Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT AND RESTATEMENT AGREEMENT 

This AMENDMENT AND RESTATEMENT AGREEMENT (this “Restatement Agreement”) is dated as of June 2, 2022, by and among
INTABEX NETHERLANDS B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, with seat in Aalsmeer, the
Netherlands, address at Schiphol Boulevard 359, D Tower 11th Floor, 1118 BJ Schiphol, the Netherlands and Trade Register number 34100480, as borrower (the “Borrower”), the other Loan Parties party hereto, the Lenders and
other financial institutions (that shall become Lenders pursuant to this Restatement Agreement and the Amended and Restated Credit Agreement) party hereto, and ALTER DOMUS (US) LLC, as administrative agent (in such capacity, the
“Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”) for the Lenders. Capitalized terms used but not otherwise defined herein shall have the respective meanings
ascribed to such terms in the Amended and Restated Credit Agreement (as defined below). 
 RECITALS 

WHEREAS, the Borrower, the Administrative Agent and certain other parties hereto (including the lenders party thereto (the
“Existing Lenders”)) are parties to that certain Term Loan Credit Agreement, dated as of April 23, 2021 (as amended by the First Amendment thereto, dated May 21, 2021, and as further amended, restated, supplemented
or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”); 
 WHEREAS, the
Borrower has requested that the Existing Credit Agreement be refinanced, amended and restated as hereinafter provided and that the Lenders provide the term loan facility provided for in the Amended and Restated Term Loan Credit Agreement attached
hereto as Exhibit A (the “Amended and Restated Credit Agreement”; the credit facility contemplated therein, the “Credit Facility”); and 

WHEREAS, the Lenders and the Administrative Agent are willing to provide the Credit Facility pursuant to the Amended and Restated Credit
Agreement, which shall amend, restate and refinance in its entirety the Existing Credit Agreement upon and subject to the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I Amendment and Restatement of Existing Credit
Agreement and other Loan Documents, Etc. On the Amendment and Restatement Effective Date (as defined below), the Borrower shall repay in full all of the Obligations (as defined in the Existing Credit Agreement) outstanding
under the Existing Credit Agreement as of the occurrence of the Amendment and Restatement Effective Date (the “Existing Obligations Repayment”) with the proceeds of the Loans made under the Amended and Restated Credit
Agreement, together with available cash of the Borrower. On the Amendment and Restatement Effective Date, with respect to each Refinancing Lender (as defined below), such Refinancing Lender irrevocably commits to make available to the Administrative
Agent Loans in the amount of such Refinancing Lender’s Commitments as set forth on Schedule I hereto, and the Administrative Agent shall use the proceeds of such Loans so received, together with cash received from the Borrower, to effect the
Existing Obligations Repayment. After giving effect to the transactions described in this Restatement Agreement, on the Amendment and Restatement Effective Date, the Loans shall be held by the Lenders set forth on Schedule I hereto (the
“Refinancing Lenders”) in accordance with the respective Commitments of such Refinancing Lenders as set forth in Schedule I hereto and the Administrative Agent will update the Register accordingly; and 

 (a) Each financial institution party hereto as a Refinancing Lender
represents and warrants that (A) it has full power and authority, and has taken all action necessary, to execute and deliver this Restatement Agreement and to consummate the transactions contemplated hereby and to become a Lender under the
Amended and Restated Credit Agreement, (B) it satisfies the requirements, if any, specified in the Amended and Restated Credit Agreement that are required to be satisfied by it in order to become a Lender, (C) it has received a copy of the
Existing Credit Agreement and the Amended and Restated Credit Agreement, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Restatement Agreement and has made such
analysis and decision independently and without reliance on any Agent or any Lender, (D) it will independently and without reliance upon any Agent 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, (E) it appoints and authorizes the Administrative Agent and the Collateral Agent, as applicable, to take such action as agent on its
behalf and to exercise such powers under the Loan Documents as are delegated to the Administrative Agent and the Collateral Agent, as applicable, by the terms of the Loan Documents, together with such powers as are reasonably incidental thereto,
(F) it ratifies and confirms all declarations and acts given and made by each Agent on its behalf, and (G) it hereby agrees that from and after the Amendment and Restatement Effective Date it will perform in accordance with their terms all
the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 
 (b) On the
Amendment and Restatement Effective Date, substantially concurrently with, but immediately following, the Existing Obligations Repayment, the Existing Credit Agreement shall be amended and restated as set forth in Exhibit A. 

(c) Any Refinancing Lender party hereto may assign all or a portion of its interests, rights and obligations under this
Restatement Agreement to any of its affiliates or, with the Borrower’s consent (not to be unreasonably withheld or delayed), to any other person. 

ARTICLE II Reaffirmation of Guarantee and Security. 

(a) Each of (i) the Guarantors reaffirms that its guarantee of the Obligations under the Guarantee Agreement and
(ii) the Loan Parties agrees that, on and after the Amendment and Restatement Effective Date, the Security Documents to which it is a party, if any, in each case, shall continue to be in full force and effect, and its grant of Liens on the
Collateral to secure the Obligations pursuant to each Security Document to which it is a party, in each case, shall continue in full force and effect and shall extend to the obligations of the Loan Parties under the Loan Documents, including the
Amended and Restated Credit Agreement. 
 (b) Upon the Amendment and Restatement Effective Date, the Dutch Pledge shall
secure the Secured Obligations (as defined in the Dutch Pledge) under the Amended and Restated Credit Agreement by virtue of the Existing Credit Agreement being amended and restated by this Restatement Agreement. 

  
 2 

 (c) The execution, delivery, performance or effectiveness of this
Restatement Agreement and the Amended and Restated Credit Agreement do not: (i) impair the effectiveness of the Guarantee granted pursuant to the Guarantee Agreement, (ii) impair the validity or effectiveness of the Liens granted pursuant
to the Security Documents (and such Liens shall continue unimpaired to secure repayment of all Obligations, whether heretofore or hereafter incurred), or (iii) require that any new filings be made or other action be taken to perfect or to
maintain the perfection of such Liens, other than such new filings and other actions that are being taken (x) pursuant to the terms of this Restatement Agreement and the Amended and Restated Credit Agreement on the Amendment and Restatement
Effective Date and (y) pursuant to Section 5.15 of the Amended and Restated Credit Agreement. 
 ARTICLE III
Representations and Warranties. 
 (a) Each Loan Party hereby represents and warrants that this Restatement
Agreement has been duly authorized, executed and delivered by each Loan Party and that this Restatement Agreement constitutes a legal, valid and binding obligation, enforceable against each Loan Party in accordance with its terms except to the
extent that the enforceability thereof may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights, (b) equitable principles (regardless of whether
enforcement is sought in equity or at law) and (c) in the case of each UK Loan Party, to the UK Legal Reservations. 
 ARTICLE IV
Reference to and Effect upon Loan Documents. 
 (a) From and after the Amendment and Restatement Effective
Date, (i) the terms “Agreement,” “hereunder,” “hereof” or words of like import, and all references to the Existing Credit Agreement (or words of like import) in any other Loan Document, shall mean the Amended and
Restated Credit Agreement and (ii) this Restatement Agreement shall constitute a Loan Document for all purposes of the Amended and Restated Credit Agreement and the other Loan Documents. 

(b) From and after the Amendment and Restatement Effective Date, the Amended and Restated Credit Agreement and the schedules
and exhibits attached thereto shall amend, and restate as amended, the Existing Credit Agreement and the schedules and exhibits attached thereto, but shall not constitute a novation thereof or in any way impair or otherwise affect the rights or
obligations of the parties thereunder (including with respect to loans and representations and warranties made thereunder) except as such rights or obligations are amended or modified by the Amended and Restated Credit Agreement. The Existing Credit
Agreement as amended and restated shall be deemed to be a continuing agreement among the parties, and all documents, instruments and agreements delivered pursuant to or in connection with the Existing Credit Agreement not amended and restated in
connection with the entry of the parties into the Amended and Restated Credit Agreement (including, for avoidance of doubt, the Brazilian Fiduciary Assignment, the Dutch Pledge and all other Security Documents) shall remain in full force and effect,
each in accordance with its terms, as of the date of delivery or such other date as contemplated by such document, instrument or agreement, unless such document, instrument or agreement has otherwise been terminated or has expired in accordance with
or pursuant to the terms of this Restatement Agreement, the Amended and Restated Credit Agreement, the Existing Credit Agreement or such document, instrument or agreement or as otherwise agreed by the required parties hereto or thereto. 

  
 3 

 ARTICLE V Counterparts, Etc. This Restatement Agreement may be
executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a
signature page of this Restatement Agreement by telecopy or electronic transmission shall be effective as delivery of a manually executed counterpart of this Restatement Agreement. 

ARTICLE VI Governing Law, Etc. THIS RESTATEMENT AGREEMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE
OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS RESTATEMENT AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK; Sections 9.05 (Expenses; Indemnity), 9.12 (Waiver of Jury Trial), 9.13 (Severability), 9.16 (Jurisdiction; Consent to Service of Process) and 9.17 (Confidentiality) of the Amended and Restated Credit
Agreement are incorporated herein mutatis mutandis. 
 ARTICLE VII Effectiveness, Etc. 

(a) This Restatement Agreement shall become effective at the time the Administrative Agent (or its counsel) shall have received
counterparts of this Restatement Agreement that, when taken together, bear the signatures of (i) the Borrower, (ii) the other Loan Parties as of the date hereof, (iii) the Administrative Agent, (iv) the Collateral Agent, and
(v) the Existing Lenders and Refinancing Lenders, in each case signed on behalf of each such party (including via any electronic means) or evidence satisfactory to the Administrative Agent (which may include a facsimile or other electronic
imaging transmission) that such party has signed such a counterpart. 
 (b) The Amended and Restated Credit Agreement shall
become effective and the obligations of the Refinancing Lenders to make Loans under the Amended and Restated Credit Agreement shall commence at the time (the “Amendment and Restatement Effective Date”) when each of the
following conditions has been satisfied (or waived): 
 (i) The Administrative Agent shall have received the Agent Fee Letter
signed on behalf of each party thereto (including via any electronic means) or evidence satisfactory to the Administrative Agent (which may include a facsimile or other electronic imaging transmission) that such party has signed such a counterpart.

 (ii) The Administrative Agent shall have received, on behalf of itself and the Lenders, a favorable written opinion of
Simpson Thacher & Bartlett LLP, counsel for the Borrower, of Robinson, Bradshaw Hinson, P.A., counsel for certain Loan Parties, and of De Brauw Blackstone Westbroek N.V., counsel for the Lenders, in each case (1) dated the Amendment
and Restatement Effective Date, (2) addressed to the Administrative Agent and the Lenders, and (3) in form and substance reasonably satisfactory to the Required Lenders, covering such matters customarily covered in opinions of this type as
the Required Lenders shall reasonably request, and the Borrower hereby requests such counsel to deliver such opinions. 

  
 4 

 (iii) The representations and warranties of the Borrower and each other Loan
Party contained in Article III of the Amended and Restated Credit Agreement or any other Loan Document shall be true and correct in all material respects on and as of the Amendment and Restatement Effective Date; provided that, to the extent
that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided, further, 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 on such respective dates. 

(iv) The representations and warranties of each applicable Loan Party, as applicable, contained in (i) Section 9 of
the Guarantee Agreement, (ii) Section VII of the Brazilian Fiduciary Assignment and (iii) Section 2.4 of the Dutch Pledge shall be true and correct in all material respects on and as of the Amendment and Restatement Effective Date;
provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided, further, 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 on such respective dates. 

(v) Immediately prior to and immediately after the Amendment and Restatement Effective Date and the funding of the Loans
thereunder on such date, no Default or Event of Default shall have occurred and be continuing. 
 (vi) The making of Loans
under the Amended and Restated Credit Agreement shall not violate any Requirement of Law applicable to the Loan Parties, and shall not be enjoined, temporarily, preliminarily or permanently. 

(vii) The Administrative Agent shall have received (x) a certificate from Borrower and New Pyxus Topco, dated as of the
Amendment and Restatement Effective Date, certifying compliance with the conditions precedent set forth in (iii), (v) and (vi) of this Article VII and (y) a certificate from all Loan Parties, dated as of the Amendment and Restatement
Effective Date, certifying compliance with the conditions precedent set forth in (iv) of this Article VII. 
 (viii) The
Administrative Agent shall have received a notice of such Borrowing as required by Section 2.03 of the Amended and Restated Credit Agreement. 

(ix) The Administrative Agent shall have received (i) a copy of the certificate or articles of incorporation (or the
foreign equivalent), including all amendments thereto, of each Loan Party, certified as of a recent date by the Secretary of State of the state of its organization (if applicable) (or, to the extent applicable, confirmation that there has been no
changes to any such formation document since the closing date of the Existing Credit Agreement) and a certificate as to the good standing of each Loan Party as of a recent date, from such Secretary of State (in each case, or the foreign equivalent,
if any); (ii) a certificate of the Responsible Officer of each Loan Party (or, with respect to a UK Loan Party, a certificate of a director of such UK Loan 

  
 5 

 
Party, or, with respect to any other Foreign Guarantor, an equivalent officer or director of such Foreign Guarantor) dated the Amendment and Restatement Effective Date and certifying
(a) that attached thereto is a true and complete copy of the constitutional documents, articles of association, memorandum of association, certificate of incorporation and by-laws of such Loan Party as in
effect on the Amendment and Restatement Effective Date and at all times since a date prior to the date of the resolutions described in clause (b) below (or, to the extent applicable, confirmation that there has been no changes to any such
organizational document since the date of delivery in connection with the Existing Credit Agreement), (b) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors (or its equivalent) of such Loan Party
(and, in the case of a UK Loan Party, of resolutions duly passed by its members) authorizing the execution, delivery and performance of the Loan Documents to which such person is a party and, in the case of the Borrower, the borrowings under the
Amended and Restated Credit Agreement, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (c) where required by local law or the relevant constitutional documents, that attached thereto is a
true and complete copy of resolutions adopted by the general meeting of shareholders (or its equivalent) of such Loan Party authorizing the execution, delivery and performance of the Loan Documents to which such person is a party and that such
resolutions have not been modified, rescinded or amended and are in full force and effect, (d) that the certificate or articles of incorporation, constitutional documents, articles of association and memorandum of association of such Loan Party
have not been amended since the date of the last amendment thereto shown on the certificate of good standing (or the foreign equivalent, if any) furnished pursuant to clause (i) above, (e) as to the incumbency and specimen signature of each
officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Loan Party and (f) except in the case of any UK Loan Party, as to the absence of any pending proceeding for dissolution or liquidation
of such Loan Party or, to the knowledge of such Responsible Officer, threatening the existence of such Loan Party; (iii) a certificate of another officer as to the incumbency and specimen signature of the Responsible Officer executing the
certificate pursuant to clause (ii) above; (iv) in the case of a UK Loan Party, a certificate of a director confirming that the entry into the Loan Documents and the transactions contemplated by the Loan Documents would not exceed any guarantee
limits under the constitutional documents of such UK Loan Party or under any other agreement or instrument to which such UK Loan Party is a party; and (v) in the case of a UK Loan Party, a resolution of the direct shareholders of that UK Loan
Party approving the terms of the Loan Documents to which such UK Loan Party is a party. 
 (x) The Administrative Agent and
the Lenders shall have received, at least three Business Days prior to the Amendment and Restatement Effective Date, to the extent requested at least five Business Days prior to the Amendment and Restatement Effective Date, (i) all
documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and (ii) if the Borrower qualified as a
“legal entity customer” under the Beneficial Ownership Regulation, a customary certification regarding beneficial ownership required by the Beneficial Ownership Regulation in relation to the Borrower. 

  
 6 

 (xi) Except as provided in Section 5.15 of the Amended and Restated
Credit Agreement, the Collateral Agent shall have received evidence that each Loan Party shall have taken or caused to be taken any action, executed and delivered or cause to be executed and delivered any other agreement, document and instrument and
made or caused to be made any other filing and recording reasonably required by the Collateral Agent and the Lenders prior to or on the Amendment and Restatement Effective Date; 

(xii) Prior to or substantially simultaneously with the Amendment and Restatement Effective Date and the funding of the Loans
under the Amended and Restated Credit Agreement on such date, the Administrative Agent and the Lenders shall have received (i) the fees in the amounts contemplated to be paid pursuant to Section 2.05(b) and (c) of the Amended and
Restated Credit Agreement on the Amendment and Restatement Effective Date, (ii) in accordance with Article I hereof, payment in full in respect of all Obligations outstanding under the Existing Credit Agreement as of the Amendment and
Restatement Effective Date (including the Total Exit Fee (as defined in the Existing Credit Agreement) and all accrued and unpaid interest thereunder as of the Amendment and Restatement Effective Date) and (iii) all expenses (including the
reasonable fees, disbursements and other charges of counsel to the extent payable in accordance with the terms hereof) payable by the Loan Parties (with respect to expenses, to the extent invoices have been presented at least one Business Day prior
to such date) shall have been paid. 
 (xiii) There shall not exist any action, suit, investigation, litigation, proceeding
or hearing, pending or threatened in any court or before any arbitrator or Governmental Authority that affects the Transactions or otherwise impairs the ability of the Loan Parties to consummate the Transactions and no preliminary or permanent
injunction or order by a state or federal court shall have been entered, in each case that would be material and adverse to the Agents or the Lenders. 

(xiv) The Amendment and Restatement Effective Date shall have occurred on or before July 29, 2022. 

[Signature Pages to follow] 

  
 7 

 
			
	 INTABEX NETHERLANDS B.V.

	 as Borrower

		
	By:	 	 /s/ Tomas Grigera

	Name:	 	Tomas Grigera
	Title:	 	Authorized Signatory

 [Signature Page to Restatement Agreement] 

 
			
	 PYXUS INTERNATIONAL, INC.

	 PYXUS PARENT, INC.

	 PYXUS HOLDINGS, INC.

	 ALLIANCE ONE INTERNATIONSL SERVICES INC.

	 ALLIANCE ONE INTERNATIONAL, INC.

	 ALLIANCE ONE NORTH AMERICA, LLC

	 ALLIANCE ONE SPECIALTY PRODUCTS, LLC

	 AOSP INVESTMENTS, LLC

	 CRES TOBACCO COMPANY LLC

	 CRITICALITY, LLC

	 EASTERN CAROLINA PACKAGING, LLC

	 GLOBAL SPECIALTY PRODUCTS, LLC

	 MONK AUSTIN INTERNATIONAL, INC.

	 PUREAG-NC, LLC

	 PYXUS AGRICULTURE USA, LLC

	 THE AUSTIN TOBACCO COMPANY, INCORPORATED

	 TEWLFTH STATE BRANDS, LLC

	ALLIANCE ONE INTERNATIONAL HOLDINGS, LTD.
	 PYXUS AGRICULTURAL HOLDINGS LIMITED

	 TRANS-CONTINENTAL LEAF TOBACCO CORPORATION

	ALLIANCE ONE INTERNATIONAL TABAK B.V.,
		
	By:	 	 /s/ Tomas Grigera

	Name:	 	Tomas Grigera
	Title:	 	Authorized Signatory

 [Signature Page to Restatement Agreement] 

 
			
	ALTER DOMUS (US), LLC, as Administrative Agent, and Collateral Agent
		
	By:	 	 /s/ Winnalynn N. Kantaris

	Name:	 	Winnalynn N. Kantaris
	Title:	 	Associate General Counsel

 [Signature Page to Restatement Agreement] 

 
			
	 Glendon Opportunities Fund, L.P.,

	 as an Existing Lender

	
	 By: Glendon Capital Management L.P.,

	 its investment adviser

		
	By:	 	 /s/ Haig Maghakian

	Name:	 	Haig Maghakian
	Title:	 	Authorized Person

 [Signature Page to Restatement Agreement] 

 
			
	Glendon Opportunities Fund II, L.P.,
	as an Existing Lender and a Refinancing Lender
	
	By: Glendon Capital Management L.P.,
	its investment adviser
		
	By:	 	 /s/ Haig Maghakian

	Name:	 	Haig Maghakian
	Title:	 	Authorized Person

 [Signature Page to Restatement Agreement] 

 
			
	MBD 1 Ltd,
	as an Existing Lender and a Refinancing Lender
	By: Monarch Alternative Capital LP, as adviser
		
	By:	 	 /s/ Michael Weinstock

	Name:	 	Michael Weinstock
	Title:	 	Chief Executive Officer
	
	MCP IV FinCo Master LLC,
	as an Existing Lender
	By: M Manager LLC, as Manager
		
	By:	 	 /s/ Michael Weinstock

	Name:	 	Michael Weinstock
	Title:	 	Chief Executive Officer
	
	Monarch Master Funding V Ltd,
	as a Refinancing Lender
	By: Monarch Alternative Capital LP, as adviser
		
	By:	 	 /s/ Michael Weinstock

	Name:	 	Michael Weinstock
	Title:	 	Chief Executive Officer
	
	MCOF BD Ltd,
	as a Refinancing Lender
	By: Monarch Alternative Capital LP, as adviser
		
	By:	 	 /s/ Michael Weinstock

	Name:	 	Michael Weinstock
	Title:	 	Chief Executive Officer

 [Signature Page to Restatement Agreement] 

 
			
	 Owl Creek Investments I, LLC,

	 By: Owl Creek Asset Management, L.P., its Manager

	
	 as an Existing Lender and a Refinancing Lender

		
	By:	 	 /s/ Kevin Dibble

	Name:	 	Kevin Dibble
	Title:	 	General Counsel

 [Signature Page to Restatement Agreement] 

 
			
	Fernwood Associates LLC,
	as an Existing Lender and a Refinancing Lender
		
	By:	 	 /s/ David B. Forer

	Name:	 	David B. Forer
	Title:	 	Managing Director
		
	By:	 	 /s/ Sheldon K. Rubin

	Name:	 	Sheldon K. Rubin
	Title:	 	CFO
	
	Fernwood Foundation Fund LLC,
	as an Existing Lender and a Refinancing Lender
		
	By:	 	 /s/ David B. Forer

	Name:	 	David B. Forer
	Title:	 	Managing Director
		
	By:	 	 /s/ Sheldon K. Rubin

	Name:	 	Sheldon K. Rubin
	Title:	 	CFO
	
	Fernwood Restructurings Limited,
	as an Existing Lender and a Refinancing Lender
		
	By:	 	 /s/ David B. Forer

	Name:	 	David B. Forer
	Title:	 	Managing Director
		
	By:	 	 /s/ Sheldon K. Rubin

	Name:	 	Sheldon K. Rubin
	Title:	 	CFO

 [Signature Page to Restatement Agreement] 

 Exhibit A 

 Execution Version 

AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT, 

effectuated pursuant to the AMENDMENT AND RESTATEMENT AGREEMENT, 

dated as of 
 the Closing Date

 among 
 INTABEX NETHERLANDS
B.V., 
 as Borrower, 
 THE
PARENT GUARANTORS PARTY HERETO, 
 THE SUBSIDIARY GUARANTORS PARTY HERETO, THE LENDERS PARTY HERETO, 

and 
 ALTER DOMUS (US) LLC, 

as Administrative Agent and Collateral Agent 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I Definitions
	  	 	1	 
			
	 SECTION 1.01
	 	Defined Terms	  	 	1	 
	 SECTION 1.02
	 	Terms Generally	  	 	40	 
	 SECTION 1.03
	 	Dutch Terms	  	 	40	 
	 SECTION 1.04
	 	Timing of Payment or Performance	  	 	41	 
	 SECTION 1.05
	 	LLC Division	  	 	41	 
	 SECTION 1.06
	 	Calculations	  	 	42	 
		
	 ARTICLE II The Credits
	  	 	42	 
			
	 SECTION 2.01
	 	Commitments	  	 	42	 
	 SECTION 2.02
	 	Loans	  	 	42	 
	 SECTION 2.03
	 	Borrowing Procedure	  	 	43	 
	 SECTION 2.04
	 	Evidence of Debt; Repayment of Loans	  	 	43	 
	 SECTION 2.05
	 	Fees	  	 	44	 
	 SECTION 2.06
	 	Interest on Loans	  	 	44	 
	 SECTION 2.07
	 	Default Interest	  	 	45	 
	 SECTION 2.08
	 	Alternate Rate of Interest	  	 	45	 
	 SECTION 2.09
	 	Termination of Commitments	  	 	47	 
	 SECTION 2.10
	 	Conversion and Continuation of Borrowings	  	 	47	 
	 SECTION 2.11
	 	Repayment of Borrowings	  	 	48	 
	 SECTION 2.12
	 	Optional Prepayment	  	 	48	 
	 SECTION 2.13
	 	[Reserved]	  	 	49	 
	 SECTION 2.14
	 	Reserve Requirements; Change in Circumstances	  	 	49	 
	 SECTION 2.15
	 	Change in Legality	  	 	50	 
	 SECTION 2.16
	 	Indemnity	  	 	51	 
	 SECTION 2.17
	 	Pro Rata Treatment	  	 	51	 
	 SECTION 2.18
	 	Sharing of Setoffs	  	 	51	 
	 SECTION 2.19
	 	Payments	  	 	52	 
	 SECTION 2.20
	 	Taxes	  	 	52	 
	 SECTION 2.21
	 	Assignment of Loans under Certain Circumstances; Duty to Mitigate	  	 	55	 
	 SECTION 2.22
	 	Dutch Parallel Debts	  	 	56	 
		
	 ARTICLE III Representations and Warranties
	  	 	57	 
			
	 SECTION 3.01
	 	Company Status	  	 	57	 
	 SECTION 3.02
	 	Power and Authority	  	 	57	 
	 SECTION 3.03
	 	No Violation	  	 	57	 
	 SECTION 3.04
	 	Approvals	  	 	58	 
	 SECTION 3.05
	 	Material Adverse Effect	  	 	58	 
	 SECTION 3.06
	 	Litigation	  	 	58	 
	 SECTION 3.07
	 	True and Complete Disclosure	  	 	58	 
	 SECTION 3.08
	 	Use of Proceeds; Margin Regulations	  	 	59	 
	 SECTION 3.09
	 	Tax Returns and Payments	  	 	59	 
	 SECTION 3.10
	 	Compliance with ERISA	  	 	59	 
	 SECTION 3.11
	 	Security Documents	  	 	60	 
	 SECTION 3.12
	 	Properties	  	 	60	 
	 SECTION 3.13
	 	Subsidiaries	  	 	61	 

  
 i 

							
	 SECTION 3.14
	 	Compliance with Laws	  	 	61	 
	 SECTION 3.15
	 	Investment Company Act	  	 	61	 
	 SECTION 3.16
	 	No Default	  	 	61	 
	 SECTION 3.17
	 	Environmental Matters	  	 	61	 
	 SECTION 3.18
	 	Employment and Labor Relations	  	 	62	 
	 SECTION 3.19
	 	Intellectual Property, etc	  	 	62	 
	 SECTION 3.20
	 	[Reserved]	  	 	62	 
	 SECTION 3.21
	 	[Reserved]	  	 	62	 
	 SECTION 3.22
	 	Anti-Terrorism Law	  	 	62	 
	 SECTION 3.23
	 	Anti-Corruption Laws	  	 	63	 
	 SECTION 3.24
	 	Sanctions	  	 	64	 
	 SECTION 3.25
	 	Material Contracts	  	 	64	 
	 SECTION 3.26
	 	[Reserved]	  	 	64	 
	 SECTION 3.27
	 	Centre of Main Interests	  	 	64	 
	 SECTION 3.28
	 	DAC6	  	 	64	 
		
	 ARTICLE IV [Reserved]
	  	 	65	 
		
	 ARTICLE V Affirmative Covenants
	  	 	65	 
			
	 SECTION 5.01
	 	Information Covenants	  	 	65	 
	 SECTION 5.02
	 	Books, Records and Inspections; Annual Meetings	  	 	68	 
	 SECTION 5.03
	 	Maintenance of Property; Insurance	  	 	68	 
	 SECTION 5.04
	 	Existence; Franchises	  	 	68	 
	 SECTION 5.05
	 	Compliance with Requirements of Law, etc.	  	 	69	 
	 SECTION 5.06
	 	Anti-Corruption Laws	  	 	69	 
	 SECTION 5.07
	 	Sanctions	  	 	69	 
	 SECTION 5.08
	 	Compliance with Environmental Laws	  	 	69	 
	 SECTION 5.09
	 	ERISA Information Undertakings	  	 	70	 
	 SECTION 5.10
	 	Performance of Obligations	  	 	71	 
	 SECTION 5.11
	 	Payment of Taxes	  	 	71	 
	 SECTION 5.12
	 	Designation of Restricted and Unrestricted Subsidiaries	  	 	71	 
	 SECTION 5.13
	 	Further Assurances; etc.	  	 	72	 
	 SECTION 5.14
	 	[Reserved]	  	 	72	 
	 SECTION 5.15
	 	Post-Closing Matters	  	 	72	 
		
	 ARTICLE VI Negative Covenants
	  	 	73	 
			
	 SECTION 6.01
	 	Restricted Payments	  	 	73	 
	 SECTION 6.02
	 	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	76	 
	 SECTION 6.03
	 	Incurrence of Indebtedness and Issuance of Preferred Stock	  	 	78	 
	 SECTION 6.04
	 	Merger, Consolidation or Sale of Assets	  	 	82	 
	 SECTION 6.05
	 	Transactions with Affiliates	  	 	83	 
	 SECTION 6.06
	 	Liens	  	 	84	 
	 SECTION 6.07
	 	Business Activities	  	 	84	 
	 SECTION 6.08
	 	[Reserved]	  	 	84	 
	 SECTION 6.09
	 	Asset Sales	  	 	84	 
	 SECTION 6.10
	 	Use of Proceeds	  	 	85	 
	 SECTION 6.11
	 	Borrower Covenant	  	 	85	 
		
	 ARTICLE VII Events of Default
	  	 	86	 

  
 ii 

							
	 SECTION 7.01
	 	Payments	  	 	86	 
	 SECTION 7.02
	 	Representations, etc.	  	 	86	 
	 SECTION 7.03
	 	Covenants	  	 	86	 
	 SECTION 7.04
	 	Default under Other Agreements	  	 	86	 
	 SECTION 7.05
	 	Bankruptcy, etc.	  	 	87	 
	 SECTION 7.06
	 	ERISA	  	 	87	 
	 SECTION 7.07
	 	Security Documents	  	 	88	 
	 SECTION 7.08
	 	Guaranties	  	 	88	 
	 SECTION 7.09
	 	Judgments	  	 	88	 
	 SECTION 7.10
	 	Change of Control	  	 	88	 
		
	 ARTICLE VIII The Administrative Agent and the Collateral Agent
	  	 	89	 
			
	 SECTION 8.01
	 	The Administrative Agent and the Collateral Agent	  	 	89	 
	 SECTION 8.02
	 	Erroneous Payments	  	 	91	 
		
	 ARTICLE IX Miscellaneous
	  	 	92	 
			
	 SECTION 9.01
	 	Notices	  	 	92	 
	 SECTION 9.02
	 	Survival of Agreement	  	 	94	 
	 SECTION 9.03
	 	Binding Effect	  	 	94	 
	 SECTION 9.04
	 	Successors and Assigns	  	 	95	 
	 SECTION 9.05
	 	Expenses; Indemnity	  	 	98	 
	 SECTION 9.06
	 	Right of Setoff	  	 	100	 
	 SECTION 9.07
	 	Applicable Law	  	 	100	 
	 SECTION 9.08
	 	Waivers; Amendment	  	 	100	 
	 SECTION 9.09
	 	Certain Releases of Guarantees and Security Interests	  	 	101	 
	 SECTION 9.10
	 	Interest Rate Limitation	  	 	102	 
	 SECTION 9.11
	 	Entire Agreement	  	 	103	 
	 SECTION 9.12
	 	WAIVER OF JURY TRIAL	  	 	103	 
	 SECTION 9.13
	 	Severability	  	 	103	 
	 SECTION 9.14
	 	Counterparts; Electronic Execution of Assignments and Certain Other Documents	  	 	103	 
	 SECTION 9.15
	 	Headings	  	 	104	 
	 SECTION 9.16
	 	Jurisdiction; Consent to Service of Process	  	 	104	 
	 SECTION 9.17
	 	Confidentiality	  	 	105	 
	 SECTION 9.18
	 	USA PATRIOT Act Notice	  	 	106	 
	 SECTION 9.19
	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	  	 	106	 
	 SECTION 9.20
	 	No Fiduciary Relationship	  	 	107	 

 SCHEDULE 3.13: Subsidiaries 
  

			
	EXHIBIT A:	  	Administrative Questionnaire
	EXHIBIT B:	  	Form of Assignment and Acceptance
	EXHIBIT C:	  	Form of Borrowing Request
	EXHIBIT D-1-D-4:	  	Forms of U.S. Tax Compliance Certificates
	EXHIBIT E:	  	Form of Compliance Certificate

  
 iii 

 AMENDED AND RESTATED TERM LOAN CREDIT AGREEMENT, effectuated pursuant to the RESTATEMENT
AGREEMENT, dated as of the Closing Date (this “Agreement”), among INTABEX NETHERLANDS B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the
Netherlands, with seat in Aalsmeer, the Netherlands, address at Schiphol Boulevard 359, D Tower 11th Floor, 1118 BJ Schiphol, the Netherlands and Trade Register number 34100480, as borrower (the “Borrower”), PYXUS
INTERNATIONAL, INC., a Virginia corporation (“New Pyxus Topco”), PYXUS PARENT, INC., a Virginia corporation (“New Pyxus Parent”), PYXUS HOLDINGS, INC., a Virginia corporation (“Pyxus
Holdings”), ALLIANCE ONE INTERNATIONAL, LLC, a North Carolina limited liability company (“Alliance One U.S. Parent”) and ALLIANCE ONE INTERNATIONAL HOLDINGS, LTD, a private limited company organized under the
laws of England and Wales (“Alliance One UK Parent”), the Lenders (as defined in Article I), the Subsidiary Guarantors (as defined in Article I) party hereto, and ALTER
DOMUS (US) LLC, as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”) for the Lenders. 

PRELIMINARY STATEMENT 
 WHEREAS,
the Borrower, the Administrative Agent and certain other parties hereto are parties to that certain Term Loan Credit Agreement, dated as of April 23, 2021 (as amended by the First Amendment thereto, dated May 21, 2021, and as further
amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Existing Credit Agreement”); and 

WHEREAS, pursuant to that certain Amendment and Restatement Agreement, dated as of June 2, 2022, by and among the Borrower, the Loan
Parties party thereto, the Existing Lenders (as defined therein) party thereto, the Lenders party thereto and the Administrative Agent (the “Restatement Agreement”), the Borrower, the Lenders and the Administrative Agent have
agreed to refinance, amend and restate the Existing Credit Agreement as hereinafter provided and the Refinancing Lenders have agreed to provide the term loan facility provided for herein in order to refinance the Existing Credit Agreement (the
“Credit Facility”). 
 Accordingly, in consideration of the mutual agreements herein contained and other good and
valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 

Definitions 

SECTION 1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings specified below:

 “ABL Credit Agreement” shall mean that certain ABL Credit Agreement, dated February 8, 2022, among Pyxus
Holdings, the borrowers and guarantors party thereto, the lenders from time to time parties thereto, and PNC Bank, National Association, as administrative agent and collateral agent, providing for revolving credit borrowings, including any related
notes, Guarantees, collateral documents, instruments and agreements executed in connection therewith, and, in each case, as amended, restated, modified, renewed, refunded, replaced in any manner (whether upon or after termination or otherwise and
whether with the original lenders or otherwise) or refinanced, in each case, in whole from time to time with any other asset based credit facility, including any extension of the maturity thereof or increase in the available amount of borrowings
thereunder. 

 “ABR” when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, is bearing interest at a rate determined by reference to the Alternate Base Rate. 

“ABR Borrowing” shall mean any Borrowing of an ABR Loan. 

“ABR Interest” shall have the meaning assigned to such term in
Section 2.06(a)(i). 
 “ABR Loan” shall mean a Loan that bears interest at a rate based on
the Alternate Base Rate. 
 “Acquired Debt” shall mean, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of
such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person; and 

(2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

“Adjusted Daily Simple SOFR” shall mean an interest rate per annum equal to the Daily Simple SOFR; provided
that if the Adjusted Daily Simple SOFR Rate as so determined would be less than 1.00%, such rate shall be deemed to be equal to 1.00% for the purposes of this Agreement. 

“Adjusted Term SOFR Rate” shall mean, for any Interest Period, an interest rate per annum equal to the Term SOFR Rate
for such Interest Period; provided that if the Adjusted Term SOFR Rate as so determined would be less than 1.00%, such rate shall be deemed to be equal to 1.00% for the purposes of this Agreement. 

“Administrative Agent” shall have the meaning provided to such term in the preamble and shall include any successor to
the Administrative Agent appointed pursuant hereto. 
 “Administrative Questionnaire” shall mean an Administrative
Questionnaire in the form of Exhibit A, or such other form as may be supplied from time to time by the Administrative Agent. 

“Affiliate” of any specified Person shall mean any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled
by” and “under common control with” have correlative meanings. 
 “Agent Fee
Letter” shall mean the Amended and Restated Fee Letter, dated on or about the Closing Date, by and between Alter Domus (US) LLC and the Borrower. 

“Agents” shall mean the Administrative Agent and the Collateral Agent. 

“Agreement” shall have the meaning assigned to such term in the introductory paragraph. 

  
 2 

 “Alternate Base Rate” shall mean, 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% and (c) the Adjusted Term SOFR Rate for a one month Interest Period as published two U.S.
Government Securities Business Days prior to such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided for the purpose of this definition, the Adjusted Term SOFR Rate for any day shall be based
on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology). If
the Administrative Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable to ascertain the Federal Funds Effective Rate or the Adjusted Term SOFR Rate for any reason, including the inability or
failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms of the definition of the term Federal Funds Effective Rate, the Alternate Base Rate shall be determined without regard to
clause (b) or (c), as applicable, of the preceding sentence until the circumstances giving rise to such inability no longer exist. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal
Funds Effective Rate or the Adjusted Term SOFR Rate shall be effective on the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted Term SOFR Rate, as the case may be. 

“AO Brazil” shall have the meaning assigned to such term in the definition of “Brazilian Fiduciary
Assignment.” 
 “Approved Fund” shall mean any person (other than a natural person) that is engaged in making,
purchasing, holding or investing in commercial loans and similar extensions of credit in the ordinary course of its activities and that is administered, advised or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity
or an Affiliate of an entity that administers, advises or manages a Lender. 
 “Asset Sale” shall mean: 

(1) the sale, lease, conveyance or other disposition of any assets or rights by the Borrower, any Parent Guarantor or any of
their Restricted Subsidiaries; provided that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Borrower, the Parent Guarantors and their Restricted Subsidiaries, taken as a whole, shall be
subject to Section 6.04 and not Section 6.09; and 
 (2) the issuance of
Equity Interests by any of Pyxus Holdings’ Restricted Subsidiaries or the sale by Pyxus Holdings or any of its Restricted Subsidiaries of Equity Interests in any of Pyxus Holdings’ Subsidiaries. 

Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale: 

(1) any single transaction or series of related transactions that involves assets having a Fair Market Value of less than
$20.0 million; 
 (2) a transfer of assets or rights between or among the Borrower, the Parent Guarantors and their
Restricted Subsidiaries; provided that transfers made outside the ordinary course of business (i) by any Parent Guarantor or any Subsidiary Guarantor that is a Domestic Subsidiary to any Foreign Guarantor shall be deemed an Investment
(in an amount equal to the Fair Market Value of the transferred assets less the Fair Market Value of the consideration received therefor by the transferor (excluding the value of any consideration in the form of Indebtedness, Equity Interests or
other securities of the applicable Subsidiary)) for purposes of complying, and must comply, with the proviso in clause (1) of the definition of “Permitted Investment” and (ii) by any Parent Guarantor or any Subsidiary Guarantor
to any Subsidiary of Pyxus Holdings that is not a Subsidiary Guarantor shall be deemed an Investment (in an amount equal to the Fair Market Value of the transferred assets less the Fair Market Value of the consideration received therefor by the
transferor (excluding the value of any consideration in the form of Indebtedness, Equity Interests or other securities of the applicable Subsidiary)) for purposes of complying, and must comply, with the proviso in clause (1) of the definition
of “Permitted Investment”; 

  
 3 

 (3) an issuance of Equity Interests by a Restricted Subsidiary of the
Borrower or of a Parent Guarantor to the Borrower, any Parent Guarantor or to a Restricted Subsidiary of the Borrower or of a Parent Guarantor; 

(4) the sale, lease or other transfer of products, services or accounts receivable in the ordinary course of business and any
sale or other disposition of damaged, worn-out, obsolete, surplus, redundant or excess property or assets in the ordinary course of business (including the abandonment or other disposition of intellectual
property that is, in the reasonable judgment of the Borrower or any Parent Guarantor, no longer economically practicable to maintain or useful in the conduct of the business of the Borrower, the Parent Guarantors and their Restricted Subsidiaries
taken as whole); 
 (5) (a) the sale of accounts receivable permitted pursuant to clause (x) of the definition of
Permitted Debt and (b) the sale of accounts receivable arising from sales of tobacco, which accounts receivable are sold pursuant to a factoring arrangement without recourse or securitization facilities consistent with past practice; 

(6) any surrender or waiver of contract rights or settlement, release, recovery on or surrender of contract, tort or other
claims in the ordinary course of business; 
 (7) the granting of Liens not prohibited pursuant to
Section 6.06; 
 (8) the sale or other disposition of cash or Cash Equivalents; 

(9) a Restricted Payment that does not violate Section 6.01 or a Permitted Investment; 

(10) Specified Sales; 

(11) the sale, lease or other transfer of property or assets (a) to an unrelated party not in the ordinary course of
business (other than Specified Sales), where and to the extent that they are the result of a Recovery Event or (b) the sale, lease or other transfer of machinery, parts and equipment no longer used or useful in the conduct of business of the
Borrower, the Parent Guarantors or any of their Restricted Subsidiaries, as appropriate, in the Borrower’s or any Parent Guarantor’s reasonable discretion; 

(12) dispositions resulting from any taking under power of eminent domain or by condemnation or similar proceeding of, any
property or asset of the Borrower, the Parent Guarantors or their Restricted Subsidiaries to the extent such taking or condemnation would not, either individually or in the aggregate, reasonably be expected to result in a material adverse change in,
or a material adverse effect on, the business, operations, property, assets, liabilities (actual or contingent) or condition (financial or otherwise) of the Borrower, the Parent Guarantors and their Restricted Subsidiaries, taken as a whole; and

 (13) the Corporate Restructuring Transactions and any transactions related thereto and the transactions listed on Schedule
6.09 to the Term Loan Credit Agreement as of August 24, 2020. 

  
 4 

 “Assignment and Acceptance” shall mean an assignment and acceptance
entered into by a Lender and an assignee, and accepted by the Administrative Agent, in the form of Exhibit B or such other form as shall be approved by the Administrative Agent. 

“Attributable Debt” in respect of a sale and leaseback transaction shall mean, at the time of determination, the
present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period for which such lease has been extended or may, at the option of the
lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP; provided, however, that if such sale and leaseback transaction
results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of Capital Lease Obligation. 

“Available Tenor” shall mean, as of any date of determination and with respect to the then-current Benchmark, as
applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period
for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from
the definition of “Interest Period” pursuant to clause (e) of Section 2.08. 
 “Bank
Levy” shall mean any amount payable by any Finance Party or any of its Affiliates on the basis of, or in relation to, its balance sheet or capital base or any part of that person or its liabilities or minimum regulatory capital or any
combination thereof (including the United Kingdom bank levy as set out in the Finance Act 2011 and the Dutch bank levy (bankenbelasting) as set out in the Dutch Bank Levy Act (Wet bankenbelasting)) and any tax in any
jurisdiction levied on a similar basis or for a similar purpose or any financial activities taxes (or other taxes) of a kind contemplated in the European Commission consultation paper on financial sector taxation dated 22 February 2011. 

“Bank Product Obligations” shall mean all obligations and liabilities (whether direct or indirect, absolute or
contingent, due or to become due or now existing or hereafter incurred) of the Borrower, any Parent Guarantor or any Restricted Subsidiary, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or
otherwise, which may arise under, out of, or in connection with any treasury, investment, depository, clearing house, wire transfer, cash management or automated clearing house transfers of funds services or any related services, to any person. 

“Bankruptcy Code” shall mean Title 11 of the United States Code entitled “Bankruptcy,” as now and
hereafter in effect, or any successor statute. 
 “Benchmark” shall mean, initially, with respect to any SOFR Loan,
the Term SOFR Rate; provided that if a Benchmark Transition Event, and the related Benchmark Replacement Date have occurred with respect to the Term SOFR Rate, or the then-current Benchmark, then “Benchmark” shall mean the
applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 2.08. 

“Benchmark Replacement” shall mean, for any Available Tenor, the first alternative set forth in the order below that
can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: 
 (1) the Adjusted Daily Simple SOFR; 

  
 5 

 (2) the sum of: (a) the alternate benchmark rate that has been selected by the
Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for
determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit
facilities at such time in the United States and (b) the related Benchmark Replacement Adjustment; 
 If the Benchmark Replacement as
determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 

“Benchmark Replacement Adjustment” shall mean, with respect to any replacement of the then-current Benchmark with an
Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a
positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for
calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any
evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for
dollar-denominated syndicated credit facilities at such time. 
 “Benchmark Replacement Conforming Changes” shall
mean, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Business Day,” the definition of “U.S.
Government Securities Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices,
length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent and the Borrower decide may be appropriate to reflect the adoption and implementation of
such Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not
administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent and the Borrower decide is reasonably
necessary in connection with the administration of this Agreement and the other Loan Documents). 
 “Benchmark Replacement
Date” shall mean, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark: 

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the
public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all
Available Tenors of such Benchmark (or such component thereof); or 
 (2) in the case of clause (3) of the definition of “Benchmark
Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component
thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and
even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. 

  
 6 

 For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement
Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark
Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of
such Benchmark (or the published component used in the calculation thereof). 
 “Benchmark Transition Event” shall
mean, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark: 

(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in
the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

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

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

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

“Benchmark Unavailability Period” shall mean, with respect to any Benchmark, the period (if any) (x) beginning at
the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document
in accordance with Section 2.08 and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with
Section 2.08. 
 “Beneficial Ownership Regulation” shall mean 31 C.F.R. § 1010.230.

  
 7 

 “Board” shall mean the Board of Governors of the Federal Reserve
System of the United States of America. 
 “Board of Directors” shall mean: 

(1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on
behalf of such board; 
 (2) with respect to a partnership, the board of directors, managing member or members or controlling
committee of managing members of the general partner of the partnership; 
 (3) with respect to a limited liability company,
the managing member or members or any controlling committee of managing members thereof; and 
 (4) with respect to any other
Person, the board or committee of such Person serving a similar function. 
 “Borrower” shall have the meaning
assigned to such term in the preamble. 
 “Borrower Materials” shall have the meaning assigned to such term in
Section 9.01. 
 “Borrowing” shall mean Loans of the same Type made, converted or
continued on the same date and, in the case of SOFR Loans, as to which a single Interest Period is in effect. 
 “Borrowing
Request” shall mean a written request by the Borrower in accordance with the terms of Section 2.03 and substantially in the form of Exhibit C, or such other form as shall be approved
by the Administrative Agent. 
 “Brazilian Fiduciary Assignment” shall mean the Brazilian law governed fiduciary
assignment (alienação fiduciária) of shares (quotas) dated April 23, 2021 between the Borrower and Alliance One Tabak International B.V., as pledgors, Alliance One Brasil
Exportadora de Tabacos Ltda (“AO Brazil”), as the company, and the Collateral Agent, as collateral agent, in respect of the fiduciary assignment by each of Borrower and Alliance One Tabak International B.V of its shares
(quotas) in AO Brazil, as amended pursuant to Section 5.15. 
 “Breakage Event”
shall have the meaning assigned to such term in Section 2.16. 
 “Business” shall mean any
corporation, limited liability company, partnership, limited partnership, limited liability partnership or other business entity (or the adjectival form thereof, where appropriate) or the equivalent of the foregoing in any foreign jurisdiction. 

“Business Day” shall mean any day other than a Saturday, Sunday or day on which banks in New York City or Chicago are
authorized or required by law, regulation or executive order to close; provided that, in relation to SOFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such SOFR Loan, or any other dealings of
such SOFR Loan, any such day that is only an U.S. Government Securities Business Day. 
 “Calculation Date” shall
have the meaning assigned to such term in the definition of “Fixed Charge Coverage Ratio”. 

  
 8 

 “Capital Lease Obligation” shall mean, at the time any determination
is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment
of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 

“Capital Stock” shall mean: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership interests (whether general or limited) or membership interests; and 
 (4) any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such
debt securities include any right of participation with Capital Stock. 
 “Cash Equivalents” shall mean: 

(1) securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof
(provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than 12 months from the date of acquisition (“Government Obligations”); 

(2) Investments in deposits in (including money market funds of), or certificates of deposits, bankers’ acceptances,
export notes, trade credit assignments, guarantees and instruments of a similar nature issued by, (i) any bank or trust company organized under the laws of the United States or any state thereof having capital and surplus in excess of
$100,000,000, (ii) any international bank organized under the laws of any country which is a member of the OECD or a political subdivision of any such country, and having a combined capital and surplus of at least $100,000,000, or (iii) leading
banks in a country where the Borrower, the Parent Guarantor or the Subsidiary making such Investment does business; provided, that all such Investments mature within 270 days of the date of such Investment; and provided, further, that all
Investments pursuant to clause (iii) above are (A) solely of funds generated in the ordinary course of business by operations of the relevant investor in the country where such Investment is made, and (B) denominated in the currency
of the country in which such Investment is made or in Dollars, UK pounds sterling, Euro, Japanese Yen, Hong Kong dollars or Chinese Renminbi; 

(3) commercial paper maturing within 270 days and having one of the two highest ratings of either S&P, Moody’s or
Fitch Investors’ Service, Inc.; 
 (4) money market funds (other than those referred to in clause (3) above) that
have assets in excess of $2,000,000,000, are managed by recognized and responsible institutions and invest solely in obligations of the types referred to in clauses (1), (2)(i) and (ii) and (3) above; 

  
 9 

 (5) repurchase agreements with a bank or trust company or recognized
securities dealer having capital and surplus in excess of $500,000,000 for direct obligations issued by or directly and fully guaranteed by the United States; and 

(6) obligations of any state of the United States or any political subdivision thereof for the payment of the principal and
redemption price of and interest on which there shall have been irrevocably deposited Government Obligations maturing as to principal and interest at times and in amounts sufficient to provide such payment. 

“Change in Law” shall mean (a) the adoption of any law, rule or regulation after the Closing Date, (b) any
change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance by any Lender (or, for purposes of Section 2.14, by any
lending office of such Lender or by such Lender’s holding company, if any) with any policy, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the Closing Date; provided
that, notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests,
rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant
to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued. 

“Change of Control” shall be deemed to occur if: 

(1) any Person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on August 24, 2020), other than any Permitted Holder or any combination of Permitted Holders, shall have acquired beneficial ownership of more than 50%, on a fully
diluted basis, of the Voting Stock of New Pyxus Topco; 
 (2) a “change of control” (or similar event) shall have
occurred under the First Lien Notes Indenture or any Indebtedness for borrowed money permitted under Section 6.03 with an outstanding principal amount in excess of the Threshold Amount; or 

(3) New Pyxus Topco ceases to own, directly or indirectly, 100% of the Equity Interests of Pyxus Holdings or of the Borrower.

 “Closing Date” shall mean the Amendment and Restatement Effective Date (as defined in the Restatement Agreement).

 “CME Term SOFR Administrator” shall mean CME Group Benchmark Administration Limited as administrator of the
forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator that is mutually reasonably agreed by the Administrative Agent and the Borrower). 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Collateral” shall mean (x), the Equity Interests subject to the Dutch Pledge and the Equity Interests subject to the
Brazilian Fiduciary Assignment and (y) from time to time thereafter, any other assets, whether real or personal, tangible or intangible, on which Liens are purported to be granted as security for the Obligations pursuant to the Security
Documents. 

  
 10 

 “Collateral Agent” shall have the meaning provided to such term in
the preamble and shall include any successor to the Administrative Agent appointed pursuant hereto. 
 “Commitment”
shall mean, with respect to any Lender, the commitment of such Lender to make Loans hereunder as set forth on Schedule I to the Restatement Agreement, as the same may be terminated pursuant to
Section 2.09. The aggregate amount of all Lenders’ Commitments on the Closing Date is $100,000,000 (the “Total Commitment”). 

“Communication” shall have the meaning assigned to such term in Section 9.14. 

“Confirmed Order” shall mean an order or other indication of interest, in accordance with industry standards, by a
customer not an Affiliate of the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries which has been accepted in the ordinary course of business by representatives of the Borrower, any Parent Guarantor or any of their Restricted
Subsidiaries. 
 “Consolidated EBITDA” shall mean, with respect to any specified Person for any period, the
Consolidated Net Income of such Person for such period plus, without duplication: 
 (1) an amount equal to any extraordinary
loss plus any net loss realized by such Person or any of its Restricted Subsidiaries in connection with an Asset Sale or any other disposition of assets not constituting an Asset Sale for such period, to the extent such losses were deducted in
computing such Consolidated Net Income; plus 
 (2) provision for taxes based on income or profits of such Person and its
Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 

(3) the Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that such Fixed Charges
were deducted in computing such Consolidated Net Income; plus 
 (4) any foreign currency translation losses (including
losses related to currency remeasurements of Indebtedness) of such Person and its Restricted Subsidiaries for such period, to the extent that such losses were taken into account in computing such Consolidated Net Income; plus 

(5) depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that
were paid in a prior period) and other non-cash charges and expenses (excluding any such non-cash charge or expense to the extent that it represents an accrual of or
reserve for cash charges or expenses in any future period or amortization of a prepaid cash charge or expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation,
amortization and other non-cash charges or expenses were deducted in computing such Consolidated Net Income; minus 

(6) any foreign currency translation gains (including gains related to currency remeasurements of Indebtedness) of such Person
and its Restricted Subsidiaries for such period, to the extent that such gains were taken into account in computing such Consolidated Net Income; plus or minus (as applicable) 

  
 11 

 (7) non-cash items increasing or
decreasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of business; plus 

(8) one-time or non-recurring items decreasing
such Consolidated Net Income for such period related to restructuring, asset impairment, reorganization, taxes or any other non-operating costs and expenses, including without limitation, professional fees,
exit bankruptcy fees and financing fees, expenses, premiums and similar charges incurred in connection with the Transactions to the extent such items were actually deducted in computing such Consolidated Net Income; 

in each case, on a consolidated basis and determined in accordance with GAAP. 

“Consolidated Net Income” shall mean, with respect to any specified Person for any period, the aggregate of the net
income (loss) of such Person and its Restricted Subsidiaries for such period, on a consolidated basis (excluding the net income (loss) of any Unrestricted Subsidiary of such Person), determined in accordance with GAAP and without any reduction in
respect of preferred stock dividends, plus, to the extent deducted in determining such net income (or net loss), the Transaction Costs and any costs incurred in connection with the Corporate Restructuring Transactions; provided that: 

(1) all extraordinary gains (but not losses) and all gains (but not losses) realized in connection with any Asset Sale or any
other disposition of assets not constituting an Asset Sale or the disposition of securities or the early extinguishment of Indebtedness, together with any related provision for taxes on any such gain, will be excluded; 

(2) the net income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity
method of accounting will be included only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 

(3) solely for the purpose of determining the amount available for Restricted Payments under
Section 6.01, the net income (but not loss) of any Restricted Subsidiary will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that net income
is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute,
rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders; 
 (4) the cumulative effect of
a change in accounting principles will be excluded; and 
 (5) non-cash gains and
losses attributable to movement in the mark-to-market valuation of Hedging Obligations (including the application of FASB ASC Topic 815) will be excluded. 

“Consolidated Net Worth” shall mean, with respect to any specified Person as of any date, the sum of: 

(1) the consolidated equity of the common stockholders of such Person and its consolidated Subsidiaries as of such date; plus

  
 12 

 (2) the respective amounts reported on such Person’s balance sheet as
of such date with respect to any series of preferred stock (other than Disqualified Stock) that by its terms is not entitled to the payment of dividends unless such dividends may be declared and paid only out of net earnings in respect of the year
of such declaration and payment, but only to the extent of any cash received by such Person upon issuance of such preferred stock, less (a) all write-ups subsequent to the date hereof in the book value of
any asset owned by such Person or a consolidated Subsidiary of such Person (other than purchase accounting adjustments made, in connection with any acquisition of any entity that becomes a consolidated Subsidiary of such Person after the date
hereof, to the book value of the assets of such entity), (b) all investments as of such date in unconsolidated Subsidiaries and in Persons that are not Subsidiaries (except, in each case, Permitted Investments), and (c) all unamortized
debt discount and expense and unamortized deferred charges as of such date, all of the foregoing determined on a consolidated basis in accordance with GAAP. 

“Consolidated Tangible Net Worth” shall mean with respect to any specified Person as of any date, the sum of
(1) Consolidated Net Worth, minus (2) the amount of such Person’s intangible assets at such date, including, without limitation, goodwill (whether representing the excess of cost over book value of assets acquired or otherwise),
capitalized expenses, patents, trademarks, trade names, copyrights, franchises, licenses and deferred charges (such as, without limitation, unamortized costs and costs of research and development), all determined for such Person on a consolidated
basis in accordance with GAAP. 
 “Corporate Restructuring Transactions” shall mean the series of intercompany
transactions, whether consummated simultaneously or from time to time, that do not adversely impact in any material respect the structure, priority or aggregate value of the guarantees in respect of, and the Collateral that secures, the Obligations,
provided that (A) any necessary replacement guarantee or Collateral (determined after giving effect to such transactions) with respect to the foregoing shall be subject to Section 9.09(c) and (B) in furtherance of the foregoing clause
(A), Pyxus Holdings, in consultation with the Lenders, shall use commercially reasonable efforts to enter into local law pledge and security agreements in favor of the Collateral Agent to the extent reasonably necessary to perfect Liens on any
material Collateral governed by the laws of, or located in, any foreign jurisdiction on substantially the same basis as with respect to any Foreign Guarantor so replaced. 

“Corresponding Tenor” shall mean, with respect to any Available Tenor, as applicable, either a tenor (including
overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 

“Credit Facility” shall have the meaning assigned to such term in the Preliminary Statement. 

“Daily Simple SOFR” shall mean, for any day (a “SOFR Rate Day”), a rate per annum equal SOFR
for the day that is five (5) U.S. Government Securities Business Day prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities
Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website. Any change in Daily Simple SOFR due to a
change in SOFR shall be effective from and including the effective date of such change in SOFR. 
 “Deemed Capitalized
Leases” shall mean obligations of the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries that are classified as “capital lease obligations” under GAAP due to the application of FASB ASC Topic 840 or any
subsequent pronouncement having similar effect and, except for such regulation or pronouncement, such obligation would not constitute a Capital Lease Obligation. 

  
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 “Default” shall mean any event that is, or with the passage of time
or the giving of notice or both would be, an Event of Default. 
 “Defaulting Lender” shall mean any Lender that
(a) defaults in its obligation to make any Loan or fulfill any obligation required to be made or fulfilled by it hereunder in the case of any funding requirement within two Business Days of the date such Loans were required to be funded by it
hereunder, unless such Lender notifies the Administrative Agent 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 (which conditions precedent,
together with the applicable default, if any, shall be specifically identified in such writing) has not been satisfied, (b) has notified the Administrative Agent or any Loan Party in writing that it does not intend to satisfy any such
obligations, (c) has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, custodian, administrator, assignee for the benefit of creditors or similar person charged with the reorganization or
liquidation of its business, appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a
bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, custodian, administrator, assignee for the benefit of creditors or similar person charged with the reorganization or liquidation of its business, appointed for it, or
has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment; provided that if a Lender would be a “Defaulting Lender” solely by reason of events relating to
a parent company of such Lender or solely because a Governmental Authority has been appointed as receiver, conservator, trustee or custodian for such Lender, such Lender shall not be a “Defaulting Lender” if and for so long as such Lender
confirms in writing, upon request by the Administrative Agent, that it will continue to comply with its obligations to make Loans and fulfill all other obligations required to be made and fulfilled by it hereunder, or (d) has, or has a direct
or indirect parent company that has, become the subject of a Bail-In Action (as defined in Section 9.19). 

“Disqualified Stock” shall mean any Capital Stock that, by its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable
at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the Stated Maturity Date. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely
because the holders of the Capital Stock have the right to require the Borrower or any Parent Guarantor to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms
of such Capital Stock provide that the Borrower or such Parent Guarantor may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 6.01
hereof. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Agreement will be the maximum amount that the Borrower, the Parent Guarantors and their Restricted Subsidiaries may become obligated to pay upon the
maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 

“dollars” or “$” shall mean lawful money of the United States of America. 

“Domestic Subsidiary” shall mean (1) any Restricted Subsidiary of the Borrower or any Parent Guarantor or
(2) any Subsidiary of the Borrower or any Parent Guarantor that guarantees or otherwise provides direct credit support for any Indebtedness of the Borrower or any Parent Guarantor, in each case, that was formed under the laws of the United
States or any state of the United States or the District of Columbia. 
 “Dutch Parallel Debt” shall mean, in
relation to an Underlying Debt, an obligation to pay the Collateral Agent an amount equal to (and in the same currency as) the amount of that Underlying Debt. 

  
 14 

 “Dutch Pledge” shall mean the Dutch law governed pledge over shares
dated May 6, 2021, between the Borrower, as pledgor, and Alliance One International Tabak B.V., as the company, and the Collateral Agent, as collateral agent, in respect of the pledge by the Borrower over its shares in Alliance One
International Tabak B.V. 
 “Electronic Copy” shall have the meaning assigned to such term in
Section 9.14. 
 “Eligible Assignee” shall mean any commercial bank, insurance company,
investment or mutual fund or other entity (but not any natural person) that is an “accredited investor” (as defined in Regulation D under the Securities Act of 1933, as amended) that extends credit or invests in bank loans as one of
its businesses; provided that in any event, “Eligible Assignee” shall not include (x) the Borrower, any Parent Guarantor or any of their Subsidiaries or (y) any Defaulting Lender. 

“Eligible Inventory” shall mean, as of any date, all inventory of the Borrower, any Parent Guarantor and any of their
Restricted Subsidiaries, wherever located, valued in accordance with GAAP and shown on the balance sheet of Pyxus Holdings for the quarterly period most recently ended prior to such date for which internal financial statements of Pyxus Holdings are
available. 
 “Eligible Receivables” shall mean, as of any date, all accounts receivable of the Borrower, any Parent
Guarantor and any of their Subsidiaries arising out of the sale of inventory in the ordinary course of business, valued in accordance with GAAP and shown on the balance sheet of Pyxus Holdings for the quarterly period most recently ended prior to
such date for which internal financial statements of Pyxus Holdings are available, including without limitation receivables and related proceeds of Alliance One International, LLC arising from the sale of tobacco financed by Eastern and Southern
African Trade and Development Bank in connection with the Secured Pre-Shipment and Export Finance Facilities Agreement, as amended and restated by the Third Amendment and Restatement Agreement, dated on or
about August 12, 2021, by and between Alliance One Tobacco (Malawi) Limited, Alliance One Tobacco (Tanzania) Limited and Alliance One Zambia Limited, as borrowers, Alliance One Tobacco (Kenya) Limited and Alliance One Tobacco (Uganda), as
resigning borrowers, Pyxus International, Inc., Pyxus Parent, Inc. and Pyxus Holdings, Inc., as parent guarantors, and Eastern and Southern African Trade and Development Bank, as mandated lead arranger, original lender, agent and security agent,
providing for revolving credit borrowings, including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, and, in each case, as amended, restated, modified, renewed, refunded, replaced in
any manner (whether upon or after termination or otherwise and whether with the original lenders or otherwise) or refinanced, in each case, in whole from time to time with any other asset based revolving credit facility, including any extension of
the maturity thereof or increase in the available amount of borrowings thereunder (the “TDB Facility”). 

“Environmental Claims” shall mean any and all administrative, regulatory or judicial actions, suits, demands, demand
letters, directives, claims, liens, written notices of noncompliance or violation, investigations and/or proceedings relating in any way to any noncompliance with, or liability arising under, Environmental Law or to any permit issued, or any
approval given, under any Environmental Law (hereafter, “Claims”), including, without limitation, (a) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or
other actions or damages pursuant to any Environmental Law, and (b) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief arising out of or relating to an alleged
injury or threat of injury to human health, safety or the environment due to the presence of Hazardous Materials. 

  
 15 

 “Environmental Law” shall mean any Federal, state, foreign or local
statute, law (including principles of common law), rule, regulation, ordinance, code, directive, judgment or order, now or hereafter in effect and in each case as amended, and any judicial or administrative interpretation thereof, relating to the
protection of the environment, or of human health (as it relates to the exposure to Hazardous Materials) or to the presence, Release or threatened Release, or the manufacture, use, transportation, treatment, storage, disposal or recycling of
Hazardous Materials, or the arrangement for any such activities. 
 “Equity Interests” shall mean Capital Stock and
all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock); provided that no Indebtedness of Pyxus Holdings or a Parent Guarantor shall constitute an
Equity Interest by virtue of being convertible into Capital Stock. 
 “ERISA” shall mean the U.S. Employee
Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder. Section references to ERISA are to ERISA, as in effect at the date of this Agreement and any subsequent provisions
of ERISA, amendatory thereof, supplemental thereto or substituted therefor. 
 “ERISA Affiliate” shall mean any
person, as defined in Section 3(9) of ERISA, that for purposes of Title I or Title IV of ERISA or Section 412 of the Code would be deemed at any relevant time to be a single employer or otherwise aggregated with the Borrower, any
Parent Guarantor or any of their Subsidiaries under Section 414 of the Code or Section 4001 of ERISA. 
 “ERISA
Event” shall mean any one or more of the following: 
 (1) any Reportable Event; 

(2) the filing of a notice of intent to terminate any Plan, if such termination would require material additional contributions
in order to be considered a standard termination within the meaning of Section 4041(b) of ERISA, the filing under Section 4041(c) of ERISA of a notice of intent to terminate any Plan or the termination of any Plan under
Section 4041(c) of ERISA; 
 (3) institution of proceedings by the PBGC, or the occurrence of an event or condition
which would reasonably be expected to constitute grounds for the institution of proceedings by the PBGC under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan; 

(4) the failure to make a required contribution to any Plan that would result in the imposition of a lien or other encumbrance
or the provision of security under the Code or ERISA, or the arising of such a lien or encumbrance; there being or arising any “unpaid minimum required contribution” or “accumulated funding deficiency” (as defined or otherwise
set forth in Section 4971 of the Code or Part 3 of Subtitle B of Title I of ERISA), whether or not waived; or the filing of any request for or receipt of a minimum funding waiver under Section 412 of the Code with respect to
any Plan, or that such filing may be made or a determination that any Plan is, or is expected to be, considered an at-risk plan or in endangered or critical status within the meaning of Title IV of ERISA;

 (5) engaging in a non-exempt prohibited transaction within the meaning of
Section 4975 of the Code or Section 406 of ERISA; 
 (6) the complete or partial withdrawal of the Borrower, any
Parent Guarantor or any of their Subsidiaries or any ERISA Affiliate from a Multiemployer Plan, the insolvency or critical status under Title IV of ERISA of any Multiemployer Plan; or the receipt by the Borrower, any Parent Guarantor or any of
their Subsidiaries or any ERISA Affiliate, of any notice, or the receipt by any Multiemployer Plan from any of the Borrower, any Parent Guarantor or any of their Subsidiaries or any ERISA Affiliate of any notice, that a Multiemployer Plan is in
endangered or critical status under Section 305 of ERISA; or 

  
 16 

 (7) the Borrower, any Parent Guarantor or any of their Subsidiaries or an
ERISA Affiliate incurring any material liability under Title IV of ERISA with respect to any Plan (other than premiums due and not delinquent under Section 4007 of ERISA). 

“Erroneous Payment” has the meaning assigned to it in Section 8.02(a). 

“Erroneous Payment Notice” has the meaning assigned to it in Section 8.02(a). 

“Event of Default” shall have the meaning assigned to such term in Article VII. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Excluded Assets” shall have the meaning assigned to it (or any similar term) in any Security Document.

 “Excluded Taxes” shall mean any of the following Taxes imposed on or with respect to a Recipient or required to
be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, branch profits Taxes, and Bank Levies in each case, (i) imposed as a result of such Recipient
being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other
Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date
on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.21(a)) or (ii) such Lender changes its lending office, except
in each case to the extent that, pursuant to Section 2.20, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan or
Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s delay or failure to comply with Section 2.20(e), and (d) any withholding Taxes imposed
under FATCA. 
 “Existing Credit Agreement” shall have the meaning assigned to such term in the Preliminary
Statement. 
 “Existing Indebtedness” shall mean all Indebtedness of the Borrower, the Parent Guarantors and their
Subsidiaries (other than the Credit Facility, Indebtedness under the ABL Credit Agreement, Term Loan Credit Agreement and First Lien Notes Indenture and lines of credit of Foreign Subsidiaries) in existence on August 24, 2020, until such
amounts are repaid. 
 “Fair Market Value” shall mean the value that would be paid by a willing buyer to an
unaffiliated willing seller in a transaction not involving distress or necessity of either party, determined in good faith by the Board of Directors of New Pyxus Topco (unless otherwise provided in this Agreement). 

“FATCA” shall mean Sections 1471 through 1474 of the Code (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, and any intergovernmental
agreements (and any fiscal or regulatory legislation, rules or official administrative practices adopted) implementing any of the foregoing. 

  
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 “Federal Funds Effective Rate” shall mean, for any day, the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the next succeeding Business Day by the NYFRB, or, if such rate is not so published for any day that is a Business Day, the
average of the quotations for the day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. If the Federal Funds Effective Rate is less than zero, it shall be deemed to be
zero hereunder. 
 “Federal Reserve Board” shall mean the Board of Governors of the Federal Reserve System of the
United States of America. 
 “Financial Officer” of any person shall mean the chief financial officer, finance
director, principal accounting officer, treasurer, assistant treasurer or controller of such person. 
 “First Lien
Notes” shall mean Pyxus Holdings’ 10.000% Senior Secured First Lien Notes due 2024 issued and outstanding under the First Lien Notes Indenture. 

“First Lien Notes Indenture” shall mean that certain Indenture, dated August 24, 2020, among Pyxus Holdings, the
guarantors from time to time party thereto, and Wilmington Trust, National Association, as trustee, collateral agent, registrar and paying agent, including any related notes, guarantees, collateral documents, instruments and agreements executed in
connection therewith, in each case, as amended, restated, modified, renewed, refunded, replaced in any manner (whether upon or after maturity or otherwise) or refinanced, in each case, in whole from time to time. 

“Fiscal Year” shall mean the four consecutive fiscal quarters ending on March 31 of each calendar year. 

“Fixed Charge Coverage Ratio” shall mean, with respect to any specified Person for any period, the ratio of the
Consolidated EBITDA of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases
or otherwise discharges any Indebtedness (other than ordinary working capital borrowings, borrowings under Seasonal Subsidiary Debt and Guarantees of Grower Indebtedness) or issues, repurchases or redeems preferred stock subsequent to the
commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation
Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect (in accordance with Regulation S-X under the Securities Act) to such incurrence, assumption, Guarantee,
repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable
four-quarter reference period. 
 In addition, for purposes of calculating the Fixed Charge Coverage Ratio: 

(1) acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers
or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and including all related financing transactions and including increases in ownership of Restricted
Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date, or that are to be made on the Calculation Date, will be given pro forma effect (in accordance with Regulation S-X under the Securities Act, but giving effect to Pro Forma Cost Savings) as if they had occurred on the first day of the four-quarter reference period; 

  
 18 

 (2) the Consolidated EBITDA attributable to discontinued operations, as
determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded; 

(3) the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or
businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its
Restricted Subsidiaries following the Calculation Date; 
 (4) any Person that is a Restricted Subsidiary on the Calculation
Date will be deemed to have been a Restricted Subsidiary at all times during such four-quarter period; 
 (5) any Person that
is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary at any time during such four-quarter period; and 

(6) if any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will be calculated as if
the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligation applicable to such Indebtedness if such Hedging Obligation has a remaining term as at the Calculation Date in
excess of 12 months). 
 “Fixed Charges” shall mean with respect to any specified Person for any period, the sum,
without duplication, of: 
 (1) the consolidated interest expense (other than interest expense in respect of letters of
credit) of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, including, without limitation, amortization of debt issuance costs and original issue discount, noncash interest payments, the interest component of any
deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of
bankers’ acceptance financings, and net of the effect of all payments made or received pursuant to Hedging Obligations in respect of interest rates; plus 

(2) the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period;
plus 
 (3) any interest on Indebtedness of another Person that is guaranteed by such Person or one of its Restricted
Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon; plus 

(4) the product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock
of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of New Pyxus Topco (other than Disqualified Stock) or to the Borrower, any Parent Guarantor or any of their Restricted
Subsidiaries, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in each case, determined
on a consolidated basis in accordance with GAAP; minus 

  
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 (5) to the extent added in consolidated interest expense in clause
(3) above, contingent obligations so long as such obligations remain contingent; minus 
 (6) the interest income of
such Person and its Restricted Subsidiaries for such period. 
 “Flood Laws” shall mean, collectively, (i) the
National Flood Insurance Reform Act of 1994 (which comprehensively revised the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute thereto, (ii) the Flood
Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (iii) the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto. 

“Floor” shall mean the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this
Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR, as applicable. For the avoidance of doubt the initial Floor for each of Adjusted Term
SOFR Rate or the Adjusted Daily Simple SOFR shall be 1.00%. 
 “Foreign Guarantor” shall mean any Subsidiary
Guarantor that is a Foreign Subsidiary. 
 “Foreign Lender” shall mean a Lender that is not a U.S. Person. 

“Foreign Pension Plan” shall mean any plan, fund (including, without limitation, any superannuation fund), scheme or
other similar program established or maintained outside the United States by the Borrower, any Parent Guarantor or any one or more of their Subsidiaries primarily for the benefit of employees of the Borrower, any such Parent Guarantor or such
Subsidiaries residing outside the United States, which plan, fund, scheme or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment,
and which plan is not subject to ERISA or the Code. 
 “Foreign Subsidiary” shall mean any Restricted Subsidiary of
the Borrower or a Parent Guarantor that is not a Domestic Subsidiary. 
 “GAAP” shall mean generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such
other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect from time to time (including applicable fresh-start accounting principles) provided, however, that
lease liabilities and associated expenses recorded by the Borrower, the Parent Guarantors and their Subsidiaries pursuant to ASU 2016-02, Leases, shall not be treated as Indebtedness and shall not be included
in consolidated interest expense or Fixed Charges, unless the lease liabilities would have been treated as Capital Lease Obligations under GAAP as in effect prior to the adoption of ASU 2016-02, Leases (in
which case such lease liabilities and associated expenses shall be treated as Capital Lease Obligations, and the interest component of such Capital Lease Obligation shall be included in consolidated interest expense and Fixed Charges). 

“Governmental Authority” shall mean the government of the United States of America, any other nation or any political
subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other national or supra-national entity or body exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government. 

  
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 “Granting Lender” shall have the meaning assigned to such term in
Section 9.04(i). 
 “Grower Indebtedness” shall mean indebtedness incurred by tobacco
farmers that supply tobacco to the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries for the purpose of financing the growing of tobacco crop. 

“Guarantee” shall mean a guarantee other than by endorsement of negotiable instruments for collection in the ordinary
course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness (whether arising by
virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise). 

“Guarantee Agreement” shall mean the Guaranty Agreement, dated as April 23, 2021, among the Borrower, the
Guarantors from time to time party thereto and the Administrative Agent for the benefit of the Secured Parties (as amended, restated, modified, supplemented or replaced from time to time in accordance with the terms hereof and thereof). 

“Guarantors” shall mean, collectively, the Subsidiary Guarantors and the Parent Guarantors. 

“Hazardous Materials” shall mean any chemicals, materials, wastes, pollutants, contaminants, or substances in any form
that are prohibited, limited or regulated pursuant to any Environmental Law by virtue of their toxic or otherwise deleterious characteristics, including without limitation any petroleum or petroleum products, radioactive materials, asbestos in any
form that is or could become friable, urea formaldehyde foam insulation, dielectric fluid containing levels of polychlorinated biphenyls, and radon gas. 

“Hedge Agreement” shall mean, with respect to any Person, any agreement entered into to protect such Person against
fluctuations in interest rates, or currency or raw materials values, including, without limitation, any interest rate swap, cap or collar agreement, or similar arrangement between such Person and one or more counterparties, any foreign currency
exchange agreement, currency protection agreements, commodity purchase or option agreements, or other interest or exchange rate or commodity price hedging agreements. Notwithstanding the foregoing, the term “Hedge Agreement” shall not
include any other hedging agreements (or substantively equivalent derivative transactions) with respect to Pyxus Holdings’ or a Parent Guarantor’s Equity Interests. 

“Hedging Obligations” shall mean, with respect to any specified Person, the obligations of such Person under any Hedge
Agreement. 
 “Holding Company” shall mean any Person so long as such Person directly or indirectly holds 100% of
the aggregate Voting Stock of New Pyxus Topco, and at the time such Person acquired such Voting Stock, no Person and no “group” (within the meaning of Rules 13d-3 and
13d-5 under the Exchange Act as in effect on August 24, 2020), including any such “group” acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than any Permitted Holder or combination of Permitted Holders, shall have beneficial ownership (within the meaning of Rule 13d-3
under the Exchange Act), directly or indirectly, of more than 50% of the aggregate Voting Stock of such Person. 

  
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 “Immaterial Subsidiary” shall mean, at any date of determination,
any Subsidiary that is neither a Material Domestic Subsidiary nor a Material Foreign Subsidiary and, for purposes of Section 7.05, shall include FIGR Brands, Inc., FIGR Norfolk Inc., Canada’s Island Garden Inc., and Criticality LLC. 

“Indebtedness” shall mean, with respect to any specified Person, any indebtedness of such Person (excluding accrued
expenses and trade payables), whether or not contingent: 
 (1) in respect of borrowed money; 

(2) evidenced by or issued in exchange for bonds, notes, debentures or similar instruments or letters of credit (or
reimbursement agreements in respect thereof); 
 (3) in respect of banker’s acceptances; 

(4) representing Capital Lease Obligations or Attributable Debt in respect of sale-and-leaseback transactions; 
 (5) representing the balance deferred and unpaid
of the purchase price of any property or services due more than six months after such property is acquired or such services are completed; or 

(6) representing any Hedging Obligations or other Bank Product Obligations, 

if and to the extent any of the preceding items (other than letters of credit, Attributable Debt and Hedging Obligations) would appear as a
liability upon a balance sheet of the specified Person prepared in accordance with GAAP, but excluding Deemed Capitalized Leases. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of
the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. Indebtedness shall be calculated
without giving effect to the effects of FASB ASC Topic 815 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Agreement as a result of accounting for any
embedded derivatives created by the terms of such Indebtedness. 
 “Indemnified Taxes” shall mean (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 clause (a) of this definition, Other
Taxes. 
 “Indemnitee” shall have the meaning assigned to such term in Section 9.05(b).

 “Intercompany Subordination Agreement” shall mean that certain Intercompany Promissory Note Subordination
Agreement, dated May 7, 2021, among New Pyxus Topco and the subsidiaries of New Pyxus Topco from time to time party thereto. 

“Interest” shall have the meaning assigned to such term in Section 2.06(a). 

“Interest Applicable Percentage” shall mean, for any day, with respect to any SOFR Loan or ABR Loan,
7.50% per annum and 6.50% per annum, respectively. 

  
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 “Interest Payment Date” shall mean, with respect to any SOFR
Borrowing, the last day of the Interest Period of such SOFR Borrowing (and, in the case of a SOFR Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at
intervals of three months’ duration after the first day of such Interest Period) and the Maturity Date, and with respect to any ABR Borrowing, the last day of each March, June, September and December and the Maturity Date; provided,
however, that if any Interest Payment Date would be a day other than a Business Day, such Interest Payment Date shall be the next preceding Business Day. 

