A certificate as to the amount of any such payment or liability delivered to the Borrower by a Lender or the L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its
own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error (so long as such certificate is prepared in a commercially reasonable manner in accordance with applicable Law). 

(ii) Without limiting the provisions of subsection (a) or (b) above, each Lender and the L/C Issuer shall, and
does hereby, severally indemnify: 
 (A) the Borrower and the Administrative Agent, and shall make payment in
respect thereof within ten days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities, penalties, interest and expenses (including the fees, charges and disbursements of any counsel for the Borrower or
the Administrative Agent) incurred by or asserted against the Borrower or the Administrative Agent by any Governmental Authority as a result of the failure by such Lender or the L/C Issuer, as the case may be, to deliver, or as a result of the
inaccuracy or similar deficiency of, any documentation required to be delivered by such Lender or the L/C Issuer, as the case may be, to the Borrower or the Administrative Agent pursuant to subsection (e)(ii); and 

(B) the Administrative Agent, and shall make payment in respect thereof within ten days after demand therefor, against
(x) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so),
(y) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not
such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority and (z) any Taxes attributable to such Lender’s or L/C Issuer’s failure to comply with the provisions of Section 10.06(d) relating to
the maintenance of a Participant Register. 
 Each Lender and the L/C Issuer hereby authorizes the Administrative Agent to set
off and apply any and all amounts at any time owing to such Lender or the L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii). The agreements in
this clause (ii) shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Aggregate Commitments and the repayment,
satisfaction or discharge of all other Obligations. 

  
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 (d) Evidence of Payments. Upon request by the Borrower or the Administrative Agent,
as the case may be, after any payment of Taxes by the Borrower or by the Administrative Agent to a Governmental Authority as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent or the Administrative Agent shall
deliver to the Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment
reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be. 
 (e) Status of Lenders; Tax
Documentation. (i) For purposes of this Section 3.01(e), the term “Lender” includes any L/C Issuer. Each Lender shall deliver to the Borrower and to the Administrative Agent, at the time or times prescribed by applicable Laws
or when reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Laws or by the taxing authorities of any jurisdiction and such other reasonably requested
information as will permit the Borrower or the Administrative Agent, as the case may be, to determine (A) whether or not payments made hereunder or under any other Loan Document are subject to Taxes, (B) if applicable, the required rate of
withholding or deduction, and (C) such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Lender by the Borrower pursuant to this Agreement or otherwise to
establish such Lender’s status for withholding tax purposes in the applicable jurisdiction. Notwithstanding anything to the contrary in the preceding sentence, the delivery, completion and execution of documentation and other requested
information described in this subsection (e)(i) (and not, for the avoidance of doubt, otherwise described in subsection(e)(ii)) shall not be required if in the Lender’s reasonable judgment such delivery, completion or execution would subject
the Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the generality of the foregoing, on or prior to the date on which a Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower or the Administrative Agent), but only to the extent it is legally entitled to do so, 
 (A) any Lender
that is a U.S. Person shall deliver to the Borrower and the Administrative Agent executed originals of IRS Form W-9 or such other documentation or information prescribed by applicable Laws or reasonably requested by the Borrower or the
Administrative Agent as will enable the Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements; and 

(B) each Foreign Lender shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be
reasonably requested by the recipient), whichever of the following is applicable: 
 (1) in the case of a
Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed 

  
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originals of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with
respect to any other applicable payments under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such
tax treaty, 
 (2) executed originals of Internal Revenue Service Form W-8ECI, 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of
the Code, (x) a certificate substantially in the form of Exhibit H-1 to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder”
of the Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and
(y) executed originals of Internal Revenue Service Form W-8BEN, or 
 (4) to the extent a Foreign Lender is
not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2 or H-3, IRS Form W-9, and/or other certification documents
from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide
a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-4 on behalf of each such direct and indirect partner together with the executed originals of the applicable IRS Forms. 

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

  
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 (iv) Each Lender shall promptly (A) notify the Borrower and the
Administrative Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction or if any form or certification it previously delivered becomes obsolete or inaccurate or expires and (B) update any
such form or certification or notify the Borrower and Administrative Agent in writing of its legal inability to do so. 
 (f)
Treatment of Certain Refunds. At no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of
Taxes withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as the case may be. If the Administrative Agent, any Lender or the L/C Issuer determines, in its sole discretion exercised reasonably, that it has received
a refund of any Indemnified Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section, it shall pay to the Borrower an amount equal to such refund (but only
to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section with respect to the Indemnified Taxes giving rise to such refund), net of all out-of-pocket expenses incurred by the Administrative Agent, such
Lender or the L/C Issuer, as the case may be, related to the receipt of such refund and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the request
of the Administrative Agent, such Lender or the L/C Issuer, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such
Lender or the L/C Issuer in the event the Administrative Agent, such Lender or the L/C Issuer is required to repay such refund to such Governmental Authority. This subsection shall not be construed to require the Administrative Agent, any Lender or
the L/C Issuer to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person. Notwithstanding anything to the contrary in this subsection, in no event will the
Administrative Agent, such Lender or the L/C Issuer be required to pay any amount to the Borrower pursuant to this subsection the payment of which would place the Administrative Agent, such Lender or the L/C Issuer in a less favorable after-Tax
position than the Administrative Agent, such Lender or the L/C Issuer would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. 

Section 3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar Rate,
or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars, then, on notice thereof by such Lender to the Borrower through the Administrative Agent,
(i) any obligation of such Lender to make or continue Eurodollar Rate Loans in the affected currency or currencies or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended and (ii) if such notice asserts the illegality of
such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such
illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in 

  
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each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (x) the
Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans or (y) if such notice asserts the illegality of such Lender
making or maintaining Base Rate Loans (the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate), the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality,
be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar
Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

 Section 3.03 Inability to Determine Rates. If the Required Lenders determine that for any reason in connection
with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof that (a) deposits are not being offered to banks in the London interbank Eurodollar market for the applicable amount and Interest Period of such Eurodollar
Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan or
(c) the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the
Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended and (y) in the event of a determination described in the preceding sentence with respect to the Eurodollar
Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon
receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base
Rate Loans in the amount specified therein. 
 Section 3.04 Increased Costs; Reserves on Eurodollar Rate Loans.
(a) Increased Costs Generally. If any Change in Law shall: 
 (i) impose, modify or deem
applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement
contemplated by Section 3.04(e)) or the L/C Issuer; 
 (ii) subject the Administrative Agent, any Lender or
the L/C Issuer to any Tax (except for Indemnified Taxes covered by Section 3.01 and the imposition of, or any change in the rate of, any Tax described in clause (a)(ii) or clause (b) through (d) of the definition of Excluded Tax) on
its loans, loan principal, letters of credit, commitment, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 

  
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 (iii) impose on any Lender or the L/C Issuer or the London interbank market
any other condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of the foregoing shall be to increase the cost to the Administrative Agent, the L/C Issuer or any Lender of making, continuing or maintaining any Loan (or of maintaining its
obligation to make any such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to
reduce the amount of any sum received or receivable by the Administrative Agent, any Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of the Administrative Agent, such Lender or the L/C
Issuer, the Borrower will pay to the Administrative Agent, such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate the Administrative Agent, such Lender or the L/C Issuer, as the case may be, for such
additional costs incurred or reduction suffered; provided, that the Borrower shall not be obligated to pay any such compensation unless the Lender or L/C Issuer requesting such compensation also is requesting compensation as a result of such
Change in Law from other similarly situated customers under agreements relating to similar credit transactions that include provisions similar to this Section 3.04(a). 
 (b) Capital Requirements. If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender’s or the
L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the L/C Issuer’s capital or on the capital of such Lender’s or the
L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a
level below that which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the L/C Issuer’s policies and
the policies of such Lender’s or the L/C Issuer’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or
amounts as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company for any such reduction suffered; provided, that the Borrower shall not be obligated to pay any such compensation unless
the Lender or L/C Issuer requesting such compensation also is requesting compensation as a result of such Change in Law from other similarly situated customers under agreements relating to similar credit transactions that include provisions similar
to this Section 3.04(b). 
 (c) Certificates for Reimbursement. A certificate of a Lender or the L/C Issuer setting
forth in reasonable detail the amount or amounts necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Borrower shall be
conclusive absent manifest error. The Borrower shall pay such Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within ten days after receipt thereof. 

  
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 (d) Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer
to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided that the Borrower shall not be required to
compensate a Lender or the L/C Issuer pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender or the L/C Issuer, as the case may be,
notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased
costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof). 
 (e) Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or
including Eurodollar funds or deposits (currently known as “Eurodollar liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan
by such Lender (as determined by such Lender in good faith, which determination shall be conclusive and binding), which shall be due and payable on each date on which interest is payable on such Loan, provided the Borrower shall have received at
least ten days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender; provided, that the Borrower shall not be obligated to pay any such additional interest unless the Lender requesting such
additional interest also is requesting additional interest from other similarly situated customers under agreements relating to similar credit transactions that include provisions similar to this Section 3.04(e). If a Lender fails to give
notice ten days prior to the relevant Interest Payment Date, such additional interest shall be due and payable ten days from receipt of such notice. 
 Section 3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold
such Lender harmless from any loss, cost or expense incurred by it as a result of: 
 (a) any continuation, conversion, payment
or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

(b) any failure by the Borrower to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount
notified by the Borrower (in the case of a borrowing, for a reason other than the failure of such Lender to make a Loan); or 

(c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by
the Borrower pursuant to Section 2.14(b) or Section 10.13; 
 including any foreign exchange losses or loss of anticipated profits and
any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained or from the performance of any foreign exchange
contract. The Borrower shall also pay any customary and reasonable administrative fees charged by such Lender in connection with the foregoing. 

  
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 For purposes of calculating amounts payable by the Borrower to the Lenders under this
Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London or other offshore interbank market for Dollars for a
comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender, as specified in this Section, delivered
to the Borrower shall be conclusive absent manifest error. 
 Section 3.06 Mitigation Obligations; Replacement of
Lenders. (a) Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or the Borrower is required to pay any additional amount to any Lender, the L/C Issuer, or any Governmental
Authority for the account of any Lender or the L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a
different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender or the L/C Issuer, such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and
(ii) in each case, would not subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the case may be. The Borrower hereby
agrees to pay all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection with any such designation or assignment. 
 (b) Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for
the account of any Lender pursuant to Section 3.01, or if any Lender is a Defaulting Lender hereunder, the Borrower may replace such Lender in accordance with Section 10.13. 

Section 3.07 Survival. All of the Borrower’s obligations under this Article 3 shall survive termination of the Aggregate
Commitments, any assignment of rights by, or the replacement of, a Lender, repayment, satisfaction or discharge of all other Obligations hereunder, and resignation or replacement of the Administrative Agent. 

ARTICLE 4. 

CONDITIONS PRECEDENT 
 Section 4.01 Conditions Precedent to the Closing Date. The Closing Date and the obligation of the L/C Issuer and each Lender to make the initial Credit Extensions shall, in each case, be
subject to the following conditions: 
 (a) The Administrative Agent’s receipt of the following, each of which shall be
originals, facsimiles or “pdf” or similar electronic format (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party each in form and substance reasonably
satisfactory to the Administrative Agent and its legal counsel: 
 (i) a Note executed by the Borrower in favor
of each Lender that has requested a Note at least two Business Days prior to the Closing Date; 

  
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 (ii) each Collateral Document set forth on Schedule 4.01(a)(ii), executed by
each Loan Party thereto, together with: 
 (A) certificates, if any, representing the Pledged Equity referred to
therein accompanied by undated stock powers executed in blank (if applicable); 
 (B) evidence that all filings
under the UCC shall have been taken, completed or otherwise provided for in a manner reasonably satisfactory to the Administrative Agent; 
 (C) deeds of trust, trust deeds, deeds to secure debt, mortgages, and landlord access waivers, each in form and substance reasonably satisfactory to the Administrative Agent and covering the owned and
leased real properties listed on Schedule 4.01(a)(ii)(C) (together with each other mortgage or similar document delivered pursuant to Section 6.11, the “Mortgages”), duly executed by the appropriate Loan Party, together with:

 (1) evidence that counterparts of the Mortgages have been duly executed, acknowledged and delivered and are
in form suitable for filing or recording in all filing or recording offices that the Administrative Agent may deem necessary or desirable in order to create a valid first and subsisting Lien on the property described therein in favor of the
Administrative Agent for the benefit of the Secured Parties and that all filing, documentary, stamp, intangible and recording taxes and fees have been paid; 
 (2) fully paid American Land Title Association Lender’s Extended Coverage title insurance policies (the “Mortgage Policies”), with endorsements and in amounts acceptable to the
Administrative Agent, issued, coinsured and reinsured by title insurers acceptable to the Administrative Agent, insuring the Mortgages to be valid first and subsisting Liens on the property described therein, free and clear of all defects
(including, but not limited to, mechanics’ and materialmen’s Liens) and encumbrances, excepting only Permitted Liens, and providing for such other affirmative insurance (including endorsements for future advances under the Loan Documents,
for mechanics’ and materialmen’s Liens and for zoning of the applicable property) and such coinsurance and direct access reinsurance as the Administrative Agent may deem reasonably necessary or desirable; 

(3) American Land Title Association/American Congress on Surveying and Mapping form surveys, for which all necessary fees
(where applicable) have been paid, and dated no more than 30 days before the Closing Date, certified to the Administrative Agent and 

  
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the issuer of the Mortgage Policies in a manner reasonably satisfactory to the Administrative Agent by a land surveyor duly registered and licensed in the States in which the property described
in such surveys is located and acceptable to the Administrative Agent, showing all buildings and other improvements, any off-site improvements, the location of any easements, parking spaces, rights of way, building set-back lines and other
dimensional regulations and the absence of encroachments, either by such improvements or on to such property, and other defects, other than encroachments and other defects reasonably acceptable to the Administrative Agent; 

(4) Reserved; 
 (5) estoppel and consent agreements executed by each of the lessors of the leased real properties listed on Schedule 4.01(a)(ii)(C), along with (1) a memorandum of lease in recordable form with
respect to such leasehold interest, executed and acknowledged by the owner of the affected real property, as lessor, or (2) evidence that the applicable lease with respect to such leasehold interest or a memorandum thereof has been recorded in
all places necessary or desirable, in the Administrative Agent’s reasonable judgment, to give constructive notice to third-party purchasers of such leasehold interest, or (3) if such leasehold interest was acquired or subleased from the
holder of a recorded leasehold interest, the applicable assignment or sublease document, executed and acknowledged by such holder, in each case in form sufficient to give such constructive notice upon recordation and otherwise in form reasonably
satisfactory to the Administrative Agent; 
 (6) without limiting clause (8) below, evidence of the
insurance required by the terms of the Mortgages; 
 (7) an appraisal of each of the owned properties described
on Schedule 4.01(a)(ii)(C) complying with the requirements of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989; 
 (8) the following documents (collectively, the “Flood Documents”): (A) a completed standard “life of loan” flood hazard determination form (a “Flood Determination
Form”), (B) if the improvement(s) to the applicable improved real property is located in a special flood hazard area, a notification to the Borrower (“Borrower Notice”) and (if applicable) notification to the Borrower
that flood insurance coverage under the National Flood Insurance Program (“NFIP”) is not available because the community does not participate in the NFIP, (C) documentation evidencing the Borrower’s receipt of the Borrower
Notice (e.g., countersigned Borrower Notice, return receipt of certified U.S. Mail, or overnight delivery), and (D) if the Borrower Notice is 

  
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required to be given and flood insurance is available in the community in which the property is located, a copy of one of the following: the flood insurance policy, the Borrower’s
application for a flood insurance policy plus proof of premium payment, a declaration page confirming that flood insurance has been issued, or such other evidence of flood insurance reasonably satisfactory to the Administrative Agent (any of
the foregoing being “Evidence of Flood Insurance”); and 
 (9) such appraisals, legal opinions
and other customary documents as the Administrative Agent may reasonably request with respect to such Mortgage or Mortgaged Property; and 
 (D) any other documents and instruments as may be necessary or advisable in the reasonable opinion of the Administrative Agent to vest in the Administrative Agent valid and subsisting first priority
perfected Liens on the properties purported to be subject to the Collateral Documents set forth on Schedule 4.01(a)(ii), enforceable against all third parties in accordance with their terms; 

(iii) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible
Officers of each Loan Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the
other Loan Documents to which such Loan Party is a party; 
 (iv) an opinion from (A) Bryan Cave LLP,
counsel to the Loan Parties, and (B) local or other counsel in each of the jurisdictions listed on Schedule 4.01(a)(iv), in each case as reasonably requested by the Administrative Agent, in the case of each of clauses (A) and (B), in form
and substance reasonably satisfactory to the Administrative Agent; 
 (v) a certificate attesting to the Solvency
of the Borrower and its Subsidiaries (taken as a whole) on the Closing Date after giving effect to the Transaction, from the Chief Financial Officer of the Borrower; 

(vi) a certificate attesting to the compliance with clauses (c), (d), (h), (j), (k), (l) of this Section 4.01 on
the Closing Date from a Responsible Officer of the Borrower; 
 (vii) a Committed Loan Notice pursuant to
Section 2.02; 
 (viii) copies of a recent Lien and judgment search in each jurisdiction reasonably
requested by the Administrative Agent with respect to the Loan Parties; and 
 (b) All reasonable fees and out-of-pocket
expenses required to be paid and invoiced on or before the Closing Date shall have been, or concurrently with the closing of the Transaction shall be, paid in full in cash. 

  
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 (c) Prior to or substantially concurrently with (including on the same Business Day as) the
initial Credit Extension on the Closing Date, the Spin-Off shall have been consummated. 
 (d) After giving effect to
consummation of the Transactions on the Closing Date, the Borrower and its Subsidiaries shall have outstanding no Indebtedness or preferred Equity Interests other than (i) the Loans and L/C Obligations, (ii) the Senior Notes in an
aggregate principal amount not to exceed $775,000,000, the proceeds of which shall have been applied to consummate the Spin-Off, and (iii) Indebtedness permitted by Section 7.03(b). 

(e) The Administrative Agent and the Lenders shall have received the Annual Financial Statements. 

(f) The Administrative Agent and the Lenders shall have received the Pro Forma Financial Statements. 

(g) The Administrative Agent shall have received on or prior to the Closing Date all documentation and other information reasonably
requested in writing by them at least five Business Days prior to the Closing Date in order to allow the Administrative Agent and the Lenders to comply with applicable “know your customer” and anti-money laundering rules and regulations,
including the Act. 
 (h) All approvals, consents, exemptions, authorizations, or other actions by, or notices to, or filings
with, any Governmental Authority or any other Person necessary or required for the consummation of the Transaction have been received and all applicable waiting periods in connection with the Transaction have expired without any action having been
taken by any Governmental Authority restraining, preventing or imposing materially adverse conditions upon the Transaction or the rights of the Loan Parties or their Subsidiaries or that could seek or threaten any of the foregoing, and no Law or
regulation shall be applicable that has such effect. 
 (i) The Administrative Agent shall have received a certificate from the
Borrower’s insurance broker or other evidence reasonably satisfactory to it that all insurance required to be maintained pursuant to Section 6.06 is in full force and effect, together with endorsements naming the Administrative Agent, for
the benefit of Secured Parties, as additional insured and loss payee thereunder to the extent required under Section 6.06. 

(j) The representations and warranties of the Borrower and each other Loan Party contained in Article V hereof shall be true and correct
in all material respects; provided that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any
qualification therein) in all respects. 
 (k) There shall not exist any action, suit, investigation, litigation, proceeding,
hearing or other legal or regulatory developments, pending or threatened in any court or before any arbitrator or Governmental Authority that, in the reasonable opinion of the Administrative Agent, singly or in the aggregate, materially impairs the
Transactions, the financing thereof or any of the other transactions contemplated by the Loan Documents, or that could reasonably be expected to have a Material Adverse Effect. 

  
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 (l) There has been no change, occurrence or development since September 30, 2011 that
could reasonably be expected to have a Material Adverse Effect. 
 Section 4.02 Conditions to All Credit Extensions
after the Closing Date. The obligation of each Lender to honor any Request for Credit Extension after the Closing Date (other than pursuant to a Conversion/Continuation Notice) is subject to the following conditions precedent: 

(a) The representations and warranties of the Borrower and each other Loan Party contained in Article 5 or any other Loan Document, or
which are contained in any document furnished at any time under or in connection herewith or therewith, that are qualified by materiality shall be true and correct on and as of the date of such Credit Extension, and each of the representations and
warranties of the Borrower and each other Loan Party contained in any other Loan Document or in any document furnished at any time under or in connection herewith or therewith that are not qualified by materiality shall be true and correct in all
material respects on and as of the date of such Credit Extension, except in each case to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date,
and except that for purposes of this Section 4.02, the representations and warranties contained in clauses (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses
(a) and (b), respectively, of Section 6.01. 
 (b) No Default shall exist, or would result from such proposed Credit
Extension or from the application of the proceeds thereof. 
 (c) The Administrative Agent and, if applicable, the L/C Issuer or
the Swing Line Lender shall have received a Request for Credit Extension in accordance with the requirements hereof. 
 Each
Request for Credit Extension (other than pursuant to a Conversion/Continuation Notice) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied
on and as of the date of the applicable Credit Extension. 
 ARTICLE 5. 

REPRESENTATIONS AND WARRANTIES 
 The Borrower represents and warrants to the Administrative Agent and the Lenders on the Closing Date and on the date of each Credit Extension as contemplated by Section 4.02(a) that: 

Section 5.01 Existence, Qualification and Power. Each Loan Party and each Subsidiary thereof (a) is duly organized or
formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents
and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as
applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except in each case referred to in clause (b)(i) or(c), to
the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 

  
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 Section 5.02 Authorization; No Contravention. The execution, delivery and
performance by each Loan Party of each Loan Document to which such Person is party have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene the terms of any of such
Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any material contract to which such Person is a party or
affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or
(c) violate any Law. 
 Section 5.03 Governmental Authorization; Other Consents. No material approval, consent,
exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with (a) the execution, delivery or performance by, or enforcement against, any
Loan Party of this Agreement or any other Loan Document, or for the consummation of the Transaction, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents or (c) the perfection or maintenance of
the Liens created under the Collateral Documents (including the priority thereof), except for (x) filings and registrations necessary to perfect the Liens on the Collateral granted by the Loans Parties in favor of the Administrative Agent on
behalf of the Secured Parties consisting of UCC financing statements, filings in the United States Patent and Trademark Office and the United States Copyright Office and Mortgages, (y) the approvals, consents, exemptions, authorizations,
actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect and (z), in the case of the consummation of the Transactions, those approvals, consents, exemptions, authorizations or other
actions, notices or filings, the failure of which to obtain or make could not reasonably be expected to have a Material Adverse Effect. 
 Section 5.04 Binding Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party
thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms,
except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether
enforcement is sought in equity or at law). 
 Section 5.05 Financial Statements; No Material Adverse Effect.
(a) The Annual Financial Statements of the Borrower and its Subsidiaries (A) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (B) fairly
present, in all material respects, the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period
covered thereby, except as otherwise expressly noted therein; and (C) show all material indebtedness and other liabilities, direct or contingent, of the Borrower and its Subsidiaries as of the date thereof, including liabilities for taxes,
material commitments and Indebtedness to the extent required by GAAP. 

  
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 (b) the Quarterly Financial Statements of the Borrower and its Subsidiaries (A) were
each prepared in accordance with GAAP consistently applied throughout the period covered thereby, subject only to normal year-end audit adjustments and the absence of footnotes, except as otherwise expressly noted therein, and (B) fairly
present, in all material respects, the financial condition of the Borrower and its Subsidiaries, as of the date thereof and their results of operations for the period covered thereby. 

(c) Since September 30, 2011, there has been no event or circumstance, either individually or in the aggregate, that has had or
could reasonably be expected to have a Material Adverse Effect. 
 (d) The consolidated pro forma balance sheet of the
Borrower and its Subsidiaries and the related consolidated pro forma statements of income and cash flows of the Borrower and its Subsidiaries for the twelve months ending on the last day of the most recently completed four-fiscal quarters ended at
least 45 days before the Closing Date (the “Pro Forma Financial Statements”), certified by the chief financial officer or treasurer of the Borrower, copies of which have been furnished to each Lender, (i) were prepared after
giving effect to the Transaction as if the Transaction had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of the such statements of income) and (ii) to the Borrower’s knowledge,
fairly present, in all material respects, the consolidated pro forma financial condition of the Borrower and its Subsidiaries as at such date and the consolidated pro forma results of operations of the Borrower and its Subsidiaries for
the period ended on such date, prepared in accordance with the provisions of Article 11 of Regulation S-X. 
 Section 5.06
Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against the
Borrower or any of its Subsidiaries or against any of their properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or the consummation of the Transaction, or (b) either individually or in
the aggregate could reasonably be expected to have a Material Adverse Effect. 
 Section 5.07 No Default. Neither
any Loan Party nor any Subsidiary thereof is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is
continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document. 

Section 5.08 Ownership of Property; Liens. 
 (a) Each of the Borrower and each Subsidiary has good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its
business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
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 (b) Schedule 5.08(b) sets forth a complete and accurate list of all Liens on the property or
assets of each Loan Party and each of its Subsidiaries as of the Closing Date, showing as of the Closing Date the lienholder thereof and the property or assets of such Loan Party or such Subsidiary subject thereto. The property of each Loan Party
and each of its Subsidiaries is subject to no Liens, other than Liens set forth on Schedule 5.08(b) and as otherwise permitted by Section 7.01. 
 (c) Schedule 5.08(c) sets forth a complete and accurate list of all real property owned by each Loan Party and each of its Subsidiaries as of the Closing Date, showing as of the Closing Date the street
address, county or other relevant jurisdiction, state and record owner thereof. Each Loan Party and each of its Subsidiaries has good, marketable and insurable fee simple title to the real property owned by such Loan Party or such Subsidiary, free
and clear of all Liens, other than Liens created or permitted by the Loan Documents. As of the Closing Date, no Loan Party or Subsidiary of a Loan Party (i) has received notice, or has knowledge, of any pending or contemplated condemnation
proceeding affecting any Mortgaged Property or any sale or disposition thereof in lieu of condemnation or (ii) is or could be obligated under any right of first refusal, option or other contractual right to sell, transfer or otherwise dispose
of any Mortgaged Property or any interest therein. 
 (d) (i) Schedule 5.08(d)(i) sets forth a complete and accurate list as of
the Closing Date of all leases of real property under which any Loan Party or any Subsidiary of a Loan Party is the lessee, showing as of the Closing Date the street address, county or other relevant jurisdiction, state, lessor, lessee and
expiration date thereof. The Administrative Agent has received copies of all such leases, and there are no defaults under such leases, except those which would not reasonably be expected to have a Material Adverse Effect. 

(ii) Schedule 5.08(d)(ii) sets forth a complete and accurate list of all leases of real property under which any Loan
Party or any Subsidiary of a Loan Party is the lessor, showing as of the Closing Date the street address, county or other relevant jurisdiction, state, lessor, lessee and expiration date thereof. 

