Document:

EX-4.4

 Exhibit 4.4 

EXECUTION VERSION 

INTERCREDITOR AGREEMENT 

This INTERCREDITOR AGREEMENT, dated as of November 19, 2013 is by and among APPVION, INC., a Delaware corporation (the
“Borrower”), PAPERWEIGHT DEVELOPMENT CORP., a Wisconsin corporation (“Holdings”), each other Grantor (as hereinafter defined) from time to time party hereto, JEFFERIES FINANCE LLC, in its capacity as collateral
agent under the First-Lien Loan Documents (as defined below) (together with its successors and assigns in such capacity from time to time, the “First-Lien Collateral Agent”) and U.S. BANK NATIONAL ASSOCIATION in its capacity as
trustee and collateral agent under the Second-Lien Note Documents (as defined below) (together with its successors and assigns in such capacity from time to time, the “Second-Lien Collateral Agent”). Capitalized terms used herein
but not otherwise defined herein have the meanings set forth in Section 1 below. 
 RECITALS 

WHEREAS, the Borrower, Holdings, the lenders party thereto (the “Lenders”), Jefferies Finance LLC, in its capacity as
administrative agent (together with its successors and assigns in such capacity from time to time, the “First-Lien Administrative Agent”), and Fifth Third Bank, in its capacity as revolver agent, swing line lender and letter of
credit issuer, entered into that certain Credit Agreement dated as of June 28, 2013 (as amended, restated, supplemented, modified and/or Refinanced from time to time, the “First-Lien Credit Agreement”) providing for the making
of term and revolving loans to the Borrower, and the issuance of, and participation in, letters of credit for the account of the Borrower as provided therein; 

WHEREAS, pursuant to that certain Indenture, dated as of the date hereof (as amended, restated, supplemented, modified and/or Refinanced from
time to time, the “Second-Lien Note Indenture”), between the Borrower, the other Grantors from time to time party thereto and the Second-Lien Collateral Agent, the Borrower intends to issue the Second-Lien Notes (as defined herein);

 WHEREAS, the obligations of Holdings, the Borrower, and the other Grantors under the First-Lien
Loan Documents, all Secured Hedge Agreements and all Secured Cash Management Agreements are secured by substantially all the assets of Holdings, the Borrower and the other Grantors, respectively, pursuant to the terms of the First-Lien Security
Documents; 
 WHEREAS, the obligations of Holdings, the Borrower, and the other Grantors under the
Second-Lien Note Documents will be secured by substantially all the assets of Holdings, the Borrower and the other Grantors, respectively, pursuant to the terms of the Second-Lien Security Documents; 

WHEREAS, the First-Lien Loan Documents and the Second-Lien Note Documents provide, among other things, that the parties thereto shall set
forth in this Agreement their respective rights and remedies with respect to the Collateral; 
 WHEREAS, in order to induce the First-Lien
Collateral Agent and the First-Lien Creditors to consent to the Grantors incurring the Second-Lien Obligations and to induce the First-Lien Creditors to continue to extend credit and other financial accommodations and lend monies to or for the
benefit of the Borrower or any other Grantor, the Second-Lien Collateral Agent on behalf of the Second-Lien Creditors (and each Second-Lien Creditor by its acceptance of the benefits of the Second-Lien Security Documents) has agreed to the
subordination, intercreditor and other provisions set forth in this Agreement; and 

 WHEREAS, the First-Lien Loan Documents may be amended to permit Holdings, the Borrower and the
other Grantors to, from time to time, incur additional secured debt which Holdings, the Borrower and the First-Lien Collateral Agent may agree may share a first-priority security interest in the Collateral in accordance with the First-Lien Loan
Documents and the terms of this Agreement in existence at the time of such incurrence; 
 NOW, THEREFORE, in consideration of the foregoing,
the mutual covenants and obligations herein set forth and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

SECTION 1. Definitions. 

1.1 Defined Terms. As used in the Agreement, the following terms shall have the following meanings: 

“Affiliate” means, as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is
under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the securities having ordinary voting power for the election of
directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 

“Agreement” means this Intercreditor Agreement, as amended, restated, renewed, extended, supplemented and/or otherwise
modified from time to time in accordance with the terms hereof. 
 “Bankruptcy Code” means Title 11 of the United States
Code entitled “Bankruptcy,” as now and hereafter in effect, or any successor statute. 
 “Bankruptcy Law” means
the Bankruptcy Code and any similar federal, state or foreign law for the relief of debtors. 
 “Borrower” has the meaning
provided in the first paragraph of this Agreement. 
 “Business Day” means a day other than a Saturday, Sunday or other day
on which commercial banks in New York City are authorized or required by law to close. 
 “Capital Stock” means, with
respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or
other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or
acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such
shares, warrants, options, rights or other interests are outstanding on any date of determination. 
 “Cash Management
Agreement” has the meaning set forth in the First-Lien Credit Agreement. 
 “Cash Management Bank” has the meaning
set forth in the First-Lien Credit Agreement. 

  
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 “Collateral” means all of the assets and property of any Grantor, whether real,
personal or mixed, constituting both First-Lien Collateral and Second-Lien Collateral. 
 “Collateral Agent” means, as the
context requires, collectively, the First-Lien Collateral Agent and the Second-Lien Collateral Agent. 
 “Comparable Second-Lien
Security Document” means, in relation to any Collateral subject to any Lien created under any First-Lien Security Document, that Second-Lien Security Document which creates a Lien on the same Collateral, granted by the same Grantor. 

“Creditors” means, collectively, the First-Lien Creditors and the Second-Lien Creditors. 

“Discharge of First-Lien Credit Agreement Obligations” means, except to the extent otherwise provided in Section 5.6
hereof (and subject to Section 6.5 hereof), (a) payment in full in cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or Liquidation Proceeding at the rate provided for in the
respective First-Lien Loan Documents, whether or not such interest is, or would be, allowed in such Insolvency or Liquidation Proceeding) and premium, if any, on all Indebtedness outstanding under the First-Lien Loan Documents (other than contingent
obligations not yet accrued and payable), (b) payment in full in cash of all other First-Lien Obligations (other than Secured Hedge Agreement Obligations and Secured Cash Management Obligations) that are due and payable or otherwise accrued and
owing at or prior to the time such principal and interest are paid (including legal fees and other expenses, costs or charges accruing on or after the commencement of any Insolvency or Liquidation Proceeding whether or not such legal fees and other
expenses, costs or charges are, or would be, allowed in such Insolvency or Liquidation Proceeding), (c) termination (without any prior demand for payment thereunder having been made or, if made, with such demand having been fully reimbursed in
cash) or cash collateralization (in an amount and manner, and on terms, satisfactory to the First-Lien Collateral Agent) of all letters of credit issued by any First-Lien Creditor and (d) termination of all other commitments of the First-Lien
Creditors under the First-Lien Loan Documents. 
 “Discharge of First-Lien Obligations” means, except to the extent
otherwise provided in Section 5.6 hereof, (a) payment in full in cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or Liquidation Proceeding at the rate provided for in the
respective First-Lien Loan Documents, whether or not such interest would be allowed in any such Insolvency or Liquidation Proceeding) and premium, if any, on all Indebtedness outstanding under the First-Lien Documents (other than contingent
obligations not yet accrued and payable), (b) payment in full in cash of all other First-Lien Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (including legal fees
and other expenses, costs or charges accruing on or after the commencement of any Insolvency or Liquidation Proceeding whether or not such legal fees and other expenses, costs or charges are, or would be, allowed in such Insolvency or Liquidation
Proceeding), (c) termination (without any prior demand for payment thereunder having been made or, if made, with such demand having been fully reimbursed in cash) or cash collateralization (in an amount and manner, and on terms, satisfactory to
the First-Lien Collateral Agent) of all letters of credit, Secured Hedge Agreements and Secured Cash Management Agreements issued or entered into, as the case may be, by any First-Lien Creditor and (d) termination of all other commitments of
the First-Lien Creditors under the First-Lien Documents. 
 “Enforcement Action” means the exercise of any rights or
remedies against any Collateral, including, without limitation, any right to take possession or control of any Collateral under any lockbox agreement, account control agreement, landlord waiver or bailee’s letter or similar agreement or
arrangement, any right of set-off or recoupment and any enforcement, collection, execution, levy or foreclosure action or proceeding taken against the Collateral. 

  
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 “First-Lien Cap Amount” means an amount equal to (A) $525,000,000;
plus (B) the aggregate principal amount of Indebtedness incurred and outstanding in accordance with the provisions of Section 2.14 of the First-Lien Credit Agreement (as such provisions are in effect as of the date hereof);
less (C) the aggregate principal amount of permanent repayments or mandatory prepayments of Indebtedness (other than revolving loans) under the First-Lien Credit Agreement; less (D) permanent reductions of commitments under
the revolving commitments provided for in the First-Lien Credit Agreement, in each case, other than any such reduction, repayment, prepayment or reduction made in connection with a Refinancing. 

“First-Lien Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to
which a Lien is granted (or purported to be granted) as security for any First-Lien Obligations. 
 “First-Lien Collateral
Agent” has the meaning provided in the first paragraph of this Agreement. 
 “First-Lien Credit Agreement” has the
meaning set forth in the recitals hereto. 
 “First-Lien Creditors” means, at any relevant time, the holders of First-Lien
Obligations at such time, including, without limitation, the First-Lien Lenders, the Hedge Banks, the Cash Management Banks, the First-Lien Collateral Agent, the First-Lien Administrative Agent and the other agents and arrangers under the First-Lien Credit Agreement. 
 “First-Lien Documents” means and includes the First-Lien
Loan Documents, each Secured Cash Management Agreement and each Secured Hedge Agreement. 
 “First-Lien Lenders” means the
“Lenders” under, and as defined in, the First-Lien Credit Agreement; provided that the term “First-Lien Lender” shall in any event include each letter of credit issuer and each swingline lender under the First-Lien Credit
Agreement. 
 “First-Lien Loan Documents” means the First-Lien Credit Agreement and the other Loan Documents (as defined in
the First-Lien Credit Agreement but excluding Secured Hedge Agreements and Secured Cash Management Agreements) and each of the other agreements, documents and instruments providing for or evidencing any other First-Lien Obligation and any other
document or instrument executed or delivered at any time in connection with any First-Lien Obligation (including any intercreditor or joinder agreement among holders of First-Lien Obligations but excluding Secured Hedge Agreements and Secured Cash
Management Agreements), to the extent such are effective at the relevant time, as each may be amended, modified, restated, supplemented, replaced and/or Refinanced from time to time. 

“First-Lien Obligations” means (i) all Obligations outstanding under the First-Lien Credit Agreement and the other
First-Lien Loan Documents, (ii) all Secured Cash Management Obligations and (iii) all Secured Hedge Agreement Obligations. “First-Lien Obligations” shall in any event include: (a) all interest accrued or accruing (or
which would, absent commencement of an Insolvency or Liquidation Proceeding (and the effect of provisions such as Section 502(b)(2) of the Bankruptcy Code), accrue) after commencement of an Insolvency or Liquidation Proceeding in accordance
with the rate specified in the relevant First-Lien Document, whether or not the claim for such interest is, or would be, allowed as a claim in such Insolvency or Liquidation Proceeding, (b) any and all fees, expenses and other charges
(including attorneys’ and/or financial consultants’ fees and expenses) incurred by the First-Lien Collateral Agent, the First-Lien Administrative Agent and the First-Lien Creditors after the commencement of an Insolvency or Liquidation
Proceeding, whether or not the claim for such fees, expenses and other charges 

  
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is allowed under Section 506(b) of the Bankruptcy Code or any other provision of the Bankruptcy Code or Bankruptcy Law as a claim in such Insolvency or Liquidation Proceeding and
(c) all obligations and liabilities of each Grantor under each First-Lien Document to which it is a party which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due. The First-Lien Obligations shall not
include (x) principal of Loans or stated amounts of Letters of Credit in excess of the First-Lien Cap Amount as in effect at the time incurred or (y) any amount in clauses (a) through (c) of the preceding sentence incurred in
connection with the enforcement of the excess amounts referred to in preceding clause (x) (excluding, in either case, (i) any such excess amounts representing the capitalization of interest or fees or resulting from fluctuations in
currency values, which excess amounts shall be First-Lien Obligations and (ii) all Secured Hedge Agreement Obligations and Secured Cash Management Obligations, which obligations shall be First-Lien Obligations). 

“First-Lien Required Lenders” means the “Required Lenders” under, and as defined in, the First-Lien Credit Agreement. 
 “First-Lien Security Documents” means the Security
Documents (as defined in the First-Lien Credit Agreement) and any other agreement, document or instrument pursuant to which a Lien is granted (or purported to be granted) securing any First-Lien Obligations or under which rights or remedies with
respect to such Liens are governed, as the same may be amended, supplemented, restated, modified and/or Refinanced from time to time. 

“Governmental Authority” means the government of the United States of America or any other nation, or of any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Grantors” means Holdings, the Borrower and each of the Subsidiary Guarantors (other than PDC Capital Corporation) that have
executed and delivered, or may from time to time hereafter execute and deliver, a First-Lien Security Document or a Second-Lien Security Document. 

“Hedge Agreements” has the meaning set forth in the First-Lien Credit Agreement. 

“Hedge Bank” has the meaning set forth in the First-Lien Credit Agreement. 

“Holdings” has the meaning provided in the first paragraph of this Agreement. 

“Indebtedness” means and includes all Obligations that constitute “Indebtedness” within the meaning of the
First-Lien Credit Agreement or the Second-Lien Note Indenture. 
 “Insolvency or Liquidation Proceeding” means (a) any
voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to any Grantor, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation,
reorganization or other similar case or proceeding with respect to any Grantor or with respect to a material portion of its respective assets, (c) any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or
involuntary and whether or not involving insolvency or bankruptcy or (d) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Grantor. 

“Letter of Credit” means “Letter of Credit” under, and as defined in, the First-Lien Credit Agreement. 

  
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 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or
other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Loans” means “Loans” under, and as defined in, the First-Lien Credit Agreement. 

“Obligations” means any and all obligations (including guaranty obligations) with respect to the payment and performance of
(a) any principal of or interest or premium on any indebtedness, including any reimbursement obligation in respect of any letter of credit, or any other liability, including interest that accrues after the commencement of any Insolvency or
Liquidation Proceeding of any Grantor at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such Insolvency or Liquidation Proceeding, (b) any fees, indemnification
obligations, expense reimbursement obligations or other liabilities payable under the documentation governing any indebtedness (including, without limitation, the retaking, holding, selling or otherwise disposing of or realizing on the Collateral),
(c) any obligation to post cash collateral in respect of letters of credit or any other obligations, and (d) all performance obligations under the documentation governing any indebtedness. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Pledged Collateral” means Collateral in the possession of the
First-Lien Collateral Agent (or its agents or bailees), to the extent that possession thereof is taken to perfect a Lien thereon under the Uniform Commercial Code. 

“Recovery” has the meaning set forth in Section 6.5 hereof. 

“Refinance” means, in respect of any indebtedness, to refinance, extend, renew, defease, amend, modify, supplement,
restructure, replace, refund or repay, or to issue other indebtedness, in exchange or replacement for, such indebtedness. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Required First-Lien Creditors” means (i) at all times prior to the occurrence of the Discharge of First-Lien Credit
Agreement Obligations, the First-Lien Required Lenders (or, to the extent required by the First-Lien Credit Agreement, each of the First-Lien Lenders or such other number or percentage of First-Lien Lenders as
is required by the First-Lien Credit Agreement), and (ii) at all times after the occurrence of the Discharge of First-Lien Credit Agreement Obligations, the holders of at least the majority of the then outstanding Secured Hedge Agreement
Obligations and/or Secured Cash Management Obligations (with the calculation of the amount of outstanding Secured Hedge Agreement Obligations and/or Secured Cash Management Obligations determined by the First-Lien Collateral Agent as directed by a
majority of the holders of the Secured Hedge Agreement Obligations and Secured Cash Management Obligations or, in the absence of such a direction, in such reasonable manner as is acceptable to the First-Lien Collateral Agent). 

“Second-Lien Cap Amount” means $250,000,000 plus any premium payable to holders of the Second-Lien Notes and expenses
in each case related to or in connection with the first incurrence of any Permitted Refinancing Debt (as defined in the First-Lien Credit Agreement) to Refinance the Second-Lien Notes after the date hereof (provided that any such premium and
expenses shall not exceed $25,000,000 in the aggregate) less the aggregate principal amount of permanent redemption of Indebtedness under the Second-Lien Note Indenture other than any such redemption made in connection with a Refinancing.