“Interest Period” shall mean, with respect to any SOFR Loan, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day (or, if there is no numerically corresponding day, on the last day) in the calendar month that is one, three or six months thereafter determined in accordance with (or as otherwise set forth in)
Section 2.03; provided, however, that if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding
Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day. Interest shall accrue from and including the first day of an Interest Period to but excluding the last day of such
Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Investments” shall mean, with respect to any Person, all direct or indirect investments by such Person in other
Persons (including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the ordinary course of
business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the
Borrower, any Parent Guarantor or any of their Restricted Subsidiaries sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Borrower or a Parent Guarantor such that, after giving effect to any
such sale or disposition, such Person is no longer a Restricted Subsidiary of the Borrower or such Parent Guarantor, the Borrower or such Parent Guarantor will be deemed to have made an Investment on the date of any such sale or disposition equal to
the Fair Market Value of the Borrower’s or such Parent Guarantor’s Investments in such Restricted Subsidiary that were not sold or disposed of in an amount determined as provided in the final paragraph of Section 6.01. The acquisition
by the Borrower, a Parent Guarantor or any Restricted Subsidiary of the Borrower or a Parent Guarantor of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Borrower, such Parent Guarantor or such
Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined according to the final paragraph of Section 6.01. Except as
otherwise provided in this Agreement, the amount of an Investment will be determined at the time the Investment is made and without giving effect to subsequent changes in value. 

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

“Junior Lien” shall have the meaning assigned to such term in the Term Loan Credit Agreement. 

“Junior Lien Debt” shall have the meaning assigned to such term in the Term Loan Credit Agreement. 

“Junior Lien Obligations” shall have the meaning assigned to such term in the Term Loan Credit Agreement. 

“Leaseholds” of any Person shall mean all the right, title and interest of such Person as lessee or licensee in, to
and under leases or licenses of land, improvements and/or fixtures. 

  
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 “Lenders” shall mean (a) the persons listed on Schedule
I to the Restatement Agreement (other than any such person that has ceased to be a party hereto pursuant to an Assignment and Acceptance) and (b) any person that has become a party hereto pursuant to an Assignment and Acceptance. 

“Lien” shall mean, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of
any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell
or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 

“LLC Division” shall mean the statutory division of any limited liability company into two or more limited liability
companies pursuant to Section 18.217 of the Delaware Limited Liability Company Act or a comparable provision of a different jurisdiction’s laws, as applicable. 

“Loan Documents” shall mean this Agreement, the Restatement Agreement, the Security Documents, the Guarantee
Agreement, the Agent Fee Letter, and the promissory notes, if any, executed and delivered pursuant to Section 2.04(e). 

“Loan Parties” shall mean the Borrower and the Guarantors. 

“Loans” shall mean the term loans made by the Lenders to the Borrower pursuant to
Section 2.01. 
 “Margin Stock” shall have the meaning assigned to such term in
Regulation U. 
 “Material Adverse Effect” shall mean any event, change, condition, occurrence or circumstance
which has had, or could reasonably be expected to have, either individually or in the aggregate, (a) a material adverse change in, or a material adverse effect on, the business, operations, property, assets, liabilities (actual or contingent)
or condition (financial or otherwise) of the Borrower, the Parent Guarantors and their Subsidiaries taken as a whole or (b) a material adverse effect (i) on the rights or remedies of the Lenders, the Administrative Agent or the Collateral
Agent hereunder or under any other Loan Document, (ii) on the ability of the Loan Parties taken as a whole to perform their obligations to the Lenders, the Administrative Agent or the Collateral Agent hereunder or under any other Loan Document,
or (iii) upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party; provided that no effect on the business, assets, operations, financial condition or operating
results of the Borrower, Parent Guarantors and their Subsidiaries as a result of the Coronavirus Disease 2019 (COVID-19) shall constitute a Material Adverse Effect under clause (a) of
the definition thereof. 
 “Material Contract” shall mean any contract or other arrangement to which the Borrower,
any Parent Guarantor or any of their Subsidiaries is a party (other than the Loan Documents) for which breach, nonperformance, cancellation or failure to renew could reasonably be expected to have a Material Adverse Effect. 

“Material Domestic Subsidiary” shall mean (i) any Domestic Subsidiary of the Borrower or a Parent Guarantor that
guarantees or otherwise provides direct credit support for any Indebtedness of the Borrower or any Parent Guarantor, in each case that would constitute a “significant subsidiary” of the Borrower or such Parent Guarantor as defined in
Rule 1.02 of Regulation S-X promulgated by the SEC except that for purposes of this definition all references in such Rule 1.02 to “ten percent (10%)” shall be deemed to be references
to “five percent (5%)” and (ii) any Subsidiary of the Borrower or any Parent Guarantor that is a borrower or guarantor under the ABL Credit Agreement, the Term Loan Credit Agreement and the First Lien Notes Indenture. 

  
 24 

 “Material Foreign Subsidiary” shall mean any (i) Foreign
Subsidiary of the Borrower or any Parent Guarantor that would constitute a “significant subsidiary” of the Borrower or such Parent Guarantor as defined in Rule 1.02 of Regulation S-X
promulgated by the SEC except that for purposes of this definition all references in such Rule 1.02 to “ten percent (10%)” shall be deemed to be references to “five percent (5%)” and (ii) any Foreign Subsidiary of the
Borrower or any Parent Guarantor that is a borrower or guarantor under the ABL Credit Agreement, the Term Loan Credit Agreement and the First Lien Notes Indenture; provided, however, that FIGR Brands, Inc., FIGR Norfolk Inc., and
Canada’s Island Garden Inc. shall not be a Material Foreign Subsidiary. 
 “Maturity Date” shall mean the
earlier of (i) December 2, 2023 (the “Stated Maturity Date”) and (ii) such earlier date on which the Loans shall become due and payable by acceleration or otherwise in accordance with the terms of this
Agreement and the other Loan Documents. 
 “Maximum Rate” shall have the meaning assigned to such term in
Section 9.10. 
 “Minority Interest Consolidated Entity” shall mean any Person that is not
a Subsidiary of Pyxus Holdings but is consolidated in Pyxus Holdings’ financial statements for purposes of GAAP. 

“Moody’s” shall mean Moody’s Investors Service, Inc., or any successor thereto. 

“Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA, which is
contributed to (or to which there is or may be an obligation to contribute to) by the Borrower, any Parent Guarantor or any of their Subsidiaries or an ERISA Affiliate or with respect to which the Borrower, any Parent Guarantor or any of their
Subsidiaries has any current liability (including on account of an ERISA Affiliate). 
 “New Pyxus Parent” shall
have the meaning assigned to such term in the preamble. 
 “New Pyxus Topco” shall have the meaning assigned to such
term in the preamble. 
 “NYFRB” shall mean the Federal Reserve Bank of New York. 

“Obligations” shall mean (a) the due and punctual payment of (i) the principal of and interest
on the Loans, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations of the Borrower to any of the Secured Parties under this Agreement and each of
the other Loan Documents, including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (other than the Borrower’s Dutch Parallel Debt), (b) the due and punctual performance of all
other obligations of the Borrower under or pursuant to this Agreement and each of the other Loan Documents and (c) the due and punctual payment and performance of all the obligations of each other Loan Party under or pursuant to this Agreement
and each of the other Loan Documents. 
 “OECD” shall mean the Organization for Economic Cooperation and Development
and any successor thereto. 

  
 25 

 “Other Connection Taxes” shall mean, with respect to any Recipient,
Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations
under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document), including any Tax imposed
under the laws of the Netherlands as a result of a Recipient having a substantial interest (aanmerkelijk belang) in the Borrower as defined in the Dutch Income Tax Act 2001 (Wet inkomstenbelasting 2001). 

“Other Taxes” shall mean any and all present or future stamp, court or documentary, intangible, recording, filing or
similar taxes or any other excise or property taxes, charges or similar levies arising from any payment made under any Loan Document or from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a
security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.21).

 “Parent Guarantors” shall mean New Pyxus Topco, New Pyxus Parent, Pyxus Holdings, Alliance One U.S. Parent and
Alliance One U.K. Parent, and their respective successors, and any other direct or indirect parent entities of the Borrower. 

“Participant Register” shall have the meaning assigned to such term in Section 9.04(f). 

“Payment in Full” or “Paid in Full” shall mean, with respect to the Obligations,
(i) termination of the Commitments of all of the Lenders and (ii) payment in full in cash of all Obligations under the Loan Documents (other than contingent indemnification obligations and other obligations not then payable which expressly
survive termination and as to which no claim has been asserted). 
 “PBGC” shall mean the U.S. Pension Benefit
Guaranty Corporation. 
 “Permitted Advances on Purchases of Tobacco” shall mean advances of cash or crop-related
materials made by the Borrower, a Parent Guarantor or any of their Restricted Subsidiaries to growers and other suppliers of tobacco (including Affiliates) and tobacco growers’ cooperatives in the ordinary course of business to finance the
growing or processing of tobacco only to the extent that the aggregate principal amount of such advances outstanding at any time to any Person and such Person’s Affiliates does not exceed 30% of the Consolidated Tangible Net Worth of Pyxus
Holdings for the most recently ended fiscal quarter for which internal financial statements are available. 
 “Permitted
Business” shall mean any business that is the same as, or reasonably related, ancillary or complementary to, any of the businesses in which the Borrower, the Parent Guarantors and their Restricted Subsidiaries are engaged on
August 24, 2020. 
 “Permitted Debt” shall have the meaning assigned to such term in
Section 6.03(b). 
 “Permitted Encumbrance” shall have the meaning assigned to such term
in the Term Loan Credit Agreement. 
 “Permitted Holders” shall mean each of (i) Glendon Capital Management LP,
Monarch Alternative Capital LP, Owl Creek Asset Management, L.P. and Intermarket Corporation and any Affiliate of the foregoing, and any fund managed by any of the foregoing or any Affiliate thereof, (ii) any Person who is acting solely as an
underwriter in connection with a public or private offering of Equity Interests of New Pyxus Topco or any of its direct or indirect parent companies, acting in such capacity, (iii) any “group” (within the meaning of Rules 13(d)(3) and
13(d)(5) under the Exchange Act as in effect on August 24, 2020) of which any of the foregoing are members and any member of such group; provided that in the case of such group and without giving effect to the existence of such group or any
other group, Persons referred to in clauses (i) and (ii), collectively, have beneficial ownership of more than 50% of the total Voting Stock of New Pyxus Topco or any of its direct or indirect parent companies held by such group and
(iv) any Holding Company. 

  
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 “Permitted Investments” shall mean: 

(1) any Investment in the Borrower, in a Parent Guarantor or in their Restricted Subsidiaries, provided that the aggregate
amount of Investments (i) made outside the ordinary course of business pursuant to this clause (1) and clause (15) of this definition by any Parent Guarantor or any Subsidiary Guarantor that is a Domestic Subsidiary in any Foreign
Guarantor and (ii) made outside the ordinary course of business pursuant to this clause (1) and clause (15) of this definition by any Parent Guarantor or any Subsidiary Guarantor in any Subsidiary of Pyxus Holdings that is not a
Subsidiary Guarantor may not exceed (A) $50.0 million (without duplication), plus (B) any amount provided that at the time of such Investment and after giving pro forma effect thereto as if such Investment had been made at the beginning of
the applicable four-quarter period, New Pyxus Topco would have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio set forth in Section 6.03(a), except that such ratio must be at least
1.0 to 1.0 for purposes of this clause; 
 (2) any Investment in Cash Equivalents; 

(3) any Investment by the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries in a Person, if as a result of
such Investment: 
  

	 	(a)	 such Person becomes a Restricted Subsidiary of the Borrower or a Parent Guarantor; or 

 

	 	(b)	 such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of
its assets to, or is liquidated into, the Borrower, a Parent Guarantor or any of their Restricted Subsidiaries; 

(4) any Investment made as a result of the receipt of non-cash consideration from an
Asset Sale that was made pursuant to and in compliance with Section 6.09 or any other disposition of assets not constituting an Asset Sale, other than pursuant to clause (8) of the second sentence of the definition of
“Asset Sale”; 
 (5) any acquisition of assets or Capital Stock solely in exchange for the issuance of Equity
Interests (other than Disqualified Stock) of New Pyxus Topco; 
 (6) any Investments received in compromise or resolution of
(a) obligations of trade creditors or customers that were incurred in the ordinary course of business of the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries, including pursuant to any plan of reorganization or similar
arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (b) litigation, arbitration or other disputes; 

(7) Investments represented by Hedging Obligations; 

(8) loans or advances to employees made in the ordinary course of business of the Borrower, any Parent Guarantor or any of
their Restricted Subsidiaries in an aggregate principal amount not to exceed $5.0 million at any one time outstanding; 

  
 27 

 (9) loans and advances to growers and other suppliers of tobacco (including
Affiliates) in the ordinary course of its business in an aggregate outstanding principal amount consistent with past practice of the Borrower, the Parent Guarantors and their Affiliates; 

(10) repurchases of the First Lien Notes; 

(11) any guarantee and any guarantee of Indebtedness permitted to be incurred pursuant to
Section 6.03; 
 (12) any Investment existing on, or made pursuant to binding commitments existing
on, the date hereof and any Investment consisting of an extension, modification or renewal of any Investment existing on, or made pursuant to a binding commitment existing on, the date hereof; provided that the amount of any such Investment may be
increased (a) as required by the terms of such Investment as in existence on the date hereof or (b) as otherwise permitted under this Agreement; 

(13) Investments acquired after the date hereof as a result of the acquisition by the Borrower, any Parent Guarantor or any of
their Restricted Subsidiaries of another Person, including by way of a merger, amalgamation or consolidation with or into the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries in a transaction that is not prohibited by
Section 6.04 after the date hereof to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger,
amalgamation or consolidation; 
 (14) Investments made in the ordinary course of such Person’s business in export
notes, trade credit assignments, bankers’ acceptances, guarantees and instruments of a similar nature issued in connection with the financing of international trading transactions by: 

 

	 	(a)	 any commercial bank or trust company (or any Affiliate thereof) organized under the laws of the United States
of America, any state thereof, or the District of Columbia having capital and surplus in excess of $100.0 million; or 

  

	 	(b)	 any international bank organized under the laws of any country which is a member of the OECD or a political
subdivision of any such country, and having a combined capital and surplus in excess of $100.0 million; 

(15) any Investment for consideration consisting of common stock of New Pyxus Topco and any other Investment for cash or Cash
Equivalents, other securities or properties of the Borrower, a Parent Guarantor or any of their Restricted Subsidiaries (valued in good faith by the Board of Directors of New Pyxus Topco), the assumption of any Indebtedness (valued at the principal
amount thereof), any other consideration (valued in good faith by the Board of Directors of New Pyxus Topco) or any combination of the foregoing; provided that (a) the aggregate value of all such consideration for all Investments of the
Borrower, the Parent Guarantors or any of their Restricted Subsidiaries made during any fiscal year, when taken together with all other Investments made pursuant to this clause (15) that are at the time outstanding, shall not exceed 12.5% of
Consolidated Tangible Net Worth as at the end of the previous fiscal year, (b) no Default or Event of Default shall exist immediately before or after giving effect to such Investment on a pro forma basis and (c) the aggregate amount of
Investments (i) made outside the ordinary course of business pursuant to this clause (15) and clause (1) of this definition by any Parent Guarantor or any Subsidiary Guarantor that is a Domestic Subsidiary in any Foreign Guarantor and
(ii) made outside the ordinary course of business pursuant to this clause (15) and clause (1) of this definition by the 

  
 28 

 
Borrower, any Parent Guarantor or any Subsidiary Guarantor in any Subsidiary of Borrower that is not a Subsidiary Guarantor may not exceed (A) $50.0 million (without duplication), plus
(B) any amount provided that at the time of such Investment and after giving pro forma effect thereto as if such Investment had been made at the beginning of the applicable four-quarter period, New Pyxus Topco would have been permitted to incur
at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio set forth in Section 6.03(a), except that such ratio must be at least 1.0 to 1.0 for purposes of this clause; provided that no
Investment may be made or held in any Unrestricted Subsidiary pursuant to this clause (15); 
 (16) any Investment in
accounts receivable owing to the Borrower or a Parent Guarantor or any of their Restricted Subsidiaries, if created or acquired in the ordinary course of business consistent with past practice and payable or dischargeable in accordance with
customary trade terms of the Borrower, such Parent Guarantor or such Restricted Subsidiary; 
 (17) the Borrower, the Parent
Guarantors and their Restricted Subsidiaries may make advances in the form of a prepayment of expenses to vendors, suppliers and trade creditors consistent with their past practices, so long as such expenses were incurred in the ordinary course of
business of the Borrower, such Parent Guarantor or such Restricted Subsidiary; 
 (18) the Borrower, the Parent Guarantors
and their Restricted Subsidiaries may make additional Investments described on Schedule 6.01 to the Term Loan Credit Agreement as of August 24, 2020. 

“Permitted Liens” shall mean: 

(1) Liens securing Indebtedness permitted by the terms of this Agreement to be incurred pursuant to clause (i) of the
definition of Permitted Debt and/or securing Hedging Obligations and/or securing Bank Product Obligations; 
 (2) Liens to
secure Indebtedness permitted by clause (iii) of the definition of Permitted Debt; 
 (3) Junior Liens securing Junior
Lien Obligations permitted by clause (xvii) of the definition of Permitted Debt; 
 (4) Liens in favor of the Borrower,
any Parent Guarantor or any of their Restricted Subsidiaries; 
 (5) Liens on property of a Person existing at the time such
Person becomes a Restricted Subsidiary of the Borrower or the Parent Guarantors or is merged with or into or consolidated with the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries; provided that such Liens were in existence
prior to the contemplation of such Person becoming a Restricted Subsidiary of the Borrower or a Parent Guarantor or such merger or consolidation and do not extend to any assets other than those of the Person that becomes a Restricted Subsidiary of
the Borrower or a Parent Guarantor or is merged with or into or consolidated with the Borrower, any Parent Guarantor or any Restricted Subsidiary of the Borrower or a Parent Guarantor; 

(6) any Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into the Borrower,
any Parent Guarantor or any of their Restricted Subsidiaries and not created in contemplation of such event; 

  
 29 

 (7) any Lien existing on any asset prior to the acquisition thereof by the
Borrower, any Parent Guarantor or any of their Restricted Subsidiaries and not created in contemplation of such event; 
 (8)
Liens securing the performance of bids, tenders, leases, contracts (other than for the repayment of Indebtedness), statutory obligations, and other obligations of like nature, incurred as an incident to and in the ordinary course of business; 

(9) Liens to secure Indebtedness (including Capital Lease Obligations) permitted by clause (iv) of the definition of
Permitted Debt covering only the assets acquired with or financed by such Indebtedness; 
 (10) Liens existing on the date
hereof (other than Liens on assets of Foreign Subsidiaries securing foreign lines of credit of such Foreign Subsidiaries and Liens securing Indebtedness and other obligations incurred pursuant to clause (i) of the definition of Permitted Debt);

 (11) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being
contested in good faith by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; 

(12) Liens imposed by law, such as carriers’, warehousemen’s, landlord’s and mechanics’ Liens, in each
case, incurred in the ordinary course of business; 
 (13) Permitted Encumbrances and zoning restrictions, easements,
licenses, reservations, covenants, conditions, waivers, restrictions on the use of property or other minor encumbrances or irregularities of title which do not materially impair the use of any material property in the operation of the business of
the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries or the value of such property for the purpose of such businesses or which are being contested in good faith by appropriate proceedings; 

(14) Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Agreement; provided, however,
that: 
  

	 	(a)	 the new Lien is limited to all or part of the same property and assets that secured or, under the written
agreements pursuant to which the original Lien arose, could secure the original Indebtedness (plus improvements and accessions to, such property or proceeds or distributions thereof); 

 

	 	(b)	 the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the
outstanding principal amount, or, if greater, committed amount, of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged with such Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees and
expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge; 

  

	 	(c)	 the new Lien is not senior in priority to the Lien it is replacing; and 

 

	 	(d)	 the original Lien was not incurred under clause (1), (2), (21) or (22) of this definition of Permitted
Liens; 

  
 30 

 (15) Liens (not securing Indebtedness) which are incurred in the ordinary
course of business in connection with workers’ compensation, unemployment insurance, old-age pensions, social security and public liability laws and similar legislation; 

(16) attachment, judgment or similar Liens arising in connection with court proceedings; provided, that the execution or other
enforcement of such Liens with respect to judgments or decrees involving in the aggregate a liability of $40.0 million or more is effectively stayed, the claims secured thereby are being actively contested in good faith by appropriate
proceedings and the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries, as the case may be, shall have set aside on its books, if required by GAAP, appropriate reserves for such Liens; 

(17) Liens on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of
Indebtedness; 
 (18) Liens on specific items of inventory or other goods (and the proceeds thereof) of any Person securing
such Person’s obligations in respect of bankers’ acceptances issued or created in the ordinary course of business for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(19) any Lien securing any obligations and liabilities arising under or in connection with any cash management arrangements
entered into prior to, on or after the date hereof, including, without limitation, any netting or set-off system for the calculation of interest with respect to debit balances and credit balances under such
arrangements; provided that the assets subject to any such Lien shall be limited to the assets held from time to time at the financial institution providing such cash management arrangements; 

(20) Liens arising in the ordinary course of business solely with respect to cash and Cash Equivalents in favor of a creditor
depositary institution solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds
maintained with such creditor depository institution, provided that such deposit account is not intended by the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries, as the case may be, to provide collateral to the depository
institution; 
 (21) Liens not otherwise permitted under Section 6.06 with respect to obligations
that do not exceed $10.0 million at any one time outstanding; 
 (22) (x) any Lien on the assets of a Foreign Subsidiary
and (y) Permitted Receivables Liens securing Indebtedness permitted by clause (xiv) of the definition of Permitted Debt; 

(23) (a) leases, licenses, subleases or sublicenses granted to other Persons in the ordinary course of business which do not
(i) interfere in any material respect with the business of the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries or (ii) secure any Indebtedness for borrowed money or (b) the rights reserved or vested in any
Person by the terms of any lease, license, franchise, grant or permit held by the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant or permit,
or to require annual or periodic payments as a condition to the continuance thereof; 

  
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 (24) Liens arising out of conditional sale, title retention, consignment or
similar arrangements for sale of goods entered into by the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries in the ordinary course of business not prohibited by this Agreement to the extent such Liens do not attach to any
assets other than the goods subject to such arrangements and are not intended as security for financing transactions; and 

(25) any Lien on accounts receivable arising from transactions permitted by the terms of this Agreement to be incurred pursuant
to clause (x) of the definition of Permitted Debt and/or transactions permitted under clause (5) in the exclusion in the definition of Asset Sales. 

“Permitted Payments to Parent” shall mean: 

(1) payments to any direct or indirect parent companies of Pyxus Holdings (including any applicable Parent Guarantor) in
amounts required to pay fees and expenses (including franchise or similar taxes) required to maintain their corporate existence, to pay customary salary, bonus and other benefits payable to officers and employees of any such parent of Pyxus Holdings
and to pay general corporate overhead expenses of any such parent of Pyxus Holdings (including relating to such parent’s financial reporting obligations); and 

(2) for so long as Pyxus Holdings is a member of a group filing a consolidated or combined tax return with such parent
companies, payments to such parent companies in respect of an allocable portion of the tax liabilities of such group that is attributable to New Pyxus Topco, Pyxus Holdings and their Subsidiaries (“Tax Payments”). The Tax
Payments shall not exceed the lesser of (i) the amount of the relevant tax (including any penalties and interest) that New Pyxus Topco or Pyxus Holdings would owe if New Pyxus Topco or Pyxus Holdings were filing a separate tax return (or a
separate consolidated or combined return with its Subsidiaries that are members of the consolidated or combined group), taking into account any carryovers and carrybacks of tax attributes (such as net operating losses) of the Parent Guarantors,
Pyxus Holdings and such Subsidiaries from other taxable years and (ii) the net amount of the relevant tax that such parent companies actually owe to the appropriate taxing authority. Any Tax Payments received from New Pyxus Topco or Pyxus
Holdings shall be paid over to the appropriate taxing authority within 30 days of such parent companies’ receipt of such Tax Payments or refunded to Pyxus Holdings. 

“Permitted Receivables Liens” shall mean Liens on accounts receivable of Alliance One International, LLC and related
collections accounts securing, and financed by, Indebtedness of Foreign Subsidiaries incurred under the TDB Facility pursuant to clause (xiv) of the definition of Permitted Debt. 

“Permitted Refinancing Indebtedness” shall mean any Indebtedness of the Borrower, any Parent Guarantor or any of their
Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other Indebtedness of the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries (other
than intercompany Indebtedness); provided that: 
 (1) the principal amount (or accreted value, if applicable) of such
Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued interest on the Indebtedness and the
amount of all fees and expenses, including premiums, incurred in connection therewith); 

  
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 (2) such Permitted Refinancing Indebtedness has a final maturity date later
than the final maturity date of, and has a Weighted Average Life to Maturity that is (a) equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged
or (b) more than 90 days after the Stated Maturity Date; 
 (3) if the Indebtedness being renewed, refunded, refinanced,
replaced, defeased or discharged is subordinated in right of payment to the Credit Facility, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Credit Facility on terms at least as favorable to the Lenders as those
contained in the documentation governing the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; and 

(4) such Indebtedness is incurred either by the Borrower, a Parent Guarantor or a Restricted Subsidiary of the Borrower or a
Parent Guarantor that was the obligor on the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged and is guaranteed only by Persons who were obligors on the Indebtedness being renewed, refunded, refinanced, replaced,
defeased or discharged. 
 “Person” or “person” shall mean any individual, corporation,
partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited partnership, limited liability partnership, limited or unlimited liability company or government or other entity. 

“Plan” shall mean an “employee benefit plan” as defined in Section 3(3) of ERISA (other than a
Multiemployer Plan) maintained, sponsored or contributed to by the Borrower, any Parent Guarantor or any of their Subsidiaries or with respect to which the Borrower, any Parent Guarantor or any of their Subsidiaries has any liability (including on
account of an ERISA Affiliate). 
 “Platform” shall have the meaning assigned to such term in
Section 9.01. 
 “pledge” shall include any pledge or charge of any asset. 

“Prime Rate” shall mean the rate of interest per annum publicly announced from time to time by The Wall Street Journal
as the “Prime Rate” in the United States (or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected
Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by
the Administrative Agent)); each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“Pro Forma Cost Savings” shall mean, with respect to any four-quarter period, the reduction in net costs and expenses
that: 
 (1) were directly attributable to an acquisition, Investment, disposition, merger, consolidation or discontinued
operation or other specified action that occurred during the four-quarter period or after the end of the four-quarter period and on or prior to the Calculation Date, and that would properly be reflected in a pro forma income statement prepared in
accordance with Regulation S-X under the Securities Act; 
 (2) were actually
implemented prior to the Calculation Date, in connection with or as a result of an acquisition, Investment, disposition, merger, consolidation or discontinued operation or other specified action and that are supportable and quantifiable by the
underlying accounting records; or 

  
 33 

 (3) relate to an acquisition, Investment, disposition, merger, consolidation
or discontinued operation or other specified action and that are reasonably expected to be realized within 12 months of the date of the closing of the acquisition, Investment, disposition, merger, consolidation or discontinued operation or specified
action. 
 “Public Lender” shall have the meaning assigned to such term in Section 9.01.

 “Qualifying Equity Interests” shall mean Equity Interests of New Pyxus Topco other than Disqualified Stock. 

“Real Property” of any Person shall mean all the right, title, and interest of such Person in and to land,
improvements and fixtures thereon, including freeholds and Leaseholds. 
 “Recipient” shall mean (a) the
Administrative Agent or (b) any Lender, as applicable. 
 “Recovery Event” shall mean the receipt by the
Borrower, any Parent Guarantor or any of their Restricted Subsidiaries of any cash insurance proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of their
respective property or assets. 
 “Reference Time” shall mean with respect to any setting of the then-current
Benchmark (1) if such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago time) on the day that is two Business Days preceding the date of such setting or (2) if such Benchmark is not the Term SOFR Rate, the time determined by the
Administrative Agent in its reasonable discretion. 
 “Refinancing Lenders” shall have the meaning assigned to such
term in the Restatement Agreement. 
 “Register” shall have the meaning assigned to such term in
Section 9.04(d). 
 “Regulation T” shall mean
Regulation T of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 

“Regulation U” shall mean Regulation U of the Board as from time to time in
effect and all official rulings and interpretations thereunder or thereof. 

“Regulation X” shall mean Regulation X of the Board as from time to time in
effect and all official rulings and interpretations thereunder or thereof. 
 “Related Parties” shall mean, with
respect to any specified person, such person’s Affiliates and the respective directors, trustees, officers, employees, agents and advisors (including its attorneys and financial advisors) of such person and such person’s Affiliates. 

“Release” or “Released” shall mean disposing, discharging, injecting, spilling, pumping,
leaking, leaching, dumping, emitting, escaping, emptying, pouring, seeping, migrating or the like, into or upon any land or water or air, or otherwise entering into the environment. 

  
 34 

 “Relevant Governmental Body” shall mean the Federal Reserve Board
and/or the NYFRB, the CME Term SOFR Administrator, as applicable, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto. 

“Reportable Event” shall mean an event described in Section 4043(c) of ERISA with respect to a Plan that is
subject to Title IV of ERISA other than those events as to which the 30-day notice period is waived under applicable regulations. 

“Required Lenders” shall mean, at any time, (a) Lenders having more than 50% of all Loans and Commitments
outstanding at such time and (b) in any event including (x) at least two (2) unaffiliated Lenders and (y) each Lender that was a Lender as of the Closing Date and that (together with its Affiliates) has more than 35% of such
Loans and Commitments at such time. 
 “Requirement of Law” shall mean, as to any Person, each law, treaty, rule
(including rule of public policy), regulation, statute, order, executive order, ordinance, decree, determination, judgment, consent decree, writ, injunction, settlement agreement or governmental requirement enacted, promulgated, imposed or entered
into or agreed by an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Responsible Officer” of any person shall mean any executive officer, executive vice president or Financial Officer of
such person and any other officer, director or similar official thereof responsible for the administration of the obligations of such person in respect of this Agreement (including, for the avoidance of doubt, any person designated as an
“Authorized Person” by any Loan Party with respect to the Loan Documents). 
 “Restatement Agreement”
shall have the meaning assigned to such term in the Preliminary Statement. 
 “Restricted Investment” shall mean an
Investment other than a Permitted Investment. 
 “Restricted Subsidiary” of a Person shall mean any Subsidiary of
the referent Person that is not an Unrestricted Subsidiary. Unless the context otherwise requires, Restricted Subsidiary refers to a Restricted Subsidiary of the Parent Guarantors or the Borrower. 

“S&P” shall mean S&P Global Ratings, a division of S&P Global, Inc., or any successor thereto. 

“Sanctioned Country” shall mean, at any time, a country, region or territory which is itself the subject or target of
any Sanctions (at the time of this Agreement, the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, the Crimea Region of Ukraine,
Cuba, Iran, North Korea and Syria). 
 “Sanctioned Person” shall mean, at any time, (a) any Person listed in
any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union or any European
Union member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or
(b). 

  
 35 

 “Sanctions” shall mean all economic or financial sanctions or trade
embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (b) the
United Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom or (c) the Swiss government, including those administered by the Swiss State Secretariat for Economic
Affairs and the Directorate of International Law. 
 “Seasonal Subsidiary Debt” shall mean seasonal Indebtedness
(under bank facilities) incurred by the Restricted Subsidiaries of New Pyxus Topco (other than Pyxus Holdings and New Pyxus Parent) and having maturities of no more than one year. 

“SEC” shall mean U.S. Securities and Exchange Commission or any Governmental Authority succeeding to any or all of its
functions. 
 “Secured Parties” shall mean, collectively, (i) the Agents and (ii) the Lenders. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Security Documents” shall mean the Brazilian Fiduciary Assignment and the Dutch Pledge and all other security
agreements, pledge agreements, collateral assignments, mortgages, collateral trust or agency agreements, intercreditor agreements, control agreements or other grants or transfers for security executed and delivered by the Borrower or any Guarantor
creating (or purporting to create) a Lien upon Collateral in favor of the Collateral Agent, for the benefit of any of the Secured Parties, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time.

 “SOFR” shall mean a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

 “SOFR Administrator” shall mean the NYFRB (or a successor administrator of the secured overnight financing rate).

 “SOFR Administrator’s Website” shall mean the NYFRB’s website, currently at http://www.newyorkfed.org,
or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 

“SOFR Borrowing” shall mean any Borrowing of a SOFR Loan. 

“SOFR Interest” shall have the meaning assigned to such term in Section 2.06(a)(ii). 

“SOFR Loan” shall mean a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause
(c) of the definition of the term “Alternate Base Rate”. 
 “SOFR Rate Day” shall have the meaning
assigned to such term in the definition of “Daily Simple SOFR”. 
 “SPC” shall have the meaning assigned
to such term in Section 9.04(i). 
 “Specified Sales” shall mean (1) the sale,
transfer, lease or other disposition of inventory and materials in the ordinary course of business and (2) the conversion of cash into Cash Equivalents or Cash Equivalents into cash. 

“Stated Maturity” shall mean, with respect to any installment of interest or principal on any series of Indebtedness,
the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the date hereof, and will not include any contingent obligations to repay, redeem or repurchase any such interest
or principal prior to the date originally scheduled for the payment thereof. 

  
 36 

 “Subsidiary” shall mean, with respect to any specified Person: 

(1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees
of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(2) any partnership or limited liability company of which (a) more than 50% of the capital accounts, distribution rights,
total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether
in the form of membership, general, special or limited partnership interests or otherwise, and (b) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity. 

“Subsidiary Guarantor” shall mean each Subsidiary of New Pyxus Topco (other than any Parent Guarantor) that is a
“Loan Party” as defined under the Term Loan Credit Agreement as of the Closing Date and each Restricted Subsidiary of New Pyxus Topco that is or becomes a party to the Guarantee Agreement pursuant to Section 5.13,
and their respective successors and assigns, in each case, until the Guarantee of such Person has been released in accordance with the provisions of this Agreement. 

“Taxes” shall mean any and 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 Loan Credit Agreement” shall mean that certain Exit Term Loan Credit Agreement, dated as of August 24,
2020, among Pyxus Holdings, the guarantors party thereto, the lenders from time to time parties thereto, and Alter Domus (US) LLC, as administrative agent, providing for a term loan facility, including any related notes, Guarantees, collateral
documents, instruments and agreements executed in connection therewith, and, in each case, as amended, restated, modified, renewed, refunded, replaced in any manner (whether upon or after termination or otherwise and whether with the original
lenders or otherwise) or refinanced, in each case, in whole from time to time with any other term loan credit facility, including any extension of the maturity thereof or increase in the available amount of borrowings thereunder. 

“Term SOFR Determination Day” shall have the meaning assigned to such term in the definition of Term SOFR Reference
Rate. 
 “Term SOFR Rate” shall mean, with respect to any SOFR Borrowing and for any tenor comparable to the
applicable Interest Period, the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable to the applicable Interest Period, as such rate is
published by the CME Term SOFR Administrator. 

  
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 “Term SOFR Reference Rate” shall mean, for any day and time (such
day, the “Term SOFR Determination Day”), with respect to any SOFR Borrowing and for any tenor comparable to the applicable Interest Period, the rate per annum determined by the Administrative Agent as the forward-looking term
rate based on SOFR. If by 5:00 pm (New York City time) on such Term SOFR Determination Day, the “Term SOFR Reference Rate” for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date
with respect to the Term SOFR Rate has not occurred, then the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day
for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding Business Day is not more than five (5) Business Days prior to such Term SOFR Determination Day. 

“Threshold Amount” shall mean $40,000,000. 

“Total Commitment” shall have the meaning assigned to such term in the definition of “Commitment”. 

“Transaction Costs” shall mean all losses, charges, costs or expenses related to the Transactions. 

“Transactions” shall mean, collectively, (a) the execution, delivery and performance by the Loan Parties of this
Agreement and the other Loan Documents to which they are a party and the making of the Borrowings hereunder on the Closing Date, (b) all related transactions to occur on, prior to or after the Closing Date and (c) the payment of fees and
expenses related to the foregoing and the Existing Credit Agreement. 
 “Type” when used in respect of any Loan or
Borrowing, shall refer to the Rate by reference to which interest on such Loan or on the Loans comprising such Borrowing is determined. For purposes hereof, the term “Rate” shall mean the Adjusted Term SOFR Rate and the
Alternate Base Rate. 
 “U.S. Government Securities Business Day” shall mean any day except for (i) a Saturday,
(ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government
securities. 
 “UK Legal Reservations” shall mean, in the case of any UK Loan Party or any Loan Document governed by
English law or to which a UK Loan Party is party: (i) the principle that certain remedies may be granted or refused at the discretion of the court, the limitation of enforcement by laws relating to bankruptcy, insolvency, liquidation,
reorganisation, court schemes, moratoria, administration and other laws generally affecting the rights of creditors and secured creditors; (ii) the time barring of claims under applicable limitation laws and defences of acquiescence, set off or
counterclaim and the possibility that an undertaking to assume liability for or to indemnify a person against non-payment of stamp duty may be void; (iii) the principle that in certain circumstances
Collateral granted by way of fixed charge may be recharacterised as a floating charge or that Collateral purported to be constituted as an assignment may be recharacterised as a charge; (iv) the principle that additional interest imposed
pursuant to any relevant agreement may be held to be unenforceable on the grounds that it is a penalty and thus void; (v) the principle that a court may not give effect to an indemnity for legal costs incurred by an unsuccessful litigant;
(vi) the principle that the creation or purported creation of Collateral over any contract or agreement which is subject to a prohibition on transfer, assignment or charging may be void, ineffective or invalid and may give rise to a breach of
the contract or agreement over which Collateral has purportedly been created; (vii) similar principles, rights and defences under the laws of any relevant jurisdiction; (viii) the making or the procuring of the appropriate registrations,
filing, endorsements, notarization, stampings and/or notifications of the Security Documents and/or the Collateral created thereunder and (ix) any other matters which are set out as qualifications or reservations (however described) as to
matters of law in any legal opinion delivered to the Administrative Agent or Collateral Agent pursuant to any Loan Document. 

  
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 “UK Loan Party” and “UK Loan Parties” shall
mean any Loan Party or Loan Parties organized or existing under the laws of the United Kingdom, including of England and Wales or Scotland. 

“Unadjusted Benchmark Replacement” shall mean the applicable Benchmark Replacement excluding the related
Benchmark Replacement Adjustment. 
 “Uncommitted Inventories” shall mean tobacco inventories for which the
Borrower, any Parent Guarantor or any of their Restricted Subsidiaries has not received a Confirmed Order, which such inventories are reflected on the books and records of the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries as
uncommitted inventories in accordance with GAAP. 
 “Underlying Debt” shall mean, in relation to the Borrower and
each Guarantor and at any given time, each obligation (whether present or future, actual or contingent) owing by the Borrower or any Guarantor to a Lender under the Loan Documents (including, for the avoidance of doubt, any change or increase in
those obligations pursuant to or in connection with any amendment or supplement or restatement or novation of any Loan Document, in each case whether or not anticipated as of the date of this Agreement) excluding the Borrower’s and each
Guarantor’s Dutch Parallel Debts. 
 “Unfunded Pension Liability” of any Plan subject to Title IV of ERISA
shall mean the amount, if any, by which the value of the accumulated plan benefits under such Plan determined on a plan termination basis in accordance with actuarial assumptions at such time consistent with those prescribed by the PBGC for purposes
of Section 4044 of ERISA, exceeds the Fair Market Value of all plan assets allocable to such liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions). 

“Unrestricted Subsidiary” shall mean any Subsidiary of the Borrower or a Parent Guarantor that is designated by the
Board of Directors of New Pyxus Topco as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors of New Pyxus Topco, but only to the extent that such Subsidiary: 

(1) except as permitted under Section 6.05, is not party to any agreement, contract, arrangement or
understanding with the Borrower, any Parent Guarantor or any Restricted Subsidiary thereof unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Borrower, such Parent Guarantor or such Restricted
Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Borrower or such Parent Guarantor; 

(2) is a Person with respect to which neither the Borrower, any Parent Guarantor nor any of their Restricted Subsidiaries has
any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 

(3) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Borrower, any
Parent Guarantor or any of their Restricted Subsidiaries. 
 “U.S. Person” shall mean any Person that is a
“United States Person” as defined in Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance
Certificate” has the meaning specified in Section 2.20(e). 