(e) Schedule 5.08(e) sets forth a complete and accurate list of all Investments held by any Loan Party or any Subsidiary of a Loan Party
on the Closing Date, showing as of the Closing Date the obligor or issuer and maturity, if any, thereof. 
 Section 5.09
Environmental. 
 (a) Each of the Loan Parties and its Subsidiaries is and has been in compliance with all Environmental
Laws and has received and maintained in full force and effect all Environmental Permits required for its current operations, except where non-compliance could not, either individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect; 
 (b) To the Loan Parties’ knowledge, no Hazardous Materials are present, or have been released by any
Person, whether related or unrelated to any Loan Party in, on, within, above, under, affecting or emanating from any real property currently or previously owned, leased or operated by any Loan Party or its Subsidiaries (i) in a quantity,
location, manner or state requiring any cleanup, investigation or remedial action pursuant to any Environmental Laws, (ii)

  
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in violation or alleged violation of any Environmental Laws, or (iii) which has or could given rise to any Environmental Liability, including any claim pursuant to any Environmental Laws
against any Loan Party or its Subsidiaries, except as could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (c) No Environmental Claim is pending or, to the Loan Parties’ knowledge, proposed, threatened or anticipated, with respect to or in connection with any of the Loan Parties or its Subsidiaries or the
any real properties now or previously owned, leased or operated by the Loan Parties or its Subsidiaries except as could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; 

(d) No properties now or, to the Loan Parties’ knowledge, previously owned, leased or operated by the Loan Parties or its
Subsidiaries nor, to the Loan Parties’ knowledge, any property to which the Loan Parties or its Subsidiaries has transported or arranged for the transportation of any Hazardous Material is listed or, to the Loan Parties’ knowledge,
proposed for listing on the National Priorities List promulgated pursuant to CERCLA, on CERCLIS (as defined in CERCLA) or on any similar federal, state or foreign list of sites requiring investigation or cleanup, nor to the knowledge of the Loan
Parties, is any such property anticipated or threatened to be placed on any such list, except as could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(e) To the Loan Parties’ knowledge, there are no Environmental Liabilities of any Loan Parties or its Subsidiaries of any kind
whatsoever, whether accrued, contingent, absolute, determined, determinable or otherwise, and there are no facts, conditions, situations or set of circumstances which could reasonably be expected to result in or be the basis for any such
Environmental Liability, except as could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (f) No Loan Party or its Subsidiaries has assumed or retained any Environmental Liability of any other Person, except as could not, either individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect. 
 This Section 5.09 contains the sole and exclusive representations and warranties of the Loan
Parties with respect to environmental matters. 
 Section 5.10 Insurance. The properties of the Borrower and its
Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses
and owning similar properties in localities where the Borrower or the applicable Subsidiary operates. 
 Section 5.11
Taxes. The Borrower and its Subsidiaries have filed all Federal, state and other material tax returns and reports required to be filed, and have paid all Federal, state and other material taxes, assessments, fees and other governmental
charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been
provided in accordance with GAAP. To the knowledge of the Borrower, there is no proposed tax assessment made in writing against the Borrower or any Subsidiary that would, if made, have a Material Adverse Effect. Neither any Loan Party nor any
Subsidiary thereof is party to any tax sharing agreement with any Person that is not a Loan Party. 

  
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 Section 5.12 ERISA Compliance. 

(a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or state
laws. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service to the effect that the form of such Plan is qualified under
Section 401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the Code, or an application for such a letter is currently being
processed by the Internal Revenue Service. To the best knowledge of the Borrower, nothing has occurred that would prevent or cause the loss of such tax-qualified status. 
 (b) There are no pending or, to the best knowledge of the Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be
expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse
Effect. 
 (c) (i) No ERISA Event has occurred, and neither the Borrower nor any ERISA Affiliate is aware of any fact, event or
circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii) the Borrower and each ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in respect
of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as
defined in Section 430(d)(2) of the Code) is 60% or higher and neither the Borrower nor any ERISA Affiliate knows of any facts or circumstances that could reasonably be expected to cause the funding target attainment percentage for any such
plan to drop below 60% as of the most recent valuation date; (iv) the present value of the aggregate benefit liabilities under each Pension Plan sponsored, maintained or contributed to by any Loan Party, any of its Subsidiaries or any of their
respective ERISA Affiliates (determined as of the end of the most recent plan year on the basis of the actuarial assumptions specified for funding purposes in the most recent actuarial valuation for such Pension Plan) did not exceed the aggregate
current fair market value of the assets of such Pension Plan by more than $5,000,000; (v) as of the most recent valuation date for each Multiemployer Plan, the potential liability of the Borrower, its Subsidiaries and its respective ERISA
Affiliates for a complete withdrawal from such Multiemployer Plan (within the meaning of Section 4203 or Section 4205 of ERISA), when aggregated with such potential liability for a complete withdrawal from all Multiemployer Plans, is zero;
(vi) the Borrower, its Subsidiaries and each of its ERISA Affiliates have complied with the requirements of Section 515 of ERISA with respect to each Multiemployer Plan and are not in material “default” (as defined in
Section 4219(c)(5) of ERISA) with respect to payments to a Multiemployer Plan; (vii) neither the Borrower nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium
payments which have become due that are unpaid; (viii) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that 

  
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could be subject to Section 4069 or Section 4212(c) of ERISA; and (ix) no Pension Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or
circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan. 
 (d) With respect to each scheme or arrangement mandated by a government other than the United States (a “Foreign Government Scheme or Arrangement”) and with respect to each employee
benefit plan maintained or contributed to by any Loan Party or any Subsidiary of any Loan Party that is not subject to United States law (a “Foreign Plan”): 

(i) any employer and employee contributions required by law or by the terms of any Foreign Government Scheme or
Arrangement or any Foreign Plan have been made, or, if applicable, accrued, in accordance with normal accounting practices; 
 (ii) the fair market value of the assets of each funded Foreign Plan, the liability of each insurer for any Foreign Plan funded through insurance or the book reserve established for any Foreign Plan,
together with any accrued contributions, is sufficient to procure or provide for the accrued benefit obligations, as of the Closing Date, with respect to all current and former participants in such Foreign Plan according to the actuarial assumptions
and valuations most recently used to account for such obligations in accordance with applicable generally accepted accounting principles; and 
 (iii) each Foreign Plan required to be registered has been registered and has been maintained in good standing with applicable regulatory authorities. 

Section 5.13 Subsidiaries; Equity Interests. As of the Closing Date, the Borrower has no Subsidiaries other than those
specifically disclosed in Part (a) of Schedule 5.13, and all of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by a Loan Party in the amounts specified on Part
(a) of Schedule 5.13 free and clear of all Liens. As of the Closing Date, the Borrower has no equity investments in any other corporation or entity other than (i) those specifically disclosed in Part (b) of Schedule 5.13 and
(ii) investments in Subsidiaries. All of the outstanding Equity Interests in the Borrower have been validly issued and are fully paid and nonassessable. 
 Section 5.14 Margin Regulations; Investment Company Act. (a) The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of
purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 
 (b) None of the Borrower, any Person Controlling the Borrower, or any Subsidiary is or is required to be registered as an “investment company” under the Investment Company Act of 1940.

 Section 5.15 Disclosure. No report, financial statement, certificate or other information furnished in writing by
or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, taken as a
whole and as modified or supplemented by other information so furnished) contains any material 

  
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misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided
that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed by it to be reasonable at the time made, it being recognized by the Administrative
Agent and the Lenders that such financial information as it relates to future events is not to be viewed as fact and that actual results during the period or periods covered by such financial information may differ from the projected results set
forth therein by a material amount. 
 Section 5.16 Compliance with Laws. Each Loan Party and each Subsidiary
thereof is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties (including the Act), except in such instances in which (a) such requirement
of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to
have a Material Adverse Effect. 
 Section 5.17 Taxpayer Identification Number. The Borrower’s true and correct
U.S. taxpayer identification number is set forth on Schedule 10.02. 
 Section 5.18 Intellectual Property; Licenses,
Etc. The Borrower and its Subsidiaries own or possess the right to use, all of the trademarks, service marks, trade names, trade dress, logos, domain names and all good will associated therewith, copyrights, patents, patent rights, trade
secrets, know-how, franchises, licenses, and other intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for the operation of their respective businesses as currently conducted, without conflict with
the rights of any other Person, except where the failure to own or possess the right to use any such IP Rights would not reasonably be expected to have a Material Adverse Effect. The Borrower and its Subsidiaries hold all right, title and interest
in and to such IP Rights free and clear of any Lien (other than Liens permitted by Section 7.01). No slogan or other advertising device, product, process, method, substance, part or other material or activity now employed, or now contemplated
to be employed, by the Borrower or any Subsidiary infringes upon, misappropriates or otherwise violates any rights held by any other Person, except where such infringement, misappropriation or other violation would not reasonably be expected to have
a Material Adverse Effect. 
 Section 5.19 Solvency. Each Loan Party is, individually and together with its
Subsidiaries on a consolidated basis, Solvent. 
 Section 5.20 Collateral Documents. The provisions of the
applicable Collateral Documents are effective to create in favor of the Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject, in the case of any Collateral other than Collateral
consisting of Equity Interests, to Liens permitted by Section 7.01 and, in the case of Collateral consisting of Equity Interests, to non-consensual Liens permitted by Section 7.01) on all right, title and interest of the respective Loan
Parties in the Collateral described therein. Except for filings completed on or prior to the Closing Date and as contemplated hereby and by the Collateral Documents, no filing or other action will be necessary to perfect or protect such Liens.

  
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 Section 5.21 Senior Debt. The Obligations constitute “Senior
Indebtedness” (or any comparable term) or “Senior Secured Financing” (or any comparable term) under, and as defined in, the documentation governing, any Indebtedness that is subordinated to the Obligations expressly by its
terms. 
 Section 5.22 Sanctioned Persons. None of the Loan Parties or any of their Subsidiaries nor, to the
knowledge of the Borrower, any director, officer, agent, employee or Affiliate of any Loan Party or any of its Subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury
Department (“OFAC”); and the Borrower will not directly or indirectly use the proceeds of the Loans or the Letters of Credit or otherwise make available such proceeds to any Person, for the purpose of financing the activities of any
Person currently subject to any U.S. sanctions administered by OFAC. 
 Section 5.23 Foreign Corrupt Practices Act.
No part of the proceeds of the Loans will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an
official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

ARTICLE 6. 

AFFIRMATIVE COVENANTS 
 From and after the Closing Date, so long as any Lender shall have any Commitment hereunder, any Loan or other Obligation (other than contingent indemnification obligations as to which no claim has been
asserted and obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements as to which arrangements satisfactory to the applicable Cash Management Bank or Hedge Bank shall have been made) hereunder shall remain
unpaid or unsatisfied, or any Letter of Credit (other than Letters of Credit which have been Cash Collateralized or as to which other arrangements satisfactory to the L/C Issuer have been made) shall remain outstanding, the Borrower shall, and shall
(except in the case of the covenants set forth in Sections 6.01, 6.02, 6.03, 6.14 and 6.16) cause each Subsidiary to: 

Section 6.01 Financial Statements. Deliver to the Administrative Agent: 

(a) as soon as available, but in any event within 90 days after the end of each fiscal year of the Borrower, a consolidated balance sheet
of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, changes in Stockholders’ Equity, and cash flows for such fiscal year, setting forth in each case in
comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing
reasonably acceptable to the Required Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any
qualification or exception as to the scope of such audit; 
 (b) (i) in connection with the last fiscal quarter of the Borrower
prior to the Closing Date, within the time period required by Regulation S-X and SEC rules and (ii) thereafter, in 

  
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connection with each of the first three fiscal quarters of each fiscal year of the Borrower, as soon as available, but in any event within 45 days after the end of each such fiscal quarter, a
consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, the related consolidated statements of income or operations for such fiscal quarter and for the portion of the Borrower’s fiscal year then
ended, and the related consolidated statements of changes in Stockholders’ Equity, and cash flows for the portion of the Borrower’s fiscal year then ended, in each case setting forth in comparative form, as applicable, the figures for the
corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, certified by the chief executive officer, chief financial officer, treasurer or controller of the Borrower
as fairly presenting, in all material respects, the financial condition, results of operations, Stockholders’ Equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments
and the absence of footnotes (the “Quarterly Financial Statements”); and 
 (c) as soon as available, but in
any event not later than 60 days after the end of each fiscal year of the Borrower, an annual budget of the Borrower and its Subsidiaries on a consolidated basis of consolidated balance sheets and statements of income or operations and cash flows of
the Borrower and its Subsidiaries on a quarterly basis for the immediately following fiscal year (including the fiscal year in which the Maturity Date occurs, if such fiscal year is the immediately following fiscal year) and on an annual basis for
each fiscal year thereafter. 
 As to any information contained in materials furnished pursuant to Section 6.02(c), the Borrower shall not
be required separately to furnish such information under clause (a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described in clauses (a) or
(b) above at the times specified therein. 
 Section 6.02 Certificates; Other Information. Deliver to the
Administrative Agent, in form and detail reasonably satisfactory to the Administrative Agent and the Required Lenders: 
 (a)
concurrently with the delivery of the financial statements referred to in Section 6.01(a) and (b), a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller of the Borrower
(in each case which delivery may, unless the Administrative Agent or a Lender requests executed originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes);

 (b) promptly after any request by the Administrative Agent or any Lender, copies of any detailed audit reports, management
letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of the Borrower by independent accountants in connection with the accounts or books of the Borrower or any Subsidiary, or any audit of
any of them; 
 (c) promptly after the same are available, copies of each annual report, proxy or financial statement or other
report or communication sent to the stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower may file or be required to file with the SEC under Section 13 or
15(d) of the 

  
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Securities Exchange Act of 1934, whether or not otherwise required to be delivered to the Administrative Agent pursuant hereto; provided that to the extent any such documents are filed
with the SEC, such documents shall be deemed delivered pursuant to this Section 6.02(c) at the time of and so long as the Borrower notifies the Administrative Agent (by facsimile or electronic mail) of the filing with the SEC of any such
documents; 
 (d) promptly after the furnishing thereof, copies of any statement or report furnished to any holder of debt or
equity securities of any Loan Party or any Subsidiary thereof pursuant to the terms of any indenture, loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or any other clause of
this Section 6.02; 
 (e) promptly, and in any event within five Business Days after receipt thereof by any Loan Party or
any Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation by such agency regarding financial or other operational results
of any Loan Party or any Subsidiary thereof; 
 (f) promptly, such additional information regarding the business, financial or
corporate affairs of the Borrower or any Subsidiary, or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably request; 

(g) as soon as available, but in any event within 60 days after the end of each fiscal year of the Borrower, a report summarizing the
insurance coverage (specifying type, amount and carrier) in effect for each Loan Party and its Subsidiaries and containing such additional information as the Administrative Agent, or any Lender through the Administrative Agent, may reasonably
specify; and 
 (h) promptly after the assertion or occurrence thereof, notice of any Environmental Claim against or of any
noncompliance by any Loan Party or any of its Subsidiaries with any Environmental Law or Environmental Permit that could (i) reasonably be expected to have a Material Adverse Effect or (ii) cause any property described in the Mortgages to
be subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law. 
 Documents
required to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(d) or referred to in Section 6.03(d) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered
electronically and if so delivered, shall be deemed to have been delivered on the date (1) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed on
Schedule 10.02; or (2) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or
whether sponsored by the Administrative Agent); provided that: (i) with respect to the documents required to be delivered pursuant to Section 6.01(a) or (b) only, the Borrower shall deliver paper copies of such documents to the
Administrative Agent or any Lender that requests the Borrower to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) with respect to any such documents,
the Borrower shall notify the Administrative Agent and each Lender (by facsimile or electronic mail) of the posting of any such documents. 

  
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The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to
monitor compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. Notwithstanding the foregoing, the Borrower
shall be under no obligation to mark any Borrower materials “PUBLIC.” 
 The Borrower hereby acknowledges that
(a) the Administrative Agent and/or the Arrangers will make available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by
posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material
non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The
Borrower hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear
prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Arrangers, the L/C Issuer and the Lenders to treat such Borrower
Materials as not containing any material non-public information with respect to the Borrower or its securities for purposes of United States Federal and state securities laws (“MNPI”) (provided, however, that to the extent
such Borrower Materials constitute Information, they shall be treated as set forth in Section 10.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
“Public Side Information” (and the Administrative Agent agrees that only Borrower Material marked “PUBLIC” will be made available on such portion of the Platform) and (z) the Administrative Agent and the Arrangers
shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform that is not designated “Public Side Information.” 

Section 6.03 Notices. Promptly notify the Administrative Agent and each Lender when a Responsible Officer of the Borrower has
knowledge: 
 (a) of the occurrence of any Default; 
 (b) of any matter that has resulted or would reasonably be expected to result in a Material Adverse Effect, including (i) breach or non-performance of, or any default under, a Contractual Obligation
of the Borrower or any Subsidiary; (ii) any dispute, litigation, investigation, proceeding or suspension between the Borrower or any Subsidiary and any Governmental Authority, including in connection with any tax liabilities, assessments,
governmental charges or levies upon it or its properties or assets and (iii) the commencement of, or any material development in, any litigation or proceeding affecting the Borrower or any Subsidiary, including pursuant to any applicable
Environmental Laws; 
 (c) of the occurrence or reasonably expected occurrence of any ERISA Event; 

  
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 (d) of any material change in accounting policies or financial reporting practices by the
Borrower or any Subsidiary, including any determination by the Borrower referred to in Section 2.10(b) (which requirement shall be deemed satisfied by the description thereof in a Form 10-K, Form 10-Q or Form 8-K filed with the SEC); and

 (e) of the (i) occurrence of any Disposition of property or assets for which the Borrower is required to make a
mandatory prepayment pursuant to Section 2.05(b)(i), (ii) incurrence or issuance of any Indebtedness for which the Borrower is required to make a mandatory prepayment pursuant to Section 2.05(b)(iii), and (iii) receipt of any
Extraordinary Receipt for which the Borrower is required to make a mandatory prepayment pursuant to Section 2.05(b)(iv). 
 Each
notice pursuant to this Section 6.03 (other than Section 6.03(e)) shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower
has taken and proposes to take with respect thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached. 

Section 6.04 Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and effect its legal
existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04; (b) take all reasonable action to maintain all rights, privileges, permits, and licenses necessary or
desirable in the normal conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect; (c) preserve, maintain, renew and keep in full force and effect all of its
registered patents, trademarks, trade names, trade dress and service marks, the failure of which to so preserve, maintain, renew or keep in full force and effect could reasonably be expected to have a Material Adverse Effect and (d) pay and
discharge as the same shall become due and payable all material tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings
diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary. 

Section 6.05 Maintenance of Properties. (a) Maintain, preserve and protect all of its material properties and
equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted; and (b) make all necessary repairs thereto and renewals and replacements thereof, in each case except where the failure
to do so could not reasonably be expected to have a Material Adverse Effect. 
 Section 6.06 Maintenance of
Insurance. (a) Maintain with financially sound and reputable insurance companies not Affiliates of the Borrower insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by
Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons, and providing for not less than 30 days’ prior notice to the Administrative Agent
of termination, lapse or cancellation of such insurance, which insurance (except as to Excluded Subsidiaries) shall name the Administrative Agent as loss payee (in the case of casualty insurance) or additional insured (in the case of liability
insurance); provided that to the extent that the Borrower and its Subsidiaries 

  
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are covered by the insurance policies of Ralcorp on the Closing Date, such insurance policies shall not be required to name the Administrative Agent as loss payee or additional insured, but the
Borrower and its Subsidiaries shall, no later than 5 Business Days following the Closing Date, obtain insurance meeting the requirements of this Section 6.06(a) (which insurance shall name the Administrative Agent as loss payee or additional
insured (as applicable)) and shall deliver to the Administrative Agent a certificate from the Borrower’s insurance broker or other evidence reasonably satisfactory to it that all insurance required to be maintained pursuant to this
Section 6.06(a) is in full force and effect. The Borrower and its Subsidiaries shall enforce their rights under Article IX of the Separation and Distribution Agreement as in effect on the date hereof. 

(b) Notwithstanding anything herein to the contrary, with respect to each Mortgaged Property, if at any time the area in which the
buildings and other improvements (as described in the applicable Mortgage) are located (i) in an area with a high degree of seismic activity, obtain earthquake insurance in such total amount as the Administrative Agent may from time to time
reasonably require or (ii) is designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), obtain flood insurance in such total amount as the
Administrative Agent may from time to time reasonably require, and otherwise to ensure compliance with the NFIP as set forth in the Flood Laws. Following the Closing Date, the Borrower shall deliver to the Administrative Agent annual renewals of
each earthquake insurance policy, each flood insurance policy or annual renewals of each force-placed flood insurance policy, as applicable. In connection with any amendment to this Agreement pursuant to which any increase, extension, or renewal of
Loans is contemplated, the Borrower shall cause to be delivered to the Administrative Agent for each Mortgaged Property a Flood Determination Form, Borrower Notice and Evidence of Flood Insurance, as applicable. 

Section 6.07 Compliance with Laws. Comply in all material respects with the requirements of all Laws and all orders,
writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings
diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 
 Section 6.08 Books and Records. Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all
financial transactions and matters involving the assets and business of the Borrower or such Subsidiary, as the case may be. 

Section 6.09 Inspection Rights. Permit representatives and independent contractors of the Administrative Agent and
each Lender to visit and inspect any of its properties, to examine its corporate, financial and operating records, and to make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and
independent public accountants, at such reasonable times during normal business hours and as often as may be reasonably desired (but in no event more than one time per fiscal year of the Borrower and with the Borrower being required to pay all
reasonable out-of-pocket expenses for one visit each fiscal year), upon reasonable advance notice to the Borrower; provided, however, that when an 

  
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Event of Default exists the Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of the Borrower
at any time during normal business hours and without advance notice, and without limitation as to frequency. 

Section 6.10 Use of Proceeds. Use the proceeds of the Credit Extensions for (a) in the case of the Revolving
Facility, working capital, Capital Expenditures and for other general corporate purposes not in contravention of any Law or of any Loan Document and (b) in the case of the Term A Facility, on the Closing Date to fund, in part, the
Borrower’s obligations in connection with the Spin-Off. 
 Section 6.11 Covenant to Guarantee Obligations and Give
Security. (a) Upon the formation or acquisition by any Loan Party of any new direct or indirect Subsidiary (other than any Excluded Subsidiary), or upon a Subsidiary of any Loan Party ceasing to be an Excluded Subsidiary, the
Borrower shall, at the Borrower’s expense: 
 (i) Within 30 days (as such time may be extended by the
Administrative Agent in its reasonable discretion) following the creation or acquisition of such Subsidiary or following such Subsidiary ceasing to be an Excluded Subsidiary, cause such Subsidiary to (a) become a Guarantor by executing and
delivering to the Administrative Agent a joinder to the Collateral Agreement or such other document as the Administrative Agent shall deem appropriate for such purpose and (b) deliver to the Administrative Agent such other customary
documentation reasonably requested by the Administrative Agent including, without limitation, favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the
documentation referred to in clause (a)), all in form, content and scope reasonably satisfactory to the Administrative Agent, 
 (ii) within 30 days after such formation or acquisition or after such Subsidiary ceases to be an Excluded Subsidiary, furnish to the Administrative Agent a description of the real and personal properties
of such Subsidiary, in detail reasonably satisfactory to the Administrative Agent, 
 (iii) within (x) with
respect to any personal property, 30 days and (y) with respect to any fee owned real property with a fair market value greater than $5,000,000 (or any material leased real property insofar as the following provisions call for landlord access
waivers), 60 days (as such time may, in either case, be extended by the Administrative Agent in its reasonable discretion) after such formation or acquisition or after such Subsidiary ceases to be an Excluded Subsidiary, cause such Subsidiary and
each direct and indirect parent (to the extent such parent is the Borrower or a Subsidiary) of such Subsidiary (if it has not already done so): 
 (A) to duly execute and deliver to the Administrative Agent deeds of trust, trust deeds, deeds to secure debt, mortgages, landlord access waivers and other collateral and security agreements or
supplements thereto, as specified by and in form and substance reasonably satisfactory to the Administrative Agent (including delivery of all pledged Equity Interests in and of 

  
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such Subsidiary, and other instruments reasonably requested by the Administrative Agent), securing payment of all the Obligations of such Subsidiary or such parent, as the case may be, and
constituting Liens on all such real and personal properties, 
 (B) to take whatever action (including the
recording of mortgages, the filing of Uniform Commercial Code financing statements, the giving of notices and the endorsement of notices on title documents) may be necessary or advisable in the opinion of the Administrative Agent to vest in the
Administrative Agent (or in any representative of the Administrative Agent designated by it) valid and subsisting first priority perfected Liens on the properties purported to be subject to the deeds of trust, trust deeds, deeds to secure debt,
mortgages, Collateral Agreement and pledge agreements delivered pursuant to this Section 6.11, enforceable against all third parties in accordance with their terms; provided that, notwithstanding the foregoing, the Loan Parties shall not
be required to take actions to perfect the security interest of the Administrative Agent (x) on any property that is covered by a certificate of title statute of any jurisdiction under the law of which the indication of a security interest on
such certificate is required as a condition of perfection thereof or (y) if recordation of a security interest with the Federal Aviation Administration or the International Registry of Mobile Assets is required as a condition of perfection
thereof, 
 (iv) within (x) with respect to any personal property, 30 days and (y) with respect to any
fee owned real property with a fair market value greater than $5,000,000, 60 days (as such time may, in either case, be extended by the Administrative Agent in its reasonable discretion) after such formation or acquisition or after such Subsidiary
ceases to be an Excluded Subsidiary, deliver to the Administrative Agent, upon the request of the Administrative Agent in its sole discretion, a signed copy of a favorable opinion, addressed to the Administrative Agent and the other Secured Parties,
of counsel for the Loan Parties reasonably acceptable to the Administrative Agent as to the matters contained in clauses (i) and (iii) above, and as to such other matters as the Administrative Agent may reasonably request, and 

(v) as promptly as reasonably practicable after such formation or acquisition or after such Subsidiary ceases to be an
Excluded Subsidiary (but in any event on or before the delivery of any applicable Mortgage delivered pursuant to this Section 6.11 (and, in the case of Flood Documents, three (3) Business Days before the delivery of such Mortgage)),
deliver, upon the request of the Administrative Agent in its sole discretion, to the Administrative Agent with respect to each parcel of real property with a fair market value greater than $5,000,000 owned by such Subsidiary (including with respect
to all Mortgaged Properties), Mortgage Policies, title reports, surveys and engineering, soils and other reports, environmental assessment reports and Flood Documents, each in scope, form and substance reasonably satisfactory to the Administrative
Agent. 
 Notwithstanding any of the foregoing to the contrary, the Collateral shall be subject to the limitations and exclusions set forth in
the applicable Collateral Documents. 