  
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 “Second-Lien Collateral” means all of the assets of any Grantor, whether real,
personal or mixed, with respect to which a Lien is granted (or purported to be granted) as security for any Second-Lien Obligations. 

“Second-Lien Collateral Agent” has the meaning set forth in the preamble hereof. 

“Second-Lien Creditors” means, at any relevant time, the holders of Second-Lien Obligations at such time, including without
limitation the Second-Lien Holders and the Second-Lien Collateral Agent. 
 “Second-Lien Enforcement Date” means, at any
time while an “Event of Default” exists under (and as defined in) the Second-Lien Note Documents, the date which is 180 days after the occurrence of (i) such “Event of Default” and (ii) the First-Lien Collateral
Agent’s receipt of written notice from the Second-Lien Collateral Agent certifying that such “event of default” has occurred and is continuing (and requesting that enforcement action be taken with respect to the Collateral), so long
as the respective “event of default” shall not have been cured or waived (or the respective acceleration rescinded). 

“Second-Lien Holders” means the “Holders” under, and as defined in, the Second-Lien Note Indenture. 

“Second-Lien Note Documents” means the Second-Lien Note Indenture, the Second-Lien Security Documents and each of the other
agreements, documents and instruments providing for or evidencing any other Second-Lien Obligation, and any other document or instrument executed or delivered at any time in connection with any Second-Lien Obligation, as the same may be amended,
modified or otherwise supplemented from time to time in accordance with the terms hereof, thereof and the First-Lien Credit Agreement. 

“Second-Lien Note Indenture” has the meaning set forth in the recitals hereto. 

“Second-Lien Notes” means the 9.00% Second Lien Senior Secured Notes due 2020 issued under the Second-Lien Note Indenture,
and any other senior secured notes issued thereunder. 
 “Second-Lien Obligations” means all Obligations outstanding under
the Second-Lien Note Indenture and the other Second-Lien Note Documents. “Second-Lien Obligations” shall in any event include: (a) all interest accrued or accruing (or which would, absent commencement of an Insolvency or
Liquidation Proceeding (and the effect of provisions such as Section 502(b)(2) of the Bankruptcy Code), accrue) after commencement of an Insolvency or Liquidation Proceeding in accordance with the rate specified in the relevant Second-Lien Note
Document whether or not the claim for such interest is allowed as a claim in such Insolvency or Liquidation Proceeding, (b) any and all fees and expenses (including attorneys’ and/or financial consultants’ fees and expenses) incurred
by the Second-Lien Collateral Agent and the Second-Lien Creditors after the commencement of an Insolvency or Liquidation Proceeding, whether or not the claim for fees and expenses is allowed under Section 506(b) of the Bankruptcy Code or any
other provision of the Bankruptcy Code or Bankruptcy Law as a claim in such Insolvency or Liquidation Proceeding and (c) all obligations and liabilities of each Grantor under each Second-Lien Note Document to which it is a party which, but for
the automatic stay under Section 362(a) of the Bankruptcy Code, would become due. 

  
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 “Second-Lien Security Agreement” means the Second Lien Collateral Agreement,
dated as of the date hereof, among Holdings, the Borrower, the other Grantors from time to time party thereto and the Second-Lien Collateral Agent, as the same may be amended, supplemented, restated, modified and/or Refinanced from time to time in
accordance with the terms hereof and thereof. 
 “Second-Lien Security Documents” means the Security Documents (or any
similarly defined term) (as defined in the Second-Lien Note Indenture) and any other agreement, document, mortgage or instrument pursuant to which a Lien is granted (or purported to be granted) securing any Second-Lien Obligations or under which
rights or remedies with respect to such Liens are governed, as the same may be amended, supplemented, restated, modified and/or Refinanced from time to time in accordance with the terms hereof and thereof. 

“Secured Cash Management Agreement” means any Cash Management Agreement that is entered into by and between the Borrower or
any other Grantor and any Cash Management Bank. 
 “Secured Cash Management Obligations” means the collective reference to
all obligations and liabilities of a Grantor (including, without limitation, interest accruing at the then applicable rate provided in any Secured Cash Management Agreement after the filing of any petition in bankruptcy, or the commencement of any
insolvency, reorganization or like proceeding, relating to a Grantor, whether or not a claim for post-filing or post-petition interest is, or would be, allowed in such proceeding) to any Cash Management Bank,
whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, any Secured Cash Management Agreement or any other document made, delivered or
given in connection therewith, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the relevant
Lender and other expenses, costs and charges or affiliate thereof that are required to be paid by any Grantor pursuant to the terms of any Secured Cash Management Agreement whether or not a claim is, or would be, allowed for such amounts in any
Insolvency or Liquidation Proceeding of such Grantor). 
 “Secured Hedge Agreement” means any interest rate, energy, raw
materials or commodity Hedge Agreement permitted under Article VII of the First-Lien Credit Agreement that is entered into by and between the Borrower or any other Grantor and any Hedge Bank. 

“Secured Hedge Agreement Obligations” means the collective reference to all obligations and liabilities of a Grantor
(including, without limitation, interest accruing at the then applicable rate provided in any Secured Hedge Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating
to such Grantor, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to any Hedge Bank, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred,
which may arise under, out of, or in connection with, any Secured Hedge Agreement or any other document made, delivered or given in connection therewith, in each case whether on account of principal, interest, reimbursement obligations, fees,
indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the relevant Lender or affiliate thereof and all other expenses, costs and charges that are required to be paid by any Grantor
pursuant to the terms of any Secured Hedge Agreement whether or not a claim is, or would be, allowed for such amounts in any Insolvency or Liquidation Proceeding of such Grantor). 

“Security Documents” means, collectively, the First-Lien Security Documents and the
Second-Lien Security Documents. 

  
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 “Subsidiary” of a Person means a corporation, partnership, joint venture,
limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such
power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. 

“Subsidiary Guarantors” means each Subsidiary of Holdings which enters into a guaranty of any First-Lien Obligations or
Second-Lien Obligations. 
 “Uniform Commercial Code” or “UCC” means the Uniform Commercial Code as from
time to time in effect in the State of New York. 
 1.2 Terms Generally. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) 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, (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) 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, (d) all references herein to Exhibits or Sections shall be construed to refer to Exhibits or Sections of this
Agreement, (e) 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, (f) terms defined in the UCC but not otherwise defined herein shall have the same meanings herein as are assigned thereto in the UCC, (g) reference to any law means such law as amended, modified, codified,
replaced or re-enacted, in whole or in part, and in effect on the date hereof, including rules, regulations, enforcement procedures and any interpretations promulgated thereunder, and (h) references to Sections or clauses shall refer to those
portions of this Agreement, and any references to a clause shall, unless otherwise identified, refer to the appropriate clause within the same Section in which such reference occurs. 

SECTION 2. Priority of Liens. 

2.1 Subordination; Etc. Notwithstanding the date, manner or order of grant, attachment or perfection of any Liens securing the
Second-Lien Obligations granted on the Collateral or of any Liens securing the First-Lien Obligations granted on the Collateral and notwithstanding any provision of the UCC, or any applicable law or the Second-Lien Note Documents or any other
circumstance whatsoever (including any non-perfection of any Lien purporting to secure the First-Lien Obligations and/or Second-Lien Obligations), the Second-Lien Collateral Agent, on behalf of itself and the other Second-Lien Creditors, and each
other Second-Lien Creditor (by its acceptance of the benefits of the Second-Lien Note Documents) hereby agrees that: (a) any Lien on the Collateral securing any First-Lien Obligations now or hereafter held by or on behalf of the First-Lien
Collateral Agent or any First-Lien Creditors or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to any Lien on
the Collateral securing any of the Second-Lien Obligations; and (b) any Lien on the Collateral now or hereafter held by or on behalf of the Second-Lien Collateral Agent, any Second-Lien Creditors or any agent or trustee therefor regardless of
how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all 

  
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Liens on the Collateral securing any First-Lien Obligations. All Liens on the Collateral securing any First-Lien Obligations shall be and remain senior in all respects and prior to all Liens on
the Collateral securing any Second-Lien Obligations for all purposes, notwithstanding any failure of the First-Lien Collateral Agent or the First-Lien Creditors to adequately perfect its security interests in
the Collateral and whether or not such Liens securing any First-Lien Obligations are subordinated to any Lien securing any other obligation of Holdings, the Borrower, any other Grantor or any other Person. The parties hereto acknowledge and agree
that it is their intent that the First-Lien Obligations (and the security therefor) constitute a separate and distinct class (and separate and distinct claims) from the Second-Lien Obligations (and the security therefor). 

2.2 Nature of First-Lien Obligations. The Second-Lien Collateral Agent, for itself and on behalf of the other Second-Lien Creditors,
acknowledges that (a) a portion of the First-Lien Obligations are revolving in nature, (b) subject to succeeding clause (d), the amount of such revolving First-Lien Obligations that may be outstanding at any time or from time to time may
be increased or reduced and subsequently reborrowed, (c) the terms of the First-Lien Obligations may be modified, extended or amended from time to time, and (d), subject to the limitations on the aggregate principal amount of First-Lien
Obligations set forth in the definition of “First-Lien Obligations”, the aggregate amount of the Obligations owing to the First-Lien Creditors may be increased or Refinanced, in either event, without notice to or consent by the Second-Lien
Creditors and without affecting the provisions hereof. Subject to the limitations on the aggregate principal amount of certain First-Lien Obligations set forth in the definition of “First-Lien Obligations”, the lien priorities provided in
Sections 2.1 and 2.2 shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or Refinancing of either the First-Lien
Obligations or the Second-Lien Obligations, or any portion thereof. 
 2.3 Prohibition on Contesting Liens. Each of the Second-Lien
Collateral Agent, for itself and on behalf of each Second-Lien Creditor, and the First-Lien Collateral Agent, for itself and on behalf of each First-Lien Creditor, agrees that it shall not (and hereby waives
any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), (i) the validity or enforceability of any Security Document or any Obligation thereunder, (ii) the
validity, perfection, priority or enforceability of the Liens, mortgages, assignments and security interests granted pursuant to the Security Documents with respect to the First-Lien Obligations or (iii) the relative rights and duties of the
holders of the First-Lien Obligations and the Second-Lien Obligations granted and/or established in this Agreement or any other Security Document with respect to such Liens, mortgages, assignments, and security interests; provided that
nothing in this Agreement shall be construed to prevent or impair the rights of the First-Lien Collateral Agent or any First-Lien Creditor to enforce this Agreement, including the priority of the Liens securing the First-Lien Obligations as provided
in Section 3.1 hereof. 
 2.4 No New Liens. So long as the Discharge of First-Lien Obligations has not occurred, the parties
hereto agree that neither Holdings nor the Borrower shall, and shall not permit any other Grantor to, grant or permit any additional Liens, or take any action to perfect any additional Liens, on any asset or property to secure any Second-Lien
Obligation unless it has also granted a Lien on such asset or property to secure the First-Lien Obligations and has taken all actions to perfect such Liens. To the extent that the foregoing provisions are not complied with for any reason, without
limiting any other rights and remedies available to the First-Lien Collateral Agent and/or the other First-Lien Creditors, the Second-Lien Collateral Agent, on behalf of itself and the other Second-Lien Creditors, and each other Second-Lien Creditor
(by its acceptance of the benefits of the Second-Lien Note Documents), agrees that any amounts received by or distributed to any of them pursuant to or as a result of Liens granted in contravention of this Section 2.4 shall be subject to
Section 4.2 hereof. 

  
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 2.5 Similar Liens and Agreements. The parties hereto agree that it is their intention that
the Second-Lien Collateral not be more expansive than the First-Lien Collateral. In furtherance of the foregoing and of Section 8.9 hereof, the Second-Lien Collateral Agent and the other Second-Lien Creditors agree, subject to the other
provisions of this Agreement: 
 (i) upon request by the First-Lien Collateral Agent, to cooperate in good faith (and to
direct their counsel to cooperate in good faith) from time to time in order to determine the specific items included in the Second-Lien Collateral and the steps taken to perfect the Liens thereon and the identity of the respective parties obligated
under the Second-Lien Note Documents; 
 (ii) that the First-Lien Security Documents and the Second-Lien Security Documents
shall be substantially in the same form; and 
 (iii) that the guarantees for the First-Lien Obligations and the Second-Lien
Obligations shall be substantially similar in substance. 
 SECTION 3. Enforcement. 

3.1 Exercise of Remedies. (a) Subject to Section 3.1(f), so long as the Discharge of
First-Lien Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against Holdings, the Borrower or any other Grantor: (i) the Second-Lien
Collateral Agent and the other Second-Lien Creditors will not exercise or seek to exercise any rights or remedies (including setoff or recoupment) with respect to any Collateral (including, without limitation, the exercise of any right under any
lockbox agreement, control account agreement, landlord waiver or bailee’s letter or similar agreement or arrangement to which the Second-Lien Collateral Agent or any Second-Lien Creditor is a party) or institute or commence, or join with any
Person in commencing, any action or proceeding with respect to such rights or remedies (including any action of foreclosure, enforcement, collection or execution and any Insolvency or Liquidation Proceeding), and will not contest, protest or object
to any foreclosure proceeding or action brought by the First-Lien Collateral Agent or any other First-Lien Creditor or any other exercise by the First-Lien Collateral Agent or any other First-Lien Creditor, of any rights and remedies relating to the
Collateral under the First-Lien Documents or otherwise, or object to the forbearance by the First-Lien Collateral Agent or the other First-Lien Creditors from bringing or pursuing any foreclosure proceeding or action or any other exercise of any
rights or remedies relating to the Collateral; and (ii) the First-Lien Collateral Agent shall have the exclusive right, and the Required First-Lien Creditors shall have the exclusive right to instruct the First-Lien Collateral Agent, to enforce
rights, exercise remedies (including set-off and the right to credit bid their debt) and make determinations regarding the release, disposition, or restrictions with respect to the Collateral without any consultation with or the consent of the Second-Lien Collateral Agent or any other Second-Lien Creditor, all as though the Second-Lien Obligations did not exist; provided, that: 

(A) in any Insolvency or Liquidation Proceeding commenced by or against the Borrower or any other Grantor, the Second-Lien
Collateral Agent may file a claim or statement of interest with respect to the Second-Lien Obligations; 
 (B) the
Second-Lien Collateral Agent may take any action (not adverse to the prior Liens on the Collateral securing the First-Lien Obligations, or the rights of the First-Lien Collateral Agent or the other First-Lien Creditors to exercise remedies in
respect thereof) in order to preserve or protect its Lien on the Collateral in accordance with the terms of this Agreement; and 

  
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 (C) the Second-Lien Creditors shall be entitled to file any necessary responsive
or defensive pleading in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of the Second-Lien Creditors, including any claim secured by the
Collateral, if any, in each case in accordance with the terms of this Agreement. 
 In exercising rights and remedies with respect to the Collateral, the
First-Lien Collateral Agent and the other First-Lien Creditors may enforce the provisions of the First-Lien Documents and exercise remedies thereunder, all in such order and in such manner as they may
determine in the exercise of their sole discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of Collateral upon foreclosure, to incur expenses in connection with such sale or
disposition, and to exercise all the rights and remedies of a secured creditor under the Uniform Commercial Code of any applicable jurisdiction and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction. 

(b) The Second-Lien Collateral Agent, on behalf of itself and the Second-Lien Creditors, agrees that it will not take or receive any
Collateral or any proceeds of Collateral in connection with the exercise of any right or remedy (including setoff or recoupment) with respect to any Collateral, unless and until the Discharge of First-Lien Obligations has occurred and, to the extent
any Collateral or the proceeds thereof are taken or received in connection with the exercise of a right or remedy with respect to the Collateral by the Second-Lien Collateral Agent or any Second-Lien Creditor, then such Collateral or proceeds shall
be paid over to the First-Lien Collateral Agent in accordance with Section 4.2. Without limiting the generality of the foregoing, unless and until the Discharge of First-Lien Obligations has occurred, the sole right of the Second-Lien
Collateral Agent and the other Second-Lien Creditors with respect to the Collateral is to hold a Lien on the Collateral pursuant to the Second-Lien Security Documents for the period and to the extent granted therein and to receive a share of the
proceeds thereof, if any, after the Discharge of First-Lien Obligations has occurred in accordance with the terms of the Second-Lien Note Documents and applicable law. 