  
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 “USA PATRIOT Act” shall mean The Uniting and Strengthening America
by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)). 

“Voting Stock” of any specified Person as of any date shall mean the Capital Stock of such Person that is at the time
entitled to vote in the election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity”
shall mean, when applied to any Indebtedness at any date, the number of years obtained by dividing: 
 (1) 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 of the Indebtedness, 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 

(2) the then outstanding principal amount of such Indebtedness. 

“Withholding Agent” shall mean any Loan Party or the Administrative Agent. 

SECTION 1.02 Terms Generally. The definitions in Section 1.01 shall apply equally to both 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”; and the words “asset” and “property” shall be
construed as having 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. All references herein to Articles, Sections, Exhibits and Schedules
shall be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. Except as otherwise expressly provided herein, any reference in this Agreement to any Loan Document
shall mean such document as amended, restated, supplemented or otherwise modified from time to time. The financial statements to be furnished to the Lenders pursuant hereto shall be made and prepared in accordance with GAAP applied on a basis
consistent with the most recent audited consolidated financial statements of Pyxus Holdings delivered to the Lenders prior to the Closing Date (except as set forth in the notes thereto or as otherwise disclosed in writing by Pyxus Holdings to the
Lenders); provided that, (i) notwithstanding anything to the contrary contained herein, all such financial statements shall be prepared without giving effect to any election under FASB ASC 825 (or any similar accounting principle permitting a
Person to value its financial liabilities at the fair value thereof), and (ii) except as otherwise set forth herein, no Person that is a Minority Interest Consolidated Entity shall be consolidated with the Borrower, the Parent Guarantors and
their Subsidiaries for purposes of such financial statements. 
 SECTION 1.03 Dutch Terms. Without prejudice to the
generality of any provision in this Agreement, where it relates to the Borrower, a reference to: 
 (a) unless a contrary
indication appears, a director, means a managing director (bestuurder) and board of directors means its managing board (bestuur); 

(b) an officer shall, with respect to the Borrower, mean any board member authorized to represent the Borrower; 

  
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 (c) its constitutional documents includes its deed of incorporation (akte
van oprichting), its articles of association (statuten) and an extract from the trade registry (handelsregister) kept by the Chamber of Commerce (Kamer van Koophandel) relating to that person, as in force from
time to time; 
 (d) a security interest, security or lien includes any mortgage (hypotheek),
pledge (pandrecht), and, in general, any right in rem (beperkt recht) created for the purpose of granting security (goederenrechtelijk zekerheidsrecht); 

(e) a liquidation, administration or dissolution includes being declared bankrupt (faillissement)
and dissolution (ontbinding); 
 (f) bankruptcy includes voorlopige surseance van betaling, surseance
van betaling and faillissement; 
 (g) a moratorium, composition, assignment or similar arrangement with
any creditor includes an akkoord; 
 (h) any procedure or step taken in connection with insolvency proceedings
includes the Dutch Obligor having filed a notice under Section 36 of the Tax Collection Act of the Netherlands (Invorderingswet 1990) or Section 60 of the Social Insurance Financing Act of the Netherlands (Wet Financiering
Sociale Verzekeringen) in conjunction with Section 36 of the Tax Collection Act of the Netherlands (Invorderingswet 1990); 

(i) an attachment includes a conservatoir beslag and executoriaal beslag; 

(j) an administrator, liquidator, receiver, or custodian includes a bewindvoerder and a
curator; and 
 (k) an insolvency proceedings includes any insolvency proceedings within the meaning of the
Insolvency Regulation listed or to be listed in Annex A thereto or any proceeding under the Dutch Act on the Confirmation of Private Restructuring Plans (Wet Homologatie Onderhands Akkoord). 

SECTION 1.04 Timing of Payment or Performance. Except as otherwise provided herein, when the payment of any obligation or
the performance of any covenant, duty, or obligation is stated to be due or performance required on (or before) a day which is not a Business Day, the date of such payment or performance shall extend to the immediately succeeding Business Day, and
such extension of time shall be reflected in computing interest or fees, as the case may be. 
 SECTION 1.05 LLC
Division. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (including any LLC Division, or any comparable event under a different jurisdiction’s laws, as applicable):
(a) if any asset, right, obligation or liability of any person becomes the asset, right, obligation or liability of a different person, then it shall be deemed to have been transferred from the original person to the subsequent person, and
(b) if any new person comes into existence, such new person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time. 

  
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 SECTION 1.06 Calculations. 

(a) Any calculation or measure that is determined with reference to Pyxus Holdings’ and/or the Restricted
Subsidiaries’ financial statements (including, without limitation, Consolidated EBITDA, consolidated interest expense, Consolidated Net Income, Consolidated Net Worth, Consolidated Tangible Net Worth, Eligible Inventory, Eligible Receivables,
Fixed Charge Coverage Ratio, Fixed Charges and clause (iii)(A) of the second paragraph under Section 6.01(a)) may be determined with reference to New Pyxus Topco’s financial information at the election of New Pyxus
Topco. 
 (b) To the extent that any capacity under any basket under the Existing Credit Agreement is used as of immediately
prior to the Closing Date, the corresponding basket hereunder shall be deemed to be used to the same extent as of the Closing Date, and availability under such baskets hereunder shall be reduced accordingly. 

ARTICLE II 
 The
Credits 
 SECTION 2.01 Commitments. 

(a) Subject to the terms and conditions set forth herein and in the Restatement Agreement, each Refinancing Lender agrees,
severally and not jointly, to make Loans in dollars to the Borrower in a single draw on (and subject to the occurrence of) the Closing Date, in an aggregate principal amount equal to such Refinancing Lender’s Commitment as of such date (prior
to giving effect to the making of such Loans). Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be reborrowed. 

SECTION 2.02 Loans. 

(a) Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with their
applicable Commitments as set forth in Section 2.01; provided, however, that the failure of any Lender to make any Loan shall not in itself relieve any other Lender of its obligation to lend hereunder (it
being understood, however, that no Lender shall be responsible for the failure of any other Lender to make any Loan required to be made by such other Lender). 

(b) Subject to Sections 2.08 and 2.15, each Borrowing shall be comprised entirely of ABR Loans
or SOFR Loans as the Borrower may request pursuant to Section 2.03. Each Lender may at its option make any SOFR Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided
that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. Borrowings of more than one Type may be outstanding at the same time. For purposes of the foregoing,
Borrowings having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Borrowings. 

(c) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds to such account in New York City as the Administrative Agent may designate not later than 2:00 p.m., New York City time, and the Administrative Agent shall promptly wire the amounts so received in accordance with the instructions
provided to (and reasonably acceptable to) the Administrative Agent by the Borrower. 

  
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 (d) Unless the Administrative Agent shall have received notice from a Lender
prior to the date of any proposed Borrowing that such Lender will not make available to the Administrative Agent such Lender’s portion of such Borrowing, the Administrative Agent may assume that such Lender has made such portion available to
the Administrative Agent on the date of such Borrowing in accordance with paragraph(c) above and the Administrative Agent may, but shall not be obligated to, in reliance upon such assumption, make available to the Borrower on such date a
corresponding amount. If the Administrative Agent shall have so made funds available then, to the extent that any Lender shall not have made such portion available to the Administrative Agent, such Lender agrees to repay to the Administrative Agent
forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower to but excluding the date such amount is repaid to the Administrative Agent at a rate determined
by the Administrative Agent to represent its cost of overnight or short-term funds (which determination shall be conclusive absent manifest error). If such Lender shall not repay to the Administrative Agent such corresponding amount within three
Business Days after demand by the Administrative Agent, then the Administrative Agent shall be entitled to recover such amount with interest thereon at the rate per annum equal to the interest rate applicable at the time to the Loans comprising such
Borrowing, on demand, from the Borrower. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount shall constitute such Lender’s Loan as part of such Borrowing for purposes of this Agreement. 

SECTION 2.03 Borrowing Procedure. In order to request the Borrowing to be made on the Closing Date, the Borrower shall
deliver a fully executed Borrowing Request to the Administrative Agent by 2:00 p.m., New York City time, not less than three Businesss Days before such proposed Borrowing. Such Borrowing Request shall be irrevocable and shall specify the following
information: (i) whether the Borrowing then being requested is to be a SOFR Borrowing or an ABR Borrowing; (ii) the date of such Borrowing (which shall be a Business Day); (iii) the number and location of the account to which funds
are to be disbursed; (iv) the amount of such Borrowing; and (v) if such Borrowing is to be a SOFR Borrowing, the Interest Period with respect thereto. If no election as to the Type of Borrowing is specified in any such notice, then the
requested Borrowing shall be an ABR Borrowing. If no Interest Period with respect to any SOFR Borrowing is specified in any such notice, the Borrower shall be deemed to have selected an Interest Period of one month’s duration. The
Administrative Agent shall promptly advise the applicable Lenders of any notice given pursuant to this Section 2.03 (and the contents thereof), and of each Lender’s portion of the requested Borrowing. 

SECTION 2.04 Evidence of Debt; Repayment of Loans. 

(a) The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the
principal amount of each Loan of such Lender as provided in Section 2.11. 
 (b) Each Lender shall
maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable
and paid to such Lender from time to time under this Agreement. 
 (c) The Administrative Agent shall maintain accounts in
which it will record (i) the amount of each Loan made or exchanged hereunder, the Type thereof and, if applicable, the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and
payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower, any Parent Guarantor or any Subsidiary Guarantor and each Lender’s share thereof. 

  
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 (d) The entries made in the accounts maintained pursuant to
paragraphs (b) and (c) above shall be prima facie evidence of the existence and amounts of the obligations therein recorded; provided, however, that the failure of any Lender or the Administrative
Agent to maintain such accounts or any error therein shall not in any manner affect the obligations of the Borrower to repay the Loans in accordance with their terms. In the event of any conflict between the accounts maintained pursuant to
paragraph (b) or (c) above, the accounts maintained by the Administrative Agent pursuant to paragraph (c) shall control. 

(e) Any Lender may request that Loans made by it hereunder be evidenced by a promissory note. In such event, the Borrower shall
execute and deliver to such Lender a promissory note payable to such Lender and its registered assigns and in a form and substance reasonably acceptable to the Administrative Agent and the Borrower. Notwithstanding any other provision of this
Agreement, in the event any Lender shall request and receive such a promissory note, the interests represented by such note shall at all times (including after any assignment of all or part of such interests pursuant to
Section 9.04) be represented by one or more promissory notes payable to the payee named therein or its registered assigns. 

SECTION 2.05 Fees. 

(a) The Borrower agrees to pay to the Administrative Agent, for its own account, the administrative fees set forth in the Agent
Fee Letter at the times and in the amounts specified therein. 
 (b) The Borrower agrees to pay to the Administrative Agent
for the ratable account of each Lender on the Closing Date, an upfront fee in an amount equal to 3.00% of the Total Commitment, which fee shall be earned, due, and payable in cash on the Closing Date; provided that, at the option of each
Lender, such fee may be netted from the proceeds of the Loans advanced by such Lender on the Closing Date (or may take the form of original issue discount). 

(c) The Borrower agrees to pay to the Administrative Agent for the ratable account of each Lender on the Closing Date, a
closing fee in an amount equal to 1.00% of the Total Commitment, which fee shall be earned, due, and payable in cash on the Closing Date; provided that, at the option of each Lender, such fee may be netted from the proceeds of the Loans
advanced by such Lender on the Closing Date (or may take the form of original issue discount). 
 (d) Upon any prepayment or
repayment of the Loans that occurs after the date that is twelve months from the Closing Date (whether such prepayment or repayment is voluntary or mandatory, or is paid pursuant to or following the acceleration of the Loans (whether automatically
upon an insolvency event or otherwise), on the Maturity Date or otherwise), the Borrower agrees to pay to the Administrative Agent for the ratable account of each Lender a repayment fee in an amount equal to 2.00% of the principal amount of such
prepayment or repayment of the Loans, which fee shall be earned on the date immediately following the date that is twelve months from the Closing Date and shall be due and payable in cash on each applicable date of prepayment or repayment of the
Loans occurring after the date that is twelve months from the Closing Date. 
 SECTION 2.06 Interest on Loans. 

(a) Interest. 

(i) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing shall bear
interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be) at a rate per annum equal to the Alternate Base Rate plus the Interest Applicable Percentage in effect from time to time (such
interest, “ABR Interest”). 

  
 44 

 (ii) Subject to the provisions of Section 2.07,
the Loans comprising each SOFR Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted Term SOFR Rate for the Interest Period in effect for such
Borrowing plus the Interest Applicable Percentage in effect from time to time (such interest, “SOFR Interest”, and together with ABR Interest, “Interest”). 

(iii) Interest on each Loan shall be payable in cash in arrears on each Interest Payment Date. The applicable Alternate Base
Rate or Adjusted Term SOFR Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

(b) [Reserved]. 

SECTION 2.07 Default Interest. At all times during which an Event of Default is continuing, the Borrower shall pay interest
on all unpaid Obligations hereunder at a rate per annum (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when determined by reference to the Prime Rate and over a year of 360 days at all
other times) equal to 2.00% per annum above the then-applicable rate. 
 SECTION 2.08 Alternate Rate of Interest. 

(a) Subject to clauses (b), (c), (d), (e) and (f) of this Section 2.08, if: 

(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the
commencement of any Interest Period for a SOFR Borrowing, that adequate and reasonable means do not exist for ascertaining the Adjusted Term SOFR Rate or the Term SOFR Rate (including because the Term SOFR Reference Rate is not available or
published on a current basis), for such Interest Period and (B) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Adjusted Daily Simple SOFR, Daily Simple SOFR; or 

(ii) the Administrative Agent is advised by the Required Lenders that (A) prior to the commencement of any Interest Period
for a SOFR Borrowing, the Adjusted Term SOFR Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest
Period and (B) at any time, Adjusted Daily Simple SOFR will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing; 

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or electronic mail as promptly as
practicable thereafter and, until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a
new notice pursuant to Section 2.10, any notice pursuant to Section 2.10 that requests the conversion of any Borrowing to, or continuation of any 

  
 45 

 
Borrowing as, a SOFR Borrowing shall instead be deemed to be a notice pursuant to Section 2.10 for an ABR Borrowing. If any SOFR Loan is outstanding on the date of
the Borrower’s receipt of the notice from the Administrative Agent referred to in this Section 2.08(a) with respect to a rate applicable to such SOFR Loan, then until (x) the Administrative Agent notifies the
Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new notice pursuant to Section 2.10, any SOFR Loan shall
on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, (x) a Borrowing bearing interest based
upon the Adjusted Daily Simple SOFR, if the Adjusted Daily Simple SOFR is not also the subject of Section 2.08(a)(i) or (ii) above or (y) an ABR Loan if the Adjusted Daily Simple SOFR also is the subject of
Section 2.08(a)(i) or (ii) above, on such day. 
 (b) Notwithstanding anything to the
contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark
Replacement is determined in accordance with clause (1) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any
other Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark
Replacement is determined in accordance with clause (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any
other Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further
action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required
Lenders. 
 (c) Notwithstanding anything to the contrary herein or in any other Loan Document, the Administrative Agent, in
consultation with the Borrower, will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark
Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. 

(d) The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark
Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause
(f) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to
this Section 2.08, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to
take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document,
except, in each case, as expressly required pursuant to this Section 2.08. 

  
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 (e) Notwithstanding anything to the contrary herein or in any other Loan
Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate) and either (A) any tenor for such Benchmark is not displayed on
a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public
statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or
after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or
information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the
Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor. 

(f) Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may
revoke any request for any conversion to or continuation of SOFR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have made a request for a conversion to (A) a
Borrowing of Loans bearing interest based on the Adjusted Daily Simple SOFR, if Adjusted Daily Simple SOFR is not the subject of a Benchmark Transition Event or (B) an ABR Borrowing if the Adjusted Daily Simple SOFR is the subject of a
Benchmark Transition Event. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Alternate Base Rate based upon the then-current Benchmark or such tenor
for such Benchmark, as applicable, will not be used in any determination of ABR. Furthermore, if any SOFR Loan is outstanding on the date of the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period with respect
to the rate applicable to such SOFR Loan, then until such time as a Benchmark Replacement is implemented pursuant to this Section 2.08, any SOFR Loan shall on the last day of the Interest Period applicable to such Loan (or
the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, (x) a Borrowing of Loans bearing interest based on the Adjusted Daily Simple SOFR, if Adjusted Daily Simple
SOFR is not the subject of a Benchmark Transition Event or (y) an ABR Loan if the Adjusted Daily Simple SOFR is the subject of a Benchmark Transition Event, on such day. 

SECTION 2.09 Termination of Commitments. The Commitments shall be automatically terminated immediately after the funding of
Loans pursuant to Section 2.01 on the Closing Date. 
 SECTION 2.10 Conversion and Continuation of
Borrowings. The Borrower shall have the right at any time upon prior written irrevocable notice to the Administrative Agent (a) not later than 11:00 a.m., New York City time, one Business Day prior to the date of conversion, to convert
any SOFR Borrowing into an ABR Borrowing, (b) not later than 12:00 (noon), New York City time, three Business Days prior to conversion or continuation, to convert any ABR Borrowing into a SOFR Borrowing or to continue any SOFR Borrowing as a
SOFR Borrowing for an additional Interest Period, and (c) not later than 12:00 (noon), New York City time, three Business Days prior to conversion, to convert the Interest Period with respect to any SOFR Borrowing to another permissible
Interest Period, subject in each case to the following: 
 (i) each conversion or continuation shall be made pro rata among
the Lenders in accordance with the respective principal amounts of the Loans comprising the converted or continued Borrowing; 

  
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 (ii) each conversion shall be effected by each Lender and the Administrative
Agent by recording for the account of such Lender the new Loan of such Lender resulting from such conversion and reducing the Loan (or portion thereof) of such Lender being converted by an equivalent principal amount; 

(iii) if any SOFR Borrowing is converted at a time other than the end of the Interest Period applicable thereto, the Borrower
shall pay, upon demand, any amounts due to the Lenders pursuant to Section 2.16; 
 (iv) any
portion of a Borrowing of any Loans maturing or required to be repaid in less than one month may not be converted into or continued as a SOFR Borrowing; 

(v) any portion of a SOFR Borrowing that cannot be converted into or continued as a SOFR Borrowing by reason of the immediately
preceding clause shall be automatically converted at the end of the Interest Period in effect for such Borrowing into an ABR Borrowing; and 

(vi) upon notice to the Borrower from the Administrative Agent given at the request of the Required Lenders, after the
occurrence and during the continuance of a Default or Event of Default, no outstanding Loan may be converted into, or continued as, a SOFR Loan. 

Each notice pursuant to this Section 2.10 shall be irrevocable and shall refer to this Agreement and specify
(i) the identity and amount of the Borrowing that the Borrower requests be converted or continued, (ii) whether such Borrowing is to be converted to or continued as a SOFR Borrowing or an ABR Borrowing and (iii) if such notice
requests a conversion, the date of such conversion (which shall be a Business Day). The Administrative Agent shall advise the Lenders of any notice given pursuant to this Section 2.10 and of each Lender’s portion of
any converted or continued Borrowing. If the Borrower shall not have given notice in accordance with this Section 2.10 to continue any SOFR Borrowing into a subsequent Interest Period (and shall not otherwise have given
notice in accordance with this Section 2.10 to convert such Borrowing), such Borrowing shall, at the end of the Interest Period applicable thereto (unless repaid pursuant to the terms hereof), automatically be continued as
a SOFR Borrowing with an Interest Period of one month. 
 SECTION 2.11 Repayment of Borrowings. 

(a) The Borrower shall pay to the Administrative Agent, for the account of the Lenders, on the Maturity Date, the aggregate
principal amount of all Loans outstanding on such date, together with accrued and unpaid interest thereon to but excluding the date of such payment. 

(b) All repayments pursuant to this Section 2.11 shall be subject to
Section 2.05(d) and Section 2.16, but shall otherwise be without premium or penalty. 

SECTION 2.12 Optional Prepayment. 

(a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, upon
prior written notice to the Administrative Agent received before 11:00 a.m., New York City time at least three Business Days’ in advance of the prepayment date in the case of SOFR Loans, or at least one Business Day in advance of the prepayment
date in the case of ABR Loans; provided, however, that each partial prepayment shall be in an amount that is an integral multiple of $1,000,000 or, if less, the entire principal amount thereof then outstanding. 

  
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 (b) Optional prepayments of Loans shall be paid to the Lenders in accordance
with their respective pro rata share of the outstanding Loans at the time. 
 (c) Each notice of prepayment shall specify the
prepayment date and the principal amount of each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the Borrower to prepay such Borrowing in the amount stated therein on the date stated therein; provided that
a notice of prepayment may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or any other event, in which case such notice may be revoked by the Borrower (by notice to the
Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. All prepayments under this Section 2.12 shall be subject to Section 2.05(d) and
Section 2.16 but shall otherwise be without premium or penalty. All prepayments under this Section 2.12 shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to
but excluding the date of payment. 
 SECTION 2.13 [Reserved]. 

SECTION 2.14 Reserve Requirements; Change in Circumstances. 

(a) Notwithstanding any other provision of this Agreement, if any Change in Law shall impose, modify or deem applicable any
reserve, special deposit or similar requirement against assets of, deposits with or for the account of or credit extended by any Lender (except any such reserve requirement which is reflected in the Adjusted Term SOFR Rate), shall subject any Lender
or the Administrative Agent to any Taxes (other than (i) Indemnified 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 (ii) Excluded Taxes) on its Loans,
Commitments or other obligations or its deposits, reserves, other liabilities or capital attributable thereto or shall impose on such Lender any other condition affecting this Agreement or SOFR Loans made by such Lender, and the result of any of the
foregoing shall be to increase the cost to such Lender of making or maintaining any SOFR Loan or increase the cost to any Lender of purchasing or maintaining a participation therein or to reduce the amount of any sum received or receivable by such
Lender hereunder (whether of principal, interest or otherwise) by an amount deemed by such Lender to be material, then the Borrower will pay to such Lender from time to time such additional amount or amounts as will compensate such Lender for such
additional costs incurred or reduction suffered. 
 (b) If any Lender shall have determined that any Change in Law regarding
capital adequacy or liquidity has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made pursuant
hereto to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with
respect to capital adequacy or liquidity) by an amount deemed by such Lender to be material, then from time to time the Borrower shall pay to such Lender, as the case may be, such additional amount or amounts as will compensate such Lender or such
Lender’s holding company for any such reduction suffered. 
 (c) A certificate of a Lender setting forth the amount or
amounts necessary to compensate such Lender or its holding company, as applicable, as specified in paragraph (a) or (b) above shall be delivered to the Borrower and shall be conclusive absent manifest error. The
Borrower shall pay such Lender the amount shown as due on any such certificate delivered by it within 30 days after its receipt of the same. 

  
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 (d) Failure or delay on the part of any Lender to demand compensation for
any increased costs or reduction in amounts received or receivable or reduction in return on capital shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be under any
obligation to compensate any Lender under paragraph (a) or (b) above with respect to increased costs or reductions with respect to any period prior to the date that is 180 days prior to such request if such
Lender knew or could reasonably have been expected to know of the circumstances giving rise to such increased costs or reductions and of the fact that such circumstances would result in a claim for increased compensation by reason of such increased
costs or reductions; provided, further, that the foregoing limitation shall not apply to any increased costs or reductions arising out of the retroactive application of any Change in Law within such
180-day period. The protection of this Section 2.14 shall be available to each Lender regardless of any possible contention of the invalidity or inapplicability of the Change in Law
that shall have occurred or been imposed. 
 SECTION 2.15 Change in Legality. 

(a) Notwithstanding any other provision of this Agreement, if any Change in Law shall make it unlawful for any Lender to make
or maintain any SOFR Loan or to give effect to its obligations as contemplated hereby with respect to any SOFR Loan, then, by written notice to the Borrower and to the Administrative Agent: 

(i) such Lender may declare that SOFR Loans will not thereafter (for the duration of such unlawfulness) be made by such Lender
hereunder (or be continued for additional Interest Periods) and ABR Loans will not thereafter (for such duration) be converted into SOFR Loans, whereupon any request for a SOFR Borrowing (or to convert an ABR Borrowing to a SOFR Borrowing or to
continue a SOFR Borrowing for an additional Interest Period) shall, as to such Lender only, be deemed a request for an ABR Loan (or a request to continue an ABR Loan as such for an additional Interest Period or to convert a SOFR Loan into an ABR
Loan, as the case may be), unless such declaration shall be subsequently withdrawn; and 
 (ii) such Lender may require that
all outstanding SOFR Loans made by it be converted to ABR Loans, in which event all such SOFR Loans shall be automatically converted to ABR Loans as of the effective date of such notice as provided in paragraph (b) below.

 In the event any Lender shall exercise its rights under (i) or (ii) above, all payments and prepayments of
principal that would otherwise have been applied to repay the SOFR Loans that would have been made by such Lender or the converted SOFR Loans of such Lender shall instead be applied to repay the ABR Loans made by such Lender in lieu of, or resulting
from the conversion of, such SOFR Loans. 
 (b) For purposes of this Section 2.15, a notice to the
Borrower by any Lender shall be effective as to each SOFR Loan made by such Lender, if lawful, on the last day of the Interest Period then applicable to such SOFR Loan; in all other cases such notice shall be effective on the date of receipt by the
Borrower. 

  
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 SECTION 2.16 Indemnity. The Borrower shall indemnify each Lender against
any loss or expense (but not against any lost profits) that such Lender may sustain or incur as a consequence of (a) any event, other than a default by such Lender in the performance of its obligations hereunder, which results in (i) such
Lender receiving or being deemed to receive any amount on account of the principal of any SOFR Loan prior to the end of the Interest Period in effect therefor, (ii) the conversion of any SOFR Loan to an ABR Loan, or the conversion of the
Interest Period with respect to any SOFR Loan, in each case other than on the last day of the Interest Period in effect therefor, or (iii) any SOFR Loan to be made by such Lender (including any SOFR Loan to be made pursuant to a conversion or
continuation under Section 2.10) not being made after notice of such Loan shall have been given by the Borrower hereunder (any of the events referred to in this clause (a) being called a
“Breakage Event”) or (b) any default in the making of any payment or prepayment of any SOFR Loan required to be made hereunder. In the case of any Breakage Event, such loss shall include an amount equal to the excess, as
reasonably determined by such Lender, of (i) its cost of obtaining funds for the SOFR Loan that is the subject of such Breakage Event for the period from the date of such Breakage Event to the last day of the Interest Period in effect (or that
would have been in effect) for such Loan over (ii) the amount of interest likely to be realized by such Lender in redeploying the funds released or not utilized by reason of such Breakage Event for such period. A certificate of any Lender
setting forth any amount or amounts which such Lender is entitled to receive pursuant to this Section 2.16 shall be delivered to the Borrower and shall be conclusive absent manifest error. 

SECTION 2.17 Pro Rata Treatment. Except as required under Section 2.15 and Section 2.16,
each Borrowing, each payment or prepayment of principal of any Borrowing, each payment of interest on the Loans, each reduction of the Commitments and each conversion of any Borrowing to or continuation of any Borrowing as a Borrowing of any Type
shall be allocated pro rata among the Lenders in accordance with their respective principal amounts of their outstanding Loans or, in the case of a reduction of Commitments, their respective outstanding Commitments. Each Lender agrees that in
computing such Lender’s portion of any Borrowing to be made hereunder, the Administrative Agent may, in its discretion, round each Lender’s percentage of such Borrowing to the next higher or lower whole dollar amount. 

SECTION 2.18 Sharing of Setoffs. Each Lender agrees that if it shall, through the exercise of a right of banker’s
lien, setoff or counterclaim against the Borrower or any other Loan Party, or pursuant to a secured claim under Section 506 of Title 11 of the United States Code or other security or interest arising from, or in lieu of, such secured
claim, received by such Lender under any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means (excluding means expressly contemplated elsewhere in this Agreement), obtain payment (voluntary or involuntary) in
respect of any Loans as a result of which the unpaid principal portion of its Loans shall be proportionately less than the unpaid principal portion of the Loans of any other Lender, it shall be deemed simultaneously to have purchased from such other
Lender at face value, and shall promptly pay to such other Lender the purchase price for, a participation in the Loans of such other Lender, so that the aggregate unpaid principal amount of the Loans and participations in Loans held by each Lender
shall be in the same proportion to the aggregate unpaid principal amount of all Loans then outstanding as the principal amount of its Loans prior to such exercise of banker’s lien, setoff or counterclaim or other event was to the principal
amount of all Loans outstanding prior to such exercise of banker’s lien, setoff or counterclaim or other event; provided, however, that if any such purchase or purchases or adjustments shall be made pursuant to this
Section 2.18 and the payment giving rise thereto shall thereafter be recovered, such purchase or purchases or adjustments shall be rescinded to the extent of such recovery and the purchase price or prices or adjustment
restored without interest. The Borrower expressly consents to the foregoing arrangements and agrees that any Lender holding a participation in a Loan deemed to have been so purchased may exercise any and all rights of banker’s lien, setoff or
counterclaim with respect to any and all moneys owing by the Borrower to such Lender by reason thereof as fully as if such Lender had made a Loan directly to the Borrower in the amount of such participation. 

  
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 SECTION 2.19 Payments. 

(a) The Borrower shall make each payment (including principal of or interest on any Borrowing or any fees or other amounts)
hereunder and under any other Loan Document not later than 1:00 p.m., New York City time, on the date when due in immediately available dollars, without setoff, defense or counterclaim. Each such payment shall be made to the Administrative Agent.
The Administrative Agent shall promptly distribute to each Lender any payments received by the Administrative Agent on behalf of such Lender. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be
deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. 
 (b) Unless
the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders 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, but shall not be obligated to, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower does not
in fact make such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, and to pay 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 a rate determined by the Administrative Agent to represent its cost of overnight or short-term funds (which determination shall be conclusive absent manifest
error). 
 SECTION 2.20 Taxes. 

(a) Any and all payments by or on account of any obligation of the Borrower or any other Loan Party hereunder or under any
other Loan Document shall be made free and clear of and without deduction for any Taxes, except as required by applicable law. If any applicable law requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then
the applicable Withholding Agent shall make such deduction or withholding and shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law, and if such Tax is an Indemnified Tax, then the sum
payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.20) the Administrative Agent or Lender (as the case may
be) receives an amount equal to the sum it would have received had no such deductions been made. 
 (b) In addition, the
Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

(c) The Loan Parties shall jointly and severally indemnify the Administrative Agent and each Lender, within 10 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 2.20) that are payable or paid by the Administrative
Agent or such Lender, as the case may be, or required to be withheld or deducted from a payment to the Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender or by the
Administrative Agent on behalf of itself or a Lender, shall be conclusive absent manifest error. 

  
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 (d) As soon as practicable after any payment of Indemnified Taxes, Excluded
Taxes or Other Taxes by the Borrower or any other Loan Party to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(e) (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments under this
Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable law
or reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the
Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such
Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in paragraphs (e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such 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, 
 (A) any Lender that is a U.S. Person shall deliver to the Borrower and the
Administrative Agent on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), an executed copy of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 
 (B)
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), 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, an executed copy of IRS Form W-8BEN-E or 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-E
or 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) in the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, an
executed copy of IRS Form W-8ECI; 

  
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 (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 D-1 to the effect that such Foreign Lender is not a “bank” within the meaning
of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C)
of the Code (a “U.S. Tax Compliance Certificate”) and (y) an executed copy of IRS Form W-8BEN-E or IRS Form W-8BEN; or 

(4) to the extent a Foreign Lender is not the beneficial owner, an executed copy of IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-2 or Exhibit D-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 D-4 on behalf of each such direct and indirect partner; 

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or about the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under this Agreement or 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 Withholding Agent,
at the time or times reasonably requested by the Withholding 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
Withholding Agent as may be necessary for the Withholding Agent to comply with its obligations under FATCA, to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and
withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall
update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(f) Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any
Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower or any other Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower or
any other Loan Party to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the 

  
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provisions of Section 9.04(f) relating to the maintenance of a Participant Register and (iii) 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. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and
apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this
paragraph (f). 
 (g) If any party determines, in its sole discretion exercised in good faith, that
it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.20 (including by the payment of additional amounts pursuant to this Section 2.20), it shall pay
to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 2.20 with respect to the Taxes giving rise to such refund), net of all out of pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to
such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such
refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph
(g) the payment of which would place the indemnified party in a less favorable net after Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted,
withheld or otherwise imposed and the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph (g) shall not be construed to require any indemnified party to make available its Tax
returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(h) Each party’s obligations under this Section 2.20 shall survive the resignation or
replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments, and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

SECTION 2.21 Assignment of Loans under Certain Circumstances; Duty to Mitigate. 

(a) In the event (i) any Lender delivers a certificate requesting compensation pursuant to
Section 2.14, (ii) any Lender delivers a notice described in Section 2.15, (iii) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority on
account of any Lender pursuant to Section 2.20, (iv) any Lender refuses to consent to any amendment, waiver or other modification of any Loan Document requested by the Borrower that requires the consent of a greater
percentage of the Lenders than the Required Lenders and such amendment, waiver or other modification is consented to by the Required Lenders or (v) any Lender becomes a Defaulting Lender, then, in each case, the Borrower may, at its sole
expense and effort (including with respect to the processing and recordation fee referred to in Section 9.04(b)), upon notice to such Lender and the Administrative Agent, require such Lender to transfer and assign, without
recourse (in accordance with and subject to the restrictions contained in Section 9.04), all of its interests, rights and obligations under this Agreement (or, in the case of clause (iv) or
(v) above, all of its interests, rights and obligations with respect to the Loans that are the subject of the related consent, 

  
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amendment, waiver or other modification or in respect of which such Lender is a Defaulting Lender, as the case may be) to an Eligible Assignee that shall assume such assigned obligations and,
with respect to clause (iv) above, shall consent to such requested amendment, waiver or other modification of any Loan Document (which Eligible Assignee may be another Lender, if a Lender accepts such assignment);
provided that (x) such assignment shall not conflict with any law, rule or regulation or order of any court or other Governmental Authority having jurisdiction, (y) the Borrower shall have received the prior written consent of the
Administrative Agent, which consent shall not unreasonably be withheld, conditioned or delayed, and (z) the Borrower or such Eligible Assignee shall have paid to the affected Lender in immediately available funds an amount equal to the sum of
the principal of and interest accrued to the date of such payment on the outstanding Loans of such Lender plus all other amounts accrued for the account of such Lender hereunder with respect thereto (including any amounts under
Sections 2.14, 2.16 and 2.20); provided, further, that, if prior to any such transfer and assignment the circumstances or event that resulted in such Lender’s claim for compensation under
Section 2.14, notice under Section 2.15 or the amounts paid pursuant to Section 2.20, as the case may be, cease to cause such Lender to suffer increased costs or
reductions in amounts received or receivable or reduction in return on capital, or cease to have the consequences specified in Section 2.15, or cease to result in amounts being payable under
Section 2.20, as the case may be (including as a result of any action taken by such Lender pursuant to paragraph (b) below), or if such Lender shall waive its right to claim further compensation
under Section 2.14 in respect of such circumstances or event or shall withdraw its notice under Section 2.15 or shall waive its right to further payments under
Section 2.20 in respect of such circumstances or event or shall consent to the proposed amendment, waiver, consent or other modification or shall cease to be a Defaulting Lender, as the case may be, then such Lender shall
not thereafter be required to make any such transfer and assignment hereunder. Each Lender 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 as assignor, any Assignment and Acceptance necessary to effectuate any assignment of such Lender’s interests hereunder in the circumstances contemplated by this Section 2.21(a). 

(b) If (i) any Lender shall request compensation under Section 2.14, (ii) any Lender
delivers a notice described in Section 2.15 or (iii) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority on account of any Lender, pursuant to
Section 2.20, then such Lender shall use reasonable efforts (which shall not require such Lender to incur an unreimbursed loss or unreimbursed cost or expense or otherwise take any action inconsistent with its internal
policies or legal or regulatory restrictions or suffer any disadvantage or burden deemed by it to be significant) (x) to file any certificate or document reasonably requested in writing by the Borrower or (y) to assign its rights and
delegate and transfer its obligations hereunder to another of its offices, branches or affiliates, if such filing or assignment would reduce its claims for compensation under Section 2.14 or enable it to withdraw its notice
pursuant to Section 2.15 or would reduce amounts payable pursuant to Section 2.20, as the case may be, in the future. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by
any Lender in connection with any such filing or assignment, delegation and transfer. 
 SECTION 2.22 Dutch Parallel
Debts 
 (a) The Borrower and each Guarantor undertake with the Collateral Agent to pay to the Collateral Agent its
Dutch Parallel Debts. 
 (b) Paragraph (a) of this Clause is: 

  
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 (i) for the purpose of ensuring and preserving the validity and effect of
the Security Documents governed by Dutch law; and 
 (ii) without prejudice to the other provisions of the Loan Documents.

 (c) Each Dutch Parallel Debt is a separate and independent obligation and shall not constitute the Collateral Agent and
any Lender as joint creditors of any Underlying Debt. 
 SECTION 2.23 Dutch Parallel Debts Payment. Neither the
Borrower nor any Guarantor shall be obliged to pay any Dutch Parallel Debt before the corresponding Underlying Debt has fallen due. 

SECTION 2.24 Dutch Parallel Debts Application. Any payment made, or amount recovered, in respect of the
Borrower’s or a Guarantor’s Dutch Parallel Debts shall reduce the Underlying Debts owed to a Lender by the amount which that Lender has received out of that payment or recovery under the Loan Documents. 

ARTICLE III 

Representations and Warranties 

Each Loan Party represents and warrants to the Administrative Agent, the Collateral Agent and each of the Lenders that: 

SECTION 3.01 Company Status. Each Loan Party (a) is a duly organized, incorporated, established and validly existing
Business in good standing (or the foreign equivalent, if any) under the laws of the jurisdiction of its organization, incorporation and establishment (in each case, to the extent each such concept exists in such jurisdiction), (b) has the requisite
organizational and constitutional power and authority to own its material property and assets and to transact the business in which it is engaged and presently proposes to engage and (c) is duly qualified and is authorized to do business and is
in good standing (or the foreign equivalent, if any) in each jurisdiction where the ownership, leasing or operation of its property or the conduct of its business requires such qualifications except, in the case of this clause, for failures to be so
qualified or authorized which, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

SECTION 3.02 Power and Authority. Has the requisite organizational and constitutional power and authority to execute,
deliver and perform the terms and provisions of each of the Loan Documents to which it is party and has taken all necessary Business action to authorize the execution, delivery and performance by it of each of such Loan Documents. Each Loan Party
has duly executed and delivered each of the Loan Documents to which it is party, and each of such Loan Documents constitutes its legal, valid and binding obligation enforceable in accordance with its terms, except to the extent that the
enforceability thereof may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights, (b) equitable principles (regardless of whether enforcement is
sought in equity or at law) and (c) in the case of each UK Loan Party, to the UK Legal Reservations. 
 SECTION 3.03 No
Violation. Neither the execution, delivery or performance by any Loan Party of the Loan Documents to which it is a party, nor compliance by it with the terms and provisions thereof, (a) will contravene any Requirement of Law,
(b) will conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien (except
pursuant to the Loan Documents) upon any of the property or assets of any Loan Party or any of its Subsidiaries pursuant to the terms of any 

  
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indenture, mortgage, charge, pledge, debenture, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or instrument, in each case to which any Loan Party or
any of its Subsidiaries is a party or by which it or any of its property or assets is bound or to which it may be subject including, without limitation, the Loan Documents or (c) will violate any provision of the certificate or articles of
incorporation, articles of association, memorandum of association, certificate of formation or incorporation (as applicable), limited liability company agreement or bylaws (or equivalent organizational or constitutional documents), as applicable, of
any Loan Party or any of its Subsidiaries. 
 SECTION 3.04 Approvals. No order, consent, approval, license, authorization
or validation of, or filing, recording or registration with (except for (x) those that have otherwise been obtained or made on or prior to the Closing Date and which remain in full force and effect on the Closing Date and (y) filings, if
any, which are necessary to perfect the security interests created or intended to be created under the Security Documents, which filings will be made within the time periods set forth in Section 5.15), or exemption by, any
Governmental Authority is required to be obtained or made by, or on behalf of, any Loan Party to authorize, or is required to be obtained or made by, or on behalf of, any Loan Party in connection with, (a) the execution, delivery and
performance of any Loan Document or (b) the legality, validity, binding effect or enforceability of any such Loan Document, except for (x) (1) the registration of the amendment to the Brazilian Fiduciary Assignment agreement with the
competent Registry of Deeds and Documents, and any other comparable offices in foreign jurisdictions and equivalent filings in foreign jurisdictions, and (2) the registration of the amendment to the AO Brazil articles of association to record
the Amendment to the Brazilian Fiduciary Assignment with the competent Brazilian Board of Trade and (y) any other filings or registrations required to perfect or maintain perfection of the liens created by the Security Documents. 