  
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 (b) Upon the acquisition of any fee owned interest in any real property with a fair market
value greater than $5,000,000 (or any material leased real property insofar as the following provisions call for landlord access waivers) (other than the real property subject to the requirements of Section 4.01(a)(ii)(C)) by any Loan Party and
if such property shall not already be subject to a perfected first priority security interest in favor of the Administrative Agent for the benefit of the Secured Parties, then the Borrower shall, at the Borrower’s expense: 

(i) within 30 days after such acquisition, furnish to the Administrative Agent a description of the property so acquired
in detail reasonably satisfactory to the Administrative Agent, 
 (ii) within 60 days (as such time may be
extended by the Administrative Agent in its reasonable discretion) after such acquisition, 
 (A) cause the
applicable Loan Party to duly execute and deliver to the Administrative Agent deeds of trust, trust deeds, deeds to secure debt, mortgages, landlord access waivers, supplemental schedules to this Agreement, collateral agreement supplements, and
other security and pledge agreements, as specified by and in form and substance reasonably satisfactory to the Administrative Agent, securing payment of all the Obligations of the applicable Loan Party and constituting Liens on all such properties,

 (B) cause the applicable Loan Party to take whatever action (including the recording of mortgages, the filing
of Uniform Commercial Code financing statements, the giving of notices and the endorsement of notices on title documents) may be necessary or advisable in the opinion of the Administrative Agent to vest in the Administrative Agent (or in any
representative of the Administrative Agent designated by it) valid and subsisting first priority perfected Liens on such property, enforceable against all third parties, 

(C) deliver to the Administrative Agent, upon the request of the Administrative Agent in its sole discretion, a signed
copy of a favorable opinion, addressed to the Administrative Agent and the other Secured Parties, of counsel for the Loan Parties acceptable to the Administrative Agent as to the matters contained in clauses (A) and (B) above and as to
such other matters as the Administrative Agent may reasonably request, and 
 (iii) as promptly as practicable
after such acquisition (but in any event on or before the delivery of the applicable Mortgage delivered pursuant to this clause (b) (and, in the case of Flood Documents, three (3) Business Days before the delivery of such Mortgage)),
deliver, upon the request of the Administrative Agent in its sole discretion, to the Administrative Agent with respect to such Mortgage Policies, real property appraisals, title reports, surveys and engineering, soils and other reports, and
environmental assessment reports and Flood Documents, each in scope, form and substance reasonably satisfactory to the Administrative Agent. 

  
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 Notwithstanding any of the foregoing to the contrary, the Collateral shall be subject to the
limitations and exclusions set forth in the applicable Collateral Documents. 
 (c) At any time upon request of the
Administrative Agent, promptly execute and deliver any and all further instruments and documents and take all such other action as the Administrative Agent may deem reasonably necessary or desirable in obtaining the full benefits of, or (as
applicable) in perfecting and preserving the Liens of, such guaranties, deeds of trust, trust deeds, deeds to secure debt, mortgages, landlord access waivers, security agreement supplements, intellectual property security agreement supplements and
other security and pledge agreements; provided that, notwithstanding the foregoing, the Loan Parties shall not be required to take actions to perfect the security interest of the Administrative Agent (x) on any property that is covered
by a certificate of title statute of any jurisdiction under the law of which the indication of a security interest on such certificate is required as a condition of perfection thereof or (y) if recordation of a security interest with the
Federal Aviation Administration or the International Registry of Mobile Assets is required as a condition of perfection thereof. 
 Section 6.12 Compliance with Environmental Laws. Comply, and cause all lessees and other Persons operating or occupying its properties to comply, in all material respects, with all
applicable Environmental Laws and Environmental Permits; and, if ordered to do so by a Governmental Authority or otherwise required pursuant to any Environmental Law, conduct any investigation, study, sampling and testing, and undertake any cleanup,
removal, remedial or other action necessary to address all Hazardous Materials from any of its properties, in accordance with the requirements of all Environmental Laws; provided, however, that neither the Borrower nor any of its Subsidiaries
shall be required to undertake any such ordered or required cleanup, removal, remedial or other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being
maintained with respect to such circumstances in accordance with GAAP. 
 Section 6.13 Preparation of Environmental
Reports. At the written request of the Required Lenders from time to time, but no more than one time for any real property owned, leased or operated by any Loan Party or its Subsidiaries during the term of this Agreement (any such real
property, an “Assessment Property”) (unless a Default shall have occurred and be continuing, during which time no such limitation shall apply) provide to the Lenders within 90 days after such request, at the expense of the Borrower,
a written environmental site assessment report for any of such real properties described in such request, prepared by an environmental consulting firm and in form and substance reasonably acceptable to the Administrative Agent (which acceptance
shall not be unreasonably withheld or delayed), reasonably investigating the presence or absence of Hazardous Materials and the estimated reasonable cost of any compliance, removal or remedial action in connection with any Hazardous Materials on
such real properties to the extent required by Environmental Law (the “Cost Estimate”); without limiting the generality of the foregoing, if the Administrative Agent reasonably determines at any time that a material risk exists that
any such report will not be provided to the Lenders within the time referred to above, the Administrative Agent may retain an environmental consulting firm to prepare such report at the expense of the Borrower, and the Borrower hereby grants and
agrees to cause any Subsidiary that owns any real property described in such request to grant at the time of such request to the Administrative Agent, the Lenders, such firm and any agents or representatives thereof an irrevocable non-exclusive
license, subject to the rights of tenants, to 

  
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enter onto their respective real properties to undertake such an assessment at reasonable times and with reasonable advance notice, provided that the Administrative Agent shall request the
environmental consulting firm to carry levels of insurance, if any, as may be customary for the performance of such assessment. In determining the Cost Estimate, the Borrower’s or the Administrative Agent’s environmental consulting firm
shall reasonably take into account the existing use of the Assessment Property and the potential use of institutional controls to address the Hazardous Materials on the Assessment Property and the availability of risk-based approaches to address any
Hazardous Materials on the Assessment Property. 
 Section 6.14 Lenders’ Meetings. Participate in an
annual meeting of the Administrative Agent and the Lenders to be held at the Borrower’s corporate offices (or at such other location as may be agreed to by the Borrower and the Administrative Agent, including by telephonic conference calls) at
such time as may be agreed to by the Borrower and the Administrative Agent. 
 Section 6.15 Further Assurances.
Promptly upon request by the Administrative Agent, or any Lender through the Administrative Agent, (a) correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or
recordation thereof, and (b) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Administrative Agent, or any
Lender through the Administrative Agent, may reasonably require from time to time in order to (i) carry out more effectively the purposes of the Loan Documents, (ii) to the fullest extent permitted by applicable law, subject any Loan
Party’s or any of its Subsidiaries’ properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any of the Collateral Documents or Section 6.11, (iii) perfect and maintain the validity,
effectiveness and priority of any of the Collateral Documents and any of the Liens intended to be created thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Secured Parties the
rights granted or now or hereafter intended to be granted to the Secured Parties under any Loan Document or under any other instrument executed in connection with any Loan Document to which any Loan Party or any of its Subsidiaries is or is to be a
party, and cause each of its Subsidiaries to do so; provided that, notwithstanding the foregoing, the Loan Parties shall not be required to take actions to perfect the security interest of the Administrative Agent (x) on any property
that is covered by a certificate of title statute of any jurisdiction under the law of which the indication of a security interest on such certificate is required as a condition of perfection thereof or (y) if recordation of a security interest
with the Federal Aviation Administration or the International Registry of Mobile Assets is required as a condition of perfection thereof. 
 Section 6.16 Ratings. At all times use commercially reasonable efforts to maintain public ratings issued by Moody’s and S&P with respect to the Borrower and its senior secured
debt. 
 Section 6.17 Post Closing Obligations. Each of the Loan Parties shall satisfy the requirements set forth on
Schedule 6.17 on or before the date specified for such requirement in such Schedule or such later date to be determined by the Administrative Agent in its sole discretion. 

  
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 ARTICLE 7. 
 NEGATIVE COVENANTS 
 From and after the Closing Date, so long as any Lender shall
have any Commitment hereunder, any Loan or other Obligation (other than contingent indemnification obligations as to which no claim has been asserted and obligations and liabilities under Secured Cash Management Agreements and Secured Hedge
Agreements as to which arrangements satisfactory to the applicable Cash Management Bank or Hedge Bank shall have been made) hereunder shall remain unpaid or unsatisfied, or any Letter of Credit (other than Letters of Credit which have been Cash
Collateralized or as to which other arrangements satisfactory to the L/C Issuer have been made) shall remain outstanding, the Borrower shall not, nor shall it permit any Subsidiary to, directly or indirectly: 

Section 7.01 Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues,
whether now owned or hereafter acquired, other than the following: 
 (a) Liens pursuant to any Loan Document securing the
Obligations; 
 (b) Liens existing on the Closing Date and listed on Schedule 5.08(b) and any modifications, replacements,
renewals or extensions thereof; provided that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and
(B) proceeds and products thereof, and (ii) the modification, replacement, renewal or extension of the obligations secured or benefited thereby, to the extent constituting Indebtedness, is permitted by Section 7.03(b); 

(c) Liens for taxes not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted, if
adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 
 (d)
carriers’, warehousemen’s, landlords’, mechanics’, materialmen’s, repairmen’s or other like Liens granted or arising in the ordinary course of business which secure amounts not overdue for a period of more than 60 days
or if more than 60 days overdue, are unfiled and no other action has been taken to enforce such Lien or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are
maintained on the books of the applicable Person in accordance with GAAP; 
 (e) pledges or deposits in the ordinary course of
business in connection with workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA; 
 (f) deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness for borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds
and other obligations of a like nature incurred in the ordinary course of business; 

  
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 (g) easements, rights-of-way, restrictions (including zoning restrictions), encroachments,
protrusions and other similar encumbrances and minor title defects affecting real property which, in the aggregate, do not materially interfere with the ordinary conduct of the business of the applicable Person, and any exceptions on the Mortgage
Policies issued in connection with the Mortgaged Properties reasonably acceptable to the Administrative Agent; 
 (h) Liens
securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h) or securing appeal or other surety bonds related to such judgments; 
 (i) Liens securing Indebtedness permitted under Section 7.03(e); provided that (i) in the case of Liens securing purchase money Indebtedness and Capital Leases, (A) such Liens do not
at any time encumber any property (except for replacements, additions and accessions to such property) other than the property financed by such Indebtedness, and (B) the Indebtedness secured thereby does not exceed the cost or fair market value
of the property, whichever is lower, being acquired on the date of acquisition, improvements thereto and related expenses; provided that individual financings of equipment provided by one lender may be cross collateralized to other financings
of equipment provided by such lender on customary terms; and (ii) with respect to any Liens existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing on any property or asset of any Person
that becomes a Subsidiary in connection with a Permitted Acquisition, such Lien (x) is not created in connection with such acquisition or such Person becoming a Subsidiary, as the case may be and (y) shall not encumber any other property
or assets of the Borrower or any Subsidiary; 
 (j) precautionary filings in respect of operating leases; and leases, licenses,
subleases or sublicenses granted to others in the ordinary course of business which do not (i) interfere in any material respect with the business of the Borrower or any Subsidiary or (ii) secure any Indebtedness; 

(k) other Liens on property of Domestic Subsidiaries securing Indebtedness in an aggregate principal amount and other obligations in an
amount which does not exceed the greater of $35,000,000 and 1.25% of Consolidated Total Assets in the aggregate; 
 (l) Liens on
property of Foreign Subsidiaries securing Indebtedness of Foreign Subsidiaries permitted by Section 7.03(g); 
 (m) Liens
arising in connection with a Qualified Receivables Transaction on Receivables Program Assets permitted to be Disposed of pursuant to Section 7.05(l) securing Receivables Program Obligations permitted by Section 7.03(j); 

(n) Liens in favor of custom and revenue authorities arising as a matter of law to secure payment of non-delinquent customs duties in
connection with the importation of goods; 
 (o) Liens upon specific items of inventory or other goods and proceeds of any
Person securing such Person’s obligations in respect of letters of credit and bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods;

  
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 (p) Liens arising out of conditional sale, consignment, title retention or similar
arrangements for the sale of goods entered into by the Borrower or any of its Subsidiaries in the ordinary course of business; 

(q) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of
collection; (ii) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business; and (iii) in favor of banking institutions arising as a matter of law encumbering deposits
(including the right of set-off) and which are within the general parameters customary in the banking industry; 
 (r) deposits
made in the ordinary course of business to secure liability to insurance carriers; 
 (s) Liens on Cash Collateral granted in
favor of any Lenders and/or L/C Issuers created as a result of any requirement or option to Cash Collateralize pursuant to this Agreement; 
 (t) Liens that are customary contractual rights of setoff (i) relating to the establishment of depository relations with banks or other financial institutions not given in connection with the
incurrence of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any of its Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower or
any of its Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of the Borrower or any of its Subsidiaries in the ordinary course of business; 

(u) (i) zoning, building, entitlement and other land use regulations by Governmental Authorities with which the normal operation of the
business complies, and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business
of the Borrower or any of its Subsidiaries; 
 (v) Liens solely on any cash earnest money deposits made by the Borrower or any
of its Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder; 
 (w) Liens under
licensing agreements for the use of intellectual property entered into in the ordinary course of business, and 
 (x) Liens on
cash in an aggregate amount not to exceed the greater of $15,000,000 and 0.50% of Consolidated Total Assets to secure obligations of the Borrower or any Subsidiary under commodity Swap Contracts that do not constitute Obligations. 

Section 7.02 Investments. Make any Investments, except: 

(a) Investments held by the Borrower or such Subsidiary in the form of cash and Cash Equivalents; 

  
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 (b) advances to officers, directors and employees of the Borrower and Subsidiaries
(i) in an aggregate amount not to exceed $5,000,000 at any time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes and (ii) in connection with such Person’s purchase of Equity Interests of
Borrower, provided that no cash is actually advanced pursuant to this clause (ii) unless immediately repaid; 
 (c)
Investments (i) existing on the Closing Date in Subsidiaries existing on the Closing Date; provided that in the case of this clause (i), any such Investments in Subsidiaries that are not Loan Parties in the form of intercompany loans by
Loan Parties shall be evidenced by notes that have been pledged (individually or pursuant to a global note) to the Administrative Agent for the benefit of the Lenders, (ii) in Loan Parties (including those formed or acquired after the Closing
Date so long as the Borrower and its Subsidiaries comply with the applicable provisions of Section 6.11), (iii) by Subsidiaries that are not Loan Parties in Subsidiaries that are not Loan Parties and (iv) by the Borrower or any other
Loan Party in Subsidiaries that are not Loan Parties; provided that, in the case of this clause (iv), (A) no Default or Event of Default shall have occurred and be continuing, (B) the Borrower and its Subsidiaries comply with the
applicable provisions of Section 6.11, (C) the aggregate amount of all such Investments (excluding any such Investments made in connection with the Canada Asset Transfer Transactions) outstanding at any time during the term of the
Facilities (determined without regard to any write-downs or write-offs of such Investments) shall not exceed the sum of (1) the greater (x) of $50,000,000 and (y) 1.75% of Consolidated Total Assets of the Borrower plus
(2) so long as the Consolidated Leverage Ratio of the Borrower calculated as of the last day of the most recently ended Fiscal Quarter for which financial statements are available and as of the date of the making of the Investment after giving
pro forma effect to such Investment as if it had occurred on the first day of the applicable Measurement Period would be less than 3.25:1.00, an amount not to exceed the Borrower Retained ECF Amount at the time of the making of such Investment
plus (3) any Net Equity Proceeds and (D) any such Investments in the form of intercompany loans shall be evidenced by notes that have been pledged (individually or pursuant to a global note) to the Administrative Agent for the
benefit of the Lenders; 
 (d) Investments consisting of extensions of credit in the nature of accounts receivable or notes
receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to
prevent or limit loss; 
 (e) Investments by the Borrower or any Guarantor in the form of Permitted Acquisitions; 

(f) Guarantees permitted by Section 7.03; 
 (g) to the extent constituting Investments, transactions expressly permitted under Sections 7.04 (other than Section 7.04(c)) and 7.14; 

(h) Investments existing on, or made pursuant to legally binding written commitments in existence on, the date hereof and set forth on
Schedule 5.08(e) and any modification, replacement, renewal or extension thereof; provided, that the amount of the original Investment is not increased except by the terms of such Investment or as otherwise permitted by this Section 7.02

  
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and the terms and conditions of such modified, replacement, renewed or extended Investment shall not be materially less favorable, taken as a whole, to the Loan Parties than the Investment being
modified, replaced, renewed or extended; 
 (i) promissory notes and other non-cash consideration received in connection with
Dispositions permitted by Section 7.05; 
 (j) Investments (including debt obligations and Equity Interests) received in
connection with the bankruptcy or reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business and upon the foreclosure with
respect to any secured Investment or other transfer of title with respect to any secured Investment; 
 (k) Investments to the
extent that payment for such Investments is made solely by the issuance of Equity Interests of the Borrower to the seller of such Investments; 
 (l) Subsidiaries of the Borrower may be established or created if the Borrower and such Subsidiary comply with the requirements of Section 6.11, if applicable; provided that, in each case, to
the extent such new Subsidiary is created solely for the purpose of consummating a transaction pursuant to an acquisition permitted by this Section 7.02, and such new Subsidiary at no time holds any assets or liabilities other than any merger
consideration contributed to it contemporaneously with the closing of such transactions, such new Subsidiary shall not be required to take the actions set forth in Section 6.11, as applicable, until the respective acquisition is consummated (at
which time the surviving entity of the respective transaction shall be required to so comply in accordance with the provisions thereof); 
 (m) Investments in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person, in each case, (i) in connection with a Qualified Receivables Transaction and
(ii) constituting a Disposition permitted pursuant to Section 7.05(l); 
 (n) Swap Contracts to the extent permitted
pursuant to Section 7.03(d); 
 (o) so long as no Default or Event of Default has occurred and is continuing or would be
caused thereby, other Investments; provided that in no event shall the aggregate amount of Investments allowed pursuant to this Section 7.02(o) during the term of this Agreement (net of any returns of capital on such Investments) exceed
the sum of (1) the greater of (x) $50,000,000 and (y) 1.75% of Consolidated Total Assets of the Borrower plus (2) so long as the Consolidated Leverage Ratio of the Borrower calculated as of the last day of the most
recently ended Fiscal Quarter for which financial statements are available and as of the date of the making of the Investment after giving pro forma effect to such Investment as if it had occurred on the first day of the applicable Measurement
Period would be less than 3.25:1.00, an amount not to exceed the Borrower Retained ECF Amount at the time of the making of such Investment plus (3) any Net Equity Proceeds; 

(p) Investments in Term Loans pursuant to Section 10.06(b)(vii); 

(q) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other
Persons; and 

  
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 (r) Investments made in connection with the Canada Asset Transfer Transactions. 

Section 7.03 Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except: 

(a) Indebtedness under (i) the Loan Documents and (ii) the Senior Notes (and any Permitted Refinancing of the Senior Notes) in
an aggregate principal amount not to exceed $775,000,000 and any Permitted Refinancing thereof; 
 (b) Indebtedness outstanding
on the Closing Date and listed on Schedule 7.03 and any Permitted Refinancing thereof; provided that any such Indebtedness (including any Permitted Refinancing thereof), to the extent owed by a Loan Party to a Subsidiary that is not a Loan
Party, shall be subordinated to the payment of the Obligations in a manner reasonably satisfactory to the Administrative Agent; 

(c) (i) Guarantees by the Borrower or any Guarantor in respect of Indebtedness otherwise permitted hereunder of the Borrower or any
Guarantor, (ii) Guarantees by any Subsidiary that is not a Loan Party in respect of Indebtedness otherwise permitted hereunder of the Borrower or any Subsidiary and (iii) Guarantees by the Borrower or any Guarantor in respect of
Indebtedness otherwise permitted hereunder by Subsidiaries that are not Loan Parties to the extent such Guarantee constitutes an Investment pursuant to Section 7.02(c)(iv) or 7.02(o); 

(d) obligations (contingent or otherwise) of the Borrower or any Subsidiary existing or arising under any Swap Contract, provided
that (i) such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or
reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation and (ii) such Swap Contract does not contain any provision exonerating the non-defaulting party from its
obligation to make payments on outstanding transactions to the defaulting party (other than pursuant to customary netting or set-off provisions); 
 (e) Indebtedness (i) of the Borrower or any Subsidiary in respect of Capital Leases and purchase money obligations for fixed or capital assets or (ii) of any Person acquired in a Permitted
Acquisition (so long as such Indebtedness (A) existed prior to the acquisition of such Person by the Borrower or any Subsidiary, (B) is not created in contemplation of such acquisition and (C) is solely the obligation of such Person,
and not of the Borrower or any other Subsidiary), which in the case of each of clauses (i) and (ii) may be secured by Liens under and within the applicable limitations set forth in Section 7.01(i); provided, however, that the
aggregate amount of all such Indebtedness at any one time outstanding pursuant to this clause (e) shall not exceed the greater of (x) $35,000,000 and (y) 1.25% of Consolidated Total Assets of the Borrower; 

(f) Indebtedness of the Borrower or any Subsidiary owing to the Borrower or any Subsidiary to the extent constituting an Investment
permitted by Section 7.02(c) or (r); provided that such Indebtedness, to the extent owed by a Loan Party to a Subsidiary that is not a Loan Party, shall be subordinated to the payment of the Obligations in a manner reasonably
satisfactory to the Administrative Agent; 

  
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 (g) Indebtedness incurred by a Subsidiary that is not organized under the laws of any
political subdivision of the United States, which, when aggregated with the principal amount of all other Indebtedness incurred pursuant to this clause (g) and then outstanding, does not exceed the greater of (x) $50,000,000 and
(y) 1.75% of Consolidated Total Assets of the Borrower; 
 (h) unsecured debt issued by the Borrower; provided that
(i) the Consolidated Leverage Ratio determined on a pro forma basis after giving effect to the incurrence of such Indebtedness is less than 3.75:1.00, (ii) the stated maturity of such Indebtedness is not less than 91 days following the
Maturity Date for the Term A Loans and the Weighted Average Life of such Indebtedness is not shorter than the remaining Weighted Average Life of the Term A Loans, (iii) the covenants, events of default, guaranty and other terms (excluding as to
interest rate and redemption premium) of such Indebtedness are, taken as a whole, not materially less favorable to the Borrower and its Subsidiaries than the Senior Notes and (iv) at the time of incurrence of such Indebtedness, there shall be
no Default and the Borrower shall be in pro forma compliance giving effect to such incurrence with the covenants set forth in Section 7.11; 
 (i) other Indebtedness of the Borrower and its Subsidiaries in an aggregate principal amount not to exceed the greater of (x) $50,000,000 and (y) 1.75% of Consolidated Total Assets of the
Borrower; 
 (j) Indebtedness in respect of Receivables Program Obligations in an amount not to exceed the greater of
(x) $50,000,000 and (y) 1.75% of Consolidated Total Assets of the Borrower; provided that (i) the Borrower is in compliance with the Consolidated Leverage Ratio set forth in Section 7.11(a) as of the last day of the most
recently ended Fiscal Quarter for which financial statements are available and as of the date of the incurrence of such Indebtedness determined on a pro forma basis after giving effect to the incurrence of such Indebtedness and (ii) no Default
or Event of Default shall have occurred and be continuing at the time such Indebtedness is incurred; 
 (k) the Ralcorp
Obligations; 
 (l) Indebtedness of the Borrower or any of its Subsidiaries consisting of obligations to pay insurance premiums
or take-or-pay obligations contained in supply arrangements incurred in the ordinary course of business; 
 (m) Indebtedness
consisting of obligations of the Borrower or its Subsidiaries under deferred consideration or other similar arrangements (including earn-outs, indemnifications, incentive non-competes and other contingent obligations and agreements consisting of the
adjustment of purchase price or similar adjustments) incurred by such Person in connection with any Permitted Acquisition or Disposition permitted by Section 7.05 or any other Investment permitted under Section 7.02; provided that
the aggregate principal amount of all such Indebtedness of Subsidiaries that are not Loan Parties shall not exceed $50,000,000 in the aggregate at any time outstanding; 

  
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 (n) Indebtedness incurred by the Borrower or any of its Subsidiaries in respect of bank
guarantees, warehouse receipts or similar instruments (other than letters of credit) issued or created in the ordinary course of business consistent with past practice, including in respect of workers compensation claims, health, disability or other
employee benefits or property, casualty or liability insurance or self insurance, or other Indebtedness with respect to reimbursement type obligations (other than obligations in respect of letters of credit) regarding workers compensation claims;

 (o) obligations in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and similar
obligations provided by the Borrower or any of its Subsidiaries; 
 (p) Indebtedness arising from the honoring by a bank or
other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is
extinguished within five (5) Business Days of incurrence; 
 (q) Indebtedness in respect of overdraft facilities, automatic
clearinghouse arrangements, employee credit card programs, corporate cards and purchasing cards, and other business cash management arrangements in the ordinary course of business, including Indebtedness arising under or in connection with any Cash
Management Agreement with a Cash Management Bank; 
 (r) Indebtedness incurred under commercial letters of credit issued for the
account of the Borrower or any of its Subsidiaries in the ordinary course of business (and not for the purpose of, directly or indirectly, incurring Indebtedness or providing credit support or a similar arrangement in respect of Indebtedness) or
Indebtedness of the Borrower or any of its Subsidiaries under letters of credit and bank guarantees backstopped by Letters of Credit issued under this Agreement; and 
 (s) Indebtedness representing deferred compensation to employees of the Borrower or any of its Subsidiaries incurred in the ordinary course of business. 

Notwithstanding anything to contrary herein, no Subsidiary shall be permitted to guarantee the Senior Notes unless such Subsidiary also
guarantees the Obligations. 
 Section 7.04 Fundamental Changes. Merge, dissolve, liquidate, consolidate with
or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default
exists or would result therefrom: 
 (a) any Subsidiary may merge with (i) the Borrower, provided that the Borrower
shall be the continuing or surviving Person and (ii) any Subsidiary, provided that (A) when any wholly-owned Subsidiary is merging with another Subsidiary, the wholly-owned Subsidiary shall be the continuing or surviving Person,
(B) when any Guarantor is merging with another Subsidiary, the continuing or surviving Person shall be a Guarantor and (C) if as a result thereof, the Borrower owns, directly or indirectly, less of such Subsidiary’s equity interests
than it did prior to the merger, such merger shall also constitute a Disposition subject to Section 7.05 (and must be permitted by any clause thereof other than Section 7.05(g)); 

  
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 (b) a merger, dissolution, liquidation, consolidation or Disposition, the purpose of which
is to effect a Disposition permitted pursuant to Section 7.05 (other than Section 7.05(g)(A)); 
 (c) the Borrower or
any Guarantor may effect any Permitted Acquisition or any other Investment permitted by Section 7.02(k) or (o); provided that (i) in any such transaction involving the Borrower, the Borrower shall be the continuing or surviving
Person and (ii) in any such transaction involving a Guarantor, the continuing or surviving Person shall be a Guarantor; and 
 (d) any Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution or otherwise) (i) to the Borrower or to a Guarantor, or (ii) if the transferor
is not a Guarantor, to any other Subsidiary; provided in each case that if the transferor in such a transaction is a wholly-owned Subsidiary, then the transferee must either be the Borrower or a wholly-owned Subsidiary. 

