Document:

EX-10.2

 Exhibit 10.2 
  

 
  

SUBSIDIARY GUARANTY AGREEMENT 

dated as of March 28, 2014 

by and among 
 certain
Subsidiaries of 
 BLACKHAWK NETWORK HOLDINGS, INC., 

as Guarantors, 
 in favor of 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Administrative Agent 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	 ARTICLE I DEFINED TERMS
	  	 	1	  
	 SECTION 1.1
	    	 Definitions.
	  	 	1	  
	 SECTION 1.2
	    	 Other Definitional Provisions.
	  	 	2	  
		
	 ARTICLE II GUARANTY
	  	 	2	  
	 SECTION 2.1
	    	 Guaranty.
	  	 	2	  
	 SECTION 2.2
	    	 Bankruptcy Limitations on Guarantors.
	  	 	2	  
	 SECTION 2.3
	    	 Agreements for Contribution.
	  	 	3	  
	 SECTION 2.4
	    	 Nature of Guaranty.
	  	 	5	  
	 SECTION 2.5
	    	 Waivers.
	  	 	5	  
	 SECTION 2.6
	    	 Modification of Loan Documents, etc.
	  	 	6	  
	 SECTION 2.7
	    	 Demand by the Administrative Agent.
	  	 	7	  
	 SECTION 2.8
	    	 Remedies.
	  	 	7	  
	 SECTION 2.9
	    	 Benefits of Guaranty.
	  	 	7	  
	 SECTION 2.10
	    	 Termination; Reinstatement.
	  	 	8	  
	 SECTION 2.11
	    	 Payments.
	  	 	8	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	9	  
		
	 ARTICLE IV MISCELLANEOUS
	  	 	9	  
	 SECTION 4.1
	    	 Notices.
	  	 	9	  
	 SECTION 4.2
	    	 Amendments, Waivers and Consents.
	  	 	9	  
	 SECTION 4.3
	    	 Expenses; Indemnification; Waiver of Consequential Damages, etc.
	  	 	9	  
	 SECTION 4.4
	    	 Right of Setoff.
	  	 	10	  
	 SECTION 4.5
	    	 Governing Law; Jurisdiction; Venue; Service of Process.
	  	 	10	  
	 SECTION 4.6
	    	 Waiver of Jury Trial.
	  	 	11	  
	 SECTION 4.7
	    	 Injunctive Relief; Punitive Damages.
	  	 	11	  
	 SECTION 4.8
	    	 No Waiver by Course of Conduct, Cumulative Remedies.
	  	 	11	  
	 SECTION 4.9
	    	 Successors and Assigns.
	  	 	12	  
	 SECTION 4.10
	    	 All Powers Coupled With Interest.
	  	 	12	  
	 SECTION 4.11
	    	 Survival of Indemnities.
	  	 	12	  
	 SECTION 4.12
	    	 Titles and Captions.
	  	 	12	  
	 SECTION 4.13
	    	 Severability of Provisions.
	  	 	12	  
	 SECTION 4.14
	    	 Counterparts.
	  	 	13	  
	 SECTION 4.15
	    	 Integration.
	  	 	13	  
	 SECTION 4.16
	    	 Advice of Counsel, No Strict Construction.
	  	 	13	  
	 SECTION 4.17
	    	 Acknowledgements.
	  	 	13	  
	 SECTION 4.18
	    	 Releases.
	  	 	13	  
	 SECTION 4.19
	    	 Additional Guarantors.
	  	 	14	  
	 SECTION 4.20
	    	 Secured Parties.
	  	 	14	  
	 SECTION 4.21
	    	 Keepwell.
	  	 	14	  

  
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 SUBSIDIARY GUARANTY AGREEMENT (as amended, restated, supplemented or otherwise modified from time
to time, this “Guaranty”), dated as of March 28, 2014, is made by certain Subsidiaries of Blackhawk Network Holdings, Inc., a Delaware corporation (such Subsidiaries, collectively, the “Guarantors”, and each, a
“Guarantor”), in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (in such capacity, the “Administrative Agent”) for the ratable benefit of itself and the Secured Parties (as defined in the
Credit Agreement identified below). 
 STATEMENT OF PURPOSE 

Pursuant to the terms of the Credit Agreement dated of even date herewith (as amended, restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”), by and among the Borrower, the Administrative Agent, and the financial institutions from time to time party thereto (the “Lenders”), the Lenders have agreed to make Extensions of
Credit to the Borrower upon the terms and subject to the conditions set forth therein. 
 The Borrower and the Guarantors, though separate
legal entities, comprise one integrated financial enterprise, and all Extensions of Credit to the Borrower will inure, directly or indirectly, to the benefit of each of the Guarantors. 

It is a condition precedent to the obligation of the Lenders to make their respective Extensions of Credit to the Borrower under the Credit
Agreement that the Guarantors shall have executed and delivered this Guaranty to the Administrative Agent, for the ratable benefit of the Secured Parties. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, and
to induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective Extensions of Credit to the Borrower thereunder, the Guarantors hereby agree with the Administrative Agent, for
the ratable benefit of the Secured Parties, as follows: 
 ARTICLE I 

DEFINED TERMS 
 SECTION
1.1 Definitions. The following terms when used in this Guaranty shall have the meanings assigned to them below: 

“Additional Guarantor” means each Domestic Subsidiary of the Borrower which hereafter becomes a Guarantor pursuant to
Section 4.19 hereof and Section 9.10 of the Credit Agreement. 
 “Applicable Insolvency Laws” means
all Applicable Laws governing bankruptcy, reorganization, arrangement, adjustment of debts, relief of debtors, dissolution, insolvency, fraudulent transfers or conveyances or other similar laws (including, without limitation, 11 U.S.C. Sections 544,
547, 548 and 550 and other “avoidance” provisions of Title 11 of the United States Code, as amended or supplemented). 

 “Guaranteed Obligations” has the meaning set forth in Section 2.1.

 SECTION 1.2 Other Definitional Provisions. Capitalized terms used and not otherwise defined in this Guaranty, including the
preambles and recitals hereof, shall have the meanings ascribed to them in the Credit Agreement. In the event of a conflict between capitalized terms defined herein and in the Credit Agreement, the Credit Agreement shall control. The words
“hereof,” “herein”, “hereto” and “hereunder” and words of similar import when used in this Guaranty shall refer to this Guaranty as a whole and not to any particular provision of this Guaranty, and Section
references are to this Guaranty unless otherwise specified. The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. Where the context requires, terms relating to the Collateral or
any part thereof, when used in relation to a Guarantor, shall refer to such Guarantor’s Collateral or the relevant part thereof. 

ARTICLE II 
 GUARANTY 

SECTION 2.1 Guaranty. Each Guarantor hereby, jointly and severally with the other Guarantors, unconditionally guarantees to the
Administrative Agent for the ratable benefit of the Secured Parties, and their respective permitted successors, endorsees, transferees and assigns, the prompt payment and performance of all Secured Obligations of the Borrower and its Subsidiaries,
whether primary or secondary (whether by way of endorsement or otherwise), whether now existing or hereafter arising, whether or not from time to time reduced or extinguished (except by payment thereof) or hereafter increased or incurred, whether
enforceable or unenforceable as against the Borrower, whether or not discharged, stayed or otherwise affected by any Applicable Insolvency Law or proceeding thereunder, whether created directly with the Administrative Agent or any other Secured
Party or acquired by the Administrative Agent or any other Secured Party through assignment or endorsement or otherwise, whether matured or unmatured, whether joint or several, as and when the same become due and payable (whether at maturity or
earlier, by reason of acceleration, mandatory repayment or otherwise), in accordance with the terms of any such instruments evidencing any such obligations, including all renewals, extensions or modifications thereof (all of the foregoing being
hereafter collectively referred to as the “Guaranteed Obligations”). 
 SECTION 2.2 Bankruptcy Limitations on
Guarantors. Notwithstanding anything to the contrary contained in Section 2.1, it is the intention of each Guarantor and the Secured Parties that, in any proceeding involving the bankruptcy, reorganization, arrangement, adjustment of
debts, relief of debtors, dissolution or insolvency or any similar proceeding with respect to any Guarantor or its assets, the amount of such Guarantor’s obligations with respect to the Guaranteed Obligations (or any other obligations of such
Guarantor to the Secured Parties) shall be equal to, but not in excess of, the maximum amount thereof not subject to avoidance or recovery by operation of Applicable Insolvency Laws after giving effect to Section 2.3(a). To that end, but
only in the event and to the extent that after giving effect to Section 2.3(a) such Guarantor’s obligations with respect to the Guaranteed Obligations (or any other obligations of such Guarantor to the Secured Parties) or any
payment made pursuant to such Guaranteed Obligations (or any other obligations of such Guarantor to the Secured Parties) would, but for the 

  
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operation of the first sentence of this Section 2.2, be subject to avoidance or recovery in any such proceeding under Applicable Insolvency Laws after giving effect to
Section 2.3(a), the amount of such Guarantor’s obligations with respect to the Guaranteed Obligations (or any other obligations of such Guarantor to the Secured Parties) shall be limited to the largest amount which, after giving
effect thereto, would not, under Applicable Insolvency Laws, render such Guarantor’s obligations with respect to the Guaranteed Obligations (or any other obligations of such Guarantor to the Secured Parties) unenforceable or avoidable or
otherwise subject to recovery under Applicable Insolvency Laws. To the extent any payment actually made pursuant to the Guaranteed Obligations exceeds the limitation of the first sentence of this Section 2.2 and is otherwise subject to
avoidance and recovery in any such proceeding under Applicable Insolvency Laws, the amount subject to avoidance shall in all events be limited to the amount by which such actual payment exceeds such limitation and the Guaranteed Obligations as
limited by the first sentence of this Section 2.2 shall in all events remain in full force and effect and be fully enforceable against such Guarantor. The first sentence of this Section 2.2 is intended solely to preserve the
rights of the Secured Parties hereunder against such Guarantor in such proceeding to the maximum extent permitted by Applicable Insolvency Laws and neither such Guarantor, the Borrower, any other Guarantor nor any other Person shall have any right
or claim under such sentence that would not otherwise be available under Applicable Insolvency Laws in such proceeding. 
 SECTION 2.3
Agreements for Contribution. 
 (a) The Guarantors hereby agree among themselves that, if any Guarantor shall make an Excess Payment
(as defined below), such Guarantor shall have a right of contribution from each other Guarantor in an amount equal to such other Guarantor’s Contribution Share (as defined below) of such Excess Payment. The payment obligations of any Guarantor
under this Section 2.3(a) shall be subordinate and subject in right of payment to the Guaranteed Obligations until such time as the Guaranteed Obligations have been indefeasibly paid in full in cash and the Commitments terminated, and
none of the Guarantors shall exercise any right or remedy under this Section 2.3(a) against any other Guarantor until such Guaranteed Obligations have been indefeasibly paid in full in cash and the Commitments terminated. For purposes of
this Section 2.3(a), (i) “Excess Payment” shall mean the amount paid by any Guarantor in excess of its Ratable Share (as defined below) of any Guaranteed Obligations; (ii) “Ratable Share” shall
mean, for any Guarantor in respect of any payment of Guaranteed Obligations, the ratio (expressed as a percentage) as of the date of such payment of Guaranteed Obligations of (A) the amount by which the aggregate present fair salable value of
all of its assets and properties exceeds the amount of all debts and liabilities of such Guarantor (including probable contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder) to
(B) the amount by which the aggregate present fair salable value of all assets and other properties of all of the Guarantors exceeds the amount of all of the debts and liabilities (including probable contingent, subordinated, unmatured, and
unliquidated liabilities, but excluding the obligations of the Guarantors hereunder) of all of the Guarantors; provided, however, that, for purposes of calculating the Ratable Shares of the Guarantors in respect of any payment of
Guaranteed Obligations, any Guarantor that became a Guarantor subsequent to the date of any such payment shall be deemed to have been a Guarantor on the date of such payment and the financial information for such Guarantor as of the date such
Guarantor became a Guarantor shall be utilized for such Guarantor in connection with such payment; and (iii) 

  
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“Contribution Share” shall mean, for any Guarantor in respect of any Excess Payment made by any other Guarantor, the ratio (expressed as a percentage) as of the date of such
Excess Payment of (A) the amount by which the aggregate present fair salable value of all of its assets and properties exceeds the amount of all debts and liabilities of such Guarantor (including probable contingent, subordinated, unmatured,
and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder) to (B) the amount by which the aggregate present fair salable value of all assets and other properties of all of the Guarantors other than the maker of
such Excess Payment exceeds the amount of all of the debts and liabilities (including probable contingent, subordinated, unmatured, and unliquidated liabilities, but excluding the obligations of the Guarantors) of all of the Guarantors other than
the maker of such Excess Payment; provided, however, that, for purposes of calculating the Contribution Shares of the Guarantors in respect of any Excess Payment, any Guarantor that became a Guarantor subsequent to the date of any such
Excess Payment shall be deemed to have been a Guarantor on the date of such Excess Payment and the financial information for such Guarantor as of the date such Guarantor became a Guarantor shall be utilized for such Guarantor in connection with such
Excess Payment. Each of the Guarantors recognizes and acknowledges that the rights to contribution arising hereunder shall constitute an asset in favor of the party entitled to such contribution. This Section 2.3 shall not be deemed to
affect any right of subrogation, indemnity, reimbursement or contribution that any Guarantor may have under Applicable Law against the Borrower in respect of any payment of Guaranteed Obligations. 