SECTION 3.05 Material Adverse Effect. Since August 24, 2020, nothing has occurred that has had, or could reasonably be
expected to have, either individually or in the aggregate, a Material Adverse Effect. 
 SECTION 3.06 Litigation. There
are no litigations, investigations, actions, suits or proceedings pending or, to the best knowledge of the Borrower or New Pyxus Topco, threatened (a) with respect to the Transactions or any Loan Document or (b) that has had, or could
reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 
 SECTION 3.07 True and
Complete Disclosure. All factual information (taken as a whole) furnished by or on behalf of the Borrower and the Parent Guarantors in writing to the Administrative Agent or any Lender (including, without limitation, all information
contained in the Loan Documents) for purposes of or in connection with this Agreement, the other Loan Documents or any transaction contemplated herein or therein is, and all other such factual information (taken as a whole) hereafter furnished by or
on behalf of the Borrower and the Parent Guarantors in writing to the Administrative Agent or any Lender will be, true and accurate in all material respects on the date as of which such information is dated or certified (or, if such information has
been updated, amended or supplemented, on the date as of which any such update, amendment or supplement is dated or certified) and not incomplete by omitting to state any material fact necessary in order to make such information (taken as a whole)
not misleading in any material respect at such time in light of the circumstances under which such information was provided, it being understood and agreed that for purposes of this Section 3.07, such factual information
shall not include the Projections or any pro forma financial information, budgets or any other estimation. 

  
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 SECTION 3.08 Use of Proceeds; Margin Regulations. 

(a) All proceeds of the Loans will be used to repay amounts outstanding under the Existing Credit Agreement in accordance
with Article I of the Restatement Agreement and to pay fees and expenses with respect thereto and with respect to this Agreement. No proceeds of any Loan will be used to purchase or carry any Margin Stock or to extend credit for the purpose of
purchasing or carrying any Margin Stock. Neither the making of any Loan nor the use of the proceeds thereof will violate or be inconsistent with the provisions of Regulation T, Regulation U or Regulation X. Not more than 25% of the
value of the assets of the Borrower, the Parent Guarantors and their Subsidiaries taken as a whole is represented by Margin Stock. 

(b) The Borrower will not, directly or indirectly, use the proceeds of the Loans, or lend, contribute or otherwise make
available such proceeds to any subsidiary, joint venture partner or other Person, (i) to fund any activities or business of or with any Sanctioned Person, or in any Sanctioned Country, or (ii) in any other manner that would result in a
violation of Sanctions by any Person (including any Person participating in the Loans, whether as underwriter, advisor, investor, or otherwise). 

SECTION 3.09 Tax Returns and Payments. Each of the Borrower, each Parent Guarantor and each of their Subsidiaries has
timely filed or caused to be timely filed with the appropriate Governmental Authority all federal and other material returns, statements, forms and reports for taxes (the “Returns”) required to be filed by, or with respect to
the income, properties or operations of, the Borrower and/or any Parent Guarantor and/or any of their Subsidiaries. The Returns accurately reflect in all material respects all liability for taxes of the Borrower, the Parent Guarantors and their
Subsidiaries, as applicable, for the periods covered thereby. The Borrower, each Parent Guarantor and each of their Subsidiaries has paid all material taxes and assessments payable by it which have become due, other than those that are being
contested in good faith and adequately disclosed and fully provided for on the financial statements of Pyxus Holdings and its Subsidiaries or the Parent Guarantors and their Subsidiaries, as applicable, in accordance with GAAP. There is no action,
suit, proceeding, investigation, audit or claim now pending or, to the knowledge of the Borrower or New Pyxus Topco, threatened by any authority regarding any material taxes relating to the Borrower, any Parent Guarantor or any of their Subsidiaries
which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 SECTION 3.10
Compliance with ERISA. 
 (a) Each Plan is in compliance in form and operation with its terms and
with ERISA and the Code (including without limitation the Code provisions compliance with which is necessary for any intended favorable tax treatment) and all other applicable laws and regulations, except where any failure to comply could not
reasonably be expected, either individually or in the aggregate, to result in a Material Adverse Effect. No ERISA Event has occurred, or is reasonably expected to occur, other than as could not, either individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect. 
 (b) There exists no actual Unfunded Pension Liability with respect to any
Plan, which either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 (c)
There are no actions, suits or claims pending against or involving a Plan (other than routine claims for benefits) or, to the knowledge of the Borrower, which would reasonably be expected to be asserted successfully against any Plan and, if so
asserted successfully, could reasonably be expected either individually or in the aggregate to result in a Material Adverse Effect. 

(d) The Borrower, the Parent Guarantors, their Subsidiaries and any ERISA Affiliate have made all contributions to or under
each Plan and Multiemployer Plan required by law within the applicable time limits prescribed thereby, the terms of such Plan or Multiemployer Plan, respectively, or any contract or agreement requiring contributions to a Plan or Multiemployer Plan
except where any failure to comply, either individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

  
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 (e) No Plan which is subject to Section 412 of the Code or
Section 302 of ERISA has applied for or received an extension of any amortization period, within the meaning of Section 412 of the Code or Section 303 or 304 of ERISA. The Borrower, the Parent Guarantors, their Subsidiaries and any
ERISA Affiliate have not ceased operations at a facility so as to become subject to the provisions of Section 4068(a) of ERISA, withdrawn as a substantial employer so as to become subject to the provisions of Section 4063 of ERISA or
ceased making contributions to any Plan subject to Section 4064(a) of ERISA to which it made contributions except as, with respect to each of the foregoing, could not reasonably be expected to result in a Material Adverse Effect. None of the
Borrower, the Parent Guarantors, their Subsidiaries or any ERISA Affiliate have incurred or reasonably expect to incur liability to the PBGC which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect, and no lien imposed under the Code or ERISA on the assets of the Borrower, the Parent Guarantors, their Subsidiaries or any ERISA Affiliate exists or is likely to arise on account of any Plan. None of the Borrower, the Parent Guarantors,
their Subsidiaries or any ERISA Affiliate has any liability under Section 4069 or 4212(c) of ERISA. 
 (f) Except as
could not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect: each Foreign Pension Plan has been maintained in compliance with its terms and with the requirements of any and all applicable laws,
statutes, rules, regulations and orders and has been maintained, where required, in good standing with applicable regulatory authorities; all contributions required to be made with respect to a Foreign Pension Plan have been timely made; neither the
Borrower nor any Parent Guarantor nor any of their Subsidiaries has incurred any obligation in connection with the termination of, or withdrawal from, any Foreign Pension Plan; and the present value of the accrued benefit liabilities (whether or not
vested) under each Foreign Pension Plan, determined as of the end of Pyxus Holdings’ most recently ended fiscal year on the basis of actuarial assumptions, each of which is reasonable, did not exceed the current value of the assets of such
Foreign Pension Plan allocable to such benefit liabilities. 
 SECTION 3.11 Security Documents. 

(a) Each of the Security Documents are effective to create in favor of the Collateral Agent for the benefit of the Secured
Parties a legal, valid, and enforceable security interest in all right, title and interest of the Loan Parties party thereto in the Collateral described therein, and the Collateral Agent, for the benefit of the Secured Parties, has a fully perfected
security interest in all right, title and interest in all of the Collateral described therein, in each case subject to no Liens other than Permitted Liens. 

SECTION 3.12 Properties. The Borrower, each Parent Guarantor and each of their Subsidiaries (in the case of
the UK Loan Parties, subject to the UK Legal Reservations) has good and indefeasible title to all material properties (and to all buildings, fixtures, to the extent such fixtures constitute real property, and improvements located thereon) owned by
it, including all material property reflected in the most recent historical balance sheets of New Pyxus Topco (except as sold or otherwise disposed of since the date of such balance sheet in the ordinary course of business or as permitted by the
terms of this Agreement), free and clear of all Liens, other than Permitted Liens. The Borrower, each Parent Guarantor and each of their Subsidiaries have a valid and indefeasible leasehold interest in the material properties leased by it free and
clear of all Liens other than Permitted Liens. 

  
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 SECTION 3.13 Subsidiaries. As of June 2, 2022, the Parent Guarantors
and the Borrower have no Subsidiaries other than those Subsidiaries listed on Schedule 3.13. Schedule 3.13 sets forth, as of June 2, 2022, the percentage ownership (direct and indirect) of the
Parent Guarantors or the Borrower, identifies the direct owner thereof and which Subsidiaries are Material Domestic Subsidiaries and Material Foreign Subsidiaries. All outstanding Equity Interests of each Material Domestic Subsidiary and each
Material Foreign Subsidiary have been duly and validly issued, are fully paid and non-assessable and have been issued free of preemptive rights. Each Material Domestic Subsidiary and each Material Foreign
Subsidiary has no outstanding securities convertible into or exchangeable for its Equity Interests or outstanding any right to subscribe for or to purchase, or any options or warrants for the purchase of, or any agreement providing for the issuance
(contingent or otherwise) of or any calls, commitments or claims of any character relating to, its Equity Interests or any stock appreciation or similar rights. 

SECTION 3.14 Compliance with Laws. The Borrower, the Parent Guarantors and their Subsidiaries are in compliance with all
Requirements of Law except to the extent that the failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

SECTION 3.15 Investment Company Act. Neither the Borrower nor any Parent Guarantor nor any of their Subsidiaries is an
“investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 

SECTION 3.16 No Default. No Default or Event of Default has occurred and is continuing. 

SECTION 3.17 Environmental Matters. 

(a) Except as could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect:
(i) the Borrower, each Parent Guarantor and each of their Subsidiaries is in compliance with all applicable Environmental Laws and has obtained and is in compliance with the terms of any permits required under such Environmental Laws;
(ii) there are no Environmental Claims pending or to the knowledge of the Borrower or New Pyxus Topco, threatened, against the Borrower, any Parent Guarantor or any of their Subsidiaries; (iii) no Lien, other than a Permitted Lien, has
been recorded or to the knowledge of the Borrower or New Pyxus Topco, threatened under any Environmental Law with respect to any Real Property owned by the Borrower, any Parent Guarantor or any of their Subsidiaries; (iv) neither the Borrower
nor any Parent Guarantor nor any of their Subsidiaries has agreed to assume or accept responsibility for any existing liability of any other Person under any Environmental Law; and (v) there are no facts, circumstances, conditions or
occurrences with respect to the past or present business, operations, properties or facilities of the Borrower, any Parent Guarantor or any of their Subsidiaries, or any of their respective predecessors, that could reasonably be expected to give
rise to any Environmental Claim against or any liability for the Borrower, any Parent Guarantor or any of their Subsidiaries under any Environmental Law. 

(b) Since January 1, 2015, neither the Borrower nor any Parent Guarantor nor any of their Subsidiaries has received any
letter or written request for information under Section 104(e) of the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9601, et seq.) or any comparable state law with regard to any matter that could
reasonably be expected, either individually or in the aggregate, to result in a Material Adverse Effect. 
 (c) Neither the
Borrower nor any Parent Guarantor nor any of their Subsidiaries has been issued or been required to obtain a permit for the treatment, storage or disposal of hazardous waste at any of its facilities pursuant to the federal Resource Conservation and
Recovery Act, 42 U.S.C. § 6901, et. seq. (“RCRA”), or any equivalent state law, nor are any such facilities regulated as “interim status” facilities required to undergo corrective action pursuant to RCRA or any
state equivalent, except, in each case, for such matters that could not reasonably be expected, either individually or in the aggregate, to result in a Material Adverse Effect. 

  
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 (d) (i) To the knowledge of the Borrower or New Pyxus Topco, neither the
Borrower nor any Parent Guarantor nor any of their Subsidiaries has any underground storage tanks (A) that are not properly registered or permitted under applicable Environmental Laws, or (B) that are leaking or disposing of Hazardous
Materials, and (ii) to the extent required by applicable Environmental Law, the Borrower, the Parent Guarantors and their Subsidiaries have notified all of their employees of the existence, if any, of any health hazard arising from the
conditions of their employment and have met all notification requirements under all Environmental Laws. 
 SECTION 3.18
Employment and Labor Relations. Except as could not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect, neither the Borrower nor any Parent Guarantor nor any of their Subsidiaries is
engaged in any unfair labor practice. There is (a) no unfair labor practice complaint pending against the Borrower, any Parent Guarantor or any of their Subsidiaries or, to the knowledge of the Borrower or New Pyxus Topco, threatened against
any of them, before the National Labor Relations Board, and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement is so pending against the Borrower, any Parent Guarantor or any of their Subsidiaries or,
to the knowledge of the Borrower or New Pyxus Topco, threatened against any of them, (b) no strike, labor dispute, slowdown or stoppage pending against the Borrower, any Parent Guarantor or any of their Subsidiaries or, to the knowledge of the
Borrower or New Pyxus Topco, threatened against the Borrower, any Parent Guarantor or any of their Subsidiaries, (c) no union representation question exists with respect to the employees of the Borrower, any Parent Guarantor or any of their
Subsidiaries, (d) no equal employment opportunity charges or other claims of employment discrimination are pending or, to the knowledge of the Borrower or New Pyxus Topco, threatened against the Borrower, any Parent Guarantor or any of their
Subsidiaries, and (e) no wage and hour department investigation has been made of the Borrower, any Parent Guarantor or any of their Subsidiaries, except (with respect to any matter specified in clauses (a) –
(e) above, either individually or in the aggregate) such as could not reasonably be expected to have a Material Adverse Effect. 

SECTION 3.19 Intellectual Property, etc. Each of the Borrower, each Parent Guarantor and
each of their Subsidiaries owns or has the right to use all the patents, trademarks, permits, domain names, service marks, trade names, copyrights, licenses, franchises, inventions, trade secrets, proprietary information and know-how of any type, whether or not written (including, but not limited to, rights in computer programs and databases), and formulas, or rights with respect to the foregoing, and has obtained assignments of all
leases, licenses and other rights of whatever nature, used in the conduct of its business, without any known conflict with or infringement or misappropriation of the rights of others which conflict, infringement or misappropriation could reasonably
be expected, either individually or in the aggregate, to have a Material Adverse Effect. 
 SECTION 3.20 [Reserved]. 

SECTION 3.21 [Reserved]. 

SECTION 3.22 Anti-Terrorism Law. 

  
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 (a) Neither the Borrower nor any Parent Guarantor nor any of their
Subsidiaries is in violation of any legal requirement relating to any laws with respect to terrorism or money laundering (“Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing effective
September 24, 2001 (the “Executive Order”) and the Patriot Act. Neither the Borrower nor any Parent Guarantor nor any of their Subsidiaries and, to the knowledge of the Borrower or New Pyxus Topco, no agent of the
Borrower, any Parent Guarantor or any of their Subsidiaries acting on behalf of the Borrower, any Parent Guarantor or any of their Subsidiaries, as the case may be, is any of the following: 

(i) a Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; 

(ii) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise
subject to the provisions of, the Executive Order; 
 (iii) a Person with which any Lender is prohibited from dealing or
otherwise engaging in any transaction by any Anti-Terrorism Law; 
 (iv) a Person that commits, threatens or conspires to
commit or supports “terrorism” as defined in the Executive Order; or 
 (v) a Person that is named as a
“specially designated national and blocked person” on the most current list published by the U.S. Department of the Treasury Office of Foreign Assets Control at its official website or any replacement website or other replacement official
publication of such list. 
 (b) Neither the Borrower nor any Parent Guarantor nor any of their Subsidiaries and, to the
knowledge of the Borrower or New Pyxus Topco, no agent of the Borrower, any Parent Guarantor or any of their Subsidiaries acting on behalf of the Borrower, any Parent Guarantor or any of their Subsidiaries, as the case may be, (i) conducts any
business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of a Person described in Section 3.22(a), (ii) deals in, or otherwise engages in any transaction relating to, any
property or interests in property blocked pursuant to the Executive Order, or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the
prohibitions set forth in any Anti-Terrorism Law. 
 SECTION 3.23 Anti-Corruption Laws. 

(a) During the past five years, except as publicly disclosed in connection with the 2010 settlement of Old Holdco, Inc.
(formerly known as Pyxus International, Inc.) with the U.S. Department of Justice and the SEC and in Form 10-K for Fiscal Year ended on March 31, 2016 of Old Holdco, Inc. (formerly known as Pyxus
International, Inc.), neither the Borrower nor any Parent Guarantor nor any of their Subsidiaries, or any respective director, officer, or employee of the Borrower, any Parent Guarantor or any of their Subsidiaries, nor to the knowledge of the
Borrower or New Pyxus Topco, its joint venture partners or other Affiliates, or any respective agent or other Person acting on behalf of the Borrower, any Parent Guarantor or any of their Subsidiaries: (i) has used any funds for any unlawful
contribution, gift, property, entertainment or other unlawful expense related to political activity; (ii) has made or taken any action to further or facilitate any offer, payment, gift, promise to pay, or any offer, gift or promise of anything
else of value, directly or indirectly, in order to improperly influence official action, to obtain or retain business for the Borrower, the Parent Guarantors or their Subsidiaries, or to secure an improper advantage for the Borrower, the Parent
Guarantors or their Subsidiaries; (iii) has made, offered, taken, or will make, offer or take any act in furtherance of any bribe or unlawful rebate, payoff, influence payment, property, gift, kickback or other unlawful payment; or (iv) is
aware of or has taken any action, 

  
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directly or indirectly, that would result in a violation of any provision of the Bribery Act 2010 of the United Kingdom, the OECD Convention on Bribery of Foreign Public Officials in
International Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder or any other applicable anti-bribery and anti-corruption laws and/or regulations. The Borrower, the Parent
Guarantors, their Subsidiaries and their Affiliates have instituted and maintain policies and procedures reasonably designed to promote and ensure continued compliance with all applicable anti-bribery and anti-corruption laws and with the
representation and warranty contained herein. 
 (b) No part of the proceeds of the Loans will be used by the Borrower, any
Parent Guarantor or any of their Subsidiaries, 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 or undue advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act 2010, or any other applicable anti-bribery or
anti-corruption laws. 
 SECTION 3.24 Sanctions. Pyxus Holdings and the Parent Guarantors have implemented and maintain
in effect policies and procedures designed to ensure compliance by the Borrower, the Parent Guarantors, their Subsidiaries and their respective directors, officers, employees and agents while acting on behalf of the Borrower, any Parent Guarantor or
any of their Subsidiaries with Sanctions applicable to the Borrower, the Parent Guarantors and their Subsidiaries, and the Borrower, the Parent Guarantors, their Subsidiaries and their respective officers and employees and, to knowledge of the
Borrower or New Pyxus Topco, their respective directors and agents, while acting on behalf of the Borrower, the Parent Guarantors and their Subsidiaries, are in compliance with applicable Sanctions and are not knowingly engaged in any activity that
would reasonably be expected to result in the Borrower being designated as a Sanctioned Person. None of (a) the Borrower, any Parent Guarantor, any of their Subsidiaries or any of their respective directors, officers or employees, or
(b) to the knowledge of the Borrower or New Pyxus Topco, any agent of the Borrower, any Parent Guarantor or any of their Subsidiaries that will act in any capacity in connection with or benefit from the credit facility established hereby, is a
Sanctioned Person, except in such instances that would not result in a Sanctions violation to the Borrower, any Parent Guarantor or any of their Subsidiaries. 

SECTION 3.25 Material Contracts. All Material Contracts are in full force and effect and no defaults exist thereunder other
than defaults the consequence of which, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

SECTION 3.26 [Reserved]. 

SECTION 3.27 Centre of Main Interests. For the purposes of The Council of the European Union Regulation No. (EU) 2015/848
of 20 May 2015 on insolvency proceedings (recast) (the “Regulation”), so far as it is aware and if and for so long as the Regulation is applicable or deemed to be applicable in the United Kingdom, for the purposes of the Regulation,
each UK Loan Party’s centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in its jurisdiction of incorporation. 

SECTION 3.28 DAC6. No proceeds of the Loans shall be used to carry out any transaction that meets any hallmark set out in
Annex IV of the Council Directive of 25 May 2018 (2018/822/EU) amending Directive 2011/16/EU. 

  
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 ARTICLE IV 

[Reserved] 

ARTICLE V 

Affirmative Covenants 

The Borrower and the Parent Guarantors, as applicable, hereby covenant and agree that from and after the date of this Agreement until the
Payment in Full of the Obligations: 
 SECTION 5.01 Information Covenants. The Borrower will furnish to the
Administrative Agent (for distribution to each Lender) and: 
 (a) [Reserved]; 

(b) Quarterly Financial Statements. As soon as available and in any event within 45 days after the close of each of the
first three fiscal quarters in each Fiscal Year of New Pyxus Topco (commencing with the fiscal quarter ending June 30, 2022), (i) the consolidated balance sheet of New Pyxus Topco and its Subsidiaries (including Minority Interest Consolidated
Entities) as at the end of such fiscal quarter and the related consolidated statements of income and statement of cash flows for such fiscal quarter and for the elapsed portion of the Fiscal Year ended with the last day of such fiscal quarter, in
each case setting forth comparative figures for the corresponding fiscal quarter in the prior Fiscal Year, all of which shall be certified by a Financial Officer of New Pyxus Topco that they fairly present in all material respects in accordance with
GAAP the financial condition of New Pyxus Topco and its Subsidiaries (including Minority Interest Consolidated Entities) as of the dates indicated and the results of their operations for the periods indicated, subject to normal year-end audit adjustments and the absence of footnotes, and (ii) management’s discussion and analysis of the important operational and financial developments during such fiscal quarter. Notwithstanding
the foregoing, the obligations in this Section 5.01(b) may be satisfied with respect to financial information of New Pyxus Topco and its Subsidiaries by furnishing New Pyxus Topco’s (or any parent entity’s thereof) Form 10-Q filed with the SEC. 
 (c) Annual Financial Statements. As soon as available
and in any event within 90 days after the close of each Fiscal Year of New Pyxus Topco (commencing with the Fiscal Year ended March 31, 2022), (i) the consolidated balance sheet of New Pyxus Topco and its Subsidiaries as at the end of such
Fiscal Year and the related consolidated statements of income and statement of cash flows for such Fiscal Year setting forth, comparative figures for the preceding Fiscal Year and certified by Deloitte & Touche LLP or other independent
certified public accountants of recognized national standing reasonably acceptable to the Required Lenders, accompanied by an opinion of such accounting firm (which opinion shall be without a “going concern” or like qualification or
exception and without any qualification or exception as to scope of audit) and (ii) management’s discussion and analysis of the important operational and financial developments during such Fiscal Year. Notwithstanding the foregoing, the
obligations in this Section 5.01(c) may be satisfied with respect to financial information of New Pyxus Topco and its Subsidiaries by furnishing New Pyxus Topco’s (or any parent entity’s thereof) Form
10-K filed with the SEC. 
 (d) Budgets. No later than the 60th day of each Fiscal Year of New Pyxus Topco (commencing with the Fiscal Year ending March 31, 2022, which obligation shall be deemed satisfied to the extent delivered under the Existing Credit
Agreement prior to the Closing Date), a budget in form reasonably satisfactory to the Administrative Agent (including budgeted statements of income and sources and uses of cash and balance sheets for New Pyxus Topco and its Subsidiaries on a
consolidated basis) for each fiscal quarter of such Fiscal Year prepared in detail setting forth, with appropriate discussion, the principal assumptions upon which such budget is based. 

  
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 (e) Management Letters. Promptly after the Borrower’s, any
Parent Guarantor’s or any of their Subsidiaries’ receipt thereof, a copy of any “management letter” received from its certified public accountants and management’s response thereto. 

(f) Officer’s Certificates. At the time of the delivery of the financial statements provided for in
Section 5.01(b) and (c), a compliance certificate from a Financial Officer of the Borrower in the form attached hereto as Exhibit E, which certificate shall (i) certify on behalf of the Borrower that, to
such officer’s knowledge after due inquiry, no Default or Event of Default has occurred and is continuing or, if any Default or Event of Default has occurred and is continuing, specifying the nature and extent thereof, (ii) include related
financial statements (which may be in summary form) reflecting adjustments necessary to eliminate the accounts of Minority Interest Consolidated Entities (if any) (together with supporting detail as may be requested by the Required Lenders),
(iii) [reserved], (iv) [reserved] and (v) certify that there have been no changes to Schedule 3.13 in respect of the ownership interests in any direct Subsidiary of any Loan Party since June 2, 2022 or, if later, since the date
of the most recent certificate delivered pursuant to this Section 5.01(f), or if there have been any such changes, a list in reasonable detail of such changes. 

(g) Notice of Default, Litigation and Material Adverse Effect. Promptly, and in any event within three Business Days
after any Responsible Officer of the Borrower, any Parent Guarantor or any of their Subsidiaries obtains knowledge thereof if such event continues for three Business Days, notice of (i) the occurrence of any event which constitutes a Default or
an Event of Default, (ii) any litigation or governmental investigation or proceeding pending against the Borrower, any Parent Guarantor or any of their Subsidiaries, (x) which, either individually or in the aggregate, has had, or could
reasonably be expected to have, a Material Adverse Effect or (y) with respect to any Loan Document, (iii) any other event, change or circumstance that has had, or could reasonably be expected to have, either individually or in the
aggregate, a Material Adverse Effect, or (iv) any written allegations from any Governmental Authority or NGO as to material human rights violations involving the Borrower, any Parent Guarantor or any of their Subsidiaries. 

(h) Other Reports and Filings. Solely to the extent applicable, promptly after the filing or delivery thereof, copies of
all financial information, proxy materials, press materials, non-confidential reports and other statements made available generally by the Borrower, the Parent Guarantors or their Subsidiaries to the public
concerning material developments in the results of operations, financial condition, business or prospects of the Borrower, the Parent Guarantors or their Subsidiaries, if any, which Pyxus Holdings or any Parent Guarantor shall (i) publicly file
with the SEC or any analogous Governmental Authority or (ii) deliver to holders (or any trustee, agent or other representative therefor) of the First Lien Notes or any Permitted Refinancing Indebtedness thereof. 

(i) Environmental Matters. Promptly after any Responsible Officer of the Borrower or New Pyxus Topco obtains knowledge
thereof, notice of one or more of the following environmental matters to the extent that such environmental matters, either individually or when aggregated with all other such environmental matters, could reasonably be expected to have a Material
Adverse Effect: 

  
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 (i) any pending or threatened Environmental Claim against the Borrower, any
Parent Guarantor or any of their Subsidiaries or relating to any Real Property owned, leased or operated by the Borrower, any Parent Guarantor or any of their Subsidiaries; 

(ii) any condition or occurrence on or arising from any Real Property owned, leased or operated by the Borrower, any Parent
Guarantor or any of their Subsidiaries that (A) results in noncompliance by the Borrower, any Parent Guarantor or any of their Subsidiaries with any applicable Environmental Law or (B) could reasonably be expected to form the basis of an
Environmental Claim against the Borrower, any Parent Guarantor or any of their Subsidiaries or relating to any such Real Property; 

(iii) any condition or occurrence on any Real Property owned, leased or operated by the Borrower, any Parent Guarantor or any
of their Subsidiaries that could reasonably be expected to cause such Real Property to be subject to any restrictions on the ownership, lease, occupancy, use or transferability by the Borrower, any Parent Guarantor or any of their Subsidiaries of
such Real Property under any Environmental Law; and 
 (iv) the taking of any removal or remedial action to the extent
required by any Environmental Law or any Governmental Authority in response to the Release or threatened Release of any Hazardous Material on any Real Property owned, leased or operated by the Borrower, any Parent Guarantor or any of their
Subsidiaries. 
 All such notices shall describe in reasonable detail the nature of the claim, investigation, condition, occurrence or
removal or remedial action and the Borrower’s, such Parent Guarantor’s or such Subsidiary’s response thereto. 

(j) [Reserved]. 

(k) Patriot Act. Promptly following the Administrative Agent’s or any Lender’s request therefor, all
documentation and other information that the Administrative Agent or such Lender reasonably requests in order to comply with its ongoing obligations under the applicable “know your customer” and anti-money laundering rules and regulations,
including the Patriot Act. 
 (l) Cancellation of Insurance. Promptly (but in any event within 1 Business Day of
receipt thereof) inform the Administrative Agent if any Loan Party receives notice of cancellation of any insurance policy required to be maintained pursuant to Section 5.03. 

(m) Change of Accounting Principles. The Borrower shall deliver to the Administrative Agent and each Lender at the same
time as the delivery of any annual or quarterly financial statements given in accordance with the provisions of Section 5.01(b) or (c), as applicable, (i) a description in reasonable detail of any material
change in the application of accounting principles employed in the preparation of such financial statements from those applied in the most recently preceding quarterly or annual financial statements as to which no objection shall have been made in
accordance with the provisions above and (ii) a reasonable estimate of the effect on the financial statements on account of such changes in application. 

(n) Material Weakness Letter. Promptly upon receipt thereof, a copy of any “material weakness letter”
submitted by independent accountants to the Borrower, any Parent Guarantor or any of their Subsidiaries in connection with any annual, interim or special audit of the books of such Person. 

  
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 (o) Other Information. From time to time, such other information or
documents (financial or otherwise) with respect to the Borrower, any Parent Guarantor or any of their Subsidiaries as the Administrative Agent may reasonably request. 

Subject to Section 9.01, information required to be delivered pursuant to Section 5.01(b), (c) and (h) shall
be deemed to have been delivered on the date on which such information has been posted (and notified to the Administrative Agent and the Lenders as having been posted) on the Debtdomain site, if any, or at another website identified in a notice from
the Borrower to the Lenders, in each case which Debtdomain or other website shall be reasonably satisfactory to the Administrative Agent and accessible by the Lenders in accordance with customary market practice for syndicated loans and without
charge and notice of such posting has been given to Lenders. 
 SECTION 5.02 Books, Records and Inspections; Annual
Meetings. The Borrower and each Parent Guarantor will, and will cause each of its Subsidiaries to, keep proper books of record and accounts in which full, true and correct (in all material respects) entries in conformity with GAAP and all
requirements of law shall be made of all dealings and transactions in relation to its business and activities. The Borrower and the Parent Guarantors will, and will cause each other Loan Party to, permit officers and designated representatives of
the Administrative Agent and, upon the occurrence and during the continuance of an Event of Default, the Lenders (coordinated through the Administrative Agent) at the expense of the Borrower (a) to visit and inspect, under guidance of officers
of the Borrower or such other Loan Party, any of the properties of the Borrower or such other Loan Party, and (b) to examine the books of account of the Borrower or such other Loan Party and discuss the affairs, finances and accounts of the
Borrower or such other Loan Party with, and be advised as to the same by, its and their officers and independent accountants, all upon reasonable prior notice and at such reasonable times and intervals and to such reasonable extent as the
Administrative Agent or, upon the occurrence and during the continuance of an Event of Default, such Lenders (coordinated through the Administrative Agent) may reasonably request; provided, however, that, in the case of clauses (a) and
(b) so long as no Event of Default exists, the Administrative Agent shall be limited to one such visit during any Fiscal Year of the Borrower at the expense of the Borrower at locations reasonably requested by the Administrative Agent. The
Loan Parties shall maintain their fiscal reporting period on a March 31 fiscal year, and each Domestic Subsidiary shall maintain its respective fiscal reporting period on the present basis. 

SECTION 5.03 Maintenance of Property; Insurance. The Borrower and each Parent Guarantor will, and will cause each of their
Subsidiaries to, (i) keep all property necessary to the business of the Borrower, the Parent Guarantors and their Subsidiaries in good working order and condition, (x) except ordinary wear and tear and obsolescence, (y) except and
subject to the occurrence of casualty events and (z) except where failure to do so would not materially or adversely affect its business, (ii) maintain with financially sound and reputable insurance companies insurance on all such property
and against all such risks as is consistent and in accordance with industry practice for companies similarly situated owning similar properties and engaged in similar businesses as the Borrower, the Parent Guarantors and their Subsidiaries, and
(iii) furnish to the Administrative Agent, upon its request therefor, full information as to the insurance carried. If the Borrower, any Parent Guarantor or any of their Subsidiaries shall fail to maintain insurance in accordance with this
Section 5.03 the Administrative Agent shall have the right (but shall be under no obligation) to procure such insurance and the Borrower agrees to reimburse the Administrative Agent for all costs and expenses of procuring
such insurance. 
 SECTION 5.04 Existence; Franchises. The Borrower and each Parent Guarantor will, and will cause each
of their Subsidiaries to, do or cause to be done, all things necessary to preserve and keep in full force and effect its existence and its material rights, franchises, licenses, permits, copyrights, trademarks and patents; provided,
however, that nothing in this Section 5.04 shall prevent (i) sales of assets and other transactions by the Borrower, any Parent Guarantor or any of their Subsidiaries in accordance with

  
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Section 6.04, (ii) the withdrawal by the Borrower, any Parent Guarantor or any of their Subsidiaries of its qualification as a foreign Business in any jurisdiction
if such withdrawal could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or (iii) the change in form of organization of the Borrower, any Parent Guarantor or any of their Subsidiaries, if
the Borrower or any Parent Guarantor in good faith determines that such change in organization is in the best interest of the Borrower, such Parent Guarantor or such Subsidiary, is not materially disadvantageous to the Lenders and, in the case of a
change in the form of organization of any Loan Party, the Administrative Agent has consented thereto. 
 SECTION 5.05 Compliance
with Requirements of Law, etc. The Borrower and each Parent Guarantor will, and will cause each of their Subsidiaries to, comply with all Requirements of Law, except such non-compliances as could not,
either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 SECTION 5.06
Anti-Corruption Laws. The Borrower and each Parent Guarantor will conduct its, and will cause each of their Subsidiaries and the directors, officers, employees and agents of any of the foregoing to conduct their, business on behalf of
the Borrower, the Parent Guarantors and their Subsidiaries in a manner so as to not, directly or indirectly, violate the United States Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act 2010, or any other applicable anti-bribery
or anti-corruption laws. 
 SECTION 5.07 Sanctions. Pyxus Holdings and each Parent Guarantor will maintain in effect and
enforce policies and procedures designed to ensure compliance by the Borrower, the Parent Guarantors, their Subsidiaries and their respective directors, officers, employees and agents, while acting on behalf of the Borrower, the Parent Guarantors
and their Subsidiaries, with Sanctions applicable to the Borrower, the Parent Guarantors and their Subsidiaries. Pyxus Holdings and the Parent Guarantors will make best efforts to ensure compliance by the Borrower, the Parent Guarantors, their
Subsidiaries and their respective directors, officers, employees and agents, while acting on behalf of the Borrower, the Parent Guarantors and their Subsidiaries, with Sanctions applicable to the Borrower, the Parent Guarantors and their
Subsidiaries. 
 SECTION 5.08 Compliance with Environmental Laws. 

(a) The Borrower and each Parent Guarantor will comply, and will (x) cause each of their Subsidiaries to comply and
(y) ensure compliance by its tenants and subtenants, in each case, with all Environmental Laws and permits applicable to, or required in respect of the conduct of its business or operations or by, the ownership, lease or use of its Real
Property now or hereafter owned, leased or operated by the Borrower, any Parent Guarantor or any of their Subsidiaries, except for such noncompliances as could not, either individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, and will promptly pay or cause to be paid all costs and expenses incurred in connection with such compliance, and will keep or cause to be kept all such Real Property free and clear of any Liens, other than Permitted Liens, imposed
pursuant to such Environmental Laws. Neither the Borrower nor any Parent Guarantor nor any of their Subsidiaries will generate, use, treat, store, Release or dispose of, or permit the generation, use, treatment, storage, Release or disposal of
Hazardous Materials on any Real Property now or hereafter owned, leased or operated by the Borrower, any Parent Guarantor or any of their Subsidiaries, or transport or permit the transportation of Hazardous Materials to or from any such Real
Property, except for Hazardous Materials generated, used, treated, stored, Released or disposed of at any such Real Properties in compliance in all material respects with all applicable Environmental Laws and as required in connection with the
normal operation, use and maintenance of the business or operations of the Borrower, any Parent Guarantor or any of their Subsidiaries, except in connection with such noncompliance as could not, either individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. 

  
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 (b) (i) The Borrower will provide, at the sole expense of the Borrower and
at the reasonable request of the Required Lenders after receipt of any notice of the type described in Section 5.01(g), an environmental site assessment report concerning any Real Property owned, leased or operated by the
Borrower, any Parent Guarantor or any of their Subsidiaries, prepared by an environmental consulting firm reasonably approved by the Required Lenders, indicating the presence or absence of Hazardous Materials and the potential cost of any removal or
remedial action in connection with such Hazardous Materials on such Real Property. If the Borrower fails to provide the same within 60 days after such request was made, the Administrative Agent may order the same, the cost of which shall be borne by
the Borrower, and the Borrower shall grant and hereby grants to the Administrative Agent and the Lenders and their respective agents access to such Real Property and specifically grant the Administrative Agent and the Lenders an irrevocable non-exclusive license, subject to the rights of tenants, to undertake such an assessment at any reasonable time upon reasonable notice to the Borrower, all at the sole expense of the Borrower. 

(c) Conduct and complete all investigations, studies, sampling and testing, and all remediation, removal and other actions
required under Environmental Laws and promptly comply in all respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws except to the extent that the same are being contested in good faith by
appropriate proceedings and the pendency of such proceedings could not reasonably be expected to have a Material Adverse Effect. 

SECTION 5.09 ERISA Information Undertakings. Pyxus Holdings will deliver to the Administrative Agent (in sufficient copies
for all Lenders, if the Administrative Agent so requests): 
 (a) promptly and in any event within 15 days after receiving a
request from the Administrative Agent a copy of the most recent IRS Form 5500 (including the Schedule B) with respect to a Plan; and 

(b) promptly, and in any event within 30 days after the Borrower, any Parent Guarantor, any of their Subsidiaries or any ERISA
Affiliate knows or has reason to know that any ERISA Event has occurred that would reasonably be expected to result in a material liability to the Borrower, any Parent Guarantor or any of their Subsidiaries, a certificate of a Responsible Officer of
the Borrower describing such ERISA Event and the action, if any, proposed to be taken with respect to such ERISA Event and a copy of any notice filed with the PBGC or the IRS pertaining to such ERISA Event and any notices received by the Borrower,
any Parent Guarantor, any of their Subsidiaries of the Borrower or ERISA Affiliate from the PBGC or any other governmental agency with respect thereto; provided that, in the case of ERISA Events under paragraph (4)
of the definition thereof, the 30-day notice period set forth above shall be a 10-day period, and, in the case of ERISA Events under
paragraph (2) of the definition thereof, in no event shall notice be given later than 10 days after the occurrence of the ERISA Event. 

Pyxus Holdings shall: 

(a) ensure that any material liability imposed on them or any ERISA Affiliate pursuant to Title IV of ERISA is paid and
discharged when due; 

  
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 (b) ensure that neither it nor any ERISA Affiliate adopts an amendment to a
Plan requiring the provision of security under ERISA or the Code without the prior consent of the Administrative Agent or the Lenders; and 

(c) ensure that no Plan is terminated under Section 4041 of ERISA. 