Section 7.05 Dispositions. Make any Disposition or enter into any agreement to make any Disposition, except:

 (a) Dispositions of obsolete or worn out property, whether now owned or hereafter acquired in the ordinary course of business
and Dispositions of property no longer used or useful in the conduct of the business of the Borrower and its Subsidiaries (including allowing any registrations or any applications for registration of any immaterial intellectual property to lapse or
go abandoned); 
 (b) Dispositions of inventory in the ordinary course of business; 

(c) Dispositions of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase
price of similar replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement property; 
 (d) Dispositions of property by the Borrower to any Subsidiary, or by any Subsidiary to the Borrower or to a Subsidiary; provided that if the transferor of such property is the Borrower or a
Guarantor, the transferee thereof must either be the Borrower or a Guarantor; 
 (e) Dispositions of accounts receivable for
purposes of collection; 
 (f) Dispositions of investment securities and Cash Equivalents in the ordinary course of business;

 (g) (A) Dispositions permitted by Section 7.04, (B) Dispositions that constitute Investments permitted by
Section 7.02, and (C) Dispositions that constitute Restricted Payments permitted by Section 7.06; 

  
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 (h) non-exclusive licensing or sublicensing of IP Rights in the ordinary course of business
on customary terms; 
 (i) transfers of condemned property as a result of the exercise of “eminent domain” or other
similar policies to the respective Governmental Authority or agency that has condemned the same (whether by deed in lieu of condemnation or otherwise), and transfers of property that have been subject to a casualty to the respective insurer of such
real property as part of an insurance settlement; 
 (j) Dispositions by the Borrower and its Subsidiaries of property not
otherwise permitted under this Section 7.05 (but in any event excluding Receivables Program Assets); provided that (i) at the time of such Disposition and after giving effect thereto, no Default shall exist or would result from such
Disposition, (ii) the proceeds of such Disposition are less than the greater of (x) $20,000,000 and (y) 0.75% of Consolidated Total Assets of the Borrower in any fiscal year and the greater of (x) $75,000,000 and (y) 2.75%
of Consolidated Total Assets of the Borrower in the aggregate from the Closing Date, (iii) the consideration received for such property shall be in an amount at least equal to the fair market value thereof, (iv) no less than 75% of such
consideration shall be paid in cash and (v) the Net Cash Proceeds thereof shall be applied as required by Section 2.05(b)(i)(A); provided, however, that for the purposes of clause (iv), the following shall be deemed to be
cash: (A) any liabilities (as shown on the Borrower’s or the applicable Subsidiary’s most recent balance sheet provided hereunder or in the footnotes thereto) of the Borrower or such Subsidiary (other than liabilities that are by
their terms subordinated to the Obligations) that are assumed by the transferee with respect to the applicable Disposition and for which the Borrower and all of its Subsidiaries shall have been validly released by all applicable creditors in writing
and (B) any securities received by the Borrower or the applicable Subsidiary from such transferee that are converted by the Borrower or such Subsidiary into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received)
within 180 days following the closing of the applicable Disposition; 
 (k) Dispositions by the Borrower and its Subsidiaries of
property acquired after the Closing Date in Permitted Acquisitions; provided that (i) the Borrower identifies any such assets to be divested in reasonable detail in writing to the Administrative Agent on or before the closing date of
such Permitted Acquisition, (ii) the fair market value of the assets to be divested in connection with any Permitted Acquisition does not exceed an amount equal to fifteen percent (15%) of the total cash and non-cash consideration for such
Permitted Acquisition and (iii) the Net Cash Proceeds thereof shall be applied as required by Section 2.05(b)(i)(A); and 
 (l) Dispositions of Receivables Program Assets in connection with a Qualified Receivable Transaction; provided that (i) the consideration received for such assets shall be in an amount at
least equal to the fair market value thereof, (ii) no less than 75% of such consideration shall be paid in cash, (iii) the Net Cash Proceeds thereof shall be applied as required by Section 2.05(b)(i)(B), (iv) the outstanding
amount of Indebtedness in respect of Receivables Program Obligations shall not exceed the maximum amount permitted to be outstanding under Section 7.03(j), (v) the Seller’s Retained Interest and all proceeds thereof shall constitute
Collateral (to the extent such interest is required to be Collateral hereunder) and all necessary steps to perfect a security interest in such Seller’s Retained Interest for the benefit of the Secured Parties are taken by the Borrower and its
Subsidiaries and (vi) no Default or Event of Default shall have occurred and be continuing at the time such Disposition is made. 

  
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 Section 7.06 Restricted Payments. Declare or make, directly or
indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that: 
 (a) each
Subsidiary may make Restricted Payments to the Borrower, the Guarantors and any other Person that owns an Equity Interest in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such
Restricted Payment is being made; 
 (b) the Borrower and each Subsidiary may declare and make dividend payments or other
distributions payable solely in the common stock or other common Equity Interests of such Person; 
 (c) the Borrower and each
Subsidiary may purchase, redeem or otherwise acquire Equity Interests issued by it with the proceeds received from the substantially concurrent issue of new shares of its common stock or other common Equity Interests; 

(d) the Borrower and each Subsidiary may make Restricted Payments pursuant to and in accordance with their stock option, stock purchase
and other benefit plans of general application to management, directors or other employees of the Borrower and its Subsidiaries, as adopted or implemented in the ordinary course of business; 

(e) so long as no Default shall have occurred and be continuing at the time of any action described in this clause (e) or would
result therefrom, the Borrower may (i) declare and make cash dividends to its stockholders and (ii) purchase, redeem or otherwise acquire for cash Equity Interests issued by it in an aggregate amount with respect to clauses (i) and
(ii) from and after the Closing Date not to exceed the sum of (1) the greater of $75,000,000 and 2.75% of Consolidated Total Assets of the Borrower plus (2) so long as the Consolidated Leverage Ratio of the Borrower calculated
as of the last day of the most recently ended Fiscal Quarter for which financial statements are available and as of the date of the making of such dividend, purchase, redemption or acquisition after giving pro forma effect to such Restricted Payment
as if it had occurred on such last day or such date (as applicable) would be less than 3.25:1.00, an amount not to exceed the Borrower Retained ECF Amount at the time of the making of such dividend, purchase, redemption or acquisition plus
(3) any Net Equity Proceeds; provided that, in the case of each of clauses (i) and (ii) above, both before and after giving pro forma effect to any such dividend, purchase, redemption or acquisition as if such dividend
had been paid or purchase, redemption or acquisition had occurred on the last day of the preceding fiscal quarter, the Borrower is in compliance with the financial covenants set forth in Section 7.11; 

(f) Investments permitted pursuant to Section 7.02(c); 
 (g) non-cash repurchases of Equity Interests of the Borrower deemed to occur (i) upon the non-cash exercise of stock options and warrants or similar equity incentive awards, and (ii) in
connection with the withholding of a portion of the Equity Interests granted or awarded to a director or an employee to pay for the taxes payable by such director or employee upon such grant or award; 

  
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 (h) the Borrower or any of its Subsidiaries may (i) pay cash in lieu of fractional
shares in connection with any dividend, split or combination thereof or any Permitted Acquisition and (ii) honor any conversion request by a holder of convertible Indebtedness and make cash payments in lieu of fractional shares in connection
with any such conversion; 
 (i) the Borrower and its Subsidiaries may make Restricted Payments to consummate the Transaction;

 (j) the payment of dividends and distributions within sixty (60) days after the date of declaration thereof, if at the
date of declaration of such payment, such payment would have complied with the other provisions of this Section 7.06; and 

(k) the purchase, redemption, acquisition, cancellation or other retirement for a nominal value per right of any rights granted to all
holders of common stock of the Borrower pursuant to any shareholders’ rights plan adopted for the purpose of protecting shareholders from unfair take over tactics; provided that any such purchase, redemption, acquisition, cancellation or
other retirement of such rights is not for the purpose of evading the limitations of this covenant (all as determined in good faith by a Responsible Officer that is a senior financial officer of the Borrower). 

Section 7.07 Change in Nature of Business. Engage in any material line of business substantially different from those
lines of business conducted by the Borrower and its Subsidiaries on the Closing Date or any business reasonably related, complementary, synergistic or ancillary thereto or reasonable extensions thereof. 

Section 7.08 Transactions with Affiliates. Enter into any transaction of any kind with any Affiliate of the Borrower,
whether or not in the ordinary course of business, other than on fair and reasonable terms no less favorable to the Borrower or such Subsidiary than would be obtainable by the Borrower or such Subsidiary at the time in a comparable arm’s length
transaction with a Person other than an Affiliate, provided that the foregoing restriction shall not apply to: 
 (a)
transactions between or among Loan Parties or between and among Subsidiaries that are not Loan Parties; 
 (b) Qualified
Receivables Transactions otherwise permitted hereunder; 
 (c) the payment of reasonable fees, expenses and compensation
(including equity compensation) to and insurance provided on behalf of current, former and future officers and directors of the Borrower or any of its Subsidiaries and indemnification agreements entered into by the Borrower or any of its
Subsidiaries; 
 (d) employment and severance arrangements with current, former and future officers and employees and
transactions pursuant to stock option plans and employee benefit plans and arrangements in the ordinary course of business; 

  
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 (e) transactions pursuant to agreements in existence on the Closing Date and set forth on
Schedule 7.08 or any amendment thereto to the extent such an amendment is not adverse to the Lenders in any material respect; and 
 (f) the Transactions and the Canada Asset Transfer Transactions. 

Section 7.09 Restrictive Agreements. Enter into any Contractual Obligation (other than this Agreement or any other
Loan Document) that (a) limits the ability (i) of any Subsidiary to make Restricted Payments to the Borrower or any Guarantor or to otherwise transfer property to the Borrower or any Guarantor, (ii) of any Subsidiary to Guarantee the
Indebtedness of the Borrower hereunder or (iii) of the Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person to secure the Obligations; provided, however, that clauses (i) and
(iii) shall not prohibit any negative pledge or similar provision, or restriction on transfer of property, incurred or provided in favor of any holder of Indebtedness permitted under Section 7.03(e) solely to the extent any such negative
pledge relates to the property financed by or the subject of such Indebtedness; or (b) requires the grant of a Lien to secure an obligation of such Person if a Lien is granted to secure another obligation of such Person. Notwithstanding the
foregoing, this Section 7.09 will not restrict or prohibit: 
 (1) restrictions imposed pursuant to an agreement that has
been entered into in connection with a transaction permitted pursuant to Section 7.05 with respect to the property that is subject to that transaction; 
 (2) restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to Section 7.03 to the extent that such restrictions apply only to the property or assets securing such
Indebtedness; 
 (3) provisions restricting subletting or assignment of Contractual Obligations; 

(4) restrictions set forth in the Senior Notes as in effect on the Closing Date or as amended, modified, refinanced, replaced, renewed or
extended in a manner that is not more restrictive and is otherwise permitted hereunder; 
 (5) to the extent constituting a
limitation described in Section 7.09(a)(i), restrictions contained in Indebtedness permitted under Section 7.03(g), (h) or (i) so long as such restrictions are no more restrictive to the Borrower and its Subsidiaries than the
restrictions or covenants contained in this Agreement; 
 (6) to the extent constituting a limitation described in
Section 7.09(a)(i), provisions with respect to the disposition or distribution of assets or property in joint venture agreements and other similar agreements entered into by the Borrower and its Subsidiaries in the ordinary course of business;

 (7) to the extent constituting the limitation described in Section 7.09(a)(i), customary restrictions on a Receivables
Subsidiary and Receivables Program Assets effected in connection with a Qualified Receivables Transaction; 

  
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 (8) to the extent constituting a limitation described in Section 7.09(a)(i),
restrictions on cash or other deposits or net worth imposed by customers on the Borrower and its Subsidiaries under contracts entered into in the ordinary course of business; 
 (9) to the extent constituting a limitation described in Section 7.09(a)(i), encumbrances or restrictions arising or agreed to in the ordinary course of business, not relating to any Indebtedness,
and that do not, individually or in the aggregate, detract from the value of property or assets of the Borrower or any of its Subsidiaries in any manner material to the Borrower or any of its Subsidiaries; or 

(10) to the extent constituting a limitation described in Section 7.09(a)(i), encumbrances or restrictions existing under, by reason
of or with respect to customary provisions contained in leases or licenses of intellectual property and other agreements, in each case, entered into by the Borrower or any of its Subsidiaries in the ordinary course of business. 

Section 7.10 Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether
immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally
incurred for such purpose. 
 Section 7.11 Financial Covenants. 

(a) Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio at the end of any fiscal quarter of the Borrower during
any period set forth below to be greater than the ratio (the “Maximum Consolidated Leverage Ratio”) set forth below opposite such period: 
  

			
	 Period
	  	Maximum
Consolidated
Leverage
Ratio
	 Closing Date through September 30, 2012
	  	5.50:1.00
	 October 1, 2012 through September 30, 2013
	  	5.25:1.00
	 October 1, 2013 through September 30, 2014
	  	5.00:1.00
	 October 1, 2014 through September 30, 2015
	  	4.75:1.00
	 October 1, 2015 and thereafter
	  	4.50:1.00

 (b) Consolidated Interest Coverage Ratio. Permit the Consolidated Interest Coverage Ratio as of
the end of any fiscal quarter of the Borrower during any period set forth below to be less than the ratio (the “Minimum Interest Coverage Ratio”) set forth below opposite such period: 

 

			
	 Period
	  	Minimum
Interest
Coverage
Ratio
	 Closing Date through September 30, 2014
	  	2.50:1.00
	 October 1, 2014 and thereafter
	  	2.75:1.00

  
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 Section 7.12 Amendments of Organization Documents. Amend any of its
Organization Documents in a manner materially adverse to the Lenders. 
 Section 7.13 Accounting Changes.
Make any change in its (a) accounting policies or reporting practices, except as required by GAAP, or (b) Fiscal Year. 
 Section 7.14 Prepayments of Indebtedness. Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner, or make any payment in violation
of any subordination terms of, any subordinated, unsecured or junior secured Indebtedness (collectively, the “Junior Indebtedness”) (it being understood that payments of regularly scheduled interest and principal shall be permitted
to the extent not prohibited by the subordination provisions applicable thereto), except, in each case, so long as no Default or Event of Default has occurred and is continuing or would be caused thereby, (a) the refinancing thereof with the
proceeds of any Permitted Refinancing permitted by Section 7.03, (b) the prepayment of Indebtedness of the Borrower or any Subsidiary owed to the Borrower or any Subsidiary to the extent not prohibited by the subordination provisions
applicable thereto, and (c) prepayments, redemptions, purchases or other payments made to satisfy Junior Indebtedness (not in violation of any subordination terms in respect thereof) in an amount not to exceed the sum of (1) the greater of
$35,000,000 and 1.25% of Consolidated Total Assets of the Borrower plus (2) so long as the Consolidated Leverage Ratio of the Borrower calculated as of the last day of the most recently ended Fiscal Quarter for which financial statements
are available and as of the date of the making of such prepayment, redemption, purchase or other payment after giving pro forma effect to such prepayment, redemption, repurchase or other payment as if it had occurred on such last day or such date
(as applicable) would be less than 3.25:1.00, an amount not to exceed the Borrower Retained ECF Amount at the time of the making of such prepayment, redemption, repurchase or other payment plus (3) any Net Equity Proceeds. 

Section 7.15 Sale-Leaseback Transactions. Enter into any sale-leaseback transaction in which any Loan Party is the
seller or the lessee unless the disposition of assets is permitted under Section 7.05 and the incurrence of indebtedness is permitted by Section 7.03. 
 Section 7.16 Capital Expenditures. Make or become legally obligated to make any Capital Expenditure, except for (x) Capital Expenditures made by Ralcorp on behalf of the Borrower and its
Subsidiaries prior to the Closing Date, (y) Capital Expenditures made in connection with the Canada Asset Transfer Transactions and (z) Capital Expenditures not exceeding, in the aggregate for the Borrower and its Subsidiaries an amount
equal to the sum of (1) $40,000,000 in each Fiscal Year plus (2) so long as the Consolidated Leverage Ratio of the Borrower calculated as of the last day of the most recently ended Fiscal Quarter for which financial statements are
available and as of the date of the making of the Capital Expenditure after giving pro forma effect to such Capital Expenditure as if it had been made on such last day 

  
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or such date (as applicable) would be less than 3.50:1.00, an amount not to exceed the Borrower Retained ECF Amount at the time of the making of such Capital Expenditure plus (3) any
Net Equity Proceeds (collectively, such amount, the “Permitted Capital Expenditure Amount”); provided that if, in any Fiscal Year, the aggregate amount of Capital Expenditures made by the Borrower and its Subsidiaries during
such Fiscal Year is less than $40,000,000 (any remaining amount, the “CapEx Carryover Amount”), the Borrower and its Subsidiaries may increase Capital Expenditures in the immediately succeeding Fiscal Year in an aggregate amount
equal to such CapEx Carryover Amount. With respect to any Fiscal Year during which a Permitted Acquisition is consummated and for each Fiscal Year subsequent thereto, the Permitted Capital Expenditure Amount applicable to each such Fiscal Year shall
be increased by an amount (or a pro-rated portion of an amount, in the case of the Fiscal Year in which the Permitted Acquisition occurs) equal the product of (A) the consolidated revenues of the acquired entity or business for the Fiscal Year
immediately preceding the consummation of such Permitted Acquisition as set forth in the Acquired Entity Financial Statements and (B) the quotient obtained by dividing (i) the sum of the CapEx/Revenue Ratio for the two Fiscal Years
immediately preceding consummation of such Permitted Acquisition by (ii) two. 
 Section 7.17 Amendments of
Indebtedness. 
 Amend, modify, or change in any manner any term or condition of any Indebtedness set forth in Schedule 7.03
or any Junior Indebtedness, in each case, in a manner materially adverse to the Lenders or that would effect a prepayment not otherwise permitted under Section 7.14. 
 ARTICLE 8. 
 EVENTS OF DEFAULT AND REMEDIES 

Section 8.01 Events of Default. Each of the following shall constitute an Event of Default (each, an “Event of
Default”): 
 (a) Non-Payment. The Borrower or any other Loan Party fails to pay (i) when and as required
to be paid herein, any amount of principal of any Loan or any L/C Obligation, or (ii) within three Business Days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) within five
days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or 
 (b) Specific
Covenants. The Borrower fails to perform or observe any term, covenant or agreement contained in any of Section 6.01, 6.02, 6.03, 6.04, 6.10, or 6.11, or Article 7; or 

(c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection
(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the Administrative Agent or a Lender provides notice to the Borrower of such failure; or 

(d) Representations and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on
behalf of the Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect or misleading, in any material respect, when made or deemed made; or 

  
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 (e) Cross-Default. (i) The Borrower or any Subsidiary (A) fails to make any
payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness under the Loan Documents and Indebtedness under Swap Contracts) having an
aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B), fails to observe or perform any
other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, in each case after any applicable grace, cure or notice
period, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary
or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or
redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined, or
as such comparable term may be used and defined, in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which the Borrower or any Subsidiary is the Defaulting Party (as defined, or as such comparable term
may be used and defined, in such Swap Contract) or (B) any Termination Event (as defined, or as such comparable term may be used and defined, in such Swap Contract) under such Swap Contract as to which the Borrower or any Subsidiary is an
Affected Party (as defined, or as such comparable term may be used and defined, in such Swap Contract) and, in either event, the Swap Termination Value owed by the Borrower or such Subsidiary as a result thereof is greater than the Threshold Amount;
or 
 (f) Insolvency Proceedings, Etc. Any Loan Party or any of its Subsidiaries institutes or consents to the
institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment
continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues
undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or 
 (g) Inability
to Pay Debts; Attachment. (i) The Borrower or any Subsidiary becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or
similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within 30 days after its issue or levy; or 

  
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 (h) Judgments. There is entered against the Borrower or any Subsidiary (i) one
or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer does not
dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are
commenced by any creditor upon such judgment or order, or (B) there is a period of 30 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 

(i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could
reasonably be expected to result in liability of the Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) the Borrower or any ERISA Affiliate
fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the
Threshold Amount; or 
 (j) Invalidity of Loan Documents. Any provision of any Loan Document, at any time after its
execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner
the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan
Document; or 
 (k) Change of Control. There occurs any Change of Control; or 

(l) Collateral Documents. Any Collateral Document after delivery thereof pursuant to Article 4 or Section 6.11 shall for any
reason (other than pursuant to the terms hereof) cease to create a valid and perfected first priority Lien (subject to Permitted Liens) on the Collateral purported to be covered thereby; or 

(m) Transition of Treasury Accounts and Services. On or prior to the day on which the Transition Services Agreement (as in effect
on the date hereof) terminates, all cash and security account balances held by Ralcorp on behalf of or in the name of the Borrower and/or its Subsidiaries shall not have been transferred to accounts in the name of the Borrower or its applicable
Subsidiary at financial institutions designated by the Borrower, or the Borrower shall not have directed its, and its Subsidiaries’, account debtors to make all payments on accounts receivables owing to the Borrower or its Subsidiaries to the
Borrower or such Subsidiary (as applicable), or the Borrower shall not have established standalone cash management programs as contemplated by the Transition Services Agreement (as in effect on the date hereof). 

Section 8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative
Agent shall, at the request of, or may, with the consent of, the Required Lenders (or, in the case of clause 8.02(a) below, the Required Revolving Credit Lenders), take any or all of the following actions: 

(a) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be
terminated, whereupon such commitments and obligation shall be terminated; 

  
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 (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the
Borrower; 
 (c) require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to 103% of the then
Outstanding Amount thereof); and 
 (d) exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies
available to it, the Lenders and the L/C Issuer under the Loan Documents or at law or in equity; 
 provided, however, that upon the
occurrence of an actual or deemed entry of an order for relief with respect to the Borrower or any Guarantor under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C
Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Borrower to Cash
Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender. 
 Section 8.03 Application of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C
Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall, subject to the provisions of Sections 2.15 and 2.16, be applied by
the Administrative Agent in the order specified in Section 6.5 of the Collateral Agreement. 
 ARTICLE 9. 

ADMINISTRATIVE AGENT 
 Section 9.01 Appointment and Authority. (a) Each of the Lenders and the L/C Issuer hereby irrevocably appoints Barclays Bank PLC to act on its behalf as the Administrative Agent
hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such
actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and the Borrower shall not have rights as a third-party beneficiary of
any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to any Agent is not intended to connote any fiduciary or other implied
(or express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.

  
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 (b) The Administrative Agent shall also act as the “collateral agent” under the
Loan Documents, and each of the Lenders (including in its capacities as a potential Cash Management Bank and potential Hedge Bank) and the L/C Issuer hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such
Lender and the L/C Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental
thereto. In this connection, the Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 9.05 for purposes of holding or enforcing any
Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall be entitled to the benefits of all provisions of this
Article 9 and Article 10 (including Section 10.04(c)), as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents, as if set forth in full herein with respect thereto;
provided that to the extent the L/C Issuer is entitled to indemnification under this Section 9.01 solely in connection with its role as the L/C Issuer, only the Revolving Credit Lenders shall be required to indemnify the L/C Issuer in
accordance with this Section 9.01. 
 Section 9.02 Rights as a Lender. The Person serving as the
Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its capacity as a Lender. Such Person and its Affiliates may accept deposits from, lend money
to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and
without any duty to account therefor to the Lenders. 
 Section 9.03 Exculpatory Provisions. No Agent shall
have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Agents: 
 (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except (in the case of the Administrative Agent) discretionary rights and powers expressly contemplated
hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other
Loan Documents); provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability that is contrary to any Loan Document or
applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation
of any Debtor Relief Law; and 

  
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 (c) shall not, except as expressly set forth herein and in the other Loan Documents, have
any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as such Agent or any of its Affiliates in any
capacity. 
 The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or
at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 10.01 and
8.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default
unless and until it shall have received written notice from a Lender, an L/C Issuer or the Borrower referring to this Agreement, describing such Default and stating that such notice is a “notice of default.” 

No Agent or any of its Related Parties shall be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the value or the sufficiency of any Collateral or
(vi) the satisfaction of any condition set forth in Article 4 or elsewhere herein, other than, in the case of the Administrative Agent, to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

Section 9.04 Reliance. Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon,
any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or
otherwise authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In
determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent may presume that such
condition is satisfactory to such Lender or the L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The
Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any
such counsel, accountants or experts. 
 Section 9.05 Delegation of Duties. The Administrative Agent may
perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The

  
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Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of
this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for
herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and
nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub agents. 
 Section 9.06 Resignation of Administrative Agent. The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the Borrower. Upon receipt
of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in
the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent may on behalf of the Lenders and the L/C Issuer appoint a successor Administrative Agent meeting the qualifications set forth above; provided that if the Administrative Agent shall notify the Borrower and the Lenders that
no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder
and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring Administrative Agent shall continue to
hold such collateral security until such time as a successor Administrative Agent is appointed) and (b) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or
to each Lender and the L/C Issuer directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as Administrative Agent
hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties
and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article and Section 10.04 shall
continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as
Administrative Agent. 
 Any resignation by the entity serving as Administrative Agent pursuant to this Section shall also
constitute its resignation as the L/C Issuer and Swing Line Lender, if applicable. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (i) such successor shall succeed to and become vested with all of the
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of the retiring L/C Issuer and Swing Line Lender, if applicable, (ii) the retiring L/C Issuer and Swing Line Lender shall be discharged from all of their respective duties and obligations
hereunder or under the other Loan Documents, and (iii) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements reasonably
satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit. 
 Section 9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative
Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the L/C Issuer also
acknowledges that it will, independently and without reliance upon the Administrative Agent or any Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make
its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

Section 9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Arrangers or the
Agents shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the L/C Issuer hereunder. 

Section 9.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor
Relief Law or any other judicial proceeding relating to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise
and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated), by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C
Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent
under Sections 2.03(h) and (i), 2.09 and 10.04) allowed in such judicial proceeding; and 
 (b) to collect and receive any
monies or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such payments to the Administrative Agent and, in the event that the Administrative Agent
shall 

  
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consent to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and
advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 2.09 and 10.04. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or the L/C Issuer in any such proceeding. 