(b) No Subrogation. Notwithstanding any payment or payments by any of the Guarantors hereunder, or any set-off or application of funds
of any of the Guarantors by the Administrative Agent or any other Secured Party, or the receipt of any amounts by the Administrative Agent or any other Secured Party with respect to any of the Guaranteed Obligations, none of the Guarantors shall be
entitled to be subrogated to any of the rights of the Administrative Agent or any other Secured Party against the Borrower or the other Guarantors or against any collateral security held by the Administrative Agent or any other Secured Party for the
payment of the Guaranteed Obligations nor shall any of the Guarantors seek any reimbursement from the Borrower or any of the other Guarantors in respect of payments made by such Guarantor in connection with the Guaranteed Obligations, until all
amounts owing to the Administrative Agent and the Secured Parties on account of the Guaranteed Obligations are indefeasibly paid in full in cash and the Commitments are terminated. If any amount shall be paid to any Guarantor on account of such
subrogation rights at any time when all of the Guaranteed Obligations shall not have been indefeasibly paid in full, such amount shall be held by such Guarantor in trust for the Administrative Agent, segregated from other funds of such Guarantor,
and shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the exact form received by such Guarantor (duly endorsed by such Guarantor to the Administrative Agent, if required) to be applied against the
Guaranteed Obligations, whether matured or unmatured, in such order as set forth in the Credit Agreement. 

  
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 SECTION 2.4 Nature of Guaranty. 

(a) Each Guarantor agrees that this Guaranty is a continuing, unconditional guaranty of payment and performance and not of collection, and
that its obligations under this Guaranty shall be primary, absolute and unconditional, irrespective of, and unaffected by: 

(i) the genuineness, validity, regularity, enforceability or any future amendment of, or change in, the Credit Agreement, any
other Loan Document, any Hedge Agreement or any other agreement, document or instrument to which the Borrower, any Guarantor or any of their respective Subsidiaries or Affiliates is or may become a party; 

(ii) the absence of any action to enforce this Guaranty, the Credit Agreement, any other Loan Document or Hedge Agreement or
the waiver or consent by the Administrative Agent or any other Secured Party with respect to any of the provisions of this Guaranty, the Credit Agreement, any other Loan Document or any Hedge Agreement; 

(iii) the existence, value or condition of, or failure to perfect its Lien against, any security for or other guaranty of the
Guaranteed Obligations or any action, or the absence of any action, by the Administrative Agent or any other Secured Party in respect of such security or guaranty (including, without limitation, the release of any such security or guaranty); 

(iv) any structural change in, restructuring of or other similar organizational change of the Borrower, any Guarantor, any
other guarantors or any of their respective Subsidiaries or Affiliates; or 
 (v) any other action or circumstances which
might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor; 
 it being agreed by each Guarantor that, subject to the
first sentence of Section 2.2, its obligations under this Guaranty shall not be discharged until the final indefeasible payment and performance, in full, of the Guaranteed Obligations and the termination of the Commitments. 

(b) Each Guarantor represents, warrants and agrees that the Guaranteed Obligations and its obligations under this Guaranty are not and shall
not be subject to any counterclaims, offsets or defenses of any kind (other than the defense of payment) against the Administrative Agent, the other Secured Parties or the Borrower whether now existing or which may arise in the future. 

(c) Each Guarantor hereby agrees and acknowledges that the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been
created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon this Guaranty, and all dealings between the Borrower and any of the Guarantors, on the one hand, and the Administrative Agent and the other Secured Parties,
on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon this Guaranty. 
 SECTION 2.5
Waivers. To the extent permitted by Applicable Law, each Guarantor expressly waives all of the following rights and defenses (and agrees not to take advantage of or assert any such right or defense): 

(a) any rights it may now or in the future have under any statute, or at law or in equity, or otherwise, to compel the Administrative Agent or
any other Secured Party to proceed 

  
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in respect of the Guaranteed Obligations against the Borrower or any other Person or against any security for or other guaranty of the payment and performance of the Guaranteed Obligations before
proceeding against, or as a condition to proceeding against, such Guarantor; 
 (b) any defense based upon the failure of the Administrative
Agent or any other Secured Party to commence an action in respect of the Guaranteed Obligations against the Borrower, such Guarantor, any other guarantor or any other Person or any security for the payment and performance of the Guaranteed
Obligations; 
 (c) any right to insist upon, plead or in any manner whatever claim or take the benefit or advantage of, any appraisal,
valuation, stay, extension, marshalling of assets or redemption laws, or exemption, whether now or at any time hereafter in force, which may delay, prevent or otherwise affect the performance by such Guarantor of its obligations under, or the
enforcement by the Administrative Agent or the other Secured Parties of this Guaranty; 
 (d) any right of diligence, presentment, demand,
protest and notice (except as specifically required herein or in the other Loan Documents) of whatever kind or nature with respect to any of the Guaranteed Obligations and waives, to the fullest extent permitted by Applicable Law, the benefit of all
provisions of Applicable Law which are or might be in conflict with the terms of this Guaranty; and 
 (e) any and all right to notice of
the creation, renewal, extension or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by the Administrative Agent or any other Secured Party upon, or acceptance of, this Guaranty. 

Each Guarantor agrees that any notice or directive given at any time to the Administrative Agent or any other Secured Party which is
inconsistent with any of the foregoing waivers shall be null and void and may be ignored by the Administrative Agent or such Secured Party, and, in addition, may not be pleaded or introduced as evidence in any litigation relating to this Guaranty
for the reason that such pleading or introduction would be at variance with the written terms of this Guaranty, unless the Administrative Agent and the Required Lenders have specifically agreed otherwise in writing. The foregoing waivers are of the
essence of the transaction contemplated by the Credit Agreement, the other Loan Documents and the Hedge Agreements and, but for this Guaranty and such waivers, the Administrative Agent and other Secured Parties would decline to enter into the Credit
Agreement, the other Loan Documents and the Hedge Agreements. 
 SECTION 2.6 Modification of Loan Documents, etc. Neither the
Administrative Agent nor any other Secured Party shall incur any liability to any Guarantor as a result of any of the following, and none of the following shall impair or release this Guaranty or any of the obligations of any Guarantor under this
Guaranty: 
 (a) any change or extension of the manner, place or terms of payment of, or renewal or alteration of all or any portion of, the
Guaranteed Obligations; 
 (b) any action under or in respect of the Credit Agreement, any other Loan Document or any Hedge Agreement in the
exercise of any remedy, power or privilege contained therein or available to any of them at law, in equity or otherwise, or waiver or refraining from exercising any such remedies, powers or privileges; 

  
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 (c) any amendment to, or modification of, in any manner whatsoever, any Loan Document or any
Hedge Agreement; 
 (d) any extension or waiver of the time for performance by any Guarantor, any other guarantor, the Borrower or any other
Person of, or compliance with, any term, covenant or agreement on its part to be performed or observed under a Loan Document or Hedge Agreement, or waiver of such performance or compliance or consent to a failure of, or departure from, such
performance or compliance; 
 (e) the taking and holding of security or collateral for the payment of the Guaranteed Obligations or the
sale, exchange, release, disposal of, or other dealing with, any property pledged, mortgaged or conveyed, or in which the Administrative Agent or the other Secured Parties have been granted a Lien, to secure any Indebtedness of any Guarantor, any
other guarantor or the Borrower to the Administrative Agent or the other Secured Parties; 
 (f) the release of anyone who may be liable in
any manner for the payment of any amounts owed by any Guarantor, any other guarantor or the Borrower to the Administrative Agent or any other Secured Party; 

(g) any modification or termination of the terms of any intercreditor or subordination agreement pursuant to which claims of other creditors
of any Guarantor, any other guarantor or the Borrower are subordinated to the claims of the Administrative Agent or any other Secured Party; or 

(h) any application of any sums by whomever paid or however realized to any Guaranteed Obligations owing by any Guarantor, any other guarantor
or the Borrower to the Administrative Agent or any other Secured Party in such manner as the Administrative Agent or any other Secured Party shall determine in its reasonable discretion. 

SECTION 2.7 Demand by the Administrative Agent. In addition to the terms set forth in this Article II and in no manner imposing
any limitation on such terms, if all or any portion of the then outstanding Guaranteed Obligations are declared to be immediately due and payable in accordance with the Credit Agreement, then the Guarantors shall, upon demand in writing therefor by
the Administrative Agent to the Guarantors, pay all or such portion of the outstanding Guaranteed Obligations due hereunder then declared due and payable. 

SECTION 2.8 Remedies. Upon the occurrence and during the continuance of any Event of Default, with the consent of the Required Lenders,
the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, enforce against the Guarantors their obligations and liabilities hereunder and exercise such other rights and remedies as may be available to
the Administrative Agent hereunder, under the Credit Agreement, the other Loan Documents, or the Hedge Agreements or otherwise. 
 SECTION
2.9 Benefits of Guaranty. The provisions of this Guaranty are for the benefit of the Administrative Agent and the other Secured Parties and their respective permitted 

  
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successors, transferees, endorsees and assigns, and nothing herein contained shall impair, as between the Borrower, the Administrative Agent and the other Secured Parties, the obligations of the
Borrower under the Loan Documents or the Hedge Agreements. In the event all or any part of the Guaranteed Obligations are transferred, endorsed or assigned by the Administrative Agent or any other Secured Party to any Person or Persons as permitted
under the Credit Agreement, any reference to an “Administrative Agent” or “Secured Party” herein shall be deemed to refer equally to such Person or Persons. 

SECTION 2.10 Termination; Reinstatement. 

(a) Subject to clause (c) below, this Guaranty shall remain in full force and effect until all the Guaranteed Obligations and all the
obligations of the Guarantors shall have been indefeasibly paid in full in cash and the Commitments terminated. 
 (b) No payment made by
the Borrower, any Guarantor, any other guarantor or any other Person received or collected by the Administrative Agent or any other Secured Party from the Borrower, any Guarantor, any other guarantor or any other Person by virtue of any action or
proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Guaranteed Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor
hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the obligations of the Guarantors or any payment received or collected from such Guarantor in respect of the obligations of the
Guarantors), remain liable for the obligations of the Guarantors up to the maximum liability of such Guarantor hereunder until the Guaranteed Obligations and all the obligations of the Guarantors shall have been indefeasibly paid in full in cash and
the Commitments terminated. 
 (c) Each Guarantor agrees that, if any payment made by the Borrower or any other Person applied to the
Guaranteed Obligations is at any time avoided, annulled, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or is repaid in whole or in part pursuant to a good faith
settlement of a pending or threatened avoidance claim, or the proceeds of any Collateral are required to be refunded by the Administrative Agent or any other Secured Party to the Borrower, its estate, trustee, receiver or any other Person,
including, without limitation, any Guarantor, under any Applicable Law or equitable cause, then, to the extent of such payment or repayment, each Guarantor’s liability hereunder (and any Lien or Collateral securing such liability) shall be and
remain in full force and effect, as fully as if such payment had never been made, and, if prior thereto, this Guaranty shall have been canceled or surrendered (and if any Lien or Collateral securing such Guarantor’s liability hereunder shall
have been released or terminated by virtue of such cancellation or surrender), this Guaranty (and such Lien or Collateral) shall be reinstated in full force and effect, and such prior cancellation or surrender shall not diminish, release, discharge,
impair or otherwise affect the obligations of such Guarantor in respect of the amount of such payment (or any Lien or Collateral securing such obligation). 

SECTION 2.11 Payments. Any payments by the Guarantors shall be made to the Administrative Agent, to be credited and applied to the
Guaranteed Obligations in accordance with Section 12.4 of the Credit Agreement, in immediately available Dollars to an account designated by the Administrative Agent or at the Administrative Agent’s Office or at any other address
that may be specified in writing from time to time by the Administrative Agent. 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and the other Secured Parties to enter into the Loan Documents and Hedge Agreements and to make any
Extensions of Credit, each Guarantor hereby represents and warrants that each representation and warranty contained in Article VII of the Credit Agreement relating to such Guarantor is true and correct as if made by such Guarantor herein.

 ARTICLE IV 
 MISCELLANEOUS

 SECTION 4.1 Notices. All notices and communications hereunder shall be given to the addresses and otherwise made in accordance
with Section 14.1 of the Credit Agreement; provided that notices and communications to the Guarantors shall be directed to the Guarantors at the address of the Borrower set forth in Section 14.1 of the Credit Agreement. 

SECTION 4.2 Amendments, Waivers and Consents. None of the terms or provisions of this Guaranty may be waived, amended, supplemented or
otherwise modified, nor any consent be given, except in accordance with Section 14.2 of the Credit Agreement. 
 SECTION 4.3
Expenses; Indemnification; Waiver of Consequential Damages, etc. 
 (a) The Guarantors shall, jointly and severally, pay all
out-of-pocket expenses (including, without limitation, attorney’s fees and expenses) incurred by the Administrative Agent and each other Secured Party to the extent the Borrower would be required to do so pursuant to Section 14.3 of
the Credit Agreement. 
 (b) The Guarantors shall, jointly and severally, pay and indemnify each Recipient against Indemnified Taxes to the
extent the Borrower would be required to do so pursuant to Section 5.11 of the Credit Agreement. 
 (c) The Guarantors shall,
jointly and severally, indemnify each Indemnitee to the extent the Borrower would be required to do so pursuant to Section 14.3 of the Credit Agreement. 

(d) Notwithstanding anything to the contrary contained in this Guaranty, to the fullest extent permitted by Applicable Law, each Guarantor
agrees that it shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with,
or as a result of, this Guaranty, any other Loan Document, or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. 

  
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 (e) No Indemnitee referred to in Section 4.3(c) 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 Guaranty, the other Loan Documents or the
transactions contemplated hereby or thereby. 
 (f) All amounts due under Sections 4.3(a) and (c) shall be payable
promptly after demand therefor. 
 SECTION 4.4 Right of Setoff. If an Event of Default shall have occurred and be continuing, each
Secured Party and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final,
in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Secured Party or any such Affiliate to or for the credit or the account of any Guarantor against any and all of the obligations of such
Guarantor now or hereafter existing under this Guaranty, any other Loan Document or any Hedge Agreement to such Secured Party, irrespective of whether or not such Secured Party shall have made any demand under this Guaranty, any other Loan Document
or any Hedge Agreement and although such obligations of such Guarantor may be contingent or unmatured or are owed to a branch or office of such Secured Party different from the branch or office holding such deposit or obligated on such indebtedness.
The rights of each Secured Party and its Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Secured Party or its Affiliates may have. Each Secured Party agrees to notify such
Guarantor and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 

SECTION 4.5 Governing Law; Jurisdiction; Venue; Service of Process. 