(c) The Second-Lien Collateral Agent and each other Second-Lien Creditor (by its acceptance of the benefits of the Second-Lien Note
Documents), (i) agrees that the Second-Lien Collateral Agent and the other Second-Lien Creditors will not take any action that would hinder, delay, limit or prohibit any exercise of remedies under the First-Lien Documents, including any
collection, sale, lease, exchange, transfer or other disposition of the Collateral, whether by foreclosure or otherwise, or that would limit, invalidate, avoid or set aside any Lien or Security Document or subordinate the priority of the First-Lien
Obligations to the Second-Lien Obligations or grant the Liens securing the Second-Lien Obligations equal ranking to the Liens securing the First-Lien Obligations and (ii) hereby waives any and all rights
it or the Second-Lien Creditors may have as a junior lien creditor or otherwise (whether arising under the UCC or under any other law) to object to the manner in which the First-Lien Collateral Agent or the other First-Lien Creditors seek to enforce
or collect the First-Lien Obligations or the Liens granted in any of the First-Lien Collateral, regardless of whether any action or failure to act by or on behalf of the First-Lien Collateral Agent or First-Lien Creditors is adverse to the interest
of the Second-Lien Creditors. 
 (d) Each Second-Lien Creditor (by its acceptance of the benefits of the Second-Lien Note Documents) hereby
acknowledges and agrees that no covenant, agreement or restriction contained in the Second-Lien Security Documents or any other Second-Lien Note Document shall be deemed to restrict in any way the rights and remedies of the First-Lien Collateral
Agent or the other First-Lien Creditors with respect to the Collateral as set forth in this Agreement and the First-Lien Documents. 
 (e)
[Reserved]. 

  
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 (f) Notwithstanding anything to the contrary in preceding clauses (a) through (e) of
this Section 3.1, at any time after the Second-Lien Enforcement Date, the Second-Lien Collateral Agent, for itself and on behalf of the Second-Lien Creditors, and the other Second-Lien Creditors may, but only if the First-Lien Collateral Agent
or the First-Lien Creditors are not pursuing or exercising remedies with respect to the Collateral (with any determination of which Collateral to proceed against, and in what order, to be made by the First-Lien Collateral Agent or such First-Lien
Creditors in their sole discretion), enforce the Liens on Collateral granted pursuant to the Second-Lien Security Documents, provided that (x) any Collateral or any proceeds of Collateral received by the Second-Lien Collateral Agent or
such other Second-Lien Creditor, as the case may be, in connection with the enforcement of such Lien shall be applied in accordance with Section 4 hereof and (y) the First-Lien Collateral Agent or any other First-Lien Creditors may
at any time take over such enforcement actions or proceedings, provided that the First-Lien Collateral Agent or such First-Lien Creditors, as the case may be, pursues enforcement proceedings with respect to the Collateral, with any
determination of which Collateral to proceed against, and in what order, to be made by the First-Lien Collateral Agent or such First-Lien Creditors in their sole discretion, and provided further that the Second-Lien Collateral Agent or
Second-Lien Creditors, as the case may be, shall only be able to recoup (from amounts realized by the First-Lien Collateral Agent or any First-Lien Creditors) in any enforcement proceeding with respect to the Collateral (whether initiated by the
First-Lien Collateral Agent or First-Lien Creditors or taken over by them as contemplated above) any expenses incurred by them in accordance with the priorities set forth in Section 4 hereof. 

3.2 Actions Upon Breach. (a) If any Second-Lien Creditor, contrary to this Agreement, commences or participates in any Enforcement
Action against Borrower, any other Grantor or the Collateral, the First-Lien Collateral Agent may intervene and may interpose in the name of the First-Lien Creditors or in the name of any Grantor the making of this Agreement as a defense or dilatory
plea. 
 (b) Should any Second-Lien Creditor, contrary to this Agreement, in any way take, or attempt or threaten to take, any Enforcement
Action with respect to the Collateral (including, without limitation, any attempt to realize upon or enforce any remedy contrary to this Agreement), or fail to take any action required by this Agreement, the First-Lien Collateral Agent (in its own
name or in the name of a Grantor) may obtain relief against such Second-Lien Creditor by injunction, specific performance and/or other appropriate equitable relief, it being understood and agreed by the Second-Lien Collateral Agent on behalf of each
Second-Lien Creditor that (i) the First-Lien Creditors’ damages from such actions may be difficult to ascertain and may be irreparable, and (ii) the Second-Lien Collateral Agent on behalf of each Second-Lien Creditor waives any
defense that the First-Lien Creditors cannot demonstrate damage or can be made whole by the awarding of damages. 
 SECTION 4.
Payments. 
 4.1 Application of Proceeds. So long as the Discharge of First-Lien Obligations has not occurred, any proceeds of
any Collateral pursuant to the enforcement of any Security Document or the exercise of any remedial provision thereunder, together with all other proceeds received by any Creditor (including all funds received in respect of post-petition interest or
fees and expenses) as a result of any such enforcement or the exercise of any such remedial provision or as a result of any distribution of or in respect of any Collateral (whether or not expressly characterized as such) upon or in any Insolvency or
Liquidation Proceeding with respect to any Grantor, or the application of any Collateral (or proceeds thereof) to the payment thereof or any distribution of Collateral (or proceeds thereof) upon the liquidation or dissolution of any Grantor, shall
be applied by the First-Lien Collateral Agent to the First-Lien Obligations in such order as specified in the relevant First-Lien Document. Upon the Discharge of First-Lien Obligations, the First-Lien Collateral Agent shall deliver (i) to the
Second-Lien Collateral Agent any proceeds of Collateral held by it in the same form as received, with any necessary endorsements to be applied by the Second-Lien Collateral Agent to the Second-Lien Obligations in such order as specified in the
Second-Lien Security Documents or (ii) as a court of competent jurisdiction may otherwise direct. 

  
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 4.2 Payments Over. Until such time as the Discharge of First-Lien Obligations has
occurred, any Collateral or proceeds thereof (together with assets or proceeds subject to Liens referred to in the final sentence of Section 2.4 hereof) (or any distribution in respect of the Collateral, whether or not expressly characterized
as such) received by the Second-Lien Collateral Agent or any other Second-Lien Creditors in connection with the exercise of any right or remedy (including set-off) relating to the Collateral or otherwise that is inconsistent with this Agreement
shall be segregated and held in trust and forthwith paid over to the First-Lien Collateral Agent for the benefit of the First-Lien Creditors in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may
otherwise direct. The First-Lien Collateral Agent is hereby authorized to make any such endorsements as agent for the Second-Lien Collateral Agent or any such other Second-Lien Creditors. This authorization is coupled with an interest and is
irrevocable until such time as this Agreement is terminated in accordance with its terms. 
 SECTION 5. Other Agreements. 

5.1 Releases. 
 (a) If, in
connection with: 
 (i) the exercise of any Enforcement Action by the First-Lien Collateral Agent in respect of the Collateral including
those described in Section 3.1 hereof and any sale, lease, exchange, transfer or other disposition (any of the foregoing, a “Disposition”) of any Collateral during the continuation of an event of default under the First-Lien
Documents or during or in connection with any Insolvency or Liquidation Proceeding; 
 (ii) any Disposition of any Collateral (other than in
the circumstances described in clause (i) above) permitted (x) under the terms of the First-Lien Loan Documents or consented to by the Required First-Lien Creditors and (y) under the terms of the Second-Lien Note Documents (as in
effect on the date hereof) or consented to by the Second-Lien Creditors in accordance with the terms of the Second-Lien Note Documents (as in effect on the date hereof); or 

(iii) any agreement between the First-Lien Collateral Agent and the Borrower or any other Grantor (x) to release the First-Lien
Collateral Agent’s Lien on any portion of the Collateral of a Grantor or (y) to release any Grantor from its obligations under its guaranty of the First-Lien Obligations, when, in each case, the Lien of the First-Lien Collateral Agent on
all of the Capital Stock of such Grantor is being released in accordance with Section 5.1(a)(i) or (ii); 
 there occurs the release by the
First-Lien Collateral Agent, acting on its own or at the direction of the Required First-Lien Creditors, of any of its Liens on any part of the Collateral, or of any Grantor from its obligations under its
guaranty of the First-Lien Obligations, then the Liens, if any, of the Second-Lien Collateral Agent, for itself and for the benefit of the Second-Lien Creditors, on such Collateral, and the obligations of such Grantor under its guaranty of the
Second-Lien Obligations, shall be automatically, unconditionally and simultaneously released, and the Second-Lien Collateral Agent, for itself or on behalf of any such Second-Lien Creditors, promptly shall execute and deliver to the First-Lien
Collateral Agent or such Grantor such termination statements, releases and other documents as the First-Lien Collateral Agent or such Grantor may request to effectively confirm such release; provided, however that if an “event of
default” then exists under the Second-Lien Note Indenture and the Discharge of First-Lien Obligations occurs concurrently with any such release, the Second-Lien Collateral Agent (on behalf of the
Second-Lien Creditors) shall be entitled to receive the residual cash or cash equivalents (if any) remaining after giving effect to such release and the Discharge of First-Lien Obligations. 

  
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 (b) Until the Discharge of First-Lien Obligations occurs, the Second-Lien Collateral Agent, for
itself and on behalf of the Second-Lien Creditors, hereby irrevocably constitutes and appoints the First-Lien Collateral Agent and any officer or agent of the First-Lien Collateral Agent, 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 the Second-Lien Collateral Agent or such other Second-Lien Creditor or in the First-Lien Collateral Agent’s own name, from time to time in the First-Lien
Collateral Agent’s discretion, for the purpose of carrying out the terms of Section 5.1(a), to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the
purposes of Section 5.1(a), including any endorsements or other instruments of transfer or release. This authorization is coupled with an interest and is irrevocable until such time as this Agreement is terminated in accordance with its terms.

 (c) If, prior to the Discharge of First-Lien Obligations, a subordination of the First-Lien Collateral Agent’s Lien on any
Collateral is permitted (or in good faith believed by the First-Lien Collateral Agent to be permitted) under the First-Lien Credit Agreement to another Lien permitted under the First-Lien Credit Agreement (a “Priority Lien”), then
the First-Lien Collateral Agent is authorized to execute and deliver a subordination agreement with respect thereto in form and substance satisfactory to it, and the Second-Lien Collateral Agent, for itself and on behalf of the Second-Lien
Creditors, shall promptly execute and deliver to the First-Lien Collateral Agent or the relevant Grantor an identical subordination agreement subordinating the Liens of the Second-Lien Collateral Agent for the benefit of the Second-Lien Creditors to
such Priority Lien. 
 5.2 Insurance. Unless and until the Discharge of First-Lien Obligations has occurred, the First-Lien
Collateral Agent (acting at the direction of the Required First-Lien Creditors) shall have the sole and exclusive right, subject to the rights of the Grantors under the First-Lien Documents, to adjust settlement for any insurance policy covering the
Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting the Collateral. Unless and until the Discharge of First-Lien Obligations has
occurred, and subject to the rights of the Grantors under the First-Lien Security Documents, all proceeds of any such policy and any such award (or any payments with respect to a deed in lieu of condemnation) in respect to the Collateral shall be
paid to the First-Lien Collateral Agent for the benefit of the First-Lien Creditors pursuant to the terms of the First-Lien Loan Documents (including, without limitation, for purposes of cash collateralization of commitments, letters of credit,
Secured Hedge Agreements and Secured Cash Management Agreements) and, after the Discharge of First-Lien Obligations has occurred, to the Second-Lien Collateral Agent for the benefit of the Second-Lien Creditors to the extent required under the
Second-Lien Security Documents and then, to the extent no Second-Lien Obligations are outstanding, to the owner of the subject property, such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct. If
the Second-Lien Collateral Agent or any other Second-Lien Creditors shall, at any time, receive any proceeds of any such insurance policy or any such award or payment in contravention of this Agreement, it shall pay such proceeds over to the
First-Lien Collateral Agent in accordance with the terms of Section 4.2 of this Agreement. 
 5.3 Amendments to First-Lien Loan
Documents, Second-Lien Note Documents and Second-Lien Security Documents. 
 (a) The Secured Cash Management Agreements and Secured Hedge
Agreements may be amended, supplemented or otherwise modified in accordance with their terms. The First-Lien 

  
 15 

 
Loan Documents may be amended, supplemented or otherwise modified in accordance with their terms and the First-Lien Credit Agreement may be Refinanced, in each case, without notice to, or the
consent of the Second-Lien Collateral Agent or any other Second-Lien Creditors, all without affecting the lien subordination or other provisions of this Agreement; provided that the holders of such Refinancing debt bind themselves in a
writing addressed to the Second-Lien Collateral Agent and the other Second-Lien Creditors to the terms of this Agreement and any such amendment, supplement, modification or Refinancing shall not, without the consent of the Second-Lien Collateral
Agent (acting at the direction of the requisite Second-Lien Creditors as provided in the Second-Lien Note Documents): 
 (i)
increase the maximum aggregate principal amount of Loans and stated amount of Letters of Credit thereunder to an amount in excess of the First-Lien Cap Amount; 

(ii) increase the interest rate to exceed by more than 2.50% per annum the interest rate on Loans under the First-Lien
Credit Agreement as in effect on the date hereof (excluding increases resulting from the accrual of interest at the default rate (not to exceed 2% per annum in excess of the then-applicable interest rate) or changes in the underlying reference
rate; 
 (iii) extend a scheduled maturity date of the First-Lien Credit Agreement or any Refinancing thereof beyond the
scheduled final maturity date of the Second-Lien Indenture or any Refinancing thereof permitted hereunder; or 
 (iv) modify
the mandatory prepayment provisions of the First-Lien Credit Agreement in a manner adverse to the holders of the Second-Lien Notes unless such prepayments are permitted to be paid to permanently reduce the Second-Lien Obligations. 

(b) The Second-Lien Note Documents may be amended, supplemented or otherwise modified in accordance with their terms and the Second-Lien Notes
may be Refinanced, in each case, without notice to, or the consent of the First-Lien Administrative Agent or any other First-Lien Creditors, all without affecting the lien subordination or other provisions of this Agreement; provided that the
holders of such Refinancing debt bind themselves in a writing addressed to the First-Lien Administrative Agent and the other First-Lien Creditors to the terms of this Agreement and any such amendment, supplement, modification or Refinancing shall
not, without the consent of the First-Lien Administrative Agent: 
 (i) increase the then outstanding principal amount of the
Second-Lien Notes, in excess of the Second-Lien Cap Amount; 
 (ii) increase the interest rate applicable to the Second-Lien
Notes as set forth in the Second-Lien Note Indenture to exceed by more than 2.50% per annum the interest rate as in effect on the date hereof (excluding increases resulting from the accrual of interest at the default rate (not to exceed
2% per annum in excess of the then-applicable interest rate) or changes in the underlying reference rate; 
 (iii) add
or modify any event of default in a manner materially adverse to any obligor or Grantor thereunder; 

  
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 (iv) add, amend or otherwise modify any covenant thereunder in a manner that
would make such covenant materially more restrictive to any obligor or Grantor, except for amendments and modifications to match changes made to the First-Lien Obligations so as to preserve, on substantially similar economic terms, any differential
that exists on the date hereof between the covenants in the First-Lien Loan Documents and the covenants in the Second-Lien Note Documents; 

(v) accelerate (other than an acceleration that occurs upon or during the continuation of an event of default under the
Second-Lien Note Documents as in effect on the date hereof) any dates upon which a scheduled payment of principal or interest is due, or otherwise decreases the weighted average life to maturity; 