Section 9.10 Collateral and Guaranty Matters. Each Lender (including in its capacities as a potential Cash Management
Bank and as a potential Hedge Bank) and the L/C Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion: 
 (a) to release any Lien to the extent securing the Obligations on any property granted to or held by the Administrative Agent under any Loan Document (i) upon termination of the Aggregate Commitments
and payment in full of all Obligations (other than (A) contingent indemnification obligations and (B) obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements), the expiration or termination of all
Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the Administrative Agent and the L/C Issuer shall have been made) and the termination and payment in full of all obligations and liabilities under Secured
Cash Management Agreements and Secured Hedge Agreements in respect of which the Administrative Agent has received notice pursuant to Section 9.11 (other than any such agreements as to which other arrangements reasonably satisfactory to the
applicable Cash Management Bank or Hedge Bank have been made), (ii) that is sold as part of or in connection with any sale permitted hereunder or that constitutes a disposition of Receivables Program Assets permitted pursuant to
Section 7.05(l) or (iii) if approved, authorized or ratified in writing in accordance with Section 10.01; 
 (b)
to release any Guarantor from its Guarantee of the Obligations under the Collateral Agreement (i) upon termination of the Aggregate Commitments and payment in full of all Obligations (other than (A) contingent indemnification obligations
and (B) obligations and liabilities under Secured Cash Management Agreement and Secured Hedge Agreements), the expiration or termination of all Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the
Administrative Agent and the L/C Issuer shall have been made) and the termination and payment in full of all obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements in respect of which the Administrative
Agent has received notice pursuant to Section 9.11 (other than any such agreements as to which other arrangements reasonably satisfactory to the applicable Cash Management Bank or Hedge Bank have been made) or (ii) if approved, authorized
or ratified in writing in accordance with Section 10.01; 
 (c) to release any Guarantor from its Guarantee of the
Obligations under the Collateral Agreement if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder (unless such Person continues to guarantee the Senior Notes); and 

  
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 (d) to subordinate any Lien on any property granted to or held by the Administrative Agent
under any Loan Document, to the extent securing the Obligations, to the holder of any Lien on such property that is permitted by Section 7.01(i). 
 Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or
items of Collateral, or to release any Guarantor from its Guarantee of the Obligations under the Collateral Agreement pursuant to this Section 9.10. In each case as specified in this Section 9.10, the Administrative Agent will, at the
Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the
Collateral Documents or to subordinate its interest in such item, or to release such Guarantor from its Guarantee of the Obligations under the Collateral Agreement, in each case in accordance with the terms of the Loan Documents and this
Section 9.10. 
 Section 9.11 Secured Cash Management Agreements and Secured Hedge Agreements. No Cash
Management Bank or Hedge Bank that obtains the benefits of the Collateral Agreement or any Collateral by virtue of the provisions hereof or of the Collateral Agreement or any Collateral Document shall have any right to notice of any action or to
consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to
the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article 9 to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been
made with respect to, Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the
Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. 
 ARTICLE 10.

 MISCELLANEOUS 
 Section 10.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan
Party therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent (or signed by the Administrative Agent on behalf of
and with the written consent of the Required Lenders), and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such amendment, waiver or consent
shall: 
 (a) waive any condition set forth in Section 4.01 without the written consent of each Lender; 

(b) without limiting the generality of clause (a) above, waive any condition set forth in Section 4.02 as to any Credit
Extension under a Revolving Credit Facility without the written consent of the Required Revolving Credit Lenders; 

  
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 (c) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated
pursuant to Section 2.06 or Section 8.02) without the written consent of such Lender; 
 (d) postpone any date fixed
by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments pursuant to Section 2.05(b)) of principal, interest, fees or other amounts due to the Lenders (or any of them) or any scheduled or mandatory reduction
of any Facility hereunder or under any other Loan Document without the written consent of each Appropriate Lender directly affected thereby; 
 (e) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or any fees or other amounts payable hereunder or under any other Loan Document without the written
consent of each Lender directly affected thereby; provided, however, that only the consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation of the
Borrower to pay interest or Letter of Credit Fees at the Default Rate or (ii) to amend any financial covenant hereunder (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan
or L/C Borrowing or to reduce any fee payable hereunder; 
 (f) change (i) Section 8.03 of this Agreement or
Section 6.5 of the Collateral Agreement in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender or (ii) the definition of “Applicable Percentage”, the order of
application or pro rata nature of application of any reduction in the Commitments or any prepayment of Loans within or among the Facilities from the application thereof set forth in the applicable provisions of Sections 2.05(a), 2.05(b) or 2.06(c),
or other provisions in respect of the pro rata application of payments or offers hereunder under Section 2.12, 2.13 or 10.06(b)(vii) in any manner that materially and adversely affects the Lenders under a Facility without the written consent of
(i) if such Facility is the Term A Facility, the Required Term A Lenders, (ii) if such Facility is an Incremental Term Loan Facility that is not made part of the Term A Facility, the Required Incremental Term Loan Lenders of such Series
and (iii) if such Facility is a Revolving Credit Facility, the Required Revolving Credit Lenders; 
 (g) change
(i) any provision of this Section 10.01 or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder
or make any determination or grant any consent hereunder (other than the definitions specified in clause (ii) of this Section 10.01(g)), without the written consent of each Lender or (ii) the definition of “Required
Incremental Term Loan Lenders”, “Required Revolving Credit Lenders” or “Required Term A Lenders” without the written consent of each Lender under the applicable Facility; 

(h) release all or substantially all of the value of the Guarantees of the Obligations in any transaction or series of transactions
without the written consent of each Lender, except to the extent the release of any Guarantor is permitted pursuant to Section 9.10 (in which case such release may be made by the Administrative Agent acting alone); 

(i) release all or substantially all of the Collateral in any transaction or series of related transactions without the written consent
of each Lender, except to the extent the release of any Collateral is permitted pursuant to Section 9.10 (in which case such release may be made by the Administrative Agent acting alone); and 

  
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 (j) impose any greater restriction on the ability of any Lender under a Facility to assign
any of its rights or obligations hereunder without the written consent of (i) if such Facility is the Term A Facility, the Required Term A Lenders (ii) if such Facility is an Incremental Term Loan Facility that is not made part of the Term
A Facility, the Required Incremental Term Loan Lenders of such Series and (iii) if such Facility is a Revolving Credit Facility, the Required Revolving Credit Lenders; 
 and, provided, further, that (i) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights or duties of
the L/C Issuer under this Agreement or any Issuer Document, in each case, relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Lender in
addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement and (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the
Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document. 
 Section 10.02 Notices; Effectiveness; Electronic Communication. (a) Notices Generally. Except as provided in subsection (b) below, all notices and other communications
provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows: 

(i) if to the Borrower, the Administrative Agent, the L/C Issuer or the Swing Line Lender, to the address, facsimile
number, or electronic mail address specified for such Person on Schedule 10.02; and 
 (ii) if to any other
Lender, to the address, facsimile number, or electronic mail address specified in its Administrative Questionnaire. 
 Notices
and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given
when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices and other communications delivered through
electronic communications to the extent provided in subsection (b) below shall be effective as provided in such subsection (b). 
 (b) Electronic Communications. Notices and other communications to the Lenders and the L/C Issuer hereunder may be delivered or furnished by electronic communication (including e-mail and Internet
or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or the L/C Issuer pursuant to Article 2 if such Lender or the L/C Issuer, as applicable, has
notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept

  
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notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices
or communications. 
 Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an
e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgment),
provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient,
and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that
such notice or communication is available and identifying the website address therefor. 
 (c) The Platform. THE PLATFORM
IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR
OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE
DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the
Borrower, any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of
Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to the Borrower, any Lender, the L/C Issuer or any other Person for indirect, special, incidental,
consequential or punitive damages (as opposed to direct or actual damages). 
 (d) Change of Address, Etc. Each of
the Borrower, the Administrative Agent, the L/C Issuer and the Swing Line Lender may change its address or facsimile for notices and other communications hereunder by notice to the other parties hereto. Each Lender may change its address or
facsimile for notices and other communications hereunder by notice to the Borrower, the Administrative Agent, the L/C Issuer and the Swing Line Lender. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure
that the Administrative Agent has on record (i) an effective address, contact name, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.
Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the
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enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to
make reference to Borrower Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities for purposes
of United States Federal or state securities laws. 
 (e) Reliance by Administrative Agent, L/C Issuer and
Lenders. The Administrative Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein were
incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the Administrative Agent,
the L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower except to the extent
that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Person. All
telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereby consents to such recording. 
 Section 10.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, the L/C Issuer or the Administrative Agent to exercise, and no delay by any such Person in
exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the
Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders and the L/C Issuer and, in respect of the Collateral Documents, any other Secured Party; provided, however, that the foregoing shall not prohibit
(a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) each of the L/C Issuer and
the Swing Line Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising
setoff rights in accordance with Section 10.08 (subject to the terms of Section 2.13), or (d) any Secured Party from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding
relative to any Loan Party under any Debtor Relief Law and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have
the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth in 

  
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clauses (b), (c), and (d) of the preceding proviso and subject to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available
to it and as authorized by the Required Lenders. 
 Section 10.04 Expenses; Indemnity; Damage Waiver.
(a) Costs and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the
Administrative Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments,
modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the L/C Issuer in connection with the
issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C Issuer (including the fees, charges and
disbursements of any counsel for the Administrative Agent, any Lender or the L/C Issuer), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights
under this Section or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of
Credit. 
 (b) Indemnification by the Borrower. Each Loan Party shall indemnify the Administrative Agent (and any
sub-agent thereof), each Lender and the L/C Issuer and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims,
damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may
be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of
this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of the Transaction and the
transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters
addressed in Section 3.01), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented
in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on, through, under or from any property currently or formerly owned, leased
or operated by the Borrower or any of its Subsidiaries, or any Environmental Claim or Environmental Liability related in any way to any of the Loan Parties or any of their respective Subsidiaries or (iv) any claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a Lender, a third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto
(collectively, the “Indemnified Liabilities”); provided 

  
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that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 
 (c) Reimbursement by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it to
the Administrative Agent (or any sub-agent thereof), the L/C Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the L/C Issuer or such Related Party, as the
case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or the L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for
the Administrative Agent (or any such sub-agent) or L/C Issuer in connection with such capacity; provided that in respect of the proviso in subclause (b) above, it is understood and agreed that any action taken by the Administrative
Agent (and any sub-agent thereof) and/or any of its Related Parties in accordance with the directions of the Required Lenders or any other appropriate group of Lenders pursuant to Section 10.01 shall not be deemed to constitute gross negligence
or willful misconduct for purposes of such proviso. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.12(d). 
 (d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory
of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or
other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

(e) Payments. All amounts due under this Section shall be payable not later than ten Business Days after demand therefor.

 (f) Survival. The agreements in this Section 10.04 shall survive the resignation of the Administrative Agent, the
L/C Issuer and the Swing Line Lender, the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

Section 10.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the
Administrative Agent, the L/C Issuer or any Lender, or the 

  
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Administrative Agent, the L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be
fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection
with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such setoff had not occurred and (b) each Lender and the L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the
Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect. The obligations of the Lenders and the L/C
Issuer under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement. 
 Section 10.06 Successors and Assigns. (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each
Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this Section, (ii) by way of participation in accordance
with the provisions of subsection (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by any
party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent
provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Indemnitees and the Related Parties of each of the Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable right, remedy or
claim under or by reason of this Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time assign to one or
more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in L/C Obligations and in Swing Line Loans)
at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 
 (A) In the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment under any Facility and the Loans at the time owing to it under such Facility, no minimum amount
need be assigned; and 
 (B) in any case not described in subsection (b)(i)(A) of this Section, the aggregate
amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender

  
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subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade
Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000, in the case of any assignment in respect of the Revolving Credit Facility, or $1,000,000, in the case of any assignment in respect
of the Term A Facility unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided,
however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a
single assignment for purposes of determining whether such minimum amount has been met. 
 (ii) Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause
(ii) shall not (A) apply to the Swing Line Lender’s rights and obligations in respect of Swing Line Loans or (B) prohibit any Lender from assigning all or a portion of its rights and obligations among separate Facilities on a
non-pro rata basis; 
 (iii) Required Consents. No consent shall be required for any assignment except to
the extent required by subsection (b)(i)(B) of this Section and, in addition: 
 (A) the consent of the Borrower
(such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment, (2) such assignment is to a Lender, an Affiliate of a Lender or an
Approved Fund or (3) such assignment is by the Arrangers in connection with the initial syndication of the Facilities hereunder; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object
thereto by written notice to the Administrative Agent within five Business Days after having received notice thereof in the case of assignments of the Term A Facility and ten Business Days after having received notice thereof in the case of
assignments of the Revolving Credit Facility; 
 (B) the consent of the Administrative Agent (such consent not to
be unreasonably withheld or delayed) shall be required for assignments in respect of (1) any Term Commitment or Revolving Credit Commitment if such assignment is to a Person that is not a Lender with a Commitment in respect of the applicable
Facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender or (2) any Term A Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; and 

(C) the consent of the L/C Issuer and the Swing Line Lender (such consent not to be unreasonably withheld or delayed)
shall be required for any assignment in respect of the Revolving Credit Facility. 

  
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 (iv) Assignment and Assumption. The parties to each assignment shall
execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive
such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

(v) No Assignment to Certain Persons. No such assignment shall be made (A) to the Borrower or any of the
Borrower’s Affiliates or Subsidiaries, except as provided below in clause (vii) or (B) to a Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing
Persons described in this clause (B). 
 (vi) No Assignment to Natural Persons. No such assignment shall
be made to a natural person. 
 (vii) Borrower Purchases. Notwithstanding anything to the contrary
contained in this Section 10.06 or any other provision of this Agreement, so long as no Default or Event of Default has occurred and is continuing or would result therefrom, the Borrower may repurchase outstanding Term Loans on the following
basis: 
 (A) on or prior to the date that occurs one year prior to the applicable Facility’s Maturity Date,
the Borrower may conduct one or more auctions (each, an “Auction”) to repurchase all or any portion of the applicable Term Loans (such Term Loans, the “Offer Loans”) of Term Lenders; provided that
(1) the Borrower delivers to the Administrative Agent (for distribution to the Lenders) a notice of the aggregate principal amount of the Offer Loans that will be subject to such Auction no later than 12:00 p.m. at least five Business Days (or
such shorter period as may be agreed to by the Administrative Agent) in advance of a proposed consummation date of such Auction indicating (a) the date on which the Auction will conclude, (b) the maximum principal amount of the Offer Loans
the Borrower is willing to purchase in the Auction and (c) the range of discounts to par at which the Borrower would be willing to repurchase the Offer Loans; (2) the maximum dollar amount of the Auction shall be no less than an aggregate
$10,000,000 or whole multiples of $1,000,000 in excess thereof; (3) the Borrower shall hold the Auction open for a minimum period of three Business Days; (4) a Lender who elects to participate in the Auction may choose to tender all or
part of such Lender’s Offer Loans; (5) the Auction shall be made to the Lenders holding the Offer Loans on a pro rata basis in accordance with the respective principal amount then due and owing to the applicable Term Lenders; and
(6) the Auction shall be conducted pursuant to such procedures as the Administrative Agent may establish which are consistent with this Section 10.06 and are reasonably acceptable to the Borrower, which procedures must be followed by a
Lender in order to have its Offer Loans repurchased; 
 (B) with respect to all repurchases made pursuant to this
Section 10.06, (1) the Borrower shall pay to the applicable selling Lender all 

  
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accrued and unpaid interest, if any, on the repurchased Offer Loans to the date of repurchase of such Offer Loans, (2) the Borrower shall represent to each selling Lender that it is not in
possession of any material non-public information regarding the Borrower or its Subsidiaries or their respective securities, that could reasonably be expected to have a material effect upon, or otherwise be material to, such Lender’s decision
to assign the Offer Loans to the Borrower, (3) such repurchases shall not be deemed to be optional prepayments pursuant to Section 2.05(a), (4) the amount of the Loans so repurchased shall be applied on a pro rata basis to reduce the
scheduled remaining installments of principal on the Offer Loans, and (5) the purchase consideration for such Auction shall in no event be funded with the proceeds of Revolving Credit Loans; and 

(C) following a repurchase pursuant to this Section 10.06, the Offer Loans so repurchased shall, without further
action by any Person, be deemed cancelled for all purposes and no longer outstanding (and may not be resold) for all purposes of this Agreement and all the other Loan Documents, including, but not limited to (1) the making of, or the
application of, any payments to the Lenders under this Agreement or any other Loan Document, (2) the making of any request, demand, authorization, direction, notice, consent or waiver under this Agreement or any other Loan Document or
(3) the determination of Required Lenders, or for any similar or related purpose, under this Agreement or any other Loan Document. In connection with any Term A Loans repurchased and cancelled pursuant to this Section 10.06, the
Administrative Agent is authorized to make appropriate entries in the Register to reflect any such cancellation. 

(viii) Certain Additional Payments. In connection with any assignment of rights and obligations of any Defaulting
Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate
amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the
Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all
payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in
Letters of Credit and Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable
Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

Subject to acceptance and recording in the Register thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after
the effective date specified in each Assignment 

  
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and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a
Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption
covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Section 3.01, 3.04, 3.05, and 10.04 with respect to
facts and circumstances occurring prior to the effective date of such assignment. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations
under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section.

 (c) Register. The Administrative Agent, acting solely for this purpose as an agent of the Borrower (and such agency
being solely for tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of,
and principal amounts of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). Upon the its receipt of a duly completed and executed Assignment and Assumption, the
Administrative Agent shall record the information contained therein in the Register. The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and
revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by the Borrower and any Lender (with respect to such Lender’s entry), at any reasonable time and from time to time upon reasonable
prior notice. 
 (d) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower or
the Administrative Agent, sell participations to any Person (other than a natural person, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of
such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations and/or Swing Line Loans) owing to it); provided
that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the
Administrative Agent, the Lenders and the L/C Issuer shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement; provided, further, that any bank that is a
Farm Credit Lender that (a) has purchased a participation from CoBank, ACB or any other Lender that is a Farm Credit Lender in the minimum amount of $5,000,000 on or after the Effective Date, (b) is, by written notice to the Borrower and
the Administrative Agent (a “Voting Participant Notification”), designated by such Lender as being entitled to be accorded the rights of a voting participant hereunder (any such bank so designated, a “Voting
Participant”) and (c) receives the prior written consent of the Borrower and the Administrative Agent to become a Voting Participant (such consent to be 

  
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required only to the extent and under the circumstances it would be required if such Voting Participant were to become a Lender pursuant to an assignment in accordance with
Section 10.06(b)(iii)), shall be entitled to vote (and the voting rights of such Lender from whom it purchased such participation shall be correspondingly reduced), on a dollar for dollar basis, as if such Voting Participant were a Lender under
the applicable Facility with a Commitment and/or Loans (as applicable) in an amount equal to the Dollar amount of the participation purchased, on any matter requiring or allowing such Lender from whom it purchased such participation, in its capacity
as a Lender under such Facility, to provide or withhold its consent, or to otherwise vote on any proposed action. To be effective, each Voting Participant Notification shall, with respect to any Voting Participant, (i) state the full name of
such Voting Participant, as well as all contact information required of an assignee as set forth in Exhibit E-2 hereto and (ii) state the dollar amount and the applicable Facility of the participation purchased. The Borrower and the
Administrative Agent shall be entitled to conclusively rely on information contained in notices delivered pursuant to this paragraph. 
 Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification
described in the first proviso to Section 10.01 that affects such Participant. Subject to subsection (e) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the
same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by law, each Participant shall also be entitled to the benefits of Section 10.08 as though
it were a Lender, provided such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower (such agency being solely for
tax purposes), maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the
“Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a
Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit
or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name
is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register. 
 (e) Limitations upon Participant Rights. A
Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower’s prior written consent or except to the extent such entitlement to receive a greater payment results from a change in law that occurs

  
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after the Participant acquired the applicable participation. A Participant that would be a Foreign Lender if it were a Lender shall be entitled to the benefits of Section 3.01 if the
Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(e) as though it were a Lender (provided that all forms required under
Section 3.01(e) shall instead be delivered to the applicable Lender). 
 (f) Certain Pledges. Any Lender may at any
time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve
Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(g) Resignation as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding anything to the contrary contained herein, if
at any time a Lender serving as L/C Issuer or Swing Line Lender assigns all of its Revolving Credit Commitment and Revolving Credit Loans pursuant to subsection (b) above, such Lender may, (i) upon 30 days’ notice to the Borrower and
the other Lenders, resign as the L/C Issuer and/or (ii) upon 30 days’ notice to the Borrower, resign as the Swing Line Lender. In the event of any such resignation as L/C Issuer or Swing Line Lender, the Borrower shall be entitled to
appoint from among the Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of the retiring entity as L/C Issuer or Swing
Line Lender, as the case may be. If any entity serving as L/C Issuer resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the
effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)).
If the entity serving as Swing Line Lender resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such
resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer and/or Swing Line Lender and
the acceptance of such appointment by such successor, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be and
(b) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements reasonably satisfactory to the retiring L/C Issuer to
effectively assume the obligations of such L/C Issuer with respect to such Letters of Credit. 
 Section 10.07 Treatment
of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to
its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, trustees, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the
confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the
National 

  
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Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto,
(e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder,
(f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this
Agreement or any Eligible Assignee invited to be a Lender or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the
Borrower or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender, the L/C Issuer or any of their
respective Affiliates on a nonconfidential basis from a source other than the Borrower. 
 For purposes of this Section,
“Information” means all information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses other than any such information that is available to the
Administrative Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered
to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (a) the Information may include material
non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information
in accordance with applicable Law, including United States Federal and state securities Laws. 
 Section 10.08 Right of
Setoff. If an Event of Default shall have occurred and be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by
applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer
or any such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or the L/C Issuer, irrespective
of whether or not such Lender or the L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch or office of such Lender
or the L/C Issuer different from the branch or office holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall
be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.16 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in
trust for the benefit of the Administrative Agent and the Lenders and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations

  
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owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the L/C Issuer and their respective Affiliates under this Section are in addition to all
other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have under applicable Law or otherwise. Each Lender and the L/C Issuer agrees to notify the Borrower and the
Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 

Section 10.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the
interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive
interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the unpaid principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for,
charged, or received by the Administrative Agent or any Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than
interest, (b) exclude optional prepayments and the effects thereof and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

 Section 10.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts
(and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute the entire
contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective when it shall have been
executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature
page of this Agreement by facsimile or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement. 
 Section 10.11 Survival of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or
thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any
investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue
in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain outstanding. 
 Section 10.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, then, to the fullest extent permitted by law,
(a) the legality, validity and enforceability of the remaining provisions of this Agreement 

  
 143

 
and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 10.12, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be
limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, the L/C Issuer or the Swing Line Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited. 

Section 10.13 Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower
is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender shall have not consented to any proposed amendment, modification, termination, waiver
or consent requiring the consent of all Lenders or all affected Lenders as contemplated by Section 10.01 and the consent of the Required Lenders, Required Revolving Credit Lenders, Required Term A Lenders or Required Incremental Term Loan
Lenders, as applicable, has been obtained, or if any Lender is a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without
recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall
assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 

(a) the Borrower shall have paid to the Administrative Agent the assignment fee specified in Section 10.06(b); 

(b) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Advances, accrued
interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and
fees) or the Borrower (in the case of all other amounts); 
 (c) in the case of any such assignment resulting from a claim for
compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and 

(d) such assignment does not conflict with applicable Laws. 
 A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such
assignment and delegation cease to apply. Each Lender and the L/C Issuer hereby grants to the Administrative Agent an irrevocable power of attorney (which power is coupled with an interest) to execute and deliver, on behalf of such Lender or the L/C
Issuer, as the case may be, as assignor, any Assignment and Acceptance necessary to effectuate any assignment of such Lender’s or the L/C Issuer’s interests hereunder in the circumstances contemplated by this Section 10.13.

  
 144

 Section 10.14 Governing Law; Jurisdiction; Etc. (a) Governing Law. THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT, TORT OR OTHERWISE) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE IN ANY WAY HERETO OR THERETO OR THE NEGOTIATION, EXECUTION OR PERFORMANCE THEREOF OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, UNLESS OTHERWISE EXPRESSLY SET FORTH THEREIN, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

(b) Submission to Jurisdiction. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL
BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY
BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY
OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(c) Waiver of Venue. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(d) Service of Process. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

  
 145

 Section 10.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 Section 10.16 California Judicial Reference. If any action or proceeding is filed
in a court of the State of California by or against any party hereto in connection with any of the transactions contemplated by this Agreement or any other Loan Document, (a) the court shall, and is hereby directed to, make a general reference
pursuant to California Code of Civil Procedure Section 638 to a referee (who shall be a single active or retired judge) to hear and determine all of the issues in such action or proceeding (whether of fact or of law) and to report a statement
of decision, provided that at the option of any party to such proceeding, any such issues pertaining to a “provisional remedy” as defined in California Code of Civil Procedure Section 1281.8 shall be heard and determined by the court,
and (b) without limiting the generality of Section 10.04, the Borrower shall be solely responsible to pay all fees and expenses of any referee appointed in such action or proceeding. 

Section 10.17 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the
Administrative Agent, the Arrangers and the Syndication Agents are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Arrangers and the Syndication Agents, on the
other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and
conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, the Arrangers and the Syndication Agents each is and has been acting solely as a principal and, except as expressly
agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) neither the Administrative Agent, the Arrangers nor
the Syndication Agents has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the
Administrative Agent, the 

  
 146

 
Arrangers and the Syndication Agents and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its
Affiliates, and none of the Administrative Agent, the Arrangers nor the Syndication Agents has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and
releases any claims that it may have against the Administrative Agent, the Arrangers and the Syndication Agents with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated
hereby. 
 Section 10.18 Electronic Execution of Assignments and Certain Other Documents. The words
“execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption 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 10.19 USA PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined)
and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”), it is required to obtain, verify and record information that identifies the Borrower and each Guarantor, which information includes the name and address of the Borrower and each Guarantor and other information that will
allow such Lender or the Administrative Agent, as applicable, to identify the Borrower and each Guarantor in accordance with the Act. The Borrower shall, and shall cause each Guarantor to, promptly following a request by the Administrative Agent or
any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and
regulations, including the Act. 
 Section 10.20 Judgment Currency. If, for the purposes of obtaining judgment in
any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could
purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or
under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the
“Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the
Administrative Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum
originally due to the Administrative Agent or any Lender from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the
case may be, against such loss. 

  
 147

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

					
	POST HOLDINGS, INC.
		