(a) Governing Law. This Guaranty shall be governed by, and construed in accordance with, the laws of the State of New York, without
reference to the conflicts of law principles thereof (other than New York General Obligations Law Section 5-1401). 
 (b) Submission
to Jurisdiction. Each Guarantor irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the Supreme Court of the State of New York sitting in New York County and of the United
States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Guaranty or any other Loan Document, or for recognition or enforcement of any
judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by Applicable
Law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Guaranty or in any other Loan Document shall affect any right that the Administrative Agent or any other Secured Party may otherwise have to bring any action or proceeding relating to this Guaranty or any other Loan Document against
any Guarantor or its properties in the courts of any jurisdiction. 

  
 10 

 (c) Waiver of Venue. Each Guarantor irrevocably and unconditionally waives, to the fullest
extent permitted by Applicable Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Guaranty or any other Loan Document in any court referred to in paragraph
(b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Service of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in
Section 14.1 of the Credit Agreement. Nothing in this Guaranty will affect the right of any party hereto to serve process in any other manner permitted by Applicable Law. 

SECTION 4.6 Waiver of Jury Trial. 

(a) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 4.7 Injunctive Relief; Punitive Damages. 

(a) Each Guarantor recognizes that, in the event such Guarantor fails to perform, observe or discharge any of its obligations or liabilities
under this Guaranty or any other Loan Document, any remedy of law may prove to be inadequate relief to the Administrative Agent and the other Secured Parties. Therefore, each Guarantor agrees that the Administrative Agent and the other Secured
Parties, at the option of the Administrative Agent and the other Secured Parties, shall be entitled to seek temporary and permanent injunctive relief in any such case without the necessity of proving actual damages. 

(b) The Administrative Agent, the other Secured Parties and each Guarantor hereby agree that no such Person shall have a remedy of punitive or
exemplary damages against any other party to a Loan Document and each such Person hereby waives any right or claim to punitive or exemplary damages that such Person may now have or may arise in the future in connection with any Dispute, whether such
Dispute is resolved through arbitration or judicially. 
 SECTION 4.8 No Waiver by Course of Conduct, Cumulative Remedies. Neither
the Administrative Agent nor any other Secured Party shall by any act (except by a written 

  
 11 

 
instrument pursuant to Section 4.2), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of
Default. No delay or failure to take action on the part of the Administrative Agent or any other Secured Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any
such right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Administrative Agent or any other Secured Party of any right or remedy hereunder on any
one occasion shall not be construed as a bar to any right or remedy which the Administrative Agent or such Secured Party would otherwise have on any future occasion. The enumeration of the rights and remedies of the Administrative Agent and the
other Secured Parties set forth in this Guaranty is not intended to be exhaustive and the exercise by the Administrative Agent and the other Secured Parties of any right or remedy shall not preclude the exercise of any other rights or remedies, all
of which shall be cumulative, and shall be in addition to any other right or remedy given hereunder or under the other Loan Documents or that may now or hereafter exist at law or in equity or by suit or otherwise. 

SECTION 4.9 Successors and Assigns. The provisions of this Guaranty shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns; except that no Guarantor may assign or otherwise transfer any of its rights or obligations under this Guaranty without the prior written consent of the Administrative Agent and the other
Secured Parties (in accordance with the Credit Agreement). 
 SECTION 4.10 All Powers Coupled With Interest. All powers of attorney
and other authorizations granted to the Secured Parties, the Administrative Agent and any Persons designated by the Administrative Agent or any other Secured Party pursuant to any provisions of this Guaranty or any of the other Loan Documents shall
be deemed coupled with an interest and shall be irrevocable so long as any of the Guaranteed Obligations remain unpaid or unsatisfied, any of the Commitments remain in effect or the Credit Facility has not been terminated. 

SECTION 4.11 Survival of Indemnities. Notwithstanding any termination of this Guaranty, the indemnities to which the Administrative
Agent and the other Secured Parties are entitled under the provisions of Section 4.3 and any other provision of this Guaranty and the other Loan Documents shall continue in full force and effect and shall protect the Administrative Agent
and the other Secured Parties against events arising after such termination as well as before. 
 SECTION 4.12 Titles and Captions.
Titles and captions of Articles, Sections and subsections in, and the table of contents of, this Guaranty are for convenience only, and neither limit nor amplify the provisions of this Guaranty. 

SECTION 4.13 Severability of Provisions. Any provision of this Guaranty or any other Loan Document which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions hereof or thereof or affecting the
validity or enforceability of such provision in any other jurisdiction. 

  
 12 

 SECTION 4.14 Counterparts. This Guaranty may be executed in any number of counterparts and
by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and shall be binding upon all parties, their successors and assigns, and all of which taken together shall constitute one and the
same agreement. Delivery of an executed counterpart of a signature page to this Guaranty or any document or instrument delivered in connection herewith by facsimile or other electronic transmission shall be effective as delivery of a manually
executed counterpart of this Guaranty or such other document or instrument, as applicable. 
 SECTION 4.15 Integration. This
Guaranty, together with the other Loan Documents, comprises the complete and integrated agreement of the parties on the subject matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event of
any conflict between the provisions of this Guaranty and those of any other Loan Document, the provisions of the Credit Agreement shall control, if applicable. In the event of any such conflict with respect to which the provisions of the Credit
Agreement are not applicable, the provisions of this Guaranty shall control. The parties acknowledge and agree that the inclusion of supplemental rights or remedies in favor of the Administrative Agent or the other Secured Parties in any other Loan
Document shall not be deemed a conflict with this Guaranty. 
 SECTION 4.16 Advice of Counsel, No Strict Construction. Each of the
parties represents to each other party hereto that it has discussed this Guaranty with its counsel. The parties hereto have participated jointly in the negotiation and drafting of this Guaranty. In the event an ambiguity or question of intent or
interpretation arises, this Guaranty shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Guaranty.

 SECTION 4.17 Acknowledgements. Each Guarantor hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Guaranty and the other Loan Documents to which it is a
party; 
 (b) it has received a copy of the Credit Agreement and has reviewed and understands the same; 

(c) neither the Administrative Agent nor any other Secured Party has any fiduciary relationship with or duty to any Guarantor arising out of
or in connection with this Guaranty or any of the other Loan Documents, and the relationship between the Guarantors, on the one hand, and the Administrative Agent and the other Secured Parties, on the other hand, in connection herewith or therewith
is solely that of debtor and creditor; and 
 (d) no joint venture is created hereby or by the other Loan Documents or otherwise exists by
virtue of the transactions contemplated hereby or thereby among the Secured Parties or among the Guarantors and the Secured Parties. 

SECTION 4.18 Releases. At such time as the Guaranteed Obligations shall have been indefeasibly paid in full in cash and the Commitments
have been terminated, this Guaranty and all obligations (other than those expressly stated to survive such termination or as may be reinstated after such termination) of the Administrative Agent and each Guarantor hereunder shall terminate, all
without delivery of any instrument or performance of any act by any party. 

  
 13 

 SECTION 4.19 Additional Guarantors. Each Subsidiary of the Borrower that is required to
become a party to this Guaranty pursuant to Section 9.10 of the Credit Agreement shall become a Guarantor for all purposes of this Guaranty upon execution and delivery by such Subsidiary of a supplement in form and substance reasonably
satisfactory to the Administrative Agent. 
 SECTION 4.20 Secured Parties. Each Secured Party not a party to the Credit Agreement who
obtains the benefit of this Guaranty shall be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of the Credit Agreement, and that with respect to the actions and omissions of the
Administrative Agent hereunder or otherwise relating hereto that do or may affect such Secured Party, the Administrative Agent and each of its Affiliates shall be entitled to all the rights, benefits and immunities conferred under Article XIII of
the Credit Agreement. 
 SECTION 4.21 Keepwell. Each Qualified ECP Guarantor (as defined below) hereby jointly and severally,
absolutely, unconditionally and irrevocably undertakes to provide such funds and other support as may be needed from time to time by each other Credit Party to honor all of its obligations under this Guaranty and the other Loan Documents in respect
of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section, or otherwise
under this Guaranty or any other Loan Document, voidable under Debtor Relief Laws and not for any greater amount). Subject to Section 2.10, the obligations of each Qualified ECP Guarantor under this Section shall remain in full force and effect
until all of the Guaranteed Obligations and all the obligations of the Guarantors shall have been paid in full in cash and the Commitments terminated. Each Qualified ECP Guarantor intends that this Section constitute, and this Section shall be
deemed to constitute, a “keepwell, support or other agreement” for the benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. For purposes of this Section, “Qualified ECP
Guarantor” means, in respect of any Swap Obligation, each Credit Party that has total assets exceeding $10,000,000 at the time the relevant guarantee or grant of the relevant security interest becomes effective with respect to such Swap
Obligation or such other Person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another Person to qualify as an “eligible contract
participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 [Signature
Pages to Follow] 

  
 14 

 IN WITNESS WHEREOF, each of the Guarantors has executed and delivered this Guaranty by their duly
authorized officers, all as of the day and year first above written. 
  

			
	EWI HOLDINGS, INC., as Guarantor
		
	By:	 	 /s/ Jerry N. Ulrich

	Name:	 	 Jerry N. Ulrich

	Title:	 	 Treasurer

	
	CARDPOOL, INC., as Guarantor
		
	By:	 	 /s/ Jerry N. Ulrich

	Name:	 	 Jerry N. Ulrich

	Title:	 	 CFO

	
	BLACKHAWK NETWORK, INC., as Guarantor
		
	By:	 	 /s/ Jerry N. Ulrich

	Name:	 	 Jerry N. Ulrich

	Title:	 	 CFO & CAO

	
	BLACKHAWK NETWORK CALIFORNIA, INC., as Guarantor
		
	By:	 	 /s/ Jerry N. Ulrich

	Name:	 	 Jerry N. Ulrich

	Title:	 	 CFO & CAO

 [Blackhawk Subsidiary Guaranty Agreement] 

 
			
	Acknowledged by the Administrative Agent as of the day and year first written above:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	 /s/ Brian Buck

	Name:	 	 Brian Buck

	Title:	 	 Director

 [Blackhawk Subsidiary Guaranty Agreement]EX-10.3

 Exhibit 10.3 
  

 
  

COLLATERAL AGREEMENT 

dated as of March 28, 2014 

by and among 
 BLACKHAWK
NETWORK HOLDINGS, INC., 
 and certain of its Subsidiaries, 

as Grantors, 
 in favor of 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Administrative Agent 
  

 
  

 Table of Contents 

 

							
	 	    	 	  	Page	 
		
	 ARTICLE I DEFINED TERMS
	  	 	1	  
			
	 SECTION 1.1
	    	 Terms Defined in the Uniform Commercial Code.
	  	 	1	  
	 SECTION 1.2
	    	 Definitions.
	  	 	2	  
	 SECTION 1.3
	    	 Other Definitional Provisions.
	  	 	5	  
		
	 ARTICLE II SECURITY INTEREST
	  	 	6	  
			
	 SECTION 2.1
	    	 Grant of Security Interest.
	  	 	6	  
	 SECTION 2.2
	    	 Partnership/LLC Interests.
	  	 	7	  
	 SECTION 2.3
	    	 Grantors Remain Liable.
	  	 	8	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	8	  
			
	 SECTION 3.1
	    	 Organization; Power; Qualification.
	  	 	8	  
	 SECTION 3.2
	    	 Authorization of Agreement; Compliance with Laws; Non Contravention.
	  	 	9	  
	 SECTION 3.3
	    	 Governmental Approvals.
	  	 	9	  
	 SECTION 3.4
	    	 Perfected First Priority Liens.
	  	 	9	  
	 SECTION 3.5
	    	 Title, No Other Liens.
	  	 	9	  
	 SECTION 3.6
	    	 State of Organization; Location of Inventory, Equipment and Fixtures; other Information.
	  	 	10	  
	 SECTION 3.7
	    	 Accounts.
	  	 	10	  
	 SECTION 3.8
	    	 Chattel Paper.
	  	 	10	  
	 SECTION 3.9
	    	 Commercial Tort Claims.
	  	 	10	  
	 SECTION 3.10
	    	 Deposit Accounts and Securities Accounts.
	  	 	10	  
	 SECTION 3.11
	    	 Intellectual Property.
	  	 	11	  
	 SECTION 3.12
	    	 Inventory.
	  	 	11	  
	 SECTION 3.13
	    	 Investment Property; Partnership/LLC Interests.
	  	 	11	  
	 SECTION 3.14
	    	 Instruments.
	  	 	11	  
	 SECTION 3.15
	    	 Government Contracts.
	  	 	11	  
	 SECTION 3.16
	    	 Aircraft.
	  	 	12	  
		
	 ARTICLE IV COVENANTS
	  	 	12	  
			
	 SECTION 4.1
	    	 Maintenance of Perfected Security Interest; Further Information.
	  	 	12	  
	 SECTION 4.2
	    	 Maintenance of Insurance.
	  	 	12	  
	 SECTION 4.3
	    	 Changes in Locations; Changes in Name or Structure.
	  	 	12	  
	 SECTION 4.4
	    	 Required Notifications.
	  	 	13	  
	 SECTION 4.5
	    	 Delivery Covenants.
	  	 	13	  
	 SECTION 4.6
	    	 Control Covenants.
	  	 	13	  
	 SECTION 4.7
	    	 Filing Covenants.
	  	 	14	  
	 SECTION 4.8
	    	 Accounts.
	  	 	15	  
	 SECTION 4.9
	    	 Intellectual Property.
	  	 	15	  
	 SECTION 4.10
	    	 Investment Property; Partnership/LLC Interests.
	  	 	16	  
	 SECTION 4.11
	    	 Equipment.
	  	 	17	  

  
 i 

							
	 SECTION 4.12
	    	 Vehicles.
	  	 	17	  
	 SECTION 4.13
	    	 Government Contracts.
	  	 	17	  
	 SECTION 4.14
	    	 Further Assurances.
	  	 	17	  
		
	 ARTICLE V REMEDIAL PROVISIONS
	  	 	17	  
			
	 SECTION 5.1
	    	 General Remedies.
	  	 	17	  
	 SECTION 5.2
	    	 Specific Remedies.
	  	 	18	  
	 SECTION 5.3
	    	 Private Sale.
	  	 	20	  
	 SECTION 5.4
	    	 Application of Proceeds.
	  	 	21	  
	 SECTION 5.5
	    	 Waiver, Deficiency.
	  	 	21	  
		