SECTION 5.10 Performance of Obligations. The Borrower and each Parent Guarantor will, and will cause each of their
Subsidiaries to, perform all of its obligations under the terms of each mortgage, indenture, security agreement, loan agreement or credit agreement and each other agreement, contract or instrument by which it is bound, except such non-performances as could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

SECTION 5.11 Payment of Taxes. The Borrower and each Parent Guarantor will pay and discharge, and will cause each of their
Subsidiaries to pay and discharge, all material taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or upon any properties belonging to it, prior to the date on which penalties attach thereto, and all
lawful claims which, if unpaid, might become a Lien or charge upon any properties of the Borrower, any Parent Guarantor or any of their Subsidiaries not otherwise permitted under Section 6.06(a); provided that
neither the Borrower nor any Parent Guarantor nor any of their Subsidiaries shall be required to pay any such tax, assessment, charge, levy or claim which is being contested in good faith and by proper proceedings if it has maintained adequate
reserves with respect thereto in accordance with GAAP or if the aggregate amount of the monetary obligations is less than (x) in the case of Loan Parties, $10,000,000 and (y) in the case of non-Loan
Parties, the Threshold Amount. 
 SECTION 5.12 Designation of Restricted and Unrestricted Subsidiaries. 

(a) The Board of Directors of New Pyxus Topco may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that
designation would not cause a Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Borrower, the Parent Guarantors and their Restricted
Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under
Section 6.01 hereof or under one or more clauses of the definition of Permitted Investments, as determined by New Pyxus Topco. That designation will only be permitted if the Investment would be permitted at that time and if
the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Board of Directors of New Pyxus Topco may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a
Default. 
 (b) Any designation of a Subsidiary of the Borrower or a Parent Guarantor as an Unrestricted Subsidiary will be
evidenced to the Administrative Agent by delivering a certificate of a Responsible Officer of Pyxus Holdings certifying (i) that attached thereto is a certified copy of a resolution of the Board of Directors of New Pyxus Topco giving effect to
such designation and (ii) that such designation complied with the preceding conditions and was permitted by Section 6.01 hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding
requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Agreement and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of Pyxus Holdings
as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 6.03 hereof, the Borrower will be in default of such covenant. The Board of Directors of New Pyxus Topco may at any
time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of Pyxus Holdings of any outstanding Indebtedness of such
Unrestricted Subsidiary and such designation will only be permitted if (i) such Indebtedness is permitted under Section 6.03 hereof, calculated on a pro forma basis as if such designation had occurred at the beginning
of the applicable reference period; and (ii) no Default or Event of Default would be in existence following such designation. 

  
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 SECTION 5.13 Further Assurances; etc. 

(a) To the extent any Subsidiary of the Borrower or any Parent Guarantor or any other Person is or becomes an obligor, or
grants a security interest in any of its assets to support, with respect to the Term Loan Credit Agreement, First Lien Notes, the ABL Credit Agreement and any Permitted Refinancing Indebtedness that refinances the Term Loan Credit Agreement, First
Lien Notes or the ABL Credit Agreement, but such Subsidiary or Person is not a Guarantor, the Borrower and the Parent Guarantors will cause such Subsidiary or Person to become a Guarantor as described in the Guarantee Agreement by way of execution
of a joinder agreement thereto substantially in the form attached thereto as Exhibit A. 
 (b) The Borrower and the Parent
Guarantors will, and will cause each of the other Loan Parties to, at the expense of the Borrower, make, execute, endorse, acknowledge, file and/or deliver to the Collateral Agent from time to time such vouchers, invoices, schedules, confirmatory
assignments, conveyances, financing statements, transfer endorsements, powers of attorney, certificates (including flood certificates and evidence of flood insurance if applicable), reports, control agreements (other than with respect to Excluded
Assets) and other assurances or instruments and take such further steps relating to the Collateral covered by any of the Security Documents as the Collateral Agent may reasonably require. Furthermore, Pyxus Holdings will, and will cause the other
Loan Parties to, deliver to the Collateral Agent such opinions of counsel and other related documents as may be reasonably requested by the Collateral Agent to assure itself that this Section 5.13 has been complied with.

 SECTION 5.14 [Reserved]. 

SECTION 5.15 Post-Closing Matters. The Borrower and the Parent Guarantors will deliver (or caused to be delivered): 

(a) Amendment to the Brazilian Fiduciary Assignment. Within 60 days after the Closing Date (as such date may be
extended by the Required Lenders in their sole discretion): 
 (i) to the Administrative Agent and the Collateral Agent, the
amendment to the Brazilian Fiduciary Assignment to reflect the new terms of the relevant secured obligations hereunder, which amendment shall be in form and substance reasonably satisfactory to the Required Lenders, with evidence of the applicable
perfection requirements including the registrations of (1) the amendment of the articles of association of AO Brazil to record the Brazilian Fiduciary Assignment with the competent Brazilian Board of Trade and (2) the Brazilian Fiduciary
Assignment agreement (as amended) with the competent Registry of Deeds and Documents; and 
 (ii) to the Administrative
Agent, on behalf of itself and the Lenders, a favorable written opinion of Barbosa Müssnich Aragão, counsel for the Lenders (x) addressed to the Administrative Agent and the Lenders, and (y) in form and substance reasonably
satisfactory to the Required Lenders, covering such matters customarily covered in opinions of this type as the Required Lenders shall reasonably request, and the Borrower hereby requests such counsel to deliver such opinions. 

  
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 ARTICLE VI 

Negative Covenants 
 The
Borrower and the Parent Guarantors hereby covenant and agree that from and after the date of this Agreement until the Payment in Full of the Obligations: 

SECTION 6.01 Restricted Payments.  

(a) The Borrower and the Parent Guarantors will not, and will not permit any of their Restricted Subsidiaries to, directly or
indirectly: 
 (i) declare or pay any dividend or make any other payment or distribution on account of the Borrower’s,
any Parent Guarantor’s or any of their Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Borrower, any Parent Guarantor or any of their
Restricted Subsidiaries) or to the direct or indirect holders of the Borrower’s, any Parent Guarantor’s or any of their Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable
in Equity Interests (other than Disqualified Stock) of New Pyxus Topco and other than dividends or distributions payable to the Borrower, a Parent Guarantor or a Restricted Subsidiary of the Borrower or a Parent Guarantor); 

(ii) purchase, redeem or otherwise acquire or retire for value (including without limitation, in connection with any merger or
consolidation involving the Borrower) any Equity Interests of Pyxus Holdings or any direct or indirect parent of Pyxus Holdings (including the applicable Parent Guarantors); 

(iii) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value
(i) any Indebtedness that is contractually subordinated in right of payment to the Credit Facility or the Guarantees thereof, (ii) any Junior Lien Debt or (iii) any unsecured Indebtedness for borrowed money, in each case, of the
Borrower or any Guarantor (excluding, for the avoidance of doubt, any intercompany Indebtedness between or among the Borrower, any Parent Guarantor and/or any of their Restricted Subsidiaries), and, except, in each case, a payment of interest or
principal at the Stated Maturity thereof; provided that the provisions of this clause (iii) shall apply only to direct Indebtedness of the Borrower or any Guarantor and shall not be deemed to apply to any Indebtedness of any Restricted
Subsidiary that is not a Guarantor (including any such Indebtedness guaranteed by the Borrower or any Guarantor); or 
 (iv)
make any Restricted Investment 
 (all such payments and other actions set forth in these clauses (i) through (iv) above being
collectively referred to as “Restricted Payments”); however, the Borrower, the Parent Guarantors and their Restricted Subsidiaries may make Restricted Investments if, at the time of and after giving effect to such Restricted
Investment: 
 (i) no Default or Event of Default has occurred and is continuing or would occur as a consequence of such
Restricted Investment; 

  
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 (ii) New Pyxus Topco would, at the time of such Restricted Investment and
after giving pro forma effect thereto as if such Restricted Investment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in Section 6.03(a) hereof; and 
 (iii) such Restricted Investment, together with the aggregate
amount of all other Restricted Investments made by the Borrower, the Parent Guarantors and their Restricted Subsidiaries since August 24, 2020 (excluding Restricted Payments permitted by clauses (ii), (iii) and (iv) of paragraph
(b) of this Section 6.01), is less than the sum, without duplication of: 
 (A) 50% of the Consolidated Net Income
of Pyxus Holdings for the period (taken as one accounting period) from the beginning of the fiscal quarter ended September 30, 2020 to the end of the Borrower’s most recently ended fiscal quarter for which internal financial statements are
available at the time of such Restricted Investment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit); plus 

(B) 100% of the aggregate net cash proceeds received by New Pyxus Topco since August 24, 2020 as a contribution to its
common equity capital or from the issue or sale of Qualifying Equity Interests of New Pyxus Topco or from the issue or sale of convertible or exchangeable Disqualified Stock of New Pyxus Topco or convertible or exchangeable debt securities of New
Pyxus Topco, in each case that have been converted into or exchanged for Qualifying Equity Interests of New Pyxus Topco (other than Qualifying Equity Interests and convertible or exchangeable Disqualified Stock or debt securities sold to a
Subsidiary of New Pyxus Topco); plus 
 (C) to the extent that any Restricted Investment that was made after August 24,
2020 is (a) sold for cash or otherwise cancelled, liquidated or repaid for cash, or (b) made in an entity that subsequently becomes a Restricted Subsidiary of the Borrower or any Parent Guarantor, the initial amount of such Restricted
Investment (or, if less, the amount of cash received upon repayment or sale); plus 
 (D) to the extent that any
Unrestricted Subsidiary designated as such after August 24, 2020 is redesignated as a Restricted Subsidiary after the date hereof, the lesser of (i) the Fair Market Value of the Borrower’s or Parent Guarantor’s or any Restricted
Subsidiary’s Investment in such Subsidiary as of the date of such redesignation or (ii) such Fair Market Value as of the date on which such Subsidiary was originally designated as an Unrestricted Subsidiary after the date hereof; plus 

(E) 50% of any dividends received in cash by the Borrower, a Parent Guarantor or a Restricted Subsidiary after August 24,
2020 from an Unrestricted Subsidiary of the Borrower or Parent Guarantor, to the extent that such dividends were not otherwise included in the Consolidated Net Income of the Borrower for such period. 

(b) The provisions of Section 6.01(a) hereof will not prohibit: 

  
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 (i) the payment of any dividend or the consummation of any irrevocable
redemption within 60 days after the date of declaration of the dividend or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend or redemption payment would have complied with the provisions of
this Agreement; 
 (ii) the making of any Restricted Payment in exchange for, or out of or with the net cash proceeds of the
substantially concurrent sale (other than to a Subsidiary of the Borrower or a Parent Guarantor) of, Equity Interests of New Pyxus Topco (other than Disqualified Stock) or from the substantially concurrent contribution of common equity capital to
New Pyxus Topco; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will not be considered to be net proceeds of Qualifying Equity Interests for purposes of clause (iii)(B) of the preceding
paragraph; 
 (iii) the payment of any dividend (or, in the case of any partnership or limited liability company, any similar
distribution) by a Restricted Subsidiary of a Parent Guarantor to the holders of its Equity Interests on a pro rata basis; 

(iv) the repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of Pyxus Holdings, the
Borrower or any Guarantor that is contractually subordinated in right of payment to the Obligations or to any Guarantee thereof with the net cash proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness; 

(v) so long as no Default or Event of Default has occurred and is continuing, the repurchase, redemption or other acquisition
or retirement for value of any Equity Interests of the Borrower or a Parent Guarantor or any of their Restricted Subsidiaries held by any current or former officer, director or employee of the Borrower or a Parent Guarantor or any of their
Restricted Subsidiaries pursuant to any equity subscription agreement, stock option agreement, shareholders’ agreement or similar agreement; provided, that the aggregate amounts paid under this clause (v) do not exceed $7.5 million in
any fiscal year; provided, further, that the amount paid for such repurchase, retirement or other acquisition in any twelve-month period may be increased by an amount not to exceed: 

(A) the cash proceeds from the sale of Qualifying Equity Interests of New Pyxus Topco to members of management, directors or
consultants of New Pyxus Topco, any of its Subsidiaries or any of its direct or indirect parent companies that occurs after the date hereof to the extent the cash proceeds from the sale of Qualifying Equity Interests have not otherwise been applied
to the making of Restricted Payments pursuant to clause (iii) of the preceding paragraph or clause (ii) of this paragraph or to an optional redemption of the First Lien Notes pursuant to Section 3.07 of the First Lien Notes Indenture
(or any analogous provision of any Permitted Refinancing Indebtedness thereof); plus 
 (B) the cash proceeds of key man
life insurance policies received by the Borrower, a Parent Guarantor or their Restricted Subsidiaries after the date hereof; and 
 in
addition, cancellation of Indebtedness owing to the Borrower, Pyxus Holdings or any Parent Guarantor from any current or former officer, director or employee (or any permitted transferees thereof) of the Borrower, any Parent Guarantor or any of
their Restricted Subsidiaries (or any direct or indirect parent company thereof), in connection with a repurchase of Equity Interests of New Pyxus Topco from such Persons will not be deemed to constitute a Restricted Payment for purposes of this
covenant or any other provisions of this Agreement; 

  
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 (vi) the repurchase of Equity Interests deemed to occur upon the exercise of
stock options or warrants to the extent such Equity Interests represent a portion of the exercise price of those stock options or warrants; 

(vii) so long as no Default or Event of Default has occurred and is continuing, the declaration and payment of regularly
scheduled or accrued dividends to holders of any class or series of Disqualified Stock of New Pyxus Topco or any preferred stock of any Restricted Subsidiary of the Borrower or any Parent Guarantor issued on or after the date hereof in accordance
with the Fixed Charge Coverage Ratio test set forth in Section 6.03(a) or any other Permitted Debt; 
 (viii) payments
of cash, dividends, distributions, advances or other Restricted Payments by the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries to allow the payment of cash in lieu of the issuance of fractional shares upon (a) the
exercise of options or warrants or (b) the conversion or exchange of Capital Stock of any such Person; 
 (ix) so long
as no Default or Event of Default has occurred and is continuing, other Restricted Payments in an aggregate amount, taken together with all Restricted Payments made pursuant to this clause (ix), not to exceed $35.0 million since August 24,
2020 (and in any case no more than $1.0 million in respect of Restricted Payments of the type specified in clauses (i), (ii) and (iii) of the definition thereof); 

(x) [Reserved]; 

(xi) [Reserved]; and 

(xii) Permitted Payments to Parent. 

Notwithstanding anything to the contrary herein, the Borrower shall not make any Restricted Payment other than in cash. 

The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or
securities proposed to be transferred or issued by the Borrower, such Parent Guarantor or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair Market Value of any assets or securities that are required to be
valued by this Section 6.01 will be determined by the Board of Directors of New Pyxus Topco whose resolution with respect thereto will be delivered to the Administrative Agent. Such Board of Directors’ determination
must be based upon an opinion or appraisal issued by an accounting, appraisal or investment banking firm of national standing if the Fair Market Value exceeds $20.0 million. 

SECTION 6.02 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.  

(a) The Borrower and the Parent Guarantors will not, and will not permit any of their Restricted Subsidiaries to, directly or
indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary of New Pyxus Topco to: 

  
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 (i) pay dividends or make any other distributions on its Capital Stock to
the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to the Borrower, any Parent Guarantor or any of their
Restricted Subsidiaries (except for waiving or deferring in the ordinary course of business subrogation and reimbursement rights in connection with the guarantee obligations permitted pursuant to Section 6.03); 

(ii) make loans or advances to the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries; or 

(iii) sell, lease or transfer any of its properties or assets to the Borrower, any Parent Guarantor or any of their Restricted
Subsidiaries. 
 (b) The restrictions in Section 6.02(a) hereof will not apply to encumbrances or
restrictions existing under or by reason of: 
 (i) agreements governing Existing Indebtedness, the ABL Credit Agreement, the
Term Loan Credit Agreement, and the First Lien Notes Indenture as in effect on the date hereof and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the
amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in
those agreements on the date hereof; 
 (ii) this Agreement and the other Loan Documents; 

(iii) agreements governing other Indebtedness permitted to be incurred pursuant to Section 6.03 and
any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that (A) the restrictions are ordinary and customary with respect to the type of Indebtedness
being incurred and (B) such encumbrances or restrictions will not materially affect the Borrower’s ability to make payments of principal or interest on the Loans, as determined at the time such Indebtedness is incurred in good faith by the
senior management of New Pyxus Topco; 
 (iv) applicable law, rule, regulation or order; 

(v) any instrument governing Indebtedness or Capital Stock of a Person acquired by the Borrower, any Parent Guarantor or any of
their Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not
applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness, such Indebtedness was permitted by the terms of this
Agreement to be incurred; 
 (vi) customary non-assignment provisions in contracts
and licenses entered into in the ordinary course of business; 

  
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 (vii) purchase money obligations for property acquired in the ordinary
course of business and Capital Lease Obligations that impose restrictions on the property purchased or leased of the nature described in clause (iii) of Section 6.02(a) hereof; 

(viii) any agreement for the sale or other disposition of a Restricted Subsidiary of the Borrower or any Parent Guarantor that
restricts distributions by that Restricted Subsidiary pending its sale or other disposition; 
 (ix) Permitted Refinancing
Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being
refinanced; 
 (x) Liens permitted to be incurred under the provisions of Section 6.06 hereof that
limit the right of the debtor to dispose of the assets subject to such Liens; 
 (xi) provisions limiting the disposition or
distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements (including agreements entered into in connection with a Restricted Investment)
entered into with the approval of New Pyxus Topco’s Board of Directors, which limitation is applicable only to the assets that are the subject of such agreements; 

(xii) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary
course of business; and 
 (xiii) encumbrances or restrictions contained in agreements relating only to one or more
Immaterial Subsidiaries. 
 SECTION 6.03 Incurrence of Indebtedness and Issuance of Preferred Stock.  

(a) The Borrower and the Parent Guarantors will not, and will not permit any of their Restricted Subsidiaries to, directly or
indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and the
Borrower and the Parent Guarantors will not issue any Disqualified Stock and will not permit any Restricted Subsidiary of New Pyxus Topco to issue any shares of preferred stock; provided, however, that the Borrower and the Parent Guarantors may
incur Indebtedness (including Acquired Debt) or issue Disqualified Stock, and the Subsidiary Guarantors may incur Indebtedness (including Acquired Debt) or issue preferred stock, if the Fixed Charge Coverage Ratio for New Pyxus Topco’s most
recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or such preferred stock is issued, as the case
may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Stock or the preferred stock had
been issued, as the case may be, at the beginning of such four-quarter period. 
 (b) The provisions of
Section 6.03(a) hereof will not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”): 

  
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 (i) the incurrence by the Borrower, the Parent Guarantors or any of their
Restricted Subsidiaries of Indebtedness and letters of credit under (A) the ABL Credit Agreement in an aggregate principal amount at any one time outstanding under this clause (A) (with letters of credit being deemed to have a principal
amount equal to the maximum potential liability of the Borrower, the Parent Guarantors and their Restricted Subsidiaries thereunder) not to exceed $90.0 million, (B) the Term Loan Credit Agreement in an aggregate principal amount at any
time outstanding under this clause (B) not to exceed an aggregate amount equal to $213,417,750 and (C) the First Lien Notes Indenture in an aggregate principal amount at any one time outstanding under this clause (C) not to exceed an
aggregate amount equal to $280,843,751 (and any Permitted Refinancing Indebtedness in respect thereof); 
 (ii) the
incurrence by the Borrower, the Parent Guarantors and their Restricted Subsidiaries of the Existing Indebtedness; 
 (iii)
Indebtedness created hereunder and under the other Loan Documents; 
 (iv) the incurrence by the Borrower, any Parent
Guarantor or any of their Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price
or cost of design, construction, installation or improvement of property, plant or equipment used in the business of the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries, in an aggregate principal amount, including all
Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (iv), not to exceed $21.0 million at any time outstanding; 

(v) the incurrence by the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries of Permitted Refinancing
Indebtedness in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness) that was permitted by this Agreement to be incurred under
Section 6.03(a) hereof or clauses (ii), (iii), (iv), (v) or (xvii) of this Section 6.03(b); 
 (vi)
the incurrence by the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries of intercompany Indebtedness between or among the Borrower, any Parent Guarantor and/or any of their Restricted Subsidiaries; provided, that any such
Indebtedness shall be, to the extent owed by the Borrower or any Guarantor, unsecured and expressly subordinated to the prior payment in full in cash of all Obligations or any Guarantee thereof then due hereunder, in the case of the Borrower or in
the case of a Guarantor, as applicable, pursuant to or on terms consistent with those in the Intercompany Subordination Agreement; provided, that if as of any date any Person other than the Borrower, a Parent Guarantor or any of their
Restricted Subsidiaries owns or holds any such Indebtedness, such date shall be deemed the date of incurrence of Indebtedness by the Borrower, such Parent Guarantor or such Restricted Subsidiary, as the case may be, that was not permitted by this
clause (vi); 
 (vii) the issuance by any of the Borrower’s or the Parent Guarantors’ Restricted Subsidiaries to
the Borrower, to any Parent Guarantor or to any of their Restricted Subsidiaries of shares of preferred stock; provided however, that: 

  
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 (A) any subsequent issuance or transfer of Equity Interests that results in
any such preferred stock being held by a Person other than the Borrower, a Parent Guarantor or a Restricted Subsidiary of the Borrower or a Parent Guarantor; and 

(B) any sale or other transfer of any such preferred stock to a Person that is not either the Borrower, a Parent Guarantor or
a Restricted Subsidiary of the Borrower or a Parent Guarantor; 
 will be deemed, in each case, to constitute an issuance of such preferred
stock by such Restricted Subsidiary that was not permitted by this clause (vii); 
 (viii) the incurrence by the Borrower,
any Parent Guarantor or any of their Restricted Subsidiaries of Hedging Obligations entered into in order to manage existing or anticipated interest rate, exchange rate or commodity price risks and not for speculative purposes; 

(ix) the incurrence by the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries of Indebtedness owing under
documentary or standby letters of credit for the purchase of goods or other merchandise generally; 
 (x) (a) Indebtedness in
respect of OECD accounts receivable financings with recourse against the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries in an aggregate amount not to exceed $50.0 million at any time outstanding and (b) non-OECD accounts receivable financings with recourse against the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries in an aggregate amount not to exceed $50.0 million at any time
outstanding; 
 (xi) the Guarantee by the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries of
Indebtedness of the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries to the extent that the guaranteed Indebtedness was permitted to be incurred by another provision of this Section 6.03; provided that if the Indebtedness
being guaranteed is subordinated to or pari passu with the Loans, then the Guarantee must be subordinated or pari passu, as applicable, to the same extent as the Indebtedness guaranteed; 

(xii) the incurrence by the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries of Indebtedness in respect
of workers’ compensation claims, self-insurance obligations, bankers’ acceptances, performance and surety bonds in the ordinary course of business; 

(xiii) the incurrence by the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries of Indebtedness owing under
overdraft facilities in connection with cash management arrangements; 
 (xiv) the incurrence by any Foreign Subsidiaries of
additional Indebtedness in an aggregate amount (or accreted value, as applicable) at any time outstanding not to exceed the greater of (a) $875 million and (b) the sum of (x) 65% of Eligible Inventory, plus (y) 65% of Permitted Advances on
Purchases of Tobacco, plus (z) 85% of Eligible Receivables, and any Guarantees of such Indebtedness by the Borrower or any Parent Guarantor; 

  
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 (xv) Guarantees by the Borrower, any Parent Guarantor or any of their
Restricted Subsidiaries which are incurred in the ordinary course of business in an aggregate amount not to exceed $250.0 million in the aggregate at any time outstanding; 

(xvi) Guarantees by the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries which are incurred in the
ordinary course of business for the purpose of carrying unsold tobacco inventories held against Confirmed Orders and other Guarantees by the Borrower, any Parent Guarantor or any of their Restricted Subsidiaries incurred in the ordinary course of
business with respect to Uncommitted Inventories in an aggregate amount not to exceed the amount of such Uncommitted Inventories; and 

(xvii) the incurrence by the Borrower or any Guarantor of unsecured Indebtedness or Junior Lien Debt in an aggregate principal
amount not to exceed $50.0 million at any time outstanding. 
 The Borrower and the Parent Guarantors will not incur,
and will not permit any Subsidiary Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of the Borrower, the Parent Guarantors or such Subsidiary Guarantor
unless such Indebtedness is also contractually subordinated in right of payment to the Credit Facility and the Guarantees thereof on substantially identical terms; provided, however, that no Indebtedness will be deemed to be contractually
subordinated in right of payment to any other Indebtedness of the Borrower, any Parent Guarantor or any Subsidiary Guarantor solely by virtue of being unsecured or by virtue of being secured on junior priority basis. 

For purposes of determining compliance with this Section 6.03, in the event that an item of
Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (i) through (xvii) above, or is entitled to be incurred pursuant to Section 6.03(a) hereof, the
Borrower will be permitted to classify such item of Indebtedness on the date of its incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner that complies with this Section 6.03.
Indebtedness under the First Lien Notes Indenture shall be deemed incurred under the exception provided by clause (i)(A) of the definition of Permitted Debt and may not be reclassified. Indebtedness under the ABL Credit Agreement may be incurred
solely under clause (i)(B) of the definition of Permitted Debt and may not be reclassified. 
 The accrual of interest or
preferred stock dividends, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due
to a change in accounting principles, and the payment of dividends on preferred stock or Disqualified Stock in the form of additional shares of the same class of preferred stock or Disqualified Stock will not be deemed to be an incurrence of
Indebtedness or an issuance of preferred stock or Disqualified Stock for purposes of this covenant; provided, in each such case, that the amount of any such accrual, accretion or payment is included in Fixed Charges of Pyxus Holdings as accrued. For
purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be utilized, calculated based on
the relevant currency exchange rate in effect on the date such Indebtedness was incurred. Notwithstanding any other provision of this Section 6.03, the maximum amount of Indebtedness that the Borrower, any Parent Guarantor
or any Restricted Subsidiary may incur pursuant to this Section 6.03 shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values. 

The amount of any Indebtedness outstanding as of any date will be: 

  
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 (i) the accreted value of the Indebtedness, in the case of any Indebtedness
issued with original issue discount; 
 (ii) the principal amount of the Indebtedness, in the case of any other Indebtedness;
and 
 (iii) in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser
of: 
 (A) the Fair Market Value of such assets at the date of determination; and 

(B) the amount of the Indebtedness of the other Person. 

SECTION 6.04 Merger, Consolidation or Sale of Assets.  

Neither the Borrower nor any Parent Guarantor will, directly or indirectly: (a) consolidate or merge with or into another Person (whether
or not the Borrower or such Parent Guarantor is the surviving Person), or (b) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of New Pyxus Topco and its Restricted Subsidiaries, taken
as a whole, in one or more related transactions, to another Person (other than in any case in connection with the Corporate Restructuring Transactions), unless, in the case of a Parent Guarantor: 

(i) either: 

(A) such Parent Guarantor is the surviving corporation; or 

(B) the Person formed by or surviving any such consolidation or merger (if other than such Parent Guarantor) or to which such
sale, assignment, transfer, conveyance or other disposition has been made is an entity organized or existing under the laws of (x) the United States, any state of the United States or the District of Columbia or (y) the jurisdiction of the
Borrower or Parent Guarantor so consolidated, merged, sold, assigned, transferred, conveyed or otherwise disposed of; 
 (ii)
the Person formed by or surviving any such consolidation or merger (if other than such Parent Guarantor) or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of such Parent
Guarantor, as applicable, under this Agreement and the other Loan Documents pursuant to supplements hereto and thereto, as applicable, in form and substance reasonably satisfactory to the Administrative Agent; 

(iii) immediately after such transaction, no Default or Event of Default exists; and 

(iv) the Parent Guarantor or the Person formed by or surviving any such consolidation or merger (if other than such Parent
Guarantor), or to which such sale, assignment, transfer, conveyance or other disposition has been made: would, on the date of such transaction after giving pro forma effect thereto and any related financing transactions as if the same had occurred
at the beginning of the applicable four-quarter period, (a) be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 6.03(a) hereof or
(b) have had a Fixed Charge Coverage Ratio greater than the actual Fixed Charge Coverage Ratio for New Pyxus Topco for such four-quarter period. 

  
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 Notwithstanding the foregoing, New Pyxus Topco will not, directly or indirectly, lease all
or substantially all of the properties and assets of it and its Restricted Subsidiaries, taken as a whole, in one or more related transactions, to any other Person. 

This Section 6.04 will not apply to any sale, assignment, transfer, conveyance, lease or other disposition of assets
between or among the Borrower, the Parent Guarantors and/or their Restricted Subsidiaries. Clauses (iii) and (iv) of the first paragraph of this Section 6.04 will not apply to any merger or consolidation of a
Parent Guarantor: 
 (a) with or into one of its Restricted Subsidiaries for any purpose; or 

(b) with or into an Affiliate solely for the purpose of reincorporating any Parent Guarantor in another jurisdiction. 

Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the
properties or assets of a Parent Guarantor in a transaction that is subject to, and that complies with the provisions of, Section 6.04 hereof, the successor Person formed by such consolidation or into or with which such Parent Guarantor is
merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance
or other disposition, the provisions of this Agreement referring to such “Parent Guarantor” shall refer instead to the successor Person and not to such Parent Guarantor), and may exercise every right and power of such Parent Guarantor, as
applicable, under this Agreement with the same effect as if such successor Person had been named as such Parent Guarantor herein; provided, however, that the predecessor Parent Guarantor shall not be relieved from the obligation to pay the principal
of and interest on the Loans except in the case of a sale of all of such Parent Guarantor’s assets in a transaction that is subject to, and that complies with the provisions of, Section 6.04 hereof. 

Notwithstanding anything to the contrary herein, the Borrower shall not, directly or indirectly, consolidate or merge with or into any Person
or sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of it and its Restricted Subsidiaries, taken as a whole, in one or more related transactions, to any other Person. 

SECTION 6.05 Transactions with Affiliates.  

The Borrower and the Parent Guarantors will not, and will not permit any of their Restricted Subsidiaries to, enter into any transaction or
series of transactions with any officer, director, shareholder or Affiliate other than (a) transactions between the Borrower, the Guarantors and/or any of their Restricted Subsidiaries in the ordinary course of business consistent with past
practices as of the date hereof, (b) transactions on terms and conditions substantially as favorable as would be obtainable in a comparable arm’s-length transaction with a Person other than an
officer, director, shareholder or Affiliate, (c) loans or advances to employees in the ordinary course of business not to exceed $5.0 million in the aggregate at any one time outstanding, (d) the Corporate Restructuring Transactions
and the payment of all fees and expenses related to the Corporate Restructuring Transactions and (e) tax sharing agreements between the Borrower, the Guarantors and/or any of their Restricted Subsidiaries which provide for payments that would
be permitted under this Agreement as Tax Payments if such payments were made as dividends or similar distributions. 

  
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 SECTION 6.06 Liens.  

The Borrower and the Parent Guarantors will not, and will not permit any of their Restricted Subsidiaries to, create, incur, assume or
otherwise cause or suffer to exist or become effective any Lien of any kind (other than Permitted Liens) securing Indebtedness, Attributable Debt or trade payables upon any of their property or assets, now owned or hereafter acquired. 

SECTION 6.07 Business Activities.  

The Borrower and each of the Parent Guarantors will not, and will not permit any of their Restricted Subsidiaries to, engage directly or
indirectly in any business other than the businesses engaged in by each of them and their Restricted Subsidiaries as of the date hereof and reasonable extensions thereof and businesses ancillary or complementary thereto. 

SECTION 6.08 [Reserved]. 

SECTION 6.09 Asset Sales. 

The Borrower and the Parent Guarantors will not, and will not permit any of their Restricted Subsidiaries to, consummate an Asset Sale unless:

 (a) the Borrower (or the applicable Parent Guarantor or Restricted Subsidiary, as the case may be) receives consideration
at the time of the Asset Sale at least equal to the Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Sale) of the assets or Equity Interests issued or sold or otherwise disposed of; and 

(b) at least 75% (100% in the case of lease payments) of the consideration received in the Asset Sale by the Borrower (or the
applicable Parent Guarantor or Restricted Subsidiary, as the case may be) is received in the form of cash or Cash Equivalents; provided, however, that in the event of an Asset Sale of any property or assets of New Pyxus Topco that are surplus from
the standpoint of New Pyxus Topco as a whole, in the good faith determination of the Board of Directors of New Pyxus Topco (as evidenced by a resolution of such Board of Directors set forth in a certificate of a Responsible Officer delivered to the
Administrative Agent), at least 60% of the consideration therefor received is in the form of cash or Cash Equivalents. For purposes of this provision, each of the following will be deemed to be cash: 

(i) any liabilities, as shown on New Pyxus Topco’s most recent consolidated balance sheet, of the Borrower, any Parent
Guarantor or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Credit Facility or any Guarantee thereof) that are assumed by the transferee of any such assets pursuant to a
customary novation or indemnity agreement that releases the Borrower, such Parent Guarantor or such Restricted Subsidiary from or indemnifies against further liability; 

(ii) any securities, notes or other obligations received by the Borrower, any such Parent Guarantor or any such Restricted
Subsidiary from such transferee that are contemporaneously, subject to ordinary settlement periods, converted by the Borrower, such Parent Guarantor or such Restricted Subsidiary into cash, to the extent of the cash received in that conversion; 

  
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 (iii) net proceeds from an Asset Sale applied to acquire all or
substantially all of the assets of, or any Capital Stock of, another Permitted Business; provided, if, after giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a Subsidiary of the Borrower or a Parent
Guarantor, it shall be or become a Restricted Subsidiary of the Borrower or such Parent Guarantor; and 
 (iv) net proceeds
from an Asset Sale applied to acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted Business (which, for the avoidance of doubt, shall not include Cash Equivalents). 

SECTION 6.10 Use of Proceeds. 

(a) The Borrower will not use the proceeds of any Loan, whether directly or indirectly, in a manner inconsistent with the uses
set forth in Section 3.08. 
 (b) The Borrower will (i) not contribute or otherwise make
available the proceeds of any Loan hereunder, directly or indirectly, to any person or entity (whether or not related to the Borrower, any Parent Guarantor, any of their Subsidiaries or member of its group of companies) for the purpose of financing
the activities of any Sanctioned Person, to the extent such contribution or provision of proceeds would be prohibited by Sanctions or would otherwise, to the knowledge and belief of the Borrower, cause any person to be in breach of Sanctions;
(ii) not fund all or part of any repayment of any Loans or Obligations hereunder out of proceeds derived from transactions which would be prohibited by Sanctions or would otherwise cause any person to be in breach of Sanctions; and
(iii) ensure that appropriate controls and safeguards are in place designed to prevent any proceeds of any Loan from being used contrary to clause (i) above. 

SECTION 6.11 Borrower Covenant. Notwithstanding any other provision of this Agreement, Borrower hereby covenants and agrees
with each Lender that from and after the date of this Agreement until the Payment in Full of the Obligations, unless the Required Lenders shall otherwise consent in writing: 

(a) it shall not own or acquire any material assets (other than cash and cash equivalents) or engage in any material business or activity
other than (i) the ownership of Equity Interests in its Subsidiaries (whensoever acquired) and activities incidental thereto, (ii) the maintenance of its corporate existence and activities incidental thereto, including general and
corporate overhead, (iii) activities required to comply with applicable laws, (iv) the receipt of, or the making of, Restricted Payments, in each case, to the extent not prohibited by Section 6.01, (v) compliance
with its obligations under the Loan Documents, (vi) activities incidental to legal, tax and accounting matters in connection with any of the foregoing activities, including without limitation the provision of management services to its
Subsidiaries, entering into confidentiality agreements, and maintaining insurance, (vii) ordinary course intercompany transactions consistent with past practice that are permitted under this Agreement not prohibited by paragraph (d) below;
and (viii) the creation, incurrence, assumption or existence of any Indebtedness or other liabilities not prohibited by paragraph (b) or (c) below; 

(b) it shall not create, incur, assume or otherwise be liable for any Indebtedness except (i) Indebtedness under the Loan Documents,
(ii) any Guarantee of third-party Indebtedness of any of its Subsidiaries permitted under Section 6.01 that the Required Lenders have consented to in writing (which may be via
e-mail), and (iii) ordinary course intercompany transactions not prohibited under this Agreement; 

(c) it shall not create, incur, assume or permit to exist any Lien other than Liens created under the Loan Documents and Liens arising under
law; and 

  
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 (d) it shall not, nor will it permit any of its Subsidiaries to, (i) sell, transfer,
distribute, dividend or otherwise dispose of any Equity Interest in any such Subsidiary or (ii) consummate an Asset Sale constituting all or substantially all, or a material portion of, the assets of the any such Subsidiary to any Person other
than to the Borrower or a Subsidiary thereof unless the net proceeds of such sale, transfer or other disposition shall be reinvested in the Borrower and its Subsidiaries as capital expenditures or Investments. For purposes of this
Section 6.11(d), the term “Asset Sale” shall be determined without giving effect to clause (2) in the second paragraph of the definition thereof and the threshold set forth in clause (1) thereof shall be
deemed to be $10 million rather than $20 million. Any transaction covered by this Section 6.11(d) that is made to an Affiliate other than to a Subsidiary of the Borrower shall be on terms and conditions
substantially as favorable as would be obtainable in a comparable arm’s-length transaction with a Person other than an Affiliate. 

ARTICLE VII 

Events of Default 
 Upon
the occurrence of any of the following specified events (each, an “Event of Default”): 
 SECTION 7.01
Payments. The Borrower shall (a) default in the payment when due of any principal of any Loan, or (b) default, and such default shall continue unremedied for three or more Business Days, in the payment when due of any
interest on any Loan or any fees or any other amounts owing hereunder or under any other Loan Document; or 
 SECTION 7.02
Representations, etc. Any representation, warranty or statement made or deemed made by any Loan Party herein or in any other Loan Document or in any certificate delivered to the Administrative Agent or any Lender pursuant hereto
or thereto shall prove to be untrue in any material respect (or any respect, to the extent qualified by materiality or Material Adverse Effect) on the date as of which made or deemed made; or 

SECTION 7.03 Covenants. The Borrower, any Parent Guarantor or any of their Subsidiaries shall (a) default in the due
performance or observance by it of any term, covenant or agreement contained in Section 5.01(g), 5.03(b), 5.04 (solely with respect to the existence of the Borrower), or Article VI, or (b) default
in the due performance or observance by it of any other term, covenant or agreement contained in this Agreement (other than those set forth in Sections 7.01 or 7.02 or clause (a) or (b) above) and such default shall
continue unremedied for a period of thirty days after the earlier of (i) the date on which such default shall first become known to any Responsible Officer of the Borrower or any other Loan Party or (ii) the date on which written notice
thereof is given to the defaulting party by the Administrative Agent or the Required Lenders; or 
 SECTION 7.04 Default under
Other Agreements. (a) The Borrower, any Parent Guarantor or any of their Subsidiaries shall (i) default in any payment of any Indebtedness (other than the Obligations) beyond the period of grace, if any, provided in an instrument
or agreement under which such Indebtedness was created or (ii) default in the observance or performance of any agreement or condition relating to any Indebtedness (other than the Obligations) or contained in any instrument or agreement
evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on
behalf of such holder or holders) to cause (determined without regard to whether any notice is required), any such Indebtedness to become due prior to its Stated Maturity (and, in the case of any Indebtedness listed on Schedule 7.04 of the Term Loan
Credit Agreement as of August 24, 2020, such default, event or condition continues uncured for a period of 15 days), or (b) any Indebtedness (other than the Obligations) of the Borrower, any Parent Guarantor or any of their Subsidiaries
shall be declared to be (or shall become) due and payable prior to the Stated Maturity thereof; provided that it shall not be a Default or an Event of Default under this Section 7.04 unless the aggregate principal
amount of all Indebtedness as described in preceding clauses (a) and (b) is at least equal to the Threshold Amount; or 

  
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 SECTION 7.05 Bankruptcy, etc. The Borrower, any Parent Guarantor or any
of their Subsidiaries (other than Immaterial Subsidiaries) shall commence a voluntary case concerning itself under the Bankruptcy Code (or any equivalent foreign statute); or an involuntary case (including an expropriation, attachment,
sequestration, distress or execution or an analogous process in any jurisdiction affecting any assets of the Borrower, any Parent Guarantor or any of their Subsidiaries) is commenced against the Borrower, any Parent Guarantor or any of their
Subsidiaries (other than Immaterial Subsidiaries), and the petition, claim or process in the case of an involuntary case is not dismissed within sixty days after the filing thereof, provided, however, that during the pendency of such
period, each Lender shall be relieved of its obligation to extend credit hereunder; or a custodian, liquidator, receiver, administrative receiver, administrator, reconstructor, compulsory manager, or other similar officer is appointed for, or takes
charge of, all or substantially all of the property of the Borrower, any Parent Guarantor or any of their Subsidiaries (other than Immaterial Subsidiaries), to operate all or any substantial portion of the business of the Borrower, any Parent
Guarantor or any of their Subsidiaries (other than Immaterial Subsidiaries), or the Borrower, any Parent Guarantor or any of their Subsidiaries (other than Immaterial Subsidiaries) commences any other proceeding under any reorganization,
arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, administration, creditor voluntary arrangement, receivership, composition, compromise, assignment or similar arrangement with creditors by reason of actual or anticipated
financial difficulties or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Borrower, any Parent Guarantor or any of their Subsidiaries (other than Immaterial Subsidiaries), or there is commenced
against the Borrower, any Parent Guarantor or any of their Subsidiaries (other than Immaterial Subsidiaries) any such proceeding which remains undismissed for a period of 60 days after the filing thereof, or the Borrower, any Parent Guarantor or any
of their Subsidiaries (other than Immaterial Subsidiaries) is adjudicated insolvent or bankrupt; or any order of relief, moratorium or other order approving any such case or proceeding is entered; or the Borrower, any Parent Guarantor or any of
their Subsidiaries (other than Immaterial Subsidiaries) makes a general assignment for the benefit of creditors; or any Business action is taken by the Borrower, any Parent Guarantor or any of their Subsidiaries (other than Immaterial Subsidiaries)
for the purpose of effecting any of the foregoing; or 
 SECTION 7.06 ERISA. 