(vi) modify (or have the effect of a modification of) the redemption, prepayment or defeasance provisions of the Second-Lien
Indenture in a manner adverse to the lenders under the First-Lien Credit Agreement; or 
 (vii) increase the obligations of
the obligor thereunder or to confer any additional material rights of the holders of the Second-Lien Notes (or a representative on their behalf) which would be adverse to any First-Lien Lenders, the First-Lien Administrative Agent or any First-Lien
Creditors. 
 (c) Without the prior written consent of the First-Lien Collateral Agent (acting at the direction of the Required First-Lien
Creditors), no Second-Lien Security Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Second-Lien Security Document, would contravene the
provisions of this Agreement or any First-Lien Loan Document. Each of Holdings, the Borrower and each other Guarantor agrees that each Second-Lien Security Document shall include the following language (or language to similar effect approved by the
First-Lien Collateral Agent): 
 “Notwithstanding anything herein to the contrary, the lien and security interest granted to the
Second-Lien Collateral Agent pursuant to this Agreement and the exercise of any right or remedy by the Second-Lien Collateral Agent hereunder are subject to the provisions of the Intercreditor Agreement, dated as of November 19, 2013 (as
amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof, the “Intercreditor Agreement”), among Appvion, Inc., Paperweight Development Corp., each other Grantor party thereto from
time to time, Jefferies Finance LLC, as First-Lien Collateral Agent, U.S. Bank National Association, as Second-Lien Collateral Agent, and certain other persons party or that may become party thereto from time to time. In the event of any conflict
between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control.” 
 In
addition, each of Holdings, the Borrower and each other Grantor agrees that each Second-Lien Security Document covering any Collateral shall contain such other language as the First-Lien Collateral Agent may reasonably request to reflect the
subordination of such Second-Lien Security Document to the First-Lien Security Document covering such Collateral. 
 (d) In the event the
First-Lien Collateral Agent or the other First-Lien Creditors and the relevant Grantor(s) enter into any amendment, waiver or consent in respect of any of the First-Lien Security Documents for the purpose of adding to, or deleting from, or waiving
or consenting to any departures from any provisions of, any First-Lien Security Document or changing in any manner the rights of the First-Lien Collateral Agent, the other First-Lien Creditors, the Borrower or any other Grantor thereunder, then such
amendment, waiver or consent shall apply automatically to any comparable 

  
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provision of the Second-Lien Note Indenture and the Comparable Second-Lien Security Document without the consent of the Second-Lien Collateral Agent or the other Second-Lien Creditors and without
any action by the Second-Lien Collateral Agent, the Borrower or any other Grantor, provided, that (A) no such amendment, waiver or consent shall have the effect of (i) removing assets subject to the Lien of the Second-Lien Security
Documents, except to the extent that a release of such Lien is permitted by Section 5.1 of this Agreement, (ii) imposing additional duties on the Second-Lien Collateral Agent without its consent, or (iii) permitting other liens on the
Collateral not permitted under the terms of the Second-Lien Note Documents or Section 6 hereof and (B) notice of such amendment, waiver or consent shall have been given to the Second-Lien Collateral Agent (although the failure to give any
such notice shall in no way affect the effectiveness of any such amendment, waiver or consent). 
 5.4 Rights As Unsecured Creditors.
Except as otherwise set forth in this Agreement, the Second-Lien Collateral Agent and the other Second-Lien Creditors may exercise rights and remedies as unsecured creditors against Holdings, the Borrower or any other Grantor that has guaranteed the
Second-Lien Obligations in accordance with the terms of the Second-Lien Note Documents and applicable law. Except as otherwise set forth in this Agreement, nothing in this Agreement shall prohibit the receipt by the Second-Lien Collateral Agent or
any other Second-Lien Creditors of the required payments of interest and principal on the Second-Lien Obligations so long as such receipt is not the direct or indirect result of the exercise by the Second-Lien Collateral Agent or any other
Second-Lien Creditor of rights or remedies as a secured creditor (including set-off) or enforcement in contravention of this Agreement of any Lien held by any of them. In the event the Second-Lien Collateral Agent or any other Second-Lien Creditor
becomes a judgment lien creditor in respect of Collateral as a result of its enforcement of its rights as an unsecured creditor, such judgment lien shall be subordinated to the Liens securing First-Lien Obligations on the same basis as the other
Liens securing the Second-Lien Obligations are so subordinated to such First-Lien Obligations under this Agreement. Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the First-Lien Collateral Agent or the other
First-Lien Creditors may have with respect to the First-Lien Collateral. 
 5.5 Bailee for Perfection. 

(a) The First-Lien Collateral Agent agrees to acquire and acknowledges it holds the Pledged Collateral or other Collateral (including any
deposit accounts or securities accounts of the Grantors) in its possession or control (or in the possession or control of its agents or bailees) on behalf of itself and the Second-Lien Collateral Agent and any assignee solely for the purpose of
perfecting the security interest granted under the First-Lien Documents and the Second-Lien Note Documents, subject to the terms and conditions of this Section 5.5. 

(b) Until the Discharge of First-Lien Obligations has occurred, the First-Lien Collateral Agent shall be entitled to deal with the Pledged
Collateral in accordance with the terms of the First-Lien Documents as if the Liens of the Second-Lien Collateral Agent under the Second-Lien Security Documents did not exist. The rights of the Second-Lien Collateral Agent shall at all times be
subject to the terms of this Agreement and to the First-Lien Collateral Agent’s rights under the First-Lien Documents. 
 (c) The
First-Lien Collateral Agent shall have no obligation whatsoever to the First-Lien Creditors and the Second-Lien Collateral Agent or any Second-Lien Creditor to assure that the Pledged Collateral is genuine or owned by any of the Grantors or to
preserve rights or benefits of any Person except as expressly set forth in this Section 5.5. The duties or responsibilities of the First-Lien Collateral Agent under this Section 5.5 shall be limited solely to holding the Pledged Collateral
as bailee in accordance with this Section 5.5. 

  
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 (d) The First-Lien Collateral Agent acting pursuant to this Section 5.5 shall not have by
reason of the First-Lien Security Documents, the Second-Lien Security Documents, this Agreement or any other document a fiduciary relationship in respect of the First-Lien Creditors, the Second-Lien Collateral Agent or any other Second-Lien
Creditor. The duties or responsibilities of the First-Lien Collateral Agent under this Section 5.5 shall be limited solely to (i) physically holding (or causing its agent or bailee, as applicable, to hold) any Collateral that may
from time to time be in its possession or control (or in the possession or control of its agents or bailees) as agent or bailee for purposes of perfecting the Lien held by the other administrative agent and (ii) delivering the Collateral or the
proceeds thereof to such Person as required by this Section 5.5. 
 (e) Except as otherwise directed by a court of competent
jurisdiction, upon the Discharge of First-Lien Obligations, the First-Lien Collateral Agent shall deliver the remaining Pledged Collateral (if any) (or proceeds thereof) together with any necessary endorsements or transfer control of any Collateral,
first, to the Second-Lien Collateral Agent, if any Second-Lien Obligations remain outstanding, and second, to the Borrower or the relevant Grantor if no First-Lien Obligations or Second-Lien Obligations remain outstanding (in each
case, so as to allow such Person to obtain control of such Pledged Collateral). 
 5.6 When Discharge of First-Lien Obligations Deemed to
Not Have Occurred. If at any time after the Discharge of First-Lien Obligations has occurred, the Borrower thereafter enters into any Refinancing of any First-Lien Loan Document evidencing a First-Lien Obligation which Refinancing is permitted
hereby, then such Discharge of First-Lien Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement, and the obligations under such Refinancing First-Lien Loan Document shall automatically be treated as
First-Lien Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and the first-lien collateral agent under such First-Lien Loan Documents shall be the
First-Lien Collateral Agent for all purposes of this Agreement. Upon receipt of a notice stating that the Borrower has entered into a new First-Lien Loan Document (which notice shall include the identity of the new agent, such agent, the
“New Agent”), the Second-Lien Collateral Agent shall promptly enter into such documents and agreements (including amendments or supplements to this Agreement) as the Borrower or such New Agent may reasonably request in order to
provide to the New Agent the rights contemplated hereby, in each case consistent in all material respects with the terms of this Agreement. 

SECTION 6. Insolvency or Liquidation Proceedings. 

6.1 Finance and Sale Issues. (a) If the Borrower or any other Grantor shall be subject to any Insolvency or Liquidation Proceeding
and the First-Lien Collateral Agent (acting at the direction of the Required First-Lien Creditors) shall desire to permit the use of Cash Collateral (as defined in Section 363(a) of the Bankruptcy Code) on which the First-Lien Collateral Agent
or any other creditor of the Borrower or any other Grantor has a Lien or to permit the Borrower or any other Grantor to obtain financing (including on a priming basis), whether from the First-Lien Creditors or any other third party under
Section 362, 363 or 364 of the Bankruptcy Code or any other Bankruptcy Law (each, a “Post-Petition Financing”), then the Second-Lien Collateral Agent, on behalf of itself and the Second-Lien Creditors, and each other
Second-Lien Creditor (by its acceptance of the benefits of the Second-Lien Note Documents), agrees that it will not oppose or raise any objection to or contest (or join with or support any third party opposing, objecting to or contesting), such use
of Cash Collateral or Post-Petition Financing and will not request adequate protection or any other relief in connection therewith (except as expressly agreed in writing by the First-Lien Collateral Agent or
to the extent permitted by Section 6.3 hereof); provided that the aggregate principal amount of the Post-Petition Financing (excluding, for the avoidance of doubt, any obligations with respect to any Cash Management Agreement or Hedge
Agreement) plus the aggregate principal amount of Loans and stated amount of Letters of Credit under the First-Lien 

  
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Credit Agreement does not exceed the First-Lien Cap Amount plus $25,000,000. In addition, to the extent the Liens securing the First-Lien Obligations are subordinated to or pari passu with
such Post-Petition Financing, the Liens of the Second-Lien Collateral Agent on the Collateral shall be deemed to be subordinated, without any further action on the part of any person or entity, to (x) the
Liens securing the Post-Petition Financing (and all Obligations relating thereto), (y) any adequate protection Liens provided to the First-Lien Collateral Agent or the First-Lien Creditors and
(z) any “carve-out” for professional and United States Trustee fees agreed to by the First-Lien Collateral Agent and the Liens securing the Second-Lien Obligations shall have the same priority with respect to the Collateral relative
to the Liens securing the First-Lien Obligations as if such Post-Petition Financing had not occurred. The Second-Lien Collateral Agent, on behalf of itself and the Second-Lien Creditors agrees that notice received three (3) calendar days prior
to the entry of an order approving such usage of cash collateral or approving such Post-Petition Financing shall be adequate notice. No Second-Lien Creditor may provide Post-Petition Financing to the Borrower or any other Grantor to the extent one
or more First-Lien Creditors offer to provide Post-Petition Financing on or before the date of the hearing to approve a Post-Petition Financing; provided that if no First-Lien Creditor offers to provide Post-Petition Financing on or before
the date of the hearing to approve a Post-Petition Financing, then a Second-Lien Creditor may seek to provide such Post-Petition Financing secured by Liens junior in priority to the Liens securing any First-Lien Obligations, and First-Lien Creditors
may object thereto. 
 (b) The Second-Lien Collateral Agent, on behalf of itself and the other Second-Lien Creditors, and each other
Second-Lien Creditor (by its acceptance of the benefits of the Second-Lien Note Documents), agrees that it will raise no objection to, oppose or contest (or join with or support any third party opposing, objecting to or contesting), a sale or other
disposition of any Collateral free and clear of its Liens or other claims under Section 363 of the Bankruptcy Code if the Required First-Lien Creditors have consented to such sale or disposition of such assets and the Liens securing the
First-Lien Obligations and the Second-Lien Obligations continue on the proceeds of such sale or disposition of such assets. 
 6.2 Relief
from the Automatic Stay. Until the Discharge of First-Lien Obligations has occurred, the Second-Lien Collateral Agent, on behalf of itself and the other Second-Lien Creditors, and each other Second-Lien Creditor (by its acceptance of the
benefits of the Second-Lien Note Documents), agrees that none of them shall (i) seek relief, pursuant to Section 362(d) of the Bankruptcy Code or otherwise, from the automatic stay of Section 362(a) of the Bankruptcy Code or from any
other stay in any Insolvency or Liquidation Proceeding in respect of the Collateral, without the prior written consent of the First-Lien Collateral Agent or (ii) oppose any request by the First-Lien Collateral Agent or any First-Lien Creditor
to seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the Collateral. 
 6.3
Adequate Protection. (a) The Second-Lien Collateral Agent and each other Second-Lien Creditor (by its acceptance of the benefits of the Second-Lien Note Documents), agrees that none of them shall (i) oppose, object to or contest (or
join with or support any third party opposing, objecting to or contesting) (a) any request by the First-Lien Collateral Agent or the other First-Lien Creditors for adequate protection in any Insolvency or Liquidation Proceeding (or any granting
of such request) or (b) any objection by the First-Lien Collateral Agent or the other First-Lien Creditors to any motion, relief, action or proceeding based on the First-Lien Collateral Agent or the other First-Lien Creditors claiming a lack of
adequate protection or (ii) seek or accept any form of adequate protection under any of Sections 362, 363 and/or 364 of the Bankruptcy Code with respect to the Collateral, except to the extent that, in the sole discretion of the First-Lien
Creditors, the receipt by the Second-Lien Creditors of any such adequate protection would not reduce (or would not have the effect of reducing) or adversely affect the adequate protection that the First-Lien Creditors otherwise would be entitled to
receive (it being understood that, in any event, (A) no adequate protection shall be requested or accepted by the Second-Lien Creditors or by the Second-Lien Collateral Agent on their behalf unless the First-Lien

  
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Creditors are satisfied in their sole discretion with the adequate protection afforded to the First-Lien Creditors, and (B) any such adequate protection is in the form of a replacement Lien
on the Grantors’ assets, which Lien will be subordinated to the Liens securing the First-Lien Obligations (including any replacement Liens granted in respect of the First-Lien Obligations) and any Post-Petition Financing (and all Obligations
relating thereto) on the same basis as the other Liens securing the Second-Lien Obligations are so subordinated to the First-Lien Obligations under this Agreement). 

(b) If the First-Lien Collateral Agent or the First-Lien Creditors (or any subset thereof) are granted adequate protection in the form of a
superpriority claim, then the Second-Lien Collateral Agent, on behalf of itself or any of the Second-Lien Creditors, may seek or request a superpriority claim, which superpriority claim will be junior in all respects to the superpriority claim
granted to the First-Lien Collateral Agent and the First-Lien Creditors, and, in the event that the Second-Lien Collateral Agent, on behalf of itself or any of the Second-Lien Creditors, seeks or requests adequate protection in respect of
Second-Lien Obligations and such adequate protection is granted in the form of a superpriority claim, then the Second-Lien Collateral Agent, on behalf of itself and the Second-Lien Creditors, agrees that the First-Lien Collateral Agent and the
providers of any Post-Petition Financing also shall be granted a superpriority claim, which superpriority claim will be senior in all respects to the superpriority claim granted to the Second-Lien Collateral Agent and the Second-Lien Creditors. The
Second-Lien Collateral Agent and each of the Second-Lien Creditors (by its acceptance of the benefits of the Second-Lien Note Documents) agrees, pursuant to Section 1129(a)(9) of the Bankruptcy Code, that such junior superpriority claims
(including any claim arising under 11 U.S.C. §507(b)) may be paid under any plan of reorganization in any combination of cash, debt, equity or other property having a value on the effective date of such plan equal to the allowed amount of such
claims. The Second-Lien Collateral Agent and each of the Second-Lien Creditors (by its acceptance of the benefits of the Second-Lien Note Documents) agrees that they shall waive a right to distributions of proceeds of Avoidance Actions (defined
below) in respect of any claim granted to the Second-Lien Collateral Agent or the Second-Lien Creditors in connection with the Post-Petition Financing or cash collateral usage or arising as a result of the Second-Lien Creditors rights under 11
U.S.C. §507(b) upon the waiver by the First-Lien Collateral Agent, on behalf of itself and the First-Lien Creditors, of a right to distributions of proceeds of such Avoidance Actions. For purposes hereof, “Avoidance Actions”
means all claims and causes of actions under Chapter 5 of the Bankruptcy Code, including, inter alia, those under sections 502(d), 544, 545, 547, 548, 549, 550, 552 (b) and 553. 