	By:	 	 /s/ Robert V. Vitale

		 	Name:	 	Robert V. Vitale
		 	Title:	 	Chief Financial Officer

  

					
	BARCLAYS BANK PLC,
	as Administrative Agent
		
	By:	 	 /s/ Craig J. Malloy

		 	Name:	 	Craig J. Malloy
		 	Title:	 	Director
	
	BARCLAYS BANK PLC,
	as a Lender, L/C Issuer, and Swing Line Lender
		
	By:	 	 /s/ Craig J. Malloy

		 	Name:	 	Craig J. Malloy
		 	Title:	 	Director

  

					
	 AgFirst Farm Credit Bank,
 as a Lender

		
	By:	 	 /s/ Bruce B. Fortner

		 	Name:	 	Bruce B. Fortner
		 	Title:	 	Vice President

  

					
	 BANK OF MONTREAL, CHICAGO BRANCH,
 as a Lender

		
	By:	 	 /s/ Joseph W. Linder

		 	Name:	 	Joseph W. Linder
		 	Title:	 	Vice President

  

					
	 BANK OF THE WEST,

as a Lender

		
	By:	 	 /s/ Roger Lumley

		 	Name:	 	Roger Lumley
		 	Title:	 	Vice President

  

					
	 COBANK, ACB,
 as a
Lender

		
	By:	 	 /s/ Scott Trauth

		 	Name:	 	SCOTT TRAUTH
		 	Title:	 	VICE PRESIDENT

  

					
	 CREDIT SUISSE AG, Cayman Islands Branch,
 as a Lender

		
	By:	 	 /s/ Ari Bruger

		 	Name:	 	Ari Bruger
		 	Title:	 	Vice President
		
	By:	 	 /s/ Alex Verdone

		 	Name:	 	Alex Verdone
		 	Title:	 	Associate

  

					
	 FARM CREDIT SERVICES OF AMERICA, PCA,
 as a Lender

		
	By:	 	 /s/ Steven L. Moore

		 	Name:	 	Steven L. Moore
		 	Title:	 	Vice President

  

					
	 FCS FINANCIAL, FLCA,

as a Lender

		
	By:	 	 /s/ Laura Roessler

		 	Name:	 	Laura Roessler
		 	Title:	 	Senior Lending Officer

  

					
	 GREENSTONE FARM CREDIT SERVICES, ACA/FLCA
 as a Lender

		
	By:	 	 /s/ Jeff Pavlik

		 	Name:	 	Jeff Pavlik
		 	Title:	 	Vice President

  

					
	 THE HUNTINGTON NATIONAL BANK,
 as a Lender

		
	By:	 	 /s/ Lori Cummins-Meyer

		 	Name:	 	Lori Cummins-Meyer
		 	Title:	 	VP – Large Corporate Banking

  

					
	 JPMORGAN CHASE BANK, N.A.,
 as a Lender

		
	By:	 	 /s/ Brendan Korb

		 	Name:	 	Brendan Korb
		 	Title:	 	Vice President

  

					
	PNC BANK N.A.,
	as a Lender
		
	By:	 	 /s/ David A. Burns

		 	Name:	 	David A. Burns
		 	Title:	 	Senior Vice President

  

					
	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH,
	as a Lender
		
	By:	 	 /s/ Brad Peterson

		 	Name:	 	Brad Peterson
		 	Title:	 	Executive Director
		
	By:	 	 /s/ Brett Delfino

		 	Name:	 	Brett Delfino
		 	Title:	 	Executive Director

  

					
	 REGIONS BANK,
 as a
Lender

		
	By:	 	 /s/ John Holland

		 	Name:	 	John Holland
		 	Title:	 	Senior Vice President

  

					
	 Sumitomo Mitsui Banking Corporation,
 as a Lender

		
	By:	 	 /s/ Shuji Yabe

		 	Name:	 	Shuji Yabe
		 	Title:	 	Managing Director

  

					
	 SUNTRUST BANK,
 as
a Lender

		
	By:	 	 /s/ Mark E. Kelley

		 	Name:	 	Mark E. Kelley
		 	Title:	 	Managing Director

  

					
	Union Bank, N.A,
	as a Lender
		
	By:	 	 /s/ Dana Philbin

		 	Name:	 	Dana Philbin
		 	Title:	 	Vice President

  

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION
	as a Lender
		
	By:	 	 /s/ Daniel R. Van Aken

		 	Name:	 	Daniel R. Van Aken
		 	Title:	 	Director

 Execution Version 
  

 EXHIBIT A-1 TO 
 CREDIT AGREEMENT 
 FORM OF COMMITTED LOAN NOTICE 

Reference is made to the Credit Agreement, dated as of February 3, 2012 (as it may be amended, restated, supplemented or
otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among POST HOLDINGS, INC., as the Borrower, each lender from time to time
party thereto (collectively, the “Lenders” and individually, a “Lender”), and BARCLAYS BANK PLC, as Administrative Agent. 
 The undersigned hereby requests (select one): 
  

									
	A Borrowing of Term A Loans on [insert Business Day]	  	 	
				
	  ̈
	  	 Base Rate Loans:
	  	$	[    ,    ,    	] 	 	
				
	  ̈
	  	 Eurodollar Rate Loans, with an initial Interest Period of
             month(s):
	  	$	[    ,    ,    	] 	 	

  

									
	A Borrowing of Revolving Credit Loans on [insert Business Day]	  	 	
				
	  ̈
	  	 Base Rate Loans:
	  	$	[    ,    ,    	] 	 	
				
	  ̈
	  	 Eurodollar Rate Loans, with an initial Interest Period of
             month(s):
	  	$	[    ,    ,    	] 	 	

 [The Revolving Credit Borrowing requested herein complies with the proviso to the first sentence of
Section 2.01(b) of the Agreement.]1

 The account of the Borrower to which the proceeds of the Loans are to be made available by Administrative Agent to the
Borrower are as follows: 
  

							
		 	Bank Name:	 	________________________________	 	
		 	Bank Address:	 	________________________________	 	
		 	ABA Number:	 	________________________________	 	
		 	Account Number:	 	________________________________	 	
		 	Attention:	 	________________________________	 	
		 	Reference:	 	________________________________]	 	

  

	1 	 Include this sentence in the case of a Revolving Credit Borrowing. 

  
 EXHIBIT A-1-1

 Execution Version 
  

 The Borrower hereby represents and warrants that the conditions specified in Sections 4.02(a) and
(b) shall be satisfied on and as of the date of the applicable Credit Extension. 
  

					
	Date: [                    ]	 	POST HOLDINGS, INC.
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 EXHIBIT A-2-2

 Execution Version 
  

 EXHIBIT A-2 TO 
 CREDIT AGREEMENT 
 FORM OF CONVERSION/CONTINUATION NOTICE 

Reference is made to the Credit Agreement, dated as of February 3, 2012 (as it may be amended, restated, supplemented or
otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among POST HOLDINGS, INC., as the Borrower, each lender from time to time
party thereto (collectively, the “Lenders” and individually, a “Lender”), and BARCLAYS BANK PLC, as Administrative Agent. 
 Pursuant to Section 2.02(a) of the Credit Agreement, the Borrower desires to convert or to continue the following Loans, each such conversion and/or continuation to be effective as of [mm/dd/yy]:

 1. Term Loans: 
  

			
	$[    ,    ,    ]	  	Eurodollar Rate Loans to be continued with Interest Period of [        ] month(s)
		
	$[    ,    ,    ]	  	Base Rate Loans to be converted to Eurodollar Rate Loans with Interest Period of [        ] month(s)
		
	$[    ,    ,    ]	  	Eurodollar Rate Loans to be converted to Base Rate Loans

 2. Revolving Loans: 

 

			
	$[    ,    ,    ]	  	Eurodollar Rate Loans to be continued with Interest Period of [        ] month(s)
		
	$[    ,    ,    ]	  	Base Rate Loans to be converted to Eurodollar Rate Loans with Interest Period of          month(s)
		
	$[    ,    ,    ]	  	Eurodollar Rate Loans to be converted to Base Rate Loans

  
 EXHIBIT A-2-1

 Execution Version 
  

							
	 Date:
[                    ]
	 		 	POST HOLDINGS, INC.
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  
 EXHIBIT A-2-2

 Execution Version 
  

 EXHIBIT A-3 TO 
 CREDIT AGREEMENT 
 FORM OF PREPAYMENT NOTICE 

[Date] 
  

			
	To:	  	Barclays Bank PLC, as Administrative Agent

 Ladies and Gentlemen: 
 Reference is made to the Credit Agreement, dated as of February 3, 2012 (as it may be amended, restated, supplemented or otherwise modified, the “Credit Agreement”; the terms
defined therein and not otherwise defined herein being used herein as therein defined), by and among POST HOLDINGS, INC., as the Borrower, each lender from time to time party thereto (collectively, the “Lenders” and
individually, a “Lender”), and BARCLAYS BANK PLC, as Administrative Agent. 
 The Borrower hereby gives
you notice pursuant to Section 2.05(a)(i) of the Credit Agreement that it shall be making an optional prepayment under the Credit Agreement: 
  

							
	(A)	  	Prepayment date	 	  
	 	
				
	(B)	  	Type of Borrowing being repaid	 	[Term Loan]	 	
		  		 	[Revolving Credit Loan]	 	
				
	(C)	  	Type of rate on Loan that is being prepaid	 	[Eurodollar Rate Loans]2	 	
		  		 	[Base Rate Loans]3	 	
				
	(D)	  	Amount being prepaid4	 	  
	 	
				
	(E)	  	Interest Periods5	 	  
	 	

  

	2 	 Notice must be delivered not later than 12:00 P.M. three Business Days before the date of prepayment. 

	3 	 Notice must be delivered not later than 12:00 P.M. one Business Day before the date of prepayment. 

	4	 Eurodollar Rate Loans shall be repaid in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof. Base Rate
Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. 

	5 	 Interest Periods are only required if Eurodollar Rate Loans are being prepaid. 

  
 EXHIBIT A-3-1

 Execution Version 
  

					
	(F)	  	Any voluntary prepayment set forth in this notice shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required
pursuant to Section 3.05 of the Credit Agreement. Subject to Section 2.16 thereof, each such prepayment of the outstanding Term Loans pursuant to Section 2.05(a)(i) thereof shall be applied as directed by the Borrower to the installments thereof.
All payments made pursuant to Section 2.05(a) of the Credit Agreement shall be applied on a pro rata basis to each Lender holding Loans of the applicable Facility being prepaid.

  
 EXHIBIT A-3-2

 Execution Version 
  

 EXHIBIT A-4 TO 
 CREDIT AGREEMENT 
 FORM OF PREPAYMENT NOTICE FOR SWING LINE LOANS

 [Date] 
  

			
	To:	  	[Swing Line Lender]
		
	C.C.:	  	Barclays Bank PLC, as Administrative Agent

 Ladies and Gentlemen: 
 Reference is made to the Credit Agreement, dated as of February 3, 2012 (as it may be amended, restated, supplemented or otherwise modified, the “Credit Agreement”; the terms
defined therein and not otherwise defined herein being used herein as therein defined), by and among POST HOLDINGS, INC., as the Borrower, each lender from time to time party thereto (collectively, the “Lenders” and
individually, a “Lender”), and BARCLAYS BANK PLC, as Administrative Agent. 
 The Borrower hereby gives
you notice pursuant to Section 2.05(a)(ii) of the Credit Agreement that it shall be making a prepayment under the Credit Agreement: 

Swing Line Loan: 
  

							
	(A)	  	Prepayment date1	 	  
	 	
				
	(B)	  	Amount being prepaid2	 	  
	 	

  

	1 	 Notice must be delivered not later than 12:00 P.M. on the date of prepayment. 

	2 	 Any prepayment of a Swing Line Loan shall be in a minimum principal amount of $500,000 and in integral multiples of $100,000.

  
 EXHIBIT A-4-1

 Execution Version 
  

 EXHIBIT B TO 
 CREDIT AGREEMENT 
 FORM OF SWING LINE LOAN NOTICE 

Reference is made to the Credit Agreement, dated as of February 3, 2012 (as it may be amended, restated, supplemented or
otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among POST HOLDINGS, INC., as Borrower, each lender from time to time party
thereto (collectively, the “Lenders” and individually, a “Lender”), and BARCLAYS BANK PLC, as Administrative Agent. 
 Pursuant to Section 2.04 of the Credit Agreement, the Borrower: 
 hereby
requests a Swing Line Loan: 
  

	 	1.	On
                                        
(a Business Day). 

  

	 	2.	In the amount of $            . 

The Swing Line Borrowing requested herein complies with the requirements of the proviso to the first sentence of
Section 2.04(a) of the Agreement. 
 The account of the Borrower to which the proceeds of the Swing Line Loans to be
made available by the Swing Line Lender to the Borrower are as follows: 
  

							
		 	Bank Name:	 	  
	 	
		 	Bank Address:	 	  
	 	
		 	ABA Number:	 	  
	 	
		 	Account Number:	 	  
	 	
		 	Attention:	 	  
	 	
		 	Reference:	 	  
	 	

  
 EXHIBIT B-1

 Execution Version 
  

 The Borrower hereby represents and warrants that the conditions specified in Sections 4.02(a) and
(b) shall be satisfied on and as of the date of the applicable Credit Extension. 
  

							
	Date: [                    ]	 		 	POST HOLDINGS, INC.
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  
 EXHIBIT B-2

 Execution Version 
  

 EXHIBIT C-1 TO 
 CREDIT AGREEMENT 
 FORM OF TERM A NOTE 

 

			
	$[1][    ,    ,    ]	 	
	[2][mm/dd/yy]	 	New York, New York

 FOR VALUE RECEIVED, POST HOLDINGS, INC., a Missouri corporation (the
“Borrower”), promises to pay [NAME OF LENDER] (“Payee”) or its registered assigns the principal amount of [DOLLARS]
($[        ,        ,        ]) in the installments referred to below. 

The Borrower also promises to pay interest on the unpaid principal amount hereof, from the date hereof until paid in full, at the rates
and at the times which shall be determined in accordance with the provisions of that certain Credit Agreement, dated as of February 3, 2012 (as it may be amended, restated, supplemented or otherwise modified, the “Credit
Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among the Borrower, the Lenders party thereto from time to time, and BARCLAYS BANK PLC, as Administrative Agent.

 The Borrower shall make scheduled principal payments on this Note as set forth in Section 2.07 of the Credit Agreement.

 This Note is one of the “Term A Loan Notes” referred to in the Credit Agreement and is issued pursuant to
and entitled to the benefits of the Credit Agreement, to which reference is hereby made for a more complete statement of the terms and conditions under which the Term A Loan evidenced hereby was made and is to be repaid. 

All payments of principal and interest in respect of this Note shall be made in lawful money of the United States of America in same day
funds at the Principal Office of Administrative Agent or at such other place as shall be designated in writing for such purpose in accordance with the terms of the Credit Agreement. Unless and until an Assignment Agreement effecting the assignment
or transfer of the obligations evidenced hereby shall have been accepted by Administrative Agent and recorded in the Register, the Borrower, the Administrative Agent and Lenders shall be entitled to deem and treat Payee as the owner and holder of
this Note and the obligations evidenced hereby. Payee hereby agrees, by its acceptance hereof, that before disposing of this Note or any part hereof it will make a notation hereon of all principal payments previously made hereunder and of the date
to which interest hereon has been paid; provided, the failure to make a notation of any payment made on this Note shall not limit or otherwise affect the obligations of the Borrower hereunder with respect to payments of principal of or
interest on this Note. 
  

	[1]	Lender’s Term A Loan Commitment. 

	[2]	Closing Date. 

  
 EXHIBIT C-1-1

 Execution Version 
  

 This Note is subject to mandatory prepayment and to prepayment at the option of the
Borrower, each as provided in the Credit Agreement. 
 THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF THE BORROWER AND PAYEE
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Upon the
occurrence of an Event of Default, the unpaid balance of the principal amount of this Note, together with all accrued and unpaid interest thereon, may become, or may be declared to be, due and payable in the manner, upon the conditions and with the
effect provided in the Credit Agreement. 
 The terms of this Note are subject to amendment only in the manner provided in the
Credit Agreement. 
 No reference herein to the Credit Agreement and no provision of this Note or the Credit Agreement shall
alter or impair the obligations of the Borrower, which are absolute and unconditional, to pay the principal of and interest on this Note at the place, at the respective times, and in the currency herein prescribed. 

The Borrower promises to pay all reasonable out-of-pocket costs and expenses, including reasonable attorneys’ fees, all as provided
in the Credit Agreement, incurred in the collection and enforcement of this Note. The Borrower and any endorsers of this Note hereby consent to renewals and extensions of time at or after the maturity hereof, without notice, and hereby waive
diligence, presentment, protest, demand notice of every kind and, to the full extent permitted by Law, the right to plead any statute of limitations as a defense to any demand hereunder. 

[Remainder of page intentionally left blank] 

  
 EXHIBIT C-1-2

 Execution Version 
  

 IN WITNESS WHEREOF, the Borrower has caused this Note to be duly executed and
delivered by its officer thereunto duly authorized as of the date and at the place first written above. 
  

			
	POST HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 EXHIBIT C-1-3

 Execution Version 
  

 EXHIBIT C-2 TO 
 CREDIT AGREEMENT 
 FORM OF REVOLVING CREDIT NOTE 

 

			
	$[1][    ,    ,    ]	 	
	[2][mm/dd/yy]	 	New York, New York

 FOR VALUE RECEIVED, POST HOLDINGS, INC., a Missouri corporation (the
“Borrower”), promises to pay [NAME OF LENDER] (“Payee”) or its registered assigns, on or before [mm/dd/yy], the lesser of (a) [DOLLARS]
($[        ,        ,        ]) and (b) the unpaid principal amount of all advances made by Payee to
the Borrower as Revolving Credit Loans under the Credit Agreement referred to below. 
 The Borrower also promises to pay
interest on the unpaid principal amount hereof, from the date hereof until paid in full, at the rates and at the times which shall be determined in accordance with the provisions of that certain Credit Agreement, dated as of February 3,
2012 (as it may be amended, restated, supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among POST HOLDINGS,
INC., the Lenders party thereto from time to time, and BARCLAYS BANK PLC, as Administrative Agent. 
 This Note is
one of the “Revolving Credit Notes” referred to in the Credit Agreement and is issued pursuant to and entitled to the benefits of the Credit Agreement, to which reference is hereby made for a more complete statement of the terms and
conditions under which the Loans evidenced hereby were made and are to be repaid. 
 All payments of principal and interest in
respect of this Note shall be made in lawful money of the United States of America in same day funds at the Principal Office of Administrative Agent or at such other place as shall be designated in writing for such purpose in accordance with the
terms of the Credit Agreement. Unless and until an Assignment Agreement effecting the assignment or transfer of the obligations evidenced hereby shall have been accepted by Administrative Agent and recorded in the Register, the Borrower, the
Administrative Agent and Lenders shall be entitled to deem and treat Payee as the owner and holder of this Note and the obligations evidenced hereby. Payee hereby agrees, by its acceptance hereof, that before disposing of this Note or any part
hereof it will make a notation hereon of all principal payments previously made hereunder and of the date to which interest hereon has been paid; provided, the failure to make a notation of any payment made on this Note shall not limit or
otherwise affect the obligations of the Borrower hereunder with respect to payments of principal of or interest on this Note. 

This Note is subject to mandatory prepayment and to prepayment at the option of the Borrower, each as provided in the Credit Agreement.

  

	[1]	Lender’s Revolving Credit Commitment. 

	[2]	Closing Date. 

  
 EXHIBIT C-2-1

 Execution Version 
  

 THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF THE BORROWER AND PAYEE HEREUNDER SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Upon the occurrence of an Event of
Default, the unpaid balance of the principal amount of this Note, together with all accrued and unpaid interest thereon, may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect provided in the
Credit Agreement. 
 The terms of this Note are subject to amendment only in the manner provided in the Credit Agreement.

 No reference herein to the Credit Agreement and no provision of this Note or the Credit Agreement shall alter or impair the
obligations of the Borrower, which are absolute and unconditional, to pay the principal of and interest on this Note at the place, at the respective times, and in the currency herein prescribed. 

The Borrower promises to pay all reasonable out-of-pocket costs and expenses, including reasonable attorneys’ fees, all as provided
in the Credit Agreement, incurred in the collection and enforcement of this Note. The Borrower and any endorsers of this Note hereby consent to renewals and extensions of time at or after the maturity hereof, without notice, and hereby waive
diligence, presentment, protest, demand notice of every kind and, to the full extent permitted by Law, the right to plead any statute of limitations as a defense to any demand hereunder. 

[Remainder of page intentionally left blank] 

  
 EXHIBIT C-2-2

 Execution Version 
  

 IN WITNESS WHEREOF, the Borrower has caused this Note to be duly executed and
delivered by its officer thereunto duly authorized as of the date and at the place first written above. 
  

			
	POST HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 EXHIBIT C-2-3

 Execution Version 
  

 TRANSACTIONS ON 
 REVOLVING CREDIT NOTE 
  

									
	 Date
	 	 Amount of Loan

Made This Date
	 	 Amount of Principal

Paid This Date
	 	 Outstanding Principal

Balance This Date
	 	 Notation Made By

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  
 EXHIBIT C-2-4

 Execution Version 
  

 EXHIBIT D TO 
 CREDIT AGREEMENT 
 FORM OF COMPLIANCE CERTIFICATE 

THE UNDERSIGNED HEREBY CERTIFIES AS FOLLOWS: 
 1. I am the [Chief Executive Officer, Chief Financial Officer, Treasurer, Controller] of POST HOLDINGS, INC. (the “Borrower”). 

2. I have reviewed the terms of that certain Credit Agreement, dated as of February 3, 2012 (as it may be amended, restated,
supplemented or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among POST HOLDINGS, INC., each Lender from time to time
party hereto, and BARCLAYS BANK PLC, as Administrative Agent, and I have made, or have caused to be made under my supervision, a review in reasonable detail of the transactions and condition of the Borrower and its Subsidiaries during the
accounting period covered by the attached financial statements. 
 3. The examination described in paragraph 2 above did
not disclose, and I have no knowledge of, the existence of any condition or event which constitutes an Event of Default or Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this
Certificate, except as set forth in a separate attachment, if any, to this Certificate, describing in detail, the nature of the condition or event, the period during which it has existed and the action which the Borrower has taken, is taking, or
proposes to take with respect to each such condition or event. 
 The foregoing certifications, together with the computations
set forth in the Annex A hereto and the financial statements delivered with this Certificate in support hereof, are made and delivered
[                    ] pursuant to Section 6.02(a) of the Credit Agreement. 

 

			
	POST HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	[Chief Executive Officer, Chief Financial Officer, Treasurer, Controller]

  
 EXHIBIT D-1

 Execution Version 
  

 ANNEX A TO 
 COMPLIANCE CERTIFICATE 
 FOR THE FISCAL [QUARTER] [YEAR]
ENDING [mm/dd/yy]. 
 [NOTE TO DRAFT: To be conformed to final Credit Agreement] 

 

															
	1.	 	Consolidated EBITDA1: (i) + (ii) - (iii) =	  	 	$[    ,    ,    ]	  
					
		 		 		 	Means, at any date of determination, an amount equal to	  			
					
		 		 	(i)	 	Consolidated Net Income of the Borrower and its Subsidiaries on a consolidated basis for the most recently completed Measurement Period,:	  	 	$[    ,    ,    ]	  
					
		 		 	(ii)	 	plus the following, without duplication, to the extent deducted in calculating such Consolidated Net Income	  			
						
		 		 		 	(a)	 	Consolidated Interest Charges:	  	 	$[    ,    ,    ]	  
						
		 		 		 	(b)	 	the provision for Federal, state, local and foreign income and franchise taxes payable (calculated net of Federal, state, local and foreign income tax	  	 	$[    ,    ,    ]	  

  

	1 	 Solely for the purpose of the computations of the Consolidated Leverage Ratio, Senior Secured Leverage Ratio and the Consolidated Interest Coverage
Ratio, if there has occurred a Permitted Acquisition or Disposition of assets during the relevant period, Consolidated EBITDA shall be calculated on a Pro Forma Basis (as defined below) pursuant to this definition. For purposes of this
definition, “Pro Forma Basis” means, with respect to the preparation of pro forma financial statements for the purpose of the adjustment to Consolidated EBITDA (1) relating to any Permitted Acquisition, on the basis that
(A) any Indebtedness incurred or assumed in connection with such acquisition was incurred or assumed on the first day of the applicable period, (B) if such Indebtedness bears a floating interest rate, such interest shall be paid over the
pro forma period either at the rate in effect on the date of such acquisition or the applicable rate experienced over the period (to the extent known), and (C) all income and expense associated with the assets or entity acquired in connection
with such Permitted Acquisition for the most recently ended four fiscal quarter period for which such income and expense amounts are available shall be treated as being earned or incurred by the Borrower and its Subsidiaries on a pro forma basis for
the portion of the applicable period occurring prior to the date such acquisition or consolidation has occurred after giving effect to cost savings, operating expenses, reductions, other operating improvements and acquisition synergies that are
reasonably identifiable and factually supportable, projected by the Borrower in good faith to be realized during such period (calculated on a pro forma basis as though such items had been realized on the first day of such period) as a result of
actions taken by the Borrower or any Subsidiary in connection with such Permitted Acquisition and net of the amount of actual benefits realized during such period from such actions that are otherwise included in the calculation of Consolidated
EBITDA; provided that (i) the aggregate amount of cost savings additions made pursuant to this clause (C) in any four consecutive fiscal quarter period shall not exceed 15% of Consolidated EBITDA for such period prior to giving
effect to this clause (C) and (ii) at the time any such calculation pursuant to this clause (C) is made, the Borrower shall set forth on Annex I hereto reasonably detailed calculations in respect of the matters referred to in this
clause (C) as well as the relevant factual support in respect thereof) and (2) relating to any Disposition of assets, a pro forma adjustment of Consolidated EBITDA, to include, as of the first day of any applicable period, such
Dispositions, including, without limitation, adjustments reflecting any non-recurring costs and any extraordinary expenses of any such permitted asset dispositions consummated during such period calculated on a basis consistent with GAAP and SEC
Regulation S-X of the Securities Exchange Act of 1934, as amended. 