	 ARTICLE VI THE ADMINISTRATIVE AGENT
	  	 	21	  
			
	 SECTION 6.1
	    	 Appointment of Administrative Agent as Attorney-In-Fact.
	  	 	21	  
	 SECTION 6.2
	    	 Duty of Administrative Agent.
	  	 	23	  
	 SECTION 6.3
	    	 Authority of Administrative Agent.
	  	 	23	  
		
	 ARTICLE VII MISCELLANEOUS
	  	 	24	  
			
	 SECTION 7.1
	    	 Notices.
	  	 	24	  
	 SECTION 7.2
	    	 Amendments, Waivers and Consents.
	  	 	24	  
	 SECTION 7.3
	    	 Expenses, Indemnification, Waiver of Consequential Damages, etc.
	  	 	24	  
	 SECTION 7.4
	    	 Right of Setoff.
	  	 	25	  
	 SECTION 7.5
	    	 Governing Law; Jurisdiction; Venue; Service of Process.
	  	 	25	  
	 SECTION 7.6
	    	 Waiver of Jury Trial.
	  	 	26	  
	 SECTION 7.7
	    	 Injunctive Relief.
	  	 	26	  
	 SECTION 7.8
	    	 No Waiver By Course of Conduct; Cumulative Remedies.
	  	 	27	  
	 SECTION 7.9
	    	 Successors and Assigns.
	  	 	27	  
	 SECTION 7.10
	    	 Survival of Indemnities.
	  	 	27	  
	 SECTION 7.11
	    	 Titles and Captions.
	  	 	27	  
	 SECTION 7.12
	    	 Severability of Provisions.
	  	 	27	  
	 SECTION 7.13
	    	 Counterparts.
	  	 	27	  
	 SECTION 7.14
	    	 Integration.
	  	 	28	  
	 SECTION 7.15
	    	 Advice of Counsel; No Strict Construction.
	  	 	28	  
	 SECTION 7.16
	    	 Acknowledgements.
	  	 	28	  
	 SECTION 7.17
	    	 Releases.
	  	 	29	  
	 SECTION 7.18
	    	 Additional Grantors.
	  	 	29	  
	 SECTION 7.19
	    	 All Powers Coupled With Interest.
	  	 	29	  

  
 ii 

 SCHEDULES: 
  

			
	Schedule 1.2	  	Excluded Deposit Accounts of Blackhawk Network, Inc.
	Schedule 3.6	  	Exact Legal Name; Jurisdiction of Organization; Taxpayer Identification Number; Registered Organization Number; Mailing Address; Chief Executive Office and other Locations
	Schedule 3.9	  	Commercial Tort Claims
	Schedule 3.10	  	Deposit Accounts and Securities Accounts
	Schedule 3.11	  	Intellectual Property
	Schedule 3.13	  	Investment Property and Partnership/LLC Interests

  
 iii 

 COLLATERAL AGREEMENT (this “Agreement”), dated as of March 28, 2014, by and
among BLACKHAWK NETWORK HOLDINGS, INC., a Delaware corporation (the “Borrower”), certain of the Borrower’s Subsidiaries as identified on the signature pages hereto and any Additional Grantor (as defined below) who may become
party to this Agreement (such Subsidiaries and Additional Grantors, collectively, with the Borrower, the “Grantors”), in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (in such capacity, the
“Administrative Agent”) for the ratable benefit of the Secured Parties (as defined in the Credit Agreement identified below). 

STATEMENT OF PURPOSE 

Pursuant to the Credit Agreement dated as of the date hereof by and among the Borrower, the Lenders from time to time party thereto and the
Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), the Lenders have agreed to make Extensions of Credit to the Borrower upon the terms and subject to the
conditions set forth therein. 
 Pursuant to the terms of the Subsidiary Guaranty Agreement, certain Subsidiaries of the Borrower have
guaranteed the payment and performance of the Secured Obligations. 
 It is a condition precedent to the obligation of the Lenders to make
their respective Extensions of Credit to the Borrower under the Credit Agreement that the Grantors shall have executed and delivered this Agreement to the Administrative Agent, for the ratable benefit of the Secured Parties. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, and
to induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective Extensions of Credit to the Borrower thereunder, each Grantor hereby agrees with the Administrative Agent, for
the ratable benefit of the Secured Parties, as follows: 
 ARTICLE I 

DEFINED TERMS 
 SECTION
1.1 Terms Defined in the Uniform Commercial Code. 
 (a) The following terms when used in this Agreement shall have the meanings
assigned to them in the UCC (as defined in the Credit Agreement) as in effect from time to time: “Account”, “Accession”, “Account Debtor”, “Authenticate”, “Certificated
Security”, “Chattel Paper”; “Commercial Tort Claim”, “Deposit Account”, “Documents”, “Electronic Chattel Paper”, “Equipment”,
“Farm Products”, “Fixtures”, “General Intangible”, “Goods”, “Instrument”, “Inventory”, “Investment Company Security”,
“Investment Property”, “Letter of Credit Rights”, “Proceeds”, “Record”, “Registered Organization”, “Securities Account”, “Securities
Entitlement”, “Securities Intermediary”, “Supporting Obligation”, “Tangible Chattel Paper”, and “Uncertificated Security”. 

  
 1 

 (b) Terms defined in the UCC and not otherwise defined herein or in the Credit Agreement shall
have the meaning assigned in the UCC as in effect from time to time. 
 SECTION 1.2 Definitions. The following terms when used in
this Agreement shall have the meanings assigned to them below: 
 “Additional Grantor” means each Subsidiary of the
Borrower which hereafter becomes a Grantor pursuant to Section 7.18 (as required pursuant to Section 9.10 of the Credit Agreement). 

“Administrative Agent” has the meaning set forth in the Preamble to this Agreement. 

“Agreement” means this Collateral Agreement, as amended, restated, supplemented or otherwise modified from time to time. 

“Assignment of Claims Act” means the Assignment of Claims Act of 1940 (41 U.S.C. Section 15 and 31 U.S.C.
Section 3727), including all amendments thereto and regulations promulgated thereunder. 
 “Borrower” has the meaning
set forth in the Preamble to this Agreement. 
 “Collateral” has the meaning assigned thereto in Section 2.1.

 “Collateral Account” has the meaning assigned thereto in Section 5.2. 

“Control” means the manner in which “control” is achieved under the UCC with respect to any Collateral for which
the UCC specifies a method of achieving “control”. 
 “Controlled Depositary” has the meaning assigned thereto in
Section 4.6. 
 “Controlled Intermediary” has the meaning assigned thereto in Section 4.6. 

“Copyrights” means, collectively, all of the following owned by any Grantor: (a) all copyrights, works protectable by
copyright, copyright registrations and copyright applications anywhere in the world, including, without limitation, those listed on Schedule 3.11 hereto, (b) all reissues, extensions, continuations (in whole or in part) and renewals of
any of the foregoing, (c) all income, royalties, damages and payments now or hereafter due and/or payable under any of the foregoing or with respect to any of the foregoing, including, without limitation, damages or payments for past, present
and future infringements of any of the foregoing, (d) the right to sue for past, present and future infringements of any of the foregoing and (e) all rights corresponding to any of the foregoing throughout the world. 

“Copyright Licenses” means any agreement now or hereafter in existence naming any Grantor as licensor or licensee, including,
without limitation, those listed in Schedule 3.11, granting any right, title or interest in or to any copyright, including, without limitation, the grant of rights to the extent of such Copyright Licenses to distribute, exploit and sell
materials derived from any copyright. 

  
 2 

 “Effective Endorsement and Assignment” means, with respect to any specific type
of Collateral, all such endorsements, assignments and other instruments of transfer reasonably requested by the Administrative Agent with respect to the Security Interest granted in such Collateral, and in each case, in form and substance
satisfactory to the Administrative Agent. 
 “Excluded Deposit Account” means, collectively, (a) Deposit Accounts
established solely for the purpose of funding payroll, payroll taxes and other compensation and benefits to employees, (b) so long as no Event of Default has occurred and is continuing, Deposit Accounts with amounts on deposit that do not
exceed $250,000 for each individual Deposit Account and, when aggregated with the amounts on deposit in all other Deposit Accounts for which control agreements have not been obtained (other than those specified in clause (a)), do not exceed
$2,000,000 at any time, and (c) certain Deposit Accounts of Blackhawk Network, Inc. set forth on Schedule 1.2. 
 “Excluded IP
Licenses” has the meaning set forth in Section 2.1(iii)(B). 
 “Government Contract” means a contract between
any Grantor and an agency, department or instrumentality of the United States or any state, municipal or local Governmental Authority located in the United States or all obligations of any such Governmental Authority arising under any Account now or
hereafter owing by any such Governmental Authority, as account debtor, to any Grantor. 
 “Grantors” has the meaning set
forth in the Preamble to this Agreement. 
 “Intellectual Property” means, collectively, all of the following owned by any
Grantor: (a) all systems software and applications software, all documentation for such software, including, without limitation, user manuals, flowcharts, functional specifications, and operations manuals, and all formulas, processes, ideas and
know-how embodied in any of the foregoing, (b) concepts, discoveries, improvements and ideas, know-how, technology, reports, design information, trade secrets, practices, specifications, test procedures, maintenance manuals, research and
development, and (c) Patents, Copyrights and Trademarks. 
 “IP Licenses” means, collectively, all of the following:
(a) Patent Licenses, (b) Copyright Licenses, (c) Trademark Licenses and (d) any other licenses to any intellectual property rights owned by any third party. 

“Issuer” means any issuer of any Investment Property or Partnership/LLC Interests (including, without limitation, any Issuer
as defined in the UCC). 
 “Licensee Proceeds” means and any right, title or interest in or to any income, royalties,
damages or payments now or hereafter due and/or payable to Grantor under any Patent License, Copyright License or Trademark License into which Grantor has entered as a licensee, including, without limitation, damages or payments for past, present or
future infringements of any of the foregoing and the right to sue for past, present and future infringements of any of the foregoing property. 

“Partnership/LLC Interests” means, with respect to any Grantor, the entire partnership, membership interest or limited
liability company interest, as applicable, of such Grantor in each 

  
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partnership, limited partnership or limited liability company owned thereby, including, without limitation, such Grantor’s capital account, its interest as a partner or member, as
applicable, in the net cash flow, net profit and net loss, and items of income, gain, loss, deduction and credit of any such partnership, limited partnership or limited liability company, as applicable, such Grantor’s interest in all
distributions made or to be made by any such partnership, limited partnership or limited liability company, as applicable, to such Grantor and all of the other economic rights, titles and interests of such Grantor as a partner or member, as
applicable, of any such partnership, limited partnership or limited liability company, as applicable, whether set forth in the partnership agreement or membership agreement, as applicable, of such partnership, limited partnership or limited
liability company, as applicable, by separate agreement or otherwise. 
 “Partnership/LLC Agreement” has the meaning set
forth in Section 2.2(a). 
 “Patents” means collectively, all of the following owned by any Grantor:
(a) all patents, all inventions and patent applications anywhere in the world, including, without limitation, those listed on Schedule 3.11, (b) all reissues, extensions, continuations (in whole or in part) and renewals of any of
the foregoing, (c) all income, royalties, damages or payments now or hereafter due and/or payable under any of the foregoing or with respect to any of the foregoing, including, without limitation, damages or payments for past, present or future
infringements of any of the foregoing, (d) the right to sue for past, present and future infringements of any of the foregoing and (e) all rights corresponding to any of the foregoing throughout the world. 

“Patent License” means all agreements now or hereafter in existence providing for the grant by or to any Grantor of any right
under the patent to manufacture, use or sell any invention covered in whole or in part by a patent, including, without limitation, any of the foregoing referred to in Schedule 3.11. 

“Secured Obligations” means the “Secured Obligations” as defined in the Credit Agreement, together with the
obligations of each Subsidiary Guarantor under the Subsidiary Guaranty Agreement. 
 “Securities Act” means the Securities
Act of 1933, including all amendments thereto and regulations promulgated thereunder. 
 “Security Interests” means the
security interests granted pursuant to Article II, as well as all other security interests created or assigned as additional security for any of the Secured Obligations pursuant to the provisions of any Loan Document. 

“Trademarks” means, collectively, all of the following owned by any Grantor: (a) all trademarks, trade names, corporate
names, company names, business names, fictitious business names, internet domain names, trade styles, service marks, logos, other business identifiers, whether registered or unregistered, all registrations and recordings thereof, and all
applications in connection therewith (other than each application to register any trademark or service mark prior to the filing under Applicable Law of a verified statement of use for such trademark or service mark) anywhere in the world, including,
without limitation, those listed on Schedule 3.11, (b) all reissues, extensions, continuations (in whole or in part) and renewals of any of the foregoing, (c)

  
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all income, royalties, damages and payments now or hereafter due and/or payable under any of the foregoing or with respect to any of the foregoing, including, without limitation, damages or
payments for past, present or future infringements of any of the foregoing, (d) the right to sue for past, present or future infringements of any of the foregoing and (e) all rights corresponding to any of the foregoing (including the
goodwill) throughout the world. 
 “Trademark License” means any agreement now or hereafter in existence providing for the
grant by or to any Grantor of any right to use any trademark, including, without limitation, any of the foregoing referred to in Schedule 3.11. 

“Vehicles” means all cars, trucks, trailers, construction and earth moving equipment and other vehicles covered by a
certificate of title under the laws of any state and all tires and all other appurtenances to any of the foregoing. 
 SECTION 1.3 Other
Definitional Provisions. Terms defined in the Credit Agreement and not otherwise defined herein shall have the meaning assigned thereto in the Credit Agreement. With reference to this Agreement and each other Loan Document, unless otherwise
specified herein or in such other Loan Document: (a) the definitions of terms herein shall apply equally to the singular and plural forms of the terms defined, (b) whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms, (c) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (d) the word
“will” shall be construed to have the same meaning and effect as the word “shall”, (e) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document, as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (f) any reference herein to any Person shall be
construed to include such Person’s permitted successors and assigns, (g) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety
and not to any particular provision hereof, (h) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (i) the words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights, (j) the term
“documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form, (k) in the computation of periods
of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means
“to and including”, (l) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document and (m) where the
context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or the relevant part thereof. 