6.4 No Waiver; Voting Rights. Nothing contained herein shall prohibit or in any way limit the First-Lien Collateral Agent or any
First-Lien Creditor from objecting on any basis in any Insolvency or Liquidation Proceeding or otherwise to any action taken by the Second-Lien Collateral Agent or any other Second-Lien Creditor, including the
seeking by the Second-Lien Collateral Agent or any other Second-Lien Creditor of adequate protection or the assertion by the Second-Lien Collateral Agent or any other Second-Lien Creditors of any of its rights and remedies under the Second-Lien Note
Documents or otherwise. In any Insolvency or Liquidation Proceeding, neither the Second-Lien Collateral Agent nor any other Second-Lien Creditor shall (i) oppose, object to, or vote against any plan of reorganization or disclosure statement, or
join with or support any third party in doing so, to the extent the terms of such plan or disclosure statement comply with the following clause (ii) and are otherwise consistent with the rights of the First-Lien Creditors under this Agreement
or (ii) support or vote for any plan of reorganization or disclosure statement of any Grantor unless (x) such plan provides for the payment in full in cash of all First-Lien Obligations (including all post-petition interest, fees and
expenses as provided in Section 6.6 hereof) on the effective date of such plan of reorganization (or such plan is otherwise supported by the First-Lien Creditors), or (y) such plan provides on account of the First-Lien Obligations for the
retention by the First-Lien Collateral Agent, for the benefit of the First-Lien Creditors, of the Liens on the Collateral securing the First-Lien Obligations, and on all proceeds thereof, and such plan also provides that any Liens retained by, or
granted to, the Second-Lien Collateral Agent are only on 

  
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assets or property securing the First-Lien Obligations and shall have the same relative priority with respect to the Collateral or other assets or property, respectively, as provided in this
Agreement with respect to the Collateral, and to the extent such plan provides for deferred cash payments, or for the distribution of any other property of any kind or nature, on account of the First-Lien Obligations or the Second-Lien Obligations,
such plan provides that any such deferred cash payments or other distributions in respect of the Second-Lien Obligations shall be delivered to the First-Lien Collateral Agent and distributed in accordance with the priorities provided in
Section 4.1 hereof, it being understood that, in the event that any plan is proposed by any debtor, creditor, or other party in interest in any such Insolvency or Liquidation Proceeding that is inconsistent with or purports to alter the
provisions of this Agreement (including the provisions of Section 4.1 hereof and the priority of application of the proceeds of Collateral set forth therein), the First-Lien Collateral Agent shall be deemed to have been granted, as of the date
hereof, an irrevocable power of attorney to vote the claims of the Second-Lien Creditors against any such plan, with such appointment being coupled with an interest, and the First-Lien Collateral Agent shall
be deemed the “holder” of such claims within the meaning of Section 1126(a) of the Bankruptcy Code. Except as provided in this Section 6, the Second-Lien Creditors shall remain entitled to vote their claims in any such Insolvency
or Liquidation Proceeding. 
 6.5 Preference Issues. If any First-Lien Creditor is required in any Insolvency or Liquidation
Proceeding or otherwise to turn over or otherwise pay to the estate of the Borrower or any other Grantor any amount (a “Recovery”), then the First-Lien Obligations shall be reinstated to the extent of such Recovery and the
First-Lien Creditors shall be entitled to a reinstatement of First-Lien Obligations with respect to all such recovered amounts. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and
effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto from such date of reinstatement. Any amounts received by the Second-Lien Collateral Agent or any Second-Lien
Creditor on account of the Second-Lien Obligations after the termination of this Agreement shall, in the event of a reinstatement of this Agreement pursuant to this Section 6.5, be held in trust for and paid over to the First-Lien Collateral
Agent for the benefit of the First-Lien Creditors, for application to the reinstated First-Lien Obligations. This Section 6.5 shall survive termination of this Agreement. 

6.6 Post-Petition Interest. 

(a) Neither the Second-Lien Collateral Agent nor any other Second-Lien Creditor shall oppose or seek to challenge any claim by the other
First-Lien Collateral Agent or any First-Lien Creditor for allowance in any Insolvency or Liquidation Proceeding of First-Lien Obligations consisting of post-petition interest, fees or expenses. Regardless of whether any such claim for post-petition
interest, fees or expenses is allowed or allowable, and without limiting the generality of the other provisions of this Agreement, this Agreement expressly is intended to comply with and does comply with the “rule of explicitness” in that
this Agreement expressly entitles the First-Lien Creditors, and is intended to provide the First-Lien Creditors with the right, to receive payment of all post-petition interest, fees or expenses through distributions made pursuant to the provisions
of this Agreement even though such interest, fees and expenses are not allowed or allowable against the bankruptcy estate of the Borrower or any other Grantor under Section 502(b)(2) or Section 506(b) of the Bankruptcy Code or under any
other provision of the Bankruptcy Code or any other Bankruptcy Law. 
 (b) Without limiting the foregoing, it is the intention of the parties
hereto that (and to the maximum extent permitted by law the parties hereto agree that) the First-Lien Obligations (and the security therefor) constitute a separate and distinct class (and separate and distinct claims) from the Second-Lien
Obligations (and the security therefor). 

  
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 6.7 Waiver. The Second-Lien Collateral Agent and each of the other Second-Lien Creditors
(by its acceptance of the benefits of the Second-Lien Note Documents) waives any claim it may hereafter have against any First-Lien Creditor arising out of the election by any First-Lien Creditor of the application to the claims of any First-Lien
Creditor of Section 1111(b)(2) of the Bankruptcy Code, and/or out of any Cash Collateral or Post-Petition Financing arrangement or out of any grant of a security interest in connection with the Collateral
in any Insolvency or Liquidation Proceeding. 
 6.8 Limitations. So long as the Discharge of First-Lien Obligations has not occurred,
without the express written consent of the First-Lien Collateral Agent, in any Insolvency or Liquidation Proceeding involving any Grantor, none of the Second-Lien Creditors shall (or shall join with or support any third party making, opposing,
objecting or contesting, as the case may be) (i) make an election for application to its claims of Section 1111(b)(2) of the Bankruptcy Code, (ii) oppose, object to or contest the determination of the extent of any Liens held by any
of the First-Lien Creditors or the value of any claims of First-Lien Creditors under Section 506(a) of the Bankruptcy Code, (iii) oppose, object to or contest the payment to the First-Lien Creditors of interest, fees or expenses under
Section 506(b) of the Bankruptcy Code, or (iv) assert or enforce, at any time prior to the Discharge of First-Lien Obligations, any claim under Section 506(c) of the Bankruptcy Code senior to or on parity with the First-Lien
Obligations for costs or expenses of preserving or disposing of any Collateral. 
 SECTION 7. Reliance; Waivers; Etc. 

7.1 Reliance. The consent by the First-Lien Creditors to the execution and delivery of the Second-Lien Note Documents and the grant to
the Second-Lien Collateral Agent on behalf of the Second-Lien Creditors of a Lien on the Collateral and all loans and other extensions of credit made or deemed made on and after the date hereof by the First-Lien Creditors to the Grantors shall be
deemed to have been given and made in reliance upon this Agreement. The First-Lien Collateral Agent, on behalf of itself and the First-Lien Creditors under the First-Lien Documents, acknowledges that it and the other First-Lien Creditors have,
independently and without reliance on the Second-Lien Collateral Agent or any other Second-Lien Creditors, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into such First-Lien
Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any action under any First-Lien Document or this Agreement. Each of the Second-Lien Creditors (by its acceptance
of the benefits of the Second-Lien Note Documents) other than the Second-Lien Collateral Agent, acknowledges that it has, independently and without reliance on the First-Lien Collateral Agent or any First-Lien Creditor, and based on documents and
information deemed by it appropriate, made its own credit analysis and decision to enter into each of the Second-Lien Note Documents and be bound by the terms of this Agreement and it will continue to make its own credit decision in taking or not
taking any action under the Second-Lien Note Documents or this Agreement. 
 7.2 No Warranties or Liability. The First-Lien
Collateral Agent, on behalf of itself and the First-Lien Creditors under the First-Lien Documents, acknowledges and agrees that each of the Second-Lien Collateral Agent and the other Second-Lien Creditors have made no express or implied
representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the Second-Lien Note Documents, the ownership of any Collateral or the perfection or priority of any
Liens thereon. The Second-Lien Creditors will be entitled to manage and supervise their respective loans and extensions of credit under the Second-Lien Note Documents in accordance with law and as they may otherwise, in their sole discretion, deem
appropriate. Each of the Second-Lien Creditors (by its acceptance of the benefits of the Second-Lien Note Documents) acknowledges and agrees that each of the First-Lien Collateral Agent and the First-Lien Creditors have made no express or implied
representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the First-Lien Documents, the ownership 

  
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of any Collateral or the perfection or priority of any Liens thereon. The First-Lien Creditors will be entitled to manage and supervise their respective loans and extensions of credit under their
respective First-Lien Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. The Second-Lien Collateral Agent and the other Second-Lien Creditors shall have no duty to the First-Lien Collateral Agent
or any of the other First-Lien Creditors, and the First-Lien Collateral Agent and the other First-Lien Creditors shall have no duty to the Second-Lien Collateral Agent or any of the other Second-Lien
Creditors, to act or refrain from acting in a manner which allows, or results in, the occurrence or continuance of an event of default or default under any agreements with Holdings, the Borrower or any other Grantor (including under the First-Lien
Documents and the Second-Lien Note Documents), regardless of any knowledge thereof which they may have or be charged with. 
 7.3 No
Waiver of Lien Priorities. 
 (a) No right of the First-Lien Creditors, the First-Lien Collateral Agent or any of them to enforce any
provision of this Agreement or any First-Lien Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of Holdings, the Borrower or any other Grantor or by any act or failure to act by any First-Lien
Creditor or the First-Lien Collateral Agent, or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement, any of the First-Lien Documents or any of the Second-Lien Note
Documents, regardless of any knowledge thereof which the First-Lien Collateral Agent or the First-Lien Creditors, or any of them, may have or be otherwise charged with. 

(b) Without in any way limiting the generality of the foregoing paragraph (but subject to the rights of the Borrower and the other Grantors
under the First-Lien Documents), the First-Lien Creditors, the First-Lien Collateral Agent and any of them may, at any time and from time to time in accordance with the
First-Lien Documents and/or applicable law, without the consent of, or notice to, the Second-Lien Collateral Agent or any other Second-Lien Creditor, without incurring any liabilities to the Second-Lien
Collateral Agent or any other Second-Lien Creditor and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy of the Second-Lien Collateral Agent or
any Second-Lien Creditors is affected, impaired or extinguished thereby) do any one or more of the following: 
 (i) make
loans and advances to any Grantor or issue, guaranty or obtain letters of credit for account of any Grantor or otherwise extend credit to any Grantor, in any amount and on any terms, whether pursuant to a commitment or as a discretionary advance and
whether or not any default or event of default or failure of condition is then continuing; 
 (ii) change the manner, place
or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase or alter, the terms of any of the First-Lien Obligations or any Lien on any First-Lien Collateral or guaranty
thereof or any liability of the Borrower or any other Grantor, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension of the First-Lien Obligations, without any restriction as to the amount, tenor
or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify or supplement in any manner any Liens held by the First-Lien Collateral Agent or any of the First-Lien Creditors, the First-Lien Obligations or any of
the First-Lien Documents; 
 (iii) sell, exchange, release, surrender, realize upon,
enforce or otherwise deal with in any manner and in any order any part of the First-Lien Collateral or any liability of the Borrower or any other Grantor to the First-Lien Creditors or the First-Lien Collateral Agent, or any liability incurred
directly or indirectly in respect thereof; 

  
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 (iv) settle or compromise any First-Lien Obligation or any other liability of the
Borrower or any other Grantor or any security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including the First-Lien Obligations) in any
manner or order; 
 (v) exercise or delay in or refrain from exercising any right or remedy against the Borrower or any other
Grantor or any other Person or with respect to any security, elect any remedy and otherwise deal freely with the Borrower, any other Grantor or any First-Lien Collateral and any security and any guarantor or any liability of the Borrower or any
other Grantor to the First-Lien Creditors or any liability incurred directly or indirectly in respect thereof; 
 (vi)
release or discharge any First-Lien Obligation or any guaranty thereof or any agreement or obligation of any Grantor or any other person or entity with respect thereto; 

(vii) take or fail to take any Lien securing the First-Lien Obligations or any other collateral security for any First-Lien
Obligations or take or fail to take any action which may be necessary or appropriate to ensure that any Lien securing First-Lien Obligations or any other Lien upon any property is duly enforceable or perfected or entitled to priority as against any
other Lien or to ensure that any proceeds of any property subject to any Lien are applied to the payment of any First-Lien Obligation or any Obligation secured thereby; or 

(viii) otherwise release, discharge or permit the lapse of any or all Liens securing the First-Lien Obligations or any other
Liens upon any property at any time securing any First-Lien Obligations. 
 Notwithstanding the above, any amendment, waiver or consent in
respect of any of the First-Lien Security Documents shall be consistent with the provisions Section 5.3(c) hereof. 
 (c) The
Second-Lien Collateral Agent, on behalf of itself and the Second-Lien Creditors, and each other Second-Lien Creditor (by its acceptance of the benefits of the Second-Lien Note Documents), agrees not to assert and hereby waives, to the fullest extent
permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the
Collateral or any other similar rights a junior secured creditor may have under applicable law. 
 7.4 Waiver of Liability;
Indemnity. 
 (a) Each of the Second-Lien Creditors (by its acceptance of the benefits of the Second-Lien Note Documents) also agrees
that the First-Lien Creditors and the First-Lien Collateral Agent shall have no liability to any of the Second-Lien Creditors, and each of the Second-Lien Creditors (by its acceptance of the benefits of the Second-Lien Note Documents) hereby waives
any claim against any First-Lien Creditor or the First-Lien Collateral Agent, arising out of any and all actions which the First-Lien Creditors or the First-Lien Collateral Agent may take or permit or omit to take with respect to: (i) the
First-Lien Documents (including, without limitation, any failure to perfect or obtain perfected 

  
 25 

 
security interests in the First-Lien Collateral), (ii) the collection of the First-Lien Obligations or (iii) the foreclosure upon, or sale, liquidation or other disposition of, any
First-Lien Collateral. The Second-Lien Collateral Agent, on behalf of itself and the Second-Lien Creditors, agrees that the First-Lien Creditors and the First-Lien Collateral Agent have no duty, express or implied, fiduciary or otherwise, to them in
respect of the maintenance or preservation of the First-Lien Collateral, the First-Lien Obligations or otherwise. Neither the First-Lien Collateral Agent nor any other First-Lien Creditor nor any of their respective directors, officers, employees or
agents will be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so, or will be under any obligation to sell or otherwise dispose of any Collateral upon the request of the or any other Grantor or
upon the request of the Second-Lien Collateral Agent, any other holder of Second-Lien Obligations or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. Without limiting the foregoing, each
Second-Lien Creditor by accepting the benefits of the Second-Lien Security Documents agrees that neither the First-Lien Collateral Agent nor any other First-Lien Creditor (in directing the Collateral Agent to take any action with respect to the
Collateral) shall have any duty or obligation to realize first upon any type of Collateral or to sell, dispose of or otherwise liquidate all or any portion of the Collateral in any manner, including as a result of the application of the principles
of marshaling or otherwise, that would maximize the return to any class of Creditors holding Obligations of any type (whether First-Lien Obligations or Second-Lien Obligations), notwithstanding that the order and timing of any such realization,
sale, disposition or liquidation may affect the amount of proceeds actually received by such class of Creditors from such realization, sale, disposition or liquidation. 

(b) With respect to its share of the Obligations, Jefferies Finance LLC and/or U.S. Bank National Association (each a “Financial
Institution”) shall have and may exercise the same rights and powers hereunder as, and shall be subject to the same obligations and liabilities as and to the extent set forth herein for, any other Creditor, all as if such Financial
Institution were not the First-Lien Collateral Agent or the Second-Lien Collateral Agent. The term “Creditors” or any similar term shall, unless the context clearly otherwise indicates, include each Financial Institution in its individual
capacity as a Creditor. Each Financial Institution and its respective affiliates may lend money to, and generally engage in any kind of business with, the Grantors or any of their Affiliates as if such Financial Institution were not acting as the
First-Lien Collateral Agent or Second-Lien Collateral Agent and without any duty to account therefor to any other Creditor. 
 7.5
Obligations Unconditional. All rights, interests, agreements and obligations of the First-Lien Collateral Agent and the other First-Lien Creditors and the Second-Lien Collateral Agent and the other
Second-Lien Creditors, respectively, hereunder (including the Lien priorities established hereby) shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any First-Lien Loan Document or any Second-Lien Note Document; 

(b) any change in the time, manner or place of payment of, or in any other terms of, all or any of the First-Lien Obligations
or Second-Lien Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of any First-Lien Document or any Second-Lien Note Document; 

(c) any exchange of any security interest in any Collateral or any other collateral, or any amendment, waiver or other
modification, whether in writing or by course of conduct or otherwise, of all or any of the First-Lien Obligations or Second-Lien Obligations or any guarantee thereof; 

  
 26 

 (d) the commencement of any Insolvency or Liquidation Proceeding in respect of
the Borrower or any other Grantor; or 
 (e) any other circumstances which otherwise might constitute a defense available to,
or a discharge of, the Borrower or any other Grantor in respect of the First-Lien Obligations, or of the Second-Lien Collateral Agent or any Second-Lien Creditor in respect of this Agreement. 