  
 EXHIBIT D-2

 Execution Version 
  

															
		 		 		 		 	credits) and other taxes, interest and penalties included under GAAP in income tax expense (provided that such amounts in respect of any Subsidiary shall be included in
this clause (b) only to the extent that a corresponding amount would be permitted at the date of determination to be dividended to the Borrower by such Subsidiary without prior approval (that has not been obtained), pursuant to the terms of its
Organization Documents and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to such Subsidiary or its stockholders:	  			
						
		 		 		 	(c)	 	depreciation and amortization expenses (including amortization of goodwill and other intangibles but excluding amortization of prepaid cash expenses that were paid in a
prior period):	  	 	$[    ,    ,    ]	  
						
		 		 		 	(d)	 	other non-recurring expenses, write-offs, write-downs or impairment charges which do not represent a cash item in such period (or in any future period) (excluding any
such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period and any non-cash charge, expense or loss relating to
write-offs, write-downs or reserves with respect to accounts receivable or inventory)	  	 	$[    ,    ,    ]	  
						
		 		 		 	(e)	 	non-cash charges or expenses related to stock-based compensation	  	 	$[    ,    ,    ]	  
						
		 		 		 	(f)	 	cash or non-cash charges constituting Transaction Costs or incurred by the Borrower and its Subsidiaries by the end of the Fiscal Year ending September 2013 in
connection with severance, restructuring, retention and integration costs relating to the Spin-Off with respect to the personnel, assets and operations of the Borrower and its Subsidiaries in an amount not to exceed $50,000,000 in the aggregate
pursuant to this clause (f)	  	 	$[    ,    ,    ]	  
						
		 		 		 	(g)	 	unrealized losses related to hedging transaction and mark-to-market Indebtedness denominated in foreign currencies resulting from the application of FASB ASC
830	  	 	$[    ,    ,    ]	  

  
 EXHIBIT E-1-3

 Execution Version 
  

															
		 		 		 	(h)	 	one-time deal advisory, financing, legal, accounting, and consulting cash expenses incurred by the Borrower and its Subsidiaries in connection with Permitted
Acquisitions not constituting the consideration for the Permitted Acquisition (as set forth in reasonable detail on Annex I)	  	 	$[    ,    ,    ]	  
						
		 		 		 	(i)	 	non-cash losses and expenses resulting from fair value accounting (as permitted by Accounting Standard Codification Topic No. 825-10-25 – Fair Value Option or any
similar accounting standard), and	  	 	$[    ,    ,    ]	  
					
		 		 	(iii)	 	Minus, without duplication, any amount included in Consolidated EBITDA for such Measurement Period in respect of	  			
						
		 		 		 	(a)	 	cancellation of debt income arising as a result of the repurchase of Term Loans by the Borrower pursuant to Section 10.06(b)(vii)	  	 	$[    ,    ,    ]	  
						
		 		 		 	(b)	 	non-cash gains included in Consolidated Net Income for such Measurement Period (excluding any such non-cash gain to the extent it represents the reversal of an accrual
or a reserve for a potential cash gain in any prior period).	  	 	$[    ,    ,    ]	  
			
	2.	 	Consolidated Current Assets:	  	 	$[    ,    ,    ]	  
			
	3.	 	Consolidated Current Liabilities:	  	 	$[    ,    ,    ]	  
			
	4.	 	Consolidated Excess Cash Flow: (a) - (b) =	  	 	$[    ,    ,    ]	  
					
		 		 		 	Means, for any period, amount (if positive) equal to:	  			
					
		 		 	(a)	 	the sum, without duplication, of the amounts for such period of	  			
						
		 		 		 	(i)	 	Consolidated Net Income	  	 	$[    ,    ,    ]	  

  
 EXHIBIT E-1-4

 Execution Version 
  

															
		 		 		 	(ii)	 	plus, to the extent reducing Consolidated Net Income, the sum, without duplication, of amounts for non cash charges reducing Consolidated Net Income, including
for depreciation and amortization (excluding any such non cash charge to the extent that it represents an accrual or reserve for a potential cash charge in any future period or amortization of a prepaid cash charge that was paid in a prior period)
:	  	 	$[    ,    ,    ]	  
						
		 		 		 	(iii)	 	plus, the Consolidated Working Capital Adjustment:	  	 	$[    ,    ,    ]	  
						
		 		 		 		 	Total (a):	  	 	$[    ,    ,    ]	  
					
		 		 	(b)	 	Minus the sum, without duplication, of:	  			
						
		 		 		 	(i)	 	the amounts for such period paid in cash by the Borrower and its Subsidiaries from operating cash flow (and not already reducing Consolidated Net Income) of	  			
							
		 		 		 		 	 (1)	 	scheduled repayments (but not optional or mandatory prepayments) of Indebtedness for borrowed money of the Borrower and its Subsidiaries (excluding scheduled repayments of Revolving
Credit Loans or Swing Line Loans (or other loans which by their terms may be re-borrowed if prepaid) except to the extent the Revolving Credit Commitments (or commitments in respect of such other revolving loans) are permanently reduced in
connection with such repayments) and scheduled repayments of obligations of the Borrower and its Subsidiaries under Capital Leases (excluding any interest expense portion thereof):	  	 	$[    ,    ,    ]	  
							
		 		 		 		 	 (2)	 	Capital Expenditures permitted to be made hereunder by the Borrower and its Subsidiaries pursuant to Section 7.16(1),	  	 	$[    ,    ,    ]	  
							
		 		 		 		 	 (3)	 	payments of the type described in clause (f) of the definition of Consolidated EBITDA	  	 	$[    ,    ,    ]	  
							
		 		 		 		 	 (4)	 	repurchases of Term Loans by the Borrower pursuant to Section 10.06(b)(vii) and	  	 	$[    ,    ,    ]	  
							
		 		 		 		 	 (5)	 	consideration in respect of Permitted Acquisitions	  	 	$[    ,    ,    ]	  

  
 EXHIBIT E-1-5

 Execution Version 
  

															
		 		 		 		 	Total (1) - (5):	  	 	$[    ,    ,    ]	  
					
		 		 		 	(ii) plus other non cash gains increasing Consolidated Net Income for such period (excluding any such non cash gain to the extent it represents the reversal of an
accrual or reserve for a potential cash gain in any prior period)	  	 	$[    ,    ,    ]	  
						
		 		 		 		 	Total (b) = (b)(i) + (b)(ii):	  	 	$[    ,    ,    ]	  
			
	 6.
	 	Consolidated Interest Charges:	  	 	$[    ,    ,    ]	  
					
		 		 		 	Means, for any Measurement Period:	  			
					
		 		 	(i)	 	consolidated interest expense (net of interest income) for such period whether paid or accrued and whether or not capitalized (including, without limitation,
amortization of original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Leases, imputed interest with respect to Attributable
Indebtedness, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, discounts, yield and other fees and charges (including any interest expense) related to any Qualified
Receivables Transaction and net payments, if any, pursuant to interest rate Swap Contracts, but excluding amortization of debt issuance costs), in each case, of or by the Borrower and its Subsidiaries on a consolidated basis for the most recently
completed Measurement Period.	  	 	$[    ,    ,    ]	  
			
	8.	 	Consolidated Net Income: (i) - (ii) =	  	 	$[    ,    ,    ]	  
					
		 		 	(i)	 	Means, at any date of determination, the net income (or loss) of the Borrower and its Subsidiaries on a consolidated basis for the most recently completed Measurement
Period taken as a single accounting period determined in conformity with GAAP; provided that Consolidated Net Income shall exclude, without duplication	  	 	$[    ,    ,    ]	  
						
		 		 	(ii)	 	(a)	 	extraordinary gains and extraordinary non-cash losses for such Measurement Period	  	 	$[    ,    ,    ]	  
						
		 		 		 	(b)	 	the net income of any Subsidiary (other than a Receivables Subsidiary) during such Measurement Period to the extent that the declaration or payment of dividends or
similar distributions by such Subsidiary of such income is not permitted by operation of the terms of its Organization Documents or any agreement, instrument or Law applicable to such Subsidiary during such Measurement Period, except that the
Borrower’s equity in any net loss of any such Subsidiary for such Measurement Period shall be included in determining Consolidated Net Income:	  	 	$[    ,    ,    ]	  

  
 EXHIBIT E-1-6

 Execution Version 
  

															
		 		 		 	(c)	 	any income (or loss) for such Measurement Period of any Person if such Person is not a Subsidiary or is a Receivables Subsidiary, except that (x) the Borrower’s
equity in the net income of any such Person for such Measurement Period shall be included in Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such Measurement Period to the Borrower or a
Subsidiary as a dividend or other distribution (and in the case of a dividend or other distribution to a Subsidiary, such Subsidiary is not precluded from further distributing such amount to the Borrower as described in clause (b) of this proviso)
and (y) any such loss for such Measurement Period shall be included to the extent funded with cash contributed by the Borrower or a Subsidiary and:	  	 	$[    ,    ,    ]	  
						
		 		 		 	(d)	 	any cancellation of debt income arising from a repurchase of Term Loans by the Borrower pursuant to Section 10.06(b)(vii)	  	 	$[    ,    ,    ]	  
						
		 		 		 		 	Total (ii) = (a) - (d):	  	 	$[    ,    ,    ]	  
			
	9. 	 	Consolidated Funded Indebtedness: (x) - (y) = 	  	 	$[    ,    ,    ]	  
					
		 		 		 	Means, as of any date of determination, for the Borrower and its Subsidiaries on a consolidated basis,	  			
					
		 		 	(x)	 	The sum of:	  			
						
		 		 		 	(a)	 	the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including the Obligations hereunder and any Indebtedness in
respect of Receivables Program Obligations) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments,	  	 	$[    ,    ,    ]	  

  
 EXHIBIT E-1-7

 Execution Version 
  

															
		 		 		 	(b)	 	all purchase money Indebtedness,	  	 	$[    ,    ,    ]	  
						
		 		 		 	(c)	 	all direct non-contingent obligations arising in connection with letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety
bonds and similar instruments,	  	 	$[    ,    ,    ]	  
						
		 		 		 	(d)	 	all obligations in respect of the deferred purchase price of property or services (other than (i) trade accounts payable in the ordinary course of business and (ii)
contingent earn-outs, hold-backs and other deferred payment of consideration in Permitted Acquisitions to the extent not fixed and payable),	  	 	$[    ,    ,    ]	  
						
		 		 		 	(e)	 	Attributable Indebtedness in respect of Capital Leases and Synthetic Lease Obligations,	  	 	$[    ,    ,    ]	  
						
		 		 		 	(f)	 	without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through (e) above of Persons other than the Borrower
or any Subsidiary, and	  	 	$[    ,    ,    ]	  
						
		 		 		 	(g)	 	all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint venture (other than a joint venture that is itself a corporation
or limited liability company) in which the Borrower or a Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to the Borrower or such Subsidiary,	  	 	$[    ,    ,    ]	  
						
		 		 		 		 	Total (x) = (a) - (g):	  	 	$[    ,    ,    ]	  
					
		 		 	(y)	 	minus to the extent included in clause (x), the Ralcorp Obligations (it being understood that any Indebtedness incurred by the Borrower or any of its Subsidiaries
that constitutes Consolidated Funded Indebtedness pursuant to clause (x) hereof shall not be subtracted from Consolidated Funded Indebtedness pursuant to this clause (y) even if such Indebtedness or the proceeds thereof are used to support, pay or
otherwise satisfy all or any portion of the Ralcorp Obligations).	  	 	$[    ,    ,    ]	  

  
 EXHIBIT E-1-8

 Execution Version 
  

															
	10.	 	Consolidated Working Capital: (i) - (ii) =	  	 	$[    ,    ,    ]	  
						
		 		 		 		 	Means, as at any date of determination,	  			
						
		 		 		 	(i)	 	Consolidated Current Assets of the Borrower and its Subsidiaries	  	 	$[    ,    ,    ]	  
						
		 		 		 	(ii)	 	Consolidated Current Liabilities of the Borrower and its Subsidiaries	  	 	$[    ,    ,    ]	  
			
	11.	 	Consolidated Working Capital Adjustment:2 (i) - (ii) =	  	 	$[    ,    ,    ]	  
						
		 		 		 		 	Means, for any period on a consolidated basis, the amount (which may be a negative number) by which (i) exceeds (or is less than) (ii)	  			
						
		 		 		 	(i)	 	Consolidated Working Capital as of the beginning of such period	  	 	$[    ,    ,    ]	  
						
		 		 		 	(ii)	 	Consolidated Working Capital as of the end of such period	  	 	$[    ,    ,    ]	  
			
	12.	 	Consolidated Interest Coverage Ratio:	  			
						
		 		 		 		 	Means, as of any date of determination, the ratio of	  			
							
		 		 		 	(a)	 	Consolidated Adjusted EBITDA for the most recently completed Measurement Period:	  		  	 	$[    ,    ,    ]	  
							
		 		 		 	(b)	 	Consolidated Interest Charges for the most recently completed Measurement Period:	  		  	 	$[    ,    ,    ]	  
							
		 		 		 		 		  	Actual:	  	 	[(a) / (b)]:1.00	  
							
		 		 		 		 		  	Required:	  	 	            .     :1.00	  

  

	2	 In calculating the
Consolidated Working Capital Adjustment there shall be excluded the effect of reclassification during such period of current assets to long term assets and current liabilities to long term liabilities and the effect of any Permitted Acquisition
during such period; provided, that there shall be included with respect to any Permitted Acquisition during such period an amount (which may be a negative number) by which the Consolidated Working Capital of the Person acquired in such Permitted
Acquisition as at the time of such acquisition exceeds (or is less than) the Consolidated Working Capital of the Person acquired at the end of such period (in each case, substituting the Person acquired for the Borrower and its Subsidiaries in the
calculation of such acquired Consolidated Working Capital). 

  
 EXHIBIT E-1-9

 Execution Version 
  

															
	14.	 	Consolidated Leverage Ratio:	  			
					
		 		 		 	Means, as of any date of determination, the ratio of	  			
					
		 		 	(a)	 	Consolidated Funded Indebtedness (net of up to $50,000,000 of unrestricted cash of the Borrower and its Subsidiaries, provided that such cash is in a deposit account
pledged to the Administrative Agent for the benefit of the Secured Parties on a perfected first-priority basis pursuant to the Collateral Agreement and subject to a control agreement) as of such date to	  	 	$[    ,    ,    ]	  
					
		 		 	(b)	 	Consolidated EBITDA for the most recently completed Measurement Period:	  	 	$[    ,    ,    ]	  
							
		 		 		 		  		  	Actual:	  	 	[(a) / (b)]:1.00	  
							
		 		 		 		  		  	Required:	  	 	            .     :1.00	  

  
 EXHIBIT E-1-10

 Execution Version 
  

 Annex I 
 [Provide reasonable detail regarding cost expenses and other cost savings, operating expenses, reductions, other operating improvements and acquisition synergies in connection with Permitted
Acquisitions] 

  
 EXHIBIT E-1-11

 Execution Version 
  

 EXHIBIT E-1 TO 
 CREDIT AGREEMENT 
 FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 

This Assignment and Assumption Agreement (this “Assignment”) is dated as of the Effective Date set forth below and is
entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall
have the meanings given to them in the Credit Agreement identified below (as it may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably
purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below, (i) all of the
Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of
the Assignor’s outstanding rights and obligations under the respective facilities identified below (including without limitation any Letters of Credit and Swing Line Loans included in such facilities), and (ii) to the extent permitted to
be assigned under applicable Law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other
documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory
claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by the Assignor to the Assignee pursuant to clauses (i) and
(ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment, without representation or warranty
by the Assignor. 
  

					
	1.	  	Assignor:	  	                            
                                         
                                         
                                         
                
			
	2.	  	Assignee:	  	                            
                                         
      [and is an Affiliate/Approved Fund1 of [identify Lender]]
			
	3.	  	Borrower:	  	Post Holdings, Inc.
			
	4.	  	Administrative Agent:	  	Barclays Bank PLC, as the administrative agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	The $350,000,000 Credit Agreement dated as of February 3, 2012 among POST HOLDINGS, INC., the Lenders parties thereto, and BARCLAYS BANK PLC, as Administrative
Agent, and the other agents parties thereto.
			
	6.	  	Assigned Interest[s]:	  	

  

	1 	 Select as applicable. 

  
 EXHIBIT E-1-1

 Execution Version 
  

															
	 Facility
Assigned
	 	  	Aggregate
Amount of
Commitment/Loans
for all
Lenders	 	  	Amount of
Commitment/Loans
Assigned	 	  	Percentage
Assigned
of
Commitment/Loans2	 
	 	            3	  	  	$	            	  	  	$	            	  	  	 	            	% 
				  	$	            	  	  	$	            	  	  	 	            	% 
				  	$	            	  	  	$	            	  	  	 	            	% 

 7. Effective Date:             ,
20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 

8. [Trade Date:
                     To be completed if the Assignor and Assignee intend that the minimum assignment amount is to be determined as of the
Trade Date.] 
  

	9.	Notice and Wire Instructions: 

  

													
	[NAME OF ASSIGNOR]	 		  	[NAME OF ASSIGNEE]
							
	Notices:	 		 		 		  	Notices:	 		  	
					
		 	  
	 		  		 	  

		 	  
	 		  		 	  

		 	  
	 		  		 	  

		 	Attention:	 		 		  		 	Attention:	  	
		 	Facsimile:	 		 		  		 	Facsimile:	  	
			
	with a copy to:	 		  	with a copy to:
		 	  
	 		  		 	  

		 	  
	 		  		 	  

		 	  
	 		  		 	  

		 	Attention:	 		 		  		 	Attention:	  	
		 	Facsimile:	 		 		  		 	Facsimile:	  	
			
	Wire Instructions:	 		  	Wire Instructions:

 The terms set forth in this Assignment are hereby agreed to: 

 

			
	ASSIGNOR
	[NAME OF ASSIGNOR]
		
	By:	 	  

	Title:	 	

  

	2 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	3 	 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g.
“Revolving Credit Commitment”, “Term A Commitment”, etc.) 

  
 EXHIBIT E-1-2

 Execution Version 
  

			
	ASSIGNEE
	[NAME OF ASSIGNEE]
		
	By:	 	  

	Title:	 	

  

			
	[Consented to and]4 Accepted:
	
	 BARCLAYS BANK PLC, as Administrative Agent

		
	By:	 	  

		
	Title:	 	  

	
	[Consented to:]5
	
	POST HOLDINGS, INC.
		
	By:	 	  

		
	Title:	 	  

	
	[Consented to:
	
	BARCLAYS BANK PLC,
	 As L/C Issuer and

Swine Line Lender

		
	By:	 	  

		
	Title:	 	 ]6

  

	4	 To be added only
if the consent of the Administrative Agent is required by the terms of Section 10.06(b)(iii) the Credit Agreement. 

	5	 To be added only
if the consent of the Borrower is required by the terms of Section 10.06(b)(iii) of the Credit Agreement. 

	6	 To be added only
if the consents of the L/C Issuer and Swing Line Lender are required by the terms of Section 10.06(b)(iii) of the Credit Agreement. 

  
 EXHIBIT E-1-3

 Execution Version 
  

 ANNEX 1 
 STANDARD TERMS AND CONDITIONS FOR ASSIGNMENT 
 AND ASSUMPTION AGREEMENT 

1. Representations and Warranties. 
 1.1. Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and
(b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or
(iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 

1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under
Section 10.06(b)(iii), (v) and (vi) of the Credit Agreement (subject to such consents, if any, as may be required under Section 10.06(b)(iii) of the Credit Agreement), (iii) from and after the
Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to
decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has
received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 6.01 thereof and such other documents and information as it
deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender
and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, and (vii) if it is a Foreign Lender,
attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance upon the
Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and
(ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. [The Assignee further represents and warrants that it is not in possession of
any material non-public information regarding the Borrower or its Subsidiaries or 

  
 EXHIBIT E-1-4

 Execution Version 
  

 
their respective securities, that could reasonably be expected to have a material effect upon, or otherwise be material to, such Assignor’s decision to assign the Assigned Interest to the
Assignee.]1 

2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned
Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date.

 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties
hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of
New York. 
  

	1 	 To be included in any assignments to the Borrower pursuant to Section 10.06(b)(vii) of the Credit Agreement. 

  
 EXHIBIT E-1-5

 Execution Version 
  

 EXHIBIT E-2 TO 
 CREDIT AGREEMENT 
 FORM OF ADMINISTRATIVE QUESTIONNAIRE 

Please fax or email to Agency Services at Barclays Capital (917-522-0569 / xrausloanops5@barcap.com) 

Borrower: Post Holdings, Inc. 
 Lender /
Investor: (as name appears on assignment agreement): 
  

	
	  

 An original, executed tax form (W8/W9) must be provided to the agent prior to the Lender / Investor being closed into the
transaction. 
  

	
	  

	  

 Operations/Administrative Contacts (for draw downs, repayments, rate setting, etc.): 

 

					
	Name:	  	Name:	  	
	c/o:	  	c/o:	  	
	Address:	  	Address:	  	
	City, St, Zip:	  	City, St, Zip:	  	
	Attn:	  	Attn:	  	
	Phone:	  	Phone:	  	
	Email:	  	Email:	  	

  

			
	  

	  

	  
	  	

  

			
	Wire Instructions:
	
	Bank Name:
	ABA #
	BNF Name:
	BNF Address:
	A/C:
	FFC:
	Ref:
	
	  

	  

	  
	  	

  
 EXHIBIT E-2-1

 Execution Version 
  

					
	Credit Contact:	  	Closing and Clear Par Contacts:	  	
			
	Name:	  	Name:	  	
	Address:	  	Address:	  	
	Suite/Floor:	  	Suite/Floor:	  	
	City, State, Zip:	  	City, State, Zip:	  	
	Attn:	  	Attn:	  	
	Phone:	  	Phone:	  	
	Fax:	  	Fax:	  	
	E-mail	  	E-mail:	  	

  

			
	  

	  

	  
	  	

  

					
	Intralinks Contacts:	  		  	
			
	Name:	  	Legal Name:	  	
	Address:	  	Address:	  	
	Suite/Floor:	  	Suite/Floor:	  	
	City, State, Zip:	  	City, State, Zip:	  	
	Attn:	  	Attn:	  	
	Phone:	  	Phone:	  	
	Fax:	  	Fax:	  	
	E-mail:	  	E-mail:	  	

  

			
	  

	  

	  
	  	

 Please forward Amendments, Waivers, Closing Documentation and Compliance to: 

 

					
	Name:	  	Legal Name:	  	
	Address:	  	Address:	  	
	Suite/Floor:	  	Suite/Floor:	  	
	City, State, Zip:	  	City, State, Zip:	  	
	Attn:	  	Attn:	  	
	Phone:	  	Phone:	  	
	Fax:	  	Fax:	  	
	E-mail:	  	E-mail:	  	

  
 EXHIBIT E-1-2

 Execution Version 
  

 EXHIBIT F TO 
 CREDIT AGREEMENT 
 FORM OF JOINDER AGREEMENT 

THIS JOINDER AGREEMENT, dated as of [            
    , 20    ] (this “Agreement”), by and among [                    ](each
a “Lender” and collectively the “Lenders”), POST HOLDINGS, INC., a Missouri corporation (the “Borrower”), and BARCLAYS BANK PLC, as Administrative Agent. 

RECITALS: 

WHEREAS, reference is hereby made to the Credit Agreement, dated as of February 3, 2012 (as it may be amended,
restated, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among the Lenders party
thereto from time to time, and BARCLAYS BANK PLC, as Administrative Agent; and 
 WHEREAS, subject to the terms
and conditions of the Credit Agreement, the Borrower may increase the existing Revolving Commitments and/or provide new term loan commitments by entering into one or more Joinder Agreements with the Incremental Term Loan Lenders and/or Incremental
Revolving Loan Lenders, as applicable. 
 NOW, THEREFORE, in consideration of the premises and agreements, provisions and
covenants herein contained, the parties hereto agree as follows: 
 Each Lender party hereto hereby agrees to commit to provide
its respective Commitment as set forth on Schedule A annexed hereto, on the terms and subject to the conditions set forth below: 
 Each Lender (i) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Joinder Agreement and it is sophisticated with respect to decisions to make loans similar to those contemplated to be made
hereunder and it is experienced in making loans of such type; (ii) agrees that it will, independently and without reliance upon Administrative Agent or any other Lender or Agent and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iii) appoints and authorizes Administrative Agent to take such action as agent on its behalf and to exercise such
powers under the Credit Agreement and the other Loan Documents as are delegated to Administrative Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto and (iv) agrees that it will
perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. 

  
 EXHIBIT F-1

 Execution Version 
  

 Each Lender hereby agrees to make its Commitment on the following
terms and conditions1: 

 

	1.	Applicable Margin. The Applicable Margin for each Series [            ] Incremental
Term Loan shall mean, as of any date of determination, [            ]% per annum 

  

	2.	Principal Payments. The Borrower shall make principal payments on the Series [            ]
Incremental Term Loans in installments on the dates and in the amounts set forth below: 

  

					
	 (A) Payment Date
	  	(B)
Scheduled
Repayment of
Series [            ]
Incremental
Term Loans	 
		  	$	            	  
		  	$	            	  
		  	$	            	  
		  	$	            	  
		  	$	            	  
		  	$	            	  
		  	$	            	  
		  	$	            	  
		  	$	            	  
		  	$	            	  
		  	$	            	  
		  	$	            	  
		  	$	            	  
		  	$	            	  
	 TOTAL
	  	$	            	  

  

	3.	Voluntary and Mandatory Prepayments. Scheduled installments of principal of the [Series
[            ]] Incremental Term Loans set forth above shall be reduced in connection with any voluntary or mandatory prepayments and repayments of the [Series
[            ]] Incremental Term Loans in accordance with Sections 2.05, 2.06 and 2.07 of the Credit Agreement, respectively. 

 

	1 	 Insert completed items 1-7 as applicable, with respect to Incremental Term Loans with such modifications as may be agreed to by the parties hereto to
the extent consistent with Section 2.14 of the Credit Agreement. 

  
 EXHIBIT F-2

 Execution Version 
  

	4.	Prepayment Fees. The Borrower agrees to pay to each Incremental Term Loan Lender the following prepayment fees, if any:
[            ]. 

 [Insert other
additional prepayment provisions with respect to Incremental Term Loans] 
  

	5.	Other Fees. The Borrower agrees to pay each [Incremental Term Loan Lender] [Incremental Revolving Loan Lender] its Pro Rata share of an
aggregate fee equal to [                 ,             ] on
[                 ,             ]. 

 

	6.	Proposed Borrowing. This Agreement represents the Borrower’s request to borrow [Series
[            ] Incremental Term Loans] from Incremental Term Loan Lender as follows (the “Proposed Borrowing”): 

 

									
		
	a.	  	Business Day of Proposed Borrowing:             ,
        
		
	b.	  	Amount of Proposed Borrowing:
$                    
					
	c.	  	Interest rate option:	  	 ̈	  	a.	  	Base Rate Loan(s)
		  		  	 ̈	  	b.	  	 Eurodollar Rate Loans
 with an
initial Interest
 Period of          month(s)

  

	7.	[New Lenders. Each [Incremental Term Loan Lender] [Incremental Revolving Loan Lender] acknowledges and agrees that upon its execution of
this Agreement [and the making of [Incremental Term Loans] Series              Incremental Term Loans] that such [Incremental Term Loan Lender]
[Incremental Revolving Loan Lender] shall become a “Lender” under, and for all purposes of, the Credit Agreement and the other Loan Documents, and shall be subject to and bound by the terms thereof, and shall perform all the
obligations of and shall have all rights of a Lender thereunder.]2 

  

	8.	Credit Agreement Governs. Except as set forth in this Agreement, [Incremental Revolving Loans] [Series
[            ] Incremental Term Loans] shall otherwise be subject to the provisions of the Credit Agreement and the other Loan Documents. 