  
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 ARTICLE II 

SECURITY INTEREST 

SECTION 2.1 Grant of Security Interest. Each Grantor hereby grants, pledges and collaterally assigns to the Administrative Agent, for
the ratable benefit of the Secured Parties, a security interest in all of such Grantor’s right, title and interest in the following property, now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any
time in the future may acquire any right, title or interest, and wherever located or deemed located (collectively, the “Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at
the stated maturity, by acceleration or otherwise) of the Secured Obligations: 
 (a) all Accounts; 

(b) all cash and currency; 
 (c)
all Chattel Paper; 
 (d) all Commercial Tort Claims identified on Schedule 3.9; 

(e) all Deposit Accounts; 
 (f)
all Documents; 
 (g) all Equipment; 

(h) all Fixtures; provided that, in no event shall the Collateral include Fixtures that constitute real property; 

(i) all General Intangibles; 

(j) all Instruments; 
 (k) all
Intellectual Property, IP Licenses and Licensee Proceeds; 
 (l) all Inventory; 

(m) all Investment Property; 

(n) all Letter of Credit Rights; 

(o) all Vehicles 
 (p) all other
Goods not otherwise described above; 
 (q) all books and records pertaining to the Collateral; and 

  
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 (r) to the extent not otherwise included, all Proceeds and products of any and all of the
foregoing, all Accessions to any of the foregoing and all collateral security and Supporting Obligations (as now or hereafter defined in the UCC) given by any Person with respect to any of the foregoing; 

provided, that (i) any Security Interest in any Capital Stock or other ownership interests issued by any Foreign Subsidiary shall be limited to
sixty-five percent (65%) of all issued and outstanding shares of all classes of voting Capital Stock of each first tier Material Foreign Subsidiary and one hundred percent (100%) of all issued and outstanding shares of all classes of
non-voting Capital Stock of such first tier Material Foreign Subsidiary, (ii) any Security Interest in any Capital Stock or other ownership interests issued by Blackhawk Network (Overseas Territories), LLC shall be limited to sixty-five percent
(65%) of all issued and outstanding shares of all classes of its voting Capital Stock or other ownership interests and one hundred percent (100%) of all issued and outstanding shares of all classes of its non-voting Capital Stock or other
ownership interests, and (iii) the Security Interests granted herein shall not extend to, and the term “Collateral” shall not include, (A) any obligation or property of any kind due from, owed by or belonging to any Sanctioned
Person, (B) any rights under any lease, instrument, contract or agreement of any Grantor to the extent that the granting of a security interest therein would, under the express terms of such lease, instrument, contract or agreement, including
any IP Licenses (the “Excluded IP Licenses”), (I) be prohibited or restricted by, result in a breach of the terms of, constitute a default under or result in a termination of any such lease, instrument, contract or agreement
governing such right or (II) violate Applicable Law, unless, in the case of (I), (x) such prohibition or restriction is not enforceable or is otherwise ineffective under Applicable Law or (y) consent to such security interest has been
obtained from any applicable third party, (C) any other assets with respect to which the Administrative Agent and Borrower agree that the costs of obtaining a security interest are excessive in relation to the value of the security to be
afforded thereby or (D) all real property of the Grantors. Notwithstanding anything to the contrary contained in clause (iii)(B) of the foregoing proviso, the Security Interests granted herein shall immediately and automatically attach to and
the term “Collateral” shall immediately and automatically include the rights under any such lease, instrument, contract or agreement at such time as such prohibition, restriction, event of default or termination right terminates or is
waived. 
 Notwithstanding the foregoing, the payment and performance of the Secured Obligations shall not be secured by any Hedge Agreement
between any Grantor and any Secured Party. 
 SECTION 2.2 Partnership/LLC Interests. 

(a) Subject to Section 7.17, each limited liability company agreement, operating agreement, membership agreement, partnership
agreement or similar agreement relating to any Partnership/LLC Interests (as amended, restated, supplemented or otherwise modified from time to time, a “Partnership/LLC Agreement”) is amended by this Section 2.2 to
permit each member, manager or partner that is a Grantor to pledge all of the Partnership/LLC Interests in which such Grantor has rights and grant and collaterally assign to the Secured Parties a lien and security interest in its Partnership/LLC
Interests in which such Grantor has rights without any further consent, approval or action by any other party, including, without limitation, any other party to any Partnership/LLC Agreement or otherwise. 

  
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 (b) Upon the occurrence and during the continuance of an Event of Default, the Secured Parties or
their respective designees shall have the right (but not the obligation) to be substituted for the applicable Grantor as a member, manager or partner under the applicable Partnership/LLC Agreement and the Secured Parties shall have all rights,
powers and benefits of such Grantor as a member, manager or partner, as applicable, under such Partnership/LLC Agreement. For avoidance of doubt, such rights, powers and benefits of a substituted member shall include all voting and other rights and
not merely the rights of an economic interest holder. So long as this Agreement remains in effect, no further consent, approval or action by any other party including, without limitation, any other party to the Partnership/LLC Agreement or otherwise
shall be necessary to permit the Secured Parties to be substituted as a member, manager or partner pursuant to this paragraph. The rights, powers and benefits granted pursuant to this paragraph shall inure to the benefit of the Secured Parties and
their respective successors, assigns and designated agents, as intended third party beneficiaries. 
 (c) Each applicable Grantor and each
applicable Issuer agrees that so long as this Agreement remains in effect, no Partnership/LLC Agreement shall be amended to modify the provisions of this Section 2.2 without the prior written consent of the Administrative Agent. 

SECTION 2.3 Grantors Remain Liable. Anything herein to the contrary notwithstanding: (a) each Grantor shall remain liable to
perform all of its duties and obligations under the contracts and agreements included in the Collateral to the same extent as if this Agreement had not been executed, (b) the exercise by the Administrative Agent or any other Secured Party of
any of the rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral, (c) neither the Administrative Agent nor any other Secured Party shall have any
obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement, nor shall the Administrative Agent nor any other Secured Party be obligated to perform any of the obligations or duties of any Grantor
thereunder or to take any action to collect or enforce any claim for payment assigned hereunder, and (d) neither the Administrative Agent nor any other Secured Party shall have any liability in contract or tort for any Grantor’s acts or
omissions. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective
Extensions of Credit to the Borrower thereunder, each Grantor hereby represents and warrants to the Administrative Agent and each Secured Party that: 

SECTION 3.1 Organization; Power; Qualification. Each Grantor is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its incorporation or formation, has the power and authority to own, lease and operate its properties and to carry on its business as now being and hereafter proposed to be conducted and is duly qualified and authorized to do
business in each jurisdiction in which the character of its properties or the nature of its business requires such qualification and authorization except in jurisdictions where the failure to be so qualified or in good standing could not reasonably
be expected to result in a Material Adverse Effect. 

  
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 SECTION 3.2 Authorization of Agreement; Compliance with Laws; Non Contravention. Each
Grantor has the right, power and authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of this Agreement. This Agreement has been duly executed and delivered by the duly authorized
officers of each Grantor and this Agreement constitutes the legal, valid and binding obligation of such Grantor, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors rights in general and by general principles of equity. The execution, delivery and performance by the Grantors of this
Agreement do not and will not, by the passage of time, the giving of notice or otherwise, (a) require any material Governmental Approval or violate any material provision of any Applicable Law, (b) conflict with, result in a breach of or
constitute a default under the articles of incorporation, bylaws or other organizational documents of any Grantor, (c) conflict with, result in a breach of or constitute a default under any indenture, agreement, or other instrument to which any
Grantor is a party or by which any of its properties may be bound or any Governmental Approval relating to such Grantor, except where such conflict, breach or default could not reasonably be expected to have a Material Adverse Effect, or
(d) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by such Grantor other than Liens arising under the Loan Documents. 

SECTION 3.3 Governmental Approvals. No approval, consent, exemption, authorization or other action by, notice to, or filing with, any
Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Grantor or any Issuer of this Agreement, except (a) as may be required by laws
affecting the offering and sale of securities generally, (b) filings with the United States Copyright Office and/or the United States Patent and Trademark Office, (c) filings under the UCC and/or the Assignment of Claims Act and
(d) as may be required with respect to Vehicles registered under a certificate of title. 
 SECTION 3.4 Perfected First Priority
Liens. Each financing statement naming any Grantor as a debtor is in appropriate form for filing in the appropriate offices of the states specified on Schedule 3.6. The Security Interests granted pursuant to this Agreement constitute
valid and enforceable first priority perfected security interests in all of the Collateral in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, as collateral security for the Secured Obligations, subject only to
Permitted Liens. 
 SECTION 3.5 Title, No Other Liens. Except for the Security Interests, each Grantor owns each item of the
Collateral free and clear of any and all Liens or claims other than Permitted Liens. No Grantor has authenticated any agreement authorizing any secured party thereunder to file a financing statement, except to perfect Permitted Liens. 

  
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 SECTION 3.6 State of Organization; Location of Inventory, Equipment and Fixtures; Other
Information. 
 (a) The exact legal name of each Grantor is set forth on Schedule 3.6 (as such schedule may be updated from time
to time pursuant to Section 4.3). 
 (b) Each Grantor is a Registered Organization organized under the laws of the state
identified on Schedule 3.6 under such Grantor’s name (as such schedule may be updated from time to time pursuant to Section 4.3). The taxpayer identification number and, to the extent applicable, Registered Organization
number of each Grantor are set forth on Schedule 3.6 under such Grantor’s name (as such schedule may be updated from time to time pursuant to Section 4.3). 

(c) All Collateral consisting of Inventory, Equipment and Fixtures (whether now owned or hereafter acquired) is (or will be) located at the
locations specified on Schedule 3.6, except as otherwise permitted hereunder. 
 (d) The mailing address, chief place of business,
chief executive office and office where each Grantor keeps its books and records relating to the Accounts, Documents, General Intangibles, Instruments and Investment Property in which it has any interest are located at the locations specified on
Schedule 3.6 under such Grantor’s name. No Grantor has any other places of business except those separately set forth on Schedule 3.6 under such Grantor’s name. Except as disclosed on Schedule 3.6 under such
Grantor’s name, no Grantor has acquired assets from any Person, other than assets acquired in the ordinary course of such Grantor’s business from a Person engaged in the business of selling goods of such kind, during the past five years.

 SECTION 3.7 Accounts. To the knowledge of the Grantors, no Account Debtor has any defense, setoff, claim or counterclaim against
any Grantor that can be asserted against the Administrative Agent, whether in any proceeding to enforce the Administrative Agent’s rights in the Collateral or otherwise except defenses, setoffs, claims or counterclaims that are not, in the
aggregate, material to the value of the Accounts, taken as a whole. None of the Accounts is, nor will any hereafter arising Account be, evidenced by a promissory note or other Instrument (other than a check) that has not been pledged to the
Administrative Agent in accordance with the terms hereof. 
 SECTION 3.8 Chattel Paper. As of the date hereof, no Grantor holds any
Chattel Paper in the ordinary course of its business. 
 SECTION 3.9 Commercial Tort Claims. As of the date hereof, all Commercial
Tort Claims owned by any Grantor are listed on Schedule 3.9. 
 SECTION 3.10 Deposit Accounts and Securities Accounts. As of
the date hereof, all Deposit Accounts (including, without limitation, cash management accounts that are Deposit Accounts and all Excluded Deposit Accounts), Securities Accounts (including, without limitation, cash management accounts that are
Securities Accounts) and lockboxes owned by any Grantor are listed on Schedule 3.10. 

  
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 SECTION 3.11 Intellectual Property. 

(a) As of the date hereof, all Copyright registrations, Copyright applications, issued Patents, Patent applications, Trademark registrations
and Trademark applications owned by any Grantor in its own name are listed on Schedule 3.11 (as such schedule may be updated from time to time pursuant to Section 4.3). 

(b) Except as set forth on Schedule 3.11 on the date hereof (as such schedule may be updated from time to time pursuant to
Section 4.3), none of the Intellectual Property owned by any Grantor is the subject of any licensing or franchise agreement pursuant to which such Grantor is the licensor or franchisor, except as could not reasonably be expected to have
a Material Adverse Effect. 
 SECTION 3.12 Inventory. Except as could not reasonably be expected to have a Material Adverse Effect,
Collateral consisting of Inventory is of good and merchantable quality, free from any material defects. To the knowledge of each Grantor, none of such Inventory is subject to any licensing, Patent, Trademark, trade name or Copyright that restricts
any Grantor’s ability to manufacture and/or sell such Inventory. The completion of the manufacturing process of such Inventory by a Person other than the applicable Grantor would be permitted under any contract to which such Grantor is a party
or to which the Inventory is subject. 
 SECTION 3.13 Investment Property; Partnership/LLC Interests. 

(a) As of the date hereof, all Investment Property and all Partnership/LLC Interests owned by any Grantor are listed on Schedule 3.13
(as such schedule may be updated from time to time pursuant to Section 4.3). 
 (b) All Investment Property and all
Partnership/LLC Interests issued by any Issuer to any Grantor and included in the Collateral (i) have been duly and validly issued and, if applicable, are fully paid and nonassessable, (ii) are beneficially owned of record by such Grantor
and (iii) constitute all (subject to clauses (i) and (ii) of the proviso to the definition of Collateral with respect to the percentage of such Capital Stock or Partnership/LLC Interests constituting Collateral) of the issued and
outstanding shares of all classes of the Capital Stock or Partnership/LLC Interests of such Issuer issued to such Grantor. 
 (c) None of
the Partnership/LLC Interests (i) is dealt in or traded on a Securities exchange or in securities markets, (ii) by its terms expressly provides that it is a Security governed by Article 8 of the UCC, (iii) is an Investment Company
Security or (iv) is held in a Securities Account. 
 SECTION 3.14 Instruments. 