SECTION 8. Miscellaneous. 

8.1 Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of the First-Lien Documents or
the Second-Lien Note Documents, the provisions of this Agreement shall govern and control. 
 8.2 Effectiveness; Continuing Nature of
this Agreement; Severability. This Agreement shall become effective when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination and the First-Lien Creditors may continue, at any time and without notice
to the Second-Lien Collateral Agent or any other Second-Lien Creditor, to extend credit and other financial accommodations and lend monies to or for the benefit of the Borrower or any other Grantor constituting First-Lien Obligations in reliance
hereon. The Second-Lien Collateral Agent and each of the Second-Lien Creditors (by its acceptance of the benefits of the Second-Lien Note Documents) hereby waives any right it may have under applicable law to revoke this Agreement or any of the
provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Without limiting the generality of the foregoing, this Agreement is intended to
constitute and shall be deemed to constitute a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code and is intended to be and shall be interpreted to be enforceable to the maximum extent permitted pursuant to
applicable nonbankruptcy law. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. All references to the Borrower or any other Grantor shall include the Borrower or such Grantor as debtor and debtor-in-possession and any receiver or trustee for the
Borrower or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of no further force and effect, (i) with respect to the Second-Lien Collateral Agent, the other Second-Lien
Creditors and the Second-Lien Obligations, upon the later of (1) the date upon which the obligations under the Second-Lien Note Documents terminate if there are no other Second-Lien Obligations outstanding on such date and (2) if there are
other Second-Lien Obligations outstanding on such date, the date upon which such Second-Lien Obligations terminate and (ii) with respect to the First-Lien Collateral Agent, the other First-Lien Creditors and the First-Lien Obligations, the date
of the Discharge of First-Lien Obligations, subject to the rights of the First-Lien Creditors under Section 6.5. 
 8.3 Amendments;
Waivers. No amendment, modification or waiver of any of the provisions of this Agreement by the Second-Lien Collateral Agent or the First-Lien Collateral Agent shall be made unless the same shall be in writing signed on behalf of each party
hereto; provided that (x) the First-Lien Collateral Agent (at the direction of the Required First-Lien Creditors) may, without the written consent of any other Creditor, agree to modifications of this Agreement for the purpose of
securing additional extensions of credit (including pursuant to the First-Lien Credit Agreement or any Refinancing or extension thereof) and adding new creditors as “First-Lien Creditors” and “Creditors” hereunder, so long as
such extensions (and resulting additions) do not otherwise give rise to a violation of the express terms of the First-Lien Credit Agreement or the Second-Lien Note Indenture and (y) additional Grantors may be added as parties hereto in
accordance with the provisions of Section 8.18 

  
 27 

 
of this Agreement. Each waiver of the terms of this Agreement, if any, shall be a waiver only with respect to the specific instance involved and shall not impair the rights of the parties making
such waiver or the obligations of the other parties to such party in any other respect or at any other time. Notwithstanding the foregoing, no Grantor shall have any right to consent to or approve any amendment, modification or waiver of any
provision of this Agreement except to the extent its rights, interests, liabilities or privileges are directly and adversely affected. 

8.4 Information Concerning Financial Condition of Holdings and its Subsidiaries. (a) The First-Lien Collateral Agent and the
First-Lien Creditors, on the one hand, and the Second-Lien Collateral Agent and the other Second-Lien Creditors, on the other hand, shall each be responsible for keeping themselves informed of (a) the financial condition of Holdings and its
Subsidiaries and all endorsers and/or guarantors of the First-Lien Obligations or the Second-Lien Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the First-Lien Obligations or the Second-Lien Obligations. The
First-Lien Collateral Agent and the other First-Lien Creditors shall have no duty to advise the Second-Lien Collateral Agent or any other Second-Lien Creditor of information known to it or them regarding such condition or any such circumstances or
otherwise. In the event the First-Lien Collateral Agent or any of the other First-Lien Creditors, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to the Second-Lien Collateral Agent or any
other Second-Lien Creditor, it or they shall be under no obligation (w) to make, and the First-Lien Collateral Agent and the other First-Lien Creditors shall not make, any express or implied
representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (x) to provide any additional information or to provide any such information on any subsequent
occasion, (y) to undertake any investigation or (z) to disclose any information which, pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain
confidential. 
 (b) The Grantors agree that any information provided to the First-Lien Collateral Agent, the Second-Lien Collateral Agent,
any First-Lien Creditor or any Second-Lien Creditor may be shared by such Person with any First-Lien Creditor, any Second-Lien Creditor, the First-Lien Collateral Agent or the Second-Lien Collateral Agent notwithstanding a request or demand by such
Grantor that such information be kept confidential; provided that such information shall otherwise be subject to the respective confidentiality provisions in the First-Lien Documents and the Second-Lien
Note Documents, as applicable. 
 8.5 Subrogation. Subject to the Discharge of First-Lien Obligations, with respect to the value of
any payments or distributions in cash, property or other assets that the Second-Lien Creditors or Second-Lien Collateral Agent pay over to the First-Lien Collateral Agent or any of the other First-Lien Creditors under the terms of this Agreement,
the Second-Lien Creditors and the Second-Lien Collateral Agent shall be subrogated to the rights of the First-Lien Collateral Agent and such other First-Lien Creditors; provided that, the Second-Lien Collateral Agent, on behalf of itself and
the Second-Lien Creditors, hereby agrees not to assert or enforce all such rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of First-Lien Obligations has occurred. Each of Holdings, the Borrower and each
other Grantor acknowledges and agrees that, the value of any payments or distributions in cash, property or other assets received by the Second-Lien Collateral Agent or the other Second-Lien Creditors and paid over to the First-Lien Collateral Agent
or the other First-Lien Creditors pursuant to, and applied in accordance with, this Agreement, shall not relieve or reduce any of the Obligations owed by the Borrower or any other Grantor under the Second-Lien Note Documents. 

  
 28 

 8.6 Application of Payments. All payments received by the First-Lien Collateral Agent or
the other First-Lien Creditors may be applied, reversed and reapplied, in whole or in part, to such part of the First-Lien Obligations as the First-Lien Creditors, in their sole discretion, deem appropriate.
The Second-Lien Collateral Agent, on behalf of itself and the Second-Lien Creditors, assents to any extension or postponement of the time of payment of the First-Lien Obligations or any part thereof and to any other indulgence with respect thereto,
to any substitution, exchange or release of any security which may at any time secure any part of the First-Lien Obligations and to the addition or release of any other Person primarily or secondarily liable therefor. 

8.7 SUBMISSION TO JURISDICTION; WAIVERS. (a) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF
OR RELATING HERETO MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK TO THE EXTENT PERMITTED BY APPLICABLE LAW. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY, FOR ITSELF AND IN
CONNECTION WITH ITS PROPERTIES, IRREVOCABLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW (i) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (ii) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS;
(iii) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 8.8; AND
(iv) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (c) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY
RESPECT. 
 (b) EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING HEREUNDER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED
ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY
REFERRING TO THIS SECTION 8.7(b) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS
A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

  
 29 

 8.8 Notices. All notices to the Second-Lien Creditors and the First-Lien Creditors
permitted or required under this Agreement may be sent to the Second-Lien Collateral Agent and the First-Lien Collateral Agent, respectively. Unless otherwise specifically provided herein, any notice or other communication herein required or
permitted to be given shall be in writing and may be personally served, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of electronic
mail or four Business Days after deposit in the U.S. mail (registered or certified, with postage prepaid and properly addressed). For the purposes hereof, (i) the addresses of each Collateral Agent shall be as set forth opposite such Collateral
Agent’s name on the signature pages hereto and (ii) the addresses of each Grantor shall be as set forth in the respective Security Documents, or, as to each party, at such other address as may be designated by such party in a written
notice to all of the other parties. 
 8.9 Further Assurances. Each of the First-Lien Collateral Agent, on behalf of itself and the
First-Lien Creditors under the First-Lien Documents, the Second-Lien Collateral Agent, on behalf of itself and the Second-Lien Creditors, Holdings, the Borrower and each Grantor, agrees that each of them shall take such further action and shall
execute and deliver such additional documents and instruments (in recordable form, if requested) as the First-Lien Collateral Agent or the Second-Lien Collateral Agent may reasonably request to effectuate the terms of and the lien priorities
contemplated by this Agreement. Each Second-Lien Creditor, by its acceptance of the benefits of the Second-Lien Note Documents, agrees to be bound by the agreements herein made by it and the Second-Lien Collateral Agent, on its behalf. 

8.10 APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO ITS CONFLICTS OF LAW PRINCIPLES. 
 8.11 Binding on Successors and Assigns. This Agreement shall be
binding upon First-Lien Collateral Agent, the other First-Lien Creditors, the Second-Lien Collateral Agent, the other Second-Lien Creditors and their respective successors and assigns. 

8.12 Specific Performance. Each of the First-Lien Collateral Agent and the Second-Lien Collateral Agent may demand specific performance
of this Agreement. Each of the First-Lien Collateral Agent, on behalf of itself and the First-Lien Creditors under the First-Lien Documents, and the Second-Lien Collateral Agent, on behalf of itself and the Second-Lien Creditors, hereby irrevocably
waives any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the First-Lien Collateral Agent or the Second-Lien Collateral
Agent, as the case may be. 
 8.13 Headings. Section headings in this Agreement are included herein for convenience of reference only
and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 
 8.14 Counterparts.
This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed
counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as
applicable. 
 8.15 Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto represents and
warrants to the other parties hereto that it is duly authorized to execute this Agreement. Each Second-Lien Creditor, by its acceptance of the benefits of the Second-Lien Note Documents, agrees to be bound by the agreements made herein. 

  
 30 

 8.16 No Third Party Beneficiaries; Effect of Agreement. This Agreement and the rights and
benefits hereof shall inure to the benefit of each of the parties hereto and its respective successors and assigns and shall inure to the benefit of each of the First-Lien Creditors and the Second-Lien Creditors. No other Person shall have or be
entitled to assert rights or benefits hereunder. Nothing in this Agreement shall impair, as between each of the Grantors and the First-Lien Collateral Agent and the First-Lien Creditors, on the one hand, and each of the Grantors and the Second-Lien
Collateral and the Second-Lien Creditors, on the other hand, the obligations of each Grantors to pay principal, interest, fees and other amounts as provided in the First-Lien Documents and the Second-Lien Note
Documents, respectively. 
 8.17 Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended
solely for the purpose of defining the relative rights of the First-Lien Creditors on the one hand and the Second-Lien Creditors on the other hand. None of the Borrower, any other Grantor or any other creditor thereof shall have any rights
hereunder. Nothing in this Agreement is intended to or shall impair the obligations of the Borrower or any other Grantor, which are absolute and unconditional, to pay the First-Lien Obligations and the Second-Lien Obligations as and when the same
shall become due and payable in accordance with their terms. 
 8.18 Grantors; Additional Grantors. It is understood and agreed that
Holdings, the Borrower and each other Grantor on the date of this Agreement shall constitute the original Grantors party hereto. The original Grantors hereby covenant and agree to cause each Subsidiary of Holdings which becomes a Subsidiary
Guarantor after the date hereof to contemporaneously become a party hereto (as a Grantor) by executing and delivering a counterpart hereof to the First-Lien Collateral Agent or by executing and delivering an assumption agreement in form and
substance reasonably satisfactory to the First-Lien Collateral Agent. The parties hereto further agree that, notwithstanding any failure to take the actions required by the immediately preceding sentence, each Person which becomes a Subsidiary
Guarantor at any time (and any security granted by any such Person) shall be subject to the provisions hereof as fully as if same constituted a Grantor party hereto and had complied with the requirements of the immediately preceding sentence. 

8.19 Exculpatory Provisions. The Second-Lien Collateral Agent shall not have any duties or obligations except those expressly set forth
herein and in the Second-Lien Note Documents. Without limiting the generality of the foregoing, the Second-Lien Collateral Agent: 
 (a)
shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or an Event of Default (as each such term is defined in the Second-Lien Note Indenture) has occurred and is continuing; 

(b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the Second-Lien Note Documents that the Second-Lien Collateral Agent is required to exercise as directed in writing by the trustee under the Second-Lien Note Indenture; provided that the Second-Lien
Collateral Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Second-Lien Collateral Agent to liability or that is contrary to this Agreement, any Second-Lien Note Documents or
applicable law; 
 (c) shall not, except as expressly set forth herein and in the Second-Lien Note Documents, have any duty to disclose, and
shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Second-Lien Collateral Agent or any of its Affiliates in any
capacity; 

  
 31 

 (d) shall not be liable for any action taken or not taken by it (i) with the consent or at
the request of the trustee under the Second-Lien Note Indenture or (ii) in the absence of its own gross negligence or willful misconduct or (iii) in reliance on a certificate of an authorized officer of the Borrower stating that such
action is permitted by the terms of this Agreement. 
 (e) The Second-Lien Collateral Agent (A) shall be deemed not to have knowledge of
any Default or Event of Default (as each such term is defined in the Second-Lien Note Indenture) under any Second-Lien Obligations unless and until written notice describing such Default or Event of Default (as each such term is defined in the
Second-Lien Note Indenture) is given to the Second-Lien Collateral Agent by the trustee under the Second-Lien Note Indenture or the Borrower; and (B) shall not be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with this Agreement or any other Second-Lien Note Documents, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection
herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default (as each such term is defined in the
Second-Lien Note Indenture), (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Second-Lien Security Document or any other agreement, instrument or document, or the creation, perfection or priority of
any Lien purported to be created by the Second-Lien Note Documents, (v) the value or the sufficiency of any Collateral for any Second-Lien Obligations, or (vi) the satisfaction of any condition set forth in any First-Lien Documents other
than to confirm receipt of items expressly required to be delivered to the Second-Lien Collateral Agent. 
 8.20 Reliance by Second-Lien
Collateral Agent. The Second-Lien Collateral Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any
electronic message, Internet or intranet website posting or other distribution) reasonably believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Second-Lien Collateral Agent also may rely
upon any statement made to it orally or by telephone (absent manifest error) and reasonably believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. The Second-Lien Collateral Agent may consult
with legal counsel (who may be counsel for the Borrower or any Affiliate thereof), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such
counsel, accountants or experts. 
 8.21 Delegation of Duties. The Second-Lien Collateral Agent may perform any and all of its duties
and exercise its rights and powers hereunder or under any other Second-Lien Note Document by or through any one or more sub-agents appointed in good faith by the Second-Lien Collateral Agent. The Second-Lien Collateral Agent and any such sub-agent
may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates. The exculpatory provisions of this Section 8 shall apply to any such sub-agent and to the Affiliates of the Second-Lien
Collateral Agent and any such sub-agent. 

  
 32 

 IN WITNESS WHEREOF, the parties hereto have executed this Intercreditor Agreement as of the date
first written above. 
  

					
		  	First-Lien Collateral Agent
		
	Notice Address:	  	 JEFFERIES FINANCE LLC,
 in its
capacity as First-Lien Collateral Agent

	 Jefferies Finance LLC
 520 Madison Avenue, 19th Floor
 New York, NY 10022

Telecopier: (212) 284-3444
 Attention: Account Manager –
Appvion, Inc.
	  	  
 By:
	  	  
 /s/ J. Paul McDonnell

Name: J. Paul McDonnell
 Title: Managing Director

 APPVION, INC. 

INTERCREDITOR AGREEMENT 

					
		  	Second-Lien Collateral Agent
		
	Notice Address:	  	 U.S. BANK NATIONAL ASSOCIATION,
 in
its capacity as Second-Lien Collateral Agent

			
	 Steven F. Posto
 Vice President

U.S. Bank Global Corporate Trust Services
 1555 North River Center
Drive Suite 203
 Milwaukee, WI 53212
 Phone: (414) 905-5635

Fax: (414) 905-5049
 Email: steven.posto@usbank.com

Attn: Corporate Trust Services - Appvion, Inc.
	  	By:	  	 /s/ Steven F. Posto

Name: Steven F. Posto
 Title: Vice President

 [Signature Page to Intercreditor Agreement] 

					
	Acknowledged and Agreed to by:
	
	APPVION, INC.
		