 

	9.	Borrower’s Certifications. By its execution of this Agreement, the undersigned officer and the Borrower hereby certify that: 

 

	 	i.	The representations and warranties contained in Article 5 of the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as
of the date hereof to the same extent as though made on and as of the date hereof, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties were true and
correct in all material respects on and as of such earlier date; provided that, in each 

  

	2 	 Insert bracketed language if the lending institution is not already a Lender.

  
 EXHIBIT F-3

 Execution Version 
  

	 	
case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; 

 

	 	ii.	No Default or Event of Default exists before and after giving effect to the Proposed Borrowing contemplated hereby; 

 

	 	iii.	both before and immediately after giving effect to the making of the Series [            ] of Incremental
Term Loans, each of the conditions set forth in Section 4.02 of the Credit Agreement shall be satisfied; and 

  

	 	iv.	the Borrower is in pro forma compliance with each of the covenants set forth in Section 7.11 as of the last day of the most recently ended Fiscal Quarter and as of
the date of the Proposed Borrowing (assuming for such purpose that the relevant ratios shall have been calculated taking into account all Consolidated Funded Debt outstanding on such date, Consolidated EBITDA as of the most recently completed
Measurement Period and the Consolidated Interest Charges for such Measurement Period (assuming for such purpose that such Consolidated Funded Debt had been outstanding on the first day of and through the end of such Measurement Period and measuring
such ratios against those for the most recently ended period in question set forth in Section 7.11)) after giving effect to [such Incremental Revolving Commitments] [Incremental Term Loan Commitments] and the extensions of credit to be made
thereunder on such date. 

  

	10.	Borrower Covenants. By its execution of this Agreement, the Borrower hereby covenants that: 

 

	 	i.	Borrower shall deliver or cause to be delivered the following legal opinions and documents:
[                    ], together with all other legal opinions and other documents reasonably requested by Administrative Agent in
connection with this Agreement; and 

  

	 	ii.	Set forth on the attached Officer’s Certificate are the calculations (in reasonable detail) demonstrating compliance with the financial tests described in
Section 7.11 of the Credit Agreement. 

  

	11.	Eligible Assignee. By its execution of this Agreement, each [Incremental Term Loan Lender] [Incremental Revolving Loan Lender] represents
and warrants that it is an Eligible Assignee. 

  

	12.	Notice. For purposes of the Credit Agreement, the initial notice address of each [Incremental Term Loan Lender] [Incremental Revolving Loan
Lender] shall be as set forth below its signature below. 

  

	13.	 Non-US Lenders. For each [Incremental Revolving Loan Lender] [Incremental Term Loan Lender] that is a Non-US Lender,
delivered herewith to Administrative Agent are 

  
 EXHIBIT F-4

 Execution Version 
  

	 	
such forms, certificates or other evidence with respect to United States federal income tax withholding matters as such [Incremental Revolving Loan Lender] [Incremental Term Loan
Lender] may be required to deliver to Administrative Agent pursuant to Section 3.01(e) of the Credit Agreement. 

  

	14.	Recordation of the New Loans. Upon execution and delivery hereof, Administrative Agent will record the [Series
[            ] Incremental Term Loans] [Incremental Revolving Loans] made by [Incremental Term Loan Lenders] [Incremental Revolving Loan
Lenders] in the Register. 

  

	15.	Amendment, Modification and Waiver. This Agreement may not be amended, restated, modified or waived except by an instrument or instruments in writing signed and
delivered on behalf of each of the parties hereto. 

  

	16.	Entire Agreement. This Agreement, the Credit Agreement and the other Loan Documents constitute the entire agreement among the parties with respect to the subject
matter hereof and thereof and supersede all other prior agreements and understandings, both written and oral, among the parties or any of them with respect to the subject matter hereof. 

 

	17.	GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK. 

  

	18.	Severability. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the
extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any
other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be enforceable. 

 

	19.	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same
agreement. 

 [Remainder of page intentionally left blank] 

  
 EXHIBIT F-5

 Execution Version 
  

 IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized
officer to execute and deliver this Joinder Agreement as of [            ,         ]. 

 

			
	[NAME OF LENDER]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Notice Address:
	
	Attention:
	Telephone:
	Facsimile:
	
	POST HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 EXHIBIT F-6

 Execution Version 
  

			
	Consented to by:
	
	 BARCLAYS BANK PLC,
 as Administrative Agent

		
	 By:
	 	  

	 Authorized Signatory

  
 EXHIBIT F-7

 SCHEDULE A 
 TO JOINDER AGREEMENT 
  

											
	 Name of Lender
	  	 Type of Commitment
	 	 Amount
	 
	
[                      
                  ]
	  	 [Incremental Term Loan Commitment] [Incremental Revolving Loan Commitment]
	 		 	$	                        	  
	  
	 		  		 		 	  
	  
	 
					
		 		  		 	 Total:
	 	$	            	  
		 		  		 		 	  
	  
	 

  
 EXHIBIT F-8

 Execution Version 
  

 EXHIBIT G TO 
 CREDIT AGREEMENT 
 FORM OF GUARANTEE AND COLLATERAL AGREEMENT 

Separately Attached 

  
 EXHIBIT G-1

 Execution Version 
  

 EXHIBIT H-1 TO 
 CREDIT AGREEMENT 
 FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the CREDIT AGREEMENT dated as of February 3, 2012 (as amended, restated, supplemented or otherwise
modified from time to time, the “Agreement”), among POST HOLDINGS, INC., a Missouri corporation (the “Borrower”), each lender from time to time party thereto (collectively, the “Lenders” and
individually, a “Lender”), and BARCLAYS BANK PLC., as Administrative Agent. 
 Pursuant to the provisions of
Section 3.01(e) of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,
and (ii) it is not (A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a
“controlled foreign corporation” described in Section 881(c)(3)(C) of the Code. 
 The undersigned has delivered
to the Administrative Agent and the Borrower executed originals of IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform
the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless
otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:                
    , 2012 

  
 EXHIBIT H-1-1

 Execution Version 
  

 EXHIBIT H-2 TO 
 CREDIT AGREEMENT 
 FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the CREDIT AGREEMENT dated as of February 3, 2012 (as amended, restated, supplemented or otherwise
modified from time to time, the “Agreement”), among POST HOLDINGS, INC., a Missouri corporation (the “Borrower”), each lender from time to time party thereto (collectively, the “Lenders” and
individually, a “Lender”), and BARCLAYS BANK PLC., as Administrative Agent. 
 Pursuant to the provisions of
Section 3.01(e) of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, and (ii) it is not (A) a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, (B) a ”10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code or (C) a “controlled foreign corporation” related to the
Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has delivered to its participating Lender
executed originals of IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the
undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years
preceding such payments. 
 Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the
meanings given to them in the Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:                 
    , 2012 

  
 EXHIBIT H-2-1

 Execution Version 
  

 EXHIBIT H-3 TO 
 CREDIT AGREEMENT 
 FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the CREDIT AGREEMENT dated as of February 3, 2012 (as amended, restated, supplemented or otherwise
modified from time to time, the “Agreement”), among POST HOLDINGS INC., a Missouri Corporation (the “Borrower”), each lender from time to time party thereto (collectively, the “Lenders” and
individually, a “Lender”), and BARCLAYS BANK PLC., as Administrative Agent. 
 Pursuant to the provisions of
Section 3.01(e) of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the
sole beneficial owners of such participation, (iii) neither the undersigned nor any of its direct or indirect partners/members is a “bank” within the meaning of Section 881(c)(3)(A) of the Code, and (iv) none of its direct
or indirect partners/members is (A) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (B) a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Code. 
 The undersigned has delivered to its participating Lender executed originals of IRS
Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, U.S. Tax Compliance Certificates, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement. 

 

			
	[NAME OF PARTICIPANT]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:                 
    , 2012 

  
 EXHIBIT H-3-1

 Execution Version 
  

 EXHIBIT H-4 TO 
 CREDIT AGREEMENT 
 FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the CREDIT AGREEMENT dated as of February 3, 2012 (as amended, restated, supplemented or otherwise
modified from time to time, the “Agreement”), among POST HOLDINGS INC., a Missouri Corporation (the “Borrower”), each lender from time to time party thereto (collectively, the “Lenders” and
individually, a “Lender”), and BARCLAYS BANK PLC., as Administrative Agent. 
 Pursuant to the provisions of
Section 3.01(e) of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its
direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) neither the undersigned nor any of its direct or indirect partners/members is a “bank” within
the meaning of Section 881(c)(3)(A) of the Code, and (iv) none of its direct or indirect partners/members is (A) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or
(B) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code. 
 The undersigned has
delivered to the Administrative Agent and the Borrower executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, U.S. Tax Compliance Certificates, IRS Form W-8BEN, IRS Form W-9, and/or other certification documents from each beneficial
owner, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the
undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of
the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Agreement and used
herein shall have the meanings given to them in the Agreement. 
  

			
	[NAME OF LENDER]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:                 
    , 2012 

  
 EXHIBIT H-4-1

  

 
 SCHEDULES 

TO 

CREDIT AGREEMENT 
 DATED AS OF FEBRUARY 3, 2012 
 AMONG 

POST HOLDINGS, INC., 
 AS BORROWER 
 VARIOUS LENDERS, 

BARCLAYS CAPITAL INC., 
 AS SOLE LEAD ARRANGER 
 BARCLAYS CAPITAL INC., 

PNC CAPITAL MARKETS, LLC, 
 SUNTRUST ROBINSON HUMPHREY, INC. 
 AND WELLS FARGO SECURITIES, LLC,

 AS JOINT BOOKRUNNERS 
 PNC CAPITAL MARKETS, LLC, 
 SUNTRUST BANK 

AND WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 AS SYNDICATION AGENTS 
 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

 AND JPMORGAN CHASE BANK N.A. 
 AS DOCUMENTATION AGENTS 
 AND 

BARCLAYS BANK PLC, 
 AS ADMINISTRATIVE AGENT 
  

 
 $350,000,000
SENIOR SECURED CREDIT FACILITIES 
  
  

 
  

 

 SCHEDULE 2.01 

 

																	
	 Commitments and Applicable Percentages Lender Name
	  	Term A
Commitment	 	  	Term A
Applicable
Percentage	 	 	Revolving Credit
Commitment	 	  	Revolving
Credit
Applicable
Percentage	 
	 AgFirst Farm Credit Bank
	  	$	10,000,000.00	  	  	 	5.7	% 	 	$	10,000,000.00	  	  	 	5.7	% 
	 Bank of Montreal
	  	$	10,000,000.00	  	  	 	5.7	% 	 	$	10,000,000.00	  	  	 	5.7	% 
	 Bank of the West
	  	$	10,000,000.00	  	  	 	5.7	% 	 	$	10,000,000.00	  	  	 	5.7	% 
	 Barclays Bank PLC
	  	$	13,750,000.00	  	  	 	7.9	% 	 	$	13,750,000.00	  	  	 	7.9	% 
	 CoBank, ACB
	  	$	12,500,000.00	  	  	 	7.1	% 	 	$	12,500,000.00	  	  	 	7.1	% 
	 Credit Suisse AG, Cayman Islands Branch
	  	$	8,750,000.00	  	  	 	5.0	% 	 	$	8,750,000.00	  	  	 	5.0	% 
	 Farm Credit Services of America, PCA
	  	$	5,000,000.00	  	  	 	2.9	% 	 	$	5,000,000.00	  	  	 	2.9	% 
	 FCS Financial, FLCA
	  	$	3,750,000.00	  	  	 	2.1	% 	 	$	3,750,000.00	  	  	 	2.1	% 
	 GreenStone Farm Credit Services, ACA/FLCA
	  	$	3,750,000.00	  	  	 	2.1	% 	 	$	3,750,000.00	  	  	 	2.1	% 
	 Huntington National Bank
	  	$	5,000,000.00	  	  	 	2.9	% 	 	$	5,000,000.00	  	  	 	2.9	% 
	 JPMorgan Chase Bank, N.A.
	  	$	12,500,000.00	  	  	 	7.1	% 	 	$	12,500,000.00	  	  	 	7.1	% 
	 PNC Bank, National Association
	  	$	12,500,000.00	  	  	 	7.1	% 	 	$	12,500,000.00	  	  	 	7.1	% 
	 Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland”, New York Branch
	  	$	12,500,000.00	  	  	 	7.1	% 	 	$	12,500,000.00	  	  	 	7.1	% 
	 Regions Bank
	  	$	10,000,000.00	  	  	 	5.7	% 	 	$	10,000,000.00	  	  	 	5.7	% 
	 Sumitomo Mitsui Banking Corporation
	  	$	10,000,000.00	  	  	 	5.7	% 	 	$	10,000,000.00	  	  	 	5.7	% 
	 SunTrust Bank
	  	$	12,500,000.00	  	  	 	7.1	% 	 	$	12,500,000.00	  	  	 	7.1	% 
	 Union Bank, N.A.
	  	$	10,000,000.00	  	  	 	5.7	% 	 	$	10,000,000.00	  	  	 	5.7	% 
	 Wells Fargo Bank, National Association
	  	$	12,500,000.00	  	  	 	7.1	% 	 	$	12,500,000.00	  	  	 	7.1	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 
					
	 Total
	  	$	175,000,000	  	  	 	100	% 	 	$	175,000,000	  	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 

 SCHEDULE 4.01(a)(ii) 

Closing Date Collateral Documents 
 1. Guarantee and Collateral Agreement dated February 3, 2012, among the Borrower, the Grantors party thereto and the Administrative Agent for the benefit of the Secured Parties. 

2. Intellectual Property Security Agreement dated February 3, 2012, between Post Foods, LLC and the Administrative Agent. 

3. Canadian Intellectual Property Security Agreement dated February 3, 2012, between Post Foods, LLC and the Administrative Agent. 

4. Canadian Pledge Agreement dated February 3, 2012, made by Borrower in favor of the Administrative Agent. 

5. Deposit Account Control Agreement dated February 3, 2012, entered into by and among Post Holdings, Inc., the Administrative Agent for the Secured
Parties, and Wells Fargo Bank, National Association 
 6. Real Estate Documents 

 

	 	i.	Deed of Trust, Security Agreement, Assignment of Rents and Leases and Fixture Filing dated February 3, 2012, made by Post Foods, LLC to First American Title
Insurance Company, as trustee, for the benefit of the Administrative Agent for the benefit of the Secured Parties, as defined therein, relating to property located at 901 East Whitmore Avenue, Modesto, California, 95358 

 

	 	ii.	Mortgage dated February 3, 2012, made by Post Foods, LLC to the Administrative Agent for the benefit of the Secured Parties, as defined therein, relating to
property located at (i) 273 Cliff Street, Battle Creek, Michigan 49014, (ii) 339 Cliff Street, Battle Creek, Michigan 49014 and (iii) 490 East Michigan Avenue, Battle Creek, Michigan 49014 

 SCHEDULE 4.01(a)(ii)(C) 

Real Property Subject to Mortgages 
  

											
	 NAME OF THE OWNER
	  	 COMMON
ADDRESS
	  	 LEGAL
DESCRIPTION
	  	 PIN NUMBER,
PROPERTY
 OR TAX
IDENTIFICATION
NUMBER
	  	 COUNTY
	  	 OWNED OR

LEASED

						
	 Post Foods, LLC
	  	901 East Whitmore Avenue, Modesto, California, 95358	  	See legal description in the related mortgage	  	086-014-011-000	  	Craighead	  	Owned
						
	 Post Foods, LLC
	  	 275 and 339 Cliff Street and
 490 East Michigan Avenue,
 Battle Creek, Michigan, 49014, as more fully and
particularly described on Schedule A of the title commitment (Commitment No. NCS-518227-NAS) dated as of December 2, 2011
	  	See legal description in the related mortgage	  	0020-02-286-1; 0020-02-383-1; 0020-03-110-1; 0020-08-582-1; 1870-05-011-0; 2780-00-084-0; 6830-00-002-0; 0157-00-096-0; 0950-00-010-0, 1490-00-037-0; 1490-00-063-0; 1870-03-012-0;
1870-04-001-0; 5650-00-006-1; 5650-00-030-0; 6830-00-001-0; 6830-00-003-0; 6830-00-030-1; 6830-00-030-2; 6830-00-030-3; 6830-00-030-4	  	Stanislaus	  	Owned

 SCHEDULE 4.01(a)(iv) 

Certain Legal Opinions 
  

	1.	California 

  

	2.	Michigan 

 SCHEDULE 5.08(b) 

Liens 
  

							
	 Debtor
	  	 Secured Party
	  	 Collateral
	  	 Original File Date and Number

				
	 Post Foods, LLC
	  	U.S. Bancorp Equipment Finance, Inc.	  	Leased equipment indicated by serial numbers	  	 8/17/2011
 #2011 3203752

				
	 Kraft Foods Global, Inc.
	  	General Electric Capital Corporation	  	Lease between Kraft Foods Global, Inc. and General Electric Capital for Corporation for Retrotech Racking Equipment	  	 5/12/2006
 Liber 3138 Page 709

 SCHEDULE 5.08(c) 

Owned Real Property 
  

					
	 Loan Party/Owner
	  	 Address/City/State/Zip Code
	  	 County

			
	 Post Foods, LLC
	  	 275 and 339 Cliff Street and
 490 East Michigan Avenue,
 Battle Creek, Michigan, 49014, as more fully and
particularly described on Schedule A of the title commitment (Commitment No. NCS-518227-NAS) dated as of December 2, 2011
	  	Calhoun
			
	 Post Foods, LLC
	  	 2511 S. Hanley Road,
 St. Louis, Missouri, 63144
	  	Saint Louis
			
	 Post Foods, LLC
	  	 2503 S. Hanley Road,
 St. Louis, Missouri, 63144
	  	Saint Louis
			
	 Post Foods, LLC
	  	 5800 C. West Post Drive,
 Jonesboro, Arkansas, 72401
	  	Craighead
			
	 Post Foods, LLC
	  	 901 East Whitmore Avenue,
 Modesto, California, 95358
	  	Stanislaus

 SCHEDULE 5.08(d)(i) 

Leased Real Property (Lessee) 
  

									
	 Loan Party/Lessee
	  	 Address/City/State/Zip Code
	  	 County
	  	 Lessor
	  	 Expiration
Date

					
	 Post Foods, LLC
	  	 Morris Corporate Center 2,

1 Upper Pond Road,
 Parsippany, New Jersey,
07054
	  	Morris	  	OTR-MCC LLC	  	02/28/16

 SCHEDULE 5.08(d)(ii) 

Leased Real Property (Lessor) 
 None. 

 SCHEDULE 5.08(e) 

Existing Investments 

Investment in Post Foods, LLC and 0923537 B.C. LTD. 

 SCHEDULE 5.13 

Subsidiaries; Other Equity Investments 
  

	(a)	Post Foods, LLC 

 0923537 B.C.
LTD. 
  

	(b)	None. 

 Schedule 6.17 

Post-Closing Schedule 
  

	1.	On or prior to thirty (30) days after the date hereof (such date, the “Post-Closing Date”), the Borrower shall take the following actions, in each
case in form and substance reasonably satisfactory to the Administrative Agent: 

  

	 	a.	Deliver to the Administrative Agent engineering, soils and other reports and environmental assessment reports as to the properties described in the Mortgages, from
professional firms acceptable to the Administrative Agent. 

  

	 	b.	In respect of the real property owned by Post Foods, LLC located in Jonesboro, Arkansas: 

 

	 	i.	Execute and deliver to the Administrative Agent a Mortgage, Security Agreement, Assignment of Rents and Leases and Fixture Filing, dated on or prior to the Post-Closing
Date. 

  

	 	ii.	Provide to the Administrative Agent a Lenders’ Policy of Title Insurance, dated the Post-Closing Date. 

 

	 	iii.	Provide to the Administrative Agent a Survey, dated on or prior to the Post-Closing Date. 

 

	 	iv.	Provide to the Administrative Agent a legal opinion, dated the date of the mortgage referred to in clause (i) above, from Wright, Lindsey & Jennings LLP,
covering the enforceability of such mortgage. 

  

	 	v.	Provide to the Administrative Agent a legal opinion, dated the date of the mortgage referred to in clause (i) above, from Bryan Cave LLP, covering the due
execution, authorization, and delivery of such mortgage and related matters. 

  

	 	vi.	Provide to the Administrative Agent all NFIP flood insurance documentation as described in Section 4.01(a)(ii)(C)(8) of the Credit Agreement and signed Borrower
Notices. 

  

	 	c.	In respect of the real property owned by Post Foods, LLC located in St. Louis, Missouri: 

 

	 	i.	Execute and deliver to the Administrative Agent a Deed of Trust, Security. Agreement, Assignment of Rents and Leases and Fixture Filing, dated on or prior to the
Post-Closing Date. 

  

	 	ii.	Provide to the Administrative Agent a Lenders’ Policy of Title Insurance, dated on or prior to the Post-Closing Date. 

 

	 	iii.	Provide to the Administrative Agent a Survey, dated on or prior to the Post-Closing Date. 

 

	 	iv.	Provide to the Administrative Agent a legal opinion, dated the date of the mortgage referred to in clause (i) above, from Bryan Cave LLP, covering the
enforceability, due execution, authorization, and delivery of such mortgage and related matters. 

  

	 	v.	Provide to the Administrative Agent all NFIP flood insurance documentation as described in Section 4.01(a)(ii)(C)(8) of the Credit Agreement and signed Borrower
Notices. 

	2.	Promptly following the date of completion of the construction described in that certain agreement between Post US and Ramsons, Inc. (the “Construction
Completion Date”) the Borrower shall take the following actions, in each case in form and substance reasonably satisfactory to the Administrative Agent, in respect of the real property located in Jonesboro, Arkansas:

  

	 	a.	Update the Lenders’ Policy of Title Insurance, dated a date promptly following the Construction Completion Date, which update shall include any available survey
endorsements and the removal of any exceptions raised in connection with the mechanics’ liens related to the above-described construction. 

  

	 	b.	Provide to the Administrative Agent a Survey, dated a date promptly following the Construction Completion Date, which survey shall show the above-described construction
as complete. 

  

	3.	On or prior to five Business Days following the Closing Date, the Borrower shall provide to the Administrative Agent a certificate from the Borrower’s insurance
broker or other evidence reasonably satisfactory to it that all insurance required to be maintained pursuant to Section 6.06 is in full force and effect, together with endorsements naming the Administrative Agent, for the benefit of Secured
Parties, as additional insured and loss payee thereunder to the extent required under Section 6.06 of the Credit Agreement. 

  

	4.	On or prior to five Business Days following the Closing Date, the Borrower shall execute and deliver to the to the Administrative Agent deposit account control
agreements in respect of the deposit accounts (Account numbers: 427739128, 4683000416, and 4683000415) held by the Borrower at JPMorgan Chase Bank, N.A. 

  

	5.	On or prior to the Post-Closing Date, the Borrower shall use commercially reasonable efforts to obtain a landlord access waiver in form and substance reasonably
satisfactory to the Administrative Agent in respect of the leased property located at Morris Corporate Center 2, 1 Upper Pond Road, Parsippany, New Jersey, 07054. 

 

	6.	On or prior to the Post-Closing Date, the Borrower shall use commercially reasonable efforts to obtain bailee letters in form and substance reasonably satisfactory to
the Administrative Agent in respect of the following properties: 

  

	 	a.	26875 Pioneer Avenue, Redlands, California, 92374 

  

	 	b.	5235 Westpoint Drive, Obetz, Ohio 43125 

  

	 	c.	12384 Kirk Road, Suite 103, Olive Branch, Mississippi 38654 

  

	 	d.	400 49th Avenue Drive, Cedar Rapids, Iowa 52404 

 SCHEDULE 7.03 

Existing Indebtedness 

Surety Bonds 
  

																																			
	 Bond
Number(s)
	 	 Principal(s)
	 	Individual
Surety
Liability
Amount	 	 	 Bond
Currency
	 	 Bond Type
	 	 Bond Description
	 	 State Of
Obligation
	 	 Obligee(s)
	 	Original
Inception
Date	 	 	Bond
Effective
Date	 	 	Bond
Expiration
Date	 	 	Accumulated
Premium for
the Term	 	 Surety(s)
	 	 Renewal
Method

														
	 105713320
	 	Post Foods, LLC	 	 	23,500.00	  	 	USD	 	Games of Chance	 	Post Fruity Pebbles John Cena Instant Win Game	 	FL, USA	 	State of Florida, Department of Agriculture and Consumer Services	 	 	12/9/2011	  	 	 	12/9/2011	  	 	 	12/9/2012	  	 	132.00	 	Travelers Casualty and Surety Company of America	 	Continuous - Release Required
														
	 105713321
	 	Post Foods, LLC	 	 	23,500.00	  	 	USD	 	Games of Chance	 	Post Fruity Pebbles John Cena Instant Win Game	 	NY, USA	 	State of New York	 	 	12/9/2011	  	 	 	12/9/2011	  	 	 	12/9/2012	  	 	132.00	 	Travelers Casualty and Surety Company of America	 	Continuous - Release Required

 SCHEDULE 7.08 

Transactions with Affiliates 
 Manufacturing and Supply Master Agreement dated February 3, 2012, between Ralcorp Holdings, Inc., as supplier, and Post Foods, LLC, as purchaser, and related product riders 

Manufacturing and Supply Master Agreement dated February 3, 2012, between Ralcorp Holdings, Inc., as purchaser, and Post Foods, LLC, as supplier,
and related product riders 
 Foodservice Brokerage Assistant Agreement dated February 3, 2012, between Ralcorp Holdings, Inc and Post
Foods, LLC 
 International Broker Management Agreement dated February 3, 2012, between Ralcorp Holdings, Inc and Post Foods, LLC

 Transition Services Agreement dated February 3, 2012, between Ralcorp Holdings, Inc. and Post Holdings, Inc. 

Separation and Distribution Agreement dated February 3, 2012, among Ralcorp Holdings, Inc., Post Holdings, Inc. and Post Foods, LLC 

Employee Matters Agreement dated February 3, 2012, between Ralcorp Holdings, Inc. and Post Holdings, Inc. 

Tax Allocation Agreement dated February 3, 2012, between Ralcorp Holdings, Inc. and Post Holdings, Inc. 

Shareholder’s and Registration Rights Agreement dated February 3, 2012, between Ralcorp Holdings, Inc. and Post Holdings, Inc. 

Common Interest and Joint Defeasance Agreement dated February 3, 2012, between Ralcorp Holdings, Inc. and Post Holdings, Inc. 

Exchange Agreement dated February 3, 2012, among Ralcorp Holdings, Inc., Barclays Capital, Inc., the other investment banks parties thereto, and
Post Holdings, Inc. 

 SCHEDULE 10.02 

Administrative Agent’s Office; Certain Addresses for Notices 

The following is the notice address, facsimile number or electronic mail address for: 

 

	 	(A)	the Loan Parties 

 2503 S. Hanley
Road 
 St. Louis, Missouri 63144 
 Facsimile No.: 314-646-3367 
 Email: lou.henderson@postfoods.com 

 

	 	(B)	Administrative Agent 

 Barclays
Bank PLC 
 745 Seventh Avenue 
 New York, New York 10019 
 Facsimile No.: 914-522-0569 

Email: andrea.lubinsky@barcap.com 
  

	 	(C)	L/C Issuer 

 Barclays Bank PLC

 745 Seventh Avenue 
 New York, New York 10019 
 Facsimile No.: 914-522-0569 

Email: andrea.lubinsky@barcap.com 
  

	 	(D)	Swing Line Lender 

 Barclays Bank
PLC 
 745 Seventh Avenue 
 New York, New York 10019 
 Facsimile No.: 914-522-0569 

Email: andrea.lubinsky@barcap.com

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