As of the date hereof, no Grantor holds any Instruments or is named a payee of any promissory note or other evidence of indebtedness. 

SECTION 3.15 Government Contracts. As of the date hereof, no Grantor is party to any contract with a Governmental Authority under which
such Governmental Authority, as account debtor, owes a monetary obligation to any Grantor under any account. 

  
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 SECTION 3.16 Aircraft. As of the date hereof, none of the Collateral constitutes, or is
the proceeds of, (a) an aircraft, airframe, aircraft engine or related property, (b) an aircraft leasehold interest or (c) any other interest in or to any of the foregoing. 

ARTICLE IV 
 COVENANTS 

Until the Secured Obligations (other than contingent indemnity obligations not yet due) shall have been paid in full and the Commitments
terminated, unless consent has been obtained in the manner provided for in Section 7.2, each Grantor covenants and agrees that: 

SECTION 4.1 Maintenance of Perfected Security Interest; Further Information. 

(a) Each Grantor shall maintain the Security Interest created by this Agreement as a first priority perfected Security Interest (subject only
to Permitted Liens) and shall defend such Security Interest against the claims and demands of all Persons whomsoever (other than the holders of Permitted Liens). 

(b) Each Grantor will from time to time furnish to the Administrative Agent upon the Administrative Agent’s or any Lender’s
reasonable request statements and schedules further identifying and describing the assets and property of such Grantor and such other reports in connection therewith as the Administrative Agent or such Lender may reasonably request, all in
reasonable detail. 
 SECTION 4.2 Maintenance of Insurance. Each Grantor shall maintain insurance covering the Collateral in
accordance with the provisions of Section 9.3 of the Credit Agreement. 
 SECTION 4.3 Changes in Locations; Changes in Name
or Structure. No Grantor will, except upon thirty (30) days’ prior written notice to the Administrative Agent (which time period may be reduced by the Administrative Agent in its sole discretion by written notice to such Grantor) and
delivery to the Administrative Agent of (a) all additional financing statements (executed if necessary for any particular filing jurisdiction) and other instruments and documents reasonably requested by the Administrative Agent to maintain the
validity, perfection and priority of the Security Interests and (b) if applicable, a written supplement to the Schedules of this Agreement: 

(i) permit any Deposit Account (other than Excluded Deposit Accounts) described on Schedule 3.10 to be closed or
maintained with any other depositary bank; 
 (ii) permit any Investment Property (other than Certificated Securities
delivered to the Administrative Agent pursuant to Section 4.5) to be held by a Securities Intermediary other than the Securities Intermediary that held such Investment Property as of the date hereof as set forth on Schedule 3.13;

 (iii) change its jurisdiction of organization or the location of its chief executive office (or the location where any
Grantor maintains its books and records relating to Accounts, Documents, General Intangibles, Instruments and Investment Property in which it has any interest) from that identified on Schedule 3.6; or 

(iv) change its name, identity or corporate or organizational structure to such an extent that any financing statement filed by
the Administrative Agent in connection with this Agreement would become misleading under the UCC. 

  
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 SECTION 4.4 Required Notifications. Each Grantor shall promptly notify the Administrative
Agent, in writing, of: (a) any Lien (other than the Security Interests or Permitted Liens) on any of the Collateral which would adversely affect the ability of the Administrative Agent to exercise any of its remedies hereunder, (b) the
occurrence of any other event which could reasonably be expected to have a Material Adverse Effect on the aggregate value of the Collateral or on the Security Interests, (c) any Collateral which, to the knowledge of such Grantor, constitutes a
Government Contract, and (d) the acquisition or ownership by such Grantor of any (i) Commercial Tort Claim, (ii) Deposit Account (other than Excluded Deposit Accounts), or (iii) Investment Property after the date hereof. 

SECTION 4.5 Delivery Covenants. Each Grantor will deliver and pledge to the Administrative Agent, for the ratable benefit of the
Secured Parties, all Certificated Securities, Partnership/LLC Interests evidenced by a certificate, negotiable Documents, Instruments, and Tangible Chattel Paper owned or held by such Grantor, in each case, together with an Effective Endorsement and
Assignment and all Supporting Obligations, as applicable, unless such delivery and pledge has been waived in writing by the Administrative Agent. 

SECTION 4.6 Control Covenants. 

(a) Each Grantor shall use commercially reasonable efforts to instruct (i) each depositary bank (other than the Administrative Agent)
holding a Deposit Account (other than Excluded Deposit Accounts) owned by such Grantor and (ii) each Securities Intermediary holding any Investment Property owned by such Grantor, to execute and deliver a control agreement, sufficient to
provide the Administrative Agent with Control of such Deposit Account or Investment Property and otherwise in form and substance reasonably satisfactory to the Administrative Agent (any such depositary bank executing and delivering any such control
agreement, a “Controlled Depositary”, and any such Securities Intermediary executing and delivering any such control agreement, a “Controlled Intermediary”). In the event any such depositary bank or Securities
Intermediary refuses to execute and deliver such control agreement, the Administrative Agent, in its sole discretion, may require the applicable Deposit Account and Investment Property to be transferred to the Administrative Agent or a Controlled
Depositary or Controlled Intermediary, as applicable. Forty-five (45) days (or such other number of days to which the Administrative Agent may agree) after the date hereof, all Deposit Accounts (other than Excluded Deposit Accounts) and all
Investment Property will be maintained with the Administrative Agent or with a Controlled Depository or a Controlled Intermediary, as applicable. 

(b) Upon the request of the Administrative Agent, each Grantor will take such actions and deliver all such agreements as are reasonably
requested by the Administrative Agent to provide the Administrative Agent with Control of all Letter of Credit Rights and Electronic 

  
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Chattel Paper owned or held by such Grantor, including, without limitation, with respect to any such Electronic Chattel Paper, by having the Administrative Agent identified as the assignee of the
Record(s) pertaining to the single authoritative copy thereof. 
 (c) If any Collateral (other than Collateral specifically subject to the
provisions of Section 4.6(a) and Section 4.6(b)) exceeding in value $1,000,000 in the aggregate (such Collateral exceeding such amount, the “Excess Collateral”) of any Grantor is at any time in the possession
or control of any single consignee, warehouseman, bailee (other than a carrier transporting Inventory to a purchaser in the ordinary course of business), processor, or any other third party at any location that is not set forth on Schedule 3.6(c),
such Grantor shall notify in writing such Person of the Security Interests created hereby, shall use commercially reasonable efforts to obtain such Person’s acknowledgment in writing to hold all such Collateral for the benefit of the
Administrative Agent subject to the Administrative Agent’s instructions, and shall use commercially reasonable efforts to cause such Person to issue and deliver to the Administrative Agent warehouse receipts, bills of lading or any similar
documents relating to such Collateral, together with an Effective Endorsement and Assignment; provided that if such Grantor is not able to obtain such agreement and cause the delivery of such items, the Administrative Agent, in its sole
discretion, may require such Excess Collateral to be moved to another location specified thereby. Further, each Grantor shall perfect and protect such Grantor’s ownership interests in all Inventory stored with a consignee against creditors of
the consignee by filing and maintaining financing statements against the consignee reflecting the consignment arrangement in all appropriate filing offices, providing any written notices required by the UCC to notify any prior creditors of the
consignee of the consignment arrangement, and taking such other actions as may be appropriate to perfect and protect such Grantor’s interests in such inventory under Section 9-103, Section 9-324 and Section 9-505 of the UCC or
otherwise. All such financing statements filed pursuant to this Section 4.6(c) shall be assigned to the Administrative Agent, for the ratable benefit of the Secured Parties. 

SECTION 4.7 Filing Covenants. Pursuant to Section 9-509 of the UCC and any other Applicable Law, each Grantor authorizes the
Administrative Agent to file or record financing statements and other filing or recording documents or instruments with respect to the Collateral in such form and in such offices as the Administrative Agent determines appropriate to perfect the
Security Interests of the Administrative Agent under this Agreement. Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of Collateral that describes such property
in any other manner as the Administrative Agent may determine, in its sole discretion, is necessary, advisable or prudent to ensure the perfection of the Security Interest in the Collateral granted herein, including, without limitation, describing
such property as “all assets” or “all personal property.” Further, a photographic or other reproduction of this Agreement shall be sufficient as a financing statement or other filing or recording document or instrument for filing
or recording in any jurisdiction. Each Grantor hereby authorizes, ratifies and confirms all financing statements and other filing or recording documents or instruments filed by the Administrative Agent prior to the date of this Agreement. 

  
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 SECTION 4.8 Accounts. 

(a) Other than in the ordinary course of business consistent with its past practice, no Grantor will (i) grant any extension of the time
of payment of any Account, (ii) compromise or settle any Account for less than the full amount thereof, (iii) release, wholly or partially, any Account Debtor, (iv) allow any credit or discount whatsoever on any Account or
(v) amend, supplement or modify any Account in any manner that could reasonably be likely to adversely affect the value thereof, except where such extension, compromise, settlement, release, credit, discount, amendment, supplement or
modification could not reasonably be expected to have a Material Adverse Effect, either individually or in the aggregate. 
 (b) At any time
and from time to time, upon the Administrative Agent’s reasonable request and at the expense of the relevant Grantor, such Grantor shall cause independent public accountants or others satisfactory to the Administrative Agent to furnish to the
Administrative Agent reports showing reconciliations, aging and test verifications of, and trial balances for, the Accounts. 
 SECTION 4.9
Intellectual Property. 
 (a) Except as could not reasonably be expected to have a Material Adverse Effect, each Grantor (either
itself or through licensees) (i) will use each registered Trademark (owned by such Grantor) and Trademark for which an application (owned by such Grantor) is pending, to the extent reasonably necessary to maintain such Trademark in full force
free from any claim of abandonment for non-use, (ii) will maintain products and services offered under such Trademark at a level substantially consistent with the quality of such products and services as of the date hereof, (iii) will not
(and will not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby such Trademark could reasonably be expected to become invalidated or impaired in any way, (iv) will not do any act, or knowingly
omit to do any act, whereby any issued Patent owned by such Grantor would reasonably be expected to become forfeited, abandoned or dedicated to the public, (v) will not (and will not permit any licensee or sublicensee thereof to) do any act or
knowingly omit to do any act whereby any registered Copyright owned by such Grantor or Copyright for which an application is pending (owned by such Grantor) could reasonably be expected to become invalidated or otherwise impaired and (vi) will
not (either itself or through licensees) do any act whereby any material portion of such Copyrights may fall into the public domain. 
 (b)
Each Grantor will notify the Administrative Agent and the Lenders promptly if it knows, or has reason to know, that any application or registration relating to any material Intellectual Property owned by such Grantor may become forfeited, abandoned
or dedicated to the public, or of any adverse determination or development (including, without limitation, the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United
States Copyright Office or any court or tribunal in any country) regarding such Grantor’s ownership of, or the validity of, any material Intellectual Property owned by such Grantor or such Grantor’s right to register the same or to own and
maintain the same. 

  
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 (c) Whenever a Grantor, either by itself or through any agent, employee, licensee or designee,
shall file an application for the registration of any Intellectual Property with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or any political subdivision
thereof, such Grantor shall report such filing to the Administrative Agent within five (5) Business Days (which time period may extended by the Administrative Agent in its sole discretion by written notice to such Grantor) after the last day of
the fiscal quarter in which such filing occurs. Upon request of the Administrative Agent, such Grantor shall execute and deliver, and have recorded, any and all agreements, instruments, documents, and papers as the Administrative Agent may
reasonably request to evidence the security interest of the Secured Parties in any material Copyright, Patent or Trademark and the goodwill and General Intangibles of such Grantor relating thereto or represented thereby. 

(d) Each Grantor will take all reasonable and necessary steps, at such Grantor’s sole cost and expense, including, without limitation, in
any proceeding before the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof, to maintain and pursue each application (and to obtain
the relevant registration) of, and to maintain each registration of, the material Intellectual Property, including, without limitation, filing of applications for renewal, affidavits of use and affidavits of incontestability. 

(e) In the event that any material Intellectual Property owned by a Grantor is infringed, misappropriated or otherwise violated by a third
party, the applicable Grantor shall (i) at such Grantor’s sole cost and expense, take such actions as such Grantor shall reasonably deem appropriate under the circumstances to protect such Intellectual Property and (ii) if such
Intellectual Property is of material economic value, promptly notify the Administrative Agent after it learns of such infringement, misappropriation or violation. 

SECTION 4.10 Investment Property; Partnership/LLC Interests. 

(a) Without the prior written consent of the Administrative Agent, no Grantor will (i) vote to enable, or take any other action to
permit, any applicable Issuer to issue any Investment Property or Partnership/LLC Interests, except for those additional Investment Property or Partnership/LLC Interests that will be subject to the Security Interest granted herein in favor of the
Secured Parties, or (ii) enter into any agreement or undertaking restricting the right or ability of such Grantor or the Administrative Agent to sell, assign or transfer any Investment Property or Partnership/LLC Interests or Proceeds thereof.
The Grantors will defend the right, title and interest of the Administrative Agent in and to any Investment Property and Partnership/LLC Interests against the claims and demands of all Persons whomsoever. 

(b) If any Grantor shall become entitled to receive or shall receive (i) any Certificated Securities (including, without limitation, any
certificate representing a stock dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights in respect of the ownership
interests of any Issuer, whether in addition to, in substitution of, as a conversion of, or in exchange for, any Investment Property, or otherwise in respect thereof, or (ii) any sums paid upon or in respect of any Investment Property upon the
liquidation or dissolution of any Issuer, 

  
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such Grantor shall accept the same as the agent of the Secured Parties, hold the same in trust for the Secured Parties, segregated from other funds of such Grantor, and promptly deliver the same
to the Administrative Agent, on behalf of the Secured Parties, in accordance with the terms hereof. 
 SECTION 4.11 Equipment. Each
Grantor will maintain each item of Equipment in good working order and condition (reasonable wear and tear and obsolescence excepted). 

SECTION 4.12 Vehicles. Upon the request of the Administrative Agent upon the occurrence and during the continuance of an Event of
Default, all applications for certificates of title or ownership indicating the Administrative Agent’s first priority Lien on the Vehicle (subject to any Permitted Liens) covered by such certificate, and any other necessary documentation, shall
be filed in each office in each jurisdiction which the Administrative Agent shall deem reasonably advisable to perfect its Liens on the Vehicles. 

SECTION 4.13 Government Contracts. Each Grantor shall promptly notify the Administrative Agent, in writing, if it enters into any
contract with a Governmental Authority under which such Governmental Authority, as account debtor, owes a monetary obligation to any Grantor under any Account in excess of $500,000. 

SECTION 4.14 Further Assurances. Upon the request of the Administrative Agent and at the sole expense of the Grantors, each Grantor
will promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such further actions as the Administrative Agent may reasonably request for the purpose of obtaining or preserving the full benefits of
this Agreement and of the rights and powers herein granted, including, without limitation, (i) the assignment of any Material Contract, (ii) with respect to Government Contracts, assignment agreements and notices of assignment, in form and
substance satisfactory to the Administrative Agent, duly executed by any Grantors party to such Government Contract in compliance with the Assignment of Claims Act (or analogous state Applicable Law), and (iii) all applications, certificates,
instruments, registration statements, and all other documents and papers the Administrative Agent may reasonably request and as may be required by law in connection with the obtaining of any consent, approval, registration, qualification, or
authorization of any Person deemed necessary or appropriate for the effective exercise of any rights under this Agreement. 
 ARTICLE V 

REMEDIAL PROVISIONS 

SECTION 5.1 General Remedies. If an Event of Default shall occur and be continuing, the Administrative Agent, on behalf of the Secured
Parties, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Secured Obligations, all rights and remedies of a secured party
under the UCC or any other Applicable Law. Without limiting the generality of the foregoing, the Administrative Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice
required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands, 

  
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defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may
forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any
exchange, broker’s board or office of the Administrative Agent or any Secured Party or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery
without assumption of any credit risk. The Administrative Agent may disclaim all warranties in connection with any sale or other disposition of the Collateral, including, without limitation, all warranties of title, possession, quiet enjoyment and
the like. The Administrative Agent or any other Secured Party shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so
sold. Each Grantor further agrees, at the Administrative Agent’s request, to assemble the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at such
Grantor’s premises or elsewhere. To the extent permitted by Applicable Law, each Grantor waives all claims, damages and demands it may acquire against the Administrative Agent or any other Secured Party arising out of the exercise by it of any
rights hereunder except to the extent any such claims, damages, or demands result solely from the gross negligence or willful misconduct of the Administrative Agent or any other Secured Party, in each case against whom such claim is asserted. If any
notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition. 

SECTION 5.2 Specific Remedies. 

(a) The Administrative Agent hereby authorizes each Grantor to collect such Grantor’s Accounts; provided that, the Administrative Agent
may curtail or terminate such authority at any time after the occurrence and during the continuance of an Event of Default. 
 (b) Upon the
occurrence and during the continuance of an Event of Default: 
 (i) the Administrative Agent may communicate with Account
Debtors of any Account subject to a Security Interest and upon the request of the Administrative Agent, each Grantor shall notify (such notice to be in form and substance satisfactory to the Administrative Agent) its Account Debtors and parties to
the Material Contracts subject to a Security Interest that such Accounts and the Material Contracts have been assigned to the Administrative Agent, for the ratable benefit of the Secured Parties; 

(ii) upon the request of the Administrative Agent, each Grantor shall forward to the Administrative Agent, on the last Business
Day of each week, deposit slips related to all cash, money, checks or any other similar items of payment received by the Grantor during such week, and, if requested by the Administrative Agent, copies of such checks or any other similar items of
payment, together with a statement showing the application of all payments on the Collateral during such week and a collection report with regard thereto, in form and substance satisfactory to the Administrative Agent; 

  
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 (iii) whenever any Grantor shall receive any cash, money, checks or any other
similar items of payment relating to any Collateral (including any Proceeds of any Collateral), subject to the terms of any Permitted Liens, such Grantor agrees that it will, within one (1) Business Day of such receipt, deposit all such items
of payment into a cash collateral account at the Administrative Agent (the “Collateral Account”) or in a Deposit Account (other than an Excluded Deposit Account) at a Controlled Depositary, and until such Grantor shall deposit such
cash, money, checks or any other similar items of payment in the Collateral Account or in a Deposit Account (other than an Excluded Deposit Account) at a Controlled Depositary, such Grantor shall hold such cash, money, checks or any other similar
items of payment in trust for the Administrative Agent and the Secured Parties and as property of the Secured Parties, separate from the other funds of such Grantor, and the Administrative Agent shall have the right to transfer or direct the
transfer of the balance of each Deposit Account (other than an Excluded Deposit Account) to the Collateral Account. All such Collateral and Proceeds of Collateral received by the Administrative Agent hereunder shall be held by the Administrative
Agent in the Collateral Account as collateral security for all the Secured Obligations and shall not constitute payment thereof until applied as provided in Section 5.4; 

(iv) the Administrative Agent shall have the right to receive any and all cash dividends, payments or distributions made in
respect of any Investment Property, or Partnership/LLC Interests or other Proceeds paid in respect of any Investment Property, or Partnership/LLC Interests, and any or all of any Investment Property, or Partnership/LLC Interests may, at the option
of the Administrative Agent and the Secured Parties, be registered in the name of the Administrative Agent or its nominee, and the Administrative Agent or its nominee may thereafter exercise (A) all voting, corporate and other rights pertaining
to such Investment Property, or any such Partnership/LLC Interests at any meeting of shareholders, partners or members of the relevant Issuers or otherwise and (B) any and all rights of conversion, exchange and subscription and any other
rights, privileges or options pertaining to such Investment Property, or Partnership/LLC Interests as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Investment
Property, or Partnership/LLC Interests upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate, partnership or limited liability company structure of any Issuer or upon the exercise by any
Grantor or the Administrative Agent of any right, privilege or option pertaining to such Investment Property, or Partnership/LLC Interests, and in connection therewith, the right to deposit and deliver any and all of the Investment Property, or
Partnership/LLC Interests with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Administrative Agent may determine), all without liability except to account for property actually
received by it; but the Administrative Agent shall have no duty to any Grantor to exercise any such right, privilege or option and the Administrative Agent and the other Secured Parties shall not be responsible for any failure to do so or delay in
so doing. In furtherance thereof, each Grantor hereby authorizes and instructs each Issuer with respect to any Collateral consisting of Investment Property and Partnership/LLC Interests to (i) comply with any instruction received by it from the
Administrative Agent in writing that (A) states that an Event of Default has occurred and is continuing and (B) is otherwise in accordance with the terms 

  
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of this Agreement, without any other or further instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying following receipt of such notice
and prior to notice that such Event of Default is no longer continuing, and (ii) except as otherwise expressly permitted hereby, pay any dividends, distributions or other payments with respect to any Investment Property, or Partnership/LLC
Interests directly to the Administrative Agent; and 
 (v) the Administrative Agent shall be entitled to (but shall not be
required to): (A) proceed to perform any and all obligations of the applicable Grantor under any Material Contract and exercise all rights of such Grantor thereunder as fully as such Grantor itself could, (B) do all other acts which the
Administrative Agent may deem necessary or proper to protect its Security Interest granted hereunder, provided such acts are not inconsistent with or in violation of the terms of any of the Credit Agreement, the other Loan Documents or Applicable
Law, and (C) sell, assign or otherwise transfer any Material Contract in accordance with the Credit Agreement, the other Loan Documents and Applicable Law, subject, however, to the prior approval of each other party to such Material Contract,
to the extent required under the Material Contract. The Administrative Agent shall not exercise rights under any IP License granted under any commercial or technology agreement (e.g., provisions granting intellectual property rights by or to the
Borrower or any of its Subsidiaries) in the ordinary course of business in a manner inconsistent with the terms of the applicable agreement. 

(c) Unless an Event of Default shall have occurred and be continuing and the Administrative Agent shall have given notice to the relevant
Grantor of the Administrative Agent’s intent to exercise its corresponding rights pursuant to Section 5.2(b), each Grantor shall be permitted to receive all cash dividends, payments or other distributions made in respect of any
Investment Property and any Partnership/LLC Interests, in each case paid in the normal course of business of the relevant Issuer and consistent with past practice, to the extent permitted in the Credit Agreement, and to exercise all voting and other
corporate, company and partnership rights with respect to any Investment Property and Partnership/LLC Interests. 
 SECTION 5.3 Private
Sale. 
 (a) Each Grantor recognizes that the Administrative Agent may be unable to effect a public sale of any or all of the
Collateral, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be
obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices and
other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. The Administrative Agent shall be under
no obligation to delay a sale of any of the Collateral for the period of time necessary to permit the Issuer thereof to register such securities for public sale under the Securities Act, or under applicable state securities laws, even if such Issuer
would agree to do so. 

  
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 (b) Each Grantor agrees to use its commercially reasonable efforts to do or cause to be done all
such other acts as may be necessary to make such sale or sales of all or any portion of the Collateral valid and binding and in compliance with any and all other Applicable Laws. Each Grantor further agrees that a breach of any of the covenants
contained in this Section 5.3 will cause irreparable injury to the Administrative Agent and the other Secured Parties, that the Administrative Agent and the other Secured Parties have no adequate remedy at law in respect of such breach
and, as a consequence, that each and every covenant contained in this Section 5.3 shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any defenses against an action for specific
performance of such covenants except for a defense that no Event of Default has occurred and is continuing under the Credit Agreement. 

SECTION 5.4 Application of Proceeds. If an Event of Default shall have occurred and be continuing, at any time at the Administrative
Agent’s election, the Administrative Agent may apply all or any part of the Collateral or any Proceeds of the Collateral in payment in whole or in part of the Secured Obligations (after deducting all reasonable costs and expenses of every kind
incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Administrative Agent and the other Secured Parties hereunder, including, without
limitation, reasonable attorneys’ fees and disbursements) in accordance with Section 14.3 of the Credit Agreement. Only after (i) the payment by the Administrative Agent of any other amount required by any provision of
Applicable Law, including, without limitation, Section 9-610 and Section 9-615 of the UCC and (ii) the payment in full of the Secured Obligations and the termination of the Commitments, shall the Administrative Agent account for the
surplus, if any, to any Grantor, or to whomever may be lawfully entitled to receive the same (if such Person is not a Grantor). 
 SECTION
5.5 Waiver, Deficiency. Each Grantor hereby waives, to the extent permitted by Applicable Law, all rights of redemption, appraisement, valuation, stay, extension or moratorium now or hereafter in force under any Applicable Law in order to
prevent or delay the enforcement of this Agreement or the absolute sale of the Collateral or any portion thereof. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient
to pay the Secured Obligations and the fees and disbursements of any attorneys employed by the Administrative Agent or any other Secured Party to collect such deficiency. 

ARTICLE VI 
 THE ADMINISTRATIVE
AGENT 
 SECTION 6.1 Appointment of Administrative Agent as Attorney-In-Fact. 

(a) Each Grantor hereby irrevocably constitutes and appoints each of the Administrative Agent and any officer or agent thereof, with full
power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of this
Agreement, effective upon the occurrence and continuation of an Event of Default, to take any and all appropriate action and to execute any and all documents and 

  
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instruments which may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the Administrative
Agent the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the following upon the occurrence and during the continuation of an Event of Default: 

(i) in the name of such Grantor or its own name, or otherwise, take possession of and indorse and collect any checks, drafts,
notes, acceptances or other instruments for the payment of moneys due under any Account or Material Contract subject to a Security Interest or with respect to any other Collateral and file any claim or take any other action or proceeding in any
court of law or equity or otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any and all such moneys due under any Account or Material Contract subject to a Security Interest or with respect to any other
Collateral whenever payable; 
 (ii) in the case of any Intellectual Property, execute and deliver, and have recorded, any
and all agreements, instruments, documents and papers as the Administrative Agent may request to evidence the Administrative Agent’s and the Secured Parties’ security interest in such Intellectual Property and the goodwill and General
Intangibles of such Grantor relating thereto or represented thereby; 
 (iii) pay or discharge taxes and Liens levied or
placed on or threatened against the Collateral, effect any repairs or any insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof; 

(iv) execute, in connection with any sale provided for in this Agreement, any endorsements, assignments or other instruments of
conveyance or transfer with respect to the Collateral; and 
 (v) (A) direct any party liable for any payment under any of
the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; (B) ask or demand for, collect, and receive payment of and receipt for, any
and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (C) sign and indorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts
against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral; (D) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to
collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (E) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral; (F) settle, compromise or
adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Administrative Agent may deem appropriate; (G) license or assign any Copyright, Patent or Trademark (along with the goodwill of the
business to which any such Copyright, Patent or Trademark pertains), for such term or terms, on such conditions, and in such manner, as the Administrative Agent shall in its sole discretion determine; and (H) generally, sell, transfer, pledge
and make any agreement with respect to or otherwise deal 

  
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with any of the Collateral as fully and completely as though the Administrative Agent was the absolute owner thereof for all purposes, and do, at the Administrative Agent’s option and such
Grantor’s expense, at any time, or from time to time, all acts and things which the Administrative Agent deems necessary to protect, preserve or realize upon the Collateral and the Security Interests of the Secured Parties therein and to effect
the intent of this Agreement, all as fully and effectively as such Grantor might do. 
 (b) If any Grantor fails to perform or comply with
any of its agreements contained herein, the Administrative Agent, at its option, but without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement in accordance with the provisions of
Section 6.1(a). 
 (c) The expenses of the Administrative Agent incurred in connection with actions taken pursuant to the terms
of this Agreement, together with interest thereon at a rate per annum equal to the highest rate per annum at which interest would then be payable on any category of past due Base Rate Loans which are Revolving Credit Loans under the Credit
Agreement, from the date of payment by the Administrative Agent to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Administrative Agent on demand. 

(d) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof in accordance with
Section 6.1(a). All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the Security Interests created hereby are released. 

SECTION 6.2 Duty of Administrative Agent. The sole duty of the Administrative Agent with respect to the custody, safekeeping and
physical preservation of the Collateral in its possession, under Section 9-207 of the UCC or otherwise, shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own account. Neither the
Administrative Agent, any other Secured Party nor any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under
any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Administrative
Agent and the other Secured Parties hereunder are solely to protect the interests of the Administrative Agent and the other Secured Parties in the Collateral and shall not impose any duty upon the Administrative Agent or any other Secured Party to
exercise any such powers. The Administrative Agent and the other Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors,
employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 

SECTION 6.3 Authority of Administrative Agent. Each Grantor acknowledges that the rights and responsibilities of the Administrative
Agent under this Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting right, request, judgment or other right or remedy provided for herein or
resulting or arising out of this Agreement shall, as between the Administrative Agent and the Lenders, be governed by the Credit Agreement and by such other agreements with respect 

  
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thereto as may exist from time to time among them, but, as between the Administrative Agent and the Grantors, the Administrative Agent shall be conclusively presumed to be acting as agent for the
Secured Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement to make any inquiry respecting such authority. 

ARTICLE VII 
 MISCELLANEOUS

 SECTION 7.1 Notices. All notices and communications hereunder shall be given to the addresses and otherwise made in accordance
with Section 14.1 of the Credit Agreement; provided that notices and communications to the Grantors shall be directed to the Grantors at the address of the Borrower set forth in Section 14.1 of the Credit Agreement.

 SECTION 7.2 Amendments, Waivers and Consents. None of the terms or provisions of this Agreement may be amended, supplemented or
otherwise modified, nor may any of them be waived, nor may any consent be given, except in accordance with Section 14.2 of the Credit Agreement. 

SECTION 7.3 Expenses, Indemnification, Waiver of Consequential Damages, etc. 

(a) The Grantors, jointly and severally, shall pay all out-of-pocket expenses incurred by the Administrative Agent and each other Secured
Party to the extent the Borrower would be required to do so pursuant to Section 14.3 of the Credit Agreement. 
 (b) The
Grantors, jointly and severally, shall pay and shall indemnify each Recipient (which for purposes of this Agreement shall include, without limitation, all Secured Parties) against Indemnified Taxes to the extent the Borrower would be required to do
so pursuant to Section 5.11 of the Credit Agreement. 
 (c) The Grantors, jointly and severally, shall indemnify each Indemnitee
to the extent the Borrower would be required to do so pursuant to Section 14.3 of the Credit Agreement. 
 (d) Notwithstanding
anything to the contrary contained in this Agreement, to the fullest extent permitted by Applicable Law, each Grantor shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby, the transactions
contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. 
 (e) No Indemnitee referred to in
Section 7.3(c) 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 contemplated hereby or thereby. 
 (f) All amounts due under
Sections 7.3(a) and (c) shall be payable promptly after demand therefor. 

  
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 SECTION 7.4 Right of Setoff. If an Event of Default shall have occurred and be continuing,
each Secured Party and each of its respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Secured Party or any such Affiliate to or for the credit or the account of such Grantor against any and all of the
obligations of such Grantor now or hereafter existing under this Agreement or any other Loan Document to such Secured Party irrespective of whether or not such Secured Party shall have made any demand under this Agreement or any other Loan Document
and although such obligations of such Grantor may be contingent or unmatured or are owed to a branch or office of such Secured Party different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each
Secured Party and its respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Secured Party or its respective Affiliates may have. Each Secured Party agrees to notify such
Grantor and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 

SECTION 7.5 Governing Law; Jurisdiction; Venue; Service of Process. 

(a) Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York (including
Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York) without reference to the conflicts of law principles thereof. 

(b) Submission to Jurisdiction. Each Grantor irrevocably and unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of the courts of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York state court or, to the fullest extent permitted by Applicable Law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document shall affect any right that the Administrative Agent or any other Secured
Party may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Grantor or its properties in the courts of any jurisdiction. 

(c) Waiver of Venue. Each Grantor irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law, any
objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the

  
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parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court. 
 (d) Service of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in
Section 14.1 of the Credit Agreement. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable Law. 

(e) Appointment of the Borrower as Agent for the Grantors. Each Grantor hereby irrevocably appoints and authorizes the Borrower to act
as its agent for service of process and notices required to be delivered under this Agreement or under the other Loan Documents, it being understood and agreed that receipt by the Borrower of any summons, notice or other similar item shall be deemed
effective receipt by each Grantor and its Subsidiaries. 
 SECTION 7.6 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 7.7 Injunctive Relief. 

(a) Each Grantor recognizes that, in the event such Grantor fails to perform, observe or discharge any of its obligations or liabilities under
this Agreement, any remedy of law may prove to be inadequate relief to the Administrative Agent and the other Secured Parties. Therefore, each Grantor agrees that the Administrative Agent and the other Secured Parties, at the option of the
Administrative Agent and the other Secured Parties, shall be entitled to temporary and permanent injunctive relief in any such case without the necessity of proving actual damages. 

(b) The Administrative Agent, the other Secured Parties and each Grantor hereby agree that no such Person shall have a remedy of punitive or
exemplary damages against any other party to a Loan Document and each such Person hereby waives any right or claim to punitive or exemplary damages that they may now have or may arise in the future in connection with any dispute, whether such
dispute is resolved through arbitration or judicially. 

  
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 SECTION 7.8 No Waiver By Course of Conduct; Cumulative Remedies. Neither the
Administrative Agent nor any other Secured Party shall by any act (except by a written instrument pursuant to Section 7.2), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have
acquiesced in any Default or Event of Default. No delay or failure to take action on the part of the Administrative Agent or any other Secured Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Administrative Agent or any other Secured Party of
any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Administrative Agent or such other Secured Party would otherwise have on any future occasion. The enumeration of the rights and
remedies of the Administrative Agent and the other Secured Parties set forth in this Agreement is not intended to be exhaustive and the exercise by the Administrative Agent and the other Secured Parties of any right or remedy shall not preclude the
exercise of any other rights or remedies, all of which shall be cumulative, and shall be in addition to any other right or remedy given hereunder or under the other Loan Documents or that may now or hereafter exist at law or in equity or by suit or
otherwise. 
 SECTION 7.9 Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and permitted assigns; except that no Grantor may assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the Administrative Agent and
the other Secured Parties (except as otherwise provided by the Credit Agreement). 
 SECTION 7.10 Survival of Indemnities.
Notwithstanding any termination of this Agreement, the indemnities to which the Administrative Agent and the other Secured Parties are entitled under the provisions of Section 7.3 and any other provision of this Agreement and the other
Loan Documents shall continue in full force and effect and shall protect the Administrative Agent and the other Secured Parties against events arising after such termination as well as before. 

SECTION 7.11 Titles and Captions. Titles and captions of Articles, Sections and subsections in, and the table of contents of, this
Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. 
 SECTION 7.12 Severability of
Provisions. Any provision of this Agreement or any other Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without
invalidating the remainder of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction. 

SECTION 7.13 Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and shall be binding upon all parties, their successors and assigns, and all of which taken together shall constitute one and the same agreement. Delivery of an executed
counterpart of a signature page to this Agreement or any document or instrument delivered in connection herewith by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement or
such other document or instrument, as applicable. 

  
 27 

 SECTION 7.14 Integration. This Agreement, together with the other Loan Documents,
comprises the complete and integrated agreement of the parties on the subject matter hereof and thereof and supersedes all prior agreements, written or oral, on such subject matter. In the event of any conflict between the provisions of this
Agreement and those of any other Loan Document, the provisions of the Credit Agreement shall control, if applicable. In the event of any such conflict with respect to which the provisions of the Credit Agreement are not applicable, the provisions of
this Agreement shall control. The parties acknowledge and agree that the inclusion of supplemental rights or remedies in favor of the Administrative Agent or the other Secured Parties in any other Loan Document shall not be deemed a conflict with
this Agreement. 
 SECTION 7.15 Advice of Counsel; No Strict Construction. Each of the parties represents to each other party hereto
that it has discussed this Agreement with its counsel. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be
construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 

SECTION 7.16 Acknowledgements. 

(a) Each Grantor hereby acknowledges that: 

(i) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents to
which it is a party; 
 (ii) it has received a copy of the Credit Agreement and has reviewed and understands same; 

(iii) neither the Administrative Agent nor any other Secured Party has any fiduciary relationship with or duty to any Grantor
arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Grantors, on the one hand, and the Administrative Agent and the other Secured Parties, on the other hand, in connection herewith
or therewith is solely that of debtor and creditor; and 
 (iv) no joint venture is created hereby or by the other Loan
Documents or otherwise exists by virtue of the transactions contemplated hereby or thereby among the Secured Parties or among the Grantors and the Secured Parties. 

(b) Each Issuer party to this Agreement acknowledges receipt of a copy of this Agreement and agrees to be bound thereby and to comply with the
terms thereof insofar as such terms are applicable to it. Each Issuer agrees to provide such notices to the Administrative Agent as may be necessary to give full effect to the provisions of this Agreement. 

  
 28 

 SECTION 7.17 Releases. 

(a) At such time as the Secured Obligations shall have been paid in full in cash and the Commitments have been terminated, the Collateral
shall be released from the Liens created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Grantor hereunder shall terminate, all without delivery of
any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Grantors. 
 (b) If any of the
Collateral shall be sold, transferred or otherwise disposed of by any Grantor in a transaction permitted by the Credit Agreement, then the Administrative Agent, at the request and sole expense of such Grantor, shall execute and deliver to such
Grantor all releases or other documents reasonably necessary or desirable to evidence the release of the Liens created hereby on such Collateral. In the event that all the Capital Stock of any Grantor that is a Subsidiary of the Borrower shall be
sold, transferred or otherwise disposed of in a transaction permitted by the Credit Agreement, then, at the request of the Borrower and at the expense of the Grantors, such Grantor shall be released from its obligations hereunder; provided
that the Borrower shall have delivered to the Administrative Agent, at least ten (10) Business Days prior to the date of the proposed release, a written request for release identifying the relevant Grantor and a description of the sale or other
disposition in reasonable detail, together with a certification by the Borrower stating that such transaction is in compliance with the Credit Agreement and the other Loan Documents. 

SECTION 7.18 Additional Grantors. Each Subsidiary of the Borrower that is required to become a party to this Agreement pursuant to
Section 9.10 of the Credit Agreement shall become a Grantor for all purposes of this Agreement upon execution and delivery by such Subsidiary of a joinder agreement in form and substance reasonably satisfactory to the Administrative
Agent. 
 SECTION 7.19 All Powers Coupled With Interest. All powers of attorney and other authorizations granted to the Secured
Parties, the Administrative Agent and any Persons designated by the Administrative Agent or any other Secured Party pursuant to any provisions of this Agreement or any of the other Loan Documents shall be deemed coupled with an interest and shall be
irrevocable so long as any of the Secured Obligations remain unpaid or unsatisfied, any of the Commitments remain in effect or the Credit Facility has not been terminated. 

[Signature Pages to Follow] 

  
 29 

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

					
	BLACKHAWK NETWORK HOLDINGS, INC., as Grantor
		
	By:	 	 /s/ Jerry N. Ulrich

		 	Name:	 	 Jerry N. Ulrich

		 	Title:	 	 CFO & CAO

	
	EWI HOLDINGS, INC., as Grantor and Issuer
		
	By:	 	 /s/ Jerry N. Ulrich

		 	Name:	 	 Jerry N. Ulrich

		 	Title:	 	 Treasurer

	
	CARDPOOL, INC., as Grantor and Issuer
		
	By:	 	 /s/ Jerry N. Ulrich

		 	Name:	 	 Jerry N. Ulrich

		 	Title:	 	 CFO

	
	BLACKHAWK NETWORK, INC., as Grantor and Issuer
		
	By:	 	 /s/ Jerry N. Ulrich

		 	Name:	 	 Jerry N. Ulrich

		 	Title:	 	 CFO & CAO

 [Signature Pages Continue] 

 
					
	BLACKHAWK NETWORK (OVERSEAS TERRITORIES), LLC, as Issuer
	
	 By: Blackhawk Network Holdings, Inc.,

Its Sole Member

		
	By:	 	 /s/ Jerry N. Ulrich

		 	Name:	 	 Jerry N. Ulrich

		 	Title:	 	 CFO & CAO

	
	BLACKHAWK NETWORK CALIFORNIA, INC., as Issuer
		
	By:	 	 /s/ Jerry N. Ulrich

		 	Name:	 	 Jerry N. Ulrich

		 	Title:	 	 CFO

	
	BLACKHAWK NETWORK (UK) LTD., as Issuer
		
	By:	 	 /s/ David E. Durant

		 	Name:	 	 David E. Durant

		 	Title:	 	 Secretary

	
	BLACKHAWK NETWORK (EUROPE) LTD., as Issuer
		
	By:	 	 /s/ David E. Durant

		 	Name:	 	 David E. Durant

		 	Title:	 	 Secretary

 [Signature Pages Continue] 

 
					
	BLACKHAWK NETWORK (CANADA) LTD., as Issuer
		
	By:	 	 /s/ Jerry N. Ulrich

		 	Name:	 	 Jerry N. Ulrich

		 	Title:	 	 SVP & CAO

	
	BLACKHAWK NETWORK (JAPAN) KK, as Issuer
		
	By:	 	 /s/ Stewart Rigby

		 	Name:	 	 Stewart Rigby

		 	Title:	 	 Director

  

							
	BLACKHAWK NETWORK (AUSTRALIA) PTY LTD., as Issuer
		
	By:	 	 /s/ Stewart Rigby

		 	Name:	 	 Stewart Rigby

		 	Title:	 	 Director

	
	BH NETWORK HOLDINGS (EUROPE) B.V., as Issuer
			
	By:	 	/s/ D.A. de Vries	 	/s/ T. Huisman
		 	  

		 	Name:	 	D.A. de Vries	 	T. Huisman
		 		 	  

		 	Title:	 	 Intertrust (Netherlands) B.V.

		 		 	 Managing Director

 [Signature Pages Continue] 

 
			
	Acknowledged by the Administrative Agent as of the day and year first written above:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	 /s/ Brian Buck

	Name:	 	 Brian Buck

	Title:	 	 Director

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