(a) One or more ERISA Events shall have occurred; 

(b) there is or arises an actual Unfunded Pension Liability (taking into account only Plans with positive Unfunded Pension
Liability); 
 (c) any material contribution required to made with respect to a Foreign Pension Plan has not been timely
made; or 
 (d) there is or arises any potential withdrawal liability under Section 4201 of ERISA, if the Borrower, any
Parent Guarantor, any of their Subsidiaries or the ERISA Affiliates were to withdraw completely from any and all Multiemployer Plans; 
 and the liability
of any or all of the Borrower, any Parent Guarantor, any of their Subsidiaries or ERISA Affiliates contemplated by the foregoing clauses (a), (b), (c) and (d), either individually or in the aggregate, has had, or
could be reasonably expected to have, a Material Adverse Effect; or 

  
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 SECTION 7.07 Security Documents. Any of the Security Documents shall
cease to be in full force and effect, or shall cease to give the Collateral Agent for the benefit of the Secured Parties (other than pursuant to the terms hereof) a perfected security interest in, and Lien on, all of the Collateral covered thereby,
in favor of the Collateral Agent, superior to and prior to the rights of all third Persons, and subject to no other Liens (except as permitted by Section 6.06), or any Loan Party shall default in the due performance or
observance of any term, covenant or agreement on its part to be performed or observed pursuant to any such Security Document and such default shall continue beyond the period of grace, if any, specifically applicable thereto pursuant to the terms of
such Security Document; or 
 SECTION 7.08 Guaranties. The Guarantee Agreement or any provision thereof shall cease to be
in full force or effect as to any Guarantor (except as a result of a release of any Guarantor in accordance with the terms thereof), or any Guarantor or any Person acting for or on behalf of such Guarantor shall deny or disaffirm such
Guarantor’s obligations under the Guarantee Agreement or any Guarantor shall default in the due performance or observance of any term, covenant or agreement on its part to be performed or observed pursuant to the Guarantee Agreement; or 

SECTION 7.09 Judgments. One or more judgments or decrees shall be entered against the Borrower, any Parent Guarantor or any
of their Subsidiaries (other than an Immaterial Subsidiary) involving in the aggregate for the Borrower, the Parent Guarantors and their Subsidiaries (other than Immaterial Subsidiaries) a liability (to the extent not paid or not covered by a
reputable and solvent insurance company) and such judgments and decrees either shall be final and non-appealable or shall not be vacated, discharged or stayed or bonded pending appeal for any period of thirty
consecutive days, and the aggregate amount of all such judgments equals or exceeds the Threshold Amount; or 
 SECTION 7.10
Change of Control. A Change of Control shall occur; 
 then, and in every such event, and at any time thereafter during the continuance of
such event, the Administrative Agent may, at the request of the Required Lenders, by notice to the Borrower, take any or all of the following actions, at the same or different times, without prejudice to the rights of the Administrative Agent or any
Lender to enforce its claims against any Loan Party (provided that, if any Event of Default specified in Section 7.05 shall occur, the result which would occur upon the giving of notice by the Administrative Agent as
specified in clause (a) below shall occur automatically without the giving of any such notice): (a) declare the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the Loans so declared
to be due and payable, together with accrued interest thereon and any unpaid accrued fees and all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall become forthwith due and payable, without presentment,
demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding; (b) enforce, as Collateral Agent, all of the
Liens and security interests created pursuant to the Security Documents; and (c) enforce the Guarantee Agreement. 

  
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 ARTICLE VIII 

The Administrative Agent and the Collateral Agent 

SECTION 8.01 The Administrative Agent and the Collateral Agent. 

(a) Each of the Lenders hereby irrevocably appoints the Administrative Agent and the Collateral Agent as their agents and
authorizes the Agents to take such actions on its behalf and to exercise such powers as are delegated to such Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. Without limiting the
generality of the foregoing, the Agents are hereby expressly authorized to execute any and all documents (including releases) with respect to the Collateral and the rights of the Secured Parties with respect thereto, as contemplated by and in
accordance with the provisions of this Agreement and the Security Documents. 
 (b) The provisions of this
Article VIII are solely for the benefit of Agents and Lenders and no Loan Party shall have any rights as a third party beneficiary of any of the provisions thereof. In performing its functions and duties hereunder, each
Agent shall act solely as an agent of Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for the Loan Parties or any of their respective Subsidiaries. 

(c) Neither Agent shall have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting
the generality of the foregoing, (d) neither Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (e) neither Agent shall have any duty to take any discretionary
action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that such Agent is instructed in writing to exercise by the Required Lenders (or such other number or percentage of the Lenders as
shall be necessary under the circumstances as provided in Section 9.08), and (f) except as expressly set forth in the Loan Documents, neither Agent shall have any duty to disclose, nor shall it be liable for the
failure to disclose, any information relating to the Borrower, any Parent Guarantor or any of their Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent and/or Collateral Agent or any of its Affiliates in any
capacity. Neither Agent shall be liable (nor shall any Lender or Loan Party have any right of action whatsoever against any Agent) for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other
number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.08) or in the absence of its own gross negligence or willful misconduct as determined by a final, non-appealable judgment of a court of competent jurisdiction. Neither Agent shall be deemed to have knowledge of any Default unless and until written notice thereof is given to such Agent by the Borrower or a
Lender, and neither Agent 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 any Loan Document, (ii) the contents of any certificate, report or
other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability,
effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items
expressly required to be delivered to such Agent. 
 (g) Each Agent shall be entitled to refrain from any act or the taking
of any action (including the failure to take an action) in connection herewith or any of the other Loan Documents or from the exercise of any power, discretion or authority vested in it hereunder or thereunder unless and until such Agent shall have
received instructions in respect thereof from Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.08) and, upon receipt of such
instructions from Required Lenders (or such other Lenders, as the case may be), such Agent shall be entitled to act or refrain from acting, or to exercise such power, discretion or authority, in accordance with such instructions, including for the
avoidance of doubt refraining from any action that, in its opinion or the opinion of its counsel, may be in violation of the automatic stay under the Bankruptcy Code or that may effect a forfeiture, modification or termination of property of a
Defaulting Lender in violation of the Bankruptcy Code. 

  
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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 believed
by it to be genuine and to have been signed or sent by the proper person. Each Agent may also 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. Each 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. 
 (h) The Agents are not obliged to expend or risk its own funds or otherwise
incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against,
or security for, such risk or liability is not reasonably assured to it. The Agents shall not be responsible for any unsuitability, inadequacy, expiration or unfitness of any security interest created hereunder or pursuant to any other security
documents pertaining to this matter nor shall it be obligated to make any investigation into, and shall be entitled to assume, the adequacy and fitness of any security interest created hereunder or pursuant to any other security document pertaining
to this matter. In no event shall the Agents be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if such loss or damage was foreseeable or it has
been advised of the likelihood of such loss or damage and regardless of the form of action. In no event shall the Agents be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss
or malfunctions of utilities, communications or computer (software and hardware) services. 
 (i) Each Agent may perform any
and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by it. Each Agent and any such sub-agent may perform any and all
its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties
of each Agent and any such sub-agent, and shall apply to their activities as Agent. 

(j) Subject to the appointment and acceptance of a successor Agent as provided below, either Agent may resign at any time by
notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right, with the consent (not to be unreasonably withheld, conditioned or delayed) of the Borrower, to appoint a successor; provided that
during the existence and continuation of an Event of Default pursuant to Sections 7.01 or 7.05, no consent of the Borrower shall be required. If no successor shall have been so appointed by the Required Lenders and shall have accepted
such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retirement of the retiring Agent shall become effective on such 30th day and the retiring Agent may (but shall not have any obligation to do so), on
behalf of the Lenders, appoint a successor Agent and, so long as no Event of Default pursuant to Sections 7.01 or 7.05 shall have occurred and be continuing, reasonably acceptable to the Borrower. Upon the acceptance of its appointment
as Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder. The
fees payable by the Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After an Agent’s resignation hereunder, the provisions of this Article
VIII and Section 9.05 shall continue in effect for the benefit of such retiring 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 acting as Agent. 

  
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 (k) Each Lender acknowledges that it has, independently and without reliance
upon the Agents or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and
without reliance upon the Agents or any other Lender 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 or
any other Loan Document, any related agreement or any document furnished hereunder or thereunder. 
 SECTION 8.02 Erroneous
Payments. 
 (a) Each Lender hereby agrees that (i) if the Administrative Agent notifies such Lender that
the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly
received by, such Lender (whether or not known to such Lender) (such notification, an “Erroneous Payment Notice”), whether as a payment, prepayment or repayment of principal, interest, fees or otherwise (individually and
collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof), provided that, without limiting any other rights or remedies (whether at law or in equity),
the Administrative Agent may not make any such demand under this clause (a)(i) with respect to an Erroneous Payment unless such demand is made within two Business Days of the date of receipt of such Erroneous Payment by the applicable Lender,
such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the
currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent in same
day funds 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 from time to time in effect and (ii) to the extent permitted by
applicable law, such Lender shall not assert any right or claim to the Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim
or counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including, without limitation, waiver of any defense based on “discharge for value” or any similar theory or doctrine. An Erroneous Payment
Notice made by the Administrative Agent to any Lender under this clause (a) shall be conclusive, absent manifest error. 

(b) Without limiting immediately preceding clause (a), each Lender hereby further agrees that if it receives a
payment from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent, (y) that was not preceded or
accompanied by notice of payment, or (z) that such Lender otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), then in each case, it shall be on notice that an error has been made. To the extent
permitted by applicable law, such Lender shall not assert any right or claim to the Erroneous Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any
demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including without limitation waiver of any defense based on “discharge for value” or any similar theory or doctrine. Each
Lender agrees that, in each such case, 

  
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it shall promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent,
it shall promptly, but in all events no later than one Business Day thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds (in the currency so
received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent in same day funds 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 from time to time in effect. 

(c) The Borrower and each other Loan Party hereby agrees that (x) in the event an Erroneous Payment (or portion thereof)
is not recovered from any Lender that has received such Erroneous Payment (or portion thereof) for any reason (and without limiting the Administrative Agent’s rights and remedies under this Section 8.02), the
Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other
Loan Party, except to the extent such Erroneous Payment (or any portion thereof) is made with funds received by the Administrative Agent from the Borrower or any other Loan Party or the proceeds of the Collateral. 

(d) In addition to any rights and remedies of the Administrative Agent provided by law, the Administrative Agent shall have the
right, without prior notice to any Lender, any such notice being expressly waived by such Lender or to the extent permitted by applicable law, with respect to any Erroneous Payment for which a demand has been made in accordance with this
Section 8.02 and which has not been returned to the Administrative Agent, to set off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final but excluding
trust accounts), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Administrative Agent or any of
its Affiliate, branch or agency thereof to or for the credit or the account of such Lender. The Administrative Agent agrees promptly to notify the Lender after any such setoff and application made by the Administrative Agent; provided that
the failure to give such notice shall not affect the validity of such setoff and application. 
 (e) Each party’s
obligations under this Section 8.02 shall survive the resignation or replacement of the Administrative Agent, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations (or any portion
thereof) under any Loan Document. 
 ARTICLE IX 

Miscellaneous 

SECTION 9.01 Notices. 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, sent by fax or other electronic transmission (in PDF format) as follows: 

(a) if to the Borrower, to it at 8001 Aerial Center Parkway, Morrisville, NC, 27560, Attention of Tomas Grigera, Email:
tgrigera@pyxus.com; and 

  
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 (b) if to the Administrative Agent, to Alter Domus (US) LLC, 225 W.
Washington St., 9th Floor, Chicago IL 60606 Attention of Steve Lenard, Email: adpc.agency@alterdomus.com and legal_agency@alterdomus.com; and 

(c) if to a Lender, to it at its address (email or fax number) set forth on Schedule I to the
Restatement Agreement or in the Assignment and Acceptance pursuant to which such Lender shall have become a party hereto. 
 All notices and
other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt if delivered by hand or overnight courier service or sent by fax or other electronic
transmission (in PDF format) on the date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this
Section 9.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01. As agreed to among the Borrower, the Administrative Agent and the
applicable Lenders from time to time, notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable person
provided from time to time by such person. 
 The Borrower hereby acknowledges that (a) the Administrative Agent will make available to
the Lenders materials and/or information provided by or on behalf of the Borrower hereunder (collectively, the “Borrower Materials”) by posting the Borrower Materials on Intralinks or another similar electronic system (the
“Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the
Borrower or its securities) (each, a “Public Lender”). The Borrower hereby agrees that (i) 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; (ii) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the
Administrative Agent 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 foreign, United States
Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information (as defined below), they shall be treated as set forth in Section 9.17); (iii) all
Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated as “Public Investor” and (iv) the Administrative Agent 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 not marked as “Public Investor.” Notwithstanding the foregoing, the following Borrower Materials shall be marked “PUBLIC,” unless
the Borrower notifies the Administrative Agent promptly that any such document contains material non-public information: (A) the Loan Documents, (B) any notification of changes in the terms of the
Credit Facility and (C) all information delivered pursuant to Sections 5.01(b), (c), and (f). 

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 Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable
law, including foreign, United States Federal and state securities laws, to make reference to communications 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 foreign, United States Federal or state securities laws. 

  
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 THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” NEITHER THE
ADMINISTRATIVE AGENT NOR ANY OF ITS RELATED PARTIES WARRANTS THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY
KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS IS MADE BY
THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER OR ANY OTHER
PERSON FOR DAMAGES OF ANY KIND, WHETHER OR NOT BASED ON STRICT LIABILITY AND INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY LOAN PARTY’S
OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL RULING BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH
PERSON’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 
 The Administrative Agent agrees that the receipt of communications by the
Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the communications to the Administrative Agent for purposes of the Loan Documents. Each Lender agrees that
receipt of notice to it (as provided in the next sentence) specifying that the communications have been posted to the Platform shall constitute effective delivery of the communications to such Lender for purposes of the Loan Documents. Each Lender
agrees to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender’s e-mail address to which the foregoing notice may be sent by electronic
transmission and that the foregoing notice may be sent to such e-mail address. 
 Nothing herein
shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document. 

SECTION 9.02 Survival of Agreement. All covenants, agreements, representations and warranties made by the Borrower herein
and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders and shall survive the making by the Lenders of
the Loans, regardless of any investigation made by the Lenders or on their behalf, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this
Agreement or any other Loan Document is outstanding and unpaid. The provisions of Sections 2.14, 2.16, 2.20, 9.05 and 9.17 shall remain operative and in full force and effect regardless of the
expiration of the term of this Agreement, the consummation of the Transactions, the repayment of any of the Loans, the expiration of the Commitments, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan
Document, or any investigation made by or on behalf of the Administrative Agent, the Collateral Agent or any Lender. 
 SECTION 9.03
Binding Effect. This Agreement shall become effective when it shall have been executed by the Borrower and the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together,
bear the signatures of each of the other parties hereto. 

  
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 SECTION 9.04 Successors and Assigns. 

(a) Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the
permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the Borrower, the Administrative Agent, the Collateral Agent or the Lenders that are contained in this Agreement shall bind and inure to
the benefit of their respective successors and assigns. 
 (b) Each Lender may assign to one or more Eligible Assignees all
or a portion of its interests, rights and obligations under this Agreement (including all or a portion of its Loans at the time owing to it), with notice to the Borrower and the prior written consent of the Administrative Agent and the Borrower (not
to be unreasonably withheld, conditioned or delayed); provided, however, that (i) the amount of the Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with
respect to such assignment is delivered to the Administrative Agent) shall be not less than $1,000,000 (or, in any case, if less, the entire remaining amount of such Lender’s Loans) without the prior written consent of the Administrative Agent
and the Borrower (provided, that the consent of the Borrower shall not be required after the occurrence and during the continuance of any Event of Default referred to in Sections 7.01 or 7.05), (ii) the parties to each such
assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance via an electronic settlement system acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually), and shall
pay to the Administrative Agent a processing and recordation fee of $3,500 (which fee may be waived or reduced in the sole discretion of the Administrative Agent and will not apply in the case of an assignment by a Lender to an Approved Fund that is
managed by such Lender or an Affiliate of such Lender or by an entity or an Affiliate of an entity that administers or manages such Lender), (iii) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire and all applicable tax forms, and (iv) all documents reasonably requested by the Administrative Agent pursuant to anti-money laundering rules and regulations. Upon acceptance and recording pursuant to
paragraph (e) of this Section 9.04, from and after the effective date specified in each Assignment and Acceptance, (A) the assignee thereunder shall be a party hereto and, to the extent of the
interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement and (B) the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be
released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a
party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.16, 2.20 and 9.05, as well as to any fees accrued for its account and not yet paid). 

(c) By executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the assignee thereunder shall
be deemed to confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender warrants that it is the legal and beneficial owner of the interest being assigned thereby free and clear of any adverse claim
and that its Loans are as set forth in such Assignment and Acceptance; (ii) except as set forth in (i) above, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements,
warranties or representations made in or in connection with this Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any other Loan Document or any other instrument or document
furnished pursuant hereto, or the financial condition of the Borrower, any Parent Guarantor or any of their Subsidiaries or the performance or observance by the Borrower, any Parent Guarantor or any of their Subsidiaries of any of its obligations
under this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto; (iii) such assignee represents and warrants that it is an Eligible Assignee and is legally authorized to enter into such Assignment and
Acceptance; (iv) such assignee confirms that it has received a copy of this Agreement, together with copies of the most recent financial statements referred to in Section 3.05 or delivered pursuant to
Section 5.01 

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

(d) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the
Borrower, shall maintain at one of its offices a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest)
of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error and the Borrower, the Administrative Agent, the
Collateral 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. The Register shall be
available for inspection by the Borrower, the Collateral Agent and any Lender, at any reasonable time and from time to time upon reasonable prior written notice. Borrower hereby designates Administrative Agent to serve as Borrower’s agent
solely for purposes of maintaining the Register as provided in this Section 9.04(d), and Borrower hereby agrees that, to the extent Administrative Agent serves in such capacity, Administrative Agent and its Related Parties
shall constitute an “Indemnitee” hereunder and be indemnified in accordance with Section 9.05(b) hereunder in connection with serving in such capacity. 

(e) Upon its receipt of, and consent to, a duly completed Assignment and Acceptance executed by an assigning Lender and an
assignee, an Administrative Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) above, if applicable,
and the written consent of the Administrative Agent and, if required, the Borrower to such assignment and any applicable tax forms, the Administrative Agent shall promptly (i) accept such Assignment and Acceptance and (ii) record the
information contained therein in the Register. No assignment shall be effective unless it has been recorded in the Register as provided in this paragraph (e). 

(f) Each Lender may without the consent of the Borrower or the Administrative Agent sell participations to one or more banks or
other persons in all or a portion of its rights and obligations under this Agreement (including all or a portion of the Loans owing to it); provided, however, that (i) such Lender’s obligations under this Agreement shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the participating banks or other persons shall be entitled to the benefit of the cost protection
provisions contained in Sections 2.14, 2.16 and 2.20 (subject to the requirements and limitations therein including the requirements under Section 2.20(e)) to the same extent as if
they were Lenders (but, with respect to any particular participant, to no greater extent than the Lender that sold the participation to such participant except to the extent such entitlement to receive a greater payment results from a Change in Law
that occurs after the participant acquired the applicable participation), it being understood that the tax forms required under Section 2.20(e) shall be delivered to the participating Lender and (iv) the Borrower, the
Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such 

  
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Lender’s rights and obligations under this Agreement, and such Lender shall retain the sole right to enforce the obligations of the Borrower relating to the Loans and to approve any
amendment, modification or waiver of any provision of this Agreement (other than amendments, modifications or waivers decreasing any fees payable to such participating bank or person hereunder or the amount of principal of or the rate at which
interest is payable on the Loans in which such participating bank or person has an interest, extending any scheduled principal payment date or date fixed for the payment of interest on the Loans in which such participating bank or person has an
interest, increasing or extending the Commitments in which such participating bank or person has an interest or releasing any Guarantor (other than pursuant to the terms thereof or in connection with the sale of such Guarantor in a transaction
permitted by Section 6.04) or all or substantially all of the Collateral). Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower
to effectuate the provisions of Section 2.21 with respect to any participant. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of
the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the 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 Loans or its other obligations under any Loan Document) to any person except to the extent that such disclosure is necessary to establish that such Loan 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. 
 (g) Any Lender or participant may, in connection with any
assignment or participation or proposed assignment or participation pursuant to this Section 9.04, disclose to the assignee or participant or proposed assignee or participant any information relating to the Borrower
furnished to such Lender by or on behalf of the Borrower; provided that, prior to any such disclosure of information designated by the Borrower as confidential, each such assignee or participant or proposed assignee or participant shall
execute an agreement whereby such assignee or participant shall agree (subject to customary exceptions) to preserve the confidentiality of such confidential information on terms no less restrictive than those applicable to the Lenders pursuant to
Section 9.17. 
 (h) Any Lender may at any time pledge or assign all or any portion of its rights
under this Agreement to secure extensions of credit to such Lender or in support of obligations owed by such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central banking authority;
provided that no such pledge or assignment shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(i) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”) may
grant to a special purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide to the Borrower all or any part
of any Loan that such Granting Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to make any Loan and (ii) if an SPC
elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the 

  
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Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent,
and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender).
In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or
other senior indebtedness of any SPC, it will not institute against, or join any other person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or
any State thereof. In addition, notwithstanding anything to the contrary contained in this Section 9.04, any SPC may (i) with notice to, but without the prior written consent of, the Borrower and the Administrative
Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any financial institutions (consented to by the Borrower and Administrative Agent) providing liquidity and/or
credit support to or for the account of such SPC to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any investor,
potential investor, rating agency, commercial paper dealer, collateral manager, servicer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC. 

(j) The Borrower shall not assign or delegate any of its rights or duties hereunder without the prior written consent of the
Administrative Agent and each Lender, and any attempted assignment without such consent shall be null and void. 
 SECTION 9.05
Expenses; Indemnity. 
 (a) The Borrower agrees to pay all reasonable and documented out-of-pocket expenses incurred by (i) the Administrative Agent, the Collateral Agent and the Lenders in connection with the preparation and consummation of this
Agreement and the other Loan Documents, including the fees, charges and disbursements of Wachtell, Lipton, Rosen & Katz, Barbosa, Müssnich & Aragão Advogados and De Brauw Blackstone Westbroek N.V., (ii) the
Administrative Agent and the Collateral Agent in connection with the administration hereof and the other Loan Documents and any amendments, modifications or waivers of the provisions hereof or thereof, including the fees, charges and disbursements
of one counsel in each relevant additional jurisdiction (and any such additional counsel, if necessary, as a result of actual or potential conflicts of interest) for the Administrative Agent and the Collateral Agent, and (iii) the
Administrative Agent, the Collateral Agent and the Lenders in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this
Section 9.05, and, in connection with any such enforcement or protection, the fees, charges and disbursements of one counsel in each relevant additional jurisdiction (and any such additional counsel, if necessary, as a
result of actual or potential conflicts of interest) for the Administrative Agent, the Collateral Agent and the Lenders. 

(b) The Borrower agrees to indemnify the Administrative Agent, the Collateral Agent, each Lender and each Related Party of any
of the foregoing persons (each such person being called an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities, penalties and related reasonable out-of-pocket expenses, including reasonable fees, charges and disbursements of one counsel in each relevant jurisdiction (and any such additional counsel, if necessary, as a
result of actual or potential conflicts of interest) for all Indemnitees, incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or delivery of this Agreement or any other
Loan Document 

  
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or any agreement or instrument contemplated thereby, the performance by the parties thereto of their respective obligations thereunder or the consummation of the Transactions or any related
transaction and the other transactions contemplated thereby (including the syndication of the Credit Facility), or, in the case of the Administrative Agent or Collateral Agent (and any sub-agent thereof) and
its Related Parties only, the administration of this Agreement and the other Loan Documents, (ii) the use of the proceeds of the Loans, (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or
not any Indemnitee is a party thereto (and regardless of whether such matter is initiated by a third party or by the Borrower, any other Loan Party or any of their respective Affiliates), or (iv) any actual or alleged presence or Release of
Hazardous Materials on any property currently or formerly owned or operated by the Borrower, any Parent Guarantor or any of their Subsidiaries, or any Environmental Claim related in any way to the Borrower, the Parent Guarantors or any of their
Subsidiaries; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities, penalties or related expenses (x) are determined by a court of competent jurisdiction
by final judgment to have resulted primarily from (1) the gross negligence, bad faith or willful misconduct of such Indemnitee or (2) a material breach of the obligations under this Agreement of such Indemnitee or any of such
Indemnitee’s Affiliates or of any of its or their respective officers, directors, employees, agents, advisors or other representatives of the foregoing under this Agreement (as determined by a court of competent jurisdiction in a final and
nonappealable decision) or (y) result from any proceeding (other than a proceeding against a party hereto acting pursuant to this Agreement or in its capacity as such or of any of its Affiliates or its or their respective officers, directors,
employees, agents, advisors and other representatives and the successors of each of the foregoing) solely between or among Indemnitees not arising from any act or omission of a Loan Party or any of its Affiliates. 

(c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or the
Collateral Agent under paragraph (a) or (b) of this Section 9.05, each Lender severally agrees to pay to the Administrative Agent or the Collateral Agent, as the case may be, such
Lender’s pro rata share (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 the Collateral Agent (or any sub-agent of the foregoing) in its capacity as such. For purposes hereof, a
Lender’s “pro rata share” shall be determined based upon its share of the outstanding Loans at the time. 

(d) To the extent permitted by applicable law, neither the Borrower nor any Indemnitee shall assert, and each hereby waives,
any claim against any Indemnitee or the Borrower and each of their respective Affiliates, as applicable, 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 or any Loan Document or other agreement or instrument contemplated hereby, the Transactions or any Loan or the use of the proceeds thereof; provided, that nothing contained in this sentence
shall limit the Borrower’s indemnification obligations above to the extent such special, indirect, consequential and punitive damages are included in any third party claim in connection with which any Indemnitee is entitled to indemnification
hereunder 
 (e) No Indemnitee referred to above shall be liable for any damages arising from the use by unintended
recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the Transactions. 

  
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 (f) The provisions of this Section 9.05 shall
remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the Transactions, the repayment of any of the Loans, the expiration of the Commitments, the invalidity or unenforceability
of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent, the Collateral Agent or any Lender. All amounts due under this Section 9.05 shall
be payable, within 30 days of written demand therefor with a reasonably detailed summary of the amounts claimed. 
 SECTION 9.06
Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender or an Affiliate of such Lender is hereby authorized at any time and from time to time, except to the extent prohibited by law, to set off and
apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender or an Affiliate of such Lender to or for the credit or the account of the Borrower against
any of and all the obligations of the Borrower now or hereafter existing under this Agreement and other Loan Documents held by such Lender, provided that at such time such obligations are due or payable. The rights of each Lender and
Affiliates of such Lender under this Section 9.06 are in addition to other rights and remedies (including other rights of setoff) which such Lender or an Affiliate of such Lender may have. Notwithstanding anything to the
contrary contained herein or in any other Loan Document, each Secured Party expressly waives its right of setoff (and any similar right including bankers’ liens) with respect to all lockboxes, deposit accounts and other cash management accounts
maintained by any grantor and into which any collections for Government Accounts are deposited. For purposes hereof, “Government Accounts” means all accounts on which any federal or state government unit or any intermediary
for any federal or state government unit is the obligor. 
 SECTION 9.07 Applicable Law. THIS AGREEMENT AND THE OTHER
LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

SECTION 9.08 Waivers; Amendment. 

(a) No failure or delay of the Administrative Agent, the Collateral Agent or any Lender in exercising any power or right
hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Collateral Agent and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any
rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by the Borrower or any other Loan Party therefrom shall in any event be effective unless the same
shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on the Borrower in any case shall entitle
the Borrower to any other or further notice or demand in similar or other circumstances. 
 (b) Except as otherwise provided
herein, neither this Agreement nor any provision hereof, may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders; provided, however, that no such
agreement shall (i) decrease the principal amount of, or extend the maturity of or date for the payment of any interest on any Loan, extend the date for payment of any fees or waive or excuse any such payment or any part thereof, decrease the
rate of interest on any Loan or reduce the amount 

  
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of any fee payable hereunder, without the prior written consent of each Lender directly adversely affected thereby, (ii) amend or modify the pro rata requirements of
Section 2.17, the sharing provisions of Section 2.18, the provisions of Section 9.04(j) or the provisions of this Section 9.08 or release all or
substantially all of the value of the Guarantors (other than pursuant to the terms hereof or thereof or in connection with the sale of such Guarantor in a transaction permitted by Section 6.04) or all or substantially all
of the Collateral (or subordinate the Liens in favor of the Collateral Agent on all or substantially all of the Collateral), without the prior written consent of each Lender, (iii) [reserved], (iv) modify the protections afforded to an SPC
pursuant to the provisions of Section 9.04(i) without the written consent of such SPC, (v) reduce the percentage contained in clause (a) of the definition of the term “Required Lenders,” or impose
additional restrictions on the ability of the Lenders to assign their rights and obligations under the Loan Documents, without the prior written consent of each Lender (it being understood that with the consent of the Required Lenders, additional
extensions of credit pursuant to this Agreement may be included in the determination of the Required Lenders on substantially the same basis as the Commitments on the date hereof), (vi) amend clause (a) of the definition of “Required
Lender” without the prior written consent of each Lender or (vii) reduce the number or percentage of the Lenders required to consent, approve or otherwise take any action under the Loan Documents without the prior written consent of each
Lender affected thereby; provided, further, that (A) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or Collateral Agent hereunder or under any other Loan Document without
the prior written consent of the Administrative Agent or the Collateral Agent; and (B) the Borrower and the Administrative Agent may amend or supplement this Agreement and any other Loan Documents, without the consent of any Lender, in order to
(x) cure an obvious error or any error or omission of a technical or immaterial nature, (y) cause any other Loan Documents to be consistent with this Agreement or (z) in accordance with Section 6.04. 

SECTION 9.09 Certain Releases of Guarantees and Security Interests. 

(a) Upon the closing of any sale, transfer or other disposition of all of the Equity Interests of any Guarantor permitted
pursuant to Section 6.04, (i) the obligations of such Guarantor pursuant to the Guarantee Agreement shall automatically be discharged and released without any further action by the Collateral Agent or any Lender, and
(ii) the Administrative Agent and the Lenders will, upon the reasonable request and at the sole expense of the Borrower, execute and deliver any instrument or other document in a form acceptable to the Collateral Agent which may reasonably be
required to evidence such discharge and release, all without representation, recourse or warranty. 
 (b) Upon the closing of
any sale, transfer or other disposition of Equity Interests of any Guarantor or any other Subsidiary of the Borrower or Parent Guarantor permitted pursuant to Section 6.04, (i) the Collateral Agent shall release to the
Borrower, any Parent Guarantor or any Subsidiary Guarantor, as applicable without representation, warranty or recourse, express or implied, the pledged Equity Interests issued by such Guarantor and any pledged Equity Interests issued by any other
Subsidiary, as applicable, held by such Guarantor, (ii) the Collateral Agent shall release its security interest in all Collateral of such Subsidiary, and (iii) the Collateral Agent will, upon the request and at the sole expense of the
Borrower, execute and deliver any instrument or other document in a form acceptable to the Collateral Agent which may reasonably be required to evidence such release. 

  
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 (c) If New Pyxus Topco shall reasonably determine at any time after the
Closing Date that (x) the provision or maintenance of a Guarantee by any Foreign Guarantor could reasonably be expected to result in material adverse tax consequences to the Borrower, any Parent Guarantor or their Subsidiaries, (i) the
obligations of such Foreign Guarantor pursuant to the Guarantee Agreement shall automatically be discharged and released without any further action by the Collateral Agent or any Lender and (ii) the security interest of the Collateral Agent in
all Collateral of such Foreign Guarantor shall automatically be discharged and released without any further action by the Collateral Agent or any Lender or (y) the provision or maintenance of a grant of a security interest in any Collateral of
any Foreign Guarantor to secure the Obligations could reasonably be expected to result in material adverse tax consequences to the Borrower, any Parent Guarantor or their Subsidiaries, the security interest of the Collateral Agent in such Collateral
shall automatically be discharged and released without any further action by the Collateral Agent or any Lender. In connection with the foregoing, the Administrative Agent and/or the Collateral Agent, as applicable, will, upon the request and at the
sole expense of the Borrower, execute and deliver any instrument or other document in a form acceptable to the Administrative Agent or Collateral Agent, as applicable, which may reasonably be required to evidence such release. 

(d) The Collateral Agent will, upon the request and at the sole expense of the Borrower, execute and deliver any instrument or
other document in a form acceptable to the Collateral Agent which may be reasonably be required to discharge and release, all without representation, recourse or warranty, any Lien on any Collateral granted to or held by the Collateral Agent under
any Loan Document (i) upon Payment in Full of the Obligations, (ii) that is sold, transferred or otherwise disposed of or to be sold, transferred or otherwise disposed of as part of or in connection with any sale, transfer or other
disposition permitted hereunder to a person other than the Borrower or any Guarantor, and upon consummation by the Borrower, any Parent Guarantor or any of their Subsidiaries of any such sale, transfer or other disposition, any Lien granted by the
Borrower, such Parent Guarantor or such Subsidiary Guarantor under the Loan Documents on such Collateral shall automatically be discharged and released, and (iii) that is released in accordance with the terms and conditions of the applicable
Security Document granting such Lien, and the Collateral Agent and the Lenders will, upon the request and at the sole expense of the Borrower, execute and deliver any instrument or other document in a form acceptable to the Collateral Agent which
may reasonably be required to evidence such discharge and release, all without representation, recourse or warranty. 
 (e)
The Lenders hereby irrevocably authorize each of the Agents, at their option and in their discretion, to take the actions described in this Section 9.09. Upon request by any Agent at any time, the Borrower shall deliver a
certificate to such Agent stating that any sale, transfer or other disposition described in this Section 9.09 is permitted under the Loan Documents. Upon request by any Agent at any time, the Required Lenders will confirm
in writing the Agents’ authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations, in each case pursuant to this Section 9.09. The Agents
shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Collateral Agent’s Lien
thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 

SECTION 9.10 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate
applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the
“Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan or participation in accordance with applicable law, the rate of interest payable in respect of such Loan or
participation hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges 

  
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that would have been payable in respect of such Loan or participation but were not payable as a result of the operation of this Section 9.10 shall be cumulated and the
interest and Charges payable to such Lender in respect of other Loans or participations or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds
Effective Rate to the date of repayment, shall have been received by such Lender. 
 SECTION 9.11 Entire Agreement. This
Agreement and the other Loan Documents constitute the entire contract between the parties relative to the subject matter hereof. Any other previous agreement among the parties with respect to the subject matter hereof is superseded by this Agreement
and the other Loan Documents. Nothing in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer upon any person (other than the parties hereto and thereto, their respective successors and assigns permitted
hereunder) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent and the Lenders any rights, remedies, obligations or liabilities under or by reason of this Agreement or the
other Loan Documents. 
 SECTION 9.12 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY 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, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.12. 

SECTION 9.13 Severability. In the event any one or more of the provisions contained in this Agreement or in any other Loan
Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby (it being understood
that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 9.14 Counterparts; Electronic Execution of Assignments and Certain Other Documents. This Agreement may be executed
in two or more counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute but one contract, and shall become effective as provided in Section 9.03. Delivery of an
executed counterpart to this Agreement by facsimile transmission (or other electronic transmission pursuant to procedures approved by the Administrative Agent) shall be as effective as delivery of a manually signed original. This Agreement and any
document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to this Agreement (each a “Communication”), including Communications required to be in writing,
may be in the form of an Electronic Record and may be executed using Electronic Signatures. Each of the Loan Parties agrees that any Electronic Signature on or associated with any Communication shall be valid and binding on each of the Loan Parties
to the same extent as a manual, original signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid and binding obligation of each of the Loan Parties enforceable against such in accordance with the
terms thereof to the same extent as if a manually executed original signature was delivered. Any Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic

  
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counterparts, but all such counterparts are one and the same Communication. For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or
acceptance by the Loan Parties, the Administrative Agent and each of the Secured Parties of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed
Communication converted into another format, for transmission, delivery and/or retention. Each of the Loan Parties, the Administrative Agent and each of the Secured Parties may, at its option, create one or more copies of any Communication in the
form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed created in the ordinary course of such person’s business, and destroy the original paper document. All Communications in the form of an
Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper record. Notwithstanding anything contained herein to the contrary, the
Administrative Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided, further, without limiting the
foregoing, (a) to the extent the Administrative Agent has agreed to accept such Electronic Signature, the Administrative Agent and each of the Secured Parties shall be entitled to rely on any such Electronic Signature purportedly given by or on
behalf of any Loan Party without further verification and (b) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by such manually executed counterpart. For purposes hereof,
“Electronic Record” and “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time. 

SECTION 9.15 Headings. Article and Section headings and the Table of Contents used herein are for convenience of
reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 9.16 Jurisdiction; Consent to Service of Process. 