	By:	 	 /s/ Thomas J. Ferree

		 	Name:	 	Thomas J. Ferree
		 	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer
	
	Address for Notices:
	
	825 E. Wisconsin Avenue
	P.O. Box 359
	Appleton, WI 54912
	
	Attention: Thomas J. Ferree
	
	PAPERWEIGHT DEVELOPMENT CORP.
		
	By:	 	 /s/ Jeffrey J. Fletcher

		 	Name:	 	Jeffrey J. Fletcher
		 	Title:	 	Vice President and Controller
	
	APPVION CANADA, LTD.
		
	By:	 	 /s/ Jeffrey J. Fletcher

		 	Name:	 	Jeffrey J. Fletcher
		 	Title:	 	Treasurer

 [Signature Page to Intercreditor Agreement]EX-10.1

 Exhibit 10.1 

CLIFTON SAVINGS BANCORP, INC. 

EMPLOYMENT AGREEMENT 
 This
AGREEMENT (“Agreement”) is hereby entered into effective as of January 1, 2014, by and between CLIFTON SAVINGS BANCORP, INC. (the “Company”), a federally-chartered corporation and the holding company for
CLIFTON SAVINGS BANK, with its principal offices at 1433 Van Houten Avenue, Clifton, New Jersey 07015, and PAUL M. AGUGGIA (“Executive”). Any reference to the “Bank” in this Agreement shall mean Clifton Savings
Bank, or any successor to Clifton Savings Bank. 
 WHEREAS, the Company desires to assure itself of the services of Executive for the
period provided for in this Agreement; and 
 WHEREAS, Executive and the Board of Directors of the Company desire to enter into an
employment agreement setting forth the terms and conditions of the employment of Executive and the related rights and obligations of each of the parties. 

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, it is hereby agreed as follows: 

 

	1.	Position and Responsibilities. 

 (a) During the period of Executive’s employment
under this Agreement, Executive agrees to serve as President and Chief Executive Officer of the Company. Executive shall have responsibility for the general management and control of the business and affairs of the Company and its affiliates and
shall perform all duties and shall have all powers which are commonly incident to the offices of President and Chief Executive Officer or which, consistent with those offices, are delegated to him by the Board of Directors of the Company (the
“Board of Directors”). 
 (b) During the period of Executive’s employment under this Agreement, except for periods of absence
occasioned by illness, vacation, and reasonable leaves of absence, Executive shall devote substantially all of his business time, attention, skill and efforts to the faithful performance of his duties under this Agreement, including activities and
services related to the organization, operation and management of the Company and its affiliates, as well as participation in community, professional and civic organizations; provided, however, that Executive may serve, or continue to serve, on the
boards of directors of, and hold any other offices or positions in, companies or organizations listed by Executive on his annual conflict of interest reporting. 

(c) The Company will furnish Executive with the working facilities and staff customary for executive officers with the titles and duties set
forth in this Agreement and as are necessary for him to perform his duties. The location of such facilities and staff shall be at the principal administrative offices of the Company. 

 

	2.	Term of Employment. 

 (a) The term of this Agreement, as amended and restated, shall be
(i) the initial term, consisting of the period commencing on the date of this Agreement, as amended and restated (the “Effective Date”), and ending on the third anniversary of the Effective Date, plus (ii) any and all extensions
of the initial term made pursuant to this Section 2. 

 (b) Commencing on the Effective Date and on each day thereafter, the term under this Agreement
shall be renewed automatically for an additional one (1) day period beyond the then effective expiration date without action by any party, provided that neither the Company, on the one hand, nor Executive, on the other, shall have given at
least sixty (60) days’ written notice of its or his desire that the term not be renewed. In the case such notice is given by one party to the other, the term of this Agreement shall become fixed and shall end on the third anniversary of
the date of written notice. 
 (c) Notwithstanding anything contained in this Agreement to the contrary, either Executive or the Company may
terminate Executive’s employment with the Company at any time during the term of this Agreement, subject to the terms and conditions of this Agreement. 
  

	3.	Compensation and Benefits. 

 (a) Base Salary. The Company agrees to pay Executive
during the term of this Agreement a base salary at the rate of $650,000 per annum, payable in accordance with the Company’s customary payroll practices. The Board of Directors of the Company shall review annually the rate of Executive’s
base salary based upon factors they deem relevant, and may maintain or increase his base salary, provided that no such action shall reduce the rate of base salary below the rate in effect on the Effective Date. In the absence of action by the Board
of Directors, Executive shall continue to receive a base salary at the per annum rate specified on the Effective Date or, if another rate has been established under the provisions of this Section 3, the rate last properly established by action
of the Board of Directors. 
 (b) Incentive Compensation. Executive shall be entitled to participate in discretionary bonuses or
other incentive compensation programs that the Board of Directors may award from time to time to senior management employees pursuant to bonus plans, or otherwise. 

(c) Automobile and Cellular Phone. The Company or the Bank shall provide Executive with, and Executive shall have the primary use of,
an automobile owned or leased by the Company or the Bank and the Company or the Bank shall pay (or reimburse Executive) for all expenses of insurance, registration, operation and maintenance of an automobile owned by Executive; provided, however,
that such reimbursement shall not exceed $700 per month. Executive shall comply with reasonable reporting and expense limitations on the use of such automobile, as the Company or the Bank may establish from time to time, and the Company or the Bank
shall annually include on Executive’s Form W-2 any amount attributable to Executive’s personal use of such automobile. The Company or the Bank shall also provide Executive with a cellular phone and shall pay (or reimburse Executive) for
all reasonable expenses related to the business use of such phone. 
 (d) Vacation and Holidays. Executive shall take vacation at a
time mutually agreed upon by the Company and Executive; provided, however, that Executive shall receive not less than twenty (20) days vacation leave during each calendar year. Executive shall receive his base salary and other benefits during
periods of vacation. Executive shall also be entitled to paid legal holidays in accordance with the policies of the Company or the Bank. 

(e) Other Employee Benefits. In addition to any other compensation or benefits provided for under this Agreement, Executive shall be
entitled to participate in any employee benefits or perquisites the Company or the Bank offers to full-time employees or executive management now or in the future. The Company or the Bank will not, without Executive’s prior written consent,
make any changes in such plans, arrangements or perquisites which would adversely affect Executive’s rights or benefits thereunder 

  
 2 

 
without separately providing for an arrangement that ensures Executive receives or will receive the economic value that Executive would otherwise lose as a result of such adverse effect. Without
limiting the generality of the foregoing provisions of this paragraph, Executive shall be entitled to participate in or receive benefits under all plans relating to stock options, restricted stock awards, stock purchases, pension, profit sharing,
employee stock ownership, supplemental retirement, group life insurance, medical and other health and welfare coverage that are made available by the Company or the Bank at the Effective Time or at any time in the future during the term of this
Agreement, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements. 
  

	4.	Payments to Executive Upon an Event of Termination. 

 (a) Upon the occurrence of an Event
of Termination (as herein defined) during Executive’s term of employment under this Agreement, the provisions of this Section 4 shall apply. Unless Executive otherwise agrees, as used in this Agreement, an “Event of Termination”
shall mean and include any one or more of the following: (i) the termination by the Company of Executive’s full-time employment for any reason other than a termination governed by Section 7 of this Agreement; or
(ii) Executive’s resignation from the Company, upon any event constituting “Good Reason.” For purposes of this Agreement, “Good Reason” means shall mean the occurrence of any of the following events without the
Employee’s consent: 
 (i) The assignment to Executive of duties that constitute a material diminution of his authority, duties, or
responsibilities (including reporting requirements); 
 (ii) A material diminution in Executive’s Base Salary; 

(iii) Relocation of Executive to a location outside a radius of 25 miles of the Company’s Clifton, New Jersey office; or 

(iv) Any other action or inaction by the Company that constitutes a material breach of this Agreement; 

provided, that within ninety (90) days after the initial existence of such event, the Company shall be given notice and an opportunity, not less than
thirty (30) days, to effectuate a cure for such asserted “Good Reason” by Executive. Executive’s resignation hereunder for Good Reason shall not occur later than one hundred fifty (150) days following the initial date on
which the event Executive claims constitutes Good Reason occurred. 
 (b) Upon Executive’s termination of employment in accordance with
paragraph (a) of this Section 4, on the Date of Termination, as defined in Section 8 of this Agreement, the Company shall be obligated to pay Executive, or, in the event of his death following the Date of Termination, his beneficiary
or beneficiaries, or his estate, as the case may be, an amount equal to the sum of: (i) the base salary and incentive compensation that would have been paid to Executive for the remaining term of this Agreement had the Event of Termination not
occurred (based on Executive’s then current base salary and most recently paid or accrued bonus (incentive compensation) at the time of the Event of Termination), plus (ii) the value, as calculated by a recognized firm customarily
performing such valuation, of any stock options which, as of the Date of Termination, have been granted to Executive but are not exercisable by Executive and the value of any restricted stock awards which have been granted to Executive, but in which
Executive does not have a non-forfeitable or fully-vested interest as of the Date of Termination, plus (iii) the value of all employee benefits that would have been provided to Executive for the remaining

  
 3 

 
term of this Agreement had the Event of Termination not occurred, based on the most recent level of contribution, accrual or other participation by or on behalf of Executive. The Company shall
pay the aggregate sum of these amounts to Executive in a single lump sum payment (without any mitigation) no later than ten (10) business days following Executive’s termination of employment. 

(c) In addition to the payments provided for in paragraph (b) of this Section 4, upon Executive’s separation from service in
accordance with the provisions of paragraph (a) of this Section 4, to the extent that the Company or the Bank continues to offer any life, medical, health, disability or dental insurance plan or arrangement in which Executive or his
dependents participates as of the date of the Event of Termination (each being a “Welfare Plan”), Executive and his covered dependents shall continue participating in such Welfare Plans, subject to the same premium contributions on the
part of Executive as were required immediately prior to the Event of Termination until the earlier of (i) his death; (ii) his employment by another employer other than one of which he is the majority owner; or (iii) the end of the
remaining term of this Agreement. If the Company or the Bank does not offer the Welfare Plans at any time after the Event of Termination, then the Company shall provide Executive with a payment equal to the premiums for such benefits for the period
which runs until the earlier of (i) his death; (ii) his employment by another employer other than one of which he is the majority owner; or (iii) the end of the remaining term of this Agreement. 

 

	5.	Change in Control. 

 (a) For purposes of this Agreement, a “Change in Control”
of the Bank or Company shall mean one of the following events: (i) there occurs a change in control of the Bank, as defined or determined either by the Bank’s primary federal regulator or under regulations promulgated by such regulator;
(ii) as a result of, or in connection with, a merger or other business combination, sale of assets or contested election, the persons who were directors of the Bank before such transaction or event cease to constitute a majority of the Board of
Directors of the Bank or its successor; (iii) the Bank transfers all or substantially all of its assets to another corporation or entity which is not an affiliate of the Bank; (iv) the Bank is merged or consolidated with another
corporation or entity and, as a result of such merger or consolidation, less than 60% of the equity interest in the surviving or resulting corporation is owned by the former shareholders or depositors of the Bank; (v) the Company merges into or
consolidates with another corporation, or merges another corporation into the Company and, as a result, less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons
who were stockholders of the Company immediately before the merger or consolidation; (vi) the Company files, or is required to file, a report on Schedule 13D, or another form or schedule required under Sections 13(d) or 14(d) of the Securities
Exchange Act of 1934, disclosing that the filing person or persons acting in concert has or have become the beneficial owner(s) of 25% or more of a class of the Company’s voting securities, except for beneficial ownership of Company voting
shares held in a fiduciary capacity by an entity of which the Company directly or indirectly owns 50% or more of its outstanding voting securities; (vii) during any period of two consecutive years, individuals who constitute the Company’s
Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least
two-thirds ( 2⁄3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of
such period; or (viii) the Company sells to a third party all or substantially all of its assets. 
 (b) If any of the events described
in paragraph (a) of this Section 5, constituting a Change in Control, have occurred or the Board of Directors determines that a Change in Control has occurred, Executive shall be entitled to the benefits provided for in paragraphs (c),
(d), and (e) of this Section 5 

  
 4 

 
upon his termination of employment at any time during the term of this Agreement on or after the date the Change in Control occurs due to (i) Executive’s dismissal, or
(ii) Executive’s resignation following any event of Good Reason (as defined in Section 4(a) of this Agreement), unless Executive’s termination is for Just Cause as defined in Section 7 of this Agreement; provided, however,
that such benefits shall be reduced by any payment made under Section 4 of this Agreement. For purposes of this Agreement, a “Change in Control” shall not include the reorganization of the Bank or Corporation from the mutual holding
company form of organization, including the elimination of the mutual holding company in a “second-step” transaction. 
 (c) Upon
the occurrence of a Change in Control followed by Executive’s termination of employment, as provided for in paragraph (b) of this Section 5, the Company shall pay Executive, or in the event of his subsequent death, his beneficiary or
beneficiaries, or his estate, as the case may be, as severance pay or liquidated damages, or both, the greater of the payments and benefits due for the remaining term of the Agreement, pursuant to the provisions of Section 4 of this agreement,
or three (3) times the sum of the following items: 
 (i) the average of the Executive’s Base Salary (as defined in
Section 3(a) of the Agreement), at the highest rate in effect during each of the five (5) most recently completed calendar years preceding the Change in Control; 

(ii) the average of the cash incentive compensation or bonus paid to Executive, or accrued on Executive’s behalf, with respect to each of
the five (5) most recently completed calendar years preceding the Change in Control; 
 (iii) the average of the income realized by
Executive during each of the five (5) most recently completed calendar years preceding the Change in Control as a result of the vesting of any restricted shares of Company common stock held by or on behalf of Executive; 

(iv) the sum of the average of the value of the deferrals, allocations or contributions made by Executive or on behalf of Executive by the
Bank, during each of the five (5) most recently completed calendar years preceding the Change in Control, under the Bank’s employee stock ownership and 401(k) savings plans (or any other tax-qualified defined contribution retirement plan
sponsored by the Bank) and any supplemental executive retirement plan (or any similar provision of any similar plan) in which Executive participates as of the Change in Control. For purposes of this clause (iv), the value of allocations made to
Executive under the employee stock ownership plan or the supplemental executive retirement plan shall be valued by reference to the fair market value of Company common stock as of the date of allocation; and 

(v) the average of any other taxable income included by the Bank or the Company on Executive’s Form W-2 or reflected on a Form 1099
provided by the Bank or the Company to Executive, excluding: A) income attributable to Executive’s exercise of a non-statutory stock option; B) income related to Executive’s disqualifying disposition of an incentive stock option to acquire
Company common stock; C) income related to the distribution of benefits under any tax-qualified or non-tax-qualified retirement or deferred compensation plan or arrangement sponsored by the Company or the Bank (including the Clifton Savings Bank
Amended and Restated Directors’ Retirement Plan); or D) income attributable to payments made in lieu of any benefits payable under a plan covered by the preceding clause C) of this paragraph, during each of the five (5) most recently
completed calendar years preceding the Change in Control. 

  
 5 

 The Company shall make the payment to Executive in a single lump sum no later than ten
(10) business days following his termination of employment. 
 (d) Upon the occurrence of a Change in Control and Executive’s
termination of employment in connection therewith, to the extent that the Company or the Bank continues to offer any life, medical, health, disability or dental insurance plan or arrangement in which Executive or his dependents participated
immediately prior to the Change in Control, Executive and his covered dependents shall continue participating in such Welfare Plans, subject to the same premium contributions on the part of Executive as were required immediately prior to the Change
in Control, until the earlier of (i) Executive’s death; (ii) his employment by another employer other than one of which he is the majority owner; or (iii) the expiration of thirty-six (36) months. If the Company or the Bank
does not offer the Welfare Plans at any time after the Change in Control, the Company shall provide Executive with a payment equal to the premiums for such benefits for the period which runs until the earlier of (i) his death; (ii) his
employment by another employer other than one of which he is the majority owner; or (iii) the expiration of thirty-six (36) months. 