(a) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of
any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or
for recognition or enforcement of any judgment (in each case other than with respect to any Security Document to the extent expressly provided otherwise therein), and each of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court (in each case other than with respect to any Security Document to the extent expressly
provided otherwise therein). 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 shall affect any right that the Administrative Agent, the Collateral Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents against the Borrower or
its properties in the courts of any jurisdiction. 
 (b) The Borrower hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any New York
State or Federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

  
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 (c) Each party to this Agreement irrevocably consents to service of process
in the manner provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

(d) Without limiting the foregoing, each of the Loan Parties (other than any Loan Party organized under the laws of the United
States or any State thereof or the District of Columbia) irrevocably designates, appoints and empowers as of the Closing Date, the Borrower (the “Process Agent”), with an office on the Closing Date at 8001 Aerial Center
Parkway, Morrisville, NC, 27560, as its authorized designee, appointee and agent to receive, accept and acknowledge on its behalf and for its property, service of copies of the summons and complaint and any other process which may be served in any
legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party or for recognition and enforcement of any judgment in respect thereof; such service may be made by mailing or delivering a copy of such process
to such Loan Party in care of the Process Agent at the Process Agent’s above address, and each such Loan Party hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. Each of the Loan Parties (other
than any Loan Party organized under the laws of the United States or any State thereof or the District of Columbia) further agrees to take any and all such action as may be necessary to maintain the designation and appointment of the Process Agent
in full force in effect for a period of three years following the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder (other than contingent amounts not then due and payable); provided, that if the
Process Agent shall cease to act as such, each such Loan Party agrees to promptly designate a new authorized designee, appointee and agent in New York City on the terms and for the purposes reasonably satisfactory to the Administrative Agent
hereunder. 
 SECTION 9.17 Confidentiality. Each of the Administrative Agent, the Collateral Agent and the Lenders agrees
to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ officers, directors, employees and agents, including accountants, legal counsel, numbering,
administration and settlement service providers, and other advisors (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority or quasi-regulatory authority (such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any
subpoena or similar legal process, (d) in connection with the exercise of any remedies hereunder or under the other Loan Documents or any suit, action or proceeding relating to the enforcement of its rights hereunder or thereunder,
(e) subject to an agreement containing provisions substantially the same as those of this Section 9.17, to (i) any actual or prospective assignee of or participant in any of its rights or obligations under this
Agreement and the other Loan Documents or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower, any Parent Guarantor or any of their Subsidiaries or any of their respective
obligations, (f) with the consent of the Borrower or (g) to the extent such Information becomes publicly available other than as a result of a breach of this Section 9.17. For the purposes of this
Section 9.17, “Information” shall mean all information received from the Borrower and related to the Borrower, the Parent Guarantors or their respective businesses, other than any such information
that was available to the Administrative Agent, the Collateral Agent or any Lender on a nonconfidential basis prior to its disclosure by the Borrower; provided that any Lender, the Administrative Agent or the Collateral Agent shall use
commercially reasonable efforts give the Borrower prior notice of any disclosure pursuant to clause (c) to the extent permissible and reasonably practicable, except with respect to any audit or examination conducted by bank
accountants or any governmental regulatory authority exercising examination or regulatory authority. Any person required to maintain the confidentiality of Information as provided in this Section 9.17 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 its own confidential information. 

  
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 SECTION 9.18 USA PATRIOT Act Notice. Each Lender 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, it is required to obtain, verify and record information that identifies the Borrower, which information
includes the name and address of the Borrower, the Parent Guarantors and their Subsidiaries and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower, the Parent Guarantors and their
Subsidiaries in accordance with the USA PATRIOT Act. 
 SECTION 9.19 Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the parties hereto, each party hereto
acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion
Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 

(b) the effects of any Bail-In Action on any such liability, including, if applicable:

 (i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected
Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any
such liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. 
 The following terms shall
for purposes of this Section 9.19 have the meanings set forth below: 
 “Affected Financial
Institution” shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution. 
 “Bail-In Action” shall mean the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of any Affected Financial Institution. 

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

  
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 “EEA Financial Institution” shall mean (a) any credit
institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in
clause (a) of this definition and is subject to the supervision of an EEA Resolution Authority, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in
clauses (a) or (b) of this definition and is subject to consolidated supervision of an EEA Resolution Authority with its parent. 

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

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

“EU Bail-In Legislation Schedule” shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Resolution Authority” shall mean an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK
Resolution Authority. 
 “UK Financial Institution” shall mean any BRRD Undertaking (as such term is defined under
the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any Person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial
Conduct Authority, which includes certain credit institutions and investment firms, and certain Affiliates of such credit institutions or investment firms. 

“UK Resolution Authority” shall mean the Bank of England or any other public administrative authority having
responsibility for the resolution of any UK Financial Institution. 
 “Write-Down and Conversion Powers” shall mean
(a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member
Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the
Bail-In Legislation to cancel, transfer or dilute shares issued by a UK Financial Institution, to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or
instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect as if a right had
been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 

SECTION 9.20 No Fiduciary Relationship. The Borrower and each Parent Guarantor, on behalf of itself and its Subsidiaries,
agrees that in connection with all aspects of the transactions contemplated hereby and any communications in connection therewith, the Borrower, the Parent Guarantors, their Subsidiaries and their Affiliates, on the one hand, and the Administrative
Agent, the Collateral Agent, the Lenders and their Affiliates, on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the Administrative Agent, the Collateral Agent,
the Lenders or their Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or communications. The Administrative Agent, the Collateral Agent, the Lenders and their Affiliates may be engaged, for their
own accounts or the accounts of customers, in a broad range of transactions that involve interests that differ from those of the Borrower and their Affiliates, and none of the Administrative Agent, the Collateral Agent, the Lenders and their
Affiliates has any obligation to disclose any of such interests to the Borrower or any of their Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it or any of its Affiliates may have against
the Administrative Agent, the Collateral Agent, the Lenders and their Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

  
 107Document

Exhibit 10.4

AMENDED AND RESTATED 
GITLAB INC.
2021 EMPLOYEE STOCK PURCHASE PLAN

1.PURPOSE. GitLab Inc. adopted the Plan effective as of the Effective Date. The purpose of this Plan is to provide eligible service providers of the Company and the Participating Corporations with a means of acquiring an equity interest in the Company, to enhance such service providers’ sense of participation in the affairs of the Company. Capitalized terms not defined elsewhere in the text are defined in Section 29.

2.ESTABLISHMENT OF PLAN. The Company proposes to grant rights to purchase shares of Common Stock to eligible service providers of the Company and its Participating Corporations pursuant to this Plan. The Company intends this Plan to qualify as an “employee stock purchase plan” under Section 423 of the Code (including any amendments to or replacements of such Section), and this Plan shall be so construed, although the Company makes no undertaking or representation to maintain such qualification. Any term not expressly defined in this Plan but defined for purposes of Section 423 of the Code shall have the same definition herein. In addition, with regard to offers of options to purchase shares of Common Stock under the Plan to employees working for a Subsidiary or an Affiliate outside the United States, this Plan authorizes the grant of options under a Non-Section 423 Component that is not intended to meet Section 423 requirements, provided, to the extent necessary under Section 423 of the Code, the other terms and conditions of the Plan are met.

3.NUMBER OF SHARES. Subject to Section 15, a total 4,739,966 shares of Common Stock are      reserved for issuance under this Plan. In addition, on each February 1 for the first ten (10) calendar years after the first Offering Date, the aggregate number of shares of Common Stock reserved for issuance under the Plan shall be increased automatically by the number of shares equal to one percent (1%) of the total number of outstanding shares of all classes of the Company’s common stock outstanding (on an as-converted basis) on the immediately preceding January 31st (rounded down to the nearest whole share); provided, that the Board or the Committee may in its sole discretion reduce the amount of the increase in any particular year. Subject to Section 15, no more than 32,710,900 shares of Common Stock may be issued over the term of this Plan. The number of shares initially reserved for issuance under this Plan and the maximum number of shares that may be issued under this Plan shall be subject to adjustments effected in accordance with Section 15. Any or all such shares may be granted under the Section 423 Component.     

4.ADMINISTRATION. The Plan will be administered by the Committee. The Committee may delegate administrative tasks under the Plan to a subcommittee or to one or more officers to assist with the administration of the Plan pursuant to specific delegation as permitted by applicable law. Subject to the provisions of this Plan and the limitations of Section 423 of the Code or any successor provision in the Code, all questions of interpretation or application of this Plan shall be determined by the Committee and its decisions shall be final and binding upon all eligible employees and Participants. The Committee will have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to determine eligibility (including that the Committee may determine that an employee of a third party agency who is providing services to a Participating Corporation at the direction of the Participating Corporation is eligible to participate in an Offering Period under the Non-423 Component of this Plan), to designate the Participating Corporations, to determine whether Participating Corporations shall participate in the Section 423 Component or Non-Section 423 Component and to decide upon any and all claims filed under the Plan. Every finding, decision and determination made by the Committee will, to the full extent permitted by law, be final and binding upon all parties. Notwithstanding any provision to the contrary in this Plan, the Committee may adopt rules, sub- plans, and/or procedures relating to the operation and administration of the Plan designed to facilitate compliance with local laws, regulations or customs or to achieve tax, securities law or other objectives for eligible service providers outside of the United States. The Committee will have the authority to determine the Fair Market Value of the Common Stock (which determination shall be final, binding and conclusive for all purposes) in accordance with Section 9 below and to interpret Section 9 of the Plan in connection with circumstances that impact the Fair Market Value. Further, the Committee is specifically authorized to adopt rules and procedures 

regarding the application of the definition of Compensation (as defined below) to Participants on payrolls outside of the United States, handling of payroll deductions and other contributions, taking of payroll deductions and making of other contributions to the Plan, establishment of bank or trust accounts to hold contributions, payment of interest, establishment of the exchange rate applicable to payroll deductions taken and other contributions made in a currency other than U.S. dollars, obligations to pay payroll tax, determination of beneficiary designation requirements, tax withholding procedures, and handling of stock certificates that vary with applicable local requirements. Members of the Committee shall receive no compensation for their services in connection with the administration of this Plan, other than standard fees as established from time to time by the Board for services rendered by Board members serving on Board committees. All expenses incurred in connection with the administration of this Plan shall be paid by the Company. For purposes of this Plan, the Committee may designate separate offerings under the Plan (the terms of which need not be identical) in which eligible employees of one or more Participating Corporations will participate, and the provisions of the Plan will separately apply to each such separate offering even if the dates of the applicable Offering Periods of each such offering are identical. To the extent permitted by Section 423 of the Code, the terms of each separate offering under the Plan need not be identical, provided that the rights and privileges established with respect to a particular offering are applied in an identical manner to all employees of every Participating Corporation whose employees are granted options under that particular offering. The Committee may establish rules to govern the terms of the Plan and the offering that will apply to Participants who transfer employment or service between the Company and Participating Corporations or between Participating Corporations, in accordance with requirements under Section 423 of the Code to the extent applicable.

5.ELIGIBILITY.

(a)Any employee or Consultant of the Company or the Participating Corporations is eligible to participate in an Offering Period under this Plan, except that one or more of the following categories of Participants may be excluded from coverage under the Plan if determined by the Committee (other than where such exclusion is prohibited by applicable law):

(i)individuals who do not meet eligibility requirements that the Committee may choose to impose (within the limits permitted by the Code);

(ii)individuals who are not employed by or rendering services to the Company or a Participating Corporation prior to the beginning of such Offering Period or prior to such other time period as specified by the
Committee;

(iii)individuals who are customarily employed or rendering service for twenty (20) or less hours per week;

(iv)individuals who are customarily employed or rendering service for five (5) months or less in a calendar year;

(v)(A) employees who are “highly compensated employees” of the Company or any Participating Corporation (within the meaning of Section 414(q) of the Code), or (B) any employees who are “highly compensated employees” with compensation above a specified level, who is an officer and/or is subject to the disclosure requirements of Section 16(a) of the Exchange Act;

(vi)individuals who are citizens or residents of a foreign jurisdiction (without regard to whether they are also a citizen of the United States or a resident alien (within the meaning of Section 7701(b)(1)(A) of the Code)) if either (A) such employee’s participation is prohibited under the laws of the jurisdiction governing such individual, or (B) compliance with the laws of the foreign jurisdiction would violate the requirements of Section 423 of the Code; and

(vii)individuals who provide services to the Company or any of its Participating Corporations who are reclassified as common law employees for any reason except for federal income and employment tax purposes.

The foregoing notwithstanding, a Consultant shall not be eligible to participate in the Section 423 Component of an Offering and can only participate in an Offering under the Non-423 Component of this Plan. In addition, an individual shall not be eligible if his or her participation in the Plan is prohibited by the law of any country that has jurisdiction over him or her, if complying with the laws of the applicable country would cause the Plan to violate Section 423 of the Code, or if he or she is subject to a collective bargaining agreement that does not provide for participation in the Plan.

(b)No individual who, together with any other person whose stock would be attributed to such individual pursuant to Section 424(d) of the Code, owns stock or holds options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or its Parent or Subsidiary or who, as a result of being granted an option under this Plan with respect to such Offering Period, would own stock or hold options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or its Parent or Subsidiary shall be granted an option to purchase Common Stock under the Plan. Notwithstanding the foregoing, the rules of Section 424(d) of the Code shall apply in determining share ownership and the extent to which shares held under outstanding equity awards are to be treated as owned by the individual.

6.OFFERING DATES.

(a)Each Offering Period of this Plan may be of up to twenty-seven (27) months duration and shall commence and end at the times designated by the Committee. Each Offering Period shall consist of one or more Purchase Periods during which Contributions made by Participants are accumulated under this Plan. Offering Periods may be consecutive or overlapping.

(b)The initial Offering Period shall commence on the Effective Date and shall end with the Purchase Date that occurs on a date selected by the Committee which is approximately twenty-four (24) months after the commencement of the initial Offering Period. The initial Offering Period shall consist of four Purchase Periods (except as otherwise provided by the Committee). Thereafter, a new Offering Period shall commence each twenty-four (24) months thereafter, with each such Offering Period consisting of four      six (6)-month Purchase Periods, except as otherwise provided by an applicable sub-plan, or by the Committee. The Committee may at any time establish a different duration for an Offering Period or Purchase Period to be effective after the next scheduled Purchase Date, up to a maximum duration of twenty-seven (27) months.

7.PARTICIPATION IN THIS PLAN.

(a)Any individual who is an eligible employee or Consultant determined in accordance with Section 5 immediately prior to the Initial Offering Period will be automatically enrolled in the Initial Offering Period at a contribution level equal to fifteen percent (15%) of Compensation (as defined in Section 10(a)). With respect to subsequent Offering Periods, any eligible employee or Consultant determined in accordance with Section 5 will be eligible to participate in this Plan, subject to the requirement of Section 7(b) hereof and the other terms and provisions of this Plan.

(b)With respect to Offering Periods after the initial Offering Period, a Participant may elect to participate in this Plan by submitting an enrollment agreement prior to the commencement of the Offering Period (or such earlier date as the Committee may determine) to which such agreement relates, subject to the other terms and provisions of this Plan.

(c)Once an individual becomes a Participant in an Offering Period, then such Participant will automatically participate in each subsequent Offering Period commencing immediately following the last day of the prior Offering Period unless the Participant withdraws or is deemed to withdraw from this Plan or terminates further participation in an Offering Period as set forth in Section 12 below. A Participant who is continuing participation pursuant to the preceding sentence is not required to file any additional enrollment agreement in order to continue participation in this Plan, but participation in any subsequent Offering Period will be governed by the Plan and enrollment agreement and other terms in effect on the Offering Date for such relevant Offering Period; a Participant who is not continuing participation pursuant to the preceding sentence is required to file an enrollment agreement prior to the 

commencement of the Offering Period (or such earlier date as the Committee may determine) to which such agreement relates.

8.GRANT OF OPTION ON ENROLLMENT. Becoming a Participant with respect to an Offering Period will constitute the grant (as of the Offering Date) by the Company to such Participant of an option to purchase on the Purchase Date up to that number of shares of Common Stock determined by a fraction, the numerator of which is the amount accumulated in such Participant’s Contribution account during such Purchase Period and the denominator of which is the lower of (i) eighty-five percent (85%) of the Fair Market Value of a share of Common Stock on the Offering Date (but in no event less than the par value of a share of the Common Stock), or (ii) eighty-five percent (85%) of the Fair Market Value of a share of the Common Stock on the Purchase Date; provided, however, that for the Purchase Period within the initial Offering Period the numerator shall be fifteen percent (15%) of the Participant’s compensation for such Purchase Period, or such lower percentage as determined by the Committee prior to the start of the Offering Period, and provided, further, that the number of shares of Common Stock subject to any option granted pursuant to this Plan shall not exceed the lesser of (x) the maximum number of shares set by the Committee pursuant to Section 11(b) below with respect to the applicable Purchase Date, or (y) the maximum number of shares which may be purchased pursuant to Section 11(a) below with respect to the applicable Purchase Date.     

9.PURCHASE PRICE. The Purchase Price per share at which a share of Common Stock will be sold in any Offering Period shall be eighty-five percent (85%) of the lesser of:

(a)The Fair Market Value on the Offering Date; or

(b)The Fair Market Value on the Purchase Date.

10.PAYMENT OF PURCHASE PRICE; CONTRIBUTION CHANGES; SHARE ISSUANCES.

(a)The Purchase Price shall be accumulated by regular payroll deductions made during each Offering Period, unless the Committee determines that contributions may be made in another form (including but not limited to with respect to categories of Participants outside the United States where Contributions must be made in another form due to local legal requirements). The Contributions are made as a percentage of the Participant’s Compensation in one percent (1%) increments not less than one percent (1%), nor greater than fifteen percent (15%) or such lower limit set by the Committee. “Compensation” shall mean base salary or regular hourly wages; however, the Committee shall have discretion to adopt a definition of Compensation from time to time that includes all cash compensation reported on the employee's Form W-2 or corresponding local country tax return, including without limitation base salary or regular hourly wages, bonuses, incentive compensation, commissions, overtime, shift premiums, pay during leaves of absence, and draws against commissions (or in foreign jurisdictions, equivalent cash compensation). For purposes of determining a Participant’s Compensation, any election by such Participant to reduce his or her regular cash remuneration under Sections 125 or 401(k) of the Code (or in foreign jurisdictions, equivalent deductions) shall be treated as if the Participant did not make such election. Contributions shall commence on the first payday following the last Purchase Date (with respect to the initial Offering Period, as soon as practicable following the effective date of filing with the U.S. Securities and Exchange Commission a securities registration statement for the Plan) and shall continue to the end of the Offering Period unless sooner altered or terminated as provided in this Plan. Notwithstanding the foregoing, the terms of any sub-plan may permit matching shares without the payment of any purchase price.

(b)A Participant may decrease the rate of Contributions during an Offering Period by filing with the Company or a third party designated by the Company a new enrollment agreement, with the new rate to become effective no later than the second pay period commencing after the Company’s receipt of the authorization and continuing for the remainder of the Offering Period unless changed as described below. A decrease in the rate of Contributions may be made once during each Purchase Period of the applicable Offering Period, or more frequently under rules determined by the Committee. A Participant may increase or decrease the rate of Contributions for any subsequent Offering Period by filing with the Company or a third party designated by the Company a new enrollment agreement prior to the beginning 

of such Offering Period, or such other time period as specified by the Committee. The Committee may determine to permit Participants to suspend and/or restart Contributions during any Offering Period.

(c)A Participant may reduce his or her Contribution percentage to zero during an Offering Period by filing with the Company or a third party designated by the Company a request for cessation of Contributions. Such reduction shall be effective beginning no later than the second pay period after the Company’s receipt of the request and no further Contributions will be made for the duration of the Offering Period. Contributions credited to the Participant’s account prior to the effective date of the request shall be used to purchase shares of Common Stock in accordance with Subsection (e) below. A reduction of the Contribution percentage to zero shall be treated as such Participant’s withdrawal from such Offering Period and the Plan, effective as of the day after the next Purchase Date following the filing date of such request with the Company, unless such reduction to zero is designated by Participant to be a suspension, as the Committee may determine to permit from time to time.

(d)All Contributions made for a Participant are credited to his or her book account under this Plan and are deposited with the general funds of the Company, except to the extent local legal restrictions outside the United States require segregation of such Contributions. No interest accrues on the Contributions, except to the extent required due to local legal requirements. All Contributions received or held by the Company may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such Contributions, except to the extent necessary to comply with local legal requirements outside the United States.

(e)On each Purchase Date, so long as this Plan remains in effect and provided that the Participant has not submitted a signed and completed withdrawal form before that date which notifies the Company that the Participant wishes to withdraw from that Offering Period under this Plan and have all Contributions accumulated in the account maintained on behalf of the Participant as of that date returned to the Participant, the Company shall apply the funds then in the Participant’s account to the purchase of whole shares of Common Stock reserved under the option granted to such Participant with respect to the Offering Period to the extent that such option is exercisable on the Purchase Date. The Purchase Price per share shall be as specified in Section 9 of this Plan. Any fractional share, as calculated under this Subsection (e), shall be rounded down to the next lower whole share, unless the Committee determines with respect to all Participants that any fractional share shall be credited as a fractional share. Any amount remaining in a Participant’s account on a Purchase Date which is less than the amount necessary to purchase a full share of the Common Stock shall be carried forward without interest (except to the extent necessary to comply with local legal requirements outside the United States) into the next Purchase Period or Offering Period, as the case may be, unless otherwise required to be refunded or returned to the Participant pursuant to this Section 10, Section 11(d), Section 12(b), Section 13, Section 14, Section 26, or as otherwise provided by this Plan; however, the Committee may determine that such amounts should be refunded without interest. In the event that this Plan has been oversubscribed, all funds not used to purchase shares on the Purchase Date shall be returned to the Participant, without interest (except to the extent required due to local legal requirements outside the United States).

(f)As promptly as practicable after the Purchase Date, the Company shall issue shares for the Participant’s benefit representing the shares purchased upon exercise of his or her option.

(g)During a Participant’s lifetime, his or her option to purchase shares hereunder is exercisable only by him or her. The Participant will have no interest or voting right in shares covered by his or her option until such option has been exercised.

(h)To the extent required by applicable U.S. or non-U.S. federal, state, or local law, a Participant shall make arrangements satisfactory to the Company and the Participating Corporation employing the Participant for the satisfaction of any withholding obligations for tax-related items that arise in connection with the Plan. The Company or any Subsidiary or Affiliate, as applicable, may withhold, by any method permissible under the applicable law, the amount necessary for the Company or Subsidiary or Affiliate, as applicable, to meet applicable withholding obligations, including any withholding required to make available to the Company or Subsidiary or Affiliate, as applicable, any tax deductions or benefits attributable to the sale or early disposition of shares of Common Stock by a Participant. The Company shall not be required to issue any shares of Common Stock under the Plan until such obligations are satisfied. 

11.LIMITATIONS ON SHARES TO BE PURCHASED.

(a)Any other provision of the Plan notwithstanding, no Participant shall purchase Common Stock with a Fair Market Value in excess of the following limit:

(i)In the case of Common Stock purchased during an Offering Period that commenced in the current calendar year, the limit shall be equal to (A) $25,000 minus (B) the Fair Market Value of the Common Stock that the Participant previously purchased in the current calendar year (under this Plan and all other employee stock purchase plans of the Company or any Parent or Subsidiary).

(ii)In the case of Common Stock purchased during an Offering Period that commenced in the immediately preceding calendar year, the limit shall be equal to (A) $50,000 minus (B) the Fair Market Value of the Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any Parent or Subsidiary) in the current calendar year and in the immediately preceding calendar year.

(iii)In the case of Common Stock purchased during an Offering Period that commenced two calendar years prior, the limit shall be equal to (A) $75,000 minus (B) the Fair Market Value of the Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any Parent or Subsidiary) in the current calendar year and in the two immediately preceding calendar years.

(b)For purposes of this Subsection (a), the Fair Market Value of Common Stock shall be determined in each case as of the beginning of the Offering Period in which such Common Stock is purchased. Employee stock purchase plans not described in Section 423 of the Code shall be disregarded. If a Participant is precluded by this Subsection (a) from purchasing additional Common Stock under the Plan, then his or her Contributions shall automatically be discontinued and shall automatically resume at the beginning of the earliest Purchase Period that will end in the next calendar year (if he or she then is an eligible employee), provided that when the Company automatically resumes such Contributions, the Company must apply the rate in effect immediately prior to such suspension.

(c)In no event shall a Participant be permitted to purchase more than 5,000 shares on any one Purchase Date or such lesser number as the Committee shall determine. If a lower limit is set under this Subsection (b), then all Participants will be notified of such limit prior to the commencement of the next Offering Period for which it is to be effective.

(d)If the number of shares to be purchased on a Purchase Date by all Participants exceeds the number of shares then available for issuance under this Plan, then the Company will make a pro rata allocation of the remaining shares in as uniform a manner as shall be reasonably practicable and as the Committee shall determine to be equitable. In such event, the Company will give notice of such reduction of the number of shares to be purchased under a Participant’s option to each Participant affected.

(e)Any Contributions accumulated in a Participant’s account which are not used to purchase stock due to the limitations in this Section 11, and not covered by Section 10(e), shall be returned to the Participant as soon as practicable after the end of the applicable Purchase Period, without interest (except to the extent required due to local legal requirements outside the United States).

12.WITHDRAWAL.

(a)Each Participant may withdraw from an Offering Period under this Plan pursuant to a method specified for such purpose by the Company. Such withdrawal may be elected at any time prior to the end of an Offering Period, or such other time period as specified by the Committee.

(b)Upon withdrawal from this Plan, the accumulated Contributions shall be returned to the withdrawn Participant, without interest (except to the extent required due to local legal requirements outside the United States), and his or her interest in this Plan shall terminate. In the event a Participant voluntarily elects to withdraw from this Plan, he or she may not resume his or her participation in this 

Plan during the same Offering Period, but he or she may participate in any Offering Period under this Plan which commences on a date subsequent to such withdrawal by filing a new enrollment agreement in the same manner as set forth in Section 7 above for initial participation in this Plan. To the extent applicable, if the Fair Market Value on the first day of the current Offering Period in which a Participant is enrolled is higher than the Fair Market Value on the first day of any applicable Purchase Period, the Company will automatically withdraw the Participant from the prior Offering Period and enroll such Participant in a new Offering Period. Any funds accumulated in a Participant’s account prior to the first day of such new Offering Period will be applied to the purchase of shares on the Purchase Date immediately prior to the first day of such new Offering Period, if any.

13.TERMINATION OF SERVICE. Termination of a Participant’s service for any reason, including retirement, death, disability, or the failure of a Participant to remain an eligible employee or Consultant of the Company or of a Participating Corporation, immediately terminates his or her participation in this Plan. In such event, accumulated Contributions credited to the Participant’s account will be returned to him or her or, in the case of his or her death, to his or her legal representative, without interest (except to the extent required due to local legal requirements outside the United States). For purposes of this Section 13, an employee will not be deemed to have terminated employment or failed to remain in the continuous employ of the Company or of a Participating Corporation in the case of sick leave, military leave, or any other leave of absence approved by the Company; provided that such leave is for a period of not more than ninety (90) days or reemployment upon the expiration of such leave is guaranteed by contract or statute. The Company will have sole discretion to determine whether a Participant has terminated service and the effective date on which the Participant terminated service, regardless of any notice period or garden leave required under local law.     

14.RETURN OF CONTRIBUTIONS. In the event a Participant’s interest in this Plan is terminated by withdrawal, termination of employment or otherwise, or in the event this Plan is terminated by the Board, the Company shall deliver to the Participant all accumulated Contributions credited to such Participant’s account. No interest shall accrue on the Contributions of a Participant in this Plan (except to the extent required due to local legal requirements outside the United States).

15.CAPITAL CHANGES. If the number or class of outstanding shares is changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or similar change in the capital structure of the Company, without consideration, then the Committee shall adjust the number and class of Common Stock that may be delivered under the Plan, the Purchase Price per share and the number of shares of Common Stock covered by each option under the Plan which has not yet been exercised, and the numerical limits of Sections 3 and 11 shall be proportionately adjusted, subject to any required action by the Board or the stockholders of the Company and in compliance with the applicable securities laws; provided that fractions of a share will not be issued.

16.NONASSIGNABILITY. Neither Contributions credited to a Participant’s account nor any rights with regard to the exercise of an option or to receive shares under this Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 23 below) by the Participant. Any such attempt at assignment, transfer, pledge or other disposition shall be void and without effect.

17.USE OF PARTICIPANT FUNDS AND REPORTS. The Company may use all Contributions received or held by it under the Plan for any corporate purpose, and the Company will not be required to segregate Participant Contributions (except to the extent required due to local legal requirements outside the United States). Until shares are issued, Participants will only have the rights of an unsecured creditor unless otherwise required under local law. Each Participant shall receive, or have access to, promptly after the end of each Purchase Period a report of his or her account setting forth the total Contributions accumulated, the number of shares purchased, the per share price thereof and the remaining cash balance, if any, carried forward to the next Purchase Period or Offering Period, as the case may be.

18.NOTICE OF DISPOSITION. Each U.S. taxpayer Participant shall notify the Company in writing if the Participant disposes of any of the shares purchased in any Offering Period pursuant to this Plan if such disposition occurs within two (2) years from the Offering Date or within one (1) year from the Purchase Date on which such shares were purchased (the “Notice Period”). The Company may, at any time during the Notice Period, place a legend or legends on any certificate representing shares 

acquired pursuant to this Plan requesting the Company’s transfer agent to notify the Company of any transfer of the shares. The obligation of the Participant to provide such notice shall continue notwithstanding the placement of any such legend on the certificates.

19.NO RIGHTS TO CONTINUED SERVICE. Neither this Plan nor the grant of any option hereunder shall confer any right on any Participant to remain in the service of the Company or any Participating Corporation, or restrict the right of the Company or any Participating Corporation to terminate such Participant’s service.

20.EQUAL RIGHTS AND PRIVILEGES. All eligible employees granted an option under the Section 423 Component of this Plan shall have equal rights and privileges with respect to this Plan or within any separate offering under the Plan so that this Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 or any successor provision of the Code and the related regulations. Any provision of this Plan which is inconsistent with Section 423 or any successor provision of the Code, without further act or amendment by the Company, the Committee or the Board, shall be reformed to comply with the requirements of Section 423. This Section 20 shall take precedence over all other provisions in this Plan.

21.NOTICES. All notices or other communications by a Participant to the Company under or in connection with this Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof.

22.TERM; STOCKHOLDER APPROVAL. This Plan will become effective on the Effective Date. This Plan shall be approved by the stockholders of the Company, in any manner permitted by applicable corporate law, within twelve (12) months before or after the date this Plan is adopted by the Board. No purchase of shares that are subject to such stockholder approval before becoming available under this Plan shall occur prior to stockholder approval of such shares and the Board or Committee may delay any Purchase Date and postpone the commencement of any Offering Period subsequent to such Purchase Date as deemed necessary or desirable to obtain such approval (provided that if a Purchase Date would occur more than six (6) months after commencement of the Offering Period to which it relates, then such Purchase Date shall not occur and instead such Offering Period shall terminate without the purchase of such shares and Participants in such Offering Period shall be refunded their Contributions without interest). This Plan shall continue until the earlier to occur of (a) termination of this Plan by the Board (which termination may be effected by the Board at any time pursuant to Section 26 below), (b) issuance of all of the shares of Common Stock reserved for issuance under this Plan, or (c) the tenth anniversary of the Effective Date.

23.DESIGNATION OF BENEFICIARY.

(a)If authorized by the Committee, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant’s account under this Plan in the event of such Participant’s death prior to a Purchase Date. Such form shall be valid only if it was filed with the Company or a third party designated by the Company at the prescribed location before the Participant’s death.

(b)If authorized by the Company, such designation of beneficiary may be changed by the Participant at any time by written notice filed with the Company at the prescribed location before the Participant’s death. In the event of the death of a Participant and in the absence of a beneficiary validly designated under this Plan who is living at the time of such Participant’s death, the Company shall deliver such cash to the executor or administrator of the estate of the Participant or to the legal heirs of the Participant.

24.CONDITIONS UPON ISSUANCE OF SHARES; LIMITATION ON SALE OF SHARES. Shares shall not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such shares pursuant thereto shall comply with all applicable provisions of U.S. or non-U.S. laws, including, without limitation, the U.S. Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated thereunder, and the requirements of any stock exchange or automated quotation system upon which the shares may then be listed, exchange control restrictions and/or securities law restrictions outside the United States, and shall be further subject to the approval of 

counsel for the Company with respect to such compliance. Shares may be held in trust or subject to further restrictions as permitted by any subplan.

25.GOVERNING LAW. The Plan shall be governed by the substantive laws (excluding the conflict of laws rules) of the State of Delaware.

26.AMENDMENT OR TERMINATION. The Committee, in its sole discretion, may amend, suspend, or terminate the Plan, or any part thereof, at any time and for any reason. Unless otherwise required by applicable law, if the Plan is terminated, the Committee, in its discretion, may elect to terminate all outstanding Offering Periods either immediately or upon completion of the purchase of shares of Common Stock on the next Purchase Date (which may be sooner than originally scheduled, if determined by the Committee in its discretion), or may elect to permit Offering Periods to expire in accordance with their terms (and subject to any adjustment pursuant to Section 15). If an Offering Period is terminated prior to its previously-scheduled expiration, all amounts then credited to Participants’ accounts for such Offering Period, which have not been used to purchase shares of Common Stock, shall be returned to those Participants (without interest thereon, except as otherwise required under local laws) as soon as administratively practicable. Further, the Committee will be entitled to change the Purchase Periods and Offering Periods, limit the frequency and/or number of changes in the amount contributed during an Offering Period, establish the exchange ratio applicable to amounts contributed in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the administration of the Plan, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond with amounts contributed from the Participant’s base salary and other eligible compensation, and establish such other limitations or procedures as the Committee determines in its sole discretion advisable which are consistent with the Plan. Such actions will not require stockholder approval or the consent of any Participants. However, no amendment shall be made without approval of the stockholders of the Company (obtained in accordance with Section 22 above) within twelve (12) months of the adoption of such amendment (or earlier if required by Section 22) if such amendment would: (a) increase the number of shares that may be issued under this Plan; or (b) change the designation of the employees (or class of employees) eligible for participation in this Plan. In addition, in the event the Board or Committee determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Board or Committee may, in its discretion and, to the extent necessary or desirable, modify, amend or terminate the Plan to reduce or eliminate such accounting consequences including, but not limited to: (i) amending the definition of compensation, including with respect to an Offering Period underway at the time; (ii) altering the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price; (iii) shortening any Offering Period by setting a Purchase Date, including an Offering Period underway at the time of the Committee’s action; (iv) reducing the maximum percentage of Compensation a participant may elect to set aside as Contributions; and (v) reducing the maximum number of shares a Participant may purchase during any Offering Period. Such modifications or amendments will not require approval of the stockholders of the Company or the consent of any Participants.

27.CORPORATE TRANSACTIONS. In the event of a Corporate Transaction, the Offering Period for each outstanding right to purchase Common Stock will be shortened by setting a new Purchase Date and will end on the new Purchase Date. The new Purchase Date shall occur on or prior to the consummation of the Corporate Transaction, as determined by the Board or Committee, and the Plan shall terminate on the consummation of the Corporate Transaction.

28.CODE SECTION 409A; TAX QUALIFICATION.

(a)Options granted under the Plan generally are exempt from the application of Section 409A of the Code. However, options granted to U.S. taxpayers which are not intended to meet the Code Section 423 requirements are intended to be exempt from the application of Section 409A of the Code under the short-term deferral exception and any ambiguities shall be construed and interpreted in accordance with such intent. Subject to Subsection (b), options granted to U.S. taxpayers outside of the Code Section 423 requirements shall be subject to such terms and conditions that will permit such options to satisfy the requirements of the short-term deferral exception available under Section 409A of the Code, including the requirement that the shares of Common Stock subject to an option be delivered within the 

short-term deferral period. Subject to Subsection (b), in the case of a Participant who would otherwise be subject to Section 409A of the Code, to the extent the Committee determines that an option or the exercise, payment, settlement or deferral thereof is subject to Section 409A of the Code, the option shall be granted, exercised, paid, settled or deferred in a manner that will comply with Section 409A of the Code, including Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding the foregoing, the Company shall have no liability to a Participant or any other party if the option that is intended to be exempt from or compliant with Section 409A of the Code is not so exempt or compliant or for any action taken by the Committee with respect thereto.

(b)Although the Company may endeavor to (i) qualify an option for favorable tax treatment under the laws of the United States or jurisdictions outside of the United States or (ii) avoid adverse tax treatment (e.g., under Section 409A of the Code), the Company makes no representation to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment, notwithstanding anything to the contrary in this Plan, including Subsection (a). The Company shall be unconstrained in its corporate activities without regard to the potential negative tax impact on Participants under the Plan.

29.DEFINITIONS.

(a)“Affiliate” means any entity, other than a Subsidiary or Parent, (i) that, directly or indirectly, is controlled by, controls or is under common control with, the Company and (ii) in which the Company has a significant equity interest, in either case as determined by the Committee, whether now or hereafter existing.

(b)“Board” shall mean the Board of Directors of the Company.

(c)“Code” shall mean the U.S. Internal Revenue Code of 1986, as amended.

(d)“Committee” shall mean the Compensation Committee of the Board that consists exclusively of one or more members of the Board appointed by the Board.

(e)“Common Stock” shall mean the Class A common stock of the Company.

(f)“Company” shall mean GitLab Inc.

(g)“Consultant” shall mean any natural person, including an advisor or independent contractor, providing services as a consultant or advisor to the Company or a Participating Corporation.

(h)“Contributions” means payroll deductions taken from a Participant's Compensation and used to purchase shares of Common Stock under the Plan and, as determined by the Committee in its sole discretion, contributions by other means, provided, however, that allowing such other contributions does not jeopardize the qualification of the Plan as an “employee stock purchase plan” under Section 423 of the Plan.

(i)“Corporate Transaction” means the occurrence of any of the following events: (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities; or (ii) the consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets; or (iii) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.

(j)“Effective Date” shall mean the date on which the Registration Statement covering the initial public offering of the shares of Common Stock is declared effective by the U.S. Securities and Exchange Commission.

(k)“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

(l)“Fair Market Value” shall mean, as of any date, the value of a share of Common Stock determined as follows:

(1)if such Common Stock is then quoted on the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market (collectively, the “Nasdaq Market”), its closing price on the Nasdaq Market on the date of determination, or if there are no sales for such date, then the last preceding business day on which there were sales, as reported in The Wall Street Journal or such other source as the Board or the Committee deems reliable;

(2)if such Common Stock is publicly traded and is then listed on a national securities exchange, its closing price on the date of determination on the principal national securities exchange on which the Common Stock is listed or admitted to trading as reported in The Wall Street Journal or such other source as the Board or the Committee deems reliable;

(3)if such Common Stock is publicly traded but is neither quoted on the Nasdaq Market nor listed or admitted to trading on a national securities exchange, the average of the closing bid and asked prices on the date of determination as reported in The Wall Street Journal or such other source as the Board or the Committee deems reliable;

(4)with respect to the initial Offering Period, Fair Market Value on the Offering Date shall be the price at which shares of Common Stock are offered to the public pursuant to the Registration Statement covering the initial public offering of shares of Common Stock;

(5)any method permitted by Section 409A of the Code or

(6)by the Board or the Committee in good faith.

(m)“Non-Section 423 Component” means the part of the Plan which is not intended to meet the requirements set forth in Section 423 of the Code.

(n)“Notice Period” shall mean within two (2) years from the Offering Date or within one (1) year from the Purchase Date on which such shares were purchased.

(o)“Offering Date” shall mean the first business day of each Offering Period. However, for the initial Offering Period the Offering Date shall be the Effective Date.

(p)“Offering Period” shall mean a period with respect to which the right to purchase Common Stock may be granted under the Plan, as determined by the Committee pursuant to Section 6(a).

(q)“Parent” shall have the same meaning as “parent corporation” in Sections 424(e) and 424(f) of the Code.

(r)“Participant” shall mean an eligible employee or Consultant who meets the eligibility requirements set forth in Section 5 and who is either automatically enrolled in the initial Offering Period or who elects to participate in this Plan pursuant to Section 7(b).

(s)“Participating Corporation” shall mean any Parent, Subsidiary or Affiliate that the Committee designates from time to time as eligible to participate in this Plan. For purposes of the Section 423 Component, only the Parent and Subsidiaries may be Participating Corporations, provided, however, that at any given time a Parent or Subsidiary that is a Participating Corporation under the Section 423 Component shall not be a Participating Corporation under the Non-Section 423 Component. 

The Committee may provide that any Participating Corporation shall only be eligible to participate in the Non-Section 423 Component.

(t)“Plan” shall mean this Gitlab Inc. 2021 Employee Stock Purchase Plan, as may be amended from time to time.

(u)“Purchase Date” shall mean the last business day of each Purchase Period.

(v)“Purchase Period” shall mean a period during which Contributions may be made toward the purchase of Common Stock under the Plan, as determined by the Committee pursuant to Section 6(b).

(w)“Purchase Price” shall mean the price at which Participants may purchase shares of Common Stock under the Plan, as determined pursuant to Section 9.

(x)“Section 423 Component” means the part of the Plan, which excludes the Non-Section 423 Component, pursuant to which options to purchase shares of Common Stock under the Plan that satisfy the requirements for “employee stock purchase plans” set forth in Section 423 of the Code may be granted to eligible employees.

(y)“Subsidiary” shall have the same meaning as “subsidiary corporation” in Sections 424(e) and 424(f) of the Code.

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