(e) The use or provision of any membership, license, automobile use, or other perquisites shall be continued during the remaining term of the
Agreement on the same financial terms and obligations as were in place immediately prior to the Change in Control. To the extent that any item referred to in this paragraph, at the end of the term of this Agreement, will no longer be available to
Executive, Executive will have the option to purchase all rights then held by the Company or the Bank to such item for a price equal to the then fair market value of the item. 

 

	6.	Change in Control Related Provisions. 

 Notwithstanding the provisions of Section 5,
in no event shall the aggregate payments or benefits to be made or afforded to Executive under said paragraphs (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Code or any
successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to three
(3) times Executive’s “base amount”, as determined in accordance with said Section 280G. If necessary, the reduction required hereby among the Termination Benefits shall be made from the cash payments due under
Section 5 of the Agreement. 
  

	7.	Termination for Just Cause. 

 The phrase termination for “Just Cause” shall
mean termination because of Executive’s personal dishonesty, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, incompetence, willful violation of any law, rule, regulation
(other than traffic violations or similar offenses), final cease and desist order or material breach of any provision of this Agreement. Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Just Cause unless and
until there shall have been delivered to him a Notice of Termination which shall include a copy of a resolution duly adopted by the affirmative vote of not less than a simple majority of all of the members of the Board of Directors at a meeting of
the Board of Directors called and held for that purpose, finding that in the good faith opinion of the Board of Directors, Executive was guilty of conduct justifying termination for Just Cause and specifying the particulars thereof in detail.
Executive shall not have the right to receive compensation or other benefits for any period after termination for Just Cause. 

  
 6 

	8.	Notice. 

 (a) Any purported termination by the Company or by Executive shall be
communicated by Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. 

(b) “Date of Termination” shall mean the date specified in the Notice of Termination. 

 

	9.	Post-Termination Obligations. 

 All payments and benefits to Executive under this
Agreement shall be subject to Executive’s compliance with Section 10 for one (1) full year after the earlier of the expiration of this Agreement or termination of Executive’s employment with the Company. Executive shall, upon
reasonable notice, furnish such information and assistance to the Company as may reasonably be required by the Company in connection with any litigation to which it or any of its affiliates is, or may become, a party. 

 

	10.	Non-Competition and Non-Disclosure. 

 (a) Upon any termination of Executive’s
employment pursuant to Section 4 of this Agreement, Executive agrees not to compete with the Company or its affiliates for a period of one (1) year following such termination in any city, town or county in which Executive’s normal
business office is located and the Company or any of its affiliates has an office or has filed an application for regulatory approval to establish an office, determined as of the effective date of such termination, except as agreed to pursuant to a
resolution duly adopted by the Board of Directors. Executive agrees that during such period and within said cities, towns and counties, Executive shall not work for or advise, consult or otherwise serve with, directly or indirectly, any entity whose
business materially competes with the depository, lending or other business activities of the Company or its affiliates. The parties hereto, recognizing that irreparable injury will result to the Company or its affiliates, its business and property
in the event of Executive’s breach of this Subsection 10(a), agree that in the event of any such breach by Executive, the Company or its affiliates will be entitled, in addition to any other remedies and damages available, to an injunction to
restrain the violation hereof by Executive, Executive’s partners, agents, servants, employees and all persons acting for or under the direction of Executive. Executive represents and admits that in the event of the termination of his employment
pursuant to Section 4 of this Agreement, Executive’s experience and capabilities are such that Executive can obtain employment in a business engaged in other lines and/or of a different nature than the Company or its affiliates, and that
the enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood. Nothing herein will be construed as prohibiting the Company or its affiliates from pursuing any other remedies available to the Company or its
affiliates for such breach or threatened breach, including the recovery of damages from Executive. 
 (b) Executive recognizes and
acknowledges that his knowledge of the business activities and plans for business activities of the Company and its affiliates as it may exist from time to time, is a valuable, special and unique asset of the business of the Company and its
affiliates. Executive will not, during or after the term of his employment, disclose any knowledge of the past, present, planned or considered business activities of the Company and its affiliates to any person, firm, corporation or other entity for
any reason or purpose whatsoever, unless expressly authorized by the Board of Directors or required by law. Notwithstanding the foregoing, Executive may disclose any knowledge of banking, 

  
 7 

 
financial and/or economic principles, concepts or ideas which are not solely and exclusively derived from the business plans and activities of the Company or its affiliates. In the event of a
breach or threatened breach by Executive of the provisions of this Section 10(b), the Company will be entitled to an injunction restraining Executive from disclosing, in whole or in part, knowledge of the past, present, planned or considered
business activities of the Company or its affiliates or from rendering any services to any person, firm, corporation or other entity to whom such knowledge, in whole or in part, has been disclosed or is threatened to be disclosed. Nothing herein
will be construed as prohibiting the Company from pursuing any other remedies available to the Company for such breach or threatened breach, including the recovery of damages from Executive. 

 

	11.	Death and Disability. 

 (a) Death. Notwithstanding any other provision of this
Agreement to the contrary, in the event of Executive’s death during the term of this Agreement, the Company shall immediately pay his estate any salary and bonus accrued but unpaid as of the date of his death, and, for a period of six
(6) months after Executive’s death, the Company shall continue to provide his dependents medical insurance benefits existing on the date of his death and shall pay Executive’s designated beneficiary all compensation that would
otherwise be payable to him pursuant to Section 3(a) of this Agreement. This provision shall not negate any rights Executive or his beneficiaries may have to death benefits under any employee benefit plan of the Company or the Bank. 

(b) Disability. 
 (i) The
Company or Executive may terminate Executive’s employment after having established Executive’s Disability. For purposes of this agreement, “Disability” means a physical or mental infirmity that impairs Executive’s ability to
substantially perform his duties under this Agreement and that results in the Executive becoming eligible for long-term disability benefits under the Company’s or the Bank’s long-term disability plan (or, if the Company or the Bank has no
such plan in effect, that impairs Executive’s ability to substantially perform his duties under this Agreement for a period of one hundred eighty (180) consecutive days). The Board of Directors shall determine whether or not Executive is
and continues to be permanently disabled for purposes of this Agreement in good faith, based upon competent medical advice and other factors that they reasonably believe to be relevant. As a condition to any benefits, the Board of Directors may
require Executive to submit to such physical or mental evaluations and tests as it deems reasonably appropriate. 
 (ii) In the event of
Disability, Executive’s obligation to perform services under this Agreement will terminate. In the event of such termination, Executive shall continue to receive (x) one hundred percent (100%) of his monthly Base Salary (at the annual
rate in effect on the Date of Termination) through the one hundred eightieth (180th) day following the Date of Termination by reason of Disability and (y) sixty percent (60%) of his
monthly base salary from the one hundred eighty-first (181st) day following termination through the earlier of the date of his death or the date he attains age 70. Such payments shall be
reduced by the amount of any short- or long-term disability benefits payable to Executive under any disability program sponsored by the Company or the Bank. In addition, during any period of Executive’s Disability, Executive and his dependents
shall, to the greatest extent possible, continue to be covered under all benefit plans (including, without limitation, retirement plans and medical, dental and life insurance plans) of the Company or the Bank in which Executive participated prior to
the occurrence of Executive’s Disability, on the same terms as if Executive were actively employed by the Company. 

  
 8 

	12.	Source of Payments. 

 (a) All payments provided for in this Agreement shall be timely
paid in cash or check from the general funds of the Company, subject to Section 12(b). 
 (b) Notwithstanding any provision herein to
the contrary, to the extent that payments and benefits, as provided by this Agreement, are paid to or received by Executive under the Employment Agreement in effect between Executive and the Bank (the “Bank Agreement”), such compensation
payments and benefits paid by the Bank will be subtracted from any amount due simultaneously to Executive under similar provisions of this Agreement. Payments pursuant to this Agreement and the Bank Agreement shall be allocated in proportion to the
level of activity and the time expended on such activities by Executive as determined by the Company and the Bank. 
  

	13.	Effect of Prior Agreements and Existing Benefit Plans. 

 This Agreement contains the
entire understanding between the parties hereto and supersedes any prior employment or change in control agreement between the Company or any predecessor of the Company and Executive, except that this Agreement shall not affect or operate to reduce
any benefit or compensation inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this
Agreement. 
  

	14.	No Attachment. 

 (a) Except as required by law, no right to receive payments under this
Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge or hypothecation, or to execution, attachment, levy or similar process or assignment by operation of law, and any attempt, voluntary
or involuntary, to affect any such action shall be null, void and of no effect. 
 (b) This Agreement shall be binding upon, and inure to
the benefit of, Executive, the Company and their respective successors and assigns. 
  

	15.	Modification and Waiver. 

 (a) This Agreement may not be modified or amended except by an
instrument in writing signed by the parties hereto. 
 (b) No term or condition of this Agreement shall be deemed to have been waived, nor
shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically
stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived. 

 

	16.	Severability. 

 If, for any reason, any provision of this Agreement, or any part of any
provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any remaining part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with
law continue in full force and effect. 

  
 9 

	17.	Headings for Reference Only. 

 The headings of sections and paragraphs herein are
included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement. 
  

	18.	Governing Law. 

 Except to the extent preempted by federal law, the validity,
interpretation, performance, and enforcement of this Agreement shall be governed by the laws of the State of New Jersey, without regard to principles of conflicts of law of New Jersey. 

 

	19.	Arbitration. 

 Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration, conducted before a panel of three (3) arbitrators sitting in a location selected by Executive within fifty (50) miles from the location of the Company, in accordance with the rules of
the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction; provided, however, that Executive shall be entitled to seek specific performance of his right to be paid
until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement. 
 In
the event any dispute or controversy arising under or in connection with Executive’s termination is resolved in favor of Executive, whether by judgment, arbitration or settlement, Executive shall be entitled to the payment of all back-pay,
including salary, bonuses and any other cash compensation, fringe benefits and any compensation and benefits due Executive under this Agreement. 
  

	20.	Payment of Legal Fees. 

 All reasonable legal fees paid or incurred by Executive pursuant
to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Company only if Executive is successful pursuant to a legal judgment, arbitration or settlement. 

 

	21.	Indemnification. 

 The Company shall provide Executive (including his heirs, executors
and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at its expense and shall indemnify Executive (and his heirs, executors and administrators) to the fullest extent permitted under New
Jersey law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding in which he may be involved by reason of his having been a director or officer of the Company (whether or
not he continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments, court costs and attorneys’ fees and the costs of reasonable
settlements. 

  
 10 

	22.	Successor to the Company. 

 The Company shall require any successor or assignee, whether
direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all of the business or assets of the Bank or the Company, expressly and unconditionally to assume and agree to perform the Company’s obligations under
this Agreement, in the same manner and to the same extent that the Company would be required to perform if no such succession or assignment had taken place. 
  

	23.	Required Provisions. 

 In the event any of the provisions of this Section 23 are in
conflict with the other terms of this Agreement, this Section 23 shall prevail. 
 (a) The Company’s board of directors may
terminate Executive’s employment at any time, but any termination by the Company, other than termination for Just Cause, shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall not have
the right to receive compensation or other benefits for any period after termination for Cause as defined in Section 7 of this Agreement. 

(b) If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Company’s affairs by a
notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(3) or (g)(1); the Company’s obligations under this contract shall be suspended as of the date of service, unless stayed by
appropriate proceedings. If the charges in the notice are dismissed, the Company may in its discretion: (i) pay Executive all or part of the compensation withheld while their contract obligations were suspended; and (ii) reinstate (in
whole or in part) any of the obligations which were suspended. 
 (c) If Executive is removed and/or permanently prohibited from
participating in the conduct of the Company’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), all obligations of the Company under this contract shall
terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. 
 (d) If the Company
is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1) all obligations of the Company under this contract shall terminate as of the date of default, but this paragraph shall not affect any
vested rights of the contracting parties. 
 (e) All obligations under this contract shall be terminated, except to the extent a
determination is made that continuation of the contract is necessary for the continued operation of the Bank (i) by the director of the Office of the Comptroller of the Currency (the “OCC”) or her or her designee (the
“Director”), at the time the OCC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the Federal Deposit Insurance Act; or (ii) by the Director, at the time
the Director approves a supervisory merger to resolve problems related to the operations of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of Executive that have already vested, however,
shall not be affected by such action. 

  
 11 

 (f) Any payments made to employees pursuant to this Agreement, or otherwise, are subject to and
conditioned upon their compliance with 12 U.S.C. §1828(k) and FDIC regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification Payments. 
  

	24.	Section 409A of the Code. 

 (a) This Agreement is intended to comply with the
requirements of Section 409A of the Code, and specifically, with the “short-term deferral exception” under Treasury Regulation Section 1.409A-1(b)(4) and the “separation pay exception” under Treasury Regulation
Section 1.409A-1(b)(9)(iii), and shall in all respects be administered in accordance with Section 409A of the Code. If any payment or benefit hereunder cannot be provided or made at the time specified herein without incurring sanctions on
Executive under Section 409A of the Code, then such payment or benefit shall be provided in full at the earliest time thereafter when such sanctions will not be imposed. For purposes of Section 409A of the Code, all payments to be made
upon a termination of employment under this Agreement may only be made upon a “separation from service” (within the meaning of such term under Section 409A of the Code), each payment made under this Agreement shall be treated as a
separate payment, the right to a series of installment payments under this Agreement (if any) is to be treated as a right to a series of separate payments, and if a payment is not made by the designated payment date under this Agreement, the payment
shall be made by December 31 of the calendar year in which the designated date occurs. To the extent that any payment provided for hereunder would be subject to additional tax under Section 409A of the Code, or would cause the
administration of this Agreement to fail to satisfy the requirements of Section 409A of the Code, such provision shall be deemed null and void to the extent permitted by applicable law, and any such amount shall be payable in accordance with
(b) below. In no event shall Executive, directly or indirectly, designate the calendar year of payment. 
 (b) If when separation from
service occurs Executive is a “specified employee” within the meaning of Section 409A of the Code, and if the cash severance payment under Section 4(b) or 5(c), (e) would be considered deferred compensation under
Section 409A of the Code, and, finally, if an exemption from the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available (i.e., the “short-term deferral exception” under Treasury Regulations
Section 1.409A-1(b)(4) or the “separation pay exception” under Treasury Section 1.409A-1(b)(9)(iii)), the Company will make the maximum severance payment possible in order to comply with an exception from the six month
requirement and make any remaining severance payment under Section 4(b) or 5(c), (e) to Executive in a single lump sum without interest on the first payroll date that occurs after the date that is six (6) months after the date on
which Executive separates from service. 
 (c) If (x) under the terms of the applicable policy or policies for the insurance or other
benefits specified in Section 4(c) or 5(d) it is not possible to continue coverage for Executive and his dependents, or (y) when a separation from service occurs Executive is a “specified employee” within the meaning of
Section 409A of the Code, and if any of the continued insurance coverage or other benefits specified in Section 4(c) or 5(d) would be considered deferred compensation under Section 409A of the Code, and, finally, if an exemption from
the six-month delay requirement of Section 409A(a)(2)(B)(i) of the Code is not available for that particular insurance or other benefit, the Company shall pay to Executive in a single lump sum an amount in cash equal to the present value of the
Company’s projected cost to maintain that particular insurance benefit (and associated income tax gross-up benefit, if applicable) had Executive’s employment not terminated, assuming continued coverage for 36 months. The lump-sum payment
shall be made thirty (30) days after employment termination or, if Section 24(b) applies, on the first payroll date that occurs after the date that is six (6) months after the date on which Executive separates from service. 

  
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 (d) References in this Agreement to Section 409A of the Code include rules, regulations, and
guidance of general application issued by the Department of the Treasury under Internal Revenue Section 409A of the Code. 

[signature page follows] 

  
 13 

 SIGNATURES 

IN WITNESS WHEREOF, Clifton Savings Bancorp, Inc. has caused this Agreement to be executed and its seal to be affixed hereunto by its
duly authorized officer and its directors, and Executive has signed this Agreement, on this 20th day of November, 2013. 
  

							
	ATTEST:	 		 	CLIFTON SAVINGS BANCORP, INC.
				
	 /s/ Janemarie A. Kovarcik
	 		 	By:	 	 /s/ John A. Celentano, Jr.

		 		 		 	For the Entire Board of Directors
				
	                        [SEAL]	 		 		 	
			
	WITNESS:	 		 	EXECUTIVE
			
	 /s/ Janemarie A. Kovarcik
	 		 	 /s/ Paul M. Aguggia

		 		 	Paul M. Aguggia

  
 